Thursday, Mar 22, 2012
DUBAI (Zawya Dow Jones)--BNP Paribas (BNP.FR), France's largest bank by market value, on Thursday said it won approval from the South African Reserve Bank to set up a branch in the country.
Following the approval, BNP Paribas will transform its current Johannesburg representative office into a branch offering corporate and investment banking, according to an emailed statement from the bank.
BNP Paribas had applied for the license last year, but the global economic crisis delayed the authorities' decision.
BNP Paribas last year bought a majority stake in Cadiz Securities to gain entry to the South African market.
-By Nicolas Parasie, Dow Jones Newswires; +9714 446-1681; nicolas.parasie@dowjones.com
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(END) Dow Jones Newswires
22-03-12 1148GMT
