BNP Paribas reportedly has its sights on ABN Amro

(Boursier.com) — In a rebound-prone market, BNP Paribas advance of 2% to 48.5 euros this weekend. The rue d’Antin bank is surrounded while according to the indiscretions of ‘Bloomberg’ the French group has expressed its interest in a potential acquisition of ABN Amro. Citing people with knowledge of the matter, the agency says the leading French bank recently met with the Dutch government and discussed its interest in such a transaction. BNP would be particularly attracted by the retail and corporate activities of ABN Amro and by the opportunity to develop in Northern Europe.

However, the Dutch government is not yet ready to lose control of ABN Amro, and preliminary contacts with BNP have not led to detailed negotiations. The state would prefer to sell securities on the market, which would allow it to raise funds while retaining some control, according to one of the ‘Bloomberg’ people. Other banks have also reportedly approached the Dutch government to express their interest in ABN Amro.

A spokesperson for the Dutch finance ministry said it could not comment on specific considerations on a sale: “Since the ministry has a stake in ABN Amro, it talks regularly with various stakeholders across a wide range of subjects”. “The decision on possible other sale operations is determined according to several factors,” said a spokesperson for the Dutch establishment. In addition, any plan to buy ABN Amro by BNP could encounter political resistance in the Netherlands, especially after the tumultuous marriage between Air France and KLM.

The Dutch state stepped in to rescue ABN Amro at the height of the financial crisis, spending almost €22 billion in the process. He took the bank public in 2015 and sold part of his stake, but he still owns the majority of the capital. ABN Amro, which soared more than 12% in Amsterdam, weighs just under 10.9 billion euros on the stock market against nearly 60 billion euros for BNP.