The problem is that Mr Prot was referring to the book value of equity at BNP Paribas.

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Mr Prot says that keeping the firm evenly balanced was not an explicit strategy but was in the back of managers' minds.

ECONOMIST: The secret of a French bank��s success

Three-quarters of revenue come from rich economies in continental Europe (although Mr Prot reckons these banking markets may grow faster than over-indebted America, Britain or Spain).

ECONOMIST: The secret of a French bank��s success