Credit Agricole’s stake in its Egyptian arm has increased to 52.185%. Credit: Tumisu from Pixabay.

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. 

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.