March 01, 2007 13:36 ET

Crédit Agricole S.A. sets up Italian network by gaining control of Cariparma and FriulAdria

PARIS -- (MARKET WIRE) -- March 1, 2007 -- Crédit Agricole S.A. today finalised the acquisition of a 75 per cent interest in Cassa di Risparmio di Parma e Piacenza (Cariparma), further to the agreement signed on 11 October 2006 with Banca Intesa. At the same time, Sacam International, a holding of Crédit Agricole's Regional Banks, completed its acquisition of a 10 per cent stake in Cariparma. As a result, the Crédit Agricole group now owns 85 per cent of Cariparma, with the remaining 15 per cent held by Cariparma Foundation.

Crédit Agricole S.A., Sacam International and Cariparma Foundation also subscribed and paid, pro rata to their respective stakes in Cariparma, the first tranche of the capital increase voted at Cariparma's annual general meeting on 5 February 2007. This increase allowed Cariparma to acquire 76.05 per cent of the shares of Banca Popolare FriulAdria from Intesa Sanpaolo.

To complete this deal, Intesa Sanpaolo is also to sell 29 of its branches to FriulAdria on 1 April 2007 and a further 173 to Cariparma on 1 July 2007.

Commenting on these developments, René Carron, chairman of Crédit Agricole S.A., said: "Acquiring Cariparma and FriulAdria enables us to operate a quality network and expand in Italy. Finalising the deal announced last October is also a decisive step in Crédit Agricole's international expansion".

Georges Pauget, chief executive of Crédit Agricole S.A., commented: "Crédit Agricole S.A. is very pleased to have finalised the acquisition of an italian network. The management of Cariparma and FriulAdria will now be able to fully focus on the development of their branches and the integration of the additional branches ".


Crédit Agricole S.A.

Alain Berry ( +33 (0)1 4323 5944

Anne-Sophie Gentil ( +33 (0)1 4323 3751

M: Communication

Louise Tingstroem ( +44 (0) 789 906 6995

WS | Advisory

Francesca Baldini ( +39 335 7357147

This information is provided by CompanynewsGroup

Contact Information