Latest news with #LarsMachenil
Bloomberg
24-07-2025
- Business
- Bloomberg
Tariff Rate of 15% Should Be ‘Manageable' for Europe, Says BNP Paribas
Europe's economy should be able to deal with a 15% tariff rate as talks with the US are progressing, according to one of the region's largest banks. 'If tariffs let's say are around 15% for the EU, it should be manageable,' Lars Machenil, the chief financial officer of BNP Paribas SA, said in an interview on Bloomberg TV Thursday.
Reuters
24-04-2025
- Business
- Reuters
BNP Paribas CFO: Two elements to AXA IM deal explain capital hit
PARIS, April 24 (Reuters) - The European Central Bank sees two elements to BNP Paribas' ( opens new tab 5.1-billion-euro ($5.8 billion) acquisition of AXA's asset management arm, BNP's finance chief said on Thursday, explaining the capital requirements made by the central bank. "The AXA deal that we have signed consists actually of two different items," Lars Machenil told analysts on a call. "On one hand, it consists of a long-term contract with AXA, and on the other hand, the acquisition of AXA IM (Investment Managers). And they require a different handling," he added. BNP last week hiked its forecast for the capital burden it expected from the acquisition of AXA IM by 10 basis points to 35 basis points on its CET1 ratio - a key measure of financial strength - following updated guidance from the ECB. BNP is acquiring AXA IM via its insurance subsidiary, Cardif. Many investors had expected BNP would be able to apply the so-called Danish Compromise to the deal, a regulatory approach that reduces the capital for banks that own insurers. "We considered the deal to be insurance," Machenil said. The bank's updated guidance on the capital impact reflects this dual view of the transaction, the CFO said. "It's two different deals and if you look at it, that's how we come to a step-up of 10 basis points." ($1 = 0.8800 euros)
