Tax windfall at Crédit Agricole to fund capital shake-up
Relief for Emporiki sale bolstered CET1 capital ratio +40bp
Crédit Agricole SA (CASA), the listed entity of the mutual banking group Crédit Agricole, saw its Common Equity Tier 1 (CET1) capital ratio surge 40 basis points in the last quarter of 2019, aided by a tax break worth over €1 billion ($1.1 billion) following the sale of its Greek unit, Emporiki.
The subsidiary had been bought for €1 by Alpha Bank in 2012, with CASA initially booking a €2.3 billion loss on the sale. A lengthy legal dispute followed on the size of a tax credit CASA could claim
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