PARIS: French bank Credit Agricole said on Tuesday it had agreed to sell its 50 percent stake in Belgian bank Crelan, Belgium's seventh-largest banking group, to Belgian cooperative banks.
Credit Agricole, France's third-largest bank, declined to give any financial details of the deal, set to close in June.
The transaction was estimated earlier this year to be worth 350-400 million euros ($483-$552 million).
Crelan, which controls Europabank, Crelan Insurance and Keytrade Bank in Belgium, has some 1.2 million customers, over 900 branches and about 19 billion euros of deposits.
The remaining 50 percent of Crelan is in the hands of a Belgian consortium, including agricultural cooperatives.
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