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 will involve the transfer of up to $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.
“This transaction gives us the opportunity to double our presence in the United States for the servicing of non-resident wealth management clients,” said Francois Debiesse, head of BNP Paribas private banking said in a statement.
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 subject to the approval of relevant governmental authorities and is expected to be completed in the coming year.