France's Credit Agricole to close 50 branches by 2015: paper

PARIS Wed Nov 27, 2013 3:30pm EST

Logos are seen on a Credit Agricole branch in Paris, November 7, 2013. REUTERS/ Jacky Naegelen

Logos are seen on a Credit Agricole branch in Paris, November 7, 2013.

Credit: Reuters/ Jacky Naegelen

PARIS (Reuters) - Credit Agricole (CAGR.PA), France's third-biggest bank, plans to close about 50 branch offices in the Paris region by 2015, French daily Les Echos said.

A total of 50 offices will be closed and two new ones opened in the Ile de France region, reducing the bank's network there to 277 offices from the current 325. Offices with less than six staff will be targeted first, but the project will involve no job cuts, the paper said.

No one at the bank was immediately available for comment.

Last year, Credit Agricole posted its biggest full-year loss since it went public 11 years ago, hit by unexpected costs from exiting Greece, weaker revenues and hefty asset writedowns.

(Reporting by Geert De Clercq; editing by David Evans)

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