Ripplewood and Olayan completed the acquisition of 10.9% stake in Banque Saudi Fransi from Credit Agricole for $1.1bn.

Private equity firms Ripplewood and Olayan Saudi Investment completed the acquisition of a 10.9% stake in Banque Saudi Fransi, a banking company from Credit Agricole, for $484m. "Crédit Agricole CIB remains highly confident in Saudi Arabia’s economic perspectives, in the wake of Vision 2030, and plans to further develop its direct presence and extend its activities in the country," Jacques Ripoll, Crédit Agricole CIB Chief Executive Officer.