Banc (Bank) of America Prime Brokerage
French financial services provider BNP Paribas has completed the acquisition of Bank of America's equity prime brokerage business, which provides services to hedge funds and mutual funds.
The deal, announced on June 10, 2008, brings more than 500 clients and over 300 employees to BNP Paribas corporate and investment banking. The transaction also involves the transfer of client relationships, employees and technology systems.
Yann Gerardin, global head of equity and commodity derivatives at BNP Paribas, 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 an AA+ credit rating and global reach." Source
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