October 31, 2017 / 6:16 AM / a month ago

BRIEF-BANK BGZ BNP Paribas to sell factoring unit to French parent

Oct 31 (Reuters) - BANK BGZ BNP PARIBAS SA:

* SAID ON MONDAY THAT ITS SUPERVISORY BOARD HAS AGREED TO SELL 100 PERCENT STAKE THE BANK HOLDS IN BGZ BNP PARIBAS FAKTORING SP. Z O.O. TO BNP PARIBAS SA FOR 10.4 MILLION ZLOTYS

* IT IS ESTIMATED SALE WILL NEGATIVELY IMPACT THE BANK‘S CONSOLIDATED NET RESULT IN Q4 BY ABOUT 8.9 MILLION ZLOTYS

* THE DECONSOLIDATION OF BGZ BNP PARIBAS FAKTORING WILL IMPROVE THE BANK‘S CONSOLIDATED SOLVENCY RATIO (TCR BY 0.48 PP, TIER I BY 0.38 PP BASED ON JUNE END DATA)

* PURPOSE OF THE SALE IS OPTIMISING USE OF CAPITAL AND EFFECTIVENESS OF BANK BGZ BNP PARIBAS GROUP

* DEAL IS EXPECTED TO CLOSE BY END OF 2017

* BNP PARIBAS SA IS ITS MAJORITY SHAREHOLDER

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Further company coverage: (Gdynia Newsroom)

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