BNP Paribas CEO talks on big takeovers

Mouth - Julia Freeman-Woolpert

BNP Paribas has ruled out big takeovers like Commerzbank as it builds its presence in specialised banking businesses in Germany over the next three years, the French lender's CEO said on Wednesday.

Reuters reports that BNP Paribas aims to boost its revenues in Germany by around one third to just over $2bn by 2016.

'Commerzbank is not on the agenda and that's it', Jean-Laurent Bonnafe told journalists at a media briefing when asked about buying either a stake or all of state-backed Commerzbank.

BNP Paribas, Italy's UniCredit and Switzerland's UBS have been mentioned as potential bidders for the 17% stake the German government holds in the country's second-biggest lender, possibly as a prelude to a full takeover. UniCredit and UBS have also said they are not interested.

Bonnafe said even bolt-on acquisitions, like recent purchases of Commerzbank's depositary business and HVB's real estate fund unit iii-investments, would remain the exception.

'We are going to grow organically', said Bonnafe as he gave details of plans to gain more of the market in Europe's biggest economy, first unveiled in July.

To access the complete Reuters article hit the link below

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