* Goodwill impairments total 2.676 bln euros
* Reflect tighter regulations, macroeconomic environment
* Follow similar writedown by Deutsche Bank
PARIS, Feb 1 Credit Agricole warned on
Friday that its fourth quarter results would be battered by 3.8
billion euros ($5.16 billion) in charges as the French bank
reels from ill-timed acquisitions from before the 2008 financial
They included 923 million euros related to consumer finance
and 852 million for Italian retail banking, as well as a 267
million writedown on its 20 percent stake in Portuguese lender
Banco Espirito Santo.
France's No. 3 bank said in a statement that 2.676 billion
euros in goodwill writedowns reflected tighter regulatory
requirements as well as "the present macro-economic and
financial environment in the relevant countries and business
The writedowns, which come at the end of a year in which
Credit Agricole has been hammered by its exposure to Greece and
Italy, come on top of billions in euros of additional charges
taken earlier this year and last.
The goodwill charges will have no impact on solvency or
liquidity ratios, the bank said, although a series of other
accounting writedowns could have a marginal impact on regulatory
Those include an 850 million euro hit from the revaluation
of its own debt on the lender's quarterly revenues, which
translates into a roughly 550 million euro impact on net profit.
Last month the European Union's markets watchdog said it had
told companies and their accountants they would be named
publicly if they failed to properly write down goodwill
impairments in their latest results.
($1 = 0.7367 euros)
(Reporting By Christian Plumb and Matthias Blamont; Editing by