BNP Paribas SA, France’s largest bank, will be better positioned to weather the financial crisis after the purchase of Fortis banking units in Belgium and Luxembourg, Chief Executive Officer Baudouin Prot said in Bloomberg report dated Mar 9.
"This crisis has demonstrated the benefits of having large deposits," Prot said on a call with analysts.
Guarantees provided by Belgium are also a 'significant' buffer for BNP Paribas’s capital level should the crisis worsen, he said.
The report added that BNP Paribas will have more than 540 billion euros (US$683 billion) of deposits, the most in the 16 nations sharing the euro, if it wins over Fortis investors at an April vote.
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