July 21, 2020 / 10:37 AM / 17 days ago

China to grant BNP Paribas custody and payments licence - French finance minister

FILE PHOTO: Bruno Le Maire, French Minister of the Economy, Finance, and Recovery, attends a handover ceremony at the Bercy Finance Ministry in Paris, France, July 7, 2020. REUTERS/Gonzalo Fuentes/File Photo

PARIS (Reuters) - Chinese authorities have favourably reviewed French bank BNP Paribas’ (BNPP.PA) request for a securities custody and payments licence, France’s Finance Minister Bruno Le Maire said on Tuesday.

Le Maire also told reporters that China would lift joint venture obligations for Axa (AXAF.PA), allowing the French insurer to become the first foreign finance firm to own 100% of a Chinese company.

Reporting by Leigh Thomas; Writing by Matthieu Protard; editing by Louise Heavens

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