BNP Paribas Honorary Chairman Pebereau Steps Down, FT Reports

BNP Paribas SA Honorary Chairman Michel Pebereau, who built one of Europe’s largest lenders out of a French state-owned bank, is stepping down as a director of the board, the Financial Times reported.

Pebereau, 73, won’t stand for re-election to the board, indicating he’s departing, the Financial Times said Thursday. Officials for BNP Paribas couldn’t immediately be reached for comment.

The banker, who became head of Banque Nationale de Paris SA in 1993 as the company was sold to the public, shook up the French banking industry with an unsolicited bid for Paribas SA and Societe Generale SA in 1999 to block a friendly merger between the two.

Pebereau stood down as chairman of BNP Paribas in 2011 to be replaced by Baudouin Prot, the chief executive officer at the time. Prot left BNP Paribas in December, months after the bank paid a record U.S. fine for sanctions violations.

Pebereau, a civil servant in the finance ministry during the 1970s, became CEO of state-owned Credit Commercial de France SA, then France’s sixth-largest bank, in 1982. He was appointed CCF’s chairman in 1987.

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