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Credit Agricole Exits Saudi Arabia With $386 Million Fransi Sale

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Professional Photographer: Waseem Obaidi/Bloomberg Credit Agricole has offered the final part of its stake in Banque Saudi Fransi, bringing to an end the French lending institution’s decades long financial investment in among the kingdom’s biggest corporate banks, according to an individual acquainted with the deal.The transaction was finished on Sunday and was valued at about 1.4 billion riyals ($386 million), according to information on the Saudi stock exchange’s website, which didn’t disclose the seller or the buyer of the stake. About 48.3 million shares were cost 30 riyals each. The stock closed at 32.20 riyals on Sunday.Credit Agricole decreased to discuss the transaction. It has actually been gradually selling off its stake in Saudi Fransi over the previous 3 years. It offered a stake of about 16%, about half of the overall shares it kept in the Saudi loan provider at the time, to billionaire Prince Alwaleed bin Talal in 2017. That was followed by a series of smaller sized deals with a consortium led by U.S.-based Ripplewood. The bank has said formerly that even as it sells off the stake in Saudi Fransi it desires keep a more limited presence in the nation by acquiring a Saudi license for its investment banking system.– With assistance by Alexandre Rajbhandari Published on September 27, 2020, 1:39 PM EDT Have a private suggestion for our reporters?GET IN TOUCH Before it’s here, it’s on the Bloomberg Terminal.LEARN MORE SHARE THIS SHORT ARTICLE

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