25 February 2008

MLex: EC expected to set 3 April deadline to rule on BNP Paribas’ stake in Natixis’ SLIB

The European Commission is expected to set an initial 3 April deadline to rule on the acquisition of a minority stake in the capital of SLIB by BNP Paribas. The transaction was notified in Brussels today. The parties announced on 17 July 2007 that they had signed a memorandum of agreement for the acquisition of 33.4 percent. MLex understands that the parties initially approached the regulator in the first week of August 2007.

The contractor SLIB is presently wholly owned by Natixis, and specialises in securities services and solutions in negotiation, clearing, settlement and custody activities in France and abroad. SLIB also publishes software and Application Service Provider (ASP) packages, and is involved in information management application services and support engineering. SLIB’s clients include investment services providers in several European countries.

BNP Paribas is a European player in banking and financial services, active in particular in corporate and investment banking, asset management and services and retail banking. Its stake in SLIB is intended to enable it to expand its services range, particularly in the fields of back-office outsourcing to financial intermediaries and clearing risk management. 

In the context of MiFID implementation, BNP Paribas hopes that the acquisition will strengthen its position among the main suppliers of clearing services in contact with the new multilateral trading platforms.

Seller Natixis is a French-based investments and projects bank, jointly held by Caisse d'Epargne and Banque Populaire, active in corporate and investment banking, asset management, private equity and private banking, financial services and receivables management. 

If approved, the transaction will give BNP Paribas joint control of SLIB along with Natixis. 

By Anne MacGregor

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