Norinchukin Gets US$286mn Stake In Credit Agricole

October 2008 | M&A News Alert

On October 3 Japan's Norinchukin Bank confirmed that it had acquired 12.7mn shares in France's Credit Agricole. Worth around JPY30bn (US$286mn), the common stock represents a roughly 0.5% stake. The central bank for Japan's agriculture cooperative systems, Norinchukin has JPY61.1trn (US$581.9bn) in total assets, and as such is one of the country's largest financial institutions. Credit Agricole is France's second-biggest lender by assets, and has of late been boosting its capital base after being hit by subprime-related losses.

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