PARIS Dec 13 Credit Agricole has
finalised the sale of its Cheuvreux brokerage unit to rival firm
Kepler, a latest step in the French bank's broader retreat from
The semi-cooperative bank first said in July that it was in
exclusive talks to sell Cheuvreux to Kepler, joining the ranks
of major European banks who have slashed their equities trading
A Credit Agricole spokeswoman confirmed on Thursday that the
final agreement had been signed.
Cheuvreux, which is mostly focused on Europe but has offices
in locations from Boston to Tokyo, is likely to cut hundreds of
jobs as part of the sale, union sources have said.
Terms were not disclosed.
(Reporting by Christian Plumb; Editing by James Regan)