MOVES-BNP Paribas seeks origination boost with fixed income combo

LONDON, August 15 (IFR) - BNP Paribas has combined primary and credit markets under a new single business line, according to a person familiar with the situation at the bank.

It has appointed Martin Egan and Benjamin Jacquard as global co-heads of primary and credit markets, a continuation of the deep overhaul of the investment bank that started in 2014.

The bank hopes the combination will strengthen origination globally while putting in place a structure that handles the public and private sides of the fixed income business in the face of new regulations.

Egan and Jacquard will retain their existing positions of global head of primary markets and global head of credit, respectively, and continue to report to Olivier Osty, executive head of global markets.

The new combined business encompasses BNP Paribas’s asset finance and securitisation business, which is headed globally by Matt Salvner. Salvner, who is also head of primary and credit Americas, reports jointly for both roles to Egan and Jacquard.

BNP Paribas merged its loan and bond origination businesses in December 2014 and created a single global syndicate in March last year as Yann Gerardin, head of BNP Paribas’s corporate and investment bank put his stamp on the organisation. (Reporting by Helene Durand)