Credit Agricole plans $9.2 billion capital raising

LONDON (MarketWatch) — French bank Credit Agricole said Tuesday that it intends to raise around 5.9 billion euros ($9.2 billion) by selling new stock to shareholders after taking another 1.21 billion euros of write-downs in the first quarter. The bank said the latest write-downs will results in a net profit of around 892 million euros in the quarter and added it intends to reduce the risk profile of its corporate and investment banking arm. The group will cut the proportion of capital allocated to investment banking and “significantly reduce” its fixed cost base.
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