New taxes being introduced by European countries could reduce profits on some banks by up to 25%, according to a report by the European Union. The report projected that Crédit Agricole would be hardest hit from the 10 taxes in the U.K., Germany, France and seven other countries, reducing the French bank’s pre-tax profits by up to 24%, while slashing those of ING by 21% and Denmark’s Danske Bank by 15%. Crédit Agricole disputes the figures in the report prepared by BvD Bankscope, saying the taxes would likely cost it 4% of its pre-tax profits.

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