Credit Agricole loses 6.5 bln euros in 2012 on writedowns, Greece

Credit Agricole posted a 6.5 billion-euro ($8.68 billion) full-year loss – the worst since the French bank went public in 2001 – as taxes on the sale of its Greek unit pushed the bank even deeper into the red than expected.

Bank executives told reporters that an unexpected decision by French tax authorities to disallow a tax deduction the bank was seeking for the sale of Emporiki Bank triggered an 838 million-euro tax hit, pushing fourth-quarter writedowns to 4.53 billion.