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Wednesday, February 20, 2013

Agricole aims for positive 2013 after historic loss

Credit Agricole Chief Executive Chifflet and Chairman Sander pose for photographers before the French bank's 2012 annual results presentation in MontrougePARIS (Reuters) - Credit Agricole on Wednesday posted its biggest full-year loss since it went public 11 years ago, hit by unexpected costs from exiting Greece, weaker revenues and hefty asset writedowns. Investors warmed to the French bank's promise of a turnaround in 2013 and a pledge to cut 650 million euros from costs by 2016 through savings on back-office technology, equipment and real-estate. But it will pay no dividend after posting a net 2012 loss of 6.5 billion euros ($8.7 billion), hit by a surprise 838 million euro tax demand linked to the sale of Greek unit Emporiki. ...



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