January 18, 2013 / 7:25 AM / in 5 years

BNP Paribas seen spending 1 bln euros to reorganise

PARIS, Jan 18 (Reuters) - BNP Paribas plans to spend one billion euros ($1.34 billion) over three years to reorganise and simplify its businesses, French daily Agefi said on Friday, without citing its sources.

BNP presented the highlights of the plan code-named “Simple & Efficient 2015” to staff representatives on Jan. 16 and could make it official when it unveils its annual results on Feb. 14, the paper said.

BNP Paribas could not be immediately reached for comment.

Banks across Europe are slashing costs and selling assets to boost their defences against a weakening economy and comply with tougher capital and liquidity rules.

BNP Chief Executive Jean-Laurent Bonnafe said in November that the lender was looking to cut costs in its branch network. ($1 = 0.7486 euros) (Reporting by Dominique Vidalon; Editing by Christian Plumb)

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