BNP Paribas acquires BofA equity PB business


BNP Paribas is acquiring Bank of America’s equity prime brokerage business, which had been on the block since January, in a major strategic move to boost its activities in the U.S. and expand its position in global equity derivatives.

The widely anticipated acquisition gives BNP a footprint in the U.S. market, where Bank of America had more than 500 hedge fund clients and 300 employees. The transaction is expected to close some time in the second half of 2008, subject to regulatory approval, and will involve the transfer of client relationships, employees and technology systems.

“Having weathered the current financial