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October 8, 2012updated 04 Apr 2017 3:34pm

BNP Paribas in talks to sell Brazilian AM unit

France's largest bank BNP Paribas SA (BNP) has declined to comment on market rumours it is to sell its Brazilian wealth-management unit for about $50m.

By Elsa Buchanan

France’s largest bank BNP Paribas SA (BNP) has declined to comment onmarket rumours it is to sell its Brazilian wealth-management unit forabout $50m.

Swiss UBS and Brazilian Plural SA Banco Multiplo banks are said to be intalks with other potential buyers, whose identities are kept secret bythe Paris-based BNP.

No deal has yet been reached.

The move has been reported by Bloomberg on Friday, quoting anunidentified source "with direct knowledge of the matter". BNP Paribasrefused to comment, saying it "didn’t comment on speculation".

 

BRL7bn AUM

Created 13 years ago, the Brazilian unit has about BRL7bn ($3.47bn)under management.

Bloomberg reported BNP and other European banks are selling assets asthey are struggling to meet stricter capital requirements (Basel III)and battling with a squeeze in dollar funding.

In August this year, BNP Paribas reported a 28% pre-tax income slump atits wealth and asset management divisions on a year-on-year basis.

 

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