BNP Paribas is pleased to announce it has completed the acquisition of Bank of America's equity prime brokerage business. The equity prime brokerage business provides a wide range of services to hedge funds and mutual funds. We believe it is a low risk, low capital consumption, service oriented business.
The deal, announced on June 10 of this year, brings more than 500 clients and over 300 employees to BNP Paribas Corporate and Investment Banking. The transaction involves the transfer of client relationships, employees and technology systems.
Yann Gerardin, Global Head of Equity and Commodity Derivatives, said: “The strategic fit of this acquisition is excellent. Combining the Bank of America prime brokerage business with our global platform and leading derivatives business creates a prime brokerage business of choice. It is an important advantage for clients to partner with a bank like BNP Paribas, with a AA+ credit rating and global reach”.
Todd Steinberg, Head of Equity and Commodity Derivatives for the Americas, said: “We are thrilled the deal has closed on schedule. Our goal was to move the business over seamlessly for clients and employees and we have achieved this. “About Corporate and Investment Banking at BNP Paribas
BNP Paribas Corporate and Investment banking division (CIB) has 16,000 employees, deployed in over 53 countries around the world. BNP Paribas CIB excels in three fundamental sectors in particular:
Derivatives - it is one of the leading global players in rates, credit, forex, commodity and equity derivatives
Capital markets - it is amongst the top ten Euro houses for both ECM and DCM (bond issues, securitization, convertibles and shares).
Structured finance - it is amongst the world leaders for acquisition, export, project and commodity finance.
For further information please visit our website at https://cib.bnpparibas.com/About BNP Paribas
BNP Paribas (www.bnpparibas.com
) is a European leader in global banking and financial services and is one of the 3 strongest banks in the world according to Standard & Poor's. The group is present in over 85 countries, with more than 168,000 employees, including 129,500 in Europe. The group holds key positions in three major segments: Corporate and Investment Banking, Asset Management & Services and Retail Banking. Present throughout Europe in all of its business lines, the bank's two domestic markets in retail banking are France and Italy. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.
Jonathan Mullen, Group Communications, Paris +33 1 42 98 1336
Pascal Henisse, Group Communications, Paris - 33 1 40 14 65 14
Edwina Frawley–Gangahar, Media Relations, New York +212-841-3719