BNP Paribas has officially taken control of Italy’s Banca Nazionale del Lavoro. At the same time the French lender raised the amount of savings it believes it can make from synergies to 480 million euros, to be achieved by 2009. Previously it had predicted synergy savings of 400 million euros.
It also says it now expects all the savings to happen sooner than it had originally expected. By 2009 the number of people working at BNL will have been reduced by around 1,300. That will be made of 2,200 people leaving – some through early retirement – but 900 new employees will be hired. As part of the opening up of the Italian banking market, BNP Paribas bought BNL earlier this year for around nine billion euros.