2023-07-19 16:58:04
The major French bank BNP Paribas has sold its 11.8% stake in Royal Park Investments (RPI) to its shareholders Ageas and to the Federal Participation and Investment Company (SFPI), the Belgian state investor. This is what is written The time this Wednesday and this is also what emerges from a publication in the Belgian Monitor. RPI was created as a residual bank or “bad bank” following the rescue of the old Fortis.
The sale means that the representative of BNP Paribas, the parent company of the country’s largest bank, BNP Paribas Fortis, will resign from the RPI board.
BNP Paribas held one million of the 8.5 million shares. The participation of the insurance group Ageas, legal successor to Fortis, amounts to approximately 4.3 million shares, or a participation of 50.67%. FPIM now holds nearly 4.2 million shares, representing a 49.33% stake.
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RPI was created in 2009, following Fortis capsized during the 2008 banking crisis and Belgian banking activities were handed over to BNP Paribas. The loans at risk, or “junk loans”, were placed with RPI. RPI then sold the portfolio in 2013 to US investor Lone Star Funds for €6.7 billion. Since then, the activity of the RPI has been “limited to the follow-up of legal disputes in the United States of America concerning a number of American assets”, we learn on its website. Last March, RPI once more made headlines with the filing of a claim for compensation with the European Court of Human Rights (CEDAW).
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