French lender Crédit Agricole has published
its strategic plan outlining its ambitions to become the market
leader in retail banking across Europe.

Under the Basel III-compliant strategy plan,
titled Commitment 2014, Crédit Agricole is targeting a universal
banking model with synergies across all business segments as well
as organic growth.

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Crédit Agricole’s financial targets under the
Commitment 2014 plan include growing its group banking income by
about 17% to just under €40bn ($56bn) within the next three years
(2010: €34.2bn).

Retail banking 2014 targets include:

  • An increase of banking income from international retail banking
    operations between 10-12% each year until 2014 (2010:
    €2.96bn);
  • An average increase of net banking income between 2-3% each
    year until 2014 from French retail banking operations (2010:
    €3.95bn);
  • A 60% increase in customer deposits to over €30bn in Credit
    Agricole’s international retail banking business;
  • And opening of 350 branches across its international retail
    banking network.

Other ambitions include setting the benchmark
for environmentally friendly business and becoming number one in
the housing market in France.

After a period of development and
collective discussion lasting more than eight months, the plan was
released to 1,400 group managers and Regional Bank directors on 15
December and represents, “a major event in the life of Crédit
Agricole,” the bank said.

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“It is an ambitious and reasoned
development plan,” Crédit Agricole’s executive managers said.