By Inti Landauro
PARIS--French bank Credit Agricole SA (ACA.FR) Friday said it
has sold part of its 18.25% stake in French investment fund Eurazeo
(RF.FR) as part of its ongoing restructuring efforts to meet strict
new European banking rules.
Credit Agricole has sold 4.68% of Eurazeo through a private
placement of shares for 173.9 million euros ($235 million), and it
said it will also issue zero-coupon bonds worth EUR293 million due
in 2016 and convertible into Eurazeo shares, which will represent
about 7.43% of Eurazeo's shares.
Credit Agricole, France's second-largest listed bank by assets,
was badly bruised by Europe's sovereign debt crisis. Over the past
two years, it has significantly restructured its business globally,
retreating from almost half the countries where it operated, and
slashing over 2,300 jobs, mainly at its investment bank.
Write to Inti Landauro at inti.landauro@dowjones.com
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