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Another major step forward in Crédit Agricole's expansion in Italy
As planned, Crédit Agricole is pursuing its expansion strategy in Italy with the acquisition by Cariparma Crédit Agricole of a 79.9% stake in Cassa di Risparmio della Spezia from Intesa Sanpaolo S.p.A. . The acquisition was finalised on 3 January 2011, in accordance with the agreement signed on 17 February 2010.
Cassa di Risparmio della Spezia operates a network of 76 branches in Liguria, Tuscany and Emilia-Romagna.
With a view to extending this network, it is also planned that Intesa Sanpaolo S.p.A will transfer 96 branches to Cariparma Crédit Agricole within the next few months. These branches are located in the main regional cities of Lombardy, Latium, Tuscany and Veneto.
Further to these two deals, the Crédit Agricole Group will have a network of 902 retail banking branches in Italy. Cariparma Crédit Agricole will thereby enlarge its retail client base by around twenty five percent, with a total of 1.8 million clients, and become the seventh-largest banking group in Italy. With all of its activities in Italy - banking, insurance, asset management, corporate and investment banking, leasing and factoring, and specialised financial services - the Crédit Agricole Group is now one of the major players in the Italian banking market.