Credit Agricole mulling US$2.4b Saudi bank stake sale

London

CREDIT Agricole SA, 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 US$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 entry into the kingdom, one person said.