|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||7.15 - 7.21|
|52 Week Range||5.41 - 7.41|
|Beta (5Y Monthly)||1.59|
|PE Ratio (TTM)||10.51|
|Forward Dividend & Yield||0.39 (5.33%)|
|Ex-Dividend Date||May 21, 2019|
|1y Target Est||N/A|
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Credit Agricole Italia S.p.A. Paris, February 17, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Credit Agricole Italia S.p.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
China's announcement of more than 5,000 new coronavirus cases and 121 new deaths indicate the epidemic hasn't peaked yet. A pan-European index is in fact opening at record highs, buoyed by … answers on a postcard. The thinking appears to be the virus impact will not last, it’s not spreading outside China as fast as feared and above all, central banks can step in -- slower growth will bring more stimulus, or at least lower interest rates for longer.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Credit Agricole SA benefited from record inflows at its asset-management unit and higher revenue at the investment bank in the fourth quarter, bolstering Chief Executive Officer Philippe Brassac after he unveiled his new targets.Revenue from capital markets and investment banking rose by more than half, in a period that saw a surge in trading revenue at most Wall Street banks, helping revenue at the French lender beat estimates. Net income of 1.66 billion euros ($180 billion) was also better than expected.Brassac is betting on corporate banking and asset management for growth to offset the impact of low or negative interest rates and rising capital requirements. The bank in December wrote down the value of its French retail banking division LCL by about 600 million euros to reflect the tougher environment the lender faces.Net income was boosted by more than 1 billion euros from a favorable tax ruling, which more than offset the writedown on the French retail business. The dividend was increased by 1.4% to 70 cents, the bank said.Credit Agricole rose as much as 1.1% in early Paris trading, before reversing gain to trade 1.1% lower at 9:49 a.m. Before today, the stock had gained 38% over the past 12 months, making it the second-best performer in the Stoxx 600 Banks Index.Record InflowsCredit Agricole is more diversified and less dependent than rivals BNP Paribas SA and Societe Generale SA on trading, and it has been able to turn to acquisitions to support growth. The lender is among the firms that have come up as potential buyers for HSBC Holdings Plc’s French retail operations, though Jerome Grivet, the chief financial officer, on Friday said he isn’t interested.Credit Agricole is considering deals to grow its asset management unit or the specialized financial services business, but not in French retail, where it already has a large presence, he said in an interview with Bloomberg TV.Its giant asset manager, Amundi SA, has grown into Europe’s largest with the help of acquisitions, making it a model for rivals seeking to consolidate. Amundi on Wednesday raised its dividend and reported record net inflows of 76.8 billion euros in the fourth quarter after a new pension mandate in India.Brassac’s TargetsAmundi’s development will be “amplified with two strategic initiatives,” its partnership with Spain’s Banco Sabadell SA and a Chinese subsidiary created in partnership with Bank of China, Yves Perrier, the asset manager’s CEO said in a statement.Brassac has reorganized Credit Agricole’s structure and sold less-strategic holdings over the past years while seeking partnerships with other companies. The CEO in June pledged to boost net income by more than 600 million euros over three years and drive down costs, after meeting previous key targets ahead of schedule.The lender affirmed those targets in December, when it announced the goodwill charge at LCL. Credit Agricole merged with Credit Lyonnais in 2003 and the latter went on to focus on retail banking and adopted the LCL brand in 2005, according to the company’s website.(Updates with CFO comments in seventh paragraph.)To contact the reporter on this story: Dale Crofts in Zurich at email@example.comTo contact the editors responsible for this story: Dale Crofts at firstname.lastname@example.org, Christian Baumgaertel, Ross LarsenFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The bank posted net income of €1.66bn in the three months to the end of December, an increase of 65 per cent compared with the same period in 2018, the lender said on Friday. Crédit Agricole said there was “strong commercial activity” in all areas.
(Bloomberg Opinion) -- Yves Perrier, the chief executive officer of Amundi SA, has said for several years that his aim is to make Asia a second domestic market for his firm. In 2019, the business started to deliver on that promise — which could pave the way for Perrier, who’s spent the past decade building Amundi into Europe’s biggest fund manager, to depart on a high.Amundi, which oversees more than 1.6 trillion euros ($1.8 trillion), doubled its Asian business last year to 300 billion euros, figures released on Wednesday show, with the region contributing almost a fifth of the firm’s assets under management. And while the Paris-based firm still depends on its domestic market for 54% of its assets, that share is down from more than 60% in early 2017.Big wins in India, where two new pension fund mandates contributed 74 billion euros of inflows, helped Amundi swell its total assets under management by 16% last year.But it’s China that offers the greatest potential. Amundi already has a 33% stake in a joint venture with Agricultural Bank of China in fund management that has almost 68 billion euros of assets. The French firm reckons that the total Chinese market, worth 7 trillion euros, is growing at an annual rate of between 10% and 15%.In December, Amundi became the first foreign firm authorized to take majority control of a joint venture in wealth management, after Chinese regulators loosened the rules last year. It’s teaming up with Bank of China, the country’s fourth-largest bank with 500 million retail customers and 11,000 branches. That gives Amundi a fantastic platform to market its investment products, which cover the gamut including active, passive and alternative strategies, to China’s growing middle class.But there’s an oddly valedictory feel to Wednesday’s results presentation, with several references to Amundi’s performance since 2010, the year Perrier formed the company by merging the asset management businesses of Credit Agricole SA and Societe Generale SA. I couldn’t find any similar long-term references in last year’s results submission.Perrier, who is 66, has consistently dodged questions about a possible successor, although he did say in December 2018 that he’d like the next boss of his firm to be a woman. With Amundi making good on its stated ambition to be “the European leader with global ambitions,” he’d be well within his rights to decide 2020 is the year to ride off into the sunset.To contact the author of this story: Mark Gilbert at email@example.comTo contact the editor responsible for this story: Melissa Pozsgay at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.The pound advanced after the U.K.’s employment rate hit a record high, weakening the case for an imminent interest-rate cut.Sterling rose against all its Group-of-10 peers as the U.K. labor market figures ended a run of weak economic data. Money markets trimmed bets that the Bank of England will lower borrowing costs on Jan. 30 to around a 65% chance, down from 67% on Monday.Disappointing releases and a flurry of dovish comments from policy makers in recent weeks have fueled speculation that the BOE will act to stimulate the economy. Combined with fears of difficult trade talks with the European Union and fading optimism from the Conservatives’ decisive election victory in December, this has dragged on the pound.“The labor market is holding up better than feared, which supports expectations for a post-election pick-up in growth,” said Lee Hardman, a strategist at MUFG Bank Ltd. “However, it is unlikely to be decisive on its own in determination whether the BOE cuts rates.”Traders are now turning their gaze to impending purchasing managers’ indexes, which are forward looking and will provide a better indication of the central bank’s next steps. Reports from BOE agents, a cross-country network that holds confidential conversations with businesses and community organizations, will also be key.“All eyes are still on Friday’s PMIs,” said Valentin Marinov, a strategist at Credit Agricole SA. “The pound is bouncing, potentially hinting that investors have got themselves short all over again. The currency remains sell on rallies into the BOE, however.”The pound rose 0.3% to $1.3045 by 10:30 a.m. in London, and gained 0.2% to 85.10 pence per euro. U.K. government bonds were little changed, with the yield on 10-year gilts at 0.65%.Tuesday’s jobs data bolsters the case for those arguing the market has gone too far in pricing BOE cuts. Morgan Stanley expects interest rates to remain unchanged this year, and thinks that if there is a cut, it will be ‘one and done.’(Updates with comments from MUFG, Credit Agricole from fourth paragraph.)To contact the reporters on this story: William Shaw in London at email@example.com;Greg Ritchie in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Dana El Baltaji at email@example.com, Neil ChatterjeeFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Mitsubishi UFJ (MUFG) displays growth through acquisitions and remains focused on its business-upgradation plan, though rising expenses and Bank of Japan's negative interest-rate policy are concerns.
(Bloomberg Opinion) -- The clock is ticking for Frederic Oudea. After more than 11 years running Societe Generale SA, the French bank is searching for an eventual successor. A new leader may bring a change of course, but undoing the lender’s strategic missteps will require some fancy footwork.SocGen wants a replacement to succeed the 56-year-old Frenchman once his term expires in three years, Bloomberg News reported this week. That a search is underway shows SocGen knows it needs to look beyond the obvious contenders, Oudea’s deputies — an acknowledgment that succession planning hasn’t gone well.And Oudea might be replaced before his term expires, according to Bloomberg. That the bank should be open to finding a new chief executive officer just months after reconfirming Oudea signals a lack of confidence in his restructuring plan, the bank’s biggest in years.SocGen’s shares value it at less than half of its tangible book; that’s well below its big domestic peers. BNP Paribas SA and Credit Agricole SA trade at more than 77% and 87% of book, respectively. No wonder the board is concerned.After failing to meet revenue, cost to income and profitability targets in his previous three-year plan, Oudea is cutting another 2,000 jobs, retreating from parts of fixed-income trading and selling some smaller foreign offshoots to improve capital. The moves are helping somewhat. The bank’s CET1 ratio — a measure of its ability to absorb potential losses — rose almost 50 basis points to 12.5% at the end of the third quarter, ahead of its own 2020 target.The trouble is that SocGen is far too exposed to a cut-throat, low-margin French consumer banking business, and a volatile investment bank. The two units made up a combined 60% or so of group revenue in the third quarter, and 50% of operating income. Revenue was flat in the retail business and fell in investment banking. Income from equities plunged, a reminder that even the bank’s areas of traditional strength cannot be relied upon when markets turn against them.While there were higher returns in the company’s insurance, car leasing and international businesses, SocGen’s exit from asset management has left it less diversified than peers. While the need to bolster capital didn’t give Oudea much choice but to sell Amundi SA, the strategy is hurting.With capital buffers just about where they need to be, Oudea or a potential successor are somewhat constrained. Dipping back into fund management now might be costly.Unless the outlook for interest rates improves, or there’s a sustained rebound in investment banking, it’s hard to see an alternative to finding more cuts, reducing risk and quitting non-core businesses. Making SocGen palatable to a potential buyer isn’t very aspirational but it’s better than standing still.To contact the author of this story: Elisa Martinuzzi at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Today we'll take a closer look at Crédit Agricole S.A. (EPA:ACA) from a dividend investor's perspective. Owning a...
In order to boost operating efficiency and profitability, Barclays (BCS) signs a deal to divest its U.S. automated options trading division.
Deutsche Bank's (DB) transformation strategy is in line with the bank's plan and as well ahead in various areas as announced at its Investor Deep Dive.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Credit Agricole Bank Polska S.A. Paris, November 22, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Credit Agricole Bank Polska S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Credit Agricole S.A. Paris, November 18, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Credit Agricole S.A. and other ratings that are associated with the same analytical unit. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.