France's BNP Paribas to leave Tokyo bourse
Sharp drop in trading shares in Japan has forced the French bank to withdraw from the Tokyo Stock Exchange.TOKYO – French bank BNP Paribas said Monday it was delisting its shares from the Tokyo Stock Exchange, joining an exodus of foreign companies from Asia's biggest bourse.
The bank said the move, which is likely to take effect in one month, reflected a sharp drop in trading in its shares in Japan in recent years.
The delisting is another blow to the TSE's efforts to maintain its dominance as Asia's top bourse in the face of growing competition from rival exchanges in Hong Kong, Shanghai and Singapore.
Last year, nine foreign companies left the Tokyo exchange, including French bank Societe Generale, US aviation giant Boeing, German pharmaceutical group Bayer and British oil major BP.
BNP Paribas's withdrawal will leave just 15 foreign companies listed on the Tokyo bourse, down from a peak of 127 in 1991.
The TSE's reputation has been hit by a series of technical glitches in recent years.
In the hope of overcoming global competition, the bourse has signed strategic alliances with the New York and London exchanges, among others.
AFP / Expatica