BNP Turns Over “Tax Haven” Assets to Scotiabank
In September of last year, French bank BNP Paribas pledged to pull out of countries on the Organization for Economic Cooperation and Development’s “gray list” of tax havens.
BNP will cede its wealth management businesses in the Cayman Islands, the Bahamas and Panama to Canadian Scotiabank. The Bahamas and the Cayman Islands have since been taken off the list after they signed several bilateral information sharing agreements.
A bank spokesman said that after its withdrawal from Panama, BNP Paribas will no longer have any activities in tax havens, AFP reports.
BNP Paribas had had a wealth management arm in Panama for 57 years.
[...] Paribas started its wealth management arm in Panama in 1952 but gave up its Panama assets last year as part of a pledge to pull out of countries on the Organization for Economic Cooperation [...]