Cleary takes top role on French bank bailout
Cleary Gottlieb Steen & Hamilton has landed a lead advisory role as two leading French banks take up more than €5bn (£4.5bn) worth of state aid, in a deal that closed yesterday (11 December). The Wall Street firm acted for European banking giant BNP Paribas and France's largest retail bank Credit Agricole as they issued €2.55bn (£2.28bn) and €3bn (£2.7bn) worth of securities respectively.The securities were issued to an entity established by the French State as part of plans to aid its stricken banks. Four other banks issued securities simultaneously, including Societe Generale and Credit Mutuel. In total, €10.5bn (£9.4bn) was injected into the banks.
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