WORKING EVERY DAY IN THE INTEREST OF OUR CUSTOMERS AND SOCIETY - INTEGRATED REPORT - Liste des ...
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WORKING EVERY DAY IN THE INTEREST OF OUR CUSTOMERS AND SOCIETY 2019 INTEGRATED REPORT
CUSTOMER-FOCUSED UNIVERSAL BANKING
Crédit Agricole has rolled out a unique customer-focused universal banking
CRÉDIT AGRICOLE GROUP’S RAISON D’ÊTRE
model based on the Group’s complimentary activities. As such, its local networks
offer all customers a complete range of banking and non-banking services suited
to their needs, through all channels and created with specialised business lines, WORKING EVERY DAY IN THE INTEREST
leaders in their respective fields in France as well as internationally.
OF OUR CUSTOMERS AND SOCIETY
Crédit Agricole’s end purpose,
is to be a trusted partner to all its customers:
Its solid position and the diversity of its expertise enable CA to offer all its customers
ongoing support on a daily basis and for their projects in life, in particular by helping them
to guard against uncertainties and to plan for the long term.
IN FRANCE CA is committed to seeking out and protecting its customers interests in all it does.
It advises them with transparency, loyalty and pedagogy.
39 CRÉDIT
AGRICOLE ABROAD It places human responsibility at the heart of its model : it is committed to helping
REGIONAL BANKS ∙ Crédit Agricole Italia all its customers benefit from the best technological practices, while guaranteeing them access
∙ CA Bank Polska to competent, available local teams that can ensure all aspects of the customer relationship.
∙ CA Egypt
∙ Crédit du Maroc
∙ CA Ukraine Proud of its cooperative and mutualist identity
G
NKIN
∙ CA Romania and drawing on a governance representing its customers, Crédit Agricole:
BA ∙ CA Serbia
IL Supporting the economy, entrepreneurship and innovation in France and abroad:
TA
IN FRANCE it is naturally committed to supporting its regions.
RE
∙ LCL SPECIALISED SUBSIDIARIES
∙ BforBank 51 MILLION Crédit Agricole Capital, It takes intentional action in societal and environment fields,
OTHE
CUSTOMERS Investment & Finance by supporting progress and transformations.
Individuals, Farmers, (IDIA CI, SODICA CF), Uni-médias
RS
Small Businesses, Local Authorities, It serves everyone: from the most modest to the wealthiest households, from local
Institutionals, Corporates professionals to large international companies.
47 COUNTRIES
LARGE This is how Crédit Agricole demonstrates its usefulness and availability
SPECIALISED FINANCIAL
CUSTOMERS
142,000 to its customers, and the commitment of its 142,000 employees to excellence
EMPLOYEES SERVICES
in customer relations and operations.
∙ CRÉDIT AGRICOLE CIB ∙ CRÉDIT AGRICOLE CONSUMER
Corporate and FINANCE
investment bank SP S Consumer finance
EC LI NE
∙ CACEIS
IALIS ∙ CRÉDIT AGRICOLE LEASING
Securities and
investor services
ED BUSINESS & FACTORING
Lease financing and
factoring
ASSET GATHERING
∙ CRÉDIT AGRICOLE ASSURANCES
Savings, life, death and disability,
creditor and property/casualty insurance
∙ AMUNDI PAYMENT SYSTEMS
Asset management ∙ CRÉDIT AGRICOLE
10 th 1st 1st 1st 1st
∙ INDOSUEZ WEALTH MANAGEMENT PAYMENT SERVICES
Wealth management
∙ CRÉDIT AGRICOLE IMMOBILIER
Global real-estate operator bank cooperative bank insurer European
worldwide worldwide in France in France asset manager
CONTENTS ABOUT CRÉDIT AGRICOLE
Crédit Agricole Group includes Crédit
page 2
GROUP PROFILE Agricole S.A., as well as 10.5 MILLION
MUTUAL SHAREHOLDER
all of the Regional Banks and Local WHO HOLD MUTUAL SHARES IN
CHAPTER 1 OUR VALUE CREATION page 14
Banks and their subsidiaries.
2,417
CHAPTER 2 GROUP PROJECT AND 2022 MEDIUM-TERM PLAN page 24 LOCAL BANKS
CHAPTER 3 OUR RESPONSIBLE AND COMMITTED GOVERNANCE page 38
GLOSSARY Find the definition of specific words and acronyms page 45
FLOAT
32.4%
39
REGIONAL BANKS
INSTITUTIONAL INVESTORS Jointly holding the majority of Crédit Agricole S.A.’s
7.0% share capital through SAS Rue La Boétie.(1)
INDIVIDUAL SHAREHOLDERS
4.7% ~
100% 25 % Political link
EMPLOYEE SHARE OWNERSHIP
PLANS (ESOP)
Sacam Fédération Nationale
N-S(2) Mutualisation du Crédit Agricole (FNCA)
TREASURY SHARES
In the Top
1 3
44.1% 55.9%
No.
provider of financing companies
to the French economy that recruit in France
Internal source Econ Studies Source Le Figaro September 2019
ASSET
GATHERING SPECIALISED
SUBSIDIARIES
No.
bookrunner worldwide
1 51
million customers
Polska, Egypt, Ukraine,
Romania, Srbija
Italia
for green bonds of which 31 million in Retail
all currencies in volume and market share Banking in France
Source Bloomberg RETAIL LARGE
BANKING CUSTOMERS
SPECIALISED
FINANCIAL
SERVICES
Additional information is available in the Universal Registration Document (URD). (1) The Regional Bank of Corsica, 99.9%
owned by Crédit Agricole S.A., is a shareholder
of Sacam Mutualisation.
(2) Non-significant.
