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Credit Agricole, France's biggest retail bank, plucked a new chief executive from its influential regional divisions as it posted a widely-expected fall in third quarter profit.
The group said on Tuesday that Jean-Paul Chifflet, currently head of one of its main units in Lyon, would replace Georges Pauget as chief executive in March next year.
The appointment of Chifflet highlights the renewed power of the company's regional retail banks over the group, which has cut back on ambitious plans for its Calyon investment banking unit after Calyon posted a string of losses in 2008.
"The company's regional banks are tightening their grip on the power," said Reyl France fund manager Dorothee Marty, who holds Agricole shares in her portfolio.
Third-quarter net profit fell 21 percent from a year earlier to 289 million euros ($432.9 million), above the average net profit forecast of 238 million euros from a Reuters poll of twelve analysts.
The company's earnings were hit by writedowns at its Greek Emporiki division and by a rise in provisions.
Agricole's third quarter profit was less than those reported by its main domestic rivals earlier this month.
Societe Generale made a net profit of 426 million euros, while BNP Paribas, France's biggest bank by market capitalisation, posted a profit of 1.18 billion euros.
Agricole shares closed down 0.8 percent at 14.50 euros on Tuesday, before the company published its earnings.
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