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May 7, 2012

Credit Agricole shares slump to all-time low on Greece

PARIS (Reuters) – Credit Agricole shares slumped to an all-time low on Monday as Greek elections revived concern about a possible exit from the euro zone and the effect such a move would have on the French bank’s Emporiki unit.

Credit Agricole shares were 6 percent lower at 3.43 euros, bringing their decline so far this year to 21 percent. The shares are now at their lowest level since the bank’s initial public offering in December 2001.

May 3, 2012

French CEOs to feel the pinch if Hollande wins

PARIS/LONDON (Reuters) – For Henri Proglio, outspoken chief executive of French utility EDF (EDF.PA: Quote, Profile, Research, Stock Buzz), a victory for Socialist Party candidate Francois Hollande in Sunday’s presidential poll could prove particularly costly.

Proglio, who earned 1.6 million euros ($2.1 million) last year, could be one of the most prominent victims of the cap on CEO pay at state-controlled companies Hollande advocates, but many more top French executives will also have a wary eye on the forthcoming vote.

Apr 25, 2012

Credit Agricole unlikely to pull plug on Cheuvreux

PARIS, April 25 (Reuters) – The best thing for Credit
Agricole may be to put its Cheuvreux brokerage arm out
of its misery but that’s not likely, leaving France’s No. 3 bank
with limited options for the loss-making unit.

Cheuvreux lost a potential lifeline last month when China’s
Citic Securities dropped plans to acquire a 20
percent stake in the unit, instead setting its sights on buying
all of the lender’s CLSA Asian brokerage.

Apr 23, 2012

French vote worries weary investors

PARIS (Reuters) – A weak showing for conservative President Nicolas Sarkozy in the first round of French elections further spooked investors already on edge about European governments’ ability to manage their debt, pressuring French bonds and stocks on Monday.

Socialist favorite Francois Hollande came out on top with 28.6 percent, making Sarkozy, on 27.2 percent, the first sitting president to find himself behind after the first round.

Apr 10, 2012

French banks’ lending revamp slow to take flight

PARIS, April 10 (Reuters) – When oil independent Det Norske
was looking for a 4.5 billion Norwegian crown ($792 million)
credit line in 2010, it turned to French bank BNP Paribas
, a long-time top-ranked energy lender, as lead
arranger.

But last month when the exploration and production firm
looked to borrow $500 million, BNP was nowhere to be found,
replaced by Nordic lenders like DNB, Nordea
and SEB.

Mar 28, 2012

BNP,SocGen make strides in shedding assets

PARIS, March 28 (Reuters) – BNP Paribas and
Societe Generale are making strides in reducing their
balance sheets as they come to grips with more stringent capital
requirements and a dearth of dollar funding, the French banks
said on Wednesday.

BNP Chief Executive Jean-Laurent Bonnafe said the bank’s
planned asset disposals were ahead of schedule and that they
should be completed by the end of the year.

Mar 20, 2012

French banks warned to avoid deposit war

PARIS, March 20 (Reuters) – French banks have been warned:
avoid following your Spanish and Italian cohorts into a
full-blown war to attract savers’ deposits by offering higher
interest rates, or else.

In a first salvo, France’s chief bank regulator Christian
Noyer said in January that banks which offered rates on deposits
that were “disconnected from market rates” could “weigh on the
stability of the entire banking system.”

Mar 11, 2012

ADP wins auction for Turkish airport operator TAV-sources

PARIS, March 11 (Reuters) – French airports operator
Aeroports de Paris has emerged victorious in a bidding
war for Turkish airports operator TAV Havalimanlari Holding
, agreeing to pay $874 million for a 38 percent stake
in the company, sources familiar with the transaction said.

The sources said that the other final bidder, French
construction company Vinci, made a significantly lower
offer about a week ago and declined to raise its bid further,
with governance being a sticking point.

Mar 11, 2012

ADP wins auction for Turkish airport operator TAV-sources

PARIS, March 11 (Reuters) – French airports operator
Aeroports de Paris has emerged victorious in a bidding
war for Turkish airports operator TAV Havalimanlari Holding
, agreeing to pay $874 million for a 38 percent stake
in the company, sources familiar with the transaction said.

The sources said that the other final bidder, French
construction company Vinci, made a significantly lower
offer about a week ago and declined to raise its bid further,
with governance being a sticking point.

Feb 29, 2012

French bidders vye for Turkish airport group stake

PARIS, Feb 29 (Reuters) – Two French companies have
become the final bidders for a stake in Turkish airport operator
TAV Havalimanlari Holding, an auction roiled by an
international spat over the mass killing of Armenians nearly a
century ago.

French construction group Vinci said on Wednesday
it would bid in coming days for the stake, which sources have
said would constitute up to 40 percent of TAV, as its two key
stakeholders sell down their holdings.

    • About Christian

      "New York-based editor in charge of banks, exchanges, insurers, asset managers and hedge funds coverage as well as separate team that reports on mergers and acquisitions. Previously led aerospace and defense team, also in New York. Was initially hired by Reuters in Milan, where I covered banks and insurers. Before that I was at Bloomberg for 8 years, including a 3 year stint in Sao Paulo."
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