30 Aug 2006

French bank refinances Tahiti's Socredo Bank

10:13 am on 30 August 2006

A private French commercial bank has signed an agreement with the Socredo Bank, loaning Tahiti's public development bank up to 39.4 million U.S. dollars in what was described as a "classic" refinancing operation.

The agreement, signed in French Polynesia, came on the eve of the scheduled capital entry in Socredo by the private French bank, known as BRED, one of France's biggest regional banks within the Banque Populaire Group.

The French bank will start off with a 15% stake.