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BNP’s brief status as ‘non-bank’ reversed in indexing volte face

ICB’s temporary reclassification triggers repricing of dividend futures in main eurozone banks index

BNPP
Flickr/jyhern

For around 48 hours this week, BNP Paribas, the eurozone’s largest bank, ceased to be a bank – at least in the eyes of the Industry Classification Benchmark, a unit of London Stock Exchange Group whose taxonomy is widely used in third-party index construction.

In its February update of indicative quarterly changes, ICB, which is part of LSEG’s FTSE Russell benchmarks division, shunted the French

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