Crédit Agricole S.A. sells a 16.2% stake in Banque Saudi Fransi to Kingdom Holding Company
12 Septembre 2017 - 8:36AM
Montrouge, 12 September 2017 |
Crédit Agricole S.A. sells a 16.2% stake in Banque Saudi Fransi to
Kingdom Holding Company
Today, Crédit Agricole S.A.
announces that its subsidiary Crédit Agricole Corporate &
Investment Bank S.A. (CACIB) has signed a legally binding agreement
with Kingdom Holding Company (KHC), a Saudi diversified holding
company which is listed on the Saudi Stock Exchange, whereby CACIB
has agreed to sell a 16.2% equity stake in Banque Saudi Fransi
(BSF), for a total consideration of approximately SAR 5.8bn (at a
price of SAR 29.5 per share), which is approximately €1.3bn. CACIB
is thereby reducing its shareholding in BSF to 14.9%.
Completion of the transaction is
still subject to regulatory approvals and is expected to occur
during the second half of 2017. CACIB will remain opportunistic in
evaluating any interest in a potential off-market disposal of a
further equity stake of up to 5% in BSF provided it is on at least
equally favourable terms. CACIB is committed to keeping a stake of
at least 9.9% in BSF for a period ending one year after the closing
of the transaction.
For Crédit Agricole, which has
been active in Saudi Arabia since 1949 and associated with BSF
since its creation in 1977, supporting its successful and
profitable growth over several decades, this disposal is aligned
with its strategy to reduce the weight of its non-controlling
stakes. Crédit Agricole reiterates its confidence in the future
development of BSF, and looks forward to continue working with BSF
as a shareholder and strategic partner, and with KHC as a new
long-term shareholder of BSF.
The disposal of this 16.2% stake
in BSF will have a positive impact of around 20 basis points on the
fully-loaded CET1 ratio of Crédit Agricole S.A. and of around 5
basis points on the fully-loaded CET1 ratio of Crédit Agricole
Group.
Commenting on the transaction,
Jean-Yves Hocher, Chief Executive Officer of CACIB,
said:
"Crédit Agricole has contributed over the last
four decades both capital and expertise to develop BSF into one of
the most successful banks in Saudi Arabia. BSF is a fully-fledged
bank and a highly regarded asset and CACIB intends to remain a
strategic partner going forward."
Speaking on Crédit Agricole's
commitment to Saudi Arabia, Jean-Yves Hocher also stated:
"CACIB remains highly confident in Saudi Arabia's
future, in the wake of Vision 2030, and plans to further develop
its direct presence and extend its activities in the
country."
CRÉDIT
AGRICOLE 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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Groupe Crédit
Agricole |
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créditagricole_sa |
CP cession participation BSF ENG 12
09 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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