The Crédit Agricole group, which controls Cariparma, reduced its exposure to Italy by 2 billion euro from 8,72 billion euros in June to 6,74 billion in September. The third largest French bank posted a loss of 637 million euros in the third quarter of 2011, mainly due to a devaluation of about 60% on the nominal value of Greek bonds. In addition, Greek subsidiary Emporiki continues to post losses and is not expected to close in the green until 2013.
Beyond the expectations of analysts instead the turnover, up 6,2% to 5,3 billion euros. Since the beginning of the year, Credit Agricole, in line with the other European institutions, has reduced its exposure to the debt of countries considered at risk in the euro area by 27%.
