Bulletin: Credit Agricole Group Ratings And Outlooks Unaffected By Acquisition Of Three Italian Savings Banks

PARIS (S&P Global Ratings) Oct. 3, 2017--S&P Global Ratings said today that its ratings and outlook on Credit Agricole S.A. (A/Stable/A-1) and its related entities are unaffected by the announcement that Credit Agricole's Italian subsidiary, Credit Agricole Cariparma SpA, would acquire three Italian savings banks. Credit Agricole Cariparma agreed to acquire more than 95% of Cassa di Risparmio di Cesena SpA, Cassa di Risparmio di Rimini SpA, and Cassa di Risparmio di San Miniato SpA. We regard Italy as the group's second home market. The agreed purchase, which Credit Agricole expects to close by the end of 2017, will increase its customer base in Italy by about 20% without changing Credit Agricole Cariparma's geographic positioning. At year-end 2016, outstanding corporate

...PARIS (S&P Global Ratings) Oct. 3, 2017--S&P Global Ratings said today that its ratings and outlook on Credit Agricole S.A. (A/Stable/A-1) and its related entities are unaffected by the announcement that Credit Agricole's Italian subsidiary, Credit Agricole Cariparma SpA, would acquire three Italian savings banks. Credit Agricole Cariparma agreed to acquire more than 95% of Cassa di Risparmio di Cesena SpA, Cassa di Risparmio di Rimini SpA, and Cassa di Risparmio di San Miniato SpA. We regard Italy as the group's second home market. The agreed purchase, which Credit Agricole expects to close by the end of 2017, will increase its customer base in Italy by about 20% without changing Credit Agricole Cariparma's geographic positioning. At year-end 2016, outstanding corporate loans in Italy represented about 10% of Credit Agricole group's corporate exposures and outstanding retail loans in Italy represented around 8% of Credit Agricole group's retail exposures. Credit Agricole Cariparma accounts...

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