Aug 03 2005 |
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BNP will not seek takeover of BHW, but interested in Egyptian bank
Paris - French banking group BNP Paribas has decided against submitting a takeover offer for German rival BHW but is maintaining an interest in acquiring Egyptian Misr International Bank, BNP general director Baudouin Prot said in Paris on Wednesday."On the question of BHW, after a close examination, we have decided not to put forward an offer," he told a press conference following the release of BNP's latest financial results. "BNP Paribas will not be a candidate." He said that the bank would continue to adhere strictly to its policy of "targeted and disciplined acquisitions ... to ensure that each acquisition conforms to our standards".
Prot also said that BNP Paribas would be "a candidate for majority control of [Misr International Bank], which is up for sale" and that "if we acquire this bank it will complete our Egyptian network". But he cautioned that the "matter is not finished, and we will see where we are in the coming weeks".
Another French bank, Societe Generale, is also in the running to take a 69.7-percent stake in Misr International, a Societe Generale spokesman told AFP. Earlier on Wednesday BNP Paribas had said that its net profit rose 4.7 percent in the second quarter to €1.456 billion ($1.8 billion) compared with the same period of 2004.
The figure was better than expectations of analysts questioned by AFP's financial subsidiary AFX News, who forecast a net profit of between €1.205 billion and €1.347 billion.
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