The French government, which recently announced its decision to sell its entire 10.9% equity stake in Credit Lyonnais, has sold it to BNP Paribas.
The Board of Directors, says the bank, “decided to take advantage of this unique opportunity. As the leading banking group in the euro zone, BNP Paribas considers it cannot ignore the chance to participate in the future of a bank as important as Credit Lyonnais arising> from the French government’s sale of its equity stake.”
BNP Paribas has offered a price of Euros 2.2 billion.
Credit Lyonnais has a retail and business franchise in France, but is also active internationally in the asset management and investment banking markets.
“There are numerous possibilities for cooperation between the two banks, which share similar cultures and whose staff and management mutually respect each-other,” says BNP Paribas.
The transaction is subject to the approval from the French Committee for Credit institutions and Investment Enterprises (“Comite des Etablissements de Credit et des Entreprises d’Investissement”).