By Noemie Bisserbe and Ambroise Ecorcheville
PARIS--Credit Agricole SA (ACA.FR) said Thursday it plans to cut
part of its 18.25% stake in investment fund Eurazeo (RF.FR), as
part of the French bank's ongoing restructuring efforts to meet
Europe's new strict banking rules.
Credit Agricole said in a statement that it aims to sell about
12% of its stake in the French fund through the sale of shares and
convertible bonds.
Credit Agricole will first sell about 3.2 million shares--about
5% in Eurazeo--in a private placement. It will then issue zero
coupon bonds that will be exchangeable for existing shares of
Eurazeo due 2016.
Credit Agricole, France's second-largest listed bank by assets,
was badly bruised by Europe's sovereign debt crisis. Over the past
two years, the French bank has significantly restructured its
business globally, retreating from close to half the countries
where it operated, and slashing over 2300 jobs, mostly at its
investment bank.
Write to Noemie Bisserbe at noemie.bisserbe@wsj.com and Ambroise
Ecorcheville at ambroise.ecorchevelle@wsj.com
