Source:
AFP 29 mins ago
PARIS (AFP) – French banking giant BNP Paribas on Tuesday said it will raise 4.3 billion euros (6.3 billion dollars) of new capital to repay state rescue funding from October.
The bank, which is repaying the support several months earlier than expected, said it no longer needed the state aid because the landscape for banking and profits had improved, and said the government will earn a significant return on its money.
For the first half of the year, the bank had reported a net profit of 3.2 billion euros.
BNP Paribas said it intended to free itself from October from state-provided preference shares worth 5.1 billion euros, which was allocated at the height of the banking crisis early this year.
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