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European bank rescues risky terrain for Gulf SWFs

European bank rescues risky terrain for Gulf SWFs

Gulf sovereign wealth funds may be tempted to make a quick injection into failing European banks but Una Galani hopes they’ve learned from their mistakes in 2007.

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September 24, 2011 5:39 by




the relationship to build more in-house expertise. That may be a hard bargain but it’s also in the interests of banks not to burn the bridges they’ve built with some of their richest customers.

CONTEXT NEWS
– The Gulf state of Qatar is in talks with BNP Paribas on taking a possible stake in France’s biggest listed bank, a source close to the deal based in Qatar told Reuters on Sept. 21.

– “They (Qatar) have been talking to banks across France, given the tremendous need for capital,” the source said, speaking on condition of anonymity.

– On Sept. 22, a spokeswoman for BNP Paribas said the bank will comply with tougher capital requirements under Basel III without raising additional funds.

– “Regarding Qatar, BNP Paribas reiterates that it will be able to hit a core Tier 1 ratio of 9 percent as of January 2013, that is to say six years before the deadline of 2019, without a capital increase,” the spokeswoman said.

– “BNP Paribas is naturally holding roadshows as it does every year to present the company and promote its business to investors across the world,” she added.

– Qatar in talks over possible BNP stake – source
– BNP spox reiterates no cap hike needed

(The author, Una Galani, is a Reuters Breakingviews columnist. The opinions expressed are her own. Editing by Pierre Briançon and David Evans)



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