France BNP Paribas said Wednesday it has approved its sales from the Belgium Fortis Holding’s shareholders, in a deal that builds a new industry as the biggest banking group across the Europe by €540 billion or $706 billion deposits.
It has agreed to buy 75 percent of Fortis Bank for € 2.9 billion in stocks and will more buy a 25 percent stake in Belgian Insurance business for 1.375 billion euros or $1.8 billion.
“This longer than expected wait gave us the opportunity to strengthen dialogue with the Fortis teams and to deepen our appreciation and understanding of Belgium, its richness and diversity, Baudouin Prot, Chief Executive Officer of BNP Paribas said in a statement.
It also thanked the shareholders, in the Belgian state and the Fortis Holdings.
Shares BNP.PA rose €2.23 to 6.06 percent at €39.00 while, Fortis fell €10 cents at €1.78 in the Brussels Stock trading.