Crdit Agricole

Crdit Agricole, sometimes called the Green Bank[2]

because of its historical ties to farming, is a French network of cooperative and mutual banks comprising the 39
Crdit Agricole Regional Banks. In 1990,[3] it became
an international full-service banking group. It is listed
through its holding company, Crdit Agricole S.A., on
Euronext Paris rst market and is part of the CAC 40
stock market index. In 2013, the Crdit Agricole Group
reported revenues of 26.4 billion.
It was the title sponsor of the Crdit Agricole professional
road cycling team from 1998 to 2008.

History

Source for most of the History section.[3]

In the second half of the 19th Century, French farmers

struggled to obtain long-term, exible, reasonably-priced
credit. There were several attempts to set up farming
banks, including Crdit Foncier de France in 1861, but
none was successful.
Jules Mline spearheaded the creation of the rst Local Banks

1.1

The 1894 Act did not confer any nancial advantages, and
the Local Banks soon faced nancial problems, such as a
lack of capital and insucient collateral from small farmers. It was not until 1897 that the government addressed
these problems by requiring the Banque de France to provide funding to Crdit Agricole through an endowment
of 40 million gold francs and an annual fee of 2 million
francs. A year later, the Act of 1898 resolved the collateral issues.[5] Meanwhile, the Act of 31 March 1899 instituted a commission within the Ministry for Agriculture to
distribute the government advances between the Regional
Banks, which were also created at this time. These cooperative entities brought together the Local Banks in their
catchment area and acted as their clearing organisations.

Birth of Crdit Agricole and creation

of the local and regional banks 1894 1900

Crdit Agricole can trace its history back to the end of the
19th Century, and specically to the Act of 1884 establishing the freedom of professional association, which authorised, among other things, the creation of farm unions
and the foundation of local mutual banks.[3] Socit de
Crdit Agricole[4] was created on 23 February 1885 at
Salins-les-Bains in the district of Poligny in the Jura region.[3] It was the rst of its kind in France.

Drawing on this experience and in an eort to promote

lending to small family farms, the Act of 5 November
1894, which had the support of Minister for Agriculture
Jules Mline, paved the way for the creation of Crdit 1.2 Building nationwide coverage 1900 Agricoles Local Banks. The rst Local Banks were set up
1945
by local elites, including agronomists, teachers and property owners, with farmers playing a minority role.
More and more Local and Regional Banks were estabIn the early years, business was made up exclusively of lished from the turn of the century. By the eve of the First
short-term loans provided as advances on harvests, en- World War, every region had at least one. But the govabling farmers to live more comfortably. Medium-term ernment continued to provide three-quarters of the fundand long-term loans were added later, making it possible ing, and short-term lending still accounted for the lions
share of business despite the authorisation to issue longto buy equipment and livestock.
1

1 HISTORY

term loans granted by the Acts of 29 December 1906 and

19 March 1910. With some regions becoming isolated
owing to the War, the need for a central bank to regulate business became more apparent, especially as Crdit
Agricole was asked to provide nancing to rebuild farming operations damaged during the conict.

in 1950 enabled Crdit Agricole to be self-nancing from

1963.[7] Financial ows between the government and the
organisation reversed, with Crdit Agricole now sending
deposits to the Treasury.

Crdit Agricole continued to modernise, with an inux

of new managerial talent both in the Regional Banks and
In the 1920s, the bank continued to build its nationwide at CNCA. In 1960, Paul Driant became the rst Chaircoverage and expand its business activities, notably by in- man of CNCA to come from a farming background. He
troducing loans to small-scale rural craftsmen in 1920, remained in this position for 14 years.[8]
nancing rural electrication and nancing local authorities in rural areas from 1923.[3]
The Act of 5 August 1920 gave greater independence
to what was at that time a credit department reporting
directly to the Ministry for Agriculture and established
a public central clearing organisation for the Regional
Banks. The Oce National de Crdit Agricole was thus
set up, with Louis Tardy[3] as its Chief Executive Ocer.
In 1926, the institution was renamed Caisse Nationale de
Crdit Agricole (CNCA), and Crdit Agricoles institutional structure was complete. The 1920 Act also established the legal framework for Crdit Agricoles operations in France.
Local and Regional Banks did not emerge from the 1930
crisis unscathed. The Caisse Nationale took on a greater
role and aided the most heavily exposed banks. A joint
deposit guarantee fund was set up in 1935. The following year, Crdit Agricole provided additional support by
nancing wheat stocks through discounting when the National Cereals Board (ONIC) was established. The payment mechanisms used helped to make cheques and bank
accounts more popular in the countryside.[3]

1.4 Birth of a universal bank 1966 - 1988

In 1966, as part of eorts to boost savings and remove
Crdit Agricole from its budget, the government gave
CNCA nancial autonomy.[9] Savings inows no longer
passed through the Treasury, and CNCA was now responsible for balancing the surpluses and decits of the Regional Banks. The 1971 Rurality Act extended Crdit
Agricoles potential nancing sources to rural zones and
to new types of customers, such as craftsmen and food
producers. Lending to SMEs and mid-tier rms followed
after.
The Banking Reform of 1966 allowed the organisation
to oer households the same products as those provided
by competitors, including passbook accounts and home
savings plans.[7]

The rst subsidiaries were set up at the end of the 1960s

to address the specic needs of CNCA: Union dtudes et
dinvestissements (UI) was created in 1967 to make equity
investments, followed by Segespar for asset management
and Unicrdit to grant loans to food producers
Between 1939 and 1945, the Vichy regime imposed in 1968,[10]
in
1971.
Crdit Agricole began distributing home purstricter state supervision on Crdit Agricole. Major nanchase
savings
products from 1967, government-regulated
cial developments also took place at this time, including
mortgages
from
1972 and rst-time-buyer loans in 1977.
the creation of the ve-year note.[6]

1.3

In 1976, the Group adopted the slogan le bon sens prs

de chez vous (common sense close to home).[3][11]

Post-War period and creation of

opened its rst foreign branch, in
Fdration Nationale du Crdit Agri- Crdit Agricole
Chicago,[7] in 1979, signalling the start of its strategy of
cole 1945 - 1966
international expansion. In that year, The Banker mag-

To nance the post-war reconstruction eort and encourage the mechanisation of farming, CNCA stepped up
deposit-taking to supplement the funds provided by the
government. The Regional Banks opened many oces,
with the total increasing from 1,000 in 1947 to 2,259 by
1967.[3]
Fdration Nationale du Crdit Agricole (FNCA) was
created in 1948. It was tasked with representing the
Crdit Agricole Regional Banks with respect to the public authorities and CNCA. It also played a role in training
sta and gradually expanding Crdit Agricoles expertise.
In 1959, Crdit Agricole was authorised by decree to nance property loans for primary residences in rural areas, irrespective of the status of the owner (even nonfarmers).[4] The distribution of long-term bonds created

azine ranked Crdit Agricole among the worlds leading banks. Reecting this progress, Crdit Agricole was
made subject to Frances 1984 Banking Act; previously it
had been subject only to the Rural Code. In addition, an
interbank agreement was signed to make Crdit Agricole
bank cards part of the carte bleue system used by other
banks.
The groups business diversication started in the 1980s.
The Predica life insurance subsidiary was set up in 1986,
while property & casualty unit Pacica was created in
1990. The group expanded into bancassurance, oering the rst retirement savings plans. At this time, many
Local Bank directors were also directors of Groupama,
an insurer from the farming sector. There was talk of a
merger between the two, but this did not ultimately come
to pass.

