strengthened its business alliance with Japan’s fourth largest
banking group, Resona. Since 2002, the two have built what they
describe as a “successful relationship” in the areas of asset
management and investment trusts, and they are now looking to
expand into life insurance and investment banking. In a statement,
Crédit Agricole added: “As a part of the new collaboration to
further develop and continue both parties’ alliance, [we] shall
explore opportunities to enhance Crédit Agricole’s involvement as a
Resona Holdings’ shareholder”.
The French group said: “By distributing various financial products
provided by Crédit Agricole through the extensive distribution
network of Resona’s 600 branches, Resona Group banks will be able
to satisfy various needs of their retail and corporate
clients.”
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In an interview with RBI in September last year (see RBI
578), Richard Sutton, CEO of Crédit Agricole’s Japanese
insurance operation, said over-the-counter life insurance sales via
banks was one of the fastest growing areas of the Japanese market.
Despite the fact a high percentage of the population – estimated at
90 percent – already have some kind of life insurance, Sutton said
he was convinced Crédit Agricole could make serious in-roads into
the market.
“Certain segments are already saturated, like the market for
traditional whole life and endowment products. However,
[bancassurance] growth will remain very strong thanks to the
retirement savings boom and full deregulation… We expect in the
next three years a huge amount of money will be directed to life
insurance products, asset management products and other
investments.”
The move by Crédit Agricole is part of a wider strategy of
expanding into foreign markets. It has pushed mainly into Europe,
with deals in Italy (i.e. via Banco Popolare – see RBI 590), Spain
(Bankinter) and Greece (Emporiki), while its asset management
division recently set up shop in Australia.
The group suffered a drop in net income of 16.8 percent in 2007,
though its international retail banking business division saw net
income rise three-fold to €2.65 billion.
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