Credit Agricole exits Bankinter

 
Tim Wallace
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FRENCH lender Credit Agricole last night announced plans to sell its 7.6 per cent stake in Spain’s Bankinter.

Credit Agricole was burned badly in the financial crisis and has been selling off and closing down business units and investments outside its core markets.

Its profits soared earlier this year after it sold Greek unit Emporiki, and its Bankinter sale is in the same pattern.

The sale of more than 66m shares is worth €230.4m (£194.9m) at last night’s closing price.

The sale will take the form of a private placement with institutional investors. Credit Agricole will act as global co-ordinator, with UBS as joint global bookrunner.