Credit Agricole nabs exclusivity for EFL leasing stake

French bank Credit Agricole (CA) has won exclusive negotiation rights to buy a majority stake in leasing company EFL, the largest company in that sector in Poland. It controls 17% of the market, and last year recorded a net profit of zl.110 million. CA, the largest French bank, is negotiating with private investor Leszek Czarnecki, who holds 64.4% of the leasing company's stake. The deadline for completion of negotiations is unknown. CA already proved its interest in the Polish market earlier this year when it paid zl.262 million to purchase 75% of shares in privately owned Lukas group. Until CA's recent spree, French financial institutions have been largely absent from the privatization of the banking sector in Poland over the last decade. Market analysts responded positively towards the French investment in EFL; head of analysis at CDM Pekao Artur Szeski emphasized that CA and EFL will create a strong company on the Polish financial services market. (Gazeta Wyborcza, p. 27; Puls Biznesu, p. 5; Reuters) A.D.