-- Crisis has had major impact on earnings
-- CEO says shares don't represent group's intrinsic value
-- Bank asked Greek central bank for support
(Adds detail and background.)
By Noemie Bisserbe
Of DOW JONES NEWSWIRES
PARIS -(Dow Jones)- Credit Agricole SA (ACA.FR) Chief Executive Jean-Paul Chifflet moved to reassure investors Tuesday, saying that although the financial crisis has hurt the French bank's earnings, the resulting pressure on its share price is over done.
"Greece, the debt crisis and regulation, have had a major impact on our results and share price... But the share current price does not represent the group's intrinsic value," he told shareholder's at the bank's annual general meeting.
Credit Agricole's shares currently stand at around EUR3 each, over 72% lower than they were a year ago and giving the bank a market value of around EUR7.5 billion.
Credit Agricole, France's third-biggest bank by market capitalization, has been hard hit by the sovereign debt crisis in Greece, where it took over Emporiki Bank of Greece in 2006.
The Paris-based lender Sunday asked the Greek central bank for direct refinancing through the country's emergency liquidity assistance plan, Chifflet said.
-By Noemie Bisserbe, Dow Jones Newswires; +33 1 4017 1756; email@example.com
(END) Dow Jones Newswires
May 22, 2012 08:11 ET (12:11 GMT)
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