The timing was probably not displease Société Générale. Just when Frédéric Oudéa, CEO of the French bank, was heard by the Committee on Finance of the Senate on Wednesday morning to explain the creation of offshore companies on behalf of its clients, the newspaper ” Le Monde published new documents shining the spotlight on its french competitors. According to the newspaper, the Crédit Agricole Group was one of the biggest French customers Mossack Fonseca firm specializing in domiciliation of offshore companies and the origin of the case of “Panama papers.”
Credit Agricole have administered 1,129 offshore companies registered with the Panamanian firm since the 1990s, more than 1,005 entities created since 1977 by Société Générale with the same firm. BNP Paribas has entrusted the management of offshore companies in 468 Mossack Fonseca and Crédit Mutuel would have administered 64 via its Swiss subsidiary, Pasche bank.
The institutions of the defense line is clear: “The vision relayed by Panama Papers does not reflect the current situation” , argued Frédéric Oudéa at Senate. Even tone at Crédit Agricole, which argued that “ items recognized correspond to the balance of a past legacy .” Encouraged by regulators, the green bank, such as Société Générale and BNP Paribas, withdrew effect of territories and non-cooperative States from 2010. The private bank of Credit Agricole said to be even went further: since 2015, she stopped “administer offshore structures known for its customers .
Risk of high picture
Meanwhile, Societe Generale says 66 offshore companies set up with Mossack Fonseca, are active at this date. And 6 of them are located in Panama. The bank says for now continue these activities when they are in accordance with the requirements of different tax authorities. This is despite the high risk of image given the low level of income generated by these activities, “about 2 million per year , said Frédéric Oudéa.
According to “Le Monde” French banks have preferred outsourcing “ offshore to private firms” . So after losing its military arm for offshore Crédit Agricole Suisse Council Mauritian group NWT Council, Crédit Agricole Suisse would have retained links with society, like BNP Paribas who sold late 2010 BNP Trust Company SA, while continuing to working with its teams. This version is, however, disputed by the bank of the rue d’Antin, adding that the former BNP Trust Company SA “led its own activities” . Credit Agricole his side certifies having ceased all activity there offshoring “ including through external providers” . Wednesday evening, the finance minister asked the “ explanation ” and said he would see the presidents of BNP Paribas and Credit Agricole “ in the coming days .
Note
The Senate has confirmed that he did not pursue Frédéric Oudéa perjury , following comments he made in 2012 at a hearing on the Panamanian activities of Société Générale.
Sharon Wajsbrot, Les Echos
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