Printer Friendly

BNP Paribas completes Fortis Bank acquisition.

Europe's largest bank, BNP Paribas Group, said on Tuesday said it has finalized acquisition to Fortis Bank with the approval of the Europe commissioner, in a deal that the biggest banking group across the Europe.

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.
COPYRIGHT 2009 International Business Times
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

Article Details
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.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |