PARIS, March 29, 2004 (PRIMEZONE) -- BNP Paribas (Other OTC:BNPQF) (Other OTC:BNPQY) and Banca Intesa signed today a definitive agreement whereby the accounts of the Latin American high-net-worth clients of Banca Intesa's subsidiary Banque Sudameris in Miami (Florida, USA) will be transferred to BNP Paribas' Miami-based subsidiary, BNP Paribas Investment Services. The transaction is subject to the approval of relevant governmental authorities and is expected to be completed in the third quarter of 2004.
The transaction will involve the transfer of up to US$700 million in client assets currently held by Banque Sudameris in Miami on behalf of approximately 900 non-US high-net-worth individuals and families. The transaction will complement BNP Paribas' stated strategy to further develop its private banking franchise in selected international markets.
Vivien Levy-Garboua, Head of BNP Paribas' Asset Management & Services division stated: "This transaction enables us to nearly double our presence in Miami, a key center for the servicing of the Latin American high-net-worth clientele." Francois Debiesse, Head of BNP Paribas Private Bank added: "We are delighted at the prospect of sharing our wealth management expertise with Sudameris clients. They will benefit from a broadened range of products and services, specifically tailored to address their financial needs." All client relationship managers of Banque Sudameris in Miami are expected to join BNP Paribas Investment Services by the completion of the transaction.
For Banca Intesa, the transaction is consistent with the disengagement of non-core assets outlined in its 2003-2005 business plan. According to the agreement, Banque Sudameris will receive a cash consideration to reflect the effective transfer of the clientele to BNP Paribas Investment Services up to a maximum of US$14 million. UBS Investment Bank advised Banca Intesa on the transaction.
Notes to Editors:
Banque Sudameris S.A. is a subsidiary of Banca Intesa. It was initially founded in 1910 as a joint-venture between Banca Commerciale Italiana (now part of Banca Intesa) and Banque de Paris et des Pays-Bas (the former name of Paribas).
BNP Paribas (www.bnpparibas.com) is a leading global financial services group, with solid roots in Europe and significant positions in Asia and the Americas. It is the first banking group in the Euro zone in terms of net income. The group has one of the largest international banking networks with a presence in 85 countries and 89,000 employees. BNP Paribas enjoys key positions in Corporate and Investment Banking; Private Banking, Asset Management, Insurance, Securities Services and Retail Banking. 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.
BNP Paribas Private Bank (privatebank.bnpparibas.com), the private banking arm of BNP Paribas, ranks among the top ten players world-wide in its field, managing nearly Euro 100 billion on behalf of its clientele. It commands a leading position in France and occupies first-tier positions in all major international private banking centers.