The EU approved the plan of BNP Paribas to buy the Belgian and Luxembourg banking arms of Fortis on Wednesday.
After BNP Paribas made the deal with the Belgian government to buy parts of Fortis, after the failure of an earlier attempt by the Belgian government to save Fortis, they became the largest holder of private savings in the euro area. At the same time the commission also cleared two statue rescues of Fortis.
To avoid a limited choice of credit card providers on the Belgian and Luxembourg markets and to comply with European antitrust laws BNP Paribas will have to sell off BNP Paribas Personal Finance Belgium in order to complete the Fortis deal.
Raf Van Bulck
Source: NRC Handelsblad
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