Cleary Gottlieb advised Crédit Agricole in a transaction, announced on February 17, 2016, and closed on August 3, 2016, that aimed to simplify the structure of the group.
The transaction consisted of a transfer of the cooperative investment certificates and cooperative associate certificates (CCI/CCAs) issued by the regional banks and held by Crédit Agricole S.A.
These CCI/CCAs were transferred to SACAM Mutualisation, an entity wholly owned by the regional banks for the purpose of pooling part of their earnings. The final transfer price is equal to €18.542 billion (taking into account the impact of the agreed-upon price adjustment mechanism).
This transaction paves the way for an ambitious medium-term plan focused on organic growth and profitability improvement. It aims to simplify the group’s structure and make it more transparent, in accordance with the expectations of the regulatory supervisor.