Market Currents

• Friday, August 21, 2009

• 19:24 PM With its takeover of Guaranty Bank (GFG), BBVA is the first foreign company to buy a failed bank in the current crisis, but others are lining up to make bids, including France's BNP Paribas (BNPQY.PK), Canada's Toronto-Dominion Bank (TD), and the Netherlands' Rabobank. Fortune: Foreign banks have their own issues and can't rescue everyone. Comment!

• Monday, March 9, 2009

• 07:17 AM BNP Paribas (BNPQY.PK) reaches a new deal to buy the majority of Fortis Bank from the Belgian government, along with an interest in Fortis' insurance business, in exchange for official guarantees against losses. Shares -1.2% in Paris. Comment!

• Wednesday, March 4, 2009

• 08:36 AM Sub-underwriters, including a group of Hong Kong tycoons, have pledged to support 40% of HSBC's (HBC) £12.5B rights issue. Underwriters - in this case GS, JPM, BNPQY.PK, CS and RBS - mitigate risk by contracting out a chunk of their role to sub-underwriters. Comment!

• Thursday, December 18, 2008

• 08:47 AM BNP Paribas (BNPQY.PK) cancels a shareholder meeting scheduled to approve funding for an acquisition of Fortis' Belgian arm. Speculation is growing the proposed tie-up may fall apart after a surprise court ruling last week to suspend the sale. Comment!

• Thursday, December 11, 2008

• 09:55 AM France injects €10.5B ($13.6B) into the country's six largest banks (including BNP Paribas (BNPQY.PK) and SocGen (SCGLY.PK)) in an effort to stabilize financial markets and boost lending. Comment!

• Wednesday, November 5, 2008

• 04:22 AM BNP Paribas' (BNPQY.PK) Q3 profit fell 56% to €901M ($1.17B) as asset writedowns and risky loan provisions soared to around €1.7B. BNP had previously fared better than most European banks at navigating the financial crisis. Shares -3.3% in Paris. Comment!

• Thursday, October 23, 2008

• 06:46 AM Responding to comments about a possible sale of Fortis Bank Nederland to BNP Paribas (BNPQY.PK), a Finance Ministry spokesman said the Dutch government has no intention of selling the unit and will proceed with a planned ABN AMRO integration. Comment!