France’s Crédit Agricole Acquires Germany’s IKB

During the financial crisis, the U.S. private equity firm Lone Star acquired Deutsche Industriebank (IKB) in 2008. An intended resale failed to materialize for a long time. Now Crédit Agricole is taking over the financial institution—apparently outbidding Helaba, which was also interested. Düsseldorf-based IKB, which following a downsizing now has just 600 employees, fits into the French bank’s growth strategy…