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.