The fate of Fortis Investments, the asset management business of beleaguered Fortis NV, Brussels, wont be decided for several weeks, said BNP Paribas spokesman Pascal Henisse.
Fortis NV was acquired by BNP Paribas in a €14.5 billion ($20 billion) stock and cash deal announced late Sunday that also involved the Belgian and Luxembourg governments.
The key point is that we are combining two strong businesses in assets under management and that we will have a strong presence in Europe, Mr. Henisse said in a telephone interview. Im afraid its just a little too early to have those details on whether the units will be consolidated, kept or sold off.
If the deal is completed, BNP Paribas Asset Management would have €549 billion ($756 billion) in assets under management. The acquisition is subject to antitrust and regulatory approval.