Japan's Norinchukin in deal with France's Credit Agricole
Japan's Norinchukin Bank has worked out a deal to invest in France's biggest retail bank Credit Agricole SA, which has been hit hard by the global financial crisis, a company official said.
By Agencies |
TOKYO: Japan's Norinchukin Bank has worked out a deal to invest in France's biggest retail bank Credit Agricole SA, which has been hit hard by the global financial crisis, a company official said.
Japan's Jiji Press and Kyodo News said that the Japanese bank would invest 30 bn yen (286 mn dollars) to take a 0.5 per cent stake in Credit Agricole and would look at joint investments in Asia and Europe.
A Credit Agricole official in Tokyo confirmed to media that the two companies had a deal but declined to give details. The two companies were soon expected to hold a news conference.
Norinchukin Bank, which was founded in 1923 and privatised in 1959, is the bank for agricultural, forestry and fishermen's cooperatives in Japan.
Credit Agricole has been hit hard by the global crisis stemming from the collapse of subprime housing loans in the United States. It announced 500 job cuts last month.
Japanese banks, which have been more risk-averse than US and European banks, have extended their reach during the ongoing global crisis.
Mitsubishi UFJ Financial Group is buying 21 percent of troubled Wall Street titan Morgan Stanley while Japan's top brokerage Nomura Holdings is taking over the Asian, European and Middle Eastern operations of collapsed Lehman Brothers.
Japan's Jiji Press and Kyodo News said that the Japanese bank would invest 30 bn yen (286 mn dollars) to take a 0.5 per cent stake in Credit Agricole and would look at joint investments in Asia and Europe.
A Credit Agricole official in Tokyo confirmed to media that the two companies had a deal but declined to give details. The two companies were soon expected to hold a news conference.
Norinchukin Bank, which was founded in 1923 and privatised in 1959, is the bank for agricultural, forestry and fishermen's cooperatives in Japan.
Credit Agricole has been hit hard by the global crisis stemming from the collapse of subprime housing loans in the United States. It announced 500 job cuts last month.
Japanese banks, which have been more risk-averse than US and European banks, have extended their reach during the ongoing global crisis.
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Mitsubishi UFJ Financial Group is buying 21 percent of troubled Wall Street titan Morgan Stanley while Japan's top brokerage Nomura Holdings is taking over the Asian, European and Middle Eastern operations of collapsed Lehman Brothers.
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