Bloomberg News

Credit Agricole to Book EU550 Million Profit on Debt Buyback

March 15, 2012

Credit Agricole SA (ACA) said its offer to buy back suburdinated debt at its Emporiki Bank in Greece will result in a profit of 550 million euros.

The bank will book the profit in its net income in the first quarter.

Credit Agricole also said it will write down 130 million euros in Emporiki deferred tax assets and take a charge on the Greek unit’s risk.

To contact the editor responsible for this story: Vidya Root at vroot@bloomberg.net


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