Credit Agricole S.A. Sells Bulgarian Unit to Corpbank
Wednesday, 22 January 2014
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.