BNP Paribas and Zurich Financial Services Are Negotiating Transfer of Zurich Capital Markets Businesses.Business Editors PARIS--(BUSINESS WIRE)--June 30, 2003 BNP Paribas BNP Paribas (Euronext: BNP, TYO: 8665 ) is one of the main banks in Europe and France. It was created on 23 May 2000 through the merger of Banque Nationale de Paris (BNP) and Paribas. and Zurich Financial Services Zurich Financial Services Group is a major financial services group based in Zurich, Switzerland. Global operations North America The US consumer market is served primarily by Farmers Insurance Group the third largest personal lines property & casualty insurance (Zurich) have signed a Letter of Intent on the transfer of certain structured products from New York-based Zurich Capital Markets (ZCM ZCM Zenworks Configuration Manager (Novell) ZCM ZCorp Color Printer ZCM Zone Center Management ZCM Zenith Color Monitor ) to BNP Paribas. The envisaged deal provides a framework for transferring transactions and related assets to BNP Paribas, including structured products linked to alternative investment funds managed by ZCM, together with the hiring of some supporting staff. Further information will follow upon execution of definitive agreements. ZCM has established an attractive niche as provider of services to hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" investors and managers. In line with Zurich strategy to focus on its core insurance activities, it has decided to divest of this business line. The transaction will enable BNP Paribas, already a European leader in structured funds of funds products, to become one of the top players in this business in the U.S. The transaction will accelerate BNP Paribas development in the U.S. equity derivatives market. It is in line with BNP Paribas strategy to make targeted developments in the U.S in order to accelerate growth in business lines where the Group is already recognized worldwide. About BNP Paribas BNP Paribas (Aa2 / AA- / AA) is a European leader in banking and financial services, with leading positions in Asia and an active presence in the United States. It is the first bank in terms of net income and market capitalisation in the eurozone Eurozone Noun same as Euroland Eurozone n → eurozona, zona euro Eurozone n → zona euro . BNP Paribas operates in more than 85 countries, employing 87,700 staff, including 10,000 in the U.S. Its three core businesses are: Retail Banking; Corporate and Investment Banking; Private Banking, Asset Management, Insurance and Securities Services. In the U.S., as a registered NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). broker-dealer and member of SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. , BNP Paribas Securities Corp. underwrites, trades and markets a vast array of global and domestic fixed income and equity products. About Zurich Financial Services Zurich Financial Services is an insurance-based financial services provider with an international network that focuses its activities on its key markets of North America, the United Kingdom and Continental Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in approximately 60 countries and employs about 68,000 people. |
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