Riyadh – Mubasher: Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) announced completing the sale of a 6% stake in Banque Saudi Fransi (BSF) at a price of SAR 30 per share to RAM Holdings, an investment vehicle controlled by Ripplewood Advisors.

Crédit Agricole CIB still holds a 4% equity stake in BSF and will remain opportunistic in evaluating any interest in the potential disposal of this residual equity stake.

The deal was completed after all regulatory approvals were obtained, according to a statement by the bank on Tuesday.

“Crédit Agricole CIB remains highly confident in Saudi Arabia’s economic perspectives, in the wake of Vision 2030, and plans to further develop its direct presence and extend its activities in the country,” said Jacques Ripoll, CEO of Crédit Agricole CIB.