PARIS -- 05/13/08 --
Press Release
Further to detailed rumours in the media, Credit Agricole S.A. is
making the following clarification:
As scheduled the Board of directors of Credit Agricole S.A. will
meet on Wednesday 14 May 2008 to review the accounts for the first
quarter 2008, and to decide on a rights issue.
Credit Agricole S.A. net income group share in the first quarter
2008 should amount to EUR 892 million after EUR 1,205 million
Calyon subprime related negative impact on the net banking income.
In an uncertain market environment the group sets the objective of
a Tier One ratio of 8.5 per cent and of keeping this ratio between
8.0 and 8.5 per cent as long as the market conditions remain
unchanged. The rights issue planned for this purpose is EUR 5.9
billion.
Credit Agricole S.A. will also be launching an action plan
focusing on the following areas:
Refocus the corporate and investment banking division on its core
competences and key customer base with a reduced risk profile,
decrease the proportion of capital allocated to these activities
and significantly reduce its fixed cost base
Steady growth and an increase of the relative weight of the retail
banking and specialised business lines, coupled with cost control
measures
Active management of the asset portfolio
The announced rights issue will allow Credit Agricole S.A. to
maintain its competitive advantage in the context of a longterm
strategy based on:
The solid underlying strength and recurrent growth outlook of the
retail banking and specialised business lines
The advantages and the strengths of its diversified range of
businesses and the power of its integrated business model in
France, and being rolled out internationally
A corporate and investment banking operation refocused on its core
competences
Press Contacts
M: Communications
Louise Tingstroem - T +44 (0) 789 906 6995
tingstrom@mcomgroup.com
Crédit Agricole S.A.
Anne-Sophie Gentil - T. + 33 (0)1 43 23 37 51
anne-sophie.gentil@credit-agricole-sa.fr
This information is provided by HUGIN
