Skip to content
Subscriber Only

Credit Agricole Plans to Sell Bank Stakes in $19 Billion Deal

  • Deal with regional banks said to be valued at $19 billion
  • Regional lender said to purchase back 25 percent stakes
Updated on

Credit Agricole SA, the French lender seeking ways to bolster capital buffers, said it’s exploring the sale of stakes in more than three dozen regional banks. The shares surged.

The operation would improve the “financial flexibility” of Credit Agricole, accelerating its capital buildup and allowing it to pay an exclusive cash dividend as early as this year, the Montrouge, France-based bank said in a statement on Tuesday. The price of the stakes in the regional banks may vary and the plan is subject to discussions with supervisory authorities, it said.