| (AFX UK Focus) 2007-11-19 10:28 GMT: Credit Agricole says no intention at present to raise Bankinter stake further
PARIS (Thomson Financial) - Credit Agricole, which has agreed to buy 14.99 pct of Spanish bank Bankinter to raise its total stake to 19.53 pct, said that "at this point there is no intention to go above that". A spokesman said Credit Agricole has not been in contact with any Bankinter shareholders other than Ramchand Bhavnani, who controls the 14.99 pct stake that Credit Agricole will buy. Bankinter's other main shareholder is Cartival SA, which has a stake of 16.147 pct, according to Spanish market regulator CNMV. Credit Agricole's purchase of Bhavnani's stake will cost 809 mln eur, financed with internal resources. The 13.6 eur per share price values Bankinter at 5.4 bln eur. tfn.paris@thomson.com mjs/ajb COPYRIGHT Copyright Thomson Financial News Limited 2007.
Fremont Federal Credit Union ready for business
For quite a few years, the people of Woodville have become accustomed to having two financial institutions to serve them. Several months ago, Sky Bank merged with Huntington Bank, leaving only one bank in our community. Another financial institution has come to Woodville to offer its services. On Oct. 22, Fremont Federal Credit Union opened up a temporary office in the Davies & Ruck Building at 109 W. Main Street (next to Mortise and Tenon). .
National Bank's $575M writedowns not as bad as expected: analysts
National Bank of Canada has reported the largest credit crunch-related hit of all the six major Canadian banks, posting a pre-tax fourth-quarter charge of $575 million and, unlike the other large banks, no offsetting gains. The Montreal-based bank Canada's sixth-largest lender announced Monday that the writedown was related to its holdings of about $2.25 billion of non-bank asset-backed commercial paper (ABCP), which is more than 25 per cent of the value of its total holdings for this kind of debt. After taxes and other adjustments, the hit will amount to approximately $365 million. "National Bank's ABCP charge is based upon its valuation estimate of its ABCP holdings which considers the current market conditions affecting the underlying assets of the trusts and National Bank's expectation that it may be a long-term owner of this ABCP or the instruments, which could replace these notes following the proposed restructuring contemplated by the Montreal Accord," the bank said in a statement.
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