This bi-lateral agreement between the two groups will provide commercial banking clients with continuity of service, leasing services and global coverage
[CHICAGO / PARIS / TORONTO] – [February 21, 2023] – BMO Financial Group (“BMO”) and BNP Paribas announce today a long-term commercial agreement and new cross-border framework to enhance coverage and access to a global network for their commercial banking clients. They will also enter into a comprehensive leasing services partnership. As part of this collaboration agreement, both banks will continue to provide, and expand on international services offered to clients.
The agreement follows BNP Paribas’s sale of Bank of the West to BMO that closed on 1 February 2023. This cross-border commercial agreement will ensure continuity of services for commercial banking clients and a focus on existing international commercial clients shared between BNP Paribas and Bank of the West (now part of BMO). The agreement will also seek to boost future referrals for clients looking to access BNPP’s extensive multi-country European and Asian presence and /or BMO’s deep, and now expanded network in the US, and Canada. BMO will retain the Bank of the West Multinational Client Platform team to deliver world-class service to new referrals and continuity for Bank of the West’s international clients.
“This agreement combines the strengths of BMO, a top-five commercial banking provider in North America with an international presence and capability, with those of BNP Paribas, the leading bank in the Eurozone. The result is a powerful coordinated coverage model that provides our clients with access to more opportunities across Canada and the US, and globally,” said Dan Marszalek, Co-Head, US Commercial Banking at BMO. “We are committed to fueling the growth of our commercial banking customers and enabling them to make progress toward their business goals.”
“Our agreement with BMO Financial Group will allow us to provide our commercial banking clients with seamless cross-border cooperation and offer their clients access to our international footprint across over 65 countries. This includes Cash Management and Leasing Solutions, two of our leading activities in Europe. This agreement will complement our Corporate and Institutional Banking activities in North America to which BNP Paribas remains committed,” said Caroline Pez-Lefevre, Deputy Chairwoman of One Bank for Corporates at BNP Paribas. BMO and BNP Paribas will also create a significant player in the equipment finance space through a trans-Atlantic partnership between BNP Paribas Leasing Solutions and the BMO Vendor Finance division. This collaboration will offer new and existing vendor partners access to end-to-end asset financing services including floorplan financing, point of sale and vendor leasing solutions.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $1.14 trillion as of October 31, 2022 and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance, Arval and Leasing Solutions; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, 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, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.
Press contact BMO
Mridula Rajagopal
773-664-3680
Press contacts BNP Paribas
Guy Taylor
guild.taylor@us.bnpparibas.com
+1 332-323-3704
Servane Costrel de Corainville
servane.costreldecorainville@bnpparibas.com
+ 33 (0)6 74 81 98 27
The Board of Directors of BNP Paribas met on 6 February 2023, chaired by Jean Lemierre. The Board examined the Group’s results for the fourth quarter 2022 and endorsed the 2022 financial statements.
- Read the full press release “BNP Paribas Group: Results as at 31 December 2022”
- View the slides of the presentation
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, 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, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.
On December 20, 2021, BNP Paribas announced that it had entered into an agreement with BMO Financial Group for the sale of its retail & commercial banking activities in the United States conducted through its subsidiary Bank of the West, Inc (“the Transaction”)[1].
BMO Financial Group confirmed the receipt of all regulatory approvals required to complete the acquisition of Bank of the West. No further regulatory approvals are required to complete the Transaction.
The Transaction is anticipated to close on February 1, 2023, subject to the satisfaction of the remaining customary closing conditions set forth in the agreement.
Jean-Laurent Bonnafé, BNP Paribas Group Director and Chief Executive Officer, said:
“I would like to warmly thank Bank of the West and BNP Paribas teams who have been working closely with BMO Financial Group these last months in order to prepare the closing of the transaction and the transition to BMO Financial Group.
BNP Paribas continues to benefit from a long-term presence in the United States and notably a strong Corporate & Institutional Banking franchise which has been recently reinforced. BNP Paribas’ set up in the United States remains a strategic pillar for its development. Therefore, the Group will continue to consolidate and further develop its Corporate & Institutional Banking franchise to better serve multinational clients’ needs.”