Editorial CRÉDIT AGRICOLE S.A. — 2019 INTEGRATED REPORT
LOCAL CUSTOMER-FOCUSED TEAMS
AND UNIVERSALITY: WHAT DRIVES US
Among the highlights of Crédit Agricole Group in 2019,
one exceeds the others by its strength and scope:
it is the expression of a Raison d’Être, not statutory,
but that commits us both internally and with respect Accompanying
to our stakeholders. Much more than a roadmap,
our Raison d’Être, unveiled last June, expresses
the energy transition and Our goals, to pursue our commitment to inclusion and to make
the true meaning of our activities. monitoring the impacts sustainable finance one of the keys to the Group’s growth are con-
crete and responsible. They are concrete because, when it comes
It is the link between our history, our values and the of our financing combine to inclusion, we rely on a comprehensive range of offers that takes
into account the needs of all our customers, including the most
Group Project. It fuels the responsible relationship-based social and environmental vulnerable. Concerning climate, we are amplifying our approach
banking model that characterises us. considerations.” to help customers transition towards a cleaner economy. We are
also strengthening our tools to measure the environmental impacts
of our financing and investment decisions. The financing of large-
scale renewable energy projects will be amplified.
Dominique Lefebvre These goals are also responsible because they link our corporate
Chairman of the Board of Directors
interest to that of our environment. Ensuring that our banking ser-
vices, in terms of pricing and physical or digital accessibility, are
within the reach of all, combines corporate interest and responsibil-
What is the particular importance ity toward our fellow citizens. Accompanying the energy transition
of the Group’s Raison d’Être? and monitoring the impacts of our financing combine corporate
D. L.: The Raison d’Être drives our commitment to our customers and environmental interest.
and society as a whole. It is both our compass for the future and
the synthesis of the values that are the strength of Crédit Agricole
and the basis for its usefulness for more than 125 years. It places The addition of geopolitical, social and health risks, with
our project in a virtuous dynamic where each individual decision is This is about shifting their effects on the global economy, rates and markets,
made in the common interest. are transforming the banking business environment.
from added responsibility to How does the Group react to this environment?
P. B.: The Raison d’Être is the cornerstone of our Group Project,
which is divided into three pillars that reinforce each other. The
integrated responsibility, P. B.: Our Group has strengths that allow it to deal with an adverse
environment. We are the tenth largest bank in the world, one of the
Societal Project aims to finance a greener economy and for the at the heart of our activities strongest in the European Union.
Group to be a useful player committed to enabling inclusive devel- Our universal customer-focused banking model is robust and
opment in each and every region. These topics are already known
and ambitions.” diverse, and our social commitment, at the heart of our Medi-
to us, but the challenge is to change the scale and take them into um-Term Plan, is our strength, in times of crisis and beyond.
account: it is to move from an added responsibility to an integrated Our level of capitalisation and our liquidity reserves are considera-
responsibility, at the heart of our activities and ambitions. Philippe Brassac ble. This strength allows us, during these uncertain times, to sup-
The Customer Project and the Human-centric Project are closely Chief Executive Officer port all our customers, individuals, SMEs and small businesses,
linked to reach excellence in customer relations: digital transforma- and corporates. Our priority is to work in favour of the economic
tion allows women and men of the Group to bring all their added development of all and of all regions, and then to contribute to the
value to customers, in order for them to benefit from excellence in recovery of the economy. That is our Raison d’être.
customer relations and direct access to an empowered relationship
manager. When will we be able to assess The global health crisis we are experiencing is an unprec-
the good conduct of the Group Project? edented phenomenon for our modern societies, the long-
What is its trajectory? term effects of which we do not yet know, whether they
What strategic orientation have you implemented that are useful to a global response to the needs of its customers. D. L.: The strength of Crédit Agricole allows it to project itself in the are health-, social- or economy-related. The rate at which
to serve this ambition? The Group participates in international banking consolidation, not future in any context. Although the Group Project does not fit into a it has spread, having turned global in a few weeks, should
P. B.: The results of the year are positive in terms of activity, opera- through cross-border banking mergers, but through the signing of defined timetable, we can nevertheless assess its relevance at dif- make us question our ability to take coherent and collective
tional efficiency and performance. In addition to the above, another partnerships, through business lines, with other players in Europe ferent times: in the assessment that will be carried out for the 2022 action, not only in the face of health and economic crises,
factor of satisfaction is the fact that 2019 has strengthened the and Asia. In 2019, we signed or strengthened many distribution Medium-Term Plan, and later at more distant times, in 2030, in par- but also in the face of other global challenges, including cli-
recognition of our relationship-based banking model. This model agreements in France, Italy, Spain and China. The sustainability of ticular, which is the time frame of many environmental and societal mate crises. This crisis is a warning, we must draw the con-
is based on the aggregation over time of all the business lines this process is based on its effectiveness. commitments made at national and international levels. sequences of it, collectively.
6 7
Group profile CRÉDIT AGRICOLE S.A. — 2019 INTEGRATED REPORT
A GROUP
IN FULL-GROWTH MODE A presence in
47 COUNTRIES
FRANCE
The tenth largest bank in the
world today, Crédit Agricole was AMPLIFICATION AND ACCELERATION € 2,425m Net income*
EUROPE
EXCLUDING FRANCE
created more than 125 years ago Group Project and 2022 Medium-Term Plan AMERICAS
104,600
2019 Expression of the Raison d’Être of the Group
to meet the financing needs of
2017–2019 1,646m
Merger of CACEIS and Santander
farmers. The Group has always
developed with two guiding 2018
Partnership of CACF with Bankia and Banco BPM € 225m
Net income*
employees €
Net income*
Partnership of CAA with Creval, Novo Banco
principles. Utility through the
great transformations of society, 2017
Amundi’s acquisition of Pioneer Investments 1,300 28,900
employees
Integration of Banca Leonardo and three Italian banks employees
and the Universal reach of its
business lines, offers, regions
and customers. SIMPLIFICATION
2011–2016
Completion of the Eureka transaction to simplify the Group’s capital
2016 structure
Presentation of the 2020 Strategic Ambition Medium-Term Plan
2015 Amundi IPO
DIVERSIFICATION
2010 Creation of CACF, CAL&F and CACIB. New head office in Montrouge
2002 – 2010
2009 Launch of BforBank, creation of CAA and Amundi
2006 Acquisition of Cariparma, CA Egypt, CA Ukraine and Emporiki
2005 Creation of CACEIS
2003 Acquisition of Crédit Lyonnais (renamed LCL in 2005) and acquisition of Finaref AFRICA
AND MIDDLE EAST
ASIA & OCEANIA
REINFORCEMENT € 158m € 390m
1986 – 2001
Net income*
2001 CNCA renamed Crédit Agricole S.A., IPO on 14 December 2001
Net income*
1990 Creation of Pacifica (property and casualty insurance)
Act organising the transfer of ownership of CNCA, which became a public company,
5,200
employees 2,400
1988 employees
to the Regional Banks.
