This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-28654819

The article has changed 7 times. There is an RSS feed of changes available.

Version 2 Version 3
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".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.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.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.
Mr Chifflet added that Credit Agricole was closely following investigations and audits underway at BES.Mr Chifflet added that Credit Agricole was closely following investigations and audits underway at BES.
The new management of BES is carrying out an audit of the business, and Mr Chifflet said CA was following these investigations closely. Despite CA's problems, the company's shares opened almost 5% higher on Tuesday. Analysts said the bank's profit before tax was higher than expected.
Despite CA's problems, the company's share opened almost 5% higher on Tuesday. Brokers said the bank's profit before taxes was higher than expected. On Sunday, Portugal revealed 4.9bn-euro rescue plan for BES.
Shares in the Portuguese bank have plunged 89% since June, when concerns about the financial health of the company first came to light.
Last week BES reported a 3.6bn euro loss, which wiped out its existing capital buffer of nearly 2.1bn euros and cut it to below the minimum level required by banking regulators.