Citadel, Jefferies, Barclays and JPMorgan were all rumoured over the course of the year to be interested parties. It was somewhat surprising, therefore, when the news broke that BNP Paribas had done a deal with BoA.
BNP announced in June that it would be buying the business at a cost believed to be $300 million. BoA had been looking for a buyer for six months, and analysts suggested that the lack of interest would drive down the price to half that value if markets continued to be shaky and balance sheets of potential bidders were tested.
It is an interesting move for BNP Paribas, which has no prime brokerage...
