Baker McKenzie has advised the bank Crédit Agricole on the sale of its investment in CPoR Devises, a specialist in foreign currency and gold processing, to the Loomis group.
The latter has acquired 100% of the company, which was 20% owned by Crédit Agricole with the remaining 80% stake owned by Tessi, a leading player in the processing of flows in Europe.
The acquisition came into effect on December 31, 2018 following the non-opposition decision by the European Central Bank on December 17 of last year.
CPoR Devises ensures the liquidity of the French foreign exchange and gold markets. The company’s head office is situated in Paris and it has establishments in Lyon, Marseille and Nice. With this transaction, Loomis consolidates its active role on the exchange market in France, considered as one of the most touristic markets in the world, and acts as a local distributor of currency for banks and other clients.
Baker McKenzie advised Crédit Agricole with a team including Stéphane Davin, partner, and Paul Nury, associate.