defended France's largest investment bank from a $13 billion hostile takeover by Banque Nationale de Paris, has resigned, Paribas announced Wednesday.

BNP chairman Michel Pebereau is to succeed Mr. Levy-Lang, who joined Paribas 25 years ago and became chief executive officer in 1990 when the bank was mired in a real estate slump that led to the near-collapse of Credit Lyonnais. The latter at the time was France's largest publicly traded bank.

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