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Credit Agricole to take 28 pct stake in Armenia's ACBA

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  • Credit Agricole to take 28 pct stake in Armenia's ACBA

    AFX International Focus
    October 26, 2006 Thursday 1:14 PM GMT

    Credit Agricole to take 28 pct stake in Armenia's ACBA


    PARIS (AFX) - Credit Agricole SA plans to acquire a 28 pct stake in
    the ACBA bank of Armenia, the latest step of its expansion plan for
    Central and Eastern Europe, said Yves Couturier, general secretary of
    Credit Agricole's controlling shareholder FNCA.

    Speaking at the FNCA's annual conference in Dijon, Couturier said
    ACBA 'is the head of a cooperative farming bank that we helped found
    in the early 1990s.'

    Financial details of the deal were not disclosed, but Couturier said
    the FNCA would take a direct stake in ACBA alongside Credit Agricole
    SA, via a new holding company called Sacam International.

    Couturier said the FNCA federation of regional banks will take
    minority stakes in all future Credit Agricole acquisitions.

    It is taking a 10 pct stake in a network of 654 Italian retail
    banking branches acquired by Credit Agricole from Banca Intesa
    earlier this month, and has a 5 pct stake in Emporiki, the Greek bank
    that was taken over by Credit Agricole in August.
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