March 30 (AFP) - A mutually released statement revealed that the bank BNP Paribas has sold its 37.1% stake it had held in the Groupe Galeries Lafayette to the Moulin family who now own 100% of the group. The exact total cost of the transaction has not been confirmed.

BNP Paribas ends its involvement with the Galeries Lafayette - Photo : AFP

The statement also confirmed that Groupe Galeries Lafayette and BNP Paribas will continue their partnership in consumer credit through the control group LaSer.

Until now the Moulin family had held a 62.9% stake in the Groupe Galeries Lafayette. BNP Paribas joined up with Moulin in 2005 and acquired 37.1% in a takeover bid.
BNP Paribas, which invested €585 million and organised a loan of €1.6 billion for Moulin to help finance the takeover bid, added that they had wanted to stay “5 to 10 years” in the Groupe Galeries Lafayette.

The Groupe Galeries Lafayette is the owner of the eponymous department store, of BHV and of LaSer. It is also joint-holder of the chain Monoprix with the distributor Casino. In 2007 its turnover was €4.8 billion.