Credit Agricole SA, France’s third-largest lender by market value, is considering selling its 31 percent stake in Banque Saudi Fransi (BSF) for nearly $2.4 billion (SAR 9 billion), Bloomberg reported Tuesday, citing unnamed sources with knowledge of the matter.
The sale comes as part of Credit Agricole’s plans to cut costs and refocus on its key markets to boost growth.
The French bank is working with advisers to find potential buyers, it was reported.
The deal may attract international and regional lenders who are seeking an entry into the kingdom, the sources said, adding that the formal sale has not yet started.
Tadawul-listed BSF is also 13.29 percent owned by General Organization for Social Insurance (GOSI) and 9.83 percent by Rashid Al-Abdulrahman Al-Rashid.
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