BNP Paribas seeks full ownership of Exane to expand equities ops

BNP Paribas SA said it is looking to acquire the remaining 50% stake in investment company Exane SA that it does not already own, in a move aimed at bolstering its equities business.

Financial details of the potential transaction were not disclosed.

The French bank said the move, which follows its acquisition of Deutsche Bank AG's global prime finance and electronic equities business in 2019, will position it as a "leading provider in global equities" and will expand the range of cash equity and derivatives services it offers to institutional investors and corporates.

The lender hopes to obtain regulatory and shareholder approvals for the proposed transaction in the second quarter, with a view to finalizing the deal by the summer and completing integration by 2022, the Financial Times reported.

Exane employs 850 staff across nine locations globally and has been in partnership with BNP Paribas for 17 years. It reported a net profit of €21.9 million in 2019, the FT noted.