Deals
BNP Paribas Boosts China Bet With Bank of Nanjing Stake
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BNP Paribas SA, France’s largest lender, plans to bolster its stake in Bank of Nanjing Co. to as much as 20 percent as Chinese lenders’ profits defy the global economic slowdown and rise to a record.
BNP Paribas will buy the shares in the secondary market to increase its holding from about 15 percent to closer to the maximum allowed under Chinese law, China Chief Executive Officer Clarence T’ao said in an interview yesterday in Shanghai. A 5 percent stake would cost about $200 million at Bank of Nanjing’s share price today.