Credit Agricole's CACEIS Would Challenge German Tax Authorities Claim
February 06 2019 - 1:09PM
Dow Jones News
By Pietro Lombardi
Credit Agricole SA (ACA.FR) said Wednesday its CACEIS Germany
unit would challenge a decision by German tax authorities to claim
repayment of a dividend tax refunded to some of its customers in
2010, should the claim be addressed to CACEIS.
Bavarian tax authorities plan to claim repayment of tax
amounting to 312 million euros ($356.3 million), Credit Agricole
said. CACEIS is an asset-servicing unit for institutional and
corporate clients.
"No intentional fault or negligence by CACEIS Germany would be
alleged to substantiate this claim," the bank said.
CACEIS hasn't benefited from the reimbursement, which went to
its customers, and has decided not to book a provision, Credit
Agricole said.
"CACEIS Germany would strongly challenge this claim, which it
finds to be wholly unfounded, should such claim be addressed to
it," the company said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
February 06, 2019 12:54 ET (17:54 GMT)
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