BNP Paribas is in advanced talks to buy the equities prime brokerage unit of Bank of America in a move that would boost the French group’s presence in the US and enable its US rival to scale down its investment banking business.

BNPP was the only contender for the prime brokerage business after other bidders, such as Barclays Capital and JPMorgan Chase, had withdrawn from the race, people close to the situation said.