When added to its existing stake in Bankinter of 4.54%, Credit Agricole’s holding now increases to 19.53%. The acquisition of a minority shareholding in Bankinter is part of Credit Agricole’s strategy aimed at strengthening its position in the Spanish and European markets.
The acquisition of the stake will be financed through Credit Agricole’s own resources and was conducted on a stand-alone basis, independently of any other Bankinter shareholders.
Calyon acted as sole financial advisor to Credit Agricole. Georges Pauget, CEO of Credit Agricole, commented: Our European franchise will be further strengthened by the impressive track record of Bankinter’s management team, the bank’s innovative product offering and its extensive distribution channels. Bankinter has a highly developed, scalable IT platform and one of the lowest reported non performing loans ratios in the Spanish market.
