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BNP Paribas CEO rules out major acquisitions, tie-ups in 'foreseeable future'

BNP Paribas SA CEO Jean-Laurent Bonnafé said the French lender does not intend to pursue any major mergers or acquisitions in the "foreseeable future," Reuters reported.

Bonnafé told shareholders at the bank's annual general meeting that BNP Paribas could not "transform, modernize and accelerate" its business while being involved in major acquisitions. However, he said the lender is always analyzing its competitors to learn good practices and ideas.

Bonnafé's comments effectively rule out a tie-up with Germany's Deutsche Bank AG, which has a market capitalization of €23 billion, compared to the French bank's €77 billion, according to Reuters.