Credit Agricole resigns as member of LME
February 20, 2013 4:49 AM EST
The move follows the bank's announcement in December 2011 that it would stop trading commodities and would also slash its financing of the multi-billion-dollar market, in sweeping commodity cuts among European banks strained by the euro zone crisis.
The LME said Credit Agricole, France's No.3 bank, had resigned as a Category 2 member of the exchange. Category 2 members are entitled to trade on the electronic LMESelect and the telephone market, but not in the open outcry ring.
Earlier this month, the bank announced 3.8 billion euros (3.3 billion pounds) in charges as banks continued to struggle to move on from ill-timed deals before the 2008 financial crisis.
Those charges came less than three months after Credit Agricole unveiled 3.6 billion euros of write downs with its third-quarter results which will plunge it to the largest annual loss since it went public in 2001.
Volatile commodity prices, dimmer growth prospects and tougher regulation are also forcing some firms to question the outlook for the decade-long boom in trading raw materials.
(Reporting by Susan Thomas; editing by Veronica Brown and Keiron Henderson)
Join the Conversation
- Target’s ‘Surprise Doorbusters’ Black Friday 2014 Deals On TV Sets, Entertainment Centres, DVD Players And More
- T-Mobile’s Black Friday 2014 Deals On Apple iPhone 6, Samsung Galaxy Note 4/Edge, Nexus 6, HTC One M8, LG G3, iPad Air 2 And Mini 3
- IKEA Black Friday 2014 Ad Includes Discounts On Home Furnishings, Appliances, Kitchen Designs, Beds, Sofas, Mattresses And Toys
- Black Friday And Cyber Monday Sale 2014: AT&T's Cricket Wireless Offers Discounts On Lumia 1320, Galaxy S5, S4 And HTC Desire 510
- ISIS Kidnaps Iraqi Defence Minister’s Family, Executes Female Parliament Candidates
- ISIS Drug Transit From Afghanistan To Europe Confirmed By Russia: Money Goes Into Terror Funding And In New Recruitments
- '$2,000 For Sex'—Pleads Unlucky-in-Love Guy On OKCupid