CREDIT AGRICOLE SA : press release
24 Avril 2017 - 7:46PM
Press
release
Montrouge, 24 April 2017
Crédit
Agricole S.A. has begun preliminary discussions via Crédit Agricole
Cariparma SpA, its retail banking subsidiary in Italy, with the
Bank of Italy and the Interbank Deposit Protection Fund (the
"FITD") with a view to acquiring the Cesena ("Cassa di
Risparmio di Cesena" or "Caricesena"), Rimini ("Cassa di
Risparmio di Rimini" or "Carim") and San Miniato ("Cassa di
Risparmio di San Miniato" or "Carismi") Savings Banks.
These
discussions fit with Crédit Agricole's strategic goals in Italy as
presented when the Medium-Term Plan "Ambition 2020" was published
and confirmed again recently. Organic growth is the priority avenue
of development for its retail banking business in Italy. However,
the Group reserves the right to consider in a prudent manner any
opportunities arising that meet specific criteria related, among
others, to size, balance sheet quality, attractiveness of the
business franchise, geographical positioning and potential
synergies.
The
deal currently being weighed up meets these stringent strategic
guidelines. The addition of the three savings banks to Crédit
Agricole Cariparma SpA would increase the size of its customer base
by around 20%. It would also help it to expand into attractive
regions of Italy, without altering its geographical positioning
since the savings banks operate in neighbouring areas to its own
territories. The deal would not adversely affect Crédit Agricole
Cariparma SpA's finances either, since all three targets' bad debts
("sofferenze") would be deconsolidated prior
to a possible sale, while they have a significant surplus of
customer deposits.
The
project is still in its very early stages. Its completion is
contingent upon a positive outcome to the due diligence process,
which is set to begin shortly and, at the appropriate juncture,
approval from the relevant authorities. Based on the information
currently available, its negative impact on Crédit Agricole S.A.'s
and the Crédit Agricole Group's CET1 ratios would be less than
10bp.
Crédit
Agricole press contacts
Charlotte de Chavagnac 01 57 72 11 17 -
charlotte.dechavagnac@credit-agricole-sa.fr
Alexandre Barat 01 43 23 07 31 -
alexandre.barat@credit-agricole-sa.fr
All our press releases are available at
https://www.credit-agricole.com/en
https://twitter.com/Credit_Agricole
PR CASA ENG 24 04 2017
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: CREDIT AGRICOLE SA via Globenewswire
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