Crédit Agricole: sells 16.2% of BSF'S capital.
(CercleFinance.com) - Crédit Agricole SA (CA) has announced that its subsidiary Crédit Agricole CIB has signed a contract with Kingdom Holding Company (KHC), a Saudi holding company, to sell it CA's 16.
2% stake in Banque Saudi Fransi (BSF).
This sale, which totals approximately 5.8 billion Saudi rials (i.e. a price 29.5 rials per share), or about 1.3 billion euros. Crédit Agricole CIB will hence reduce its stake in BSF to 14.9%.
The transaction will improve Crédit Agricole SA's fully loaded CET1 ratio approximately 20 basis points. Its implementation, which remains subject to the approval of local regulators, is expected to take place in the second half of 2017.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
2% stake in Banque Saudi Fransi (BSF).
This sale, which totals approximately 5.8 billion Saudi rials (i.e. a price 29.5 rials per share), or about 1.3 billion euros. Crédit Agricole CIB will hence reduce its stake in BSF to 14.9%.
The transaction will improve Crédit Agricole SA's fully loaded CET1 ratio approximately 20 basis points. Its implementation, which remains subject to the approval of local regulators, is expected to take place in the second half of 2017.
Copyright (c) 2017 CercleFinance.com. All rights reserved.