French banking group BNP Paribas has created an intermediate holding company (IHC) in the US to comply with new regulation that requires the bank to place all its controlled US units under a US holding company.
The new holding company, known as BNP Paribas USA, will include the bank’s retail unit BancWest, its corporate and institutional banking unit (CIB), as well as its asset management subsidiaries in the US.
"This decision signals the bank’s commitment to the US market, its largest market outside Europe and a region that is central to BNP Paribas’ businesses and development plans," the lender said.
CIB Americas head Jean-Yves Fillion has been appointed as the CEO of BNP Paribas USA. Michael Shepherd has been appointed chairman of BNP Paribas USA, and will also continue in his existing role as BancWest chairman.
"The significant investments in infrastructure, IT and systems to create a best-in-class-platform demonstrate our commitment to US customers and we believe the creation of the Intermediate Holding Company is an opportunity for BNP Paribas to further grow its US presence," Fillion said.
"Led by a talented team of executives from across our operating entities, BNP Paribas USA will integrate business processes, promote coordination among our businesses, and provide additional capabilities for the benefit of all our clients," Shepherd added.