Credit Agricole Reduces Stake in Banque Saudi Fransi
18 Mars 2019 - 07:43AM
Dow Jones News
By Nathan Allen
Credit Agricole SA (ACA.FR) said late Friday that it agreed to
sell a 4.9% stake in Banque Saudi Fransi (1050.SA) to Ripplewood
Holdings LLC and Olayan Saudi Investment Company for 1.86 billion
Saudi riyals ($495.4 million).
Ripplewood will take a 3% stake in the company via its RAM
Holdings I Ltd fund, while Olayan will buy the remaining 1.9%,
Credit Agricole said.
AS part of the deal Ripplewood also gains the right to acquire a
further 6% stake in Banque Saudi Fransi for around SAR2.17 billion,
which it must exercise before the end of December.
Following the transaction Credit Agricole will hold a 10% stake
in Banque Saudi Fransi. If Ripplewood exercises the option to
acquire a further 6% stake the deal will strengthen Credit Agricole
SA's CET1 ratio by 15 basis points.
Credit Agricole said the disposal is part of its strategy to
sell off its minority stakes.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
March 18, 2019 02:28 ET (06:28 GMT)
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