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Credit Agricole SA Completes Sale of Its Stake in Bankinter SA

Wednesday, 4 Sep 2013 03:05am EDT 

Credit Agricole SA announced that it has completed the sale of its holding in Bankinter SA's share capital, representing approximately 7.6% of the share capital, or 66,197,765 shares. This disposal took the form of a private placement to institutional investors through an accelerated bookbuilding process. The selling price was set at EUR 3.39 per Bankinter share. The gross proceeds from this transaction amount to EUR 224 million, resulting in a net capital gain of EUR 106 million. Moreover, disposals of Bankinter SA shares in the market in July and August 2013 resulted in a net capital gain of EUR 37 million. Following this offering, Credit Agricole SA will no longer hold any Bankinter SA shares (Credit Agricole SA will still hold 1,139,224 convertible bonds which may be converted into up to 17,744,920 shares of Bankinter SA). In connection with this transaction, Credit Agricole SA has agreed with the banks in charge of the placement not to sell or otherwise transfer the convertible bonds or the underlying shares for a period of 90 calendar days following the closing of the sale (i.e., until December 8, 2013), subject to certain exceptions. The placement has been managed by Credit Agricole Corporate and Investment Bank as sole global coordinator and joint bookrunner and by UBS as joint bookrunner.