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Credit Agricole Bids for Private Bank

Contributing Editor

18 April 2006

Credit Agricole is one of the candidates for the acquisition of Spanish private bank Banco Urquijo, according to a report in Les Echos. Owned by Belgian financial services firm KBC and part of the European private banking KBL network, at least two other bidders are interested in buying the Madrid-based bank. They include Deutsche Bank and Santander. Sources close to Banco Urquijo say the bank is likely to sell for at least €700 million ($858 million), double the price paid three years ago by KBC. The bank is coveted mainly for its private banking activities, although it is also a major player in the Spanish mutual fund business with around €3.6 billion under management.