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FINANCIAL NEWS
Saudi to buy USD1.5bn Fransi share from Credit Agricole
13 Sep 2017
(MENAFN) Kingdom Holding, controlled by Prince Alwaleed bin Talal, aims to acquire a 16.2 percent share in Banque Saudi Fransi from Credit Agricole at USD1.5bn value.
Furthermore, the agreement would make the Saudi tycoon the largest shareholder in the bank, which has 86 branches amid the kingdom.
Meanwhile, kingdom aims to buy the share from Credit Agricole Corp and Investment Bank, which will remain as a strategic investor in the Saudi bank.
Additionally, the Saudi units of HSBC Holdings and Royal Bank of Scotland Group are exploring a potential merger which would make the third-largest bank in the nation with assets of USD80bn.
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MENAFN1309201700450000ID1095850749
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