[FONT=Verdana, Arial, Helvetica, sans-serif]French banks repay state support
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327 Words
14 October 2009
10:21 GMT
Reuters News
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English
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[FONT=Verdana, Arial, Helvetica, sans-serif] Oct 14 (Reuters) - Credit Agricole on Wednesday joined other French banks in detailing plans to reimburse state support provided during the financial crisis. [ID:nLE135204]
Following is what the banks have said:
Oct 14 - Credit Agricole said it would repay 3 billion euros of highly subordinated notes taken up in December by the SPPE, the body set up to boost the capital of banks under strain, on Oct. 27. It is planning a two-part Tier 1 benchmark bond totalling 850 million euros, Thomson Reuters online news and market analysis service IFR Markets reported.
Oct 12 - BPCE, the parent of Natixis formed in July through the merger of Banques Populaires and Caisses d'Epargne, said it planned to issue deeply subordinated Tier 1 notes in the near future to help repay 4 billion euros in state support. The timing is subject to market conditions. The 3 billion euros lent by the state in the form of preferential shares are expected to be repaid in 2010. [ID:nLC421191]
Oct 6 - Societe Generale launched a 4.8 billion euro rights issue and said it planned to repay the state's 3.4 billion worth of subordinated debt and preference shares in November. [ID:nL6182716]
Oct 5 - French President Nicolas Sarkozy said a big bank was repaying the state in the week of Oct. 5-11. An official in the office of junior business minister Herve Novelli said he was referring to Credit Mutuel, which was repaying 1.2 billion euros. [ID:nL5708088]
Sept 29 - BNP Paribas , France's biggest bank by market value, announced a capital increase to raise 4.3 billion euros and said it would in October reimburse the 5.1 billion in non-voting shares subscribed to by the French state on March 31 and make a payment of 226 million. [ID:nLT458563]
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