BNP Loses Belgium as Largest Investor as Country Cuts Stake
- Disposal will reduce holding to about 5% from about 8%
- Belgium became a BNP investor in 2009 after Fortis rescue
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Belgium is selling about a third of its stake in BNP Paribas SA in a move that will end the country’s run as the bank’s largest shareholder.
A Belgian government-owned investment company, known as SFPI-FPIM, plans to sell a stake equivalent to about €2.2 billion ($2.3 billion) in the French lender, according to terms seen by Bloomberg. The disposal will reduce the investment company’s holding to about 5.1% from about 7.8%.