BNP Paribas sells two units in China
October 31, 2009 – 11:14 pmBNP Paribas SA, the largest by market capitalization, Bank of France will sell two of the three managers of funds belonging to him in China to comply with regulators of the PRC.
BNP plans to sell shares in the funds “as soon as possible” after the regulator of China China Securities Regulatory Commission said that the bank may have in the country only one such company under the new rules. Told Christofaro Francois (Francois Cristofari), head of the Chinese representative office in Shanghai on Saturday. The French bank was buying the assets of European financial institutions, owners of assets in China, reports Bloomberg.
BNP Paribas created a management company in 2004 together with Shenyin & Wanguo Securities, the third largest broker in China . In this enterprise BNP owns 33%. The French bank also controls 49% of ABN Amro Teda Fund Management and 49% in Fortis Haitong Investment Management. Christofaro did not specify which units BNP Paribas intends to sell.
BNP Paribas, which in June 2008 reported the intention to triple its profits in China for three years, does not comply with these plans because of the global financial crisis, said Christofaro.
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