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Credit Agricole hit by Greece and Italy charges | |
(about 3 hours later) | |
French bank group Credit Agricole has reported a dip in profits following the continuing problems in the eurozone. | |
The group, which includes French regional banks, saw >second quarter net income fall 2.1% to 863m euros ($1.1bn; £683m) from the same period last year. | |
At the Credit Agricole bank alone, net profit sank to 111m euros from 339m euros. It took another 370m-euro charge on Greek debt at its Emporiki unit. | |
There was also a 427m-euro charge on its stake in Intesa Sanpaolo of Italy. | |
'Uncertain climate' | |
Credit Agricole bought the Greek bank Emporiki in 2006 and has made extensive writedowns of Greek debt in recent quarters. | Credit Agricole bought the Greek bank Emporiki in 2006 and has made extensive writedowns of Greek debt in recent quarters. |
The bank hopes to wrap up talks on the sale of Emporiki within "a matter of weeks", chief executive Jean-Paul Chifflet said. | |
Jean-Marie Sander, the bank's chairman, said that the bank's profits reflected its resilience in a "highly deteriorated and uncertain European macroeconomic climate". | Jean-Marie Sander, the bank's chairman, said that the bank's profits reflected its resilience in a "highly deteriorated and uncertain European macroeconomic climate". |
Credit Agricole, which is France's third-biggest listed bank, has been slimming down its investment banking operations and selling off assets from loans to business units as it returns to focus on retail banking. | Credit Agricole, which is France's third-biggest listed bank, has been slimming down its investment banking operations and selling off assets from loans to business units as it returns to focus on retail banking. |
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