By Pietro Lombardi

Credit Agricole SA (ACA.FR) will cease to pay a loyalty dividend to eligible shareholders, in line with a ruling from the European Central Bank, following shareholder approval on Wednesday.

Eligible shareholders voted on the move in a special meeting Wednesday. As previously reported, the ECB has demanded the French bank remove the loyalty dividend by September.

Credit Agricole plans to compensate eligible shareholders by offering one new ordinary share for 26 shares entitled to a loyalty dividend.

In February, the bank estimated the value of the compensation at about 0.56 euros ($0.69) per share.

The proposal will be submitted at the shareholders meeting in May.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

April 04, 2018 11:54 ET (15:54 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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