1986 Creation of Predica (life insurance)
CREATION AND DEVELOPMENT THE GROUP
1959 Order allowing Crédit Agricole to distribute housing loans, in rural areas, to non-farming households
IN THE WORLD
1885 –1985
1945 Creation of Fédération Nationale du Crédit Agricole (FNCA), the sounding board for the Regional Banks
1899 Viger Act (Articles of Association of the Regional Banks) which allowed the creation of the Regional Banks
1894 Birth certificate of Crédit Agricole, the Méline Act, allowing the creation of the first Local Banks * Net income Group share published in 2019 in millions of euros.
1885 Creation of the first Local Bank in Poligny (Jura)
8 9
Group Profile CRÉDIT AGRICOLE S.A. — 2019 INTEGRATED REPORT
WE ARE ADOPTING OUR EXCHANGES
“SMART COMPLIANCE” WITH STAKEHOLDERS
The goals of our compliance policy are to protect Crédit Agricole Group Through regular dialogue and at all levels with stakeholders,
with respect to regulations, to place ethics and loyalty at the heart Crédit Agricole listens to their expectations
of the relationship with our customers, to provide them with services to provide value-creating responses.
and organisations with the best standards. These issues are presented
in the “Smart Compliance” programme.
Our Compliance business lines have been
meeting the need for increased protection for
PUBLIC AUTHORITIES
15 years: combating money laundering and & REGULATORS
terrorist financing, complying with interna-
Government, international
tional sanctions, protecting customers and SMART COMPLIANCE PARTNERS
and national bodies, regions CIVIL SOCIETY
their personal data, preventing fraud and cor-
• Relations with supervisory and regulatory & THE GENERAL PUBLIC
ruption, promoting ethical values within the ROADMAP FOR THE NEXT THREE YEARS Suppliers,
partner companies banking and financial authorities
Group. NGOs, media, etc.
IN CONNECTION WITH THE MTP OF CRÉDIT AGRICOLE GROUP • Participation in the industry consultations
• Signing of commercial, technical
• Regular dialogue with NGOs,
The main challenge is to accompany the and distribution partnerships
notably on climate strategy
• Creation of joint ventures
Group’s business lines on a daily basis for the • Completion of a bi-annual CSR barometer
• Responsible purchasing policy
Compliance culture to be “natively” integrated • Participation in trade shows
4 • Co-construction with our suppliers
• Press and Media Relations
into behaviours and processes, so that it can PILLARS • Local purchasing
create value.
REGULATIONS IMAGE QUALITY/ LOYALTY
PERFORMANCE
Protect Accompanying Making
The Compliance business line is the Group the Group, Increasing Compliance a
cross-functional to all entities and anticipate subsidiaries efficiency in differentiator EMPLOYEES
future regulations and Regional business networks and a know-your-
Employee
Priority Banks in as well as customer representative bodies
on OFAC* risk reduction in back and factor SHAREHOLDERS
and brand CUSTOMERS • Measuring employee engagement (ERI –
* Compliance with US middle offices Engagement and Recommendation Index)
& INVESTORS
obligations. protection Farmers, individuals, • Social dialogue at local, national and Investors, analysts, individual
SMEs and small businesses, international levels (Consultation shareholders, rating agencies, etc.
95% of employees
entrepreneurs, corporates,
associations, local authorities, etc.
Committee, Group Committee, European
• Investor and analyst meetings
Works Council)
trained in Compliance (roadshows and conferences,
• Strengthening processes to listen
requirements 3 to customers, monitoring customer Governance and ESG roadshows)
satisfaction through the Net Promoter • Exchanges with rating agencies
LEVERS • Dialogue with individual shareholders
Score (NPS)
• Consideration of expectations (Shareholder Club, Liaison Committee,
(barometers, marketing studies, shareholder meetings, monthly
co-construction workshops) newsletters)
• Development of an innovation ecosystem • Annual General Meeting
(Villages by CA, Data Lab, La Fabrique
Creation of the Compliance by CA, partnership with CEA and
Valley Community, composed of ORGANISATION, PEOPLE AND INNOVATION, Breega Capital, innovation management
companies)
Group employees, to stimulate GOVERNANCE AND TRAINING TECHNOLOGY
innovation COMMUNICATION AND DATA
10 11
Group profile CRÉDIT AGRICOLE S.A. — 2019 INTEGRATED REPORT
OUR ACTIONS IN FAVOUR I find that Crédit Agricole S.A.’s
OF STAKEHOLDERS communication with its shareholders
is accessible and detailed, and that
the company strives to educate
about its strategy and results.”
J. Duparchy, individual shareholder,
The needs of stakeholders are multiple, complex, and constantly evolving. member of the Liaison Committee
Through its new Medium-Term Plan, Crédit Agricole S.A. provides and adapts
its short-, medium- and long-term responses to build lasting relationships
with each of the players.
