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Crédit Agricole: acquisitions finalised in Italy

(CercleFinance.com) - After trading on Thursday Crédit Agricole SA and its subsidiary Crédit Agricole Cariparma SpA announced that all the conditions precedent had been met for the acquisition of 95.
3% of the shares in Caisses d'épargne de Cesena (Cassa di Risparmio di Cesena SpA), de Rimini (Cassa di Risparmio di Rimini SpA) and de San Miniato (Cassa di Risparmio di San Miniato SpA) in the "Voluntary Scheme" section of the Italian Interbank Deposit Guarantee Fund (the "Schema Volontario"). This means that the transaction was finalised on Thursday.

Prior to the conclusion of the transaction, the Schema Volontario proceeded reinforced the capital of the target banks in order to align their CET1 ratio with Crédit Agricole Group criteria. As such, portfolios of bad debts totaling a gross value of approximately 3 billion euros were securitised with support from the Italian Recovery Fund (Atlante II) or transferred to private investors and deconsolidated from the three banks' balance sheets.

Crédit Agricole Cariparma paid Schema Volontario a total of 130 million euros for the acquisition of 95.3% of the equity in each of the three target banks.

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