About BNP Paribas BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, 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, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.
[1] For details on the announcement, please refer to the following press release: bnp-paribas-reached-an-agreement-with-bmo-for-the-sale-of-bank-of-the-west (invest.bnpparibas)
New presence to support clients and growth of markets business in South Florida
New York, NY & Miami, FL, January 11, 2023 – BNP Paribas Securities Corp, a unit of Europe’s leading bank BNP Paribas, today announced its plans to open a new office in the metro-Miami area. The Miami office will support the continued growth of its Global Markets business in the US, amongst others, and the increasing number of clients with a foothold in South Florida. The hub will provide an additional gateway to its regional clients, as well as expand on its network of US campuses.
The new office will be located at 801 Brickell Avenue in Miami’s financial hub, officially open for business in the 4th Quarter 2023, and employ nearly 50 full-time professionals in credit, equities, and macro products. A seven and a half year lease for the office was recently signed.
José Placido, Chief Executive Officer of CIB Americas at BNP Paribas, said: “Our new office is another recent example of scaling our business in ways that fully support our client’s ambitions, as more of our clients build a presence in South Florida. With this opportunity to better serve our clients, we deliver on our ambitions to grow our corporate and institutional banking franchise in the Americas. Our new Miami office also continues with our ‘workplace of the future’ model, focusing on wellbeing and employee experience.”
John Gallo, Head of Global Markets Americas at BNP Paribas, said: “We’re very excited to be in the growing business environment of South Florida. This office will allow us to be closer and better serve our clients, many of whom have also migrated to the area, particularly Miami and Palm Beach.”
BNP Paribas has recently made several large real estate actions in the US including opening a new office in the Philadelphia area in October 2021. The bank has also made significant facilities and work space commitments in its two metro New York City offices in Midtown West Manhattan and Jersey City, NJ. BNP Paribas signed 20 year leases for all three properties in the greater NYC and Philadelphia areas in July 2020. The group also has offices in the following major cities* (Boston, Chicago, Dallas, Denver, San Francisco and Washington, DC).
BNP Paribas’ Miami campus will be the latest example of the bank’s efforts to create best-in-class platforms and products for its local Miami-area clients. As BNP Paribas continues to pursue and execute on its growth ambitions in the region, the Miami office will integrate seamlessly with its other offices.
*Excludes presence of Bank of the West, for which an agreement of sale has been entered into with Bank of Montreal.
Press Contacts:
BNP PARIBAS
Guy Taylor
+1 (332) 323-3704
Guild.Taylor@us.bnpparibas.com
Robert Madden
+1 (917) 287-8501
Robert.Madden@us.bnpparibas.com
About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialized businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.
BNP Paribas, Europe’s leading financial institution, announces today the appointment of several senior executives to its Global Markets Americas division. The appointments demonstrate the bank’s commitment to the Americas region and ambition to grow its Global Equities, Global Credit and Global Macro franchises.
Kunal Maini is appointed Co-Head of Global Macro – Americas. He will support the bank’s effort to strengthen its client-centric Global Macro business featuring a state-of-the-art digital offering and expertise across Rates, FX and Commodities. In addition, he will be responsible for globalizing our US Rates franchise by developing stronger client connectivity and product innovation.
Mr. Maini has deep experience in the global macro space, with 16 years of experience in New York and five in Tokyo. He joins BNP Paribas from Morgan Stanley, where he was Global Head of Government Bond, Inflation and E-Trading.
John Hanisch is appointed Co-Head of Secondary Credit Americas and Global Head of Securitized Products Trading. As a member of the management team overseeing the Americas credit platform, Mr. Hanisch will support the continued development of the bank’s secondary credit franchise in the region and he will direct the Securitized Products Trading franchise globally.
Mr. Hanisch joins BNP Paribas following two years on the buy-side at Hayfin Capital Management prior to which he was at Deutsche Bank for 12 years, most recently as Global Head of Securitized Products Trading.
Charlie Shah is appointed Head of IG & CDS Trading Americas, and Bo Bazylevsky is appointed Head of LatAm Flow Credit Trading. Both appointments will also support the bank’s ambition to expand its broader credit franchise in the region.
