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Bond Market News
Credit Agricole Emerges Leading Bidder for SocGen’s Hanseatic Bank
July 11, 2024
Credit Agricole is said to be in advanced talks for the potential acquisition of Hanseatic Bank, as per sources. Hanseatic bank, the German consumer finance arm of SocGen is valued at more than €600mn ($650mn). Credit Agricole is currently negotiating terms of a potential deal as it emerged as a frontrunner after other suitors fell away. However, SocGen might choose to keep the business if it can’t fetch a high enough price. It is to be noted that there is no guarantee that the deal will go through, the sources added.
Credit Agricole’s dollar bonds were trading stable with its 8.125% Perp at 102.2, yielding 6.51%
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