Deal is expected to complete in the second half of 2021
Credit Agricole subsidiary Indosuez Wealth Management has agreed to sell its Brazil business to Banco Safra for an undisclosed sum.
The completion of the transaction, which is subject to regulatory approval, is expected in the second half of 2021.
The firm said: “Having carefully evaluated all bids received, Banco Safra’s was the best one thanks to its deep roots and long-term vision in the region, where Banco Safra is the seventh largest bank.
“Indosuez is confident that Banco Safra will continue its legacy of putting the interests of clients first.”
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Operator
Good morning, ladies and gentlemen, and thank you for holding. At this time, we would like to welcome you to the GPA conference call to present the Earnings Results for the Fourth Quarter 2020. This event is being broadcast simultaneously through Internet through a video conference and can be accessed at www.gpari.com.br, where the respective presentation is available. You can flip through the slides at your convenience. The replay of this event will be available soon after closing. We would like to inform you that the press release on the company s results is also available on the IR site. This event is being recorded. [Operator Instructions]