Credit Agricole Sends Derivatives Portfolio To BNP Paribas

Law360, New York (October 23, 2013, 3:31 PM ET) -- The investment banking arm of Credit Agricole SA announced Wednesday that it will pass its €12.5 billion ($17.2 billion) equity derivatives portfolio to fellow French banking giant BNP Paribas, speeding up plans to drop noncore units and focus on its core European lending business.

Neither Credit Agricole nor BNP Paribas disclosed the financial terms of the transaction, which is expected to close in January. Under the deal's terms, BNP Paribas will take over roughly 1,000 positions plus their market risks and assume responsibility for servicing the...
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