2.2

1.5

Business overview

Institutional changes 1988 - 2001

On 18 January 1988, the CNCA Privatisation Act came

into force.[12] CNCA was transformed into a public limited company, with a 90% stake sold to the Regional
Banks and 10% to sta. Crdit Agricole became fully
independent of the government, putting an end to the latters practice of skimming o surplus funds. In 1990,
Crdit Agricole lost the monopoly on granting lowinterest loans to farmers and one year later, in 1991, the
normalisation process was completed as it was allowed
to begin nancing large corporations.[13]
International expansion continued with the acquisition of
stakes in Banco Ambrosiano Veneto in Italy in 1989 and
Banco Espirito Santo in Portugal in 1991.
The headquarters of Crdit Lyonnais, which was acquired by the
Consolidation among the Regional Banks began ocially
in 1990, with the aim of reducing costs. The aim was
to halve the number of Regional Banks, and that objective had been surpassed by the turn of the 21st Century.
Meanwhile, 18 of the 94 Regional Banks were listed on
the secondary market through issues of cooperative investment certicates, although most of the share capital
of the Regional Banks remained in the hands of the 5.5
million client stakeholders.

Crdit Agricole Group in 2003

business lines being grouped into subsidiaries. This included the creation of Calyon in 2004 from the merger of
the corporate and investment banking activities of Crdit
Lyonnais and Crdit Agricole Indosuez. Crdit Lyonnais
focused on retail banking and was rebranded as LCL in
August 2005.

Between 2004 and 2005, the Regional Banks and Crdit

In 1993, Lucien Douroux, who led the plan to privatise
Agricole S.A. embarked on a major development plan
FNCA, became CNCAs rst Chief Executive Ocer,[14]
aimed at bolstering the Regional Banks leading posihaving been appointed by Crdit Agricole from existing
tions in France by gaining a greater presence in major
sta.
cities, while at the same time increasing the Groups inIn 1996, the group bought Indosuez and then created In- ternational reach. Businesses were established in Egypt,
docam, an asset management subsidiary (renamed Crdit Ukraine, Serbia, Greece, Italy and Portugal. In 2006,
Agricole Asset Management in 1999), and Crdit Agri- Crdit Agricole Assurances was created to bring together
cole Indosuez for corporate and investment banking. In the Pacica and Predica brands.
1999, diversication continued as the Group took a stake
In 2007, the group starting to part away from newly
in the newly privatised Crdit Lyonnais, and acquired
formed Italian banking giant Intesa Sanpaolo, which
leading consumer nance company Sonco.
Crdit Agricole was the largest shareholder of Banca InCNCA was listed on the stockmarket in 2001 under the tesa, despite on 22 January 2007 Crdit Agricole still
name Crdit Agricole S.A. This gave the Regional Banks acted as the third largest shareholder of Intesa Sanpaolo.
a listed vehicle through which to carry out major acqui- On 1 March 2007 Crdit Agricole acquired 202 forsitions.
mer Banca Intesa branches, as well as Cariparma and
FriulAdria from Intesa Sanpaolo. In 2011 Crdit Agricole acquired Carispezia from Intesa Sanpaolo, as well
2 Crdit Agricole in the 21st Cen- as 96 branches directly from Intesa Sanpaolo. In 2012
Crdit Agricole nally sold all the shares of Intesa Santury
paolo.

2.1

Picking up the pace of business diver2.2 Business overview

sication 2001 - 2008

The 21st Century saw the group continue to diversify its

business line-up. Finaref was acquired in 2003. That
same year, Crdit Agricole acquired Crdit Lyonnais in
a friendly takeover orchestrated by then Chairman of the
Board Ren Carron[15] after a market battle was triggered
by the governments decision to auction o its stake in
Crdit Lyonnais in December 2002. The two banks were
combined in 2003 and 2004, which led to the dierent

The groups acquisitions enabled it to strengthen its leadership in French retail banking, expand its position in
corporate and investment banking and build up its international network of branches and subsidiaries. By
now, the group was the number-one bank in France with
28% of the domestic market, the global number-two by
revenues and number-ten by prots, according to Fortune magazine,[16] and number-15 worldwide according

3 CORPORATE GOVERNANCE

to Forbes rankings.[17]

3 Corporate governance
Crdit Agricole has a three-tier structure, comprising the

2.3

Crdit Agricole and the 2008 - 2012 cri- Local Banks, the Regional Banks (and their branches and
equity investments) and Crdit Agricole S.A. (and its subsis

sidiaries). The Local and Regional Banks are cooperative

When the interbank lending market seized up, Crdit companies. Crdit Agricole S.A. is a joint-stock comAgricole was forced in January 2008 to sell its long- pany. Crdit Agricole is[27]one of the leading cooperative
standing stake in Suez for 1,3 billion[18] and then in May companies in the world.
2008 to organise a 5.9 billion rights issue to which all
the Regional Banks subscribed to meet Basel II regulatory 3.1 Local Banks
requirements. It also undertook a 5 billion programme
of non-strategic asset disposals.
The 2,509 Local Banks form the foundation of Crdit
At the end of 2008, the government decided to loan
Frances six largest banks 21 billion in two tranches, at
an interest rate of 8%, to enable them to continue to play
their role in the economy. Crdit Agricole did not take
part in the second tranche[19] and repaid the government
in October 2009. Crdit Agricoles crisis exit strategy
was well received by the markets, with the share price
gaining more than 40% over 2009.

Agricole. They have 7.4 million stakeholders (December 2013), who are both clients and owners of the share
capital (through ownership shares) of the Local Banks, in
accordance with the cooperative governance principle.

The Local Banks hold the bulk of the capital of the Regional Banks. At the annual general meetings of the Local Banks, which attract around 500,000 participants every year, the stakeholders appoint over 32,000 volunteer
In 2012, Crdit Agricole continued to report negative directors.
results, posting a loss of around 3 billion in the third
quarter. The Greek branch Emporiki was separated from
its protable wealthy parts in Albania, Bulgaria and Ro- 3.2 Regional Banks
mania which were integrated into the Crdit Agricole
group. The whole investment into Emporiki cost around Crdit Agricoles Regional Banks are cooperative entities
9 billion. The remaining Greek part was sold o to and fully-edged banks, oering a wide range of nanAlpha Bank for 1. Crdit Agricole also withdrew to- cial products and services to their 20 million clients (endtally from Spanish bank Bankinter, resulting in a book 2008). They boast a network of some 7,200 branches
loss of 193 million, and took a massive 600 million and 12,000 ATMs, plus more than 7,000 in-store cash
write-down on consumer credit, notably owing to di- points, which provide Crdit Agricole customers with baculties in Italy.[20] Furthermore, Crdit Agricole had to sic banking services. Some Regional Banks have merged
write down the goodwill on its balance sheet. Goodwill to improve their nancial strength and competitiveness,
amounted to 17.7 billion in September 2012, well above with the total number of Regional Banks falling from 94
the actual value.[21] In early February 2013, the bank an- to 39 between 1988 and 2008.
nounced that it would book 3.8 billion in writedowns
Preventing exclusion from banking services
and costs a record amount according to the media.[22]
To prevent customers aected by a personal event, such
2.4 Getting back to fundamentals from as a death or unemployment, from being excluded from
banking services, 30 Regional Banks have set up Point
2014
Passerelle centres, which provide a friendly ear, mediation and support for clients looking for help to get out of
In March 2014, the Crdit Agricole Group unveiled its a dicult situation. Caisse Rgionale du Nord-Est rst
medium-term strategic plan,[23][24] which put the empha- introduced the system in 1997.[28]
sis on retail banking, insurance and saving. Internationally, the group decided to refocus on its core markets, Promoting employment for people with disabilities
starting with Italy, the groups second-largest market.
The Crdit Agricole Group sold its Bulgarian subsidiary
to Corporate Commercial Bank for 160 million.[25] On
22 April 2014, Crdit Agricole S.A., Crdit Agricole
Nord and Crdit Agricole Nord-Est announced that they
would sell 50% of their stake in Crelan S.A., a Belgian
bank created out of the merger of Crdit Agricole Belgique and Centea, to Caisses coopratives belges by June
2015.[26]

Through an association set up to promote the employment of people with disabilities within Crdit Agricole (HECA), the Crdit Agricole Regional Banks devote resources to the recruitment, integration and continued employment of disabled workers. Measures include workstation modications, transport facilities and
training. Since a lack of training makes it harder for people with disabilities to get work, Crdit Agricole has set

5
up work/study training programmes to enable people who
have their high school diploma to receive post-secondary
qualications. The goal was to recruit more than 800
disabled persons between 2006 and end-2010, and by
end-2009, more than 360 permanent contracts and 670
work/study contracts had been signed.[29] Former Miss
France runner-up Sophie Vouzelaud, who has been deaf
from birth, is HECAs ocial ambassador.[30]
Promoting the cooperative model
The Regional Banks help to promote the cooperative
model locally through a variety of initiatives, such as the New headquarters of Crdit Agricole S.A. in Montrouge
Perspectives Mutualistes conference series (Pau in 2006,
Angers in 2007, Reims in 200831, Orlans in 2009), and
by issuing special bank cards for stakeholders.
CEO: Jean-Paul Chiet

3.3

Fdration Nationale du Crdit Agri- Board of directors

cole

Fdration Nationale du Crdit Agricole (FNCA) is the

body through which the Regional Banks discuss policy,
express their views and represent themselves. FNCA
plays the role of a trade body. It is a forum for discussions
that arise at the grass-roots level, and it plays a proactive, guiding role. It represents Crdit Agricoles Regional Banks and the Group with respect to the public authorities, agricultural trade associations and bodies with
authority for cooperative and mutual banking. FNCA
provides services to Regional Banks, particularly in the
elds of vocational training, through the Crdit Agricole Mutuel training centre, and human resource management. The senior management team is represented
by:
Dominique Lefebvre, Chairman of Fdration Nationale du Crdit Agricole,
Philippe Brassac, Secretary General of Fdration
Nationale du Crdit Agricole,

The Board is made up of members elected by the Annual General Meeting, representatives of trade organisations, members elected by employees, a non-voting member and a representative of the Works Council.
A complex structure
The Regional Banks own 54% of Crdit Agricole S.A.,
which in turn holds 25% of their capital in the form of
non-voting cooperative securities (certicats coopratifs
d'associs). An internal debate is continually underway
on striking a balance between growing activities that serve
the Regional Banks directly and promoting businesses
that lie outside their sphere. Institutional investors, particularly in the UK and US, are not always at ease with
this approach.

4 Brand identity

Bertrand Corbeau, CEO of Fdration Nationale du

4.1
Crdit Agricole.

3.4

Crdit Agricole S.A.

In 1988, Caisse Nationale de Crdit Agricole was privatised, becoming Crdit Agricole S.A., a public limited
company owned by the Regional Banks and Group employees. In 2001, Crdit Agricole S.A. was oated on
the stockmarket, although the Regional Banks (44 at the
time) retained a majority share, as provided for by the
groups mutual articles of association.

Slogan

1976 to 1987: Le bon sens prs de chez vous

(Common sense close to home);[4][31]
1987 to 1994: Le bon sens en action (Common
sense in action);[4][32]
1994 to 2005: L'imagination dans le bon sens
(Imagination guided by common sense);[4][33]
2005 to 2011: Une relation durable, a change la
vie (A lasting relationship changes your life);[34]

Senior management of Crdit Agricole S.A.

Chairman: Jean-Marie Sander

Since 2011: Le bon sens a de lavenir (Common

sense has a future).[35]

7 CONTROVERSIES

4.2

Visual identity

1948: the rst ocial logo, conveying Crdit Agricoles exclusive focus on the agricultural sector.[1]
1959: Crdit Agricole adopts a second logo to express the rms strong involvement in the development of France42.[1]
1971: third logo, combining the letters C and A.[1]
1987: creation of the current logo, which summarises the groups desire to continue to move forward and to favour openness towards the outside
world.[1]
1. ^ a b c d Histoire du logo Crdit Agricole. Crdit
Agricole. Retrieved 19 August 2014.

Financial and market data

The cooperative investment certicates of 15 Regional

Banks, and the shares of Crdit Agricole S.A., the Group
holding company, are listed on the Paris stock exchange.
Crdit Agricole S.A. is also a member of the Dow Jones,
Euro Stoxx 50, SBF 120, Euronext 100, ASPI Eurozone
and FTSE4Good Index.

Crdit Agricole team jersey

6.2 Rugby
Crdit Agricole has been the main sponsor of the Italian
national rugby team since 2007 via its Italian subsidiary
Cariparma.
Main article: Italy national rugby union team

5.1

Crdit Agricole Group data

The Crdit Agricole Group comprises all the Local and

Regional Banks, Crdit Agricole S.A. and all their subsidiaries.

5.2

Crdit Agricole S.A. Group data

The Crdit Agricole S.A. Group comprises the holding

company, Crdit Agricole S.A., as well as all its subsidiaries.

6
6.1

Sports sponsorship
Cycling

In 1998, following the Tour de France, Crdit Agricole became the lead sponsor of the cycling team led by
Roger Legeay, previously sponsored by Gan, an insurer.
The initial investment was FRF 30 million a year. Over
the years, the team won many stages in major cycling
races as well as several national championships. In 2008,
Crdit Agricole reviewed its sports sponsorship strategy
and ended its partnership after ten years.
Main article: Crdit Agricole (cycling team)

7 Controversies
In September 2007 Credit Agricole had to book
a 250 million charge related to an unauthorized
trading loss at its New York subsidiary.
On April 18, 2008, Credit Agricole revealed that it
would post $1.2 billion in losses related to subprime
mortgage securities. In May 2008 Credit Agricole
sought to raise 5.9 billion in equity capital from
its shareholders. The shares controversially sold o
from 19 to 6 over the successive period as the
nancial crisis escalated.
In May 2008 Credit Agricole identied 5billion of
asset disposals including the banks 5.6 percent stake
in Italian bank Intesa Sanpaolo, which was worth an
estimated 3 billion.
The group purchased in August 2006 Empiriki
bank for 2.2 billion which it later sold for one
euro after suering 6 billion of losses in the
investment. http://www.vulpesinvest.com/ttmygh/
Grant_20121008_ttmygh.pdf
In 2010 the French governments Autorit de la
concurrence (the department in charge of regulating competition) ned eleven banks, including

7
Crdit Agricole, the sum of 384,900,000 Euros for [15] Tagliabue, John. For a Banker, Roots and Reach. nytimes.com. The New York Times. Retrieved 1 August
colluding to charge unjustied fees on check pro2015.
cessing, especially for extra fees charged during the
transition from paper check transfer to Exchanges
[16] Fortune Global 500. Fortune.com. Retrieved 18 August
Check-Image electronic transfer.[37][38]
2014.

See also
European Financial Services Roundtable

References

[1] Entire Crdit Agricole group, including regional cooperative banks. Annual Report 2013 (PDF). Crdit
Agricole. Retrieved 1 July 2014.
[2] Crdit Agricole : la banque verte sengage devenir arcen-ciel. Boursier.com. 23 January 2008. Retrieved 18
August 2014.

[17] The Global 2000. Forbes.com. Retrieved 18 August

2014.
[18] Crdit Agricole vend sa participation dans Suez. Legaro.fr. 14 January 2008. Retrieved 18 August 2014.
[19] Le Crdit Agricole n'utilisera pas la seconde tranche
d'aide d'Etat. 30 January 2009. Retrieved 18 August
2014.
[20] Encore des mauvaises surprises pour Crdit agricole. 9
November 2011. Retrieved 18 August 2014.
[21] Opration vrite en vue sur les comptes. 31 January
2013. Retrieved 18 August 2014.
[22] Le Crdit agricole sachemine vers une perte 2012 historique. 1 February 2013. Retrieved 18 August 2014.

[3] History of Credit Agricole group. Credit-Agricole.com.

Credit-Agricole.com. Retrieved 18 August 2014.

[23] Crdit Agricole: prsente son plan moyen terme.. 20

March 2013. Retrieved 18 August 2014.

[4] Que de bon sens!". Stratgies.fr. 14 January 2000. Retrieved 18 August 2014.

[24] Crdit Agricole : le groupe revient aux fondamentaux

pour se dvelopper. Boursier.com. 18 August 2014. Retrieved 18 August 2014.

[5] Dcret du 9 fvrier 1921 relatif l'application de la loi

du 5 aot 1920 sur le crdit mutuel et la coopration agricole.. legifrance.gouv.fr. 18 January 2007. Retrieved 18
August 2014.

[25] Credit Agricole agrees sale of Bulgarian unit. 22 January 2014. Retrieved 18 August 2014.

[6] La croissance de l'entre-deux-guerres (PDF). histoiredentreprise.com. December 2009. Retrieved 18 August 2014.

[26] Le Crdit agricole cde ses 50% dans la banque belge

Crelan. Challenges. 22 April 2014. Retrieved 18 August
2014.
[27] Global 300. Retrieved 18 August 2014.

[7] Du monde rural la Bourse, la longue marche du Crdit

Agricole. Lesechos.fr. 6 July 2001. Retrieved 18 August
2014.

[28] Points Passerelle : les chemins de la russite. CrditAgricole.info. Retrieved 18 August 2014.

[8] Fiche de Paul Driant. senat.fr. Retrieved 18 August

2014.

[29] Dj plus de 360 CDI et 670 contrats en alternance mis

en place depuis 2006 au sein des Caisses rgionales de
Crdit agricole. Retrieved 18 August 2014.

[9] Rpartition du capital de Crdit Agricole S.A.. lamarque.com. Retrieved 18 August 2014.

[30] Tmoignages sur le handicap. Crdit Agricole. Retrieved 18 August 2014.

[10] L'obsession du crdit aux PME. Lemonde.fr. 7 January

2013. Retrieved 18 August 2014.

[31] MMA : Assurance pour le bonheur. Stratgies.fr. 31

August 2001. Retrieved 19 August 2014.

[11] Oui, le bon sens a de l'avenir !".

marquenemo.typepad.com. 17 October 2011. Retrieved 18 August 2014.

[32] Slogan nouveau sign HCM (Havas Conseil Marsteller)

et le logo est retouch par l'agence Desgrippes&Associs,
Stratgies Magazine no 1202. Stratgies.

[12] Loi n 88-50 du 18 janvier 1988 relative la mutualisation de la Caisse nationale de crdit agricole.
legifrance.gouv.fr. 10 December 2004. Retrieved 18 August 2014.

[33] Campagne " Imagine " pour l'anne du centenaire du

Crdit agricole par FCB (Publicis) qui avait gagn le budget trois ans plus tt en 1991, Stratgies Magazine no
1202. Stratgies.

[13] Histoire de la socit Crdit agricole. Andlil.com. 20

May 2013. Retrieved 18 August 2014.

[34] Deux banques valent-elles vraiment mieux qu'une ?".

Stratgies.fr. 29 August 2005. Retrieved 19 August 2014.

[14] Banque Lucien Douroux le paysan conqurant. LePoint.fr. 15 June 1996. Retrieved 18 August 2014.

[35] Le Crdit agricole retrouve le bon sens. Stratgies.fr.

22 August 2011. Retrieved 19 August 2014.

10

[36] http://www.credit-agricole.com/content/download/
301294/4781949/version/4/file/T4-13_r%C3%
A9sultats_190214.pdf
[37] 3rd UPDATE: French Watchdog Fines 11 Banks For Fee
Cartel , Elena Bertson, Dow Jones News Wires / Wall
Street Journal online, retr 2010 9 20
[38] Collusion in the banking sector, Press Release of Autorit
de la concurrence, Rpublique Franaise, 20 September
2010, retrv 2010 9 20

10

External links

Ocial website

EXTERNAL LINKS

11
11.1

Text and image sources, contributors, and licenses

Text

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11.2

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File:Ambox_important.svg Source: https://upload.wikimedia.org/wikipedia/commons/b/b4/Ambox_important.svg License: Public domain Contributors: Own work, based o of Image:Ambox scales.svg Original artist: Dsmurat (talk contribs)
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Tkgd2007

11.3

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