Prince Alwaleed’s extensive portfolio already includes stakes in other banks.
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After struggling to find an international buyer, Credit Agricole SA is selling half its stake in Banque Saudi Fransi to billionaire Prince Alwaleed bin Talal at a discount. Alwaleed will buy 16.2 percent of Banque Saudi Fransi from the French lender through his Kingdom Holding Co. in a deal valued at $1.54 billion, a statement on the Saudi bourse said Tuesday. Kingdom Holding, in which Alwaleed owns 95 percent, is also an investor in News Corp., Twitter Inc., JD.com Inc., the Four Seasons hotel chain and Accor Hotels.The lender's corporate and investment bank has an option to sell an additional 5 percent and is committed to keep a stake of at least 9.9 percent for a year after the deal.Credit Agricole rose 0.8 percent to 15.15 euros in Paris trading by 11:58 a.m. Shares of France's second-largest bank are up about 29 percent this year, outpacing the 7 percent gain of Europe's 45-member STOXX 600 Banks Index.
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