BNP Cedes Bahamas, Panama Assets to Scotiabank
(AFP)- French bank BNP Paribas announced
Friday it has reached an agreement with
Scotiabank to cede its wealth management
business in the Bahamas, Panama and the
Cayman Islands to the Canadian bank.
The transaction, which is expected to be
completed in the third quarter, will allow
to make good on its pledge to withdraw from
the three jurisdictions.
The terms of the deal were not released.
BNP Paribas chief executive Baudouin Prot
vowed in September 2009 to pull out of
countries on a "grey list" of tax havens
compiled by the Organisation for Economic
Cooperation and Development (OECD).
The Bahamas and the Cayman Islands have
since been taken off the list after they
signed several bilateral information sharing
agreements. Panama, however, has not signed
any agreement.
After its withdrawal from Panama, BNP
Paribas will no longer have any activities
in tax havens, a bank spokesman said. |
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