Bnp Paribas suffers on the Paris stock exchange, Belgium considers exiting the capital
According to rumours, Brussels would sell 5.6% of the capital to finance the planned increase in defence spending
1' min read
1' min read
(Il Sole 24 Ore Radiocor) - Bnp Paribas weak in the Paris stock market (closed down 0.94%) following speculation of a Belgian government exit from the French bank. The group's shares have gained 32.5% since the start of the year, with a new 18-year high reached last week.
According to Les Echos, the Belgian government led by Bart De Wever is considering selling its shares to create a dedicated defence fund. Through its financial arm, Sfpi, Belgium currently holds a 5.6% stake in the French bank, following the group's acquisition of Fortis Bank Belgium in 2009. At the moment, the Brussels government has not responded to the rumours. The sale of 63.3 million shares, writes the French newspaper, would bring in around EUR 4.8 billion (at current values).
The Belgian state is considering different ways to finance the planned increase in defence expenditure in order to reach 2 per cent of GDP, the minimum level agreed between the NATO allies.
