BNP Paribas shares were down 3.8% at 66.15 euros at 08:40 GMT on Wednesday's Paris Bourse, the day after Belgium announced that it had launched the sale of a third of the capital it holds in the French bank.

Based on the bank's market value, the operation, the amount of which was not specified, could bring in two billion euros for the Belgian state.

This sale, carried out through the accelerated constitution of an order book with qualified investors, will reduce the Belgian State's stake from 7.8% to around 5.1% of the capital, the Belgian State's shareholding agency (SFPI) said in a press release.

BNP Paribas had no immediate comment. (Written by Kate Entringer, edited by Tangi Salaün)