Mr. Shah has over 20 years of industry experience, most recently at RBC where he ran the US Investment Grade Trading Business. He will focus on delivering a full IG product suite across cash and derivatives to the bank’s clients.
Mr. Bazylevsky joins BNP Paribas from Stifel where he was Head of Emerging Markets. He brings over 20 years of trading experience in emerging markets fixed income and has worked at institutions like JP Morgan, Bank of America- Merrill Lynch and Bear Stearns.
Michael Rietbrock is appointed Head of Research within the bank’s Global Equities business. He will support the development of BNP Paribas Exane as a leading provider of equity research in the US. Mr. Rietbrock will help scale up Equity Research and Cash Execution in the US. These efforts, along with the bank’s strengths in prime services and equity derivatives across regions, will allow for increased strategic dialogue with clients across the bank’s Global Markets Americas division.
Mr. Rietbrock has over 30 years of experience in the equity research space. First, he performed as a top-ranked analyst, and subsequently as a research manager at Bank of America, Nomura and MoffettNathanson, LLC.
Robert McDonald is appointed Head of Strategic Equity Solutions and Equity-Linked Origination and Nadim Siddique is appointed Head of Strategic Equity Derivatives Trading within the bank’s Global Equities business. Strategic Equity Solutions and Equity-Linked Origination are key pillars of growth within Global Equities and Corporate Sales in Global Markets. As partners across sales and trading, Mr. McDonald and Mr. Siddique will structure and execute convertible transactions and equity derivative solutions, including share buyback programs, hedging and monetizing positions through margin loans, variable pre-paid forwards, and other innovative structures.
Mr. McDonald has worked in the equity capital markets and equity corporate derivatives space since 2008. Previously, he performed senior leadership roles at Mizuho, Credit Suisse and Nomura in both New York and London.
Mr. Siddique has 25 years of experience leading equity derivatives trading teams within both the sell- and buy-side institutions. Prior to joining BNP Paribas, he performed senior leadership roles at CIBC World Markets Group, Citadel, Morgan Stanley and JP Morgan.
John Gallo, Head of Global Markets Americas at BNP Paribas, said: “There is an enormous opportunity to develop our client relationships in the Americas, not only across our Global Markets platform, but also across our entire Corporate and Institutional Banking division. We are proud to welcome our new colleagues who represent our commitment to strengthen our client offering and our ambition to be the leading European bank globally.”
BNP Paribas has been present in the Americas for more than a century. It provides capital markets, securities services, financing, treasury and advisory solutions to corporates and institutional investors. As part of the bank’s Corporate and Institutional Banking division, the bank’s Global Markets Americas platform offers consistent client service and innovative solutions for investment, hedging and financing opportunities across asset classes and geographies, and research and market intelligence to help clients make strategic decisions. Global Markets Americas is a strongly integrated, digitally advanced platform including Global Equities, Global Credit and Global Macro business lines.
Press Contacts:
Robert Madden
+1 (917) 287-8501
robert.madden@us.bnpparibas.com
Guy Taylor
+1 (332) 323-3704
guild.taylor@us.bnpparibas.com
About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has more than 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Retail Banking for the Group’s retail-banking networks and several specialized businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance.
In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated retail-banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.
BNP Paribas, Europe’s leading financial institution, announces today the launch and roll-out of BNP Paribas Exane, a leading provider of equity research, in the US. In 2021 BNP Paribas acquired 100 percent of Exane – following a successful 17-year partnership – and has since been working to align BNP Paribas Exane’s offering with its leading Global Markets platform. To mark this official launch, BNP Paribas Exane’s US employees transferred last week to the BNP Paribas Tower in New York City and the bank’s office in San Francisco.
