Yves Leterme

PARIS (Reuters) - BNP Paribas <BNPP.PA>, France's biggest bank by market value, posted higher second-quarter profit on Tuesday, helped by its purchase of Fortis assets, and expressed some optimism over prospects for financial markets. Net profit rose 6.6 percent from a year earlier to 1.604 billion euros ($2.29 billion), while gross operating profit rose 44.7 percent to 4.06 billion euros, beating the average forecast of 3.67 billion euros in a Reuters poll of 12 analysts. BNP Paribas said its acquisition of some of the key assets of struggling European bank Fortis <FOR.BR> contributed 261 million euros to net profit. The French group added that ... Read Full Story

French bank BNP Paribas announced a 6.6-percent rise in second-quarter net profit to 1.604 billion euros (2.3 billion dollars) on Tuesday, with performance boosted by market activities and a contribution from the recently acquired Fortis bank. The finance and investment division, after solid results in the first quarter, posted pre-tax earnings of 1.145 billion euros, more than double the figure for the same period last year. It was by far the biggest contribution to the group's results, ahead of earnings from retail banking. The group also noted the positive contribution of Fortis Bank, Belgium's biggest lender. BNP Paribas completed the takeover of Fortis in ... Read Full Story

France's BNP Paribas cleared a major hurdle on Tuesday in a battle to control Belgium's biggest lender as Fortis shareholders backed its plans to buy the group's former Belgian banking arm. Fortis shareholders approved the deal with 73 percent in favour at a rowdy meeting in the northern city of Ghent that saw dissenters halt the session twice and storm out ahead of the vote in protest. Although the deal still faces another vote on Wednesday in the Dutch city of Utrecht, approval at the Ghent meeting had been seen as crucial for the sale of 75 percent of Fortis Bank to BNP Paribas. ... Read Full Story

Chinese insurance group Ping An on Sunday delivered a major blow to BNP Paribas' hopes of taking over stricken Belgian bank Fortis by vowing to vote against the deal at special meetings this week. "We believe that the dismantlement of Fortis, which was not approved by shareholders, violates corporate governance procedures and destroys shareholder value," Ping An said in a statement. "Other credible and viable solutions exist and should be considered, in the interest of all parties. Such solutions could maximize benefits to Fortis' clients, employees and the society in which it operates," it added. Ping An has 4.8 percent of Fortis Holdings which ... Read Full Story

Belgian financial services company Fortis Holding reported a € 28 billion 2008 loss on Tuesday as it asked shareholders to vote next week to a takeover by French bank BNP Paribas. Fortis loss, equivalent to about 37 billion dollars, compared with a profit of 4 billion € in 2007. The vast majority of red ink resulted in loss of € 27.4 billion on sales of rushed banking activities in the Dutch and Belgian governments, as the company teetered on the verge of failure last fall. The company’s Belgian insurance business reported a net profit of € 6 million, after after-tax write-downs on its investment ... Read Full Story