BNP Paribas expanding in southeastern Pennsylvania

BNP Paribas, a European bank with a presence in 71 countries, recently announced it will relocate its King of Prussia office to Wayne mid-year.

BNP Paribas signed a 20-year lease for the new location, which is 59,000 square feet compared to the office’s current 14,000 square feet. BNP Paribas plans to invest $18 million to update the facility.

The project is expected to retain more than 100 jobs over the next three years and create nearly 300 new, full-time positions.

“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,” Kate Hutchinson, head of U.S. CIB Operations at BNP Paribas, said. “Our office in Wayne, Penn., will accomplish many of these goals as well as provide our staff there with an excellent quality of life. We want to thank Gov. Tom Wolf and his staff for working with us to make our new office a reality.”

The Department of Community and Economic Development submitted a funding proposal for $837,000 in Job Creation Tax Credits to be distributed upon the creation of new jobs and a $1.15 million Pennsylvania First grant.