Agricole may sell Saudi bank stake

Credit Agricole, France’s third-largest bank by market value, is considering a sale of its 31 per cent stake in Saudi Arabian lender Banque Saudi Fransi, in a deal that could potentially fetch about $2.4 billion, according to people familiar with the matter.

The bank is speaking to advisers to find buyers, the people said, asking not to be identified as the information is private. The stake may attract both international and regional lenders who are seeking an entry into the kingdom, one person said. A formal process hasn’t started and the bank may still decide against the sale, the people said. Representatives for Credit Agricole and Riyadhbased Saudi Fransi declined to comment.