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| Credit Agricole hit by Banco Espirito Santo troubles | Credit Agricole hit by Banco Espirito Santo troubles |
| (35 minutes later) | |
| French bank Credit Agricole said profits almost halved after it wrote off the value of its stake in the troubled Portuguese Banco Espirito Santo (BES) to zero. | French bank Credit Agricole said profits almost halved after it wrote off the value of its stake in the troubled Portuguese Banco Espirito Santo (BES) to zero. |
| Credit Agricole said 708m euros (£563m) had been written off. | Credit Agricole said 708m euros (£563m) had been written off. |
| The French bank apologised to investors, saying that it had been "misled". | |
| Portugal unveiled a plan to rescue BES on Monday after record losses of 3.6bn euros for the first half of the year. | |
| Credit Agricole, which has a 14.6% stake BES, said second quarter net income was 705m euros compared with profits last year of 1.3bn euros. | |
| "We can only regret having been misled by the family with which Credit Agricole was trying to create a true partnership to build the biggest private bank in Portugal," CA's chief executive Jean-Paul Chifflet said. | "We can only regret having been misled by the family with which Credit Agricole was trying to create a true partnership to build the biggest private bank in Portugal," CA's chief executive Jean-Paul Chifflet said. |