Crédit Agricole Group and Bank Sarasin and Co. Ltd sign an agreement for Crédit Agricole Luxembourg to acquire Luxembourg-based Bank Sarasin Europe S.A.

Crédit Agricole Luxembourg, a subsidiary of Crédit Agricole Group, has signed an agreement today with Bank Sarasin and Co. Ltd, based in Basel, Switzerland, with a view to acquiring Sarasin's Luxembourg-based subsidiary, Bank Sarasin Europe S.A.

Once the acquisition goes through, subject to regulatory approval, Bank Sarasin Europe S.A. and Crédit Agricole Luxembourg are scheduled to merge by mid-2008. This gradual process will allow business to continue as usual and enable the two companies' teams to amalgamate under optimum conditions. Moreover, customers will keep their existing banking relationship officers...