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Feb 20, 2013

Agricole aims for positive 2013 after historic loss

PARIS (Reuters) – Credit Agricole (CAGR.PA: Quote, Profile, Research) posted its biggest full-year loss since it went public 11 years ago after an unexpected 838 million euro tax demand from France’s socialist government compounded weaker revenues and hefty asset writedowns.

The French bank’s full-year loss ballooned to 6.5 billion euros (5.67 billion pounds) as taxes on the sale of Emporiki Bank pushed Credit Agricole deeper into the red than expected.

Feb 20, 2013

Credit Agricole loss balloons on writedowns, Greece

PARIS (Reuters) – Credit Agricole (CAGR.PA: Quote, Profile, Research, Stock Buzz) posted a 6.5 billion-euro ($8.68 billion) full-year loss – the worst since the French bank went public in 2001 – as taxes on the sale of its Greek unit pushed the bank deeper than expected into the red .

Bank executives told reporters an unexpected decision by French tax authorities to disallow a tax deduction the bank was seeking for the sale of Emporiki Bank triggered an 838 million-euro tax hit, pushing fourth-quarter writedowns to 4.53 billion.

Feb 20, 2013

C.Agricole loss balloons on writedowns, Greece

PARIS, Feb 20 (Reuters) – Credit Agricole posted a
6.5 billion-euro ($8.68 billion) full-year loss – the worst
since the French bank went public in 2001 – as taxes on the sale
of its Greek unit pushed the bank deeper than expected into the
red .

Bank executives told reporters an unexpected decision by
French tax authorities to disallow a tax deduction the bank was
seeking for the sale of Emporiki Bank triggered an 838
million-euro tax hit, pushing fourth-quarter writedowns to 4.53
billion.

Feb 18, 2013

Natixis shares soar on ownership overhaul

PARIS, Feb 18 (Reuters) – Shares in Natixis rose
as much as 24 percent on Monday, a day after the French
investment bank said it would simplify its finances by selling
its stake in the network of cooperative lenders which controls
it, paving the way for higher dividends.

The bank, rescued in the financial crisis in 2009 through a
government-backed merger of its retail cooperative parents, has
since been undergoing a gradual restructuring aimed at selling
off risky assets.

Feb 17, 2013

Natixis to simplify structure, pay special dividend

PARIS, Feb 17 (Reuters) – French bank Natixis said
on Sunday it would simplify its finances by shedding a 20
percent stake in BPCE, a network of cooperative lenders which
controls it, paving the way for higher dividends in the future.

Natixis said it would sell 12 billion euros ($16.02 billion)
in investment certificates through which it owned a fifth of
parent company BPCE to BPCE and its cooperative shareholders.

Feb 7, 2013

European insurers shadow banks in bid to boost yields

PARIS, Feb 7 (Reuters) – European insurers and asset
managers are taking on more risk to boost investment returns by
lending to big-ticket infrastructure projects, companies and
property developers where banks might no longer be able to
provide.

The diversification, starting from a small base, stretches
from France, where BNP Paribas Investment Partners
recently launched its third corporate debt fund for insurers in
a year, to northern Europe, where Swiss Re is to
invest $500 million in senior debt issued by northern European
infrastructure projects.

Feb 4, 2013

Lazard, Messier mandated to sell Maisons du Monde chain

PARIS (Reuters) – Investment banks Lazard and Messier Maris have been mandated to sell Maisons du Monde, a furniture store chain owned by private equity firms Apax and LBO France, sources familiar with the deal said on Wednesday.

Lazard and Messier Maris, the boutique bank controlled by former Vivendi Chief Executive Jean-Marie Messier, were chosen last week to run the process, expected to kick off later this month, the sources said.

Feb 1, 2013

Credit Agricole takes $5 billion hit as banks struggle to move on

PARIS (Reuters) – Credit Agricole (CAGR.PA: Quote, Profile, Research, Stock Buzz), France’s No. 3 bank, announced a further 3.8 billion euros ($5.2 billion) in charges on Friday as banks struggle to move on from ill-timed deals before the 2008 financial crisis.

The charges come less than three months after Credit Agricole unveiled 3.6 billion euros of writedowns with its third-quarter results and will plunge it to the largest annual loss since it went public in 2001.

Feb 1, 2013

C.Agricole takes $5bln hit as banks struggle to move on

PARIS, Feb 1 (Reuters) – Credit Agricole, France’s
No. 3 bank, announced a further 3.8 billion euros ($5.2 billion)
in charges on Friday as banks struggle to move on from ill-timed
deals before the 2008 financial crisis.

The charges come less than three months after Credit
Agricole unveiled 3.6 billion euros of writedowns with its
third-quarter results and will plunge it to the largest annual
loss since it went public in 2001.

Jan 31, 2013

Carlyle, KKR among Maje, Sandro bidders: sources

PARIS (Reuters) – Private equity firms including Carlyle (CG.O: Quote, Profile, Research, Stock Buzz) and KKR (KKR.N: Quote, Profile, Research, Stock Buzz) this week submitted non-binding offers for control of French fashion brands Maje, Sandro and Claudie Pierlot, sources familiar with the transaction told Reuters.

The auction of the brands, known for their trendy and affordable ready-to-wear garments, has generated close interest in part because of a dearth of similar assets of that size on the market, one of the sources said.

    • 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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