LONDON (MarketWatch) – Five French banks are looking to create their own superfund to buy asset-backed securities held by banks, insurers and other investors, according to a report in Les Echos. The banks are Societe Generale (FR:013080: soc generale eur1.25 FR:013080 97.75, +3.85, +4.1%) , BNP Paribas (FR:013110: bnp paribas eur2 FR:013110 71.93, +3.48, +5.1%) , the Calyon unit of Credit Agricole (FR:004507: credit agricole sa eur3 FR:004507 22.05, +1.05, +5.0%) , Natixis (FR:012068: natexis bqe popula eur16 FR:012068 13.62, +0.53, +4.1%) and the HSBC France unit of HSBC (HBC: HSBC Hldgs Plc HBC 84.74, +2.12, +2.6%) (UK:HSBA: UK:HSBA 827.00, +10.00, +1.2%) . The fund could be launched in days, the report said.
Five French banks considering their own superfund: report
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