Crédit Agricole fails to meet merger targets on savings

According to reports in the UK press, Crédit Agricole failed to meet its agreed savings targets in 2003 following its merger with Crédit Lyonnais. In total, savings were down 20% from the targeted amount and only EUR 40m of synergies were achieved in 2003, compared with EUR 215m forecast at the time of the acquisition with Crédit Lyonnais.

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