French bank Credit Cooperatif has acquired a 2 per cent stake in the capital of the national bank that heads French banking group Banques Populaires, for 65m euros. Credit Cooperatif will hand over its factoring and venture capital subsidiaries as part of the deal.
Credit Cooperatif could eventually increase its stake to 5 per cent, which would reflect its relatively high financial status within the group. The bank generated net profit of 14.2m euros in the first half of the year, for a net banking product of 100m.
Source: Le Figaro
