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France’s banking stocks experienced a significant decline, trailing behind their European counterparts, as a political impasse heightened concerns over French bond risk, reminiscent of the euro-area debt crisis. BNP Paribas saw a drop of 3%, while Societe Generale and Credit Agricole fell by 4.4% and 2.8%, respectively, marking them as some of the worst performers in the European financial sector.
European stocks declined as investors focused on the European Central Bank's potential rate cuts and geopolitical tensions in the US and the Middle East. The Stoxx Europe 600 Index fell 0.4%, with French blue chips like the CAC 40 dropping 1% amid a political standoff over the budget, impacting major banking groups.
Credit Agricole faces a challenge following UniCredit SpA's unsolicited bid for Banco BPM SpA, which was announced with minimal premium over the recent share price. Credit Agricole holds a 9.2% stake in Banco BPM and has an existing partnership with the bank in Italy.
Investors are increasingly optimistic about the pound, marking a significant turnaround from recent weeks of decline. Major banks, including JPMorgan Private Bank and Credit Agricole SA, foresee further gains for sterling, driven by a hawkish central bank stance and political developments in the US and Germany. The pound is set to end its longest losing streak against the dollar in six years and achieve its best weekly performance against the euro in 2024.
The European Court of Justice has upheld a fine of €11.9 million against Credit Suisse for its involvement in a bond cartel, originally sanctioned by the European Commission in 2021. The court also confirmed a €3.9 million fine on Credit Agricole, while Bank of America faced a €12.6 million penalty. Deutsche Bank avoided sanctions by reporting the cartel to authorities.
The European Court of Justice has upheld a €11.9 million fine against Credit Suisse for its role in a bond cartel, originally imposed by the European Commission in 2021. The court also confirmed a €3.9 million fine on Credit Agricole, while Bank of America faced a €12.6 million penalty. Deutsche Bank avoided sanctions by reporting the cartel to authorities. The collusion involved brokers from the banks agreeing on trading strategies and prices for SSA bonds in the European secondary market between 2010 and 2015.
The General Court of the European Union upheld antitrust fines against Credit Agricole and former Credit Suisse for colluding in the U.S. dollar-denominated SSA bonds market. Traders from these banks, along with Bank of America Merrill Lynch and Deutsche Bank, coordinated trading strategies and shared confidential pricing information over five years via Bloomberg chatrooms. Following the dismissal of their appeal, Credit Suisse is set to pay €11.9 million, Credit Agricole €3.9 million, and Bank of America €12.6 million, while Deutsche Bank, which reported the violations, avoided a €21.5 million fine.
The Court of Justice of the European Union has upheld a fine of €11.9 million against Credit Suisse for its involvement in a bond cartel, originally imposed by the European Commission in 2021. The ruling also confirmed a €3.9 million fine on Credit Agricole, while Bank of America faced a €12.6 million penalty. Deutsche Bank avoided sanctions by reporting the cartel to authorities.
The General Court of the European Union has upheld the Commission"s decision to impose cartel fines on Crédit Agricole and Credit Suisse. Crédit Agricole S.A., a leading European banking group, is the top financier of the French economy, managing EUR 835 billion in deposits and EUR 516.3 billion in loans as of the end of 2023. Its net banking income is derived from retail banking (30.1%), corporate and investment banking (30.1%), asset management and insurance (25.9%), and specialized financial services (13.9%).
UBS Group AG and Credit Agricole SA have lost a court battle in the EU regarding fines imposed for their involvement in a bond trading cartel. The EU’s General Court upheld the European Commission's 2021 decision, which fined Credit Suisse €11.9 million and Credit Agricole €3.9 million for colluding in trading U.S. bonds through chatrooms.
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