Credit Lyonnais To Sell Swedish Subsidiary

Frances Credit Lyonnais said on Tuesday it is selling its specialised Swedish retail banking subsidiary Credit Lyonnais Bank Sverige AB to Trygg Banken AB of Sweden.

The agreement, which is subject to approval by national supervisory authorities, is part of the banks move to shift the focus of its non-French operations to wholesale banking.

In financial terms, the divestment will have a neutral impact on the Credit Lyonnais balance sheet in 1997, the bank said in a statement.

Credit Lyonnais Bank Sverige was set up in 1986 and since 1992 has specialised in retail banking operations mainly involving savings products and services.

 

At December 31 last year total assets amounted to 1,362 million French francs, total banking income 26 million French francs and net income eight million French francs.

In future Credit Lyonnais intends to focus its efforts on major Swedish and international corporates via its Credit Lyonnais Bank filial unit established in 1993 which also covers Norway and Finland, it said.

Alongside its mainstream commercial banking business, the aim is to develop export finance, international cash management and corporate finance operations which have traditionally been among its key strengths in Scandinavia.