Banque Nationale de Paris will acquire all of PrimePartners' stake in BNP Prime Peregrine Holdings (L) Ltd.

Banque Nationale de Paris (BNP) and PrimePartners wish to announce BNP will acquire all of PrimePartners’ stake in BNP Prime Peregrine Holdings (L) Ltd.

Since November 1996, PrimePartners and BNP have worked together to build a major investment banking and stockbroking presence in Asia. Both partners are extremely pleased with the rapid pace of development, major highlights of which include:

a. acquisition of Peregrine’s Greater China team in Hong Kong and China;

b. acquisition of a Thai securities company with a seat on the Stock Exchange of Thailand;

c. acquisition of a Singapore stockbroking company with membership on the Stock Exchange of Singapore; and

d. increased coverage of Asia from China, Hong Kong through to Singapore, Thailand, Indonesia and the Philippines with staff strength trebled to more than 500.

In view of BNP’s plans to grow through further acquisitions and PrimePartners’ own objectives to focus on developing a financial services group of private equity funds and other new activities including a web-based research and investment advisory venture, both partners felt it appropriate for BNP to acquire PrimePartners’ stake in BNP Prime Peregrine.

BNP is grateful for and pleased with the contribution of PrimePartners in the successful development of BNP Prime Peregrine’s investment banking business in Asia. PrimePartners is equally appreciative of the support provided by BNP in the joint venture.