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  • 2018/02/14
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Cancellation of the loyalty dividend – Interview of Cyril Meilland, Head of Financial Communication at Crédit Agricole S.A. Group

The European Banking Authority and the European Central Bank have decided that the payment of a loyalty dividend to certain shareholders constitutes a “preferential distribution”, in breach of European banking regulations. Under threat of a significant fine impacting on its solvency ratios, Crédit Agricole S.A. has therefore decided to cancel the loyalty dividend, by September 2018.Crédit Agricole S.A. will submit a proposal to the General Meeting of Shareholders to be held on 16 May 2018 to remove the loyalty dividend clause from its articles of association. To compensate beneficiaries, Crédit Agricole S.A. will award eligible shareholders one new ordinary share for 26 registered shares entitled to a loyalty dividend in respect of the 2017 fiscal year. The number of shares to be awarded was calculated based on the compensation amount, set at €0.56, and the weighted average price of the Crédit Agricole S.A. share over the 60 stock market trading days up to and including 12 February 2018. This weighted average price is €14.55 per share.


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