Norinchukin Bank has invested 30 billion yen ($285 million) in France's Credit Agricole, becoming the latest Japanese bank to buy into a struggling Western counterpart.
Norinchukin said it had acquired a 0.5% stake in Credit Agricole under an agreement with France's biggest retail bank, whose profits have been hit hard by the global financial crisis.
Norinchukin, the bank for agricultural, forestry and fishermen's co-operatives in Japan, bought the shares on the market so the move will not raise any fresh capital for Credit Agricole.
The two banks said they would consider ways to strengthen co-operation in their international operations.
