BNP Paribas takes EUR 272 mln hit on Ukraine

BNP Paribas, France’s largest bank by market value, announced its 4Q08 and FY08 financial results this morning. In particular, the bank said that it took a EUR 272 mln provision due to the “economic deterioration” in Ukraine. BNP Paribas said its Ukrainian subsidiary, Ukrsibbank, stopped making new loans in Ukraine and will close 100 domestic branches. Overall, BNP Paribas said that though it posted a loss in 4Q08, it had “very good performance” in January and was well positioned for 2009.