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BNP seeks $740 mln for Japan turnaround fund

Tue Jun 17, 2008 8:53pm EDT

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TOKYO, June 18 (Reuters) - French bank BNP Paribas (BNPP.PA) plans to raise up to 80 billion yen ($740 million) by September for a fund set up to rebuild small- and medium-sized businesses in Japan, its investment arm said on Wednesday. Renaissance Capital Group, 55 percent owned by BNP Paribas group, said it aims to collect capital from institutional investors and planned to buy bad loans and stakes in companies that may take part in industry-wide realignment in the future. ($1=107.96 Yen) (Reporting by Sachi Izumi)



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