BNP Paribas holds 5,39% of Generals with indirect ownership. This development emerges from Consob communications, updated as of October 10th. The stake is held through subsidiaries. BNP Paribas Financial Markets (5,15%), BNP Paribas Cardif e BNP Paribas Securities ServicesThe voting rights attributable to shares are equal to 0,26%. The remainder are long positions in "Vanilla" option contracts with expiration dates between October 17, 2025, and December 20, 2030 (1,28%), and Total Return Swap Contracts, with expiration dates between March 9, 2026, and April 23, 2029, (3,74%), and other swaps, futures, and options contracts, with expiration dates between December 19, 2025, and December 20, 2030.
BNP Paribas weighs on the stock market: here's why
An Manhattan Court conviction to compensate further 20 million dollars to be former Sudanese refugees with American citizenship BNP sinks on the Paris Stock ExchangeThe stock, which lost more than 10%, lost 8,47% at 6,22 euros, pushing the French market lower in the first session after the downgrade to "A+" by S&P, which brings Paris below the psychological threshold of a "double A". The New York court ruling dates back to October 17th based on the complaints of former Sudanese citizens, now naturalized Americans, victims of atrocities committed by the regime in Sudan between the late 90s and 2010 in Darfur and the Nuba Mountains. In response to the US court's decision The bank has announced its intention to appeal because “the judgment is manifestly wrong and ignores some important evidence that the bank was not authorized to present.”
Lo slip on the stock market is linked to fears that the conviction could open the doors to New compensation claims from thousands of Sudanese refugees, with the risk that the bank will have to bear significantly higher costs. Analysts of Bloomberg intelligence They believe that the verdict increases the pressure for BNP to close the matter with a settlement that could even be "in the order of several billion".
The plaintiffs' lawyers accused BNP of having contributed to enable the violation of human rights after the French bank pleaded guilty in 2014 to charges of having processed funds from Sudan and other sanctioned countries through the American financial system, paying, at the time, a fine of 9 billion dollars.
According to the refugees, BNP played a direct role in the “campaign of destruction organized” by al-Bashir, allowing the dictator and his government to have access to the American financial system and to use oil revenues to buy weaponry then used against the civilian population. “The bank provided a blank check to the regime, which used it to perpetrate a regime of death and destruction against that targeted population,” said Michael Hausfeld, a refugee lawyer, reports theFt.
For its part, BNP announced it would appeal a decision it described as "wrong." and that it "ignores important evidence that the bank was not permitted to introduce," adding that the verdict concerns only the three appellants "and should not have a broader application than this decision." Therefore, "any attempt to extrapolate is necessarily flawed, as is any speculation regarding a potential settlement agreement."
