BANKING & FINANCE - March 13, 1992
From Times Staff and Wire Reports
Credit Lyonnais Nederland Profits Off: Stung by problem loans to the U.S. film industry, the Dutch bank announced that its net profit for 1991 fell 52% to $16.4 million. The bank, a subsidiary of France’s state-owned Credit Lyonnais, effectively controls the MGM studio because of loans totaling about $1 billion to financier Giancarlo Parretti. Credit Lyonnais Nederland said it will not pay a dividend for 1991. The bank said that in coming years it will engage in more “cautious risk management,” noting that it already has reorganized its portfolio of film-related loans.
