BNP Paribas and Bank of America have signed an agreement whereby the accounts of certain non-US wealth management clients currently managed by Bank of America's Global Wealth & Investment Management division will be transferred to BNP Paribas' US-based wealth management affiliate, BNP Paribas Investment Services. The transaction is subject to the approval of relevant governmental authorities and is expected to be completed in the coming year.
The transaction will involve the transfer of up to US$2 billion in client assets, representing approximately 2,000 non-US wealth management accounts currently managed by Bank of America's International Wealth Management group, part of the company's Global Wealth & Investment Management division. In the future, the transitioned clientele is expected to be serviced by BNP Paribas out of Miami (FL) and San Francisco (CA). The transaction is fully in line with BNP Paribas' strategy to further develop its private banking franchise in selected international markets.
François Debiesse, head of BNP Paribas Private Banking stated: "This transaction gives us the opportunity to double our presence in the United States for the servicing of non-resident wealth management clients”. Seno Bril, chairman of BNP Paribas Investment Services added: “We are delighted at the prospect of providing investment and wealth management services to these clients. They will benefit from a range of products and services, specifically tailored to address their complex international financial needs".
Bank of America's International Wealth Management group will continue to provide broad-based financial advice, products and services, for clients from select countries where it is able to bring the full breadth of the entire franchise to bear. Richard F. Kane, head of International Wealth Management, said, “As we strengthen our international focus on locations where clients can also tap the full resources and capabilities of Bank of America, we are committed to working closely with BNP Paribas to ensure a smooth transition for accounts that are being transferred to this recognized organization.”About BNP Paribas
BNP Paribas (www.bnpparibas.com
) is a European leader in banking and financial services, with a significant and growing presence in the United States and leading positions in Asia. The group has one of the largest international banking networks, a presence in over 85 countries and employs more than 110 000 employees, including approximately 80,000 in Europe. BNP Paribas enjoys key positions in its three core businesses: Corporate and Investment Banking, Asset management & Services and Retail Banking.
BNP Paribas Private Bank (privatebank.bnpparibas.com
), the wealth management arm of BNP Paribas, ranks among the leading players world-wide in its field, supervising over $140 billion on behalf of its clients. It commands a leading position in France and occupies first-tier positions in the major international private banking centers. According to the 2006 Euromoney global rankings of the private banking industry, BNP Paribas Private Bank ranks #1 in France, #3 in Western Europe, #7 in Asia and #7 in Latin America.About Bank of America
As of December 31, Global Wealth & Investment Management, one of the three primary divisions of Bank of America, has over $738 billion in client assets under administration, including more than $482 billion in assets under management. The organization has total deposits of over $115 billion, loans of $54 billion, and generates more than $7.4 billion in annual revenue. Global Wealth & Investment Management includes nearly 12,500 associates who serve more than two million individual and institutional clients located across the United States and throughout the world.
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 38 million consumer and small business relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 14 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 97 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. www.bankofamerica.com