Wed, Feb. 17, 3:19 AM
- While posting fourth-quarter earnings that beat estimates, Credit Agricole (OTCPK:CRARY) said it would sell back stakes in more than three-dozen regional banks to provide more "financial flexibility."
- The €18B ($20B) transaction will increase Credit Agricole's common equity tier 1 ratio to 11%, and will ensure the lender can offer an all-cash dividend.
- The restructuring highlights the burden on European banks to fortify their balance sheets and improve transparency amid volatile markets and continuing pressure from regulators.
- Credit Agricole +7.8% in France.
Dec. 31, 2015, 10:52 AM
- The Swiss unit of Credit Agricole (OTCPK:CRARY -0.8%) has agreed to pay a $99M penalty to the U.S. Justice Department part of a nonprosecution agreement over its conduct toward U.S. taxpayers, WSJ reports.
- Under the 2013 deal, the U.S. cracked down on Swiss banks it suspected of helping American taxpayers conceal income.
- Previously: Credit Agricole settles sanctions violations for $787M (Oct. 21 2015)
Nov. 9, 2015, 4:24 AM
- The Financial Stability Board has published new rules that aim to stop banks from becoming "too big to fail," confirming its final proposals for Total Loss Absorbing Capacity, or TLAC.
- Under the plan, large lenders will have by January 2019 to hold a financial cushion of at least 16% of their risk-weighted assets in equity and debt that can be written off. That requirement will gradually increase, reaching 18% of assets weighted by risk by January 2022.
- The FSB will put the rules, which will apply to the world's top 30 banks, to the G20 later this month.
Oct. 21, 2015, 3:32 AM
- Credit Agricole (OTCPK:CRARY) has agreed to pay $787M to U.S. regulators and entered into a deferred prosecution agreement with the DOJ to settle allegations over the transfer of billions of dollars on behalf of Iran and other countries.
- Credit Agricole now joins 10 other global banks that have entered into similar agreements over the past six years, acknowledging conduct that violated U.S. sanctions.
Aug. 4, 2015, 4:29 AM
- Just two months into the job, Credit Agricole's (OTCPK:CRARY) new chief executive has made his mark with a management reshuffle, as the bank nears a settlement over possible sanctions breaches.
- Several business lines have now been reorganized to report directly to CEO Philippe Brassac and top management.
- The bank also announced it would book an additional €350M in litigation provisions, bringing the total to €1.6B.
Feb. 18, 2015, 6:53 AM
- Helped by a recovery in its investment banking activities and a sharp reduction in its provisions against loan losses, Credit Agricole (OTCPK:CRARY) today reported quarterly profit that beat market expectations.
- Net income for Q4 came in at €697M ($795M), up 13% from the same period in 2013.
- The bank also said it hopes to soon name a successor to its chief executive, Jean-Paul Chifflet, who retires in May. On Sunday, Philippe Brassac was reported to be the main candidate in the running.
Feb. 16, 2015, 3:14 AM
- Credit Agricole (OTCPK:CRARY) is poised to appoint Philippe Brassac as its new chief executive, FT reports.
- Brassac, who runs one of the 39 regional mutual banks that together own a majority stake in Credit Agricole’s listed entity, CASA, has majority board support and could receive formal approval as early as this week.
Jan. 9, 2015, 7:54 AM
- More than half of the €7.5B in newly issued Santander (NYSE:SAN) stock was purchased by U.S. investors, reports the FT, with about 25% bought by U.K. owners.
- The bank issued 1.214B shares at £6.18 each as new executive chairman Ana Botin quickly broke ranks with her late father's strategy just four months after replacing him atop the company.
- The ADRs are lower by 4.5% premarket after yesterday's 7% decline.
- Now that Santander has joined Deutsche Bank in raising capital, analysts turn their attention to the next dominoes. High on the list: BNP Paribas (OTCQX:BNPQY), Societe General (OTCPK:SCGLY), Credit Suisse (NYSE:CS), Commerzbank (OTCPK:CRZBY), and Credit Agricole (OTCPK:CRARY).
Aug. 5, 2014, 4:48 AM
- Credit Agricole (OTCPK:CRARY) says it is beginning to discuss its potential sanctions violations with U.S. authorities, and has sent the latter the results of its internal review.
- The negotiations begin only one month after French bank BNP Paribas was hit with a ban on certain dollar clearing activities and a $8.9B fine for violating U.S. sanctions.
- Credit Agricole gave no details about its litigation provisions, but says it considers them adequate.
Aug. 5, 2014, 3:02 AM
- 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.
Jul. 6, 2014, 9:46 AM
- France's finance minister Michel Sapin states that he is not worried about additional U.S. probes on other French banks, following last week's guilty plea by BNP Paribas for violating U.S. sanctions.
- "I think the risk is rather being perceived by other very big European banks," says Sapin.
- According to U.S. sources, French banks Societe Generale (SCGLF) and Credit Agricole (CRARY) and Germany's Deutsche Bank (DB) are also being investigated for having potentially violated U.S. sanctions.
May 20, 2014, 8:19 AM
Jan. 26, 2014, 2:25 AM
- European banks have a total capital shortfall of around €84B, the OECD has reportedly calculated.
- French bank Credit Agricole (CRARF) has the biggest gap with a hole of €31.5B.
- Of other major banks, Deutsche Bank's shortfall is €19B; in a recent earnings report, the German firm said its Tier 1 capital ratio was 9.7% and its leverage ratio 3.1%.
- While the OECD uses a different method to calculate banks' capital than the ECB uses, the OECD believes the central bank will come to the same conclusion as the organization has done in stress tests later this year.
Dec. 4, 2013, 5:51 AM
- As flagged, the EU Commission has fined international banks €1.71B for the manipulation of inter-bank interest rates, including.
- The banks fined are Citigroup (C) [€70M], Deutsche Bank (DB) [€726M], Royal Bank of Scotland (RBS) [€391M], JPMorgan (JPM) [€79.9M] and Societe Generale (SCGLF) [€446M].
- UBS (UBS), Barclays (BCS) and Citigroup helped expose the cartels and so received immunity for their violations. UBS avoided a fine of €2.5B and Barclays €690M, while Citigroup's was €55M lower as a result.
- The EU has opened proceedings against HSBC (HSBC) and Credit Agricole (CRARF), as well as against JPMorgan (JPM), for Euribor infractions. JPM's fine is for Tibor violations. (PR)
Dec. 4, 2013, 4:57 AM
- The EU Commission will reportedly fine a group of leading multinational banks €1.7B for rigging inter-bank interest rates in what would be the largest antitrust penalty that the commission has ever levied.
- The banks to be fined include all the old favorites - Citigroup (C), Deutsche Bank (DB), Royal Bank of Scotland (RBS), JPMorgan (JPM) and Barclays (BCS), as well as Societe Generale (SCGLF).
- The banks have admitted liability in return for a 10% reduction in their punishment.
- However, HSBC (HSBC) and Credit Agricole (CRARF) are contesting the proposed sanctions from the EU and are set to be formally charged today.
- UBS (UBS), which paid $1.5B to U.S. and U.K. authorities for similar sins, is escaping a penalty, as it alerted the EU to the Libor and Tibor cases.
- EU Competition Commissioner Joaquin Almunia is due to announce the penalties at a press conference at 5:30 ET.
Jul. 17, 2013, 12:53 PM
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