Crédit Agricole has presented
a strategic plan with the aim of becoming the “market leader in
full-service retail banking in Europe, a model combining all of the
activities of a full-service bank serving its clients and the
regions in which it operates”.
The strategic plan is the
result of a collective review by the managers and employees of the
entities that make up Crédit Agricole – the Regional Banks, FNCA,
Crédit Agricole SA and its subsidiaries – concerning the future of
the Group.
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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.
The group has reasserted its
desire to differentiate itself “by means of customer satisfaction,
quality and innovation, capitalising on its uniqueness and solid
organic growth”.
This commitment will be
expressed by its code of ethics in advisory services and
recognition of client loyalty.
“The group wants to be
recognised for its usefulness, its unique model and its economic
efficiency. It intends in particular to assert its leading position
in four areas: housing, health and personal risk insurance, farming
and food manufacturing, and the environmental economy.
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By GlobalData“The group’s strategic plan
provides a reference framework that will allow it to operate over
time while also improving in consistency,” stressed Crédit
Agricole’s executive managers.
“It is an ambitious and
reasoned development plan, stemming from our cooperative
foundations and the expertise of our business, and in which each of
the group’s entities will be involved. It will be conveyed by the
group’s 30,000 directors and 160,000 employees across the
globe.”
In a separate announcement,
Crédit Agricole said its fourth-quarter net profit would take a
€1.25bn ($1.64bn) hit from a write-down on the value of its 4.79%
stake in Italy’s Intesa SanPaolo.
Crédit Agricole said it had
delayed plans to sell the stake because of unfavourable market
conditions.
“While Intesa SanPaolo’s current share price does not seem
to reflect the asset’s fundamental value, Crédit Agricole specifies
that it has not initiated proceedings to sell its stake in the
company in the short term,” it said.
