French bank Credit Agricole on Monday said its Italian subsidiary launched an offer to buy Italian bank Credito Valtellinese (Creval) in cash.
The bank said in a statement that Credit Agricole Italia was offering 10.50 euros ($12.47) per share to acquire Creval.
Credit Agricole said the offer corresponds to an investment of 737 million euros ($875 million).
Its insurance unit Credit Agricole Assurance will sell its 9.8% stake in Creval to Credit Agricole Italia, the French lender said.
Algebris has also committed to sell its 5.4% stake in Creval to Credit Agricole Italia.