Europe's banks circle stricken Societe Generale

Credit Agricole has been touted by French ministers as a candidate to take over SocGen's investment banking business, reeling from the euros 4.82bn (pounds 3.6bn) losses racked up by Jerome Kerviel's mammoth trades, and from another euros 2.05bn loss on US sub-prime markets. The Guardian h...

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Bibliographic Details
Published inThe Guardian (London)
Main Author Angelique Chrisafis, Paris and David Gow, Brussels
Format Newspaper Article
LanguageEnglish
Published London (UK) Guardian News & Media Limited 01.02.2008
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Summary:Credit Agricole has been touted by French ministers as a candidate to take over SocGen's investment banking business, reeling from the euros 4.82bn (pounds 3.6bn) losses racked up by Jerome Kerviel's mammoth trades, and from another euros 2.05bn loss on US sub-prime markets. The Guardian has learned, Credit Agricole would only want parts of the investment banking arm, to retain an even balance among its three main operations, and would be keen to acquire SocGen's retail banking business. CA's own, largely provincial, retail operations expanded in 2003 with the takeover of the urban-based Credit Lyonnais, now known as LCL.
ISSN:0261-3077