Morocco's Attijariwafa Bank buys French Credit Agricole stakes in Africa

　 RABAT, Nov. 26 (Chinese media) -- France's retail bank, Credit Agricole,

signed Tuesday an agreement with Morocco's Attijariwafa Bank to sell its stakes

in some African branches to the Moroccan bank, local MAP news agency reported on

Wednesday.

The transaction includes selling assets in Congo, Cameroon, Gabon, Senegal

and some other countries for a global amount of 250million euros, the report

said. (one U.S. dollar=1.29 euros)

In tern, Credit Agricole will purchase another 24 percent of Credit du

Maroc, held by Wafa Assurance (the insurance branch of Attijariwafa Bank) for

144 million euros to raise its share in thebank to 77 percent.

Credit Agricole's company, Sofinco, will also buy 15 percent of Wafassalaf

to raise its share to 49 percent in this consumer credit bank.

The agreement will be finalized in early 2009 after obtaining the required

authorizations from the competent authorities, the report noted.

Credit Agricole said it aims to become by 2010, the fifth largest banking

in Morocco in terms of consumer credit, General Manager Georges Pauget was

quoted as saying.