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Credit Agricole CEO: No Immediate Plans for Capital Increase

11/09/2012 | 03:01am US/Eastern

By Noemie Bisserbe

PARIS--Credit Agricole SA (>> CREDIT AGRICOLE) Chief Executive Jean-Paul Chifflet said Friday the bank had no immediate plans for a capital increase, and that it is well on track to meet its capital ratio targets by the end of next year.

"We do not foresee it [a capital increase] for the moment," said Mr. Chifflet, who was speaking in a conference call with reporters.

The Paris-based lender, France's third largest listed bank, also said that it has received several offers for its stake in Spanish bank Bankinter SA (MKT.MC). Credit Agricole's stake in Bankinter fell just below 20% in the third quarter.

"None of the offers received so far were attractive," said Chief Financial Officer Bernard Delpit.

Earlier Friday, Credit Agricole said the sale of its troubled Greek banking arm pushed it to a record third-quarter loss. The bank posted a third-quarter net loss of 2.85 billion euros ($3.63 billion), well below analyst forecasts of a EUR1.76 billion net loss. The bank had reported a EUR258 million profit in the same quarter a year earlier.

Write to Noemie Bisserbe at noemie.bisserbe@dowjones.com

Stocks mentioned in the article : CREDIT AGRICOLE
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