Shearman & Sterling has advised Société Générale in connection with the acquisition of Dexia’s 20% stake in Crédit du Nord for an amount of €645 million for the banking activities of Crédit du Nord and €31 million for Crédit du Nord’s asset management subsidiary, Etoile Gestion.  Société Générale now owns 100% of Crédit du Nord.  This acquisition has been financed by Société Générale’s recent €4.8 billion capital increase on which Shearman & Sterling also advised Société Générale.

Simultaneously, Dexia purchased Crédit du Nord’s 20% stake in Dexia Crédit Local de France Banque for an amount of €13 million.