November 26, 2018 / 7:11 AM / in a year

Credit Agricole not planning to buy Commerzbank - paper

The branch of Credit Agricole bank is seen in Warsaw, Poland, July 3, 2018. REUTERS/Marcin Goclowski

FRANKFURT (Reuters) - Credit Agricole (CAGR.PA) is not planning to acquire German peer Commerzbank (CBKG.DE), the chief executive of the French bank told daily Frankfurter Allgemeine Zeitung.

“We are not targeting Commerzbank. Our set-up is large and complete enough to grow organically and above all with partners,” Philippe Brassac told the paper’s Monday edition.

“We want to become a real European bank. In Italy and France we are already a universal bank, but not yet in Germany, the largest economy in the European Union.”

Asked whether Credit Agricole is bidding for smaller German peer NordLB, he said that the French lender’s strategy set out in 2016 for the time until 2019 was based on organic growth.

“And we do not change that at the first opportunity.”

Reporting by Arno Schuetze; Editing by Kim Coghill

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