BNP Paribas said on Tuesday that it intended to expand Exane’s coverage of US companies to 450 stocks from 180 stocks currently by 2025, mostly in sectors such as technology, media, telecommunications, retail, healthcare and industrials.
BNP seeks to strengthen its equities unit and diversify the business. In 2021, the lender acquired the remaining 50% stake in cash equities execution and research house firm Exane, which currently covers 800 stocks across the globe.
BNP will be able to distribute and offer Exane’s research to US clientele, including hedge funds.
“The Americas region is the biggest growth opportunity for us because of the size of the fee pool and our current market share [there]. It’s really where we want to grow,” Nicolas Marque, head of global equities at BNP Paribas, was quoted as saying by Reuters.
BNP also plans to expand its workforce by hiring analysts, traders and salespersons, the lender said.