BNP Paribas’ US assets eyed by Mitsubishi UFJ and Sumitomo Mitsui
BNP Paribas is being monitored by Japanese banks Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation with a view to making a bid for some of the French bank’s assets, The Sunday Times reported. The unsourced report said the Japanese groups have long sought to acquire BNP’s US-based First Hawaiian Bank and Bank of the West as a means of expanding their presence in North America.
Mitsubishi UFJ and Sumitomo Mitsui are closely watching BNP Paribas in case it opts to dispose of its US-based operations, the report said. It noted that the French bank is facing a potential fine of USD 10bn for transmitting cash to countries under US-imposed sanctions.
Bank of the West, based in San Francisco, and First Hawaiian represent 10% of BNP’s revenues from retail banking, the report said. It did not suggest how much a sale of the US operations might be worth.
Source Sunday Times