BNP to acquire division of B & A
In a grad school class, I did an analysis of the European banks. This was a few years ago, but a firm that caught my eye: BNP Paribas (EUR:BNP). The former state owned bank turned powerhouse due to its acquisition of investment boutique Paribas in 2000, looked to be the bank to bet on. Not only that, there is a lot of room for domestic (EU) growth. While a MOE (merger of equals) of Deutsche Bank, probably wouldn’t happen, I proposed that BNP Paribas buy the 3 or 4 top German bank Commerzbank. They just finished its acquisition of Bank of the West, but I knew they’d continue their American conquest. While the terms are undisclosed, they agreed to purchase the equity prime division of Bank of America.
My professor had an I banking background (when at citi, T Boone Pickens was one of his clients), and worked for SoGen. He commented on my paper/presentation that SoGen was the French bank to watch not BNP Paribas… 