Brief: French bank Credit Agricole to get 9.9% stake in Banco de Crédito Social Cooperativo
BRIEF-French bank Credit Agricole to get 9.9% stake in Banco de Crédito Social Cooperativo June 24 (Reuters) - Credit Agricole SA CAGR.PA:
CRÉDIT AGRICOLE S.A. AND BCC-GRUPO CAJAMAR ANNOUNCE SIGNING OF AN AGREEMENT FOR A LONG-TERM PARTNERSHIP
TRANSACTION EXPECTED TO BE FINALIZED IN COMING MONTHS
CRÉDIT AGRICOLE S.A. WILL GET A MINORITY STAKE OF 9.9% IN BANCO DE CRÉDITO SOCIAL COOPERATIVO
CRÉDIT AGRICOLE S.A., IMPACT ON ITS CET1 RATIO WILL BE NON-SIGNIFICANT
AGREEMENT EXPECTED TO HAVE A POSITIVE IMPACT ON REVENUES FOR CRÉDIT AGRICOLE AND GRUPO COOPERATIVO CAJAMAR
AGREEMENT WILL ALLOW CRÉDIT AGRICOLE S.A. TO ENSURE A WIDER DEVELOPMENT OF ITS BUSINESS LINES IN SPAIN WITH A STRONG COOPERATIVE PARTNER.
FOR GRUPO COOPERATIVO CAJAMAR'S IT WILL RAISE ITS TOTAL CAPITAL RATIO FROM 16.6% TO 17.1%
"This agreement with BCC-Grupo Cajamar will enable Crédit Agricole S.A.'s business lines to further develop their activities in Spain with a cooperative bank providing Grupo Cooperativo Cajamar's customers with a wider range of financial products and services," said Credit Agricole SA CEO Olivier Gavalda.
Source text: ID:nGNE948QZh
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(Reporting by Sudip Kar-Gupta)
((sudip.kargupta@thomsonreuters.com;))