BNP nears end of asset sales

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BNP nears end of asset sales

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BNP Paribas says it has nearly completed moves to sell off assets and cut debt to boost its capital reserves.

Like the rest of the industry BNP will soon have to comply with tougher lending rules.

“Eighty percent of the deleveraging is done,” BNP Chief Executive Jean-Laurent Bonnafe said. “We can close everything by the summer.”

France’s biggest bank has shed 63 billion euros of risk-weighted assets out of its 79 billion euro target.

At the same time France’s biggest bank posted better than expected first-quarter profits – net income at 2.87 billion euros – boosted by the sale of its stake in property group Klepierre for a 1.5 billion-euro capital gain.