CREDIT AGRICOLE SA : removal of the loyalty dividend
20 Décembre 2017 - 6:59AM
Montrouge, 20 December 2017 |
Removal of the
loyalty dividend
At its General Meeting of
Shareholders in 2011 Crédit Agricole S.A. set up a loyalty dividend
scheme to reward its shareholders for their loyalty, in accordance
with article L.232-14 of the French Commercial Code* and article 31
of its articles of association.
As part of its duties, the
European Banking Authority (EBA) has ruled that the payment of a
loyalty dividend by Crédit Agricole S.A. constitutes a
"preferential distribution" in breach of the Capital Requirements
Regulation (CRR).
The European Central Bank (ECB)
has confirmed this analysis and has required Crédit Agricole S.A.
to remove the loyalty dividend bonus clause from its articles of
association by September 2018.
Crédit Agricole S.A. will comply
with the ECB's request by submitting a proposal to the General
Meeting of Shareholders to be held on 16 May 2018 to remove the
loyalty dividend bonus clause from its articles of association. A
Special Meeting for Shareholders entitled to the loyalty dividend
will be held on 4 April 2018.
Crédit Agricole S.A. is currently
considering compensating the beneficiaries**.
* Only 6% of
ordinary shares are currently eligible for the loyalty dividend,
which represented an additional payout of €10 million last
year.
** Only
shareholders holding Crédit Agricole S.A. shares in registered form
continuously from 31 December 2015 through to the dividend payment
date for the 2017 financial year are eligible for the loyalty
dividend bonus for 2017.
CRÉDIT
AGRICOLE S.A. PRESS CONTACT
Charlotte de
Chavagnac + 33 1 57
72 11
17
charlotte.dechavagnac@credit-agricole-sa.fr
Alexandre
Barat
+ 33 1 43 23 07
31
alexandre.barat@credit-agricole-sa.fr
Find our press release on: www.credit-agricole.com
- www.creditagricole.info
UK 20 11 17_ CASA_ Press
release
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: CREDIT AGRICOLE SA via Globenewswire
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