Econostrum | Economic News in the Mediterranean

The Crédit Agricole becomes a majority shareholder in its Egyptian subsidiary

Written by Eric Apim on Tuesday, September 13th 2022 à 11:40 | Read 565 times

Crédit Agricole Egypt is present in the country since 2006 (photo: Crédit Agricole Egypt)
Crédit Agricole Egypt is present in the country since 2006 (photo: Crédit Agricole Egypt)
EGYPT / FRANCE. Crédit Agricole has acquired a majority stake in Crédit Agricole Egypt. After the purchase of sixty million additional shares, it now holds 52.185% of the capital of its subsidiary based in Cairo against 47.385% before this operation.

According to a statement of the French bank, published Tuesday, September 7, 2022 and referring to this intention, "this demonstrates its confidence in the development and performance of Crédit Agricole Egypt. The text states, "the transaction will have no impact on the CET1 ratio (Editor's note: Common Equity Tier 1 - Core capital held in its capital structure) of Crédit Agricole S.A."

In a separate announcement, the Egyptian Stock Exchange said that sixty million shares changed hands in a block deal worth 408 million Egyptian pounds, or some €21 million.

Only major French bank in Egypt

Crédit Agricole arrived in Egypt in 2003 through the takeover of the Egyptian assets of Crédit Lyonnais. The institution, which has been present since the end of the year, acquired a 75% stake in the Egyptian American Bank in 2005, before merging with it and taking the name Crédit Agricole Egypt in 2006.

Crédit Agricole is the only French bank developing significant activities in the country since BNP Paribas sold its retail bank to Emirates NBD (Dubai) in December 2012 for €378.3m. It held 95.2% of the shares. A few days before this transaction, Société Générale sold its shares in National Société Générale Bank (NSGB) to Qatar National Bank (QNB) for €1.5bn. A sale approved in February 2013 by the Egyptian financial regulator.

The French bank has an international presence. It is notably established in several Mediterranean countries: Algeria, Morocco, Egypt, Lebanon, Portugal, Spain, Monaco, Italy, Greece.


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