Credit Agricole to Acquire Three Italian Savings Banks for EUR130 Million
September 29 2017 - 1:04PM
Dow Jones News
By Pietro Lombardi
Credit Agricole SA (ACA.FR) said Friday that it would pay 130
million euros ($153 million) to buy three Italian savings banks in
an agreement with the Italian Interbank Deposit Protection
Fund.
The French bank is buying more than 95% of the capital in the
Cesena, Rimini and San Miniato saving banks following negotiations
over the summer.
As part of the agreement, the Italian fund's voluntary scheme,
an instrument used to resolve banking crises, will bolster the
capital of the three banks to strengthen their CET1 ratio, a
measure of capital strength.
The banks' portfolios of bad loans, which total around EUR3
billion, will be securitized with the help of Italian banking fund
Fund Atlante II or sold to private investors, Credit Agricole
said.
Credit Agricole expects the transaction to be completed by the
end of 2017.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
September 29, 2017 12:49 ET (16:49 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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