Following discussions started earlier this year, Credit Agricole and Euler Hermes confirm that they have signed an agreement for the acquisition by Credit Agricole of Euler Herm és 49.09% participation in factoring company Eurofactor.


The transaction, planned to be realised by the end of 2004 and which still has to be approved by the competent regulatory authorities, will be based on a Eurofactor valuation of  €383mn. Credit Agricole will then own 98.2% of Eurofactor.


After the transaction, the bank will become leader in the French factoring market and one of the leading players in Europe through its two subsidiaries Transfact and Eurofactor.


Euler Hermes and Credit Agricole, part of the Calyon group, will continue their business relationships in factoring and credit insurance, both in France and abroad (UK, Belgium, Germany, Spain and Portugal).
Eurofactor is one of the European leaders in factoring business with a factored turnover of  € 21bn in 2003.