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The move is part of a plan to boost cross-selling within the
group, as it intends to grow revenue in North America by more
than 4 percent annually by 2020 with a balanced contribution
from retail banking and from CIB.
"BNP Paribas' corporate and institutional bank launches new
mergers and acquisitions service for Bank of the West commercial
banking clients," the bank said in a statement.
It declined to comment whether any hires were planned or what
was the size of targeted corporate clients, but said in the
statement that Bank of the West expertise was in technology,
healthcare, beverage, food and agribusiness sectors.
BNP said during its investor day in March this year that it
planned to grow the number and the size of corporate clients of
Bank of the West, moving to the segment of companies with $500
million of turnover.
"This BNP Paribas cross-organizational platform will provide
Bank of the West clients with access to the full spectrum of M&A
solutions both in the U.S. and globally and will ensure that all
product capabilities of BNP Paribas Group will be offered," said
Lincoln Payton, BNP Paribas CIB advisory head for Americas.
Bank of the West revenue was up by 2.6 percent over the first
nine months of the year, while its pretax income fell by 2.3
percent.
BNP Paribas has faced higher regulatory and compliance costs in
the United States following the $8.9 billion fine over sanctions
violations and the Federal Reserve requirement for large foreign
banks to set up an intermediate holding company in the United
States.
Last year, the bank raised cash from an initial public offering
of a stake in First Hawaiian Inc <FHB.O>, the Honolulu-based
bank.
(Reporting by Maya Nikolaeva, editing by David Evans)
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