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BNP Paribas looking for stake in Philippine bank.

Global Banking News-15 January 2009-BNP Paribas looking for stake in Philippine bank(C)2009 ENPublishing -

Global Banking News - 15 January 2009(c)2005 - Electronic News Publishing -

France-based BNP Paribas (BNPP.PA) is said to be eyeing a stake in Manila-based GSIS Family Bank.

The French bank is said to have expressed interest to buy 60-70 percent of the Philippine bank, which is owned by the state-run pension fund, Government Service Insurance System. Expressions of interest in GSIS Family Bank also came from International Commercial Bank of China (ICBC) and an unidentified local commercial bank.

Officials at GSIS said that the group is considering GSIS Family Bank as simply one of its investments, and is not interested in running a bank.

GSIS Family Bank was a subsidiary of the defunct Commercial Bank of Manila. The bank has 22 branches.

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Publication:Global Banking News (GBN)
Date:Jan 15, 2009
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