May 15, 2008
Credit Agricole seeks $7.72 billion in new capital
Credit Agricole said Thursday it plans to sell $7.72 billion worth of assets and named a new leader at its investment bank. The French bank, shaken by the global credit crisis, will also seek $9.1 billion in new capital.
The planned capital increase is larger than the 5.5 billion euros ($8.5 billion) raised by Societe Generale this year to cover losses of nearly 5 billion euros (more than $7 billion) from a massive trading scandal.
Credit Agricole said the rights offer should take place before the summer, subject to market conditions. It did not specify which assets it plans to sell. Read more
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