BNP snaps up BofA’s equity prime brokerage
BNP Paribas of Paris has agreed to buy Charlotte, N.C.-based Bank of America Corp.’s equity prime brokerage business.
BNP Paribas of Paris has agreed to buy Charlotte, N.C.-based Bank of America Corp.’s equity prime brokerage business.
The deal came in at about $300 million, according to published reports.
Bank of America’s prime brokerage unit, which services more than 500 hedge funds with secured financing, securities lending and capital introduction, had been for sale since January.
As part of the purchase, clients, employees and technology systems that were part of the brokerage unit will be transferred over to BNP Paribas.
The acquisition is subject to regulatory approval and is expected to be completed by the second half of this year.
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