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Credit Agricole in talks to buy three Italian savings banks
April 24, 2017 / 6:05 PM / 8 months ago

Credit Agricole in talks to buy three Italian savings banks

PARIS (Reuters) - Credit Agricole (CAGR.PA) is in talks with the Bank of Italy and the country’s Interbank Deposit Protection Fund to acquire the Cesena, Rimini and San Miniato savings banks, the French institution said on Monday.

Logos are pictured on a Credit Agricole bank branch in Paris, France, February 15, 2017. REUTERS/Charles Platiau

    “These discussions fit with Credit Agricole’s strategic goals in Italy,” the Paris-based bank said in a statement, adding that the acquisitions would expand its customer base by a combined 20 percent if completed.

    The project is in its “very early stages”, Credit Agricole said, with completion contingent on a positive outcome of due diligence and regulatory approvals.

    Reporting by Laurence Frost; Editing by GV De Clercq

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