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 Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs