Cr.Agricole Has 4Q Loss on Write-Downs

PARIS — French bank Credit Agricole SA reported it swung to a hefty loss Wednesday for the fourth quarter, another European bank forced to write-down billions from the U.S. mortgage crisis.

The Paris-based bank said it lost 857 million euros ($1.3 billion), compared with a profit of from 1.06 billion euros ($1.61 billion) in the year-earlier period.

The bank cited $5 billion in write-downs at its investment bank Calyon, which was nearly 32 percent greater than the $3.8 billion in write-downs disclosed in December.

Credit Agricole, one of Europe's largest banks by assets, dismissed takeover speculation involving scandal-plagued rival Societe Generale, saying "the group will make organic growth its priority and it is not considering any significant new acquisitions."

Credit Agricole shares in the past year have lost about 40 percent in value, giving the bank a market capitalization of around 30 billion euros ($45.6 billion). In recent years it has been especially active in the Mediterranean region, snapping up assets in Greece, Italy and most recently in Spain.