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This is an archive article published on March 10, 2011

Ambani,ICICI eye Cheuvreux,CLSA buy?

French bank Credit Agricole is mulling the outright sale of its Cheuvreux and CLSA brands.

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French bank Credit Agricole is mulling the outright sale of its Cheuvreux and CLSA brokerage brands if partnership talks with Chinese group Citic fail,French daily ‘La Tribune’ reported on Thursday.

ICICI Bank is interested in the acquisition and the holding company of billionaire Anil Ambani too is interested in the brands,which would be worth about 2.5 billion euros ($3.5 billion),the paper said,citing unnamed sources.

A spokeswoman for Credit Agricole,France’s third-biggest listed bank,said it never commented on rumours and speculation.

Credit Agricole is a week away from unveiling a turnaround plan under new management as it seeks to return to its agricultural roots.

The group began talks with Citic Securities in May to create a broker and investment bank to chase growing opportunities in Asia,but the completion date for an agreement was pushed back by six months to June this year.

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