Credit Agricole Said to Weigh $2.4 Billion Saudi Stake Sale
- Lender considering sale of 31% stake in Banque Saudi Fransi
- French bank working with advisers to find potential buyers
A visitor walks towards the Credit Agricole SA headquarter offices in Montrouge, near Paris, France.
Photographer: Christophe Morin/BloombergCredit Agricole SA, France’s third-largest bank by market value, is considering a sale of its 31 percent stake in Saudi Arabian lender Banque Saudi Fransi, in a deal that could potentially fetch about $2.4 billion, according to people familiar with the matter. The shares fell on concern a disposal may hit operating profit.
The bank is speaking to advisers to find buyers, the people said, asking not to be identified as the information is private. The stake may attract both international and regional lenders who are seeking an entry into the kingdom, one person said. A formal process hasn’t started and the bank may still decide against the sale, the people said.