BNP announced the move to cut its borrowing needs and reduce costs two days after smaller rival Societe Generale unveiled a similar plan.
In a presentation posted on BNP’s website, the bank said the asset sales would reduce its balance sheet by around 10 per cent. The bank will also reduce its US dollar funding needs by $60 billion by the end of 2012.
By selling assets and freeing up capital, BNP will be in shape to reach a core Tier 1 ratio of 9 per cent on Jan. 1, 2013, under the new Basel III regime of tougher capital requirements, the bank said.
Published 14 September 2011, 14:37 IST