Global banks are jockeying to maintain access to the European Union after Brexit/Bloomberg
by Kudakwashe MuzoriwaJPMorgan Chase & Co. is set to acquire former BNP Paribas offices in central Paris’s historic 1st arrondissement with space to house 450 employees including traders and customer-relations staff.
The bank is taking over the seven-storey building on 21 Place du Marché Saint-Honoré, a short walk from the Louvre museum and near its private banking operation at 14 Place Vendôme. In a statement, JPMorgan, which already has 260 employees in Paris, said that it plans to connect the sites together directly and open the new facility by the end of 2020.
Kyril Courboin, Head of JPMorgan’s French business, said, “French government reforms, together with the quality of the city’s infrastructure, mean there is no better time to be investing here and for more of our staff to make it their home.”
“We are thrilled to bring more jobs and investment to the city,” said Courboin.
Global banks are jockeying to maintain access to the European Union after Brexit as Britain pushes an aggressive line before negotiations start with Brussels to work out the parties’ future relationship.
Boris Johnson’s stance, as communicated by his chancellor this weekend, suggests a hard Brexit could be in the cards.
MOST READ
INVESTMENT
India seizes Yes Bank, limits withdrawalsINVESTMENT
ING Groep plans to sell its Turkish unitINVESTMENT
SABB seeks to boost corporate lendingINVESTMENT
UBS launches new private client programINVESTMENT
Egypt plans to resume IPOs of parastatalsINVESTMENT
HSBC considering exiting from TurkeyINVESTMENT
Abu Dhabi’s Group 42 acquires BayanatINVESTMENT
Amanat considers stake in VPS HealthcareINVESTMENT
KIZAD, ECI partner to support UAE businessesINVESTMENT
Fiat Chrysler, PSA explore a potential mergerINVESTMENT
UBS investment bank job cuts reach EuropeINVESTMENT
Saudi Aramco plans to complete IPO this yearINVESTMENT
Emirates NBD’s launch of E20. credit positive
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
