Representatives of pan-European bank Credit Agricole SA (Paris:ACA) visited Israel this week. Credit Agricole (Swiss) head of clientele, private banking Guillaume Lejoindre said that the bank planned to invest in Israeli venture capital and private equity funds. He made the comment during the “Israel-France business cooperation” conference at the Israel Museum.
Credit Agricole is the world’s seventh largest bank, and the second largest foreign bank in Switzerland. It manages over $2 billion in private equity funds. The bank has not made any investments in Israel to date. Lejoindre said that the bank believes in Israeli high-tech, and wants to participate in it.
Lejoindre did mention any names of a specific venture capital fund for investment. However, during meetings with Israeli funds, the representatives said that the bank was serious, and that it was examining options with its customers.
Credit Agricole is considering raising a fund for investment in Israel, either in venture capital funds or directly in companies.
Participants at the conference discussed various aspects of activity, such as taxation and financing of activity in France, and legal issues relating to the two countries. Amriam Porat, who is responsible for relations with the EU at Tel Aviv University, said, “France is the gateway to the EU for Israeli entrepreneurs. The reputation of Israeli start-ups opens doors in Europe, and not only in the US.”
Published by Globes [online], Israel business news - www.globes.co.il - on May 2, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007