FRANCE’s largest bank, BNP Paribas, on Wednesday completed its R2.64bn acquisition of the private label retail-card joint venture of The Foschini Group (TFG) and Standard Bank.In March — shortly before announcing its intention to step up its presence in South Africa’s retail banking market by acquiring TFG’s retail card business — BNP Paribas overtook Deutsche Bank as the JSE’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 R5.65bn of assets under management, followed by its "USA" ETN with R5bn and its "Europe" with R4.75bn.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 for R150m.TFG said on Wednesday the proceeds of its 55% stake in RCS (formerly known as Retail Card Solutio...
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