June 19, 2018 / 8:27 AM / 3 months ago

Credit Agricole eyeing SocGen's Polish arm Eurobank: Bloomberg

PARIS (Reuters) - French bank Credit Agricole (CAGR.PA) is considering making an offer for Societe Generale’s (SOGN.PA) Polish arm Eurobank, Bloomberg News reported, citing sources close to the matter.

Credit Agricole said it had no comment to make on the report, while officials at SocGen could not be immediately reached for comment.

Last week, Reuters had exclusively reported that SocGen was exploring a sale of Eurobank, given rising pressure on Eurobank from its competitors.

Eurobank is the 17th largest Polish bank with assets of 14 billion zloty ($3.9 billion), and is more than 20 times smaller than the country’s biggest lender PKO BP (PKO.WA). Last year, it made a net profit of 103 million zloty.

The sale of Eurobank would underpin a broader trend of consolidation in Poland’s banking sector, which has accelerated in recent years with the ruling eurosceptic Law and Justice (PiS) party encouraging domestic ownership.

Societe Generale has said that it would dispose or close sub-scale entities that bring low synergies.

Reporting by Gilles Guillaume; Editing by Sudip Kar-Gupta

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