France’s largest lender BNP Paribas is in partnership talks with Russian banking holding Trust (it comprises National Bank Trust and Investment Bank Trust), Financial News wrote quoting sources close to the Russian bank. As the publication wrote, the French lender’s representatives have been carrying out for three weeks already a due diligence audit at the Moscow office of Trust. BNP Paribas official representatives declined to comment yesterday. Trust’s press secretary Andrey Sogrin said in an interview this information is “another portion of market rumors”.
In turn Vedomosti business daily reported that several international banks, among them two lenders of French origin, including BNP Paribas, are eying Trust. The French holding is primarily interested in the bank’s retail assets, a top manager from a Russian bank who is familiar with BNP Paribas’ plans, said. According to him, BNP Paribas also mulled buying Sobinbank and Moscommerzbank.
BNP Paribas stands a good chance to buy assets in Russia, as prices declined on the back of a cash outflow and fund-raising difficulties, Vedomosti quoted a top manager from a foreign bank’s Russian subsidiary as saying.
