SAS Rue La Boétie proceeded in December to an “exceptional distribution” of around one billion euros to the regional banks of Crédit Agricole. An amount equivalent to the dividend that Crédit Agricole SA would have paid them if the ECB had not frozen the dividends.
Crédit Agricole has found a solution to the impact of the suspension of bank dividends in 2020. Due to the health crisis and calls from the European Central Bank (ECB) that banks do not pay dividends for 2019 results, the Crédit Agricole regional mutuals were unable to receive a dividend last year from Crédit Agricole SA (CASA), the listed entity they hold at 55.9%.
However, these regional banks have finally succeeded in compensating for the effects of this lack of payment. The solution: an “exceptional distribution on its resources” on the part of SAS Rue la Boétie – the holding company which carries the participation of the caisses in CASA.