Published on 22 July 2013

Credit Agricole’s tough time selling BNI

Crédit Agricole’s tough time selling BNI

The French bank has been trying to sell its stake in BNI Madagascar for some time. It thought it had found a solution when it signed an agreement to sell to Indian Ocean Holdings (IOFH), a consortium consisting of Bank One, Ciel Investment and Hassanein Hiridjee, a French businessman resident in Madagascar. But this deal hit upon resistance from the Malagasy State, which has still not approved the sale. If the deal is not approved by the 5 September deadline, it will expire. We take stock of the various moves in this long-running bank saga, complete with the relevant documents.

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