Since its acquisition in October 2008, the integration of Fortis was one of the great challenges of BNP Paribas. The statement released Tuesday by the French group reported cost reductions and gains from its synergies with Fortis. It is thus subject to 900 million euros in annual synergies in 2012 (against 500 million originally anticipated) and a rate of return on invested capital above 20% from 2010. The bank confirms the same time as the acquisition of Fortis will be accretive from 2010, which promises an improvement in earnings per share and 8.5% in 2012.
"These synergies are the consideration of restructuring costs estimated at 1.3 billion euros over the 2009-2011 period," says BNP Paribas, said in the same time does not predict massive forced departures at Fortis."The downsizing comes mainly from natural wastage or voluntary," says she.
The group finally confirmed in a statement to the number one place for deposits in the euro area continued to buy banking operations of Fortis.
The Belgian banking group Fortis, fully involved in the subprime crisis, was acquired by BNP Paribas when he was on the brink of bankruptcy in October 2008, barely supported by governments. This acquisition led to months of negotiations and court battles. BNP has acquired 75% of banking and 25% of Fortis Insurance, becoming the first bank in the euro area term bank deposits.
The title BNP Paribas, built in the CAC40 index at the Paris bourse, gained 2.40% to 56.31 euros to 10.30.
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