SHAREHOLDERS PUBLIC AUTHORITIES CIVIL SOCIETY
CUSTOMERS EMPLOYEES PARTNERS
& INVESTORS & REGULATOR & THE GENERAL PUBLIC
ISSUES & EXPECTATIONS IDENTIFIED ISSUES & EXPECTATIONS IDENTIFIED ISSUES & EXPECTATIONS IDENTIFIED ISSUES & EXPECTATIONS IDENTIFIED ISSUES & EXPECTATIONS IDENTIFIED ISSUES & EXPECTATIONS IDENTIFIED
• Offers accessible to all • Empowering work organisation • Transparency, reliability and clarity • Sustainable and balanced relationships • Respecting regulations • Financing the economy
• Innovation and efficiency • Strengthened training and support of information • Respect for the interests of suppliers • Compliance • Transparency and ongoing dialogue
• Excellence in financial advice and services • Amplified diversity policy • Profitability • Financial equity (payment terms) • Transparency • Local coverage in the regions
• Ease of use, personalisation and availability • Quality social dialogue • Responsible governance • Steering of supplier relations • Positive impact on the environment
• Value-added pricing • Compensation and benefits • Risk management and development of mediation and society
• Secure payment instruments • Developing inclusive purchases • Supporting inclusion
• Data security and confidentiality
OUR ANSWERS OUR ANSWERS OUR ANSWERS OUR ANSWERS OUR ANSWERS OUR ANSWERS
• Offers adapted to all, from entry-level • Agreement/Charter of telecommuting • Investor roadshows and conferences • Establishment of commercial or capital • Publication of results and press releases • Climate strategy and gradual exit from coal
products to wealth management within the entities • Governance and ESG roadshows partnerships • Publication of a Universal Registration • Steering toward a more sustainable economy
• Partner of choice for large corporates • 2,313,929 hours of training completed • Publication of results, Universal • Charter of responsible purchasing Document (ESG approach)
and institutions • 18 gender diversity networks within Crédit Registration Document, Integrated Report, integrated in calls for tenders • Publication of the fourth Integrated Report • Adherence to the Principles for Responsible
• Monitoring satisfaction with Agricole S.A. and its subsidiaries, of which Shareholder’s Guide • Supplier Relationship and Responsible Banking
the Net Promoter Score 8 are in France and 10 abroad, accounting • Toll-free number for individual shareholders Purchasing Label • Support for culture, sport and solidarity
• 100% human 100% digital accessibility for more than 2,600 members, of which • “Responsible purchasing” e-learning with sports sponsorship, and the “Sport as
• Balanced distribution policy
• Support toward sustainable economic almost 20% are men training a school of life program”
and social models • Signing of an International Framework • Integration of CSR performance • Program for 300 students (14 to 15 years
• Steering of actions to improve excellence in Agreement, providing a common social of suppliers of age) from priority education areas for their
customer relations (Customer Champions, foundation for all employees workplace internship
• Action on payment terms
Academy for Excellence in customer • Capital increases reserved for employees • Fondation Grameen Crédit Agricole
• Annual Supplier Survey
relations, customer survey process) for the economic development of rural areas
• Third edition of CSR dedicated
• Development of e-marketing in emerging countries
Supplier Meetings
and analytical models • A renewed partnership with Plastic Odyssey
• Steering innovation to combat plastic pollution in the oceans
MAIN SDGS* CONCERNED MAIN SDGS* CONCERNED MAIN SDGS* CONCERNED MAIN SDGS* CONCERNED MAIN SDGS* CONCERNED MAIN SDGS* CONCERNED
* Sustainable Development Goals.
12 13
CRÉDIT AGRICOLE S.A. — 2019 INTEGRATED REPORT
CHAPTER 1
ADAPTING
ADAPTING TO BIG CHANGES
ECONOMIC
TO
MAJOR
CHANGES
A NEW WORLD ORDER
• Erosion of the dynamics of Opportunities
OUR ACTIONS
globalisation, economic fragmentation • Positions that can be expanded in Asia
and geopolitical tensions – Launch in November 2019
Risks of a Panda bond issue,
• Deterioration of multilateralism
• Significant market volatility denominated in Chinese yuan,
and challenging of institutions
• Increase in legal risks due to the growing number to diversify our sources of financing
and international agreements
of regulations
OUR VALUE • Strengthening of regional growth hubs, and support the development
with a shift towards Asia of CACIB in China
CREATION
AN UNCERTAIN FINANCIAL ENVIRONMENT
• Increased volatility of financial variables Opportunities
OUR ACTIONS
Society is undergoing • Context of lasting low interest rate • Development of credit solutions to support people
environment launching new projects – Diversification of our services with
profound changes • Complex market valuation of new risk • Recomposition of business models the creation of non-banking offers
factors (geopolitical, health-related and differentiation of revenue sources – Help to create a business with
in all its dimensions: and non-financial) Jesuisentrepreneur, a complete
Risks
the political and social • Bank balance sheet exposure to the risk of a sharp
platform created to inspire
and support entrepreneurs
increase in interest rates
context, ecology, the regions • Decline in retail banking margins – Life insurance: broadening
and the financial • Reduced attractiveness of savings products the range of offers in unit-linked
contracts
and life insurance funds in euros
environment, etc.;
all of these changes MULTI-FACETED COMPETITION
challenge the trajectories
• Presence of new players and diverse Opportunities
OUR ACTIONS
of the banking industry models (aggregators, FinTech • Assertion of our position as a trusted third party
companies, Google, Amazon, • Using new technologies and artificial intelligence – Merger of CACEIS and Santander
and lead us to respond Facebook and Apple, etc.) to provide more personalised and effective support – Strengthening consumer finance
to new challenges. • Steady roll-out of new technologies
that challenge the traditional banking
• Development of commercial and distribution partnerships partnerships between CACF
and Banco BPM
Risks
model – Signature of an insurance partnership
• Eroding revenues and market share
• Growing number of participants
• Disintermediation (customer relationship, payments, between CAA and Abanca in Spain
in the value chain
data, etc.)
• New fee models, such as freemium
• Decoupling of offerings and limited opportunities
and low-cost offers, that increase
for cross-selling
pricing pressure
• Difficult development in relation to FinTech companies
SUSTAINED REGULATORY REQUIREMENTS
• Stronger protection for customers Opportunities
OUR ACTIONS
and investors • Confirmation of our role as provider of financing
• Fight against money laundering to the economy – €310.9bn assets under
and financing of terrorism • Continuous improvement in the Group’s processes management using ESG criteria
• Multiple regulatory authorities and ethical framework – Signature of the Principles
and tighter prudential rules • Continued management of new risks for Responsible Banking
• Transparency requirement
Risks
• Taking into account climate
• Higher capital requirements and stricter liquidity
and ESG risks
management
• Increase in compliance and operating costs (HR, IT, etc.)
