BNP Paribas sets up US holding company

BNP Paribas has created an intermediate holding company, BNP Paribas USA,  effective 1 July 2016.

The setup of this entity was required by a new regulation implemented in the US that obliges foreign bank organisations to place their US subsidiaries under a US holding company.

BNP Paribas USA will gather BNP Paribas’ retail subsidiary BancWest’ and BNP Paribas’ Corporate and Institutional Banking’s (CIB) and asset management subsidiaries in the United States.

The US holding will be chaired by Michael Shepherd, also chairman of BancWest while Jean-Yves Fillion, head of CIB Americas, has been named CEO.

BNP Paribas Group employs over 16,000 people and serves nearly 3.5 million individuals in the United States.

ABOUT THE AUTHOR
Adrien Paredes-Vanheule
Adrien Paredes-Vanheule is French-Speaking Europe Correspondent for InvestmentEurope, covering France, Belgium, Geneva and Monaco. Prior to joining InvestmentEurope, he spent almost five years writing for various publications in Monaco, primarily as a criminal and financial court reporter. Before that, he worked for newspapers and radio stations in France, in particular in Lyon.

Read more from Adrien Paredes-Vanheule

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