The integration of BNP Paribas Fortis, the largely Belgian arm of French bank BNP Paribas, will lead to annual savings of €900m ($1.35bn) by 2012, BNP has said, reports Reuters. The business will boost earnings as early as next year before restructuring costs, the bank said on Tuesday, adding that the return on invested equity would exceed 20% by 2012. BNP took control of the Belgian banking arm of Belgo-Dutch Fortis, which was broken up over the past year. BNP Paribas Fortis employs 18,000 people in Belgium and 34,000 people worldwide.

This entry was posted by Gwen Robinson on Wednesday, December 2nd, 2009 at 4:34 and is filed under Capital markets, M&A. Tagged with bnp paribas, fortis. Edit this entry.