December 20, 2017 / 6:08 AM / 10 months ago

BRIEF-French bank Credit Agricole to remove its 'loyalty dividend' clause

Dec 20 (Reuters) - Credit Agricole Sa:

* European Central Bank (ECB) required Crédit Agricole S.A. to remove the loyalty dividend bonus clause from its articles of association by September 2018.

* Crédit Agricole S.A. will comply with the ECB’s request by submitting a proposal to the General Meeting of Shareholders to be held on 16 May 2018 to remove the loyalty dividend bonus clause from its articles of association. A Special Meeting for Shareholders entitled to the loyalty dividend will be held on 4 April 2018.

* Crédit Agricole S.A. is currently considering compensating the beneficiaries of the loyalty dividend clause

* Only 6% of ordinary shares are currently eligible for the loyalty dividend, which represented an additional payout of €10 million last year

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