European stocks closed mixed on Wednesday, with worse-than-expected jobs data slightly weighing on the U.K.'s FTSE 100.» Read More
Shares in French lender Credit Agricole rise 2.7 percent, the top gainers on France's CAC 40 index, as the bank confirms it is in exclusive talks to sell its Greek bank Emporiki to Alpha Bank.
By Christian Plumb and Lefteris Papadimas. PARIS/ ATHENS, Oct 1- Credit Agricole said on Monday it planned to inject another 550 million euros into its Greek bank Emporiki under a deal to sell it to Alpha Bank for a symbolic one euro, as it prepares to quit Europe's most depressed economy.
PARIS, Oct 1- Credit Agricole confirmed on Monday that it was in exclusive talks to sell the whole of its Greek Emporiki unit to Alpha Bank as the French bank seeks to pull out of the debt-stricken country.
Separately, the bank's brokerage unit Cheuvreux could cut 290 jobs in France as part of a possible deal with financial services group Kepler Capital Markets to buy Cheuvreux, French daily Les Echos wrote, citing sources close to the matter.
Credit Agricole has reported a 67 percent drop in second quarter net profit, hit again by its troubled Greek unit and write downs on Italian assets.
The French bank Credit Agricole is planning on major changes to the way it operates in order to avoid new capital requirements being imposed by global financial regulators.
Fitch downgraded its credit ratings on five major European banks as part of a broader review of its ratings on the largest banks in the world.
Sue Craig has a great piece in the New York Times today about Morgan Stanley's recent travails.
Investors will have to deal with an avalanche of news flow from Europe on Wednesday ahead of a crucial meeting of euro zone finance ministers and US Treasury Secretary Tim Geithner on Friday.
"The biggest problem we have in Europe and elsewhere at the moment is confidence," Sir Michael Rake, BT Chairman, told CNBC.
Moody's Investors Service said on Wednesday that it downgraded the credit ratings of Societe Generale and Credit Agricole, marking the latest in a series of blows to French banks that have recently punished European stocks.
"The second quarter figures we are expecting from Credit Agricole should not bring any kind of surprise, because it has already made a profit warning in late July. The funding issue is not peculiar to Credit Agricole, but there is a real issue in general with funding for French banks," Christophe Nijdam, banking analyst at Alphavalue, told CNBC's Investing Edge.
CNBC's Simon Hobbs has the latest detail on funding difficulties at French banks and ECB financing.
Shares in French Bank Credit Agricole fell in early Paris trade on Friday after the group announced it took a hit in the second quarter for an expected loss at its Greek Emporiki Bank unit and its participation in an EU-led rescue plan for Greece.
Financials sold-off on Thursday after reports suggested more criminal probes were ahead for Wall Street firms. Should you hold your breath and buy the weakness?
Troubles in the $2.4 trillion bond insurance industry have been the focal point of a widening credit crisis as expected losses in mortgage-backed debt put the insurers' ratings at risk.
Warren Buffett's Berkshire Hathaway is starting a bond insurer that would help state and local governments lower their borrowing costs, posing a direct challenge to established rivals struggling with deteriorating credit markets.
ACA Capital Holdings said Maryland state regulators will now make many significant business decisions for its main bond insurance unit, as the bond insurer tries to stave off a cash crunch.