French banking group Credit Agricole has disposed its entire 15.4% stake in local investment firm Eurazeo to JCDecaux Holding, the investment company of the Decaux family, in a deal worth €790.5m.
The French lender expects the deal to strengthen its common equity Tier 1 ratio by over 10 basis points.
The bank also said that it would book a gain of around €100m on its net income group share in its second-quarter results.
“For Crédit Agricole S.A., which since 2004 has accompanied Eurazeo’s growth, this disposal is aligned with its strategy to divest of its capital-consuming, non-controlling stakes. Crédit Agricole S.A. reiterates its confidence in the future development of Eurazeo, with the Decaux family as long-term shareholder,” the French bank said.