BNP Paribas and Zurich Financial Services (Zurich) have signed a Letter of Intent on the transfer of certain structured products from New York-based Zurich Capital Markets (ZCM) to BNP Paribas. The envisaged deal provides a framework for transferring transactions and related assets to BNP Paribas, including structured products linked to alternative investment funds managed by ZCM, together with the hiring of some supporting staff. Further information will follow upon execution of definitive agreements.
ZCM has established an attractive niche as provider of services to hedge fund investors and managers. In line with Zurich strategy to focus on its core insurance activities, it has decided to divest of this business line.
The transaction will enable BNP Paribas, already a European leader in structured funds of funds products, to become one of the top players in this business in the U.S. The transaction will accelerate BNP Paribas development in the U.S. equity derivatives market. It is in line with BNP Paribas strategy to make targeted developments in the U.S in order to accelerate growth in business lines where the Group is already recognized worldwide. About BNP Paribas
BNP Paribas (Aa2 / AA- / AA) is a European leader in banking and financial services, with leading positions in Asia and an active presence in the United States. It is the first bank in terms of net income and market capitalisation in the eurozone. BNP Paribas operates in more than 85 countries, employing 87,700 staff, including 10,000 in the U.S. Its three core businesses are: Retail Banking; Corporate and Investment Banking; Private Banking, Asset Management, Insurance and Securities Services.About Zurich Financial Services
Zurich Financial Services is an insurance-based financial services provider with an international network that focuses its activities on its key markets of North America, the United Kingdom and Continental Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in approximately 60 countries and employs about 68,000 people.
Press contacts :
Michele Sicard 33-1 40 14 70 61
Agathe Heinrich 33-1 42 98 15 91
Henri de Clisson 33-1 40 14 65 14