Credit Agricole offers to buy Italian bank Creval

A Credit Agricole sign is pictured on a building of the bank in Geneva

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.

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