(ANSA) - MILAN, DEC 16 - Credit Agricole devalues its business in Italy, its second market after France, for 900 million euros "in light of the prolonged period of very low interest rates that will weigh on the interest margin" of the subsidiary and on " its use value "for the French group.
The impairment, according to a note, will be recorded for an amount of approximately 900 million euros in the accounts of CréditAgricole SA and for 1 billion in those of the CréditAgricole Group.
The write-down will not result in cash outflows, leaving intact the ability to pay dividends, nor will it have any effect on the capital ratios.
Italy "offers significant growth potential and our confidence in this market and our ambitions remain intact", says the French group, which recently announced a takeover bid for Creval.
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