Credit Agricole to pay 70 mln euros to unload Cheuvreux-source

PARIS, March 11 Mon Mar 11, 2013 10:57am EDT

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PARIS, March 11 (Reuters) - Credit Agricole will close the sale of its Cheuvreux brokerage unit to Kepler Capital Markets on March 22, with the deal ultimately costing the bank 70 million euros when restructuring costs are included, according to a source close to Cheuvreux.

Although Kepler is nominally paying 30 million euros ($38.94 million) for the unit, Credit Agricole will shoulder 100 million euros of restructuring costs related to layoffs of French staff at Cheuvreux, the source said.

A Credit Agricole spokeswoman declined to comment. ($1 = 0.7703 euros) (Reporting By Matthias Blamont; Writing by Christian Plumb; Editing by Leila Abboud)

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