BNP Paribas to purchase Bank of America prime brokerage arm

Upon completion of the sale, which will include the wholesale transfer of existing BoA prime brokerage clients, employees and operating systems, BNP Paribas will have significantly expanded its already considerable foothold in the US equity derivatives market.

BoA announced its intention to sell the prime brokerage arm in January, after taking writedowns of $5.6 billion on collateralised debt obligations and structured investment vehicles in 2007. The losses soured the bank’s efforts to expand

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