CREDIT AGRICOLE SA : Press Release / Montrouge, 1st august 2017
01 Août 2017 - 7:30PM
Montrouge, 1st august
2017 |
With reference to the preliminary
discussions started at the end of April 2017 concerning the
possible acquisition of Cassa di Risparmio di Cesena, Cassa di
Risparmio di Rimini and Cassa di Risparmio di San Miniato, Crédit
Agricole S.A. informs that on the date hereof its Italian
subsidiary Crédit Agricole Cariparma S.p.A. («CA Cariparma»), at
the expiry of the term set up for the conclusion of such
preliminary discussions and following the due diligence activities
carried out by the same, confirmed to the Fondo Interbancario di
Tutela dei Depositi - sezione Schema Volontario («FITD») its
interest in the transaction and the strategic rationale that it has
in order to achieve the targets of growth of the Crédit Agricole
Group in Italy.
The profitable discussions held
during these months of intense work with the FITD, the target banks
and all the institutions involved, in a context of constructive
spirit and full cooperation and mutual commitment, allowed to
identify a transaction structure aimed at preserving the
prerequisites and conditions that Crédit Agricole Cariparma has
indicated, since the beginning, as essential to render the
transaction sustainable from an equity and economic standpoint for
the Crédit Agricole Group.
In this context, Crédit Agricole
has renewed through its subsidiary CA Cariparma and until 15
September 2017 its interest in pursuing the transaction. The above
prerequisites and conditions will have to be confirmed by such
date, in particular with reference to the securitization of the
target banks' non performing exposures and the approval by the
General Assembly meeting of the members of the FITD of the increase
of resources necessary to carry out the proposed transaction.
Crédit Agricole S.A. believes in
the positive outcome of such plan and, therefore, in the favorable
conclusion of the transaction, reminding that it will, inter alia,
allow the target banks to protect the depositors and to benefit
from the integration in an international banking group, with
significant impacts on the economic situation of the relevant
territories and of the different stakeholders involved.
The transaction will be anyway
subject to the authorization by the competent regulatory and
antitrust authorities.
CRÉDIT
AGRICOLE S.A. PRESS CONTACT
Charlotte de
Chavagnac + 33 1 57
72 11
17
charlotte.dechavagnac@credit-agricole-sa.fr
Alexandre
Barat
+ 33 1 43 23 07
31
alexandre.barat@credit-agricole-sa.fr
Find our press release on: www.credit-agricole.com
- www.creditagricole.info
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Crédit_Agricole |
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UK 01 08 17 Press
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Source: CREDIT AGRICOLE SA via Globenewswire
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