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French bank BNP Paribas plans to raise stake in its Exane unit

·1-min read
FILE PHOTO: Logo of BNP Paribas on central court at Roland-Garros stadium

PARIS (Reuters) - French bank BNP Paribas on Thursday said it planned to raise its stake in equity brokerage unit Exane up to 100% from 50%.

The transaction follows the integration of Deutsche Bank's prime brokerage and electronic execution business which BNP Paribas bought in 2019.

"The contemplated transaction would further strengthen andwiden the range of cash equity and derivatives services BNP Paribas can offer to institutional investors and corporates globally," the bank said in a statement.

The lender said it expects the transaction to position BNP Paribas as a leading provider in global equities.

(Reporting by Matthieu Protard; editing by Jason Neely)