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24 June 2017 16:01 (South Africa)

France’s biggest bank to pay back with a little help from its friends

  • Branko Brkic
    branko3048 a ray
    Branko Brkic

    Brkic is the founder and editor of The Daily Maverick.

    He has edited magazines on business and politics, technology, and wildlife. He has also published fiction and non-fiction books, most of them in Serbian. Though he has never pretended to be a reporter, his wide knowledge of politics (especially in America), combined with his experiences in a disintegrating Yugoslavia, gives him an unusual outlook on events in South Africa.

    Despite the vowel-poor surname, he tells anyone who asks that he hails from Hyde Park, Johannesburg, having spent most of his adult life in South Africa.

    Recent columns:

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BNP Paribas, France’s largest bank, says it wants to raise $6.27 billion to pay off government bailouts. It will likely will be followed by others as global markets begin to resemble a sort of normality again. Some of this government cash, you see, came with limits on executive compensation and close scrutiny of business practices, and banks hope to inch out from under this microscope. BNP Paribas said the G-20’s agreement that banks should raise more capital had influenced its timing, as had a sharp rise in its stock price this year. However, the state’s presence as a shareholder was not connected to the bank’s repayment decision. Analysts were positive, saying it will now be “first come, first served” for banks in attracting funds. Italy’s UniCredit, planned to raise €4 billion in a share sale and Intesa Sanpaolo planned to sell securities. In the UK, Lloyds and RBS are considering raising capital via stock or asset sales and France’s Société Générale says it may begin reimbursing the state “from early 2010.” BNP, in its statement, said, “state intervention to provide equity and liquidity, key in the midst of the financial crisis, has fully achieved its objectives.”

  • Branko Brkic
    branko3048 a ray
    Branko Brkic

    Brkic is the founder and editor of The Daily Maverick.

    He has edited magazines on business and politics, technology, and wildlife. He has also published fiction and non-fiction books, most of them in Serbian. Though he has never pretended to be a reporter, his wide knowledge of politics (especially in America), combined with his experiences in a disintegrating Yugoslavia, gives him an unusual outlook on events in South Africa.

    Despite the vowel-poor surname, he tells anyone who asks that he hails from Hyde Park, Johannesburg, having spent most of his adult life in South Africa.

    Recent columns:

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