Finance

BNP Paribas poaches new UK capital markets head Tom Snowball from UBS

BNP Paribas has poached a banker from UBS to lead its equity capital markets business in the UK, as the French bank looks to expand the unit in Europe. 

Tom Snowball, who has spent the past 12 years at the Swiss lender, is set to join BNP Paribas as head of UK ECM, according to people familiar with the matter.

It is the latest senior change within BNP Paribas’ ECM team, which is building up under Andreas Bernstorff, who leads the unit in Europe, the Middle East and Africa and has ambitions to become a top-three player in the region over the next five years.

A BNP Paribas spokesman declined to comment on Snowball’s hire.

READ BNP Paribas hires Goldman Sachs banker Heuer to bolster ECM team

In May, the French bank hired Goldman Sachs banker Christoph Heuer as co-head of equity capital markets for northern Europe alongside Antoine Noblot, Financial News reported.  Around the same time, it also tapped former UBS banker Deepak Sran as a managing director on its equity syndicate desk.

However, Lewis Burnett, co-head of BNP Paribas’ fledgling corporate broking unit, left the French bank in September to join Deutsche Bank.

BNP Paribas currently ranks sixth in the equity capital markets league tables in Emea by value of deals worked on, with $12.5bn, according to data provider Dealogic. By revenues, the French bank is ninth, with $189.5m so far in 2021.

BNP Paribas’ ECM expansion comes amid a broader equities push at the bank, which acquired its remaining 50% stake in broker Exane in March. It is also in the process of integrating Deutsche Bank’s prime services division, which the German lender offloaded as part of its 2019 strategic overhaul, while Credit Suisse is directing its prime services clients towards BNP Paribas following its decision to largely shutter the unit unveiled on 4 November.

To contact the author of this story with feedback or news, email Paul Clarke

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