Banca Nazionale del Lavoro merges with BNP Paribas
BNP Paribas and Banca Nazionale del Lavoro have signed an agreement for the merger of the Italian banking group with BNP Paribas.
The deal will involve reorganizing and integrating Banca Nazionale del Lavoro's businesses within BNP Paribas. Banca Nazionale del Lavoro (BNL) has also signed a contribution deed to transfer its commercial banking operations to a new wholly-owned company.
The operation will be effective from the beginning of October and the company will simultaneously change its name to Banca Nazionale del Lavoro SpA. The company's bonds listed on the Italian electronic bond market are also included in the operation.
The implementation of this transfer and merger is part of the announced restructuring and integration of BNL's businesses with those of BNP Paribas Group. These operations are intended to simplify the structure and organization of BNP Paribas Group businesses in Italy and in all countries where both BNL and BNP Paribas operate.