PARIS (Reuters) – French bank BNP Paribas, U.S. asset manager Apollo and Apollo-majority securitized products specialist ATLAS SP Partners announced a strategic financing and capital markets agreement on Friday.
“Under the terms of the collaboration, BNP Paribas will commit to providing significant financing of $5 billion from day one, an amount that is expected to increase over time,” said a statement released by Apollo.
“BNP Paribas is an international banking group, providing exemplary customer service as well as investment, financing and hedging solutions in the Americas and around the world,” said Olivier Osty, Head of BNP Paribas Corporate and Institutional Banking.
Apollo had acquired Credit Suisse’s high-risk securitization business from the banking group in February 2023, creating ATLAS SP Partners. The subsidiary received financial support from Abu Dhabi’s sovereign wealth fund, Abu Dhabi Investment Authority (ADIA), in June of the same year.
With ATLAS SP Partners, the American asset manager is venturing into a field previously dominated by banks.
(Written by Florence Loève, edited by Sophie Louet)
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