Bank of the West sale lops 13% off BNP Paribas’s CRE exposure
Disposal of US lender included €11.1bn in loans to creaky sector
BNP Paribas’s sale of Bank of the West has sharply reduced its exposure to US commercial property, a sector whose risk profile has only increased since the deal was first agreed in late 2021.
The bank offloaded €11.1 billion ($12 billion) of gross exposure to commercial real estate (CRE), equivalent to 13% of its global CRE book at end-2022. Pro forma for the sale – which closed on February 1 –
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