BNP Paribas To Pay $4.38B For Belgian Fortis Stake

Law360, New York (November 13, 2013, 7:25 PM EST) -- BNP Paribas on Wednesday said it has agreed to buy the government of Belgium's stake in the French banking giant’s BNP Paribas Fortis subsidiary for €3.25 billion ($4.38 billion) in a move Belgium says will drive down its debt.

The transaction stems from the global financial crisis, when Belgium and BNP Paribas stepped in to prop up BNP Paribas Fortis, then known as Fortis Bank Belgium, in a deal that left Belgium with 25 percent of the Belgian bank and BNP Paribas with the remaining shares....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.