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4 years ago
Credit Agricole Q4 to be hit with 2.7 bln euro goodwill charge
February 1, 2013 / 6:01 AM / 4 years ago

Credit Agricole Q4 to be hit with 2.7 bln euro goodwill charge

1 Min Read

PARIS, Feb 1 (Reuters) - French bank Credit Agricole warned on Friday that its fourth quarter results would be battered by 2.676 billion euros ($3.63 billion) in goodwill impairments, reflecting soured acquisitions from before the financial crisis.

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 the charges reflected tighter regulatory requirements as well as "the present macro-economic and financial environment in the relevant countries and business lines." ($1 = 0.7367 euros) (Reporting by Christian Plumb and Matthias Blamont; Editing by Elena Berton)

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