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Japan's Norinchukin buys stake in Credit Agricole

Japan’s Norinchukin Bank said Friday it has acquired a 0.5 percent stake worth about about 30 billion yen, or $286 million, in France’s Credit Agricole SA, which has been shoring up its capital base after being hit by U.S. credit-related losses. Norinchukin’s stake in one of Europe’s largest financial institutions, for 12.7 million common shares in Credit Agricole, is an extension of a longtime partnership with the French bank, Norinchukin spokesman Yasushi Seko said. The Japanese bank said in a statement that it will work with Credit Agricole globally in making investments. Full Story

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