Premium Company Profile: Credit Agricole S.A.

Credit Agricole (Credit Agricole or ‘the company’) is a leading French company engaged in retail banking, consumer credit, asset management, insurance, and corporate and investment banking. This profile offers a comprehensive review of Credit Agricole’s operations and performance.

Report Highlights
Credit Agricole is the third largest publicly listed French company by assets (E1,380.7 billion in 2006). It is also number one in Europe in terms of the number of customers holding current accounts and retail banking revenues and number two in Europe and number six worldwide in terms of shareholders’ equity. Credit Agricole, through its stake in regional banks, is the second largest retail bank in France with a 24% share of households’ deposits and 22% of loans (based on 2006 figures). It is the undisputed leader with market share of 80% in French farming sector. Credit Agricole has operations in over 70 countries. If the contribution of certain overseas departments and territories is strictly excluded from attribution to France region, then Credit Agricole’s revenues from international activities rose from 35% in 2005 to 42% in 2006.
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Overview 1
Catalyst 1
Summary 1
2
tables 3
Company Structure 4
Company Overview and Key Facts 4
Business Description 4
Overview 4
French retail banking 5
Corporate and investment banking 5
Asset management, insurance and private banking 5
Specialized financial services 6
International retail banking 6
Proprietary asset management and other 7
History 7
Locations and Subsidiaries 9
Head Office 9
Other Locations and Subsidiaries 9
Company Financials 11
Overview 11
Revenue by Division 11
Revenue by Geography 12
Products and Services List 14
Major Products and Services 14
Competitors and Strategic Business Relationships 15
Top Competitors 15
Strategy 16
Company View 16
Strategy 18
Overview 18
Launch of new offices and businesses 18
Acquisitions 18
Alliances and partnerships 19
Five-year strategic business plan for Emporiki Bank 20
LCL's 2007-2010 competitiveness plan 20
Corporate Social Responsibility 20
Overview 20
Sponsorship agreements 21
Grameen - Credit Agricole Microfinance Foundation 21
Socially responsible finance 21
SWOT Analysis 22
Overview 22
Strengths 22
Market leadership in France 22
Rising contribution from international operations 23
Rising operational excellence 23
Broad product portfolio 23
Weaknesses 24
US residential mortgage exposure 24
Increasing credit risk and market risk 24
Acquisition risks 25
Opportunities 25
Entry into the Japanese market 25
Buoyant asset management market 25
Growing opportunities in investment banking 26
Threats 26
Consolidation and liberalization in the French and global financial services industry 26
Volatility of financial markets 26
Global financial markets around have been volatile over the last year despite robust earnings. Most financial markets underwent a moderate to severe correction in 2007. Early in 2007 the markets picked up well, until the crash of the US subprime market, which erased almost all the earnings of the year. The subprime mortgage financial crisis of 2007 was due to a sharp rise in home foreclosures which started in the US during the fall of 2006 and became a global financial crisis within a year. As on January 2008, more than $126 billion was lost in principal and interest and the loss is estimated to rise at least above $400 billion in the future. Volatility as indicated by the swings and fall in stock index prices continue to grip global financial markets. 26
In January 2008, the Dow fell 4.6%, marking its worst performance in January since 2000. Similarly, S&P fell 6.2%, its worst performance in January since 1990. NASDAQ experienced the largest decline as compared to Dow and S&P, a decline of 9.9% in January 2008, its worst-ever January performance. The UK's FTSE 100 Index decreased 130.8, or 2.3%, to 5,609.3 in January 2008. The volatility in the financial markets is expected to continue into remaining months of 2008 and entire 2009. Added to this, the price of oil has been around $100 for the past few months. Volatility in financial markets could lead to a rise in the cost of funding and deterioration in the value of financial assets held for trading. This could result in a decline in the company's investment banking revenues. An overall market downturn can adversely affect Credit Agricole's business and financial performance. 27
Interest rates hike 27
Key Employees 28
List of Key Employees 28
Key Employee Biographies 29
Rene Carron 29
Jean-Marie Sander 29
Jean Paul Chifflet 29
Noel Dupuy 30
Pierre Bru 30
Philippe Camus 30
Alain David 30
Alain Dieval 31
Jean Roger Drouet 31
Xavier Fontanet 31
Carole Giraud 32
Michael Jay 32
Bruno de Laage 32
Daniel Lebegue 33
Bernard Mary 33
Michel Michaut 33
Jean Pierre Pargade 33
Jean Michel Lemetayer 34
Daniel Coussens 34
Guy Savarin 34
Henri Moulard 35
Georges Pauget 35
Jacques Lenormand 35
Jean-Frederic de Leusse 35
Financial and Operational Overview 37
Financial Overview 37
Appendix 40
Ask the analyst 40
Datamonitor consulting 40
Disclaimer 40
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Table 1: Credit Agricole S.A. - Key Facts 4
Table 2: Credit Agricole S.A. - Other Locations and Subsidiaries 10
Table 3: Credit Agricole S.A. - Revenue by Division 11
Table 4: Credit Agricole S.A. - Revenue by Geography 12
Table 5: Credit Agricole S.A. - Products and Services 14
Table 6: Credit Agricole S.A. - Top Competitors 15
Table 7: Credit Agricole S.A. - SWOT Analysis Summary 22
Table 8: Credit Agricole S.A. - Key Employees 28
Table 9: Credit Agricole S.A. - Financial Statements Summary 37
Table 10: Credit Agricole S.A. - Other Key Statistics and Ratios 37
Table 11: Credit Agricole S.A. - Overview of Operating Segments 38

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