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Financials

BNP Paribas to buy Floa bank from Casino and Credit Mutuel

PARIS, July 27 (Reuters) - French retailer Casino and Credit Mutuel Alliance Federale on Tuesday said they have agreed the sale of web and mobile payment solutions provider FLOA to BNP Paribas for 258 million euros ($305.2 million).

Casino has been selling assets to reduce its debt and that of parent Rallye.

Proceeds will be divided equally between Casino and Credit Mutuel, representing 129 million euros for each company, the joint statement said.

BNP Paribas will also become the exclusive provider and distributor of consumer credit solutions including split-payment solutions for Casino group customers through a commercial partnership to be set up with the Casino Supermarches, Geant and Cdiscount banners.

The transaction is expected to be completed in the next few quarters, subject to necessary approvals, including from the French competition authority and European Central Bank (ECB). ($1 = 0.8452 euros) (Reporting by Dominique Vidalon Editing by David Goodman )

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