Emporiki has suffered heavy losses ever since Credit Agricole bought the Greek lender in 2006.
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Credit Agricole said the increase was largely due to it having sold its Greek subsidiary Emporiki Bank.
Credit Agricole Securities Mike Mayo says BofA ended the earnings call on Monday without taking his question.
SocGen was cut to Aa3 from Aa2 while Credit Agricole was taken down to Aa2 from Aa1.
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Robin Bhar, senior metals analyst with Credit Agricole CIB, estimated 15% to 20% of global output is unprofitable.
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The Australian admitted he had become stale at Credit Agricole and, after moving, he enjoyed a stunning 2004.
He estimated earnings dilution of 4.3% for BNP Paribas, 6.6% for Societe Generale and 11.5% for Credit Agricole.
Robin Bhar, senior metals analyst at Credit Agricole CIB, said extreme price swings and profit-taking contributed to long liquidation.
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The group on the euro-denominated issue includes Barclays, Credit Agricole, Mizuho, and Nomura.
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Barclays, Credit Agricole CIB and a unit of JPMorgan Chase were the lead managers of the offering.
The other teams to get wild cards on Wednesday were Belgium's Quick Step-Davitamon, and France's Credit Agricole and FDJ.com.
Credit Agricole is due to unveil its full year figures on 20 February.
In France, Credit Agricole, Societe Generale and UniCredit rose between 2.9% and 5.8%.
In France, investors welcomed announcements of additional cost-cutting efforts by Societe Generale and Credit Agricole to boost their bottom line.
U.S. equities bounced back strongly Wednesday after early losses sparked by downgrades of French banks Societe Generale and Credit Agricole.
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Credit Agricole-CIB's Mr Kowalcyzk said these numbers coupled with the latest data "confirm that the Chinese economy has regained momentum".
French banks Credit Agricole and Societe Generale both closed up 8%, while in Germany, Deutsche Bank rose 7% and Commerzbank, 5%.
Mike Mayo of Credit Agricole cut Morgan Stanley's estimates for third quarter EPS to 2 cents per share from 46 cents.
Once again expectations will be high among the French public and at Credit Agricole he should have the back-up to compete.
France's market regulator last year demanded that companies value their assets more realistically - prompting a 7.4bn-euro charge from Credit Agricole.
"The momentum may be lost if any of these issue spirals into a bigger problem, " said Mr Kowalcyzk of Credit Agricole-CIB.
French banks like Societe Generale, BNP Paribas, and Credit Agricole surged on the global central bank liquidity bailout presented last week.
Anyone can invest in the fund, which is administered by Credit Agricole.
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"Overall sentiment continues to be dictated by central bank actions and hopes of more policy accommodation, " said analysts at Credit Agricole CIB in Hong Kong.
Separately, France's number three bank, Credit Agricole, reported a 51% rise in quarterly profits to 469m euros, helped by the sale of its loss-making Greek unit.
Credit Agricole has warned it will make a huge writedown of the value of its assets to reflect a worsening eurozone economy and new tighter regulations.
"Markets remain optimistic, mainly because failure to forge a deal would be a disaster, " analysts at Credit Agricole CIB in Hong Kong said in a report.
In the case of Credit Agricole, local subsidiary Emporiki is the chief concern, with a consumer loan book of 21.1 billion euro as of March 31.
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Meanwhile, in further signs of nervousness about the Greek economic situation, French bank Credit Agricole has taken control of assets owned by its Greek subsidiary, Emporiki Bank.
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"The government's stimulus measures implemented last year have managed to stabilise growth and lay the foundations for solid expansion this year, " said Dariusz Kowalczyk of Credit Agricole CIB.
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