Credit Agricole shares drop on money laundering allegations report
07 Mar 2019

Shares in French bank Credit Agricole fell by more than 2 percent on Wednesday, with traders saying the drop was linked to media reports about a money laundering network alleged to have channeled billions of euros from Russia.

Two traders linked the drop to a report in French newspaper Les Echos, which said Credit Agricole, through its private banking subsidiary Indosuez, was among the banks mentioned in a report by a collective of European news outlets called the Organized Crime and Corruption Reporting Project (OCCRP).

A spokeswoman for Credit Agricole said its Indosuez unit has “fulfilled all its obligations regarding anti-money laundering” when asked about the case.

By Danilo Masoni and Sudip Kar-Gupta, Reuters, 6 March 2019

Link to Reuters

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