Mubasher TV
Contact Us Advertising   العربية

Credit Agricole sells final stake in Banque Saudi Fransi for $386m

Credit Agricole sells final stake in Banque Saudi Fransi for $386m
About 48.3 million shares were sold at SAR 30 riyals on Sunday.
Credit Agricole
CIEB
-1.43% 20.70 -0.30
Default Company
1050.B
0.00% 0.00 0.00

Riyadh – Mubasher: Credit Agricole sold on Sunday the final portion of its stake in Banque Saudi Fransi (BSF), bringing to an end the French lender’s decades long investment in one of the largest Saudi corporate banks, Bloomberg reported citing a person familiar with the deal.

According to information published on the Saudi bourse's website, the transaction was completed at a value of about SAR 1.4 billion ($386 million) where around 48.3 million shares were sold at SAR 30 riyals.

Credit Agricole has been gradually selling off its stake in Saudi Fransi over the past three years. It sold around a 16%-stake, about half of the total shares it held in the Saudi lender at the time, to billionaire Prince Alwaleed bin Talal in 2017. That was followed by a series of smaller deals with a consortium led by US-based Ripplewood.