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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Credit Agricole SA | EU:ACA | Euronext | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.005 | 0.03% | 14.455 | 14.455 | 14.46 | 14.57 | 14.43 | 14.50 | 578,014 | 10:54:41 |
From Apr 2019 to Apr 2024
By Pietro Lombardi
Credit Agricole SA (ACA.FR) will unwind a regulatory arrangement in order to simplify the bank's structure, boosting its profit but hitting its capital position.
On March 2, France's second largest listed bank by assets will unwind 35% of the "Switch" guarantee mechanism, under which it transfers part of the regulatory requirements related to its insurance operations to the regional banks of the group, paying in return a fixed fee.
The partial dismantling of the guarantee should add roughly 58 million euros ($64.6 million) to Credit Agricole's bottom line in 2020, it said late Wednesday. It should also have a negative impact of about 40 basis points on its core tier 1 ratio, a key measure of capital strength.
The bank confirmed its mid-term core tier 1 capital target of 11%.
Last June, the lender said it would unwind half of the mechanism by 2022.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
January 16, 2020 02:00 ET (07:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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