75% stake in Lukas costs Credit Agricole $262.5 million

After numerous attempts to enter the Polish financial services market, French bank Credit Agricole (CA) has purchased a 75% stake in Polish Lukas group for $262.5 million and gained control over Lukas SA, the leader on the loan intermediary market, and Lukas Bank. Despite the high price tag, the deal came as no surprise as it was one of the last remaining chances for the French to enter Poland at all. CA, which had originally valued the group at $300 million, bought the stake from Polish equity Fund I and II, the largest venture funds operating in Central Europe, and several private investors. Twenty-five per cent of the Lukas shares will remain in the hands of Maciej Lukasiewicz, one of the founders of the group, who says he never considered withdrawing from the investment, but rather kept looking for a good partner. CA managing director Gilles Gramat would not disclose details concerning CA’s policy towards Lukas, but it is clear the brand will remain on the market and its CEO will be a Pole. According to specialists, the purchase is CA’s beachhead for conquering the sector in Central and Eastern Europe. CA had previously tried to purchase Bank Handlowy and Bank Zachodni. (Gazeta Wyborcza, p.20; Puls Biznesu, p.8) J.K. 75% stake in Lukas costs Credit Agricole $262.5 million After numerous attempts to enter the Polish financial services market, French bank Credit Agricole (CA) has purchased a 75% stake in Polish Lukas group for $262.5 million and gained control over Lukas SA, the leader on the loan intermediary market, and Lukas Bank. Despite the high price tag, the deal came as no surprise as it was one of the last remaining chances for the French to enter Poland at all. CA, which had originally valued the group at $300 million, bought the stake from Polish equity Fund I and II, the largest venture funds operating in Central Europe, and several private investors. Twenty-five per cent of the Lukas shares will remain in the hands of Maciej Lukasiewicz, one of the founders of the group, who says he never considered withdrawing from the investment, but rather kept looking for a good partner. CA managing director Gilles Gramat would not disclose details concerning CA’s policy towards Lukas, but it is clear the brand will remain on the market and its CEO will be a Pole. According to specialists, the purchase is CA’s beachhead for conquering the sector in Central and Eastern Europe. CA had previously tried to purchase Bank Handlowy and Bank Zachodni. (Gazeta Wyborcza, p.20; Puls Biznesu, p.8) J.K. 75% stake in Lukas costs Credit Agricole $262.5 million After numerous attempts to enter the Polish financial services market, French bank Credit Agricole (CA) has purchased a 75% stake in Polish Lukas group for $262.5 million and gained control over Lukas SA, the leader on the loan intermediary market, and Lukas Bank. Despite the high price tag, the deal came as no surprise as it was one of the last remaining chances for the French to enter Poland at all. CA, which had originally valued the group at $300 million, bought the stake from Polish equity Fund I and II, the largest venture funds operating in Central Europe, and several private investors. Twenty-five per cent of the Lukas shares will remain in the hands of Maciej Lukasiewicz, one of the founders of the group, who says he never considered withdrawing from the investment, but rather kept looking for a good partner. CA managing director Gilles Gramat would not disclose details concerning CA’s policy towards Lukas, but it is clear the brand will remain on the market and its CEO will be a Pole. According to specialists, the purchase is CA’s beachhead for conquering the sector in Central and Eastern Europe. CA had previously tried to purchase Bank Handlowy and Bank Zachodni. (Gazeta Wyborcza, p.20; Puls Biznesu, p.8) J.K.