-BNP to cut stake in Swiss fund.
Global Banking News - 05 September 2012
According to Reuters, France-based BNP Paribas is to cut its stake in Geneva-based investment vehicle, Pargesa.
The bank is to cut its stake through exchangeable bonds worth up to EUR375m. The move is part of the bank's initiative to cut its European debt.
The bank said that it would issue up to EUR375m in debt redeemable with Pargesa shares, cash or both. The debt is to mature in 2015.
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