BNP targets Germany for expansion
(Europe) French banking giant BNP Paribas has admitted it is eyeing the German banking market with interest and is keen to acquire a consumer credit or private bank in that country.
Germany’s major banks, Deutsche Bank, Commerzbank and HVB, have been struggling in a home market that is dominated by state-owned banks and undermined by a frail economy and crippling costs.
As a result, there has been much speculation that a German bank could be a take-over target for another major European bank. Even Deutsche, which has a market value of 33 billion euros, has acknowledged it could well be in the sights of a large bank.
BNP Paribas employs more than 800 mainly corporate and investment banking staff in Germany and is looking to boost this presence by making a number of small acquisitions. The French bank is also keen to make inroads into the equity asset management markets in the US and China.
As a result, there has been much speculation that a German bank could be a take-over target for another major European bank. Even Deutsche, which has a market value of 33 billion euros, has acknowledged it could well be in the sights of a large bank.
BNP Paribas employs more than 800 mainly corporate and investment banking staff in Germany and is looking to boost this presence by making a number of small acquisitions. The French bank is also keen to make inroads into the equity asset management markets in the US and China.
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