Credit Agricole exits Saudi Arabia with $386m Fransi sale

Credit Agricole exits Saudi Arabia with $386m Fransi sale

About 48.3m shares were sold at 30 riyals each as the stock closed at 32.20 riyals on Sunday

Credit Agricole has sold the final portion of its stake in Banque Saudi Fransi, bringing to an end the French lender's decades-long investment in one of the kingdom's largest corporate banks, according to a person familiar with the deal.

The transaction was completed on Sunday and was valued at about 1.4 billion riyals ($386 million), according to information on the Saudi stock exchange's website, which didn't disclose the seller or the buyer of the stake.

The deal will give Kingdom Holding a 16.2 percent stake in Fransi, making Alwaleed the biggest single investor

About 48.3m shares were sold at 30 riyals each. The stock closed at 32.20 riyals on Sunday.

Credit Agricole declined to comment on the