Crédit Agricole's
purchase of the interest that Euler Hermes held in EUROFACTOR's
capital now means that the "green bank" is shareholder
at 100% in the commercial finance specialist. Crédit
Agricole were already active in this sector with their subsidiary
Transfact and they now become the primary French actor in
the factoring market.
The combined factored turnover of EUROFACTOR
and Transfact is in excess of 27 billion Euros for the account
of more than 5000 clients.
Working groups bringing together experts
from the 2 companies are discussing different possible scenarii
for the merger. The first elements of the new organisation
of Crédit Agricole's commercial finance entity will
be announced during the second quarter of 2005.
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