Credit Agricole SA , France’s third- largest bank, had a narrower-than-estimated fourth-quarter loss as earnings at the investment-banking business helped cushion provisions for bad loans at its Greek unit.
For French financial companies, a five-year, 22.3 billion-euro ($32 billion) Italian acquisition binge that made Rome and Parma second homes for BNP Paribas SA and Credit Agricole SA may be coming to an end.
PSA Peugeot Citroen’s sliding share price has left the French carmaker trading at a record discount to Volkswagen AG on investor expectations it will be the worst automotive casualty of the region’s sovereign debt crisis.
Credit Agricole SA , France’s third- largest bank by market value, reported a doubling in first- quarter profit, helped by higher revenue at its investment bank and lower provisions for doubtful loans.
BNP Paribas SA and Societe Generale SA, France’s largest banks, are accelerating cuts in their 1.1 trillion-euro ($1.5 trillion) trading books to avoid going to shareholders or the government for capital.
Pierre Mouton, a fund manager at Notz Stucki & Cie. in Geneva, looks at the rise of anti- European, anti-austerity parties across the border in France with concern. It may keep him out of the country’s stock market.
Societe Generale SA , France’s second- largest bank by market value, said first-quarter profit fell 14 percent, hurt by a charge tied to its own debt and provisions resulting from political turmoil in Egypt.
Axa SA , Europe’s second-largest insurer, aims to reach operating profit of more than 6 billion euros ($8.6 billion) in 2015 as it expands in Asia and scales back in Britain and Canada, Chief Executive Officer Henri de Castries said.