EU clears BNP Paribas to buy most of Fortis bank

Updated Friday, December 5, 2008 10:46 am TWN, AP

EU clears BNP Paribas to buy most of Fortis bank

BRUSSELS, Belgium -- BNP Paribas won European Union approval to buy the Belgian and Luxembourg banking arms of troubled lender Fortis on Wednesday — but has agreed to sell off a credit card unit to eliminate antitrust problems.

EU regulators also cleared government bailouts for Fortis given by Belgium, the Netherlands and Luxembourg in September and October.

The European Commission said the purchase could go through as long as BNP Paribas sells off BNP Paribas Personal Finance Belgium and avoids becoming by far the largest issuer or credit cards in Belgium and the Luxembourg.

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