Baudouin Prot, chief executive of BNP Paribas, has ruled the bank out of a bid battle for Abbey National, the UK bank.  Abbey could already be the target of a counter offer from UK rival HBOS despite agreeing a £8.1bn (€12.2bn) takeover from Spain's Banco Santander Central Hispano.

Prot said: "Our strategy centres on organic growth and targeted acquisitions where execution risk and value creation have to meet our really quite strict criteria.

Prot rules BNP Paribas out of Abbey bid battle

Jeremy Adams

BNP Paribas

Banco Santander Central Hispano

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