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10. Jun 2008   

A targeted acquisition which allows one of Europe's leading Corporate and
Investment banks to reinforce its global leadership in Equity Derivatives.

Paris, New York. BNP Paribas is pleased to announce it has signed a
definitive agreement to acquire the equity prime brokerage business of Bank
of America. The transaction is subject to regulatory approval with
completion expected in the second half of 2008. The transaction will
involve the transfer of client relationships, employees and technology
systems.

Bank of America's equity prime brokerage business provides a wide range of
services to hedge funds including secured financing, securities settlement,
custody, capital introduction, securities lending, leading-edge technology
and custom IT solutions. It is a low risk, low capital consumption, service
oriented business. With 13 years of successful growth, more than 500 hedge
fund clients, and more than 300 employees, the acquisition of Bank of
America's equity prime brokerage business propels BNP Paribas into one of
the leading prime brokers in the U.S.

Already a European leader in its CIB activities and a leader globally in
Equity Derivatives, BNP Paribas' U.S. CIB strategy has always been to grow
in areas where it has real expertise to compete successfully against strong
domestic U.S. counterparts. This acquisition is in line with that strategy:
it enables the Bank to offer its cutting-edge EQD platform to an even wider
client base while keeping in line with BNP Paribas' risk standards. It
allows BNP Paribas to accelerate its organic growth in the US by a targeted
acquisition with a very good strategic fit, limited integration risk and
negligible impact on Tier 1 capital ratio.

Baudouin Prot, Chief Executive Officer, commented, "The purchase of Bank of
America's equity prime brokerage activities shows BNP Paribas' commitment
to its Corporate and Investment Banking model. We are confident that this
deal will bring significant value to our new customers, the teams who will
join us, and the shareholders."

Jacques d'Estais, Global Head of Corporate and Investment Banking at BNP
Paribas said, "We're delighted to welcome these clients and employees to
the BNP Paribas Group. Having weathered the current financial crisis better
than most, BNP Paribas' CIB franchise is well positioned to continue to
grow organically or through targeted bolt on acquisitions. Prime brokerage
is an important aspect of doing business with hedge funds, who we believe
will continue to play an important role in capital markets, representing a
significant revenue opportunity for banks, like BNP Paribas, which have the
skills to manage the associated risks."

"BNP Paribas has all the capabilities to become a leader in the prime
brokerage industry including a AA+ credit rating, strong balance sheet,
global platform and market leading derivatives business. The combination
of BNP Paribas' strengths and this excellent equity prime brokerage
platform will create a powerful new player in the industry. In partnership
with our new colleagues, we are excited about the business we're creating
and the services we'll deliver to our new and existing hedge fund clients"
added Todd Steinberg, Head of Equities and Derivatives, Americas at BNP
Paribas.
Quelle: BNP Paribas

Verfasst von  A.Schuetz


 
BNP Paribas acquires Bank Of America's equity Prime Brokerage Business and becomes a leading Prime Broker in the USA | Anmelden bzw. neues Benutzerkonto einrichten | 0 Kommentare
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