Credit Lyonnais plans to reduce loan portfolios, not sell units
Article Abstract:
Credit Lyonnais SA, a state-owned banking group in France, announced that it will probably reduce its loan portfolios, instead of divesting subsidiaries to meet the requirement for its latest bailout plan. The company has been required by Brussels to shed $4.5 billion in assets. The European Commission approved the latest plan in exchange for the bank's commitment to sell substantial European assets. Jean-Yves Durance, head of the company, said that Credit Lyonnais may sell some of its less successful subsidiaries in France and would decrease its French branches from 2,040 to 1,850 by year 2000.
Comment:
Will probably reduce loan portfolios, instead of divesting subsidiaries to meet requirement for latest bailout plan
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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BNP says it wants to buy a stake in Credit Lyonnais
Article Abstract:
Banque Nationale de Paris SA (BNP) is interested in purchasing a minority share of Credit Lyonnais SA, France's state-owned bank that is scheduled to be privatized in early 1999. BNP made the confirmation despite a statement by Jean Peyrelevade, the chairman of Credit Lyonnais, that said BNP and Societe Generale de France should be excluded from the list of future owners of the bank since both are Credit Lyonnais' largest competitors in the domestic market. A BNP spokesman reiterated that it is up to the government to decide the bank's future investors.
Comment:
Is interested in purchasing a minority share of Credit Lyonnais SA
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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France to sell 75% of Credit Lyonnais
Article Abstract:
Credit Lyonnais, a bank owned by the state of France, will have approximately 75% of its shares of stock divested for $7.21 billion to $6.31 billion. Credit Lyonnais' capitalization, which is worth between F30 billion and F25 billion, will also be sold by the government of France. The capital sale, however, will not apply for direct rival firms. Credit Lyonnais' president, Jean Peyrelevade, is expectant that the initiative to privatize the company will be conducted by spring 1999.
Comment:
Will have approximately 75% of its shares of stock divested for $7.21 bil to $6.31 bil
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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