Last updated: 14:31 / Wednesday, 6 July 2016
BNP Paribas USA

BNP Paribas Creates an Intermediate Holding Company in the United States

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BNP Paribas Creates an Intermediate Holding Company in the United States
  • New regulation requires large Foreign Banking Organizations to place all its controlled US subsidiaries under a US holding company
  • BNP Paribas USA will hold the retail subsidiary ‘BancWest’ and the Corporate and Institutional Banking’s (CIB) and asset management subsidiaries in the United States
  • Michael Shepherd becomes Chairman of the new holding and retains his chairmanship of BancWest. And Jean-Yves Fillion, Head of CIB Americas becomes its CEO

BNP Paribas has announced the creation of an Intermediate Holding Company (IHC), BNP Paribas USA, Inc., effective 1 July 2016. This decision signals the bank’s commitment to the US market, its largest market-by commitments as of 12/31/15- outside Europe and a region that is central to its businesses and development plans.

As a large Foreign Banking Organization, the bank is required by new regulation to place all its controlled US subsidiaries under a US holding company. BNP Paribas USA will hold the retail subsidiary ‘BancWest’ and the Corporate and Institutional Banking’s (CIB) and asset management subsidiaries in the United States.

The wholesale and retail businesses in the United States have seen significant growth over the past couple of years: in 2015 CIB and Retail Banking & Services increased their revenues in North America by, respectively, 15% and 5% (in USD) vs 2014. Today the Group employs over 16,000 people in the country.

Michael Shepherd becomes Chairman of the new holding and retains his chairmanship of BancWest. And Jean-Yves Fillion, Head of CIB Americas becomes its CEO.

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