Credit Agricole to Buy Credit Lyonnais

Credit Agricole agreed to buy the rest of Credit Lyonnais for about $16.4 billion, extending its lead in French consumer banking and thwarting rival BNP Paribas.

Credit Agricole has been competing for control of France’s No. 6 bank against BNP Paribas, the country’s top lender by assets. Buying Credit Lyonnais would add 6 million customers, corporate clients such as France Telecom and Vivendi Universal and more than 1,800 branches.