Credit Agricole says it is buying Intesa Sanpaolo branches
French bank Credit Agricole made a foray into northern Italy on Tuesday, saying it was buying 96 branch banks and the Carispe subsidiary with 76 branches from Italian group Intesa Sanpaolo for 740 million euros (910 million dollars).
The 96 offices are in northern Italy, the region in which Carispe, or Cassa di risparmio della Spezia, also operates with 76 branches.
The deal, first revealed in February, is to be paid in cash, Credit Agricole said.
In all, Credit Agricole will have 902 branch offices in Italy, making it the seventh biggest bank in Italy in terms of retail outlets.
The French bank has focused on regions with strong growth potential in the north of the country and in big cities.
© 2010 AFP