Japan's Norinchukin invests in France's Credit Agricole

0 Comments | AFP, October, 2008

TOKYO (AFP) — Norinchukin Bank said Friday it had invested 30 billion yen (285 million dollars) in France's Credit Agricole SA, becoming the latest Japanese bank to buy into a struggling Western counterpart.

Norinchukin said it had acquired a 0.5 percent stake in Credit Agricole under an agreement with France's biggest retail bank, whose profits have been hit hard by the global financial crisis.

Norinchukin, the bank for agricultural, forestry and fishermen's cooperatives in Japan, bought the shares on the market so the move will not raise any fresh capital for Credit Agricole.

The two banks said they would consider ways to strengthen cooperation in their international operations.

"A closer partnership will allow collaboration on issues that are...