|
|
Article: BNP Paribas to take majority stake in Fortis
- Article from:
- AP Worldstream
- Article date:
- October 6, 2008
- Author:
CopyrightCopyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
|
French banking giant BNP Paribas will take a 75 percent stake in the remaining operations of troubled bank Fortis NV, the Belgian government said.
Prime Minister Yves Leterme said the deal gives the Paris-based bank control of Fortis' Belgian and Luxembourg operations, including the bank's insurance and investment arms. The Belgium and Luxembourg governments also will receive a blocking minority share in BNP Paribas.
"No client or depositor (at Fortis) will end up in problems due to the financial crisis," Leterme told reporters late Sunday after two days of closed-door talks between BNP Paribas and government officials.
Leterme said it was important for ...