PARIS, June 10 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.