BNP Paribas on Tuesday agreed to take full ownership of Italy’s second-largest consumer finance house in a deal with Intesa Sanpaolo worth up to €1.15bn ($1.66bn). The French group, which took over Fortis of Belgium earlier this year, said it would increase its stake in Findomestic from 50% to 75% this year for €500m and complete the transaction by 2013 in a second stage worth €350m-€650m. BNP also unveiled strong Q2 net profits of €1.6bn, up 6.6% from a year ago and 3% from the previous quarter.

This entry was posted by Gwen Robinson on Wednesday, August 5th, 2009 at 5:24 and is filed under Capital markets, M&A. Tagged with bnp paribas, Findomestic, intesa sanpaolo. Edit this entry.