Updated Friday, May 16, 2008 0:00 am TWN, AP

Credit Agricole to raise capital, plug subprime

PARIS -- French bank Credit Agricole SA said Thursday it plans to sell euro5 billion (US$7.72 billion) worth of assets and change the head of its investment bank, while confirming also that is seeking euro5.9 billion (US$9.1 billion) in new capital because its finances were shaken by the global credit crisis.

The planned capital increase is larger than the euro5.5 billion (US$8.5 billion) raised by Societe Generale earlier this year to cover losses of nearly euro5 billion (more than US$7 billion) caused by unwinding what it says were unauthorized transactions by trader Jerome Kerviel.

 

 

 

 

 

 

 

 

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