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Business continues as expected
Crédit Agricole sought to scotch rumours that it would bid for Société Générale, its bigger rival, when its chairman ruled out large acquisitions as it published worse fourth-quarter results than expected on Wednesday.
René Carron, chairman of France’s third biggest bank, pledged that the group, which is still digesting acquisitions made in Spain and Italy “will make organic growth its priority and it is not considering any significant new acquisitionsâ€.
However, Georges Pauget, chief executive, made it clear that the bank would not sit back if SocGen were to become a bid target. He said: “If the French banking landscape were to evolve, we would not be indifferent to that evolutionâ€.
Life at Societe Generale continues, there will no doubt be ongoing speculation for the near future. In the meantime we’ll need to wait and see if there are any announcements, until then life in Societe Generale and it’s competitors continues.
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