Helix Investment Research
Long only, special situations, contrarian, growth

Crédit Agricole: Farming Double-Digit Returns At France's Largest Bank

Crédit Agricole (OTCPK:CRARY), France's largest bank by assets, has spent much of the past decade in a seemingly perpetual state of crisis. After putting the financial crisis behind it, Crédit Agricole was thrust right into the European sovereign debt crisis, thanks to its large exposure to Greece. Few events during the sovereign debt crisis highlight Crédit Agricole's legacy issues better than Emporiki Bank and the sale of the unit for €1 in October 2012. Crédit Agricole acquired Emporiki in 2006 for €2.2 billion, and the €2.2 billion lost in selling it does not take into account the additional €6 billion that Emporiki Bank cost Crédit Agricole as the Greek economy collapsed. However, throughout 2012 and 2013, Crédit Agricole...

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