BNP Paribas' Largest Investor, Belgium Government, Cuts Holding Ownership

A Belgian government-owned investment company, SFPI-FPIM, plans to sell about €2.17 billion worth of shares in BNP Paribas BNPQY BNPQF, cutting its holding from around 7.8% to 5.1%.
SFPI said it had successfully placed 33 million shares with investors following an accelerated sale.
SFPI said it has been looking to reduce its exposure to the financial services sector but would continue to support the French bank.
It has agreed not to sell further shares for 90 days.
"Following the transaction, SFPI-FPIM confirms its continued support of BNP Paribas and belief in the company's long-term strategy," the Belgian state participation agency said.
Belgium's government-owned agency became a shareholder of BNP Paribas in 2008/2009, following the bailout of Fortis, which the French lender took over as part of a state-backed rescue.
Belgian state was BNP Paribas' largest investor, with Amundi and BlackRock Inc BLK, with 7% and 6% holdings, respectively, in the company, Reuters reported.
SFPI-FPIM will receive its expected dividend for 2022 of €3.90 per share, subject to approval by BNP Paribas shareholders at their May annual meeting, the terms show, Bloomberg reported.