French Banks Miss Out on Europe’s Rate Boom as Usury Rules Bite
This article is for subscribers only.
France’s largest banks are missing out on the earnings bonanza at their European peers because of a quirk in the country’s rules that limits the benefit they get from higher interest rates.
Credit Agricole SA saw revenue from retail banking in France fall 5% in the second quarter and Societe Generale SA even recorded a 14% slump, reports this week showed. At BNP Paribas SA, the country’s largest bank, the figure was little changed.