March 10, 2014 / 7:37 AM / 6 years ago

French co-op bank Credit Mutuel eyes cap hike -report

PARIS, March 10 (Reuters) - French cooperative bank Credit Mutuel plans to raise 3.9 billion euros ($5.41 billion) in capital over the next two years in order to pay down debt, French newspaper Les Echos reported.

Credit Mutuel, which represents a 17 percent share of the French market, will raise the funds from customers and from its network of regional banks, the report said, citing an internal document.

The bank reportedly wants to pay down debt after a string of acquisitions and investments in recent years, including a strategic alliance with Spain’s Banco Popular.

Credit Mutuel was unavailable for comment. ($1 = 0.7214 Euros) (Reporting by Matthieu Protard; Editing by Lionel Laurent and Natalie Huet)

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