Alwaleed to buy half Credit Agricole’s stake in Banque Saudi Fransi at a discount:Saudi businessman Alwaleed bin Talal’s Kingdom Holding Company is buying 16.2% of Banque Saudi Fransi from Credit Agricole Saudi Arabia, “at a discount,” in a USD 1.54 bn transaction, Bloomberg reported yesterday. The transaction sets Banque Saudi Fransi’s share price at SAR 29.5, 11% lower than Monday’s closing price. Credit Agricole had reportedly tried to sell its full 31% stake in the bank back in March and it’s not alone. “International banks are grappling with how to approach the Middle East’s biggest economy, which blocks foreign control of local lenders,” the news website notes. Bloomberg BusinessWeek uses the transaction to note that while changes in KSA’s economy have global investment bankers lining up for their chance to sup at the trough of Gulfie fees, “those taking on actual credit risk in the local economy are less enthralled” — and are heading for the exits.