• Distorted competition with new, less-regulated players
14 15
Our value creation CRÉDIT AGRICOLE S.A. — 2019 INTEGRATED REPORT
ADAPTING TO BIG CHANGES ADAPTING TO BIG CHANGES
SOCIETAL ENVIRONMENTAL
NEW CUSTOMER BEHAVIOURS AND NEW TECHNOLOGIES
• Search for immediacy, fluidity Opportunities OUR ACTIONS
and ease • Positioning as a truly multi-channel bank with a tightly
• Desire for personalisation, woven regional presence – Globe Trotter offer from Regional
responsiveness and advice • Diverse range of expertise and services offered to Banks for the 18-to-30 age group
• Security of personal data customers offering a no-fee card abroad
and cybersecurity • Information systems performance that enhances – Biometric card, available in 2020
• Excellence of tools and services cybersecurity and ensures customers’ data is safe for contactless payments of over
€30 thanks to its digital fingerprint
Risks – A strong new authentication
MAIN SDGS* CONCERNED • Decrease in branch traffic/profitability service for online payments by
• Failure to move swiftly in adapting internal processes, individual customers
distribution and services
GEOGRAPHIC DIVIDES AND A RISE IN SOCIAL TENSIONS
• Regional divides within countries Opportunities OUR ACTIONS
creating inequality • Broad regional coverage through the Group’s different
• Jobs and growth concentrated networks – Access to essential services
in urban areas • Development of banking, social and entrepreneurial through a network of more
• Loss of purchasing power of accessibility than 8,400 Crédit Agricole and
the middle class LCL branches in France,
• Instability of social cohesion Risks supplemented by 5,900 Relais CA
• Decline in banking margins in certain geographic areas in rural areas
MAIN SDGS* CONCERNED – LCL, a partner in the APELS
program to promote the
integration through sport of young AN ENVIRONMENTAL IMPERATIVE
people with few qualifications
– Offers accessible to all • Global commitment to combat climate Opportunities
OUR ACTIONS
with EKO and LCL Essentiel change and preserve biodiversity • Development of investment and financing solutions to
• Growing number of regulatory and support institutional customers, corporates, SMEs and – Definition of our climate
fiscal initiatives to reduce greenhouse small businesses in adopting a low-carbon trajectory strategy in 2019
LIFE’S UNCERTAINTIES gas emissions • Additional products and services to help consumers – New offers of
• Urgent need to limit the scope of adapt their behaviors to an economy that consumes green mobility and housing loans
• In Western countries: Opportunities OUR ACTIONS climate change and adapt behaviours less energy, in line with the Paris Agreement. These to finance low-polluting
– ageing populations • Highlighted positioning as a trusted third party that and business models to the new include solutions for green mobility, energy efficiency vehicles or work to achieve
– an increasing dependence supports its customers locally, over the long term and – Inclusive finance set-ups: situation, notably in high CO2-emitting upgrades and specific insurance energy savings
– a diversification of family models and at all of life’s milestones: education, first job, marriage, Points Passerelle to support business sectors such as energy, • Financial innovation to address the new business in one’s housing
types of employment business creation, retirement, etc. customers in financial difficulty transport, building and public works, models
and prevent over-indebtedness – Continued issuance of Green
• Unexpected events and more variable and farming
at CACF and LCL Risks bonds in 2019:
career and life paths Risks
• Higher costs and economic losses due to the
> €1bn by Crédit Agricole S.A.
• Perceived lack of support from the bank – First Internship/first Job System: MAIN SDGS* CONCERNED
MAIN SDGS* CONCERNED > €1,25bn by Crédit Agricole Home
• Higher credit/delinquency risk contribution to the employment consequences of climate change, both directly,
Loan SFH*
• Incomplete risk assessment models of young people by connecting related to bank transactions, and indirectly, related to
them with the companies that are customers’ activities
recruiting • Uncertainty over the nature and timetable of the
unavoidable transition to a low-carbon economy
• Delays in the deployment of offers in relation
to customer needs
In 2015, the United Nations Member States adopted the 2030 Agenda for Sustainable Development and its 17 Sustainable
Development Goals (SDGs), which provide a blueprint for achieving a better and more sustainable future for all. The SDGs address * Housing financing company (Société de financement
major global challenges related to poverty, inequality, climate change, environmental deterioration, prosperity, peace and justice. de l’habitat) of Crédit Agricole Group.
16 17
Perspective stable
A+
A+ Persp
Our value creation Perspective stable
CRÉDIT AGRICOLE S.A. — 2019 INTEGRATED REPORT
Pe
Perspective stable Persp
A+
NOTATIONS EXTRA-FINAN
CRÉDIT AGRICOLE’S
FINANCIAL RATINGS
AT 01/03/2020
NON-FINANCIAL RATINGS
AT 01/03/2020 Perspective stableA+AU 01/03/2019 Per
Perspective stable Pers
STRENGTHS A+ Stable outlook A NOTATIONS EXTRA-FINAN A
NOTATIONS FINANCIÈRES NOTATIONS EXTRA-FINANC
AU 01/03/2019
AA3 Stable outlook NOTATIONS FINANCIÈRES
AU 01/03/2019 63 AU 01/03/2019
NOTATIONS
AU FINANCIÈRES
AC
01/03/2019
NOTATIONS
AU FINANCIÈRES
A+ A1
01/03/2019
In an environment facing deep changes, and a banking sector under
A
A+ Stable outlook Prime
AU 01/03/2019
regulatory and competitive pressures, Crédit Agricole has major assets
A+ A1
in terms of stability and solidity, the backbone of which is its Raison d’Être. AA Perspective
Stable outlook A+
stable Perspective positive
Referenced
A1
A+ A1
(Low)
Perspective stable Perspective positive
Perspective stable Perspective positive
AA C
A+
Perspective stable Perspective positive
AA C
A+
C R É D I T A G R I C O L E S.A. – R A P P(Low)
AA
O R T I N T É G R É 2018 -2019
Perspective stable
A+ (Low)
Perspective stable
AA
A COOPERATIVE AND
MUTUALIST IDENTITY
This diversified business model ensures
secure and sustainable revenue develop-
managed assets portfolios for the benefit of
the energy transition. Crédit Agricole was the
Perspective stable
Perspective stable
A+ Perspective stable
Perspective stable
(Low)
(Low)
ment and provides long-term organic growth world’s first commercial bank to announce NOTATIONS
PerspectiveEXTRA-FINANCIÈRES
stable
C R É D I T A G R I C O L E S.A. – R A P P O Rstable
Perspective T INTÉGRÉ 2018 -2019
More than 10 million mutual shareholders capacity for the Group. the exit from thermal coal financing in 2030 in NOTATIONS EXTRA-FINANCIÈRES
AU 01/03/2019
Nearly 30,000
form the basis of the cooperative organisa- the EU and the OECD and in 2040 in the rest
NOTATIONS
AWARDS & PRIZES
EXTRA-FINANCIÈRES
C R É D I TAU
A G01/03/2019
R I C O L E S.A. – R A P P O R T
I N T É G R É 2018 -2019
tion of Crédit Agricole and make it the world’s A WIDE TERRITORIAL NETWORK of the world.
