BNP Paribas Profit Beats Estimates on Investment Bank (Update1) - Bloomberg.com

The investment bank had a pretax profit of 1.23 billion euros, up from 318 million euros in the year-earlier period. / BNP Paribas won a seven-month battle last week for Fortis, gaining investors’ support to buy the Belgian and Luxembourg banking units of what was once Belgium’s largest financial- services firm. With Fortis assets, the French bank will have 540 billion euros of deposits. // BNP Paribas said March 31 it issued 5.1 billion euros in preference shares to be bought by the French government as part of the country’s aid to banks. In return for the government cash injection, BNP and other French banks agreed to increase the volume of outstanding loans to industry by 4 percent in 2009.