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BNP Paribas to open new office in Miami in fourth quarter

Illustration shows BNP Paribas logo and stock graph

NEW YORK (Reuters) - BNP Paribas Securities Corp, a unit of BNP Paribas, said on Wednesday it plans to open a new office in Miami in the fourth quarter of this year.

The office will employ nearly 50 people working in credit, equities, and macro products.

"The Miami office will support the continued growth of its Global Markets business in the US, amongst others, and the increasing number of clients with a foothold in South Florida," the bank said in a statement.

Several financial firms as well as big law firms have expanded operations in Florida in the wake of the COVID-19 pandemic, as employees longed for better weather and access to outdoor activities.

Florida also does not collect state income tax.

(Reporting by Davide Barbuscia)