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November 22, 2008 5:43:07 AM CST

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Credit Agricole Hoping to Raise $9B

Posted May 13, 08 6:25 AM CDT in Business 

(Newser) – Subprime losses at Crédit Agricole’s Calyon investment bank are likely to prompt the French company to raise $9.17 billion in capital, reports the Wall Street Journal. A hit of $1.87 billion reduced its first quarter net profit to $1.38 billion from $1.82 billion the previous year. The bank, whose shares were down 5% this morning in Paris, will decide tomorrow whether to move forward with the capital boost.

 

Sources Wall Street Journal, Bloomberg

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Credit Agricole may raise $9.17 billion to fight subprime losses.   (Getty Images)
Georges Pauget, Chief Executive Officer of French bank Credit Agricole SA, delivers his speech during a press conference in Paris March 5.   (AP Photo/Remy de la Mauviniere)
Credit Agricole may raise $9.17 billion to fight subprime losses.   (Getty Images)
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