Credit Agricole in Talks With Societe Generale to Buy Hanseatic Bank, Bloomberg Reports
--Credit Agricole is in advanced talks to buy Societe Generale-owned Hanseatic Bank in a potential deal that would value the German consumer-finance business at around 600 million euros ($649.8 million), Bloomberg reports, citing unnamed sources.
--The French lender is the most likely acquirer after other suitors turned away, though Societe Generale could keep the business if it can't get a price that it deems high enough, Bloomberg reports.
--Societe Generale owns 75% of Hanseatic Bank while the remaining 25% is owned by German retailer Otto Group.
--Credit Agricole and Societe Generale declined to comment when contacted by Dow Jones Newswires.
Full story: https://tinyurl.com/y6yzn4du
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
July 11, 2024 06:36 ET (10:36 GMT)
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