SocGen Pays €676M For Credit Du Nord

Law360, New York (December 11, 2009, 3:01 PM EST) -- French financial services giant Societe Generale has paid Belgian bank group Dexia SA €676 million ($988 million) to gain complete control of consumer lender Credit du Nord in order to strengthen its position in retail banking in France.

Societe Generale bought Dexia's 20 percent stake in Credit du Nord for €645 million and paid €31 million for Credit du Nord Group's asset management subsidiary Etoile Gestion, the two companies said in a joint announcement Thursday. Societe Generale now controls 100 percent of Credit du Nord, the...
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