The U.S. launch of BNP Paribas Exane enables the bank to offer its clients a full suite of cash equities and derivatives services. Also, BNP Paribas Exane – which has been ranked the number one research provider in Europe for six consecutive years by Institutional Investor – can now distribute research to the bank’s Securities Corp. clients in the U.S. BNP Paribas Exane will expand its coverage from 180 U.S. stocks today to over 450 U.S. stocks by 2025 across the Technology, Media, and Telecommunications (TMT), Consumer, Healthcare and Industrials sectors. The expansion of U.S. stocks coverage will be supported by the bank’s ambitious plans to grow the number of analysts, sector specialists, traders, sales traders and salespeople it employs. BNP Paribas Exane today covers over 800 stocks globally.
The marking of the official launch of BNP Paribas Exane in the U.S. demonstrates continued investment in the bank’s Cash Equities platform and its broader Global Equities franchise delivering clients the full-spectrum of equity-based services to fulfill their investment, financing and execution needs. In addition to best-in-class equities research, clients will continue to benefit from the bank’s top-tier electronic execution and prime brokerage platforms migrated from Deutsche Bank, its state-of-the-art execution platform driven by Cortex Equities, the recent referral arrangement for Credit Suisse Prime Services customers, and well-recognized equity derivatives expertise developed over 30 years.
Ben Spruntulis, Head of Cash Equities at BNP Paribas, said: “This is a timely opportunity for BNP Paribas Exane to begin this new chapter in the U.S. Our team is excited to be able to offer our best-in-class research and advisory services as part of our top-tier Cash Equities platform.”
Adil El Batji, Head of Global Equities in the Americas at BNP Paribas, said: “Our ability to offer BNP Paribas Exane to clients in the U.S. is an enormous opportunity to holistically meet our clients’ needs and service the full equities value chain across research, financing, execution and derivatives. This deep partnership with clients will positon the bank as a leading European equities house on the global stage.”
José Placido, CEO of BNP Paribas CIB Americas, said: “The launch of BNP Paribas Exane in the U.S. underscores the bank’s commitment to the Americas region as a key marketplace for the Corporate and Institutional Banking division. Equities research will not only strengthen our global markets offering to institutional clients, but it will also support the bank’s ambition to further develop its Equity Capital Markets and M&A business as the leading European partner for corporates worldwide.”
-ENDS-
Press Contacts:
Guy Taylor
+1 (917) 767-1593
guild.taylor@us.bnpparibas.com
Robert Madden
+1 (917) 287-8501
robert.madden@us.bnpparibas.com
About BNP Paribas Exane
Exane was founded in 1990 with a robust business model built around three complementary business lines: Cash Equities (BNP Paribas Exane); Structured Solutions (Exane Solutions); and Asset Management (Exane Asset Management). The group expanded internationally in order to be as close to clients as possible, with Paris and London as its main offices. Over 800 employees are now spread across nine sites worldwide: Paris, London, Frankfurt, Geneva, Madrid, Milan, Stockholm, New York and San Francisco. After a successful 17-year partnership with BNP Paribas, Exane became a subsidiary of BNP Paribas in July 2021.
About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has more than 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Retail Banking for the Group’s retail-banking networks and several specialized businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance.
In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated retail-banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.
State-of-the-Art building includes latest workplace technology & advances
BNP Paribas, the EU’s leading bank, today announced the official opening of its redesigned office building at 787 7th Avenue in New York City. The 54-story skyscraper, built in 1986 and designed by Edward Larrabee Barnes, was formerly named the Equitable Center and now displays the “BNP Paribas” name over the main entrance, as well as prominent signage across the exterior and interior marking the occasion. The rebranding of the building coincides with the Bank’s signing of a new 20-year lease in 2021 as part of a broader reorganization of its regional presence and a demonstration of its commitment to New York City as its regional hub.
The building is in the final phase of a three-year renovation led by global architecture, design, and planning firm, Gensler. The new lobby and modern offices are at the leading edge of how the bank sees the future of work and positions the building as a ‘destination’ where community, culture and technology will come together. The evolution of the new space will encourage inclusivity, natural interactions and have flexible workspaces for staff to collaborate and entertain clients. The redesigned office is a “home away from home” for the Bank’s employees to create and tailor best-in-class platforms and products for clients, and includes upgraded employee common spaces, client hospitality areas and workspace floors.
