Galeries Lafayette sells credit unit stake to BNP Paribas

PARIS Mon Jul 28, 2014 1:24pm EDT

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PARIS (Reuters) - French department store Galeries Lafayette said on Monday it had sold its 50 percent holding in LaSer, a consumer credit company, to the personal finance unit of BNP Paribas, with which it co-owned the unit.

A source close to the deal said the two parties had been discussing the sale of LaSer for two years and finally agreed on a valuation for the whole company of around 280 million euros ($376.4 million).

Galeries Lafayette and BNP Paribas declined to give any details of the deal.($1 = 0.7440 Euros)

(Reporting by Pascale Denis; Editing by David Holmes)