FRANKFURT, March 18 (Reuters) - BNP Paribas is shunning major cross-border acquisitions, opting instead for smaller and less-complicated deals, said the French bank's Germany head, Lutz Diederichs.
BNP Paribas Favors Small Acquisitions While UniCredit Pursues Commerzbank
European Banking Strategies: BNP Paribas vs. UniCredit
BNP Paribas’ Approach to Acquisitions
FRANKFURT, March 18 (Reuters) - BNP Paribas is shunning major cross-border acquisitions, opting instead for smaller and less-complicated deals, said the French bank's Germany head, Lutz Diederichs.
Focus on Smaller, Integrable Deals
"We don't want to make a large cross-border acquisition. We believe - and others may see it differently - that it is better for us to make small acquisitions that we can integrate well," he said.
UniCredit’s Pursuit of Commerzbank
The statement comes after Italy's UniCredit this week cranked up the pressure on Commerzbank to accept merger talks with a low-ball bid to raise its stake in the German lender above 30%.
Contrasting Strategies
BNP Paribas Distances Itself from Large Mergers
"That is definitely not our approach," Lutz told journalists on Tuesday evening when asked about UniCredit's advances for the big German bank.
(Reporting by Tom Sims, Editing by Miranda Murray)
