June 5, 2018 / 2:46 PM / 6 months ago

BNP Paribas eyes small, not big acquistions in Germany

The logo of French bank BNP Paribas is pictured during the Viva Tech start-up and technology summit in Paris, France, May 25, 2018. REUTERS/Charles Platiau

FRANKFURT (Reuters) - BNP Paribas, France’s biggest bank, has its eye on bolt-on acquisitions in Germany, the head of the group’s German business Lutz Diederichs said on Tuesday.

Foreign banks, such as BNP have battled for market share in wealthy Germany, the euro zone’s biggest market and one of its most resilient economies.

“Our strategic plan is exclusively based on organic growth,” Diederichs told journalists in Frankfurt.

“When I say that we keep are eyes open, that means that we will go for small acquisitions only, not big ones,” he said.

Reporting by Matthieu Protard, Writing by Maya Nikolaeva in Paris; editing by Michel Rose

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