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.
Swiss UBS and Brazilian Plural SA Banco Multiplo banks are said to be in
talks with other potential buyers, whose identities are kept secret by
the Paris-based BNP.
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No deal has yet been reached.
The move has been reported by Bloomberg on Friday, quoting an
unidentified source "with direct knowledge of the matter". BNP Paribas
refused to comment, saying it "didn’t comment on speculation".
BRL7bn AUM
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By GlobalDataCreated 13 years ago, the Brazilian unit has about BRL7bn ($3.47bn)
under management.
Bloomberg reported BNP and other European banks are selling assets as
they 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 at
its wealth and asset management divisions on a year-on-year basis.
