Credit Agricole Moves To Bolster European Operations

Law360, New York (August 2, 2010, 2:10 PM EDT) -- Credit Agricole SA on Monday announced plans to sell off a subsidiary in Africa and acquire a Belgian banking brokerage in an effort to refocus its international retail banking business on Europe.

Credit Agricole will sell Djibouti-based Banque Indosuez Mer Rouge to Bank of Africa for an undisclosed amount, the companies said in a joint statement.

The deal, which still faces regulatory approval, could close before the end of 2010, they said.

The disposal is also part of Bank of Africa's “long-term strategy of extending its...
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