BNP Paribas has launched an in-house distressed finance group within its corporate and investment banking division to focus on what it calls “attractive business opportunities” in distressed trading, rescue financing and turnaround investing.
The French bank, which maintains an in-house private equity arm called BNP Paribas Private Equity, has tapped its co-head of European High Yield Capital Markets, Alain Dib, to lead the unit. Dib has 16 years of experience in leveraged finance working with financial sponsors, corporate and institutional investors.
Monique Hill, head of distressed trading and special situations for BNP Paribas in the US, will lead the group’s North American activities.
BNP Paribas Private Equity announced last June that it was planning to launch a private equity fund in the Middle East and North Africa region with a size ranging between $200 million (€140 million) and $400 million. The fund is the first BNP Paribas has launched outside Europe.
The following month, the firm exited its two direct venture investment funds in its first secondary transaction, selling all or parts of the underlying shareholdings owned by funds Antin FCPI 1 and Antin FCPI 2.