BNP Paribas Raises Fortis Savings Goal
Published: 02-Dec-2009
Forecasts EUR900m annual synergies by 2012 against the earlier EUR500m
BNP Paribas has said that the integration project of BNP Paribas Fortis (ex-Fortis Bank Belgium) is proceeding well. BNP Paribas Fortis businesses have stabilised assets flows and even gained inflows in retail banking.
According to the bank, they have contributed EUR538m to group profits from May 12, 09 to September 30, 09. They have also improved their risk profile by reducing RWA assets in corporate and investment banking over the same period.
Synergies are expected to reach an annual amount of EUR900m by 2012, of which EUR850m in cost synergies that are driven through organisational, IT, facility and procurement, and human resources measures. Earlier, when it announced plans to take over most of Fortis in October 2008, it set a goal of EUR500m annual cost savings by 2011.
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