Shares in Credit Agricole were down 4.84 per cent in Paris at pixel time:
For which you can probably blame Emporiki, the French bank’s Greek subsidiary.
Credit Agricole gave a presentation on Tuesday to analysts on the problems — and charges — that face Emporiki amid Grecece’s austerity-hit economic climate.
They’re not pretty. About €450m of extra costs to cover risk from Emporiki, plus about €550m in extra Tier 1 Capital for Credit Agricole to raise in 2011 in order to support them, according to Reuters.
via Ζάχαρη
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