directors NOTATIONS EXTRA-FINANCIÈRES
A 62
AU 01/03/2019
No.1
largest cooperative and mutualist group.
who bring their expectations AU 01/03/2019
to the heart of the Group
As close as possible to its customers, Crédit FINANCIAL STRENGTH
AND MUTUAL GUARANTEE Upgrade of A 62
A 62
The mutual shareholders own the capital of Agricole relies on a regional foothold and a
the 2,417 Local Banks in the form of mutual territorial network covering rural areas, urban the long-term financial company
PRESENT
IN 47 COUNTRIES
shares; these Local Banks in turn hold the
capital of the 39 Regional Banks.
centres and large cities, to be accessible to
all.
In terms of solvency, Crédit Agricole Group
ranks with the best-in-class among compa-
by Moody’s
A
credit rating* in62
France in terms
of diversity
According to the democratic vote “1 person
SOCIAL AND ENVIRONMENTAL
rable European banks, with a CET1 ratio of
C
* Regional Banks, Prime to the Financial Times
according
C
= 1 vote”, each mutual shareholder has the 15.9% at 31 December 2019. This greatly Crédit Agricole S.A. and CACIB Diversity Leaders 2020 ranking
same weight in voting in Local Bank Annual COMMITMENTS exceeds the minimum regulatory requirement Prime
General Meetings, regardless of the amount of 9.7 % at 31/12/2019.
C Prime
of mutual shares held.
Nearly 30,000 directors elected each year
Crédit Agricole Group, with the will to inscribe
its societal utility natively in all of its activities, In accordance with the French Monetary C Prime
In France, with close to bring their expectations within the Group’s business lines and processes, has developed and Financial Code, Crédit Agricole S.A. is
CACIB AMUNDI
8,400 branches bodies, and ensure good knowledge and its Group Project and 2022 Medium-Term responsible for taking all the necessary meas-
2019 PRI Award
of Crédit Agricole and LCL consideration of customer needs. Plan on the backbone of its Raison d’être. ures to ensure
C R Éthe
D I T liquidity
A G R I C and
O L E solvency P P O R T I N T É G R É 2019
S.A. – R Aof 2 0 1 8 - Global
2019 Capital
The pooling of these experiences is the heart each member of the Crédit Agricole network SRI Awards
C R É D I T A G R I C O L E S.A. – R A P P O R T I N T É G R É 2 0 1 8 - 2 0 1 9 “Real World Impact
of the mutualist model, which promotes cus- The Group wishes to strengthen its coop- and of its affiliated members, chief among Best worldwide
C R É D I T A G R I C O L E S.A. – R A P P O R T I N T É G R É 2 0 1 8 - 2 0 1 9
Initiative of the Year”
tomer-focused action. erative footprint by consolidating the “living them the Regional Banks and Crédit Agricole
together” aspect of the regions and promot- C RÉDIT AG
Corporate Investment R I C O(CIB).
Bank L E S.A.Crédit Green/SRI bank
– R A P P O R T I N T É G R É 2018 -2019
for the Amundi Planet Emerging
of the year Green One fund
A UNIVERSAL AND ing solidarity and inclusive actions. All Group Agricole S.A. also acts as the central body
CUSTOMER-FOCUSED MODEL entities have committed to promoting inclu- for the Regional Banks and in this capacity
sion with entry-level offers, working against can intervene when refinancing is necessary.
Thanks to its resilient universal banking over-indebtedness and encouraging entre- In addition, the Regional Banks guarantee all
In Italy, with close to model, Crédit Agricole makes a comprehen- preneurship. of Crédit Agricole S.A.’s obligations towards
1,000 branches sive range of banking, specialised financial third party creditors under an agreement CRÉDIT AGRICOLE ASSURANCES
93%
and insurance services available to all its indi- A world leader in green bonds, a pioneer in on a joint and several basis, and they also
vidual customers, farmers, SMEs and small climate finance, Crédit Agricole is convinced cross-guarantee each other in the event of an
businesses, large corporates and institutions. of the urgency of decarbonising the economy asset shortfall at Crédit Agricole S.A. in the
while preserving value creation. In order to course of its bankruptcy or dissolution. customer satisfaction
With the deployment of new business or cap- strengthen its action and commitments to
ital partnerships, and the increase in collab- the energy transition, in 2019 Crédit Agricole in non-life insurance
orations between its subsidiaries, the Group adopted a proactive Group climate strategy, Source “Baromètre sinistres Pacifica 2018-IARD –
In other countries, with more than a study conducted by Kantar TNS in 2019”
is strengthening its expertise in France and aligned with the Paris Agreement, applied
1,000 branches internationally to meet the expectations and by all its entities, which allows for a gradual
needs of its customers. reallocation of its financing, investment and
18 19Our value creation CRÉDIT AGRICOLE S.A. — 2019 INTEGRATED REPORT
TO BE A PLAYER
“Working every day in the interest of our
IN A SUSTAINABLE SOCIETY customers and society” is our Raison d’Être.
CUSTOMERS
OUR DNA OUR TALENTS OUR • #1 provider of financing to the French economy
GOVERNANCE (€650bn loans outstanding in retail banking)
A mutualist SUPPORTING PROVIDING
and cooperative
142,000 A solid majority AND ADVISING FINANCING,
• #1 European asset manager
(€1,653bn assets under management)
group at employees shareholder OUR CUSTOMERS SAVINGS AND
of Crédit Agricole • #1 insurer in France
the service ensuring a DURING THEIR INSURANCE
of everyone. Group. long-term LIFE MOMENTS SOLUTIONS
commitment.
SHAREHOLDERS AND INVESTORS
• Crédit Agricole Group revenues: €33.8bn (1)
• Crédit Agricole S.A.market capitalisation: €37.2bn
• Crédit Agricole S.A.net income: €4.6bn (2)
OUR OUR • Payout to shareholders: €2.0bn (3)
OUR VALUE
RESOURCES BUSINESSES CREATION
CRAFTING PROPOSING
INVESTMENT COMPLEMENTARY EMPLOYEES (4)
SOLUTIONS FINANCIAL SERVICES • ERI survey: 77% participation rate
OUR GEOGRAPHIC OUR CAPITAL Payment services, real estate, etc.
FOOTPRINT • 11,101internal mobilities worldwide
Shareholder’s Equity • 6,181 hired on permanent contracts
In France: Group Share:
• 39 Regional Banks, LCL • Group: €115.0bn
and BforBank • Crédit Agricole S.A.: FOR PUBLIC AUTHORITIES
• 8,400 retail banking €62.9bn AND PARTNERS
branches
• Group purchases: €7.5bn (5)
Abroad: • Group taxes and social security
• 47 countries expenses: €7.1bn (6)
• 52% of Crédit Agricole S.A.
employees
OUR FOUNDATION FOR CIVIL SOCIETY AND THE ENVIROMENT
OUR MULTI- THE REGIONAL BANKS
PARTNERSHIP • World’s leading bookrunner for green bond issues (7)
MODEL • Green financing portfolio: €7.1bn
• Social and solidarity-based impact funds: €256m
OUR TECHNOLOGICAL An organic growth model • Over 147,000 subscriptions to bottom-of-the-range
CAPITAL reinforced by external offers (mainly Eko and LCL Essentiel)
expertise and distribution SOLID COMMITMENTS OUR 3 STRATEGIC PILLARS
A single centre of IT expertise partnerships in France 2019 data. (1) Underlying revenues. (2) Underlying net income Group share.
serving all of the Group’s and abroad. (3) Distribution planned for the 2019 reporting period-end, cancelled by
business lines. • Utility at the service of everyone the Board of Directors on 1 April 2020, following the recommendation
Excellence in customer of the ECB. (4) Crédit Agricole S.A. scope. (5) External expenses.
• A sound and diverse range of expertise
(6) Excl. the impact of Emporiki. (7) Source: Bloomberg.
• Protecting our customers’ interests relations
and assets
• Human responsibility at the heart
of our model Empowered
• Supporting the economy and social teams
cohesion
• Supporting the transition to other sources Commitment to society
of energy
20 21Our value creation CRÉDIT AGRICOLE S.A. — 2019 INTEGRATED REPORT
MAKING OUR DIRECT
CONTRIBUTION TO SOCIETY
REVENUES REDISTRIBUTIONS OF FINANCIAL FLOWS SOCIETAL IMPACTS NET INCOME GROUP SHARE
STATED REVENUES (1)
REVENUES – TOTAL REDISTRIBUTIONS
For Crédit Agricole S.A. = STATED RESULTS (NET INCOME GROUP SHARE)
.
UP S.A
RO CA
73,000 employees
G
29% 28% EMPLOYEES AND SOCIAL PROTECTION including 53.4% women, SHARE OF RETAINED
€9,589 €5,647 = Gross salaries, incentive plans, profit sharing and amounts 1,876 work-study participants INCOME
m m
18% allocated to employee pensions. and 1,251 trainees
are among the average monthly 83% Crédit Agricole Group:
57% workforce in France. allows the Group to
CRÉDIT AGRICOLE support its host regions’
GROUP RESULTS FOR development and strengthen
TOTAL its capital structure.
17% €33,297m 1,684 suppliers of Crédit Agricole S.A.
REDISTRIBUTIONS
GROUP
THE GROUP
49% Crédit Agricole S.A.:
had an EcoVadis score (3) at 31 December
22% reflects a commitment to
€26,099m
EXTERNAL SERVICE PROVIDERS
= External and operating expenses.
2019, and 596 are being assessed, i.e. 59% €7,198m strengthening its capital
structure while maintaining
8% of suppliers approached. The volume of
Crédit Agricole is one of France’s leading contract givers. an attractive payout rate for
purchases entrusted to the sheltered and
18% 19% all investors.
disability-friendly sector represents €5.3m.(4)
Volume of purchasing from VSBs/SMEs in 2019: €1.8bn (2).
€6,217 €3,749
m m Corporate philanthropy activities
in the areas of fight against poverty SHAREHOLDERS
PATRONAGE and exclusion, support for cultural initiatives & MUTUAL
BUSINESS LINES’ CONTRIBUTION €29.6m of expenses subject to a tax and environmental protection.
SHAREHOLDERS
deduction (5) for Crédit Agricole Group. Crédit Agricole S.A. is notably a partner of
Retail Banking the National Museum of Natural History to RESULTS FOR €1,114
TOTAL m Crédit Agricole Group:
Specialised Financial Services support scientific research on biodiversity. CRÉDIT AGRICOLE S.A. estimated total amount of
REDISTRIBUTIONS
Large customers interest to be paid to mutual
Asset Gathering CA S.A. 24% shareholders, and dividends
€15,309m
€4,844m to be paid to holders of CCA
and CCI certificates and
PUBLIC AUTHORITIES
18% 14% = Corporate income tax, other taxes and duties (6), employer Crédit Agricole is a major tax contributor Crédit Agricole S.A.(7) holders
contributions and payroll taxes. Does not include the cost of in France with an income tax charge of of non-controlling interest.
€6,018 €2,774
m m non-recoverable VAT incurred by the Group. €1,736m in 2019. €2,019 Crédit Agricole S.A.:
m estimated amount of
29% 31% dividends to be paid to its
shareholders, excluding
CRÉDIT AGRICOLE S.A. Crédit Agricole Group (8):
COST OF RISK €890m.
For Crédit Agricole S.A., the cost of credit
€20,153m 5% 6% = New provisions and reversals for all risks during
the financial year, as well as the corresponding losses
risk recorded a gradual return to a normal
€1,757 €1,256 level with an increase of +25.5%/–€254m
m m not covered by provisions. compared with 2018 at –€1,256m.
13% It reflects the bank’s ability to deliver
responsible lending solutions for each type
27%
of customer: €650bn in loans outstanding
MINORITY INTERESTS (French Retail banking).
= Share of the net income of subsidiaries controlled
2% 3% by Crédit Agricole (less than 100%) attributable to holders
€506m €614m of non-controlling interests.
The percentages on this page have been rounded.
(1) Revenue breakdown in percent by business line excluding the Corporate Centre.
OTHER (2) Entrusted by Crédit Agricole Group.
(3) EcoVadis is an independent third party specialised in assessing suppliers’ CSR performance. Data at 31 December 2019.
6% 6% = Depreciation and amortisation, share of net income (4) France scope of Crédit Agricole S.A.
€2,012 €1,269 of equity-accounted companies, changes in the value (5) In accordance with France’s Act no. 2003-709 of 1 August 2003 Data at 14/02/2020.
m m of goodwill and gains or losses on other assets. (6) Excluding provisions for tax disputes and expense transfers. Excluding tax surcharge.
(7) Subject to approval by shareholders at the Annual General Meetings of the Local Banks, Regional Banks and Crédit Agricole S.A.
(8) Distribution planned for the 2019 reporting period-end, cancelled by the Board of Directors on 1 April 2020, following the recommendation of the ECB.
22 23CRÉDIT AGRICOLE S.A. — 2019 INTEGRATED REPORT
CHAPTER 2
2022 FINANCIAL TARGETS
GROUP PROJECT
AND
>€5bn
Growth in Crédit Agricole S.A.’s net income
OUR STRATEGY:
MEDIUM-TERM PLAN
ACCELERATE
2022
PROFITABILITY > 11%
AND
AMPLIFY
for return on equity (1)
STRENGTH
With a capital ratio(2) of 11%
for Crédit Agricole S.A. and 16%
for the Group
An ambitious new joint
project based on three pillars
SECURITY
ER H
of development.
C U ST O M
UM
Net income secured by diversified mix
OUR
Our ambition is to be useful
of revenues and an annual growth of RAISON D’ÊTRE:
A
to all, which is why we put +2,5%
N
WORKING EVERY DAY
human responsibility, IN THE INTEREST
commitment to society, OF OUR CUSTOMERS
Excellence in Empowered teams
and excellence in customer AND SOCIETY for customers
100% HUMAN, 100 % DIGITAL customer relations
relations at the heart Increase individual
Be the favourite
of our model. responsibility in customer
bank of individuals,
SO
CIETAL
Through a unique relational model, the Group
entrepreneurs relationships in a strengthened
aims to bring real added value to its customers
by investing in new technologies to be at the and corporates. trust-building framework.
forefront of digital, and to be human-centric — —
through empowered relationship management.
THREE LEVERS OF SUCCESS
Commitment
Growth on all Synergy Technological
to society
our markets of revenues transformation Continue our mutualist
and societal commitment
and be the European leader
No.1 €10bn €15bn in responsible investment.
in customer acquisition in 2022 allocated over 4 years —
(1) RoTE. (2) CET1.
25Group Project and 2022 Medium-Term Plan
CUSTOMER PROJECT OUR 2022 TARGET NUMBERS
EXCELLENCE IN CUSTOMER No.1 in NPS
RELATIONS AT THE HEART OF
(retail banks in France)
They are available and listen
1 million to our concerns, they are very
OUR ORGANISATION additional customers in France and Italy
in net new customers
accessible; I’ve been with
Crédit Agricole for a long time
now, there is a relationship
+20pt in digital of trust, they know us well.”
use rate by 2022
Extract from the 2019 NPS survey
1
Our new Customer Project AMBITION COLLECTIVELY MANAGING
reaffirms the place we give EXCELLENCE IN CUSTOMER
it within the Group. Our ambition RELATIONS
OUR ACHIEVEMENTS
is to become the preferred bank • By mobilising all business lines around
in France in all customer one goal: customer satisfaction
CUSTOMER SUPPORT DIGITAL AND INNOVATIONS
segments. • By driving this goal at the highest level by using
the Net Promoter Score (NPS) in the assessment • Thanks to the EKO offers of the Regional Banks • The “Ma Banque” app of the Regional Banks exceeded
of employees, managers and senior executives and LCL Essentiel offering banking services 5.1 million users in 2019 – “LCL Mes comptes” was voted
HOW?
• By installing a zero-defect culture at €2/month to individual customers, the Group obtained Best Banking App for the third consecutive year*
Through the collective and implementing a system to target pain points more than 147,000 subscriptions
• Crédit Agricole Group ranks second among retail banks in
mobilisation of the entire • Crédit Agricole offers, and LCL will soon offer, Trajectoires France on digital performance by the D-Rating rating agency
Group around the satisfaction Patrimoine, certified and personalised advising-based
• On social networks (Facebook, Twitter, Instagram),
wealth management starting from the 1st euro, supported
of our customers, the further with almost 1 million subscribers, Crédit Agricole is first
2
by a new digital tool shared by the customer and the advisor
development of digital services AMBITION BECOMING A BEST-IN-CLASS among French banks in number of fans
and the enhancement of our DIGITAL BANK • Due to the historical link between Crédit Agricole
• The “Ma Santé” app, from Crédit Agricole Assurances,
and farmers, loans in this market increased by more
offers employees of the policyholder company a set of
banking and non-banking • Bringing all our tools and apps to the highest than 10% in 2019
services at each event of their healthcare journey: digitised
standards across all our markets
services. • LCL makes its 17,300 employees customer satisfaction contract management, telemedicine visit, health coaching
• Being present where our customers are, where players with the launch of an “I ♥ Mon Client” charter, programs, etc.
they need it: e-commerