Credit Agricole SA ADR(CRARY)- OTCPK - Current
  • Wed, Aug. 3, 8:39 AM
    | Wed, Aug. 3, 8:39 AM
  • Wed, Aug. 3, 2:03 AM
    • HSBC cast doubt over reaching its profitability targets after first half earnings tumbled 29% on year - just shy of expectations - due to a slowdown in its key markets of Britain and Hong Kong.
    • Societe Generale (OTCPK:SCGLY) and Credit Agricole (OTCPK:CRARY) beat estimates, however, reporting a jump in Q2 net profit helped by a gain from their stake sales in Visa Europe.
    | Wed, Aug. 3, 2:03 AM
  • 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.
    | Wed, Feb. 17, 3:19 AM
  • 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)
    | Dec. 31, 2015, 10:52 AM
  • 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.
    | Nov. 9, 2015, 4:24 AM | 219 Comments
  • 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.
    | Oct. 21, 2015, 3:32 AM
  • 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.
    | Aug. 4, 2015, 4:29 AM
  • 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. 18, 2015, 6:53 AM
  • 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.
    | Feb. 16, 2015, 3:14 AM
  • 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).
    | Jan. 9, 2015, 7:54 AM | 24 Comments
  • 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, 4:48 AM
  • 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.
    | Aug. 5, 2014, 3:02 AM
  • Aug. 4, 2014, 1:54 AM
    • Portugal is spending €4.9B ($6.6B) to rescue Banco Espirito Santo, splitting it into a "good bank", to be renamed Novo Banco, and a "bad bank", which will house Banco Espirito's exposures to the troubled Espirito Santo business empire.
    • The bad bank's losses will be born by the bank's shareholders, including the Espirito Santo Financial Group (OTC:ESFHF), one of the holding companies of the Espirito Santo family, and French bank Credit Agricole (OTCPK:CRARY) which owns a 14.6% stake.
    • With total assets of €76.6B ($103B) at the end of March, Banco Espirito Santo is nowhere near large enough to rank among the eurozone’s largest banks. Still, the rescue will be costly for a country that emerged from an international bailout only months ago.
    | Aug. 4, 2014, 1:54 AM | 14 Comments
  • Jul. 10, 2014, 2:41 AM
    • Commerzbank (CRZBF, CRZBY) is now expected to pay between a $600-$800M settlement for its money transfer operations which evaded U.S. sanctions, CNBC reports. The bank is accused of transferring money on behalf of companies in Iran and Sudan.
    • It was previously reported that the bank would have to pay more than $500M.
    • Over the past five years, American authorities have found more than half a dozen foreign banks guilty of sanctions violations.
    • The U.S. is still probing UniCredit (UNCFF), Credit Agricole (CRARY), Societe Generale (SCGLF), and Deutsche Bank (DB).
    | Jul. 10, 2014, 2:41 AM
  • 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.
    | Jul. 6, 2014, 9:46 AM | 2 Comments
  • May 20, 2014, 8:19 AM
    • JPMorgan (JPM), HSBC, and Credit Agricole (CRARY) have taken part in a "collusive scheme" aimed at manipulating European interest rates, says the European Commission, formally bringing an antitrust action against the three lenders.
    | May 20, 2014, 8:19 AM