BNP Paribas completes Fortis Bank acquisition.
It has completed the 75 percent acquisition of Fortis Bank for €2.9 billion in stocks in an exchange for 11.4 stake in BNP Paribas, and has issued its first strategic partnership in insurance of 54.55 percent shares to 88, 235,294 shares.
"I am confident that Fortis bank will be made viable when combined with BNP Paribas," EU Competition Commissioner Neelie Kroes said.
It also bought a 25 percent stake of its Fortis insurance assets in Belgium for €1.38 billion or $1.8 billion
Recently, Paris-based BNP Paribas posted net profit of €1.56 billion or $2.08 billion in the first quarter from €1.98 billion a year earlier on higher loan losses in the current market turmoil but its revenue increase 28 percent.
Shares of BNP Paribas fell €0.71 to 1.52% at €45.98 or $62.13 in the regular trading.
|Printer friendly Cite/link Email Feedback|
|Publication:||International Business Times - US ed.|
|Article Type:||Brief article|
|Date:||May 12, 2009|
|Previous Article:||U.S. grants $25 million in funds for wind tech center.|
|Next Article:||Miss California keeps her crown.|