Arab Finance: France-based Credit Agricole S.A. has purchased an additional stake of 4.8% or 60 million shares in Credit Agricole Egypt (CIEB) at a total value of EGP 408 million, according to a press release on September 8th.
Accordingly, the French bank’s ownership in Credit Agricole Egypt rose to 52.185% from 47.385%.
The group holding’s stake, including related parties, in the Egyptian bank increased to 65.252% from 60.452%.
Launched in 1996 and listed on the EGX in 2006, Crédit Agricole has subsidiaries operating across Egypt, working on commercial and professional services, in addition to thrifts and mortgage finance.