French banking group, Credit Agricole has acquired a majority stake in its Egyptian arm Crédit Agricole Egypt.

Credit Agricole has acquired 60 million additional shares in its subsidiary, the Egyptian bank said in an exchange filing. 

The lender did not disclose the financial value of the transaction, which saw Credit Agricole’s stake in Crédit Agricole Egypt increase to 52.185% from 47.385%.

“Following this, the shareholding of Credit Agricole has increased from 47.385% to 52.185% and the Group holding (including related parties) has increased from 60.452% to 65.252%. This bears witness to the confidence in the development and the performance of Crédit Agricole Egypt,” the Cairo-based bank said. 

As per Reuters’ report, in a separate statement, the Egyptian stock exchange said 60 million shares were traded in a block deal worth EGP408m ($21.2m) but it was not immediately clear if the block deal was related to the French bank. 

Crédit Agricole expanded in Egypt in 2001 by acquiring a 93.3% stake in the financial institution Crédit Commercial de France.

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In 2003, the bank bought the Egyptian business of Crédit Lyonnais and in 2005 it acquired a 75% stake in Egyptian American Bank. In 2006, the merged entity assumed the name of Crédit Agricole Egypt.

Since the sale of BNP Paribas Egypt to Emirates NBD and National Société Générale Bank (NSGB), the Egyptian arm of Société Générale to Qatar National Bank Group in 2012, it has been the only French bank with major business in Egypt.

In April this year, the French bank agreed to sell its 78.7% stake in the Moroccan banking unit Credit du Maroc to Holmarcom.