Societe Generale and La Caixa take aim at ING Direct.
Publication: Europe Intelligence Wire
Publication Date: 31-MAR-06
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France's third-largest bank Societe Generale and Spain's largest savings bank La Caixa have entered into a joint venture agreement aimed at creating a new direct banking leader in France.
Under the terms of the agreement, Societe Generale's European online financial services arm Boursorama will acquire CaixaBank France in a deal that values the French subsidiary of La Caixa at E234 million ($283 million).
Boursorama will pay La Caixa E109 million in cash and pay the remaining E125 million in new...
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