BNP Paribas, a premier global bank, is expanding its presence in southeastern Pennsylvania. Currently located in King of Prussia, the company will relocate to a larger facility in Wayne to support the increasing size of its Pennsylvania workforce.
BNP Paribas will expand the new Pennsylvania location from approximately 14,000 rentable square footage (RSF) to approximately 59,000 RSF. The lease is approximately 20 years and anticipated relocation will take place by mid-2021. The bank will be making significant upgrades to the workspace and facilities to support new ways of working, as well as environmental advances.
“The events over the past year have reshaped the bank’s perspective and provided us with a unique opportunity to rethink our real estate strategy and provide new working environments which will allow us to be more agile and adopt new ways of working,” said Kate Hutchinson, Head of U.S. CIB Operations at BNP Paribas. “Our office in Wayne, Pennsylvania, will accomplish many of these goals as well as provide our staff there with an excellent quality of life. We want to thank Governor Tom Wolf and his staff for working with us to make our new office a reality.”
As an incentive, BNP Paribas received a funding proposal from the Pennsylvania Department of Community and Economic Development (DCED) 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 has committed to investing $18 million into the project, retaining over 100 existing jobs and creating nearly 300 new, full-time high-quality jobs over the next three years.
“This is a major expansion supporting BNP Paribas’ global economic footprint that will bring many new jobs to the region,” said Governor Tom Wolf. “The need for such expansive growth speaks to their success as a ‘bank for a changing world,’ and my administration is pleased to support BNP Paribas as they continue to flourish in the commonwealth.”
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 71 countries with approximately 199,000 employees, with more than 151,000 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.