November 9, 2012 / 7:31 AM / in 5 years

C.Agricole says Bankinter offers lag target price

PARIS, Nov 9 (Reuters) - Credit Agricole has received offers for its roughly 20 percent stake in Spain’s Bankinter but turned them down because the price was too low, the French bank’s chief financial officer said on Friday.

Asked whether Credit Agricole would consider selling the rest of its Bankinter stake, Bernard Delpit told journalists during a conference call: “The question is whether there are opportunities to sell at a price that suits us,” adding that so far that had not been the case.

Credit Agricole Chief Executive Jean-Paul Chifflet during the same call denied that the bank would need to raise additional capital to meet Basel III capital targets.

“When looking at the group’s ratios, regulators look at Credit Agricole group, and consider the cross guaranties that exist” between the parent company and listed bank Credit Agricole SA, he said. (Reporting by Christian Plumb; Editing by James Regan)

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