BNP could merge U.S. units to cope with reform-report
PARIS, June 10
PARIS, June 10 (Reuters) - BNP Paribas, France's biggest bank, is planning to merge its U.S. operations in an attempt to offset the impact of possible U.S. regulatory reforms for foreign banks, The Financial Times said on Monday, citing people familiar with the matter.
BNP, which is one of the world's largest by assets has drawn up detailed plans to combine BancWest, its U.S. retail banking subsidiary, with its U.S. corporate and investment banking operations in order to improve the efficiency of its capital and funding in the country.
The plan follows a proposal by Daniel Tarullo, the Federal Reserve governor responsible for bank regulation, to require foreign banks to set up intermediary holding companies to help ringfence their U.S. risks, the paper said.
BNP Paribas could not be immediately reached for comment.
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