NEW YORK, May 24, 2004 (PRIMEZONE) -- BNP Paribas (Pink Sheets:BNPQY) is pleased to announce the appointment of Jessica Bellamy to its U.S. Securitization Group. She joins as a Vice President, reporting to David Mandel, Head of Securitization -- the Americas.
"Jessica's strong client relationships, solid reputation and established record will greatly enhance our U.S. structuring capabilities," said Mandel.
Jessica joins BNP Paribas after seven years with Morgan Stanley where she most recently specialized in the origination and structuring of mortgage-related ABS transactions. Bellamy's hire will enable BNP Paribas to leverage her expertise in home equities against the bank's substantial liquidity position via STARBIRD and other asset-backed derivative structures.
BNP Paribas' U.S. ABS activities to date have primarily centered on its $10.0 billion Asset-Backed Commercial Paper vehicle, STARBIRD, which currently has over $5.5 billion in assets and is headed by Sean Reddington, Managing Director.
The nucleus of BNP Paribas' ABS activities is located in Europe, with 20 members in London, 18 in Paris and 4 in Milan. There are also 8 in New York, 11 in Tokyo and 5 in Hong Kong. The greatest opportunity for growth for the team currently is the U.S.; David Mandel was appointed Head of Securitization in New York in February 2004, with a mandate to build BNP Paribas' platform -- currently limited to the conduit business -- into a full-service Securitization team.
"We have a footprint in every market," stated Michael Donahue, BNP Paribas' Global Head of Securitization, "and we are now focusing on building a critical mass in the U.S. This is the single highest priority for the team today -- it's a huge market and, although it's highly competitive, there are considerable opportunities for BNP Paribas." The addition of Bellamy represents another concrete step in building BNP Paribas' ABS activities in the U.S. debt markets.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in banking and financial services, with leading positions in Asia and an active presence in the United States. The most profitable bank in the Euro zone, it has a presence in 85 countries with 89,400 employees. The group enjoys key positions in Corporate and Investment Banking, Private Banking & Asset Management, Insurance, Securities Services and Retail Banking.
Headquartered in New York, BNP Paribas in North America offers a broad range of corporate, investment banking and securities brokerage activities. With locations in all the major corporate and financial centers across the United States and Canada, BNP Paribas in North America serves a world-class client base of multinational corporate and mid-cap companies, major issuers and institutional buyers. As a registered NASD broker-dealer and member of SIPC, BNP Paribas Securities Corp. underwrites, trades and markets a vast array of global and domestic fixed income and equity products. In the U.S., BNP Paribas offers retail banking and financial services through BancWest Corporation, a wholly-owned subsidiary.