July 4, 2018 / 2:28 PM / 4 months ago

Credit Agricole says no plans to sell Polish banking unit

PARIS, July 4 (Reuters) - Credit Agricole SA said on Wednesday it doesn’t intend to sell its banking unit in Poland after two sources in Warsaw said the French bank believed its bank there lacked the necessary size to compete with larger local players.

“We don’t plan to sell our bank in Poland,” a spokeswoman for Credit Agricole said.

Given its relative lack of clout in the fragmented Polish banking industry, Credit Agricole is seen as facing a choice between selling up or making an acquisition to strengthen its position.

Last month Reuters reported that Credit Agricole was among investors interested in buying Societe Generale’s Polish unit Eurobank, which also struggles to compete with bigger players.

Credit Agricole on Wednesday declined to comment on whether it was interested in buying Eurobank. (Reporting by Inti Landauro and Marcin Goclowski and Pawel Sobczak)

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