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Banque Populaire Buys Foncia Stake

French mutual bank Groupe Banque Populaire said Monday it has agreed to buy a 61 % stake in French real-estate business Foncia Groupe for around 800 million euros ($1 billion)

The bank said the move was part of a strategy aimed at increasing its range of services. Banque Populaire plans to offer banking and insurance products to Foncia clients.

The bank is buying the stake from Foncia founder Jacky Lorenzetti, who will continue to own around 7 % of Foncia's capital.