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Fri, Jan. 9, 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
Jan. 7, 2013, 4:04 AMCredit Agricole (CRARF.PK) leads major European banks higher, rising 4.7% after regulators ease Basel liquidity rules, followed by Deutsche Bank (DB) +4.3%, Unicredit (UNCFY.OB) +4.3% and Barclays (BCS) +3.7%. Also, SocGen (SCGLF.PK) +3.4%, HSBC (HBC) +0.75%, Lloyds (LYG) +1.9%, Santander (SAN) +2%, RBS (RBS) +1.5%, UBS (UBS) +2% and Credit Suisse (CS) +3.4%. Italy's Banca Monte dei Paschi di Siena (BMDPY.PK) +15%. | Comment!
Oct. 26, 2012, 8:36 AMParis is busily rebounding from S&P's negative rating actions on the French banks overnight. BNP Paribas (BNPQY.PK) was cut to A+ from AA-, while SocGen (SCGLY.PK) and Credit Agricole (CRARY.PK) were given a negative outlook. "The economic risks under which French banks operate have increased in our view." The CAC 40 +0.2% after a near 1% early decline. | Comment!
May. 11, 2012, 4:56 AM
Mar. 5, 2012, 7:57 AMFar from using cheap ECB money to fund governments, large EU banks like Barclays (BCS), Lloyds (LLG), and Credit Agricole (CRARY.PK) are having their subsidiaries in the periphery borrow to fund themselves so the parents can stop shoveling money in. "It doesn't signal confidence," says Pimco's Philippe Bodereau. | Comment!
Jan. 23, 2012, 8:06 AMEU banks may be surging on reports of a Franco-German push to weaken bank capital rules, but EU financial Commissioner Michel Barnier says he will keep to the timetable already agreed for implementing stricter Basel III requirements. And in music to U.K. ears, Barnier added that no country will be forced to accept a financial transaction tax. | Comment!
Jan. 23, 2012, 6:45 AM
Sep. 12, 2011, 6:20 AMFrench banks are worst off on fears of an imminent Moody's downgrade. In Europe, SocGen (SCGLY.PK) is -9.6%, BNP Paribas (BNPQF.PK) is -11%, and Credit Agricole (CRARF.PK) is -9.7% - leading a 4% drop in Paris's CAC. The pressure on SocGen - which has dropped 50% since Aug. 1 - comes despite today's attempts to calm investor worries. | 1 Comment
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