Credit Agricole completes exit from Saudi Fransi

Credit Agricole Bank has completed the exit process of its investment in Banque Saudi Fransi, after it sold the last part of its share, worth 1.4 billion riyals, or about $ 386 million. .

According to Arabiya Net, the deal was concluded at 30 riyals per share, noting that the Saudi Fransi stock closed yesterday at 32 riyals and 20 halalas.

It is worth noting that Credit Agricole gradually exited from Banque Saudi Fransi three years ago, and it sold a 16% stake, or about half of its stake at the time - to Kingdom Holding Group in 2017. .

followed by a series of smaller deals with a consortium led by the US company Rebel Wood.

The quarterly profits of Banque Saudi Fransi in the second quarter of 2020 fell to 437 million riyals, compared to 804 million riyals, in the second quarter of 2019, down 45.6%.

and compared to the profits of the previous quarter, the bank's profits decreased by 35.7%, to 682 million riyals.

The net income of special commissions / financing and investments in the second quarter was 1.297 billion riyals, compared to 1.298 million riyals, in the corresponding period of last year, a slight decline of 0.07%.

The value of profits in the first six months of 2020 amounted to about 1.1 billion riyals, compared to 1.7 riyals, in the corresponding period of 2019, a decrease of 34.9%.

This increase in total operating expenses is mainly due to the increase in the provision for credit losses, the provision for losses in the value of other financial assets, in addition to the salaries and expenses of employees, which was offset by a partial decrease In other operating, general and administrative expenses

At the same time, the total operating income increased and the main reason was the rise in trading income, foreign exchange income and other operating income, which was offset by a partial decrease in fee and commission income.