Zurich and BNPP negotiate transfer of ZCM businesses
Zurich, June 30, 2003 – Zurich Financial Services (Zurich) and BNP Paribas (BNPP) have signed a Letter of Intent on the transfer of certain derivatives transactions and credit facilities from Zurich Capital Markets (ZCM) to BNPP. The deal envisioned provides a framework for transferring transactions and related assets to BNPP, including structured products linked to alternative investments funds managed by ZCM, together with supporting staff, proprietary technology and intellectual property. Further information will follow upon execution of definitive agreements.
Zurich Capital Markets has established an attractive niche as provider of services to hedge fund investors and managers. In line with Zurich’s strategy to focus on its core insurance activities, Zurich has decided to divest of this line of business.
