Crédit Agricole has taken another step towards its long-awaited initial public offering by presenting the details of the transaction to analysts for the first time.

The bank, which is expected to be valued at between €18.3bn ($16.3bn) and €19.8bn, called bank analysts from across Europe to a full day meeting in Paris to outline the details of the IPO and the structure of the vehicle that will be quoted. The analyst presentation is being led by Jean Laurent, head of Crédit Agricole.