Bnp Paribas Asset Management Services Grouping and BNP Paribas Securities Services S.C.A. agreed to acquire 22.5% stake in Allfunds Bank S.A. from Hellman & Friedman LLC and GIC Pte. Ltd. on October 21, 2019. As part of transaction, BNP Paribas Securities Services will also transfer its Banca Corrispondente local paying agency activities in Italy as well as some Italian transfer agency services to Allfunds. Hellman & Friedman and GIC will retain their majority stake in Allfunds. This transaction is subject to regulatory approvals and required consultations. The transaction is subject to approval by the Italian Competition Authority. It is expected to close before the end of 2020. Alain Garnier, Anne Wachsmann, Sonia Cissé, Ngoc-Hong Ma, Emma Clark, Richard Cumbley, Paloma Fierro, Marc Perrone, Victor Manchado, Mar Elordi , Roberto Casati, Federica Barbero of Linklaters acted as legal advisors for BNP Paribas. Alvaro Membrillera of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor for GIC. Tim Wilmot, Keir MacLennan, Cyrus Pocha, David Franco, Richard Lister, Martin McElwee and Jill Gatehouse of Freshfields Bruckhaus Deringer LLP acted as legal advisors for Allfunds. Raul Lopez Moro and Sergio Martin Diaz of BDO acted as financial advisor to Allfunds Banks.
Bnp Paribas Asset Management Services Grouping and BNP Paribas Securities Services S.C.A. completed the acquisition of 22.5% stake in Allfunds Bank S.A. from Hellman & Friedman LLC and GIC Pte. Ltd. on October 2, 2020. As part of the agreement, around 250 employees have transferred from BNP Paribas Securities Services to Allfunds Bank S.A , mainly in Poland and Italy, contributing to Allfunds Bank S.A expansion.