Credit Agricole buys into Italy

2nd March 2007, Comments 0 comments

PARIS, March 1, 2007 (AFP) - French bank Credit Agricole has completed a deal to buy two banks and a host of branches in Italy from Italian peer Intesa Sanpaolo, the companies announced on Thursday.

PARIS, March 1, 2007 (AFP) - French bank Credit Agricole has completed a deal to buy two banks and a host of branches in Italy from Italian peer Intesa Sanpaolo, the companies announced on Thursday.

Credit Agricole has agreed to pay 5.93 billion euros (7.98 billion dollars) for Cariparma and Banca Popolare FriulAdria, plus another 202 branches belonging to Banca Intesa.

The deal gives the French bank a 2.0-3.0 percent share of the Italian market.

"The acquisition of Cariparma and FriulAdria wil enable us to develop in Italy through a quality network," said Credit Agricole chief executive Rene Carron.

The deal was announced last October, but required approval from the Bank of Italy, which regulates the Italian banking sector, and the European Commission, the EU's competition regulator.

Copyright AFP

Subject: French news

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