Credit Agricole to buy Intesa unit, other branches.
Global Banking News - 28 April 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
French bank Credit Agricole SA (ACA.FR) will buy Italian bank Intesa Sanpaolo SpA's (ISE: ISP) (ISP.MI) Cassa di Risparmio della Spezia unit as well as 90 to 100 other branches that it is in the process of selecting, Dow Jones has reported, citing French business daily La Tribune.
The investment will cost Agricole a total of around EUR900m to EUR950m, the report said. Of that, nearly EUR800m will be for the acquisition of the Cassa di Risparmio della Spezia unit and the other branches, which are mainly located in northern Italy. Agricole will also inject EUR100m to EUR150m of capital into the branches that it is acquiring.
The transaction, comprising about 185 branches in total, will be discussed at Intesa's shareholders meeting on Friday, La Tribune said.
[Editorial queries for this story should be sent to firstname.lastname@example.org]
((Distributed via M2 Communications - http://www.m2.com))