Time was when Credit Agricole expected 2012 to be the year Emporiki, its Greek subsidiary, finally turned a pre-tax profit.
Finally, we have seriously reiterated our request to take advantage of a direct financing line from the Greek Central Bank, via the ELA (emergency liquidity assistance), the public tool of access to banking liquidity...
That’s Crédit Agricole’s chief executive at Tuesday’s shareholder meeting, on the funding options for the bank’s Greek albatross, Emporiki. Via Reuters. We smell no fear of stigma here. Read more
We all remember the Vienna Initiative, right?
European banks promised to capitalise subsidiaries in emerging Europe in 2009. Governments didn’t collapse from bank runs. It turned out, in general, not bad at keeping some rubbish balance sheets ticking over. Read more
Crédit Agricole, France’s biggest bank by branches, reported widening losses in its international banking business on continued problems at Emporiki, its Greek bank, but resilience in domestic banking and asset management helped to double first-half net profit, reports the FT. The mutual banking group was forced to make a €418m ($531m) goodwill impairment charge at Emporiki in the April-June quarter, following last year’s €485m goodwill writedown. Read more
Shares in Credit Agricole were down 4.84 per cent in Paris at pixel time:
Crédit Agricole said it was “reassessing” plans for its Greek retail banking unit after the €750bn ($948bn) bail-out plan announced by eurozone ministers this week, reports the FT. The French lender is seen as one of the banks most exposed to Greece’s debt crisis due to its majority stake in Emporiki, its Greek subsidiary, and last week pegged its exposure to Greek sovereign debt at €3.8bn. Also on Wednesday, the group reported a Q1 profit of €470m, just below consensus estimates but more than double its Q1 profit in 2009. Read more