BNP Paribas SA is a France-based bank group with three core businesses: Retail Banking, Asset Management and Services, and Corporate and Investment Banking. Retail Banking comprises the French retail banking division, BNL Banca Commerciale in Italy, BancWest, retail banking emerging markets, personal finance and equipment solutions. The Asset Management and Services business includes private banking, asset management, online savings and trading, securities services, real estate services and insurance. The Corporate and Investment Banking division operates in advisory and capital markets (corporate finance, equities and fixed income) as well as in financing businesses (specialized and structured finance). BNP Paribas SA also has other activities, including Principal Investments and the subsidiary, Klepierre. In May 2009, BNP Paribas SA approved the transfer by SFPI, a wholly owned Belgian State company, of 54.55% of shares and voting rights of Fortis SA/NV to BNP Paribas SA.