Credit Agricole to sell to AXA PE

Credit Agricole has entered into exclusive discussions with AXA Private Equity with a view to the disposal of part of the bank’s private equity portfolio. The transaction is in line with Credit Agricole Group’s strategy of reorganising its investment activity to reduce its exposure to unlisted investments. Terms of the transaction have not yet been disclosed.

Calyon, Crédit Agricole Group’s Corporate and Investment Bank, was created in May 2004 by the transfer of Crédit Lyonnais’ corporate and investment banking division to Crédit Agricole Indosuez.

The disposal will not affect Calyon’s strategy towards investment funds, which continue to form part of its priority clients at a global level. Calyon will remain active in acquisition finance in France, Europe and the US.