News Summary:
On May 1, 2026, the car finance arm of French bank Credit Agricole, alongside Volkswagen and Mercedes-Benz, appealed the Financial Conduct Authority’s (FCA) industry-wide redress scheme, a plan set to cost the industry about £9.1 billion. Earlier the same day, Credit Agricole CIB Research discussed the potential for Japan's Ministry of Finance to exploit lower liquidity during the Golden Week holiday, following a surge in JPY after an official FX intervention when USD/JPY pushed above 160. Also on May 1, Crédit Agricole Group published its first-quarter 2026 financial results, reporting that net income Group share reached €2.1 billion, an increase of 5.5%, while Crédit Agricole S.A.'s net income amounted to €1.7 billion, up 1.8%. Crédit Agricole S.A.'s quarterly revenues continued an upward trend to €7 billion, rising 0.9%. Previously, on April 30, Credit Agricole S.A., through its subsidiaries LCL and Crédit Agricole Assurances, finalized the acquisition of Milleis Group to strengthen its wealth management strategy. Concurrently, EGX-listed Credit Agricole Egypt reported a 2.9% year-on-year decline in net profit for Q1 2026, reaching EGP 1.80 billion ($33.6 million), attributed to higher credit impairment charges and a heavier tax burden despite steady core banking income growth.
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