The location will house over 2,300 employees from the Bank’s core CIB business lines, including Global Markets, Global Banking, and Securities Services. Several BNP Paribas businesses previously housed in other locations around NYC will also be moving into the midtown building, including Exane US, the award-winning research group BNP Paribas recently completed purchasing.
As a leader in sustainability, BNP Paribas ensured the newly redesigned building received LEED Gold Certification, a green building certification program used worldwide. BNP Paribas is also undertaking the WELL Certification, a standard used when building occupants implement features that help support and advance human health and wellness. Benefits range from promoting movement by walking or taking the stairs, healthy eating, providing occupants with outdoor views, adjustable lighting, improved audial comfort, filtered air and close access to hydration stations, all of which are verified by performance testing or sensor output.
As BNP Paribas continues to pursue and execute on its growth ambitions in the Americas region, the 787 7th Avenue building will integrate seamlessly with the Bank’s other campuses in Jersey City, NJ, and Chesterbrook, PA, each with their own strong identity. The three US locations are key to the Group’s long-term plans, which includes a significant and growing presence in Montreal, Canada, one of the region’s near-shoring centers. The Bank also has a presence in San Francisco, CA, Denver, CO, and Boston, MA.
Jean-Yves Fillion, CEO of BNP Paribas USA, said: “I’ve spent the majority of my career in the 787 7th Avenue office, and am excited that BNP Paribas and my colleagues will get to spend the next 20 or more years in this great building. Our newly upgraded premises speak to our continuity of presence and growth ambitions in the Americas, as well as a testament that the US remains a critical market for our group. I want to thank all involved, including our local and state representatives, the architects, and of course our staff, who have spent many hours making today’s launch happen.”
José Placido, Chief Executive Officer of CIB Americas at BNP Paribas, commented: “We are today unveiling our new, cutting edge regional headquarters, where we’ve etched our name in stone over the main entrance. This office is the anchor in our network of area buildings and something every BNP Paribas employee can be proud of, as well as look forward to working in. These offices are also the ideal place to keep providing our many clients and the community with best-in-class service, while being the benchmark for workplace efficiency, well-being and positive employee experiences.”
Laurent Lisimachio, Design Director and Principal at Gensler, said: “We are excited to help deliver a reimagined headquarters for BNP Paribas employees that inspires them to do their best work with access to active lifestyle amenities, including modern spaces with the latest IT technology and connectivity. There are many adjacent pantries offering healthy food options, a coffee bar, dining areas, and lounges. The evolution of BNP Paribas’ workspace encourages inclusivity, increases natural interactions among coworkers, and provides flexible workspaces where staff can meet and exchange ideas. The new workspaces facilitate a real sense of community and is conducive to creative collaboration.”
As part of its opening festivities and continuing the Bank’s support of cinema, BNP Paribas will air tonight the soon to be released French film “Eiffel”, directed by Martin Bourboulon and starring Romain Duris and Emma Mackey. The producer of the film, Vanessa van Zuylen, will be in attendance for the opening. BNP Paribas clients and guests will view the film in the building’s auditorium, located in the lower level of the building.
Notes To Editor:
Between 2020 and 2022, the leases on BNP Paribas’ three NYC area locations were up for renewal, resulting in a search process for a new building(s) in 2019 for its metro NYC and PA offices and staff, which included viewing and evaluating many office locations throughout the NYC and PA areas with the possibility of staying in its current addresses. The Bank signed three new 20-year leases in July 2020, remaining at 787 7th Avenue, New York City (323,000 RSF); 525 Washington Boulevard, Jersey City, NJ (150,000 RSF), and moved to a new Philadelphia location at 735 Chesterbrook Boulevard (59,000 RSF), which also has the ‘office as destination’ concept. The $18 million Philadelphia commitment resulted in over 100 jobs being retained while creating nearly 300 new, full-time jobs in the area.
BNP Paribas has occupied its NYC building since 1986, the Jersey City office since 2007, and Philadelphia office since 2021.
BNP Paribas is represented by JLL for all three leases. Commonwealth Partners (787 7th Ave) is represented by CRBE; Bentall Green Oak (525 Washington) is represented by CBRE; and Rubenstein Partners (735 Chesterbrook) by JLL.
