By Pietro Lombardi 
 

Credit Agricole SA (ACA.FR) said late Friday that its Caceis Germany unit will challenge a decision by German tax authorities to claim repayment of a dividend tax refunded to some of its customers in 2010.

Bavarian Tax authorities are demanding 312 million euros ($349.3 million), plus EUR148 million in interest, France's second-largest listed bank by assets said.

"No intentional fault or negligence by Caceis Germany is alleged to substantiate this claim," Credit Agricole said.

Caceis--an asset-servicing unit for institutional and corporate clients--hasn't benefited from the reimbursement, which went to its customers, and has decided not to book a provision.

"Therefore Caceis Germany will challenge strongly this request which it finds to be wholly unfounded, by filing an appeal against it and by requesting a stay of enforcement of the payment obligation pending a final decision on the substance," the French bank said.

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

(END) Dow Jones Newswires

May 06, 2019 04:02 ET (08:02 GMT)