Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

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

Mes dernières consult.
Most popular
News SummaryMost relevantAll newsSector newsTweets

Credit Agricole In Talks For Sale Of CLSA To Citics

share with twitter share with LinkedIn share with facebook
share via e-mail
03/30/2012 | 04:06am CET

(Updates with statement by the Citic Securities in paragraph eight and nine.)

  By Noemie Bisserbe 

Credit Agricole SA (>> CREDIT AGRICOLE), France's third-largest bank by market capitalization, is in talks with China's Citic Securities (600030.SH) for the sale of its Hong-Kong based brokerage business CLSA, the two companies said Thursday.

If completed, the sale could help Credit Agricole move forward with its restructuring plans, as the French bank strives to meet Europe's tough new financial regulations, and cope with the still rumbling euro-zone debt crisis.

"In view of new developments in economic conditions and the recent discussions between the parties, a consensus has been reached to modify the transaction announced last July and consider an alternative transaction structure," said the two companies in a joint statement.

Citics had earlier agreed to buy two stakes of 19.9% each in Credit Agricole's broking businesses Cheuvreux and CLSA for $374 million to create a global business spanning Europe and Asia. However, the deal remained stuck, as it never received regulatory approval.

While the sale of a 19.9% stake in Cheuvreux is now off the table, Citics could buy all of CLSA, provided the transaction receives corporate and regulatory approval, said the two companies.

Credit Agricole and Citics aim to conclude talks "within a short timeframe", they said.

The new orientation of Cheuvreux is currently under review and will be announced at a later stage, they added.

In a filing to the Shanghai Stock Exchange in China, Citic Securities said Friday that its board of secretary has approved the plan to acquire the 19.9% stake in CLSA but will no longer buy the 19.9% stake in Cheuvreux.

But the largest securities company by assets in China added that it has authorised the management to negotiate on the trading prices, financial terms and the scope of assets in the deal, indicating that the door is open for the sale of the whole of CLSA although it didn't address it directly.

Like crosstown rivals BNP Paribas (>> BNP PARIBAS) and Societe Generale (>> SOCIETE GENERALE), Credit Agricole is in the midst of a major downsizing plan to increase its capital buffers and reassure investors about the bank's financial strength.

Credit Agricole said in December it would cut 2,350 jobs, including 1,750 at its corporate and investment bank. The company also said it would stop offering investment-banking services in 21 of the 53 countries in which those services are offered. Overall, the plan aims to reduce the bank's financing needs by 50 billion euros ($66 billion) by the end of next year, Credit Agricole said.

Credit Agricole said last month the Greek crisis and restructuring costs in the fourth quarter drove it to its heaviest net loss since it went public a decade ago. The Paris-based lender posted a fourth-quarter net loss of EUR3.1 billion compared with a EUR328 million net loss a year earlier.

-By Noemie Bisserbe, Dow Jones Newswires; +33 1 4017 1740;

[email protected]

-Amy Li contributed to this article

Stocks mentioned in the article : CREDIT AGRICOLE, SOCIETE GENERALE, BNP PARIBAS
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on CRÉDIT AGRICOLE
12/10 CREDIT AGRICOLE : ACBA-Credit Agricole Bank held a seminar for representatives o..
12/08 European stocks rally after Brexit, banking rules deals
12/04DJCREDIT AGRICOLE : Indosuez Buys Asia Private Banking Units
12/04 CREDIT AGRICOLE SA : Indosuez Wealth Management completes acquisition of Crédit ..
12/04 CREDIT AGRICOLE SA : Indosuez Wealth Management completes acquisition of Crédit ..
11/29 France's BPCE targets revenue growth, online banking drive
11/25 CREDIT AGRICOLE : Development Fund of agriculture and ACBA-Credit Agricole Bank ..
11/22 CREDIT AGRICOLE : ACBA-Credit Agricole Bank implemented a new security system fo..
11/20 Factbox - Impact on banks from Britain's vote to leave the EU
11/10 ICAP wins fight against EU yen Libor cartel ruling, fine annulled
More news
News from SeekingAlpha
11/11 Crédit Agricole (CRARY) on Q3 2017 Results - Earnings Call Transcript
11/10 Credit Agricole SA ADR 2017 Q3 - Results - Earnings Call Slides
11/08 Credit Agricole SA ADR reports Q3 results
11/02 BNP Paribas Is A Yield Play
Financials (€)
Sales 2017 18 667 M
EBIT 2017 6 484 M
Net income 2017 3 846 M
Debt 2017 -
Yield 2017 4,46%
P/E ratio 2017 11,11
P/E ratio 2018 10,97
Capi. / Sales 2017 2,23x
Capi. / Sales 2018 2,10x
Capitalization 41 582 M
Duration : Period :
Crédit Agricole Technical Analysis Chart | ACA | FR0000045072 | 4-Traders
Technical analysis trends CRÉDIT AGRICOLE
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 15,6 €
Spread / Average Target 7,0%
EPS Revisions
Philippe Brassac Chief Executive Officer
Dominique Lefèbvre Chairman
Xavier Musca Chief Operating Officer
Jérôme Grivet Chief Financial Officer & Deputy Managing Director
Laurence Dors-Meary Independent Director