Seeking Alpha

Credit Agricole net profit falls 97.5% after Espirito Santo loss

  • Banco Espirito Santo may have received a $6.6B rescue yesterday, however, that did not stop one of its main shareholders from logging a record loss.
  • Credit Agricole (OTCPK:CRARY) has reported that it took a €708M ($950M) hit due to its 14.6% stake it owns in Banco Espirito Santo, nearly wiping out the bank's Q2 net profit.
  • The French bank is now trying to concentrate on its domestic business and move away from cross-border deals.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector