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Partnership agreement between Casino and Groupe Crédit Mutuel-CIC

Casino announced today that it has signed a long-term partnership agreement with Groupe Crédit Mutuel-CIC to develop financial products and services in France through its Banque Casino subsidiary.

Under the terms of the agreement, Groupe Crédit Mutuel-CIC will acquire a 50% stake in Banque Casino, which is currently 60% owned by Casino and 40% by LaSer Cofinoga. Casino has exercised its call option on LaSer Cofinoga’s shares, which along with 10% of Casino’s current stake, will be sold to Crédit Mutuel. The transaction is expected to be completed over the next 18 months.

This project is subject to approval by regulatory authorities.

Founded in 2001, Banque Casino provides consumer loans and insurance/personal risk products to Géant, Casino Supermarkets and Cdiscount customers. The bank serves nearly one million clients and has approximately €1 billion in loans outstanding.

Saint-Etienne, 27 July 2010

 

Investors Contacts
Nadine COULM, +33 (0)1 53 65 64 17, ncoulm@groupe-casino.fr
Aline NGUYEN, +33 (0)1 53 65 64 85, anguyen@groupe-casino.fr

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