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The Bank of Spain today announced the authorisation for Credit Agricole S.A. to take a significant stake in Bankinter. The Bank of Spain's decision will allow Credit Agricole S.A. to finalise the acquisition of 14.66 per cent in Bankinter from Ramchand Bhavnani. This stake is in addition to the 4.75 per cent bought in the market by Credit Agricole S.A. in recent months. In addition the Bank of Spain has also authorised Crédit Agricole S.A. to increase its stake to the level requested.
This transaction is in line with Crédit Agricole S.A.'s strategy to strenghten its presence in the European banking market and in particular in the Spanish market.
Credit Agricole S.A. welcomes and is very pleased with the decision of the Bank of Spain and now wishes to establish an ongoing longterm dialogue with the management of Bankinter, as well as with other shareholders.