BNP/Paribas to Create New European FX Powerhouse

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PARIS--Banque National de Paris' (BNP) acquisition of Paribas has created France's largest bank and a merged entity that could prove to be a formidable player in the global FX market, say industry insiders.

The new group, to be called BNP-Paribas, is the result of a bitter six month bidding war waged by BNP to form a three-way alliance with both Paribas and Societe Generale (SocGen), who at that time were planning a friendly merger of their own.

At the last minute, BNP's simultaneous bid for

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