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-Credit Agricole consolidates business in Ukraine.

BANKING AND CREDIT NEWS-July 4, 2012--Credit Agricole consolidates business in Ukraine(C)2012 M2 COMMUNICATIONS http://www.m2.com

4 July 2012 - French banking group Credit Agricole (EPA:ACA) will amalgamate its Ukrainian unit Credit Agricole Corporate and Investment Bank, earlier known as Calyon Bank (Ukraine), into its larger domestic subsidiary, Credit Agricole Bank, Credit Agricole CIB said.

Following the transaction, agreed on 2 July, Credit Agricole CIB will discontinue operations and move its assets and liabilities to the Kiev-based bank. In addition, Credit Agricole Bank's authorised capital will be raised by the sum corresponding to Credit Agricole's capital, which currently amounts to UAH173m (USD21.4m/EUR17m). The increase will be conducted through an additional issue of some 173m shares with a nominal value of UAH1 each.

Credit Agricole CIB is part of the Credit Agricole Group and is fully-owned by its unit Calyon Global Banking. The French group is also the sole shareholder of Credit Agricole Bank.

Montrouge-based Credi Agricole offers retail, corporate and investment banking products and services globally. The group runs a network of 11,600 branches in 13 countries.

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Publication:M2 Banking & Credit News (BCN)
Geographic Code:4EXUR
Date:Jul 4, 2012
Words:194
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