Credit Lyonnais's Altus Lost Ffr200 Million In First Half, Long Options Bets In Gulf Cited

BANKS

When state-owned French bank Credit Lyonnais blamed a large drop in its half-yearly results on big foreign exchange losses in its recently-acquired Altus Finance subsidiary, observers understandably asked whether the bank had invested in a loose cannon that it was failing to control. Why have a separate entity trade foreign exchange when the bank itself has an active trading operation?

The answers to both these questions lie in the complex and specialized nature of Altus's business, explains

To continue reading...

You need to sign in to use this feature. If you don’t have a FX Week account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: