PARIS: French bank Credit Agricole is continuing to finance aircraft and ship purchases despite the euro zone crisis, which has made dollar-based transactions more onerous, the head of its investment banking division told Le Figaro newspaper.
"Whereas others have decided to take their foot off the gas on financing, whether it is for projects, real estate, planes or ships, we plan on moving ahead," Jean-Yves Hocher was quoted as saying.
Domestic rivals like BNP Paribas and Societe Generale have said they were either pulling out or drastically slashing these types of activities as lenders cut back operations to build up loss-absorbing capital.
Credit Agricole, though it will continue to offer these products, will find other investors to take on the risk rather than keep it on its balance sheet, Hocher told Le Figaro.
The bank plans to cut 2,350 jobs, mostly at its corporate and investment bank, and to exit equity derivatives and commodities trading.
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