DUBAI, Sept 28 (Reuters) - Credit Agricole CIB has
sold its remaining 4% stake in Banque Saudi Fransi to
two Saudi government-related institutional investors in a deal
worth 1.45 billion riyals ($387 million), the French bank said
Credit Agricole started the sale of its 31% stake in Banque
Saudi Fransi, valued at nearly $2.4 billion, in 2017.
The move came as banks around the world sold minority stakes
in other lenders amid new global rules requiring them to hold
more capital against those holdings.
Two Saudi government-related institutional investors paid 30
riyals per share for Credit Agricole's remaining 4% stake, the
bank said in a statement, without naming them.
"Crédit Agricole CIB remains highly confident in Saudi
Arabias economic perspectives ... and plans to further develop
its direct presence to extend its activities in the country,"
Jacques Ripoll, chief executive officer of Crédit Agricole CIB,
said in the statement.
The bank has started a process to apply for a licence that
would allow it to operate in Saudi capital markets, he said.
($1 = 3.7506 riyals)
(Reporting by Davide Barbuscia; editing by Jason Neely and Mark