Credit Agricole Books Impairment of Around EUR900 Million Against Italian Subsidiary
15 Dezembro 2020 - 3:14PM
Dow Jones News
By Mauro Orru
Credit Agricole SA said Tuesday that it is booking an impairment
charge against Credit Agricole Italia of about 900 million euros
($1.09 billion) in the fourth quarter.
The French bank cited the "prolonged period of very low interest
rates," which is taking its toll on Credit Agricole Italia's
interest margins.
The company said the charge won't affect its solvency ratio,
liquidity and dividend to be proposed to the general shareholders'
meeting in May next year.
The announcement comes less than a month after the bank's
Italian subsidiary launched a bid to take over Credito Valtellinese
SpA.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
December 15, 2020 12:59 ET (17:59 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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