confirmedApril 6 that a proposed transaction aimed at simplifying the group's shareholding structure shouldtake place during the third quarter.
The transaction will involve the transfer of the cooperativeinvestment certificates and cooperative associate certificates issued by thegroup's regional banks and held by toSACAM Mutualisation, an entity to be wholly owned by the regional banks for thepurpose of pooling part of their earnings.
Theconfirmation followed French regulator AMF's same-day decision that there wasno requirement to launch a public buyback offer over Crédit Agricole's sharesin connection with the planned simplification.
Oncethe bank's consultation with employee representatives has been completed, thetransaction will pave the way for the implementation of its and strengthen itsprudential situation and improve the quality of its capital, the parent groupsaid.
Accordingto Crédit Agricole Group, the reclassification operation combined with theoperating outlook for regional banks means that they can expect growth inaggregate net income under French accounting standards of about 10% by 2019.