Credit Agricole may quintuple Resona stake -paper

alliance quintuple

(Adds comment from Resona spokesman)
TOKYO, May 4 (Reuters) - Credit Agricole SA (CAGR.PA: Quote, Profile, Research) may raise its stake in Japan’s Resona Holdings Inc (8308.T: Quote, Profile, Research) to up to around 5 percent from just under 1 percent, a Japanese newspaper reported on Sunday.
The additional investment may reach around 100 billion yen, and the French bank may acquire shares in Resona from the Japanese government, the Asahi Shimbun newspaper reported.
Resona spokesman Masaki Maekawa said nothing had been decided on the size or timing of the possible deal. No one at Credit Agricole could be immediately reached for comment.
Credit Agricole said last week it would consider raising its stake in Resona, as it looks to expand its position in the world’s second-largest economy.
The French bank won a regulatory approval last year to enter the Japanese life insurance market, aiming to tap growing demand for variable annuities and other retirement products.
Credit Agricole and Resona, which have been cooperating since 2002 in asset management and selling investment products, said in a statement they will expand their alliance to include insurance products and investment banking.
Resona is Japan’s fourth-largest bank, with a network of about 600 outlets across the country. (Reporting by Nathan Layne and Yuzo Saeki; Editing by Louise Heavens)

reuters.com


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This entry was posted on Friday, May 16th, 2008 at 6:32 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

6 Responses to “Credit Agricole may quintuple Resona stake -paper”

  1. Sinclair says on May 16th, 2008 at 7:45 pm :

    NICE TECHNO TRACK.

  2. Harry says on May 16th, 2008 at 8:35 pm :

    Thank you. A lot of people don’t think this is even possible. We need a middle-libertarian party to shake the two-party monopoly

  3. Careen says on May 16th, 2008 at 9:26 pm :

    AL Qaida fighters were no match for the Shiite group Hezbollah and were not ready to die.The main Lebanese political faction backed by the United States built a Sunni Muslim militia here under the guise of private security companies, Lebanese security experts and officials said. That Sunni Muslim militia is actually either AlQaida linked or sympathizers.( MS word 2003 recognises the spelling of Hezbullah but not al Qaida)

  4. Daquan says on May 16th, 2008 at 10:16 pm :

    Government itself is the disease.

  5. Modesty says on May 16th, 2008 at 11:07 pm :

    Did you ever see Life Force, the space vampire movie? Remember that scene where the minister (secretly infected himself) invites Miss Haversham into his office for a private conference?It’s that kind of alliance.