CRARY Credit Agricole SA (PK)

By Pierre Bertrand

Credit Agricole SA said late Wednesday that it intends to increase its ownership of its Egyptian subsidiary.

The French bank will add a stake of around 4.8% in Credit Agricole Egypt in a deal that it said reflected its confidence in the development and performance of the business.

The acquisition will have no impact on the CET1 ratio--a measure of a bank's resilience--of Credit Agricole, it said..

Credit Agricole currently owns around 60% of Credit Agricole Egypt.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

September 08, 2022 01:36 ET (05:36 GMT)

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