Two block trades in Crédit Lyonnais have driven shares in the French banking group more than 5% higher, as BNP Paribas and Crédit Agricole step up their battle for control of the group.

In pre-market trading, a block of 11.7m shares in Crédit Lyonnais, representing more than 3.3% of its share capital, changed hands at €56 a share - just below the €58 paid by BNP Paribas last month in the snap auction of the French state's remaining stake. A further block trade of 2.2 million shares was executed at €55, representing 0.6% of the company's shares.