May 11, 2016 / 12:32 PM / 2 years ago

Credit Agricole says wealth arm no longer managing offshore structures

PARIS, May 11 (Reuters) - French bank Credit Agricole said on Wednesday that it no longer managed offshore structures for its clients.

It issued a statement following a report by French newspaper Le Monde based on leaked documents on the activities of Panama law firm Mossack Fonseca.

“Credit Agricole Wealth management has no presence in Panama ... (and it) does not create or manage so-called offshore structures on behalf of its clients,” it said, adding that the practice ended in 2015.

The Le Monde report suggested Credit Agricole had 54 active offshore companies in Panama, set up via Mossack Fonseca, as of end-2015.

Reporting by Maya Nikolaeva; Editing by Brian Love

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