By Pietro Lombardi 
 

Credit Agricole SA (ACA.FR) said Wednesday its CACEIS Germany unit would challenge a decision by German tax authorities to claim repayment of a dividend tax refunded to some of its customers in 2010, should the claim be addressed to CACEIS.

Bavarian tax authorities plan to claim repayment of tax amounting to 312 million euros ($356.3 million), Credit Agricole said. CACEIS is an asset-servicing unit for institutional and corporate clients.

"No intentional fault or negligence by CACEIS Germany would be alleged to substantiate this claim," the bank said.

CACEIS hasn't benefited from the reimbursement, which went to its customers, and has decided not to book a provision, Credit Agricole said.

"CACEIS Germany would strongly challenge this claim, which it finds to be wholly unfounded, should such claim be addressed to it," the company said.

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

(END) Dow Jones Newswires

February 06, 2019 12:54 ET (17:54 GMT)