Crédit Agricole’s international retail banking
unit posted a net loss of €97m ($121.8m) or the first quarter of
2010 as its loss-making Greek subsidiary, Emporiki, weighed on
the results.

But France’s largest retail bank more than
doubled net profit to €470m, from €202m in the comparable period of

The bank said it was reviewing Emporiki’s
restructuring plan after the European Union and the International
Monetary Fund launched a bailout plan for Greece. 

Jean-Paul Chifflet, chief executive of the
bank, said: “Triggering of the emergency bailout plan….has led
Crédit Agricole to consider reassessing Emporiki’s restructuring
and development plan.” 

Last year, the bank set out a four year plan
to bring Emporiki back to profitability by 2011 (see RBI 620).  The bank has already
written down €739m to enhance Emporiki’s Tier 1 ratio.

But the bank’s domestic unit, LCL and the
Caisse Régionales, the 39 regional banks (see RBI 629 for interview with chief executive of
regional banks, Alain Diéval
) fared
better in the first quarter. 

LCL’s net profits jumped 21% to €151m, while
the regional banks’ boosted profits by 87 % to €333m.