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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Crédit Agricole SA    ACA   FR0000045072

CRÉDIT AGRICOLE SA

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Credit Agricole : seeks to reclaim technology it developed with Wirecard

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08/06/2020 | 02:37am EDT
FILE PHOTO: The logo of Wirecard AG is pictured at its headquarters in Aschheim

French bank Credit Agricole said on Thursday it will seek to reclaim the payments technology it was working on with Wirecard as part of their partnership.

German payments firm Wirecard filed for insolvency in June, owing creditors 4 billion euros (3.62 billion pounds), after disclosing a 1.9 billion-euro hole in its accounts that its auditor, EY, said was the result of a sophisticated global fraud.

Wirecard and Credit Agricole Payment Services had a "strategic partnership", aimed at facilitating online payments for merchants.

"Customers will benefit from new e-commerce payment acceptance and acquiring services, developed by Wirecard, which the two companies are jointly bringing to market," their joint statement said last year.

A year after that, the administrator of the collapsed firm said in July some investors have expressed interest in buying the company's core business and its holdings.

"By nature, we will reclaim the technology that we have developed ourselves," Credit Agricole Chief Executive Philippe Brassac told a news conference.

"On what was developed by them, yes, we will try to get back something one way or another. We are interested in reclaiming at least what was related to our development," Brassac said.

Brassac also said Wirecard was a client of Credit Agricole's investment bank and that any impact of that was reflected in the bank's second-quarter results.

Credit Agricole reported a 22% drop in quarterly profit on Thursday

(Reporting by Maya Nikolaeva in Paris; Editing by Matthew Lewis and Kim Coghill)


Stocks mentioned in the article
ChangeLast1st jan.
CRÉDIT AGRICOLE SA -2.16% 7.354 Real-time Quote.-43.10%
WIRECARD AG 1.49% 0.62 Delayed Quote.-99.42%
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Financials
Sales 2020 20 097 M 23 759 M 23 759 M
Net income 2020 2 849 M 3 367 M 3 367 M
Net Debt 2020 - - -
P/E ratio 2020 7,65x
Yield 2020 4,66%
Capitalization 21 200 M 25 053 M 25 062 M
Capi. / Sales 2020 1,05x
Capi. / Sales 2021 1,04x
Nbr of Employees 72 524
Free-Float 38,7%
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 10,49 €
Last Close Price 7,35 €
Spread / Highest target 127%
Spread / Average Target 42,7%
Spread / Lowest Target -35,3%
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Managers
NameTitle
Philippe Brassac Chief Executive Officer
Dominique Lefèbvre Chairman
Jérôme Grivet Chief Financial Officer & Deputy General Manager
Laurence Dors-Meary Independent Director
Caroline Catoire Independent Director
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