About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialized businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.
About Gensler
Gensler is a global architecture, design, and planning firm with 50 locations across Asia, Europe, Australia, the Middle East, and the Americas. Founded in 1965, the firm serves more than 3,300 active clients in virtually every industry. Guided by determined optimism, we believe the power of design can spark positive change and create a future that promotes equity, resilience, and wellbeing for everyone.
Contacts
Press Contacts:
BNP PARIBAS
Guy Taylor
+1 (332) 323-3704
Guild.Taylor@us.bnpparibas.com
Robert Madden
+1 (917) 287-8501
Robert.Madden@us.bnpparibas.com
Claire Schiff
+1 (646) 897-2589
Claire.Schiff@us.bnpparibas.com
Key Hire Demonstrates BNP Paribas Securities Services’ Continued Build Out in the Americas
BNP Paribas, a premier global bank, announces today the appointment of Chris Richmond as Head of the Asset Owner, Asset Manager and Alternatives Client Lines for BNP Paribas Securities Services Americas, the bank’s securities services division.
At BNP Paribas Securities Services, Chris will be responsible for product development and strategy for asset owners, asset managers and alternative investors across North and Latin America. He will report to Dennis Bon, Head of BNP Paribas Securities Services in the Americas, as well as Arnaud Claudon, Global Head of Asset Managers and Owners, and Patrick Hayes, Global Head of Alternative Investors.
Chris has extensive experience servicing traditional and alternative investment managers and asset owners at State Street, Charles River, and BNY Mellon. Prior to this, Chris led multiple fund accounting teams at Fidelity Investments.
Dennis Bon, Head of BNP Paribas Securities Services in the Americas, said: “The Americas institutional investor market is a key area of growth for us and is of strategic importance to serve both our local and global client base. We have been making meaningful investments in this space since the build out of our US custody offering in 2012. I am thrilled to welcome Chris to our team and continue to grow our business in the Americas.”
Chris Richmond, Head of the Asset Owner, Asset Manager and Alternatives Client Lines in the Americas, said: “I am excited to be leading BNP Paribas Securities Services’ Asset Manager, Asset Owner and Alternatives Client Lines in the Americas at such a key moment. Recent changes throughout the industry are driving asset managers and asset owners to re-shape their operating models and adapt to changing client behaviors. This presents exciting opportunities for us to further enhance our offering.”
About BNP Paribas Securities Services
BNP Paribas Securities Services, a wholly owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider. Backed by the strength of the BNP Paribas Group, we provide multi-asset post-trade and asset servicing solutions for buy and sell-side market participants, corporates and issuers. With a global reach covering 90+ markets, our network is one of the most extensive in the industry, enabling clients to maximize their investment opportunities worldwide.
About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, 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, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.
Contacts
Press:
Claire Schiff
(646) 634-4042
claire.schiff@us.bnpparibas.com
Reaffirming the Commitment to the Region and Marking the Continuation of its U.S. Custody Offering and Strategic Build-Out
BNP Paribas, a premier global bank, celebrates today the ten year anniversary of BNP Paribas Securities Services in the United States. This year marks the continuation of BNP Paribas Securities Services U.S. custody offering and the strategic build-out of the business in the U.S. as well as reaffirms the business’ commitment to the region.
In the U.S., BNP Paribas Securities Services provides a local presence within a robust global framework. BNP Paribas Securities Services is uniquely positioned to operate globally because of strong franchises in Europe, APAC and LatAm and its extensive proprietary custody network, covering 27 markets – including the U.S. Thanks to this global presence, the bank serves an extensive client base of buy-side and sell-side financial institutions, including investment managers that domicile funds in foreign markets.
BNP Paribas Securities Services has been dedicated to growing its business in the Americas, completing its crucial product set: global custody, agency securities lending, hedge fund administration, middle office and U.S. fund administration. Looking forward, the group is committed to driving growth in these activities and building out the U.S. platform.
