Credit Agricole set to boost shipping provisions as sector gloom deepens
Credit Agricole CIB, which has a shipping portfolio worth $15 billion, is likely to set aside extra provisions this year to cover potential losses after the sharp downturn in the industry, a senior official at bank said.
Thibaud Escoffier, head of shipping and offshore finance at the lender's corporate and investment banking unit, said it was too early to say how large the provisions would be, adding that the shipping book would "continue to be properly marked".
Parts of the shipping industry are suffering their deepest downturn ever as international trade slows and freight rates... read more
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