Crédit Agricole: sells stake in BSF

(CercleFinance.com) - Crédit Agricole Corporate & Investment Bank (CIB) announces the signing of contracts with a consortium of investors led by Ripplewood to sell a 4.
9% stake in Banque Saudi Fransi (BSF).

The sale price has been set at 31.50 Saudi riyals per share for a total of 1.86 billion riyals, or about 440 million euros. Transactions are expected to be completed in the next few weeks, after obtaining regulatory approvals.

Crédit Agricole CIB will therefore reduce its stake in BSF to 10%. It has also granted Ripplewood the right to purchase an additional 6% stake in BSF's capital, which may be exercised by the end of December 2019 at a price of 30 riyals per share.

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