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.