BNP buys Bank of America prime brokerage
BNP Paribas has announced that it will acquire the equity prime brokerage business of Bank of America for around $300 million.
The acquisition is expected to complete 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 has been operating for 13 years and has around 500 hedge fund clients, and more than 300 employees. Bank of America had the business on the market since January and it was speculated that they expected to get a figure closer to $800 million for the business.
The head of equities and derivatives, Americas at BNP Paribas Todd Steinberg, commented: "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...
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