Agricole to cut 199 jobs in internal units merger

PARIS May 28 (Reuters) - Credit Agricole (CAGR.PA), France's biggest retail bank, said on Wednesday it would cut 199 jobs as part of an internal merger of its consumer credit divisions Sofinco and Finaref.

Agricole said the Sofinco/Finaref merger would lead to synergies worth up to 75 million euros ($104 million) annually. The two businesses currently employ around 4,040 staff in France. ($1=.7207 euros) (Reporting by Sudip Kar-Gupta; Editing by Greg Mahlich)