BNP Paribas Opens First Miami Office, Expanding Presence in South Florida

BNP Paribas SA is opening an office in Miami, its first foray into South Florida.

The office will focus on expanding the bank's global markets business in the US. BNP Paribas Securities Corp. has signed a 7 ½-year lease for space at 801 Brickell Ave., in Miami's financial hub. The office could accommodate nearly 50 employees across credit, equities and macro products, according to a statement Wednesday. The office will open in the fourth quarter and enable the bank to cater to an increasing number of potential clients in the region.

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BNP plans to relocate its global markets Americas headquarters to Miami, in order to be closer to many of its clients who have migrated to the area. With the move, BNP joins a wave of companies that have expanded or relocated to South Florida to be near employees and clients who have moved there for the warmer weather, outdoor space, and friendly business environment. Last year, Citadel announced it would relocate its headquarters to Miami from Chicago. Hedge fund D1 Capital Partners and venture capital firm Andreessen Horowitz have increased their presence in the area. Major law firms have also opened offices in Miami. BNP's Miami hub will focus on adding new clients in South Florida, and also provide a gateway to fresh business in Latin America. The company plans to find current employees who are willing to move to the region first, before expanding its search to local candidates.