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[grupo guitarlumber] 09/12/2021 14:00

Credit Agricole SA's corporate and investment banking arm said Thursday that it would increase its financing of companies spending on renewables and technologies to cut emissions as part of its net-zero program.

The French investment bank said that, by 2025, it will grow its exposure to companies producing and storing green energy by 60%. Its primary focus will be on financing renewable energies, it said. It will also finance and advise companies developing low-carbon hydrogen.

"I am convinced that we all have a personal responsibility in the fight against global warming, for ourselves and future generations," said Jacques Ripoll, chief executive officer of Credit Agricole CIB.

The commitment, the bank said, is part of Credit Agricole Group's strategy to meet the goals of the Net-Zero Banking Alliance, a joint pledge to cut exposure to carbon that 92 banks representing $66 trillion have signed.

Credit Agricole CIB said it has also introduced exclusion policies for some polluting energies and will work to reduce its exposure to oil.

The bank, which in 2017 promised to stopping direct financing of oil projects in the Arctic on environmental concerns, said it would extend the exclusion criteria to all new liquefied natural gas projects in the region.

The company said that, by 2025, it aims to reduce its exposure to upstream oil production by 20%, compared to 2020 levels.



Write to Maitane Sardon at [e-mail]



(END) Dow Jones Newswires

December 09, 2021 06:24 ET (11:24 GMT)

[grupo guitarlumber] 06/12/2021 07:43

Credit Agricole SA said late on Friday that its insurance arm has agreed to acquire a 49% stake in the renewables platform of Italy's Edison SpA in a deal that values the unit at more than 2 billion euros ($2.26 billion).

The French bank said Edison will maintain full control of the company's business and governance, while Credit Agricole Assurances will become the unit's long-term financial partner, contributing to increase its wind and photovoltaic installed capacity to 4 gigawatts by 2030. Edison Renewables currently has a total capacity of 1.1 GW.

Edison, which is controlled by French utility company Electricite de France SA, is set to lead the development of its green unit in line with the decarbonization targets set by the Italian National Integrated Energy and Climate Plan and the European Green Deal.

Closing of the transaction, which is subject to conditions, is expected by year end.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

December 06, 2021 01:35 ET (06:35 GMT)

[waldron] 25/11/2021 07:59

Assicurazioni Generali SpA is in exclusive talks to buy Credit Agricole SA's La Medicale business, the two companies said late Wednesday.

La Medicale is Credit Agricole Assurances' insurance subsidiary for healthcare professionals.

Generali would also buy the death-coverage portfolio of Predica, a life insurer fully owned by Credit Agricole's insurance business.

La Medicale's annual premiums stood at 552 million euros ($618.3 million) at the end of last year, including EUR80 million in premiums related to Predica's death coverage portfolio.

The deal could value the assets at around EUR400 million, a person close to the negotiations told The Wall Street Journal.

For the Italian insurer, the acquisition would strengthen its position in the French market. For Credit Agricole Assurances, the French bank's insurance unit, the deal would reflect its decision to focus on its bancassurance model of offering insurance through the group's banks, which offers important synergies.

The deal is expected to close mid-2022, the companies said. Any agreement remains subject to consultation with the workers' council and antitrust clearance.



Write to Cristina Roca at [e-mail]



(END) Dow Jones Newswires

November 25, 2021 02:19 ET (07:19 GMT)

[waldron] 25/11/2021 07:06

Assicurazioni Generali SpA is in exclusive talks to buy Credit Agricole SA's La Medicale business, the two companies said late Wednesday.

La Medicale is Credit Agricole Assurances' insurance subsidiary for healthcare professionals.

Generali would also buy the death-coverage portfolio of Predica, a life insurer fully owned by Credit Agricole's insurance business.

La Medicale's annual premiums stood at 552 million euros ($618.3 million) at the end of last year, including EUR80 million in premiums related to Predica's death coverage portfolio.

Further financial details weren't disclosed.

For the Italian insurer, the acquisition would strengthen its position in the French market. For Credit Agricole Assurances, the French bank's insurance unit, the deal would reflect its decision to focus on its bancassurance model of offering insurance through the group's banks, which offers important synergies.

The deal is expected to close mid-2022, the companies said. Any agreement remains subject to consultation with the workers' council and antitrust clearance.



Write to Cristina Roca at [e-mail]



(END) Dow Jones Newswires

November 25, 2021 01:44 ET (06:44 GMT)

[ariane] 20/11/2021 07:02

Consensus


Mean consensus BUY

Number of Analysts 23

Last Close Price 12,48 €

Average target price 15,22 €
Spread / Average Target 22,0%

High Price Target 17,50 €
Spread / Highest target 40,2%

Low Price Target 12,30 €
Spread / Lowest Target -1,43%

[waldron] 18/11/2021 13:21

ENGIE and Crédit Agricole Assurances acquire one of the largest independent renewable power producers in Spain

PowerWindOnshore

By NS Energy Staff Writer 12 Nov 2021

This acquisition will allow ENGIE to boost its presence in the fast-growing Spanish renewables market


ENGIE and Crédit Agricole Assurances are pleased to announce that they have reached an agreement to acquire from Canadian institutional investment manager, Alberta Investment Management Corporation, a 97.33% stake of Eolia Renovables, one of the largest renewable power producers in Spain. The transaction covers the ownership and operation of 899 MW of operating assets (821 MW onshore wind and 78 MW photovoltaic) and a 1.2 GW pipeline of renewable projects.

This acquisition will allow ENGIE to boost its presence in the fast-growing Spanish renewables market and enable the Group to accelerate its growth in the sector and reach its target of 50 GW of renewable capacity by 2025.

The country’s National Energy Climate Plan, one of the most ambitious in Europe, targets 32% of renewable consumption by 2030 (compared to 20% in 2020) with 55 GW of additional renewable capacity planned and full decarbonization of the electricity sector by 2050.

Fully in line with Crédit Agricole Group’s commitments in favor of the climate, Crédit Agricole Assurances is continuing its commitment to a low-carbon economy through its investments in the energy transition. This acquisition will contribute to its objective of doubling its investments in renewable energies to enable, over time, an installed capacity of 11 GW, i.e. the average energy consumption of four million households per year.

In addition to ENGIE’s current 2.9 GW renewables portfolio in Iberia which includes the 1.7 GW hydroelectric portfolio the Group acquired from EDP in Portugal in 2020, this deal is another major step. It supports ENGIE’s ambition towards creating an integrated renewables platform in Iberia with complementary technologies while consolidating its existing partnership with Crédit Agricole Assurances.

Operating assets will be 40% owned by ENGIE and 60% by Crédit Agricole Assurances while ENGIE will develop and build the pipeline of projects. ENGIE will provide a complete range of services (O&M, Asset Management, Energy Management and Development services) for the full asset scope. Thanks to this acquisition, ENGIE will contribute to avoiding 726,000 tons of CO2 emissions each year, a figure set to increase through further development of wind and solar assets, allowing ENGIE to reinforce its commitment towards the environment.

The acquired assets benefit from a regulated scheme ensuring predictability of returns for the next ten years. The deal will have a €0.4 billion net financial debt impact for ENGIE.

Catherine MacGregor, ENGIE CEO, said: “This acquisition of Eolia Renovables, one of the largest renewable players in Spain, is fully in line with our strategy which is to accelerate our investments in Renewables in our key markets while bringing our industrial and energy management expertise. The transaction will also allow the Group to support Spain in reaching its ambitious renewables and decarbonization goals.”

Philippe Dumont, Crédit Agricole Assurances CEO, said: “This new investment alongside our partner ENGIE will help Crédit Agricole Assurances to strengthen its presence in the energy transition. This acquisition is a new step further in our commitment to helping fight climate change, contributing to our objective to double our investments in renewable energies and reach a 11 GW installed capacity by 2025.”

Completion of the transaction is expected by Q1 2022, subject to the fulfillment of certain conditions including merger control clearance from relevant competition authorities.

Source: Company Press Release

[waldron] 10/11/2021 14:59

[France] CRÉDIT AGRICOLE S.A. (ACA)

Real-time Quote. Real-time Euronext Paris - 11/10 02:57:48 pm

12.894 EUR -1.57%

[adrian j boris] 10/11/2021 11:40

Financial calendar


2022

10 Feb

Annual results 2021

Quiet period - Equity only : 18 January 2022


05 May

First quarter results 2022

Quiet period - Equity only: 14 April 2022


24 May

General Meeting

Montpellier


04 Aug

Second quarter and first half results 2022

Quiet period - Equity only: 14 July 2022


10 Nov

Third quarter results 2022

Quiet period - Equity only: 18 October 2022

[adrian j boris] 10/11/2021 11:37

PARIS (Agefi-Dow Jones)--Crédit Agricole SA on Wednesday published record results for both the third quarter and the first nine months of the year and announced that it would distribute an exceptional dividend of €0.40 per share on 2021 and 2022 dividend payments. This sum, which corresponds to the balance of the amounts not paid in 2019, will be paid subject to a proposal by the Board of Directors of Crédit Agricole SA at the 2022 and 2023 General Meetings.

[waldron] 10/11/2021 08:08

Credit Agricole SA's net profit rose 44% in the third quarter, driven by insurance inflows, strong loan growth, as well as commercial banking amid a normalization of post-crisis market conditions.

The French bank said Wednesday that net profit for the period was 1.40 billion euros ($1.62 billion) compared with EUR977 million a year earlier, as revenue rose 7.4% to EUR5.53 billion.

Analysts had forecast a quarterly profit of EUR1.21 billion on revenue of EUR5.46 billion, according to a consensus forecast provided by FactSet.

Provisions for bad loans fell 54% to EUR266 million.

"We are reporting excellent results, at all-time highs, in keeping with previous quarters," said Chief Executive Philippe Brassac.

"Business is strong...the group's universal customer-focused banking model allows for steady revenue growth and gives us one of the sector's highest profitability rates in Europe," Mr. Brassac said.



Write to Dominic Chopping at [e-mail]



(END) Dow Jones Newswires

November 10, 2021 01:50 ET (06:50 GMT)

[waldron] 10/11/2021 07:34

Credit Agricole Leasing & Factoring said late Tuesday that it has acquired equipment-management group Olinn from private-equity firm Argos Wityu.

Olinn specializes in the management of professional equipment and offers financing solutions as well as associated services such as fleet management, reconditioning, and equipment resale.

Since creation, Olinn has financed more than 2 billion euros ($2.32 billion) in equipment, both in the IT and telecommunications sector, as well as in rolling stock equipment, Credit Agricole Leasing & Factoring said.

"Olinn is a long-term partner of Credit Agricole Leasing & Factoring, which refinances nearly 20% of the equipment proposed by Olinn to its customers," the company said.

"By acquiring Olinn, Credit Agricole Leasing & Factoring will expand its range of offers provided to Credit Agricole group customers with an equipment financing and management solution, which covers the entire life cycle of the equipment," it said.

Credit Agricole Leasing & Factoring expects the acquisition to generate a return on investment of more than 10% by 2025.

Closing is expected at the end of 2021, subject regulatory approval.

Financial details weren't disclosed.



Write to Dominic Chopping at [e-mail]



(END) Dow Jones Newswires

November 10, 2021 02:13 ET (07:13 GMT)

[sarkasm] 04/10/2021 18:05

Credit Agricole SA is launching a new share repurchase program of up to 500 million euros ($579.7 million).

The French bank said Monday that the program would begin on Oct. 5 and end no later than Jan. 28 next year, with purchased shares to be canceled.

The new program launch follows completion of the bank's first share repurchase program for EUR558.6 million last month.



Write to Mauro Orru at [e-mail]; @MauroOrru94



(END) Dow Jones Newswires

October 04, 2021 12:11 ET (16:11 GMT)

[waldron] 01/10/2021 08:02

Credit Agricole SA said late Thursday that it is in discussions with Moroccan company Holmarcom about a possible sale of the bank's subsidiary Credit du Maroc, confirming what it called "market rumors."

The discussions are at a preliminary stage with no certainty as to the completion of a sale, the Paris-based bank said.

Credit Agricole added that it would communicate in due course if the transaction materializes, but wouldn't comment further in the meantime.



Write to Ed Frankl at [e-mail]



(END) Dow Jones Newswires

October 01, 2021 01:22 ET (05:22 GMT)

[la forge] 05/8/2021 08:59

Credit Agricole SA's net profit more than doubled in the second quarter supported by lower provisions and positive one-offs.

France's second-largest listed bank by assets said Thursday that net profit for the period was 1.97 billion euros ($2.33 billion) compared with EUR954 million a year earlier.

The results include the positive impact of exceptional items, including EUR925 million in gross badwill related to the acquisition of Italian bank CreVal.

Provisions for bad loans fell 67% to EUR279 million.

Revenue rose 19% to EUR5.82 billion.

Analysts had forecast a quarterly profit of EUR1.21 billion, according to a consensus forecast provided by FactSet.



Write to Pietro Lombardi at [e-mail]; @pietrolombard10



(END) Dow Jones Newswires

August 05, 2021 01:40 ET (05:40 GMT)

[grupo guitarlumber] 07/5/2021 11:37

Credit Agricole SA on Friday posted a sharp increase in net profit for the first quarter, as revenue rose and provisions for potential credit losses fell.

France's second-largest listed bank by assets reported a 64% increase in quarterly net profit to 1.05 billion euros ($1.27 billion).

Revenue rose 5.6% to EUR5.49 billion, while loan-loss provisions fell 38% to EUR384 million.

Profit increased across the bank's key divisions.

Analysts had expected a quarterly profit of EUR665.5 million, according to a consensus forecast provided by FactSet.



Write to Pietro Lombardi at [e-mail]; @pietrolombard10



(END) Dow Jones Newswires

May 07, 2021 01:20 ET (05:20 GMT)

[adrian j boris] 23/11/2020 11:22

Credit Agricole SA said Monday that its Italian subsidiary Credit Agricole Italia SpA has launched a voluntary public cash tender offer to acquire all ordinary shares of Italian bank Credito Valtellinese SpA.

The offer was placed at 10.50 euros ($12.45) per share, corresponding to a total investment of EUR737 million from Credit Agricole Italia for 100% of Credito Valtellinese shares, the bank said.

The acquisition is expected to generate a return on investment for Credit Agricole Italia's shareholders of more than 10% by the third year, Credit Agricole said. The deal would make Credit Agricole Italia SpA the sixth largest retail bank in Italy.

The offer is subject to Credit Agricole Italia achieving at least 66.7% of Credito Valtellinese's voting share capital or 50% of voting capital plus one share, and is conditional on antitrust approval, it said.



Write to Cecilia Butini at [e-mail]

-0-

(END) Dow Jones Newswires

November 23, 2020 02:11 ET (07:11 GMT)

[waldron] 09/11/2020 13:14

Credit Agricole SA is launching a new division for ultra-rich customers combining the services of its private bankers and senior investment bankers.

The French bank said Monday it is creating a new private investment banking division focused on ultra-high net worth individuals and family holdings across the world.

The bank's corporate-and-investment bank and its wealth-management brand Indosuez Wealth Management are joining forces to support the new division, which will be led by Silvia Calvello, who was named global head of private investment banking.



Write to Pietro Lombardi at [e-mail]; @pietrolombard10



(END) Dow Jones Newswires

November 09, 2020 04:14 ET (09:14 GMT)