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Credit Agricole to sell Bankinter shares

Source: Reuters - Fri 25th Jan 2013
Credit Agricole to sell Bankinter shares

French bank Credit Agricole said on Thursday that it planned to cut its 15.1% stake in Spain's Bankinter by around one-third.

The bank will own about 9.9% of the Spanish lender once it has sold the 29.3 million shares, Credit Agricole said in a statement.

"This offering is a private placement to institutional investors, as part of an accelerated bookbuilding process," the French bank said.

Bankinter posted a 31% fall in 2012 net profit earlier on Thursday and warned that its bad loans could hit 5% of total loans this year, up from 4.28% at the end of 2012.

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