Posts Tagged ‘Credit Agricole’

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Tricky business in France: news roundup

March 9, 2014
  • BNP Paribas may have disguised transactions with Iran. A major settlement with the U.S. over the alleged sanctions violation may be in the offing… more>>
  • Credit Agricole and Societe Generale are under investigation by U.S. officials for helping Iran skirt sanctions too… more>> (h/t Sal)
  • During this current sanctions pause, delegates representing 120 French corporations have traveled to Tehran about potential business deals… more>>
  • U.S. regulators are concerned about France’s intentions to build satellites for the United Arab Emirates with U.S. components… more>>
  • French anti-money laundering regulator Tracfin finds that crime rings are increasingly reliant on bitcoin and other virtual curriencies… more>> (Fr)
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France & Credit Agricole plan sukuk issuance

January 14, 2011

The French government and the biggest French bank both have big plans for issuing Islamic bonds in 2011.  Happy New Year!

Last year, France developed new rules to sell sukuk, and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) blessed off on them.  In December, Thierry Dissaux, the chief executive of the French Deposits Guarantee Fund, announced that France would indeed follow through on the new rules with actual bond sales.  Thierry told the Khaleej Times that, “We still have to work on some issues for it but it’s a matter of weeks and then we will be ready in the beginning of 2011.”

Conseiller finance islamique de Bercy

Thierry Dissaux, CEO of the French Deposit Guarantee Fund

Bloomberg reports separately that the French bank Credit Agricole is “is working on two or three benchmark Islamic bonds from the six-member Gulf Cooperation Council and they will be sold before the end of the first quarter, Simon Eedle, global head of Islamic banking at the bank, said…”

Credit Agricole is also slated to be the lead issuer for a $1 billion sukuk issuance by Saudi Aramco in 2011.

Although they may not yet match the sukuk size planned for 2011 by Dubai World’s Nakheel PJSC ($3.2 billion), by the government of Thailand ($1.3 billion), or by the Dubai government itself ($1-1.5 billion), the growth of French involvement in sukuk markets is noteworthy.

Meanwhile, Pres. Barack Obama has announced that the U.S. has no stronger ally than France (h/t GoV) , even at a time when France has sacrificed only one-seventh the number of troops as wartime ally U.K. while fighting alongside the Americans in Afghanistan.