French banking giants eye Germany's Hanseatic Bank

26th August 2004, Comments 0 comments

FRANKFURT, Aug 25 (AFP) - French banks BNP Paribas and Societe Generale are in the running to buy Hanseatic Bank, a small privately owned bank based in Hamburg that is for sale, the business daily Handelsblatt said in an article to be published Thursday.

FRANKFURT, Aug 25 (AFP) - French banks BNP Paribas and Societe Generale are in the running to buy Hanseatic Bank, a small privately owned bank based in Hamburg that is for sale, the business daily Handelsblatt said in an article to be published Thursday.

Recently floated German bank Postbank is also eyeing Hanseatic Bank which is owned by the mail order giant Otto, the newspaper said, quoting sources close to the negotiations.

Otto is hoping to raise at least EUR 200 million (USD 242 million) from the sale of its 74.9-percent stake, Handelsblatt said.

Hanseatic Bank, which specialises in consumer credit and property loans, made a profit of EUR 14.2 million in the business year ended February.

© AFP

Subject: French news

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