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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Crédit Agricole    ACA   FR0000045072

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Agricole's Emporiki Secures Greek Central Bank Funding

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06/08/2012 | 07:15pm CEST

PARIS--French bank Credit Agricole SA's (>> CREDIT AGRICOLE) troubled Greek unit Emporiki Bank of Greece SA (TEMP.AT) has succeeded in getting funding from Greece's central bank, a person close to the matter told Dow Jones Newswires Friday, in a move that should ease pressure on the parent bank's finances.

Over the past year Credit Agricole has lodged numerous similar requests to borrow from the Greek central bank's so-called Emergency Liquidity Assistance program.

Greek banks have borrowed about 54 billion euros ($67.9 billion) under the program, making it a primary source of cash since the banks were locked out of normal funding markets. The ELA loans are attractive because the Greek central bank accepts lower-quality assets as collateral for the loans, compared with what the European Central Bank accepts.

Credit Agricole declined to comment.

Write to Digby Larner at [email protected]

Stocks mentioned in the article : CREDIT AGRICOLE
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Financials (€)
Sales 2017 18 492 M
EBIT 2017 6 471 M
Net income 2017 3 242 M
Debt 2017 -
Yield 2017 4,41%
P/E ratio 2017 12,19
P/E ratio 2018 10,78
Capi. / Sales 2017 2,12x
Capi. / Sales 2018 2,02x
Capitalization 39 162 M
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 13,4 €
Spread / Average Target -2,6%
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Managers
NameTitle
Philippe Brassac Chief Executive Officer
Dominique Lefèbvre Chairman
Pascal Célérier Deputy MD, Head-Operations & Transformation
Jérôme Grivet Chief Financial Officer & Deputy Managing Director
Jean-Paul Mazoyer Head-Group Information Technology
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