As a top five global custodian, there was an opportunity for BNP Paribas Securities Services to become a key player among to the top U.S. firms. The U.S. has the world’s largest banking, asset manager, alternative and insurance sectors. Securing future growth, BNP Paribas Securities Services targeted the country to support the vast ecosystem of locally based investment banks, broker dealers, asset managers, asset owners, and hedge funds.
Patrick Colle, CEO of BNP Paribas Securities Services said, “I am confident that BNP Paribas Securities Services in the U.S. will continue to flourish because of the opportunities brought about by our local teams and burgeoning regional economy. With the continuous development and ongoing projects, I see further growth and strength for our U.S. presence as well as in the Americas.”
Dennis Bon, Head of Securities Services for the Americas said, “BNP Paribas Securities Services has made major investments to better serve the local needs of both U.S. and global investment managers. We began this journey with the build out of our U.S. custody capabilities and have since added significant local custody and fund servicing capabilities across the Americas. We are now very well positioned to support the securities services needs of our clients across the entire region.”
About BNP Paribas Securities Services
BNP Paribas Securities Services, a wholly owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider. Backed by the strength of the BNP Paribas Group, we provide multi-asset post-trade and asset servicing solutions for buy and sell-side market participants, corporates and issuers. With a global reach covering 90+ markets, our network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide.
About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval ; Investment & Protection Services for savings, investment and protection solutions ; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, 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, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.
Contacts
Press:
Claire Schiff
(646) 634-4042
claire.schiff@us.bnpparibas.com
• As part of BNP Paribas’ 2025 strategic plan, the Group unveils its first ‘Climate Analytics and Alignment Report’ which will steer the alignment of its portfolio with its net-zero commitment.
• The Report includes a series of financed carbon emissions intensity reduction targets for three key sectors (from 2020 baseline): power generation (a reduction of at least 30% by 2025), upstream oil and gas and refining (a reduction of at least 10% by 2025), and automotive1 (a reduction of at least 25% by 2025).
• In order to achieve its objective of reducing carbon emissions related to oil and gas, the Group will reduce by 12% its credit exposure to the upstream oil and gas industry by 2025 (from 2020 baseline). It will also reduce by 25% its credit exposure to the upstream oil industry by 2025. Thanks to the implementation of its previous commitments on unconventional oil and gas, upstream oil and gas and refining represent only 1.3% of BNP Paribas’ total credit exposure as of end of 2021.
• BNP Paribas has pledged to dedicate at least 200 billion euros to supporting large corporate clients’ transition to a low carbon economy by 2025. The Group has an intention of mobilizing by 2025 more than 350 billion euros through loans and bond issues covering environmental and social topics for corporate clients.
“Our aim is to continue to be at the forefront of combatting climate change by moving further and faster to limit the rise in global temperatures to 1.5 °C by 2050. As the task becomes ever more urgent, we have integrated new targets in our strategic plan for 2025 to finance the energy transition. In the current geopolitical context, it is even more essential that we maintain an ambitious course towards a net-zero economy and finance the acceleration of renewable energies. Our strategy is threefold: align our portfolio with our net-zero commitment; measure and pilot our carbon-related risks; and broaden and deepen client relationships to support them as they make their low-carbon transition. This ‘Climate Analytics and Alignment Report’ is a main first step in taking new commitments within the Net-Zero Banking Alliance. We will extend this work to support our clients’ transition across seven other carbonintensive sectors by 2024.” said Jean-Laurent Bonnafé, Director and Chief Executive Officer, BNP Paribas.
As part of BNP Paribas’ ‘Climate Analytics and Alignment Report’, net-zero targets have been determined using International Energy Agency (IEA) scenarios and sector-wide initiatives such as the PACTA methodology and the framework provided by the Net-Zero Banking Alliance, joined by the Group in April 2021. The power, oil and gas and automotive sectors, that account for 7% of the Group’s financing as of end of 2021, are key for the transition to a carbon neutral economy. According to the World Resources Institute, the energy sector (power generation and fossil fuel) represents about 75% of direct and indirect greenhouse gas emissions of the industry worldwide.
Power generation
2025 carbon emissions intensity reduction target of its portfolio = at least -30% versus 2020
• BNP Paribas’ portfolio alignment measurement of the power generation sector focuses on Scope 1 CO2 emissions of power generation activity, as it is where most emissions take place.
• This 30% carbon emissions intensity reduction target versus 2020 goes well beyond the 2025 intensities derived from the IEA NZE 2050.
• The Group aims to significantly reduce the financing of CO2 producing energy, in favour of financing the massive development in low carbon energy production. Its ambition is to reach less than 5% of coal in the portfolio capacity mix (from 10% as of end of 2020) by 2025 and more than 66% of renewable sources in the portfolio capacity mix (from 57% as of end of 2020), exceeding the 2025 ambition of NZE 2050 scenario.
• The Group has now committed to reach 30 billion euros of financing for renewable energy projects by 2025 (from 18.6 billion euros as of end of 2021).
• Within its Low-Carbon Transition Group, BNP Paribas has developed transversal expertise on transition technologies and notably Green Hydrogen.
Upstream oil and gas and refining
2025 carbon emissions intensity reduction target of its portfolio = at least -10% versus 2020
• The alignment measurement of BNP Paribas oil and gas portfolio covers Scope 1, Scope 2 and Scope 3 emissions.
• In May 2021, BNP Paribas announced its ambition to reduce its credit exposure to the upstream oil and gas activities by 10% by 2025. The Group is strengthening this objective by setting two enhanced targets for its credit exposure to the sector: a 12% reduction of its credit exposure to the upstream oil and gas industry by 2025 versus 2020, and also a 25% reduction to the upstream oil industry by 2025 versus 2020. This commitment shows a higher level of ambition than the IEA NZE 2050 based scenario. Thanks to the implementation of its strong previous commitments on unconventional oil and gas, upstream oil and gas and refining represent 1.3% of BNP Paribas’ total credit exposure as of end of 2021.
• The Group has decided to strengthen its unconventional oil and gas sectorial policy (dated 2017) for companies that do not have strong public commitment and transition strategies compatible with 1.5°C scenario. In 2022, the Group will no longer finance or invest in companies with more than 10% of their activities in tar sands and shale oil and gas. The Group will no longer finance any oil and gas projects and related infrastructure in the Arctic and in the Amazon regions.
o The Group is strengthening the definition of the Arctic Region to adopt the one of the Arctic Monitoring and Assessment Program (AMAP), which is the broadest. Norwegian operated areas are to be excluded from this definition since Norway has developed the most constraining environmental and operational laws, regulations and monitoring processes in the world.
o BNP Paribas will no longer finance or invest in companies deriving more than 10% of their activities from the Arctic Region.
o BNP Paribas will no longer finance or invest in companies producing out of oil and gas reserves in the Amazon as well as in the ones developing related infrastructures.
Automotive
2025 carbon emissions intensity reduction target of its portfolio = at least -25% versus 2020
• BNP Paribas’ portfolio alignment measurement of the Automotive sector focuses on Scope 3 CO2 emissions of auto manufacturers Light-Duty Vehicles production.
• BNP Paribas will continue to strengthen its financing through the issuance of sustainable bonds and loans to accelerate the electric vehicle production.
• BNP Paribas expects the share of electric vehicles2 in its portfolio to reach more than 25% by 2025 (from 4% in 2020).
• Arval BNP Paribas is also committed to supporting its customers in making their mobility more sustainable by setting new target of reaching 700,000 electrified vehicles3 by 2025. BNP Paribas’ 2025 targets cover financings directly provided and committed, and will gradually expand to some capital market activities. The Group will continue to work towards its net-zero goal by updating its methodology and metrics towards these sectors and others in its portfolio as new information becomes available.
Alongside the development of the Low-Carbon Transition Group, which will bring together 250professionals, BNP Paribas has pledged to dedicate at least 200 billion euros to support the transition of its corporate clients to a low carbon economy by 2025.
Please find the ‘Climate Analytics and Alignment Report’ on BNP Paribas’ website:
https://group.bnpparibas/uploads/file/bnpp_climateanalytics_alignmentreport_final.pdf
About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65
countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval ; Investment & Protection Services for savings, investment and protection solutions ; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, 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, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.