BNP Paribas creates an Intermediate Holding Company in the United States, BNP Paribas USA, Inc.
BNP Paribas announces the creation of an Intermediate Holding Company (IHC), BNP Paribas USA, Inc. (BNP Paribas USA), effective 1 July 2016. This decision signals the bank’s commitment to the US market, its largest market(1) outside Europe and a region that is central to BNP Paribas’ businesses and development plans. As a large Foreign Banking Organization (FBO), BNP Paribas is required by new regulation to place all its controlled US subsidiaries under a US holding company. BNP Paribas USA will hold BNP Paribas’ retail subsidiary ‘BancWest’ and BNP Paribas’ Corporate and Institutional Banking’s (CIB) and asset management subsidiaries in the United States.
BNP Paribas’ wholesale and retail businesses in the United States have seen significant growth over the past couple of years: in 2015 CIB and Retail Banking & Services increased their revenues in North America by, respectively, 15% and 5% (in USD) vs 2014. Today the BNP Paribas Group employs over 16,000 people in the country.
The governance of BNP Paribas USA is comprised of top management from across the two pre-existing businesses. Michael Shepherd becomes Chairman of BNP Paribas USA and retains his chairmanship of BancWest. Jean-Yves Fillion, Head of CIB Americas becomes the CEO of BNP Paribas USA.
“BNP Paribas USA embodies our commitment and investment in the US market,” said Michael Shepherd, Chairman of BNP Paribas USA. “Led by a talented team of executives from across our operating entities, BNP Paribas USA will integrate business processes, promote coordination among our businesses, and provide additional capabilities for the benefit of all our clients.”
Jean-Yves Fillion, CEO of BNP Paribas USA, added: “The significant investments in infrastructure, IT and systems to create a best-in-class-platform demonstrate our commitment to US customers and we believe the creation of the Intermediate Holding Company is an opportunity for
BNP Paribas to further grow its US presence.”
(1) by commitments as of 12/31/15
BNP Paribas has built a strong and diversified presence in the United States to support its client base. The bank employs over 16,000 people and has had a presence in the USA since the late 1800s. Bank of the West and First Hawaiian Bank (together BancWest, part of Retail Banking & Services) serve nearly 3.5 million individual, wealth and SME clients through a branch network of more than 650 branches and business centers. Large corporate and institutional clients are serviced by BNP Paribas’ Corporate & Institutional Banking franchise that has a presence in the main US cities, in addition to a global reach through a network of offices in EMEA and APAC. The bank also offers asset management services through BNP Paribas Investment Partners (part of Retail Banking & Services) as well as Real Estate and Fleet Services through partnerships.
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 75 countries, with more than 189,000 employees, including more than 146,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.