Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
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
0
03/30/2012 | 04:06am CET

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

 
  By Noemie Bisserbe 
  Of  
 

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;

noemie.bisserbe@dowjones.com

-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
0
Latest news on CRÉDIT AGRICOLE
03/21 CREDIT AGRICOLE SA : Publication of the French version of the « Document de réfé..
03/19 CREDIT AGRICOLE : 'to advice Duqm Refinery on funding'
03/17 CREDIT AGRICOLE : Crédit Agricole S.A. announces its Non-Call decision on the 6...
03/17 CREDIT AGRICOLE : Crédit Agricole S.A. announces its Non-Call decision on the 6...
03/15 CREDIT AGRICOLE SA : Crédit Agricole Group announces the successful sale of 56,7..
03/14 CREDIT AGRICOLE : President Ilham Aliyev meets with CEO of Credit Agricole SA - ..
03/14 CREDIT AGRICOLE : Crédit Agricole Launches Accelerated Bookbuilding for the Sale..
03/14 CREDIT AGRICOLE : Crédit Agricole Launches Accelerated Bookbuilding for the Sale..
03/13 CREDIT AGRICOLE : Ilham Aliyev meets CEO of Credit Agricole SA
03/11 EXPRESS SCRIPTS HOLDING COMPANY : Stake Increased by Credit Agricole S A
More news
Sector news : Commercial Banks
02:53p U.S. investment banks scout Frankfurt office space market - Helaba
01:45p BARCLAYS : Britain's financial watchdog revisits Barclays' Qatari cashcall probe
10:10a UBS : set to charge wealthy for keeping euro savings
07:48aDJCFO Rises at Deutsche Bank -- WSJ
03/22DJMeet the CFO-Banker Who May Be Next to Run Deutsche Bank
More sector news : Commercial Banks
News from SeekingAlpha
02/16 EU Second-Tier Banks Could Get Yield Curve Leg-Up
02/15 Credit Agricole SA ADR reports Q4 results
02/15 Credit Agricole SA ADR 2016 Q4 - Results - Earnings Call Slides
02/07 Marine Le Pen And French/European Banks
01/28 MARKETPLACE ROUNDTABLE : Taking It To The Bank
Advertisement
Financials (€)
Sales 2017 18 437 M
EBIT 2017 6 347 M
Net income 2017 3 220 M
Debt 2017 -
Yield 2017 4,92%
P/E ratio 2017 10,92
P/E ratio 2018 9,74
Capi. / Sales 2017 1,88x
Capi. / Sales 2018 1,80x
Capitalization 34 722 M
More Financials
Chart CRÉDIT AGRICOLE
Duration : Period :
Crédit Agricole Technical Analysis Chart | ACA | FR0000045072 | 4-Traders
Full-screen chart
Technical analysis trends CRÉDIT AGRICOLE
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 24
Average target price 12,9 €
Spread / Average Target 6,1%
Consensus details
EPS Revisions
More Estimates Revisions
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
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
CRÉDIT AGRICOLE3.57%37 498
HSBC HOLDINGS PLC-1.43%160 456
AGRICULTURAL BANK OF C..4.84%152 477
AUSTRALIA AND NEW ZEAL..3.78%69 195
JAPAN POST BANK CO LTD0.07%56 727
SHANGHAI PUDONG DEVELO..-1.30%49 526
More Results