Credit Agricole plans cash call

Credit Agricole has reported a big fall in three month profits and confirmed that it is to raise 5.9bn euros ($9.1bn; £4.7bn) from its shareholders.

Net profit for the first three months of the year came in at 892m euros, down 66% from the same period last year.

It was hit by a 1.2bn-euro write-down caused by investments linked to US sub-prime mortgages at its investment banking arm Calyon.

It also plans to sell about 5bn euros of assets over the next 18 months.

"The rights issue will be launched before the summer, subject to market conditions," the French bank said in a statement.

The 1.2bn-euro write-down comes on top of the 4.3bn euros written off last year.

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