(Adds detail, background)
PARIS Jan 22 Credit Agricole said on
Wednesday it had agreed to sell its Bulgarian division to
Bulgarian bank Corporate Commercial Bank AD (Corpbank)
for an undisclosed sum.
The French bank said the sale would lead to a 160 million
euro ($217 million) reduction in its risk-weighted assets while
lowering its solvency ratios by less than 1 basis point.
The transaction still requires approval from regulators and
consultation with staff representatives, Credit Agricole added.
Corporate Commercial Bank, the Balkan country's fourth
largest lender, said in a separate statement that Credit
Agricole Bulgaria will be rebranded after the deal and focus on
retail and financing of small and medium enterprises.
Credit Agricole's unit ranks 21st among 30 banks that
operate in Bulgaria, with total assets of 489 million levs ($339
million) at the end of September, central bank data showed. It
posted a net loss of 10.9 million levs for the fist nine months.
($1 = 0.7383 euros)
($1 = 1.4441 Bulgarian levs)
(Reporting by James Regan in Paris and Tsvetelia Tsolova in
Sofia; Editing by Blaise Robinson and Mark Potter)