Canaccord Genuity advises Abbey on its disposal of Eole Finance to Credit Mutuel
On 3 December 2004 Abbey plc announced the disposal of Eole Finance, its French consumer credit subsidiary, to Financo, the consumer credit arm of Group Crédit Mutuel Arkéa. Eole Finance provides consumer credit related to company savings schemes. It has total assets of 114 million and employs 37 people based in Paris. The deal was part of Abbey's strategy of focusing solely on providing personal financial services in the U.K. and completed the sale of all Abbey's business activities in France.
Abbey appointed Canaccord Genuity to assist in the disposal of the French businesses. This transaction represented the third and final stage in the realisation of this overall strategic goal, following the disposal of Royal Saint Georges Banque to GE Capital Bank in December 2003 and the disposal of Abbey National France to BNP Paribas in November 2004.
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