Sport How BNP Paribas relocates its ambitions
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The sale of its California subsidiary Bank of the West would give the French bank the means to make a good acquisition on this side of Atlantic.
What ideahas it behind the head when considering separating from ? According to Reuters, the Director General of BNP Paribas could obtain from his subsidiary and American nugget by $ 15 billion - more than 22 times his net result. JPMorgan and Goldman Sachs would have been mandated.
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The Bank of Street Antin knew how to grow this small Californian bank that it had acquired a little by chance in 1979, at a time when it multiplied international acquisitions. Since then, the subsidiary has never really integrated into its parent company, which has not prevented it from reinforcing. With its balance sheet of $ 96 billion of assets and a market share of 3.2% of deposits in its three main states (California, Colorado, Oregon), it is a beautiful average weight of the American retail bank. However, prices climb in this market, more fragmented and better valued than that of European banks, lead by low or even negative rates.
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"BNP Paribas considers Bank of the West as a pear for thirst," explains a business banker, who believes in the track of an acquisition of wingspan. In other words, this sale would make sense only if its product is quickly reinvested in a big target in Europe, where the multiples are lower. "BNP Paribas has never digested," he says. Since then, the fantasy of its acquisition is a sea snake, Street Antin. The synergies between the retail banks of the two actors would bring out an international leader. Above all, the bank at the red and black logo has a market capitalization of 24.6 billion euros: a bite of bread.
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Other bold tracks: Make low hand on, second Italian gearbox (24.4 billion euros of valuation), which has just redeemed to buy the house Banca Monte dei Pasci di Siena, despite lobbying insistent Italian state; Or enter the capital of the second German bank Commerzbank (8.3 billion euros), shot by one of its shareholders, the American Cerberus Activist Fund, which emphasizes its mismanagement and militate to redeem the 15% of units held by the German state.
But prudent scenarios seem more realistic to other analysts. BNP Paribas could continue its current policy of small and medium-sized acquisitions in financial services; or gratifying its shareholders of a new share buyback or dividend reputation program.
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