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French bank Credit Agricole sees shares plummet in Paris trading

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French bank Credit Agricole sees shares plummet in Paris trading

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Shares in Credit Agricole plummeted as much as 9.7 percent in Paris trading after France’s second largest bank failed to win backing from regulators for a reorganization that may free up capital to repay investors.

The lender is still in discussions with the European Central Bank over the company’s structure.

The bank also said it was in “very advanced stage” talks to settle investigations whether it processed payments for countries and individuals facing sanctions by the US.

Credit Agricole said it was setting aside an additional provision of 350 million euros for a potential settlement.