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BNP Paribas eyes only small acquisitions in Germany, country head says

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BNP Paribas eyes only small acquisitions in Germany, country head says

French banking group BNP Paribas SA is interested only in small acquisitions in Germany, Reuters reported, citing country head Lutz Diederichs.

"Our strategic plan is exclusively based on organic growth," Diederichs reportedly said. "When I say that we keep [our] eyes open, that means that we will go for small acquisitions only, not big ones."

Diederichs' remark is in line with comments made by BNP Paribas CEO Jean-Laurent Bonnafé, who said in late May that the French lender does not intend to pursue any major M&A in the "foreseeable future."