- BNP Paribas (OTC:BNPQY) is set to exit its commodity finance business in the U.S., following previous retreats in other parts of the world, reported Bloomberg.
- “The decision to exit this business was in line with our approach at EMEA,” the bank stated.
- “The impact is limited, and BNP Paribas remains deeply committed to the U.S. and the U.S., as well as its energy and renewable customers,” it added.
- BNP sold the loan book to Mitsubishi UFJ Financial Group Inc. (NYSE:MUFJ), according to people familiar with the matter. The sale includes only Commodities Finance and does not include its commodity derivatives platform, stated the sources.
- According to the Bloomberg source, the sale to MUFG is expected to close in the next three to six months, and some employees will be transferred to MUFG, while others will remain at BNP.
- Price Action: BNPQY shares closed lower by 2.79% at $24 and MUFJ lower by 1.66% at $5.34 on Thursday.
- Photo via Wikimedia Commons
