What is Goodwill Finance?

Credit Agricole to Report Historic Losses in 2012  February 3, 2013 – 04:30 am

Crédit_agricole_bank

Credit Agricole branch in Paris. Credit: Wikimedia Commons

On Friday, February 1 French bank Credit Agricole, the third largest bank in finance, confirmed that it would make a 2.68 billion euro (3.64 billion dollar) goodwill writedown of the value of its assets.

Of the this, 923 million euros will come from its consumer finance sector, 852 million euros from its ownership of an Italian retail bank, 267 million euros from its 20 percent stake in Banco Espirito Santo, Portugal’s largest publicly traded bank, and 572 million euros due from its goodwill charges. Between these planned changes and changes that have already been carried out, the Paris based bank’s net earnings will be reduced by about 3.8 billion euros.

This decision comes two weeks after the European Union’s markets monitors told companies that they would be named publicly if they had failed to properly writedown goodwill impairments in their latest financial results. These writedown charges are attempts to regulate the “poorly timed deals struck before the 2008 financial crisis.”

The bank’s goodwill payment represents the difference between the amount paid to acquire a company and its book value. Writing down goodwill does not necessarily deplete capital, but it reduces profits and signals that a company overpaid for acquisitions.

Source: La Jeune Politique

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