Credit Agricole S.A. Sells Bulgarian Unit to Corpbank

Credit Agricole S.A. Sells Bulgarian Unit to Corpbank

France's Credit Agricole said on Wednesday it signed an agreement to sell Credit Agricole Bulgaria to Sofia-based Corporate Commercial Bank (Corpbank).
"For Credit Agricole S.A., the sale will lead to a 160 million euro ($216.9 million) reduction in its risk-weighted assets while lowering its solvency ratios by less than one basis point," the lender said in a press release.
The deal is subject to clearance from the relevant regulatory authorities and also to a consultation of the employee representative bodies.
Corpbank was the fourth largest lender in Bulgaria among 24 locally registered banks and branches of six foreign-based banks at the end of November.
 
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