Credit Agricole joins forces with Credem to bid for Intesa branches - report |
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Published
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Mon, 23 Jul 2007 07:03
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PARIS (Thomson Financial) - Credit Agricole has joined forces with Credito Emiliano (Credem) to bid for bank branches being sold by Italy's Intesa Sanpaolo, French daily La Tribune reported without citing sources.According to information obtained by the paper the two groups are to bid for all 198 branches, which are valued at close to 1.5 bln eur.The auction of the branches is one of the conditions imposed by antitrust authorities for clearance of Intesa's merger with Sanpaolo merger, which officially went through at the beginning of this year.According to La Tribune, there are currently 12 candidates mulling bids, and four or five offers could be submitted by the end-August deadline.In June, Italian newspaper Corriere della Sera reported that Banca Monte dei Paschi di Siena SpA was in pole position to buy the 198 branches, and also named Unipol and BNP Paribas' Italian unit BNL as other leading candidates.Today's edition of La Tribune said Unione Banche Italiane and Banca Carige are also expected to make offers.vicky.buffery@thomson.comvb/jmsCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Intesa Sanpaolo transfers 173 bank branches to Credit Agricole unit Cariparma 