France’s Credit Agricole is considering selling part of its 31 percent stake in Banque Saudi Fransi (BSF), Bloomberg reported on Tuesday, citing sources familiar with the matter.
The lender has discussed the partial sale of its Saudi business portfolio with the Saudi Arabian Monetary Authority (SAMA) and started talks with potential bidders.
JPMorgan Chase & Co. is advising Credit Agricole on the sale, it was reported.
Credit Agricole may consider selling more of the stake, valued at SAR 10 billion, in the future.
The stake sale will be part of Credit Agricole’s plans to cut costs and refocus on its key markets to boost growth.
Saudi Arabia’s General Organization of Social Insurance (GOSI) owns a 13.299 percent in BSF, while a 9.83 percent stake is owned by Rashed A. Al Rashed & Sons. Co.
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