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The Banker
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Capital Markets: Issuer Strategy - BNPP Pulls Off Last-minute Switch - To Finance Its Acquisition Of Banca Nazionale Del Lavoro, BNP Paribas Raised Two Tranches Of Tier 1 Capital, Switching One From The Dollar Market To Sterling In A Wise Move. By Edward.
Publication:
The Banker
Publication Date: 01-MAY-06 |
Format: Online
Delivery: Immediate Online Access |
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Full Article Title: Capital Markets: Issuer Strategy - BNPP Pulls Off Last-minute Switch - To Finance Its Acquisition Of Banca Nazionale Del Lavoro, BNP Paribas Raised Two Tranches Of Tier 1 Capital, Switching One From The Dollar Market To Sterling In A Wise Move. By Edward.(Banca Nazionale del Lavoro) |
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Article Excerpt
Byline: ard RUSSELL-WALLING
For those who doubted that European cross-border bank consolidation could happen any time soon, BNP Paribas is the latest to test their non-belief. The success with which it has financed its acquisition of BNL, with a mix of equity and debt, suggests that investors are on the side of the believers. However, one tranche of Tier 1 debt was switched from US dollars to sterling at the last minute.
Having received all the necessary regulatory green lights, BNPP is in the process of acquiring Banca Nazionale del Lavoro (BNL). Although it is only the sixth largest bank in Italy, BNL will elevate its French acquirer to that exclusive club of European banks with...
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