- Stocks May Rise Further after Fed Waves on 'Risk Trade'
- Obama in China Grapples with Economic Strains
- Buffett's Berkshire Hathaway Boosts Stake in Wal-Mart
- Microsoft Co-founder Allen Diagnosed with Cancer
- Time Warner to Spin Off AOL on December 9
- Gates Boosts Waste Management, Coca Cola Stakes
- What's Kept Stock Rally Going? Fear, Not Confidence
- US Cities With Most Underwater Mortgages
- Citi Shares, A Strange Indicator Of Unemployment?
- Answers to Your Questions: A Path to Economic Disaster?
- 5 Ways to Play the Chinese Markets: Analyst
- Meredith Whitney: Turns Bearish
- 3 Stock Plays on Rising College Costs
- Warren Buffett's Berkshire Hathaway Almost Doubles Wal-Mart Holdings During Summer
- Nov. 16: Unusual Volume Leaders
- Getting to the Heart of the Merck-Abbott Embargo Break
- What MGM's Sale Could Say About Value of Content
- My Ratings on Lowe's & Home Depot: Analyst
MOST SHARED
- Stocks Overvalued, Recession Will Return: Meredith Whitney
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- BofA Ex-Counsel: I Was 'Stunned' When I Got Fired
- U.S. May Wind Up Green With Envy
- Warren Buffett's Berkshire Hathaway Almost Doubles Wal-Mart Holdings During Summer
- CNBC Video: Warren Buffett & Bill Gates - Keeping American Great
- Solar Emerges From A Dark Period
- Time Warner to Spin Off AOL on December 9
- Stanford Receiver to Release Funds Of Frozen Acounts
- Millions May Have to Repay Part of Obama Tax Credit
Credit Agricole, France's biggest retail bank, posted a fourth-quarter loss on Wednesday
as it booked large writedowns due to the global credit crunch and said it was not planning any major acquisitions.
![]() |
Eighteen analysts polled by Reuters had given an average net loss forecast of 627 million euros.
Credit Agricole, which analysts have speculated might be interested in weakened French rival Societe Generale, said it was not considering major acquisitions.
Agricole is also tussling with Spanish businessman Jaime Botin to gain influence over Spanish bank Bankinter.
"We have built a solid model. With its sound capital base, the group will make organic growth its priority and it is not considering any significant new acquisitions," Agricole Chairman Rene Carron said in a statement.
The credit crisis, which has been caused by writedowns on U.S. subprime mortgages, has triggered losses at many of the world's top banks.
In February, SocGen reported a record fourth-quarter net loss of 3.35 billion euros.
SocGen booked a total of 2.9 billion euros in writedowns and its earnings were also hit by 4.9 billion euros of trading losses which SocGen has blamed on rogue deals carried out by one of its junior traders.
France's biggest listed bank, BNP Paribas, managed to post a fourth-quarter net profit of around 1 billion euros in February, although this was down 42 percent from the previous year.
Credit Agricole shares closed 5.8 percent higher at 18.20 euros on Wednesday. The stock has fallen by around 20 percent since the start of 2008.
- Where, what, how.
- CNBC's Jim Goldman asks: Has the sun begun to set on Twitter? Data suggests its best days are over.
- Everyone wanted a piece of Madoff's "Bullship"--the famous buoy sold for $7,500 at auction. You won't believe these prices.
- De Loach Vineyards is selling its pinot noir the old fashioned way, helping to cut energy and transportation costs.
- Why are the Chinese concerned about the progress of U.S. health care legislation?
- CNBC's Maria Bartiromo talks to rapper Snoop Dogg about brand identity in both business and music.












