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Crédit Agricole S.A. has today announced that it has reached an agreement with Intesa Sanpaolo S.p.A., a longstanding partner of the Group, increasing the total size of its network in Italy to over 900 branches. This move will go hand-in-hand with new arrangements concerning Crédit Agricole S.A.'s longstanding shareholding in Intesa Sanpaolo S.p.A.
Crédit Agricole S.A. has indicated that it will present a list at Intesa Sanpaolo S.p.A.'s Annual General Meeting on 28 April 2010 allowing it to gain representation on Intesa Sanpaolo S.p.A's Supervisory Board and exercise the voting rights attached to its longstanding shareholding until 30 June 2011.
Since Crédit Agricole S.A. intends to protect the Group's financial interests, it has not committed itself to a sale by any specific date excluding the portion over and above its longstanding interest, i.e. an 0.8 per cent stake that is expected to be sold in the next months.
These two proposals form part of a package sent by Intesa Sanpaolo S.p.A to the Italian Antitrust authority, which have validated it. The Antitrust authority' decision to approve this package was made possible notably by the quality of the relationship forged between Crédit Agricole S.A. and Intesa Sanpaolo S.p.A. over a number of years.