Bank of the West enters US market

San Francisco-based Bank of the West (BW), a US subsidiary of BNP Paribas has launched its first structured product for its retail clients.

BW's Certificates of Deposit linked to a basket of 10 Common Stocks is a five-year capital-guaranteed structure linked to a basket of shares from different sectors including Abbott Laboratories, McDonald's, Altria Group, Merck, Apple, Microsoft, Intel, Proctor & Gamble, JPMorgan and Verizon.

After one year of investment, and in subsequent years, the product will pay an interest equal to the arithmetic average of the returns of the components of the basket which will be capped at between 7%-9% and floored at -35%.

The product will be sold via BW branches as well by BNP Paribas Securities. BW's certificates of deposit will be open for subscription until 24 August. Minimum investment is €1,000.

This product will be available shortly in Recent Additions (US).