The bank for a changing world

BNP Paribas acquires french government's stake in Crédit Lyonnais

  • 25.11.2002
Friday evening, 22 November, the French government announced its decision to sell its entire 10.9% equity stake in Crédit Lyonnais.

At its meeting on 23 November, the BNP Paribas Board of Directors decided to take advantage of this unique opportunity. As the leading banking group in the euro zone, BNP Paribas considers it cannot ignore the chance to participate in the future of a bank as important as Crédit Lyonnais arising from the French government's sale of its equity stake. BNP Paribas has offered a price of 2.2 billion euros, which does not materially affect the group's financial ratios. BNP Paribas posted net profit of 2.6 billion euros for the first nine months of the year.

Crédit Lyonnais has a high quality business and expertise in France for individuals, professionals and companies; the bank is also very active internationally on the asset management and investment banking markets. BNP Paribas group operates in the same business in France and worldwide.

There are numerous possibilities for cooperation between the two banks, which share similar cultures and whose staff and management mutually respect each-other. BNP Paribas hopes that this acquisition will rapidly boost these opportunities for the mutual benefit of both banks, their shareholders, customers and staff.

In accordance with current regulations, this transaction is subject to receiving approval from the French Committee for Credit institutions and Investment Enterprises ("Comité des Etablissements de Crédit et des Entreprises d'Investissement").
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