Banque Nationale de Paris SA's $38 billion bid for Societe Generale SA and Paribas SA was cleared by two of three French regulators, with July 30 set as the target date for final regulatory approval.

France's banking regulatory body, the Comite des Establissements de Credit, headed by Bank of France Governor Jean-Claude Trichet, cleared BNP's sweetened bid late Wednesday. Stock market regulator Conseil des Marches Financiers followed Thursday morning, and approval by a third regulator, the Commission des Operations de Bourses, is expected.

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