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Jun 3, 2012

Argentine echoes for Credit Agricole in Greece

PARIS, June 4 (Reuters) – Everything looked normal at Credit
Agricole’s Argentine banks on a May Friday a decade
ago – as normal as could be expected in a country grappling with
a banking crisis after defaulting on its debts.

There were rumours of trouble afoot but that was hardly
surprising when panicky customers had been emptying cash
machines and lining up at branches to cash their paychecks.
Regulators insisted nothing was amiss.

Jun 1, 2012

Positive test boosts Sanofi MS drug hopes

PARIS (Reuters) – Sanofi reported positive results from a late-stage trial of its Aubagio multiple sclerosis drug, bolstering its chances of approval by regulators as it seeks to catch up with a fast-selling oral treatment from rival Novartis.

Sanofi said it found that a daily dose of the treatment, one of two multiple sclerosis drugs it has in late-stage development, reduced the rate of relapse by 36 percent compared with a placebo.

May 25, 2012

French banks plan for Greek euro zone exit-sources

PARIS, May 25 (Reuters) – French banks, which are among the
lenders most exposed to Greece, have stepped up their efforts on
contingency plans for the debt-laden country leaving the euro
zone, sources familiar with the situation said.

The heightened preparations by banks, including Credit
Agricole, BNP Paribas and Societe Generale
, come after euro zone sources told Reuters earlier
this week that each member of the common currency would have to
prepare a plan for a possible Greek exit.

May 22, 2012

Credit Agricole renews Greek liquidity line request

PARIS, May 22 (Reuters) – Credit Agricole has
renewed a request for the Greek Central Bank to grant its
Emporiki unit access to a liquidity facility, which has been
made available to some other local banks, the French bank’s
chief executive said on Tuesday.

Jean-Paul Chifflet said the request was part of a wider
range of measures aimed at reducing its potential exposure to
Greece, including 1.6 billion euros ($2.04 billion) in European
Central Bank financing for Emporiki.

May 15, 2012

French banks seen cutting thousands more jobs

PARIS, May 15 (Reuters) – France’s biggest banks are likely
to cut thousands more jobs, catching up with European rivals as
they grapple with a slowing economy, weak capital markets and a
looming regulatory clampdown by new Socialist president Francois
Hollande.

Societe Generale, BNP Paribas and Credit
Agricole announced a first wave of layoffs, mainly in
investment bank and consumer credit businesses, late last year.

May 11, 2012

Credit Agricole prepares for worst on Greece

PARIS (Reuters) – Credit Agricole (CAGR.PA: Quote, Profile, Research, Stock Buzz) is prepared for all possible outcomes in Greece, the French bank’s chief executive said, after charges at its business in the debt-laden country helped trigger a steeper-than-expected 75 percent drop in quarterly profit.

Jean-Paul Chifflet told reporters on Friday the bank had teams working to prepare for outcomes including a possible Greek exit from the euro zone even if it still regards that as a less probable scenario.

May 11, 2012

Credit Agricole Q1 profit slides 75 pct on Greece

PARIS, May 11 (Reuters) – Credit Agricole is
prepared for all possible outcomes in Greece, the French bank’s
chief executive said, after charges at its business in the
debt-laden country helped trigger a steeper-than-expected 75
percent drop in quarterly profit.

Jean-Paul Chifflet told reporters on Friday the bank had
teams working to prepare for outcomes including a possible Greek
exit from the euro zone even if it still regards that as a less
probable scenario.

May 9, 2012

Natixis Q1 net down 30 pct on own debt, Greece

PARIS, May 9 (Reuters) – French bank Natixis
posted a less-than-expected 30 percent drop in quarterly
earnings on Wednesday as increasing asset management revenues
helped offset writedowns on Greek sovereign bonds and an
accounting adjustment on its own debt.

Natixis, an investment bank and asset manager controlled by
unlisted cooperative lender BPCE, reported first-quarter net
profit excluding exceptional items of 339 million euros ($438.4
million), down from 483 million in the year-ago period.

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.

    • 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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