A Bank with mutual roots

Crédit Agricole is France's largest bank, and is one of the largest in the world in terms of capital. It has a unified yet decentralised organisation, handling financial, commercial and legal issues in a cohesive menner, while encouraging decentralised responsibilty.

Crédit Agricole’s 2,629 Local Banks (Caisses Locales) form the bedrock of the Group’s mutual organisation. With 5.7 million members and 35,000 directors, they play a key part in maintaining a strong local presence and close relationships between the Group and its customers. The Local Banks hold the bulk of the capital of the Regional Banks, which are co-operative entities and fully-fledged banks. The Regional Banks, via SAS Rue La Boétie, hold a majority stake in Crédit Agricole S.A.’s capital.

The Fédération Nationale du Crédit Agricole (FNCA) acts as a consultative and representative body, and as a means of expression for the Regional Banks.

As a result of Crédit Agricole’s desire to embrace the market while strengthening its mutual identity, Crédit Agricole S.A. was floated on the stock market in December 2001. Crédit Agricole S.A. represents all Group business lines and entities, and has three main roles within the Group, i.e. lead institution, central banker and the entity responsible for ensuring consistent commercial development. Crédit Agricole S.A. owns 25% of the Regional Banks’ capital and 94.8%* of Crédit Lyonnais, along with all Group interests in foreign banks and operating subsidiaries specialising in particular business lines.

* The Regional Banks, via SACAM Développement, own a further 5.1% stake in Crédit Lyonnais.

A major universal retail bank

After its successful offer for Crédit Lyonnais in 2003 and the combination of the two groups, Crédit Agricole has strengthened its positions in all business lines. The strong market positions built up by the Regional Banks and the excellent fit between the two networks, in terms of both geographical location and customer profile, are enabling Crédit Agricole to extend its lead in the French retail banking market.

With 7,260 branches, the Regional Banks control France’s largest banking network, serving 16.1 million individual, professional and small business customers. The network combines a dynamic commercial approach with strong local relationships and a high-quality service, and represents a major competitive advantage.

Crédit Lyonnais, meanwhile, has a well-known and well-liked brand, along with a high-quality network of 1,850 branches.

Overall, therefore, the Group serves over 21 million customers through more than 9,100 branches.

In addition, the Group’s leading positions in consumer finance and other specialised financial services – life and non-life insurance, asset management and private banking – form the basis of a new universal retail banking model, with the emphasis on service quality.

A leading European bank, with operations worldwide

Crédit Agricole has a targeted strategy of expansion outside France. Today, the Group operates in 66 countries, and has built a genuinely pan-European business out of its principal subsidiaries and a network of strategic alliances and partnerships with major European banks.

Calyon, which was formed in May 2004 from the combination of Crédit Agricole Indosuez and the corresponding Crédit Lyonnais activities, brings together the Group’s corporate and investment banking businesses. In most of its business lines, Calyon is one of Europe’s leading players, and offers a wide range of products and services to companies both in France and abroad.

 31/12/2003