UPDATE 2-Credit Agricole total Greek exposure 3.8 bln euros

* Reveals corporate commitments at 2.4 billion euros

* Says insurance unit has just under 400 mln sovereign risk

* Confirms bank sovereign exposure at 850 million euros
(Adds details, results expectations)

By Lionel Laurent

PARIS, May 7 (BestGrowthStock) – French bank Credit Agricole
(CAGR.PA: ) revealed a total exposure to Greece of 3.8 billion
euros ($5.1 billion) on Friday, as debt worries continued to
pressure the financial sector.

Credit Agricole, which reports first-quarter results next
week, was seen as particularly vulnerable to Greece’s economic
problems because of its unprofitable Greek subsidiary Emporiki
in which it bought a two thirds stake in 2006.

The Greek unit, now over 90 percent-owned, has been sapping
results for years while the bank’s former chief executive,
Georges Pauget, said it would not sell out.

Credit Agricole was expected to report a first-quarter net
profit of 514 million euros, more than double what it earned in
the 2009 period, according to a Reuters poll.

The updated 3.8 billion euro exposure figure included bank
sovereign risk of 850 million, insurance sovereign risk of just
under 400 million, investment-banking corporate exposure of 2.4
billion and interbank risk exposure of 180 million.

The figure does not include private-sector exposure at
Emporiki, the bank said. [ID:nCmp166173]

Credit Agricole shares were down 1.4 percent in morning
trade, in line with declines at larger rivals BNP Paribas
(BNPP.PA: ) and Societe Generale (SOGN.PA: ). [ID:nWEA0812]

BNP has disclosed sovereign exposure to Greece of 5 billion
euros and corporate commitments of around 3 billion. Societe
Generale’s sovereign exposure is 3 billion euros.

Credit Agricole has restructured itself in the aftermath of
the financial crisis and has been led by chief executive
Jean-Paul Chifflet since March. The group said in February it
had seen a good start to the year. [ID:nLDE61N262]

French banks have the biggest international exposure to
Greek debt as at the end of 2009 but unlike German banks they
have not been asked to participate directly in the rescue
package for the debt-stricken country.

Investment Advice

(Editing by Marcel Michelson and Dan Lalor)
($1 = 0.7453 euro)

UPDATE 2-Credit Agricole total Greek exposure 3.8 bln euros