Credit Agricole SA (CAGR.PA) confirmed on Tuesday confirmed plans to help finance dividends and bolster finances through the selling of stakes in over thirty six regional banks.

This deal, which is estimated to be worth 17bn euros, has been promised to “reinforce the flexibility of Credit Agricole SA allowing the acceleration of the prudential objectives as announced on Dec. 22, and the improvement of the quality of its capital,” according to the bank in a statement.

The company’s stock have increased by 6% in early trade.

 

19/01/2016