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BNP Paribas acquires card venture in South Africa

BNP Paribas has completed the acquisition of the private label retail-card joint venture of The Foschini Group (TFG) and Standard Bank in South Africa. The deal is worth R2.64 billion. BNP Paribas has overtaken Deutsche Bank in March as the Johannesburg Stock Exchange’s largest manager of foreign stock exchange-tracking exchange traded products.Its Asia exchange-traded note (ETN) is now the JSE’s third-largest exchange-traded product with R5.65 billion of assets under management, followed by its USA ETN with R5 billion and its Europe with R4.75 billion. BNP Paribas has been active in South Africa for more than 15 years in the equity derivatives market, and in 2011 it opened a representative corporate and investment banking office in South Africa by acquiring 60% of Cadiz Securities. TFG said on Wednesday the proceeds of its 55% stake in RCS (formerly known as Retail Card Solutions) is about R1.45 billion, with Standard Bank receiving the balance for its 45%.

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