BNP Paribas SA
Acquisitions
7
Major Deals Covered
$17.6B
Disclosed Deal Value
BNP Paribas's largest disclosed acquisition here is Banca Nazionale del Lavoro (BNL) for ~$10.2B in 2006. This page covers 7 major deals from 2001 to 2026, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| AXA Investment Managers | 2025 | $5.1B | BNP Paribas Cardif bought AXA IM from AXA to build a larger European asset manager and signed a long-term partnership to manage a large part of AXA's assets. |
| Athlon | 2026 | Undisclosed | Arval bought Athlon, the vehicle leasing business of Mercedes-Benz Group, to gain scale in long-term leasing. |
| Additional stake in Ageas | 2026 | $1.1B | BNP Paribas Cardif invested ~$1.24 billion (€1.1 billion), partly through Ageas's capital increase, as part of a reset of the two groups' insurance partnership. |
| Fortis Bank (now BNP Paribas Fortis) | 2009 | Undisclosed | During the financial crisis BNP Paribas took control of Fortis Bank from the Belgian state, paying in new BNP Paribas shares. |
| Banca Nazionale del Lavoro (BNL) | 2006 | $9.0B | BNP Paribas bought Rome-based BNL to add a second domestic retail market in Italy. |
| BancWest Corporation (remaining 55%) | 2001 | $2.5B | BNP Paribas bought the 55% of BancWest, parent of Bank of the West and First Hawaiian Bank, that it did not already own, at $35 a share in cash. |
| Nickel (Compte-Nickel) | 2017 | Undisclosed | BNP Paribas bought a majority stake in Nickel, a no-frills payment account sold through French tobacconists. |
2026
Arval bought Athlon, the vehicle leasing business of Mercedes-Benz Group, to gain scale in long-term leasing.
The deal took Arval to a combined fleet of 2.3 million vehicles; BNP Paribas calls the result the European co-leader in long-term vehicle leasing.
Announced in December 2025 and completed on 31 July 2026. No purchase price was disclosed in the completion release.
2026
~$1.2B
BNP Paribas Cardif invested ~$1.24 billion (€1.1 billion), partly through Ageas's capital increase, as part of a reset of the two groups' insurance partnership.
Cardif's stake in Ageas rose from 14.9% to 22.5%, while BNP Paribas Fortis sold its 25% of AG Insurance to Ageas for ~$2.15 billion (€1.9 billion) and renewed their Belgian bancassurance partnership.
Completed on 28 April 2026, with an expected after-tax capital gain of ~$949 million (€840 million) for BNP Paribas.
2025
~$5.8B
BNP Paribas Cardif bought AXA IM from AXA to build a larger European asset manager and signed a long-term partnership to manage a large part of AXA's assets.
Combined with BNP Paribas Asset Management, the platform oversees more than $1.69 trillion (€1.5 trillion); group assets under management were ~$2.93 trillion (€2,590 billion) at 30 June 2026.
Completed on 1 July 2025; integration costs appeared as restructuring charges in early 2026.
2017
BNP Paribas bought a majority stake in Nickel, a no-frills payment account sold through French tobacconists.
Nickel gave the group a low-cost channel for customers that traditional branches served poorly.
Nickel has since expanded beyond France, including to Spain, Belgium, Portugal and Germany.
2009
During the financial crisis BNP Paribas took control of Fortis Bank from the Belgian state, paying in new BNP Paribas shares.
Belgium and Luxembourg became domestic markets for the group, and the Belgian state and the Grand Duchy of Luxembourg became BNP Paribas shareholders. BNP Paribas also bought 25% of AG Insurance for ~$1.55 billion (€1.375 billion).
Completed in May 2009. BNP Paribas Fortis remains the group's Belgian retail and corporate bank.
2006
~$10.2B
BNP Paribas bought Rome-based BNL to add a second domestic retail market in Italy.
BNL gave the group a national branch network and corporate client base in Italy.
BNL remains one of the four domestic retail banks inside CPBS.
2001
$2.5B
BNP Paribas bought the 55% of BancWest, parent of Bank of the West and First Hawaiian Bank, that it did not already own, at $35 a share in cash.
It gave BNP Paribas full control of a US retail banking business in the western states.
First Hawaiian was later spun off, and Bank of the West was sold to BMO Financial Group for $16.3 billion in February 2023.
Recent growth has come from targeted deals and partnerships. BNP Paribas Cardif bought AXA Investment Managers for ~$5.76 billion (€5.1 billion) in July 2025 and agreed to manage a large part of AXA's assets. Arval completed its purchase of Athlon from Mercedes-Benz Group on 31 July 2026, taking its combined fleet to 2.3 million vehicles. In April 2026 BNP Paribas Fortis sold its 25% of AG Insurance to Ageas for ~$2.15 billion (€1.9 billion) while Cardif raised its Ageas stake to 22.5%. Cardif also agreed in July 2026 to buy 26% of IndiaFirst Life from Warburg Pincus, which India's Competition Commission cleared in late September 2026. In May 2026 the group renewed its generative-AI partnership with Mistral AI for three years.
BNP Paribas is a universal bank: it lends to households and companies and earns interest on that lending, collects fees on payments, advisory work, asset management and custody, earns insurance and leasing income, and books trading revenue in global markets. Commercial, Personal Banking & Services (CPBS) covers the four domestic retail banks in France, Belgium (BNP Paribas Fortis), Italy (BNL) and Luxembourg (BGL BNP Paribas), plus Personal Finance, Arval, Leasing Solutions and Nickel; it produced ~$30.2 billion (€26.717 billion) of FY2025 revenue. Corporate & Institutional Banking (CIB) provides financing, capital markets and securities services to companies and institutions (~$21.5 billion (€18.997 billion)). Investment & Protection Services (IPS) groups BNP Paribas Cardif, wealth management and asset management, enlarged by AXA Investment Managers in July 2025 (~$7.83 billion (€6.929 billion)). The divisions add up to more than the group total because Corporate Centre items are negative.
The remaining 55% of BancWest (2001), BNL in Italy (2006, about $10.2 billion (€9 billion)), Fortis Bank in Belgium (2009), Nickel (2017), AXA Investment Managers (2025, ~$5.76 billion (€5.1 billion)) and Athlon (2026).
BNP Paribas Cardif completed the ~$5.76 billion (€5.1 billion) purchase on 1 July 2025 and agreed to manage a large part of AXA's assets under a long-term partnership.
In May 2009 it took control of Fortis Bank from the Belgian state, paying in new BNP Paribas shares, so the Belgian state and Luxembourg became BNP Paribas shareholders. It also bought 25% of AG Insurance for ~$1.55 billion (€1.375 billion).
Bank of the West to BMO Financial Group for $16.3 billion in 2023, and its 25% of AG Insurance to Ageas for ~$2.15 billion (€1.9 billion) in April 2026.
BNP Paribas Cardif agreed in July 2026 to buy 26% of IndiaFirst Life from Warburg Pincus. India's Competition Commission approved it in late September 2026.
BNP executed massive strategic acquisitions, taking over Italy's BNL in 2006, and famously acquiring massive parts of the collapsed Belgian-Dutch bank Fortis during the 2008 financial crisis.
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