Rights issue, €5.9bn
Crédit Agricole, France's biggest retail bank, is one of several leading world banks who have launched big rights issues to repair balance sheets hit by multi-billion-dollar writedowns on risky assets such as U.S. subprime mortgages in 2008. Subscriptions to Crédit Agricole’s right issue reached 130%. The right issue was risk free for Crédit Agricole as it was fully underwritten by the group of 41 French regional banks that own a 54.4% stake in Crédit Agricole through their subsidiary SAS La Boétie, which also committed to subscribe to their full entitlement of shares ahead of the deal. "The success of this capital increase is all the more notable given the fact that it has taken place in a particularly difficult market environment," Chief Executive Georges Pauget said in a statement. Media Tree organised this roadshow in a very short period. We managed 4 teams simultaneously allowing bankers a maximum coverage in a two week period. Media Tree also provided production services and designed stage sets for big meetings in London and Paris.