Canvassing On For Credit Lyonnais Sale

Goldman Sachs, the US investment bank advising the French government on Credit Lyonnais, has contacted big banks, including Barclays. It is thought to have been told that the bank is unsaleable in its current shape. The French government, which has injected subsidies of FFr49bn (5.8bn) to rescue it from losses following its uncontrolled expansion in the 1980s, has said it intends to privatise the bank as rapidly as possible. The banks approached are thought to have insisted that they would only consider taking control of Credit