BNP Paribas has completed the acquisition of Bank of Americas equity prime brokerage business. The equity prime brokerage business provides a 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.
“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,” says Yann Gerardin, global head of equity and commodity derivatives. “It is an important
advantage for clients to partner with a bank like BNP Paribas, with a AA+ credit rating and global reach.”
“We are thrilled the deal has closed on schedule,” says Todd Steinberg, head of equity and commodity derivatives for the Americas. “Our goal was to move the business over seamlessly for clients and employees and we have achieved this.”
D.C.