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Credit Agricole Books Impairment of Around EUR900 Million Against Italian Subsidiary

   By Mauro Orru 
 

Credit Agricole SA said Tuesday that it is booking an impairment charge against Credit Agricole Italia of about 900 million euros ($1.09 billion) in the fourth quarter.

The French bank cited the "prolonged period of very low interest rates," which is taking its toll on Credit Agricole Italia's interest margins.

The company said the charge won't affect its solvency ratio, liquidity and dividend to be proposed to the general shareholders' meeting in May next year.

The announcement comes less than a month after the bank's Italian subsidiary launched a bid to take over Credito Valtellinese SpA.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

December 15, 2020 12:59 ET (17:59 GMT)

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