CREDIT AGRICOLE SA: Crédit Agricole CIB announces the disposal of its remaining 4.0% stake in Banque Saudi Fransi
September 28 2020 - 08:30AM
CREDIT AGRICOLE SA: Crédit Agricole CIB announces the disposal of
its remaining 4.0% stake in Banque Saudi Fransi
Montrouge, 28 September 2020
Crédit Agricole CIB announces
the disposal of its remaining 4.0% stake in Banque Saudi
Fransi
Crédit Agricole Corporate & Investment Bank
(Crédit Agricole CIB) announces today the completion of the
disposal of the 4.0% stake it still held in the capital of Banque
Saudi Fransi (BSF) in respect to which all regulatory approvals
have been obtained.
Two Saudi government related institutional
investors acquired the stake held by Crédit Agricole CIB in BSF at
a price of 30.00 Saudi Riyals (SAR) per share, for a total
consideration of SAR 1,450 million equivalent to around € 332
million.
This transaction will have a positive impact of
around 5 basis points on the phased-in CET1 ratio of Crédit
Agricole S.A. and of 4 basis points on the phased-in CET1 ratio of
Crédit Agricole Group (both impacts compared to the situation as of
30/06/2020).
BSF shares were accounted in Crédit Agricole CIB
balance sheet as Financial assets at fair value through Other
Comprehensive Income; thus the transaction will have no impact on
P&L.
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 to
extend its activities in the country. Crédit Agricole CIB has
initiated a process to apply for a license that will enable it to
operate on Saudi capital markets ».
Crédit Agricole CIB and J.P. Morgan were joint
financial advisors; Clifford Chance and Abuhimed Al-Sheikh
Al-Hagbani Law Firm (« AS&H ») provided legal
advice.
CREDIT AGRICOLE press
CONTACT
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charlotte.dechavagnac@credit-agricole-sa.frOlivier Tassain
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olivier.tassain@credit-agricole-sa.fr
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