CHESTERBROOK, PA — Department of Community and Economic Development (DCED) Secretary Dennis Davin joined BNP Paribas USA CEO Jean-Yves Fillion, CEO of CIB Americas Jose Placido, company executives, and legislators on Thursday at the official ribbon-cutting ceremony of the company’s new Chesterbrook, Chester County location. The Wolf Administration supported the project which will create 300 new jobs.
“It’s an honor to be a part of the next step in BNP Paribas’ story, just months after announcing their major expansion project that creates hundreds of new jobs for the region,” said Sec. Davin. “Our commonwealth has so much to offer thriving businesses that are ready to grow. This new location meets the needs of the company’s increasing workforce, and the company’s investment into this community keeps existing positions while bringing many new jobs and opportunities to southeast Pennsylvania residents.”
BNP Paribas received a funding proposal from the Department of Community and Economic Development (DCED) for the expansion for a $1.15 million Pennsylvania First grant and $837,000 in Job Creation Tax Credits (JCTC) to be distributed upon the creation of new jobs. The company committed to investing $18 million into the expansion project, retaining over 100 existing jobs and creating nearly 300 new, full-time high-quality jobs within the next three years.
“My administration was pleased to support BNP Paribas’ earlier this year as the company announced its expansion and relocation efforts within the commonwealth,” said Governor Tom Wolf. “The company’s growth is an investment into this community, a testament to Pennsylvania’s business climate, and creates hundreds of new job opportunities for this region.”
The project was coordinated by the Governor’s Action Team, an experienced group of economic development professionals who report directly to the governor and work with businesses that are considering locating or expanding in Pennsylvania.
“The bank has a long history in the US since 1858 with a strong presence in major cities – and we are so excited to add Chesterbrook as a key location for our corporate and institutional banking business,” said Chief Executive Officer of CIB Americas at BNP Paribas José Placido. “Our new office in Chesterbrook will not only play an important role to serve our clients but it will also be the model for our workplace of the future worldwide, with particular emphasis on wellbeing and employee experience.”
The expansion and relocation increased the company’s workspace from 14,000 rentable square footage (RSF) to approximately 59,000 RSF. The bank made significant upgrades to the workspace and facilities to support new ways of working, as well as environmental advances.
BNP Paribas is a leading bank in Europe with an international reach and a mission to contribute to responsible and sustainable growth by financing the economy and advising clients according to the highest ethical standards. It has a presence in 68 countries with approximately 193,000 employees, with more than 148,000 employed in Europe. The group has key positions in its three main activities: domestic markets, international financial services, and corporate and institutional banking. The group helps all its clients realize projects through solutions spanning financing, investment, savings, and protection insurance.
In the United States, BNP Paribas has built a strong and diversified presence to support its client base. The bank employs close to 14,000 people and has had a presence in the USA since the late 1800s. Bank of the West serves over two million individuals and small businesses through a network of around 600 branches and business centers. Large corporate and institutional clients are serviced by BNP Paribas’ Corporate & Institutional Banking franchise that has a presence in main US cities, in addition to a global reach through a network of offices in EMEA and APAC. The bank also offers asset management services through BNP Paribas Asset Management as well as Real Estate and Fleet Services through partnerships.
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