CREDIT AGRICOLE SA: Crédit Agricole CIB announces the completion of the disposal of a 6.0% stake in BSF to Ripplewood
November 25 2019 - 11:45AM
CREDIT AGRICOLE SA: Crédit Agricole CIB announces the completion of
the disposal of a 6.0% stake in BSF to Ripplewood
Montrouge, 25th November 2019 |
Crédit Agricole CIB announces the
completion of the disposal of a 6.0% stake in BSF to
Ripplewood
Following the disclosures made on 15th March
2019 and 29th April 2019, Crédit Agricole Corporate &
Investment Bank announces today that, following the exercise by RAM
Holdings I Ltd, an investment vehicle controlled by Ripplewood
Advisors LLC (“Ripplewood”) of its right to purchase a 6.0% equity
stake in Banque Saudi Fransi (BSF) at a price of 30.00 Saudi Riyals
per share, it has completed the disposal of this 6.0% stake in BSF
in respect of which all regulatory approvals have been
obtained.
The terms and conditions of the transaction are
unchanged as announced on 15th March 2019.
Combined with the initial disposal of a 4.9%
equity stake to a Ripplewood led consortium completed on April 29th
2019, this transaction will have a total positive effect in
excess of 15 basis points on the fully-loaded CET1 ratio of Crédit
Agricole S.A. and of over 10 basis points on the fully-loaded CET1
ratio of Crédit Agricole Group (both impacts compared to the
situation as of 31/12/2018).
Crédit Agricole CIB still holds a 4.0% equity
stake in BSF and will remain opportunistic in evaluating any
interest in the potential disposal of this residual equity
stake.
Speaking on Crédit Agricole’s commitment to
Saudi Arabia, Jacques Ripoll, Chief Executive Officer of Crédit
Agricole CIB stated: “Crédit Agricole CIB remains highly confident
in Saudi Arabia’s economic perspectives, in the wake of Vision
2030, and plans to further develop its direct presence and extend
its activities in the country”.
CACIB and J.P. Morgan were joint financial
advisors and Clifford Chance and Abuhimed Al-Sheikh Al-Hagbani Law
Firm (AS&H) provided legal advice.
CRÉDIT AGRICOLE PRESS
CONTACT
Charlotte de
Chavagnac + 33 1 57
72 11
17
charlotte.dechavagnac@credit-agricole-sa.frOlivier
Tassain
+ 33 1 43 23 25
41
olivier.tassain@credit-agricole-sa.fr
Find our press release on: www.credit-agricole.com -
www.creditagricole.info
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