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Credit Agricole signs deal to boost Morocco assets

Tue Nov 25, 2008 1:16pm EST

Stocks

   

PARIS, Nov 25 (Reuters) - Credit Agricole SA (CAGR.PA) said on Tuesday it had signed a deal with Morocco's Attijariwafa Bank (ATW.CS) to sell stakes in some African banks while boosting its presence in Morocco.

France's biggest retail bank said it had agreed to sell its stakes in several African retail banks, in Congo, Cote d'Ivoire, Cameroon and Senegal to Attijariwafa for a total of 250 million euros ($321.9 million) or 2.8 million dirhams.

Under the agreement Credit Agricole, through its subsidiary Sofinco, will buy an extra 24 percent stake in retail bank Credit du Maroc, held by Attijariwafa insurance unit Wafa Assurance for 144 million euros, taking its stake up to 77 percent.

Sofinco will also pay 71 million euros to buy 15 percent of Attijariwafa's consumer credit unit Wafasalaf, taking its stake up to 49 percent.

(Reporting by Helen Massy-Beresford; Editing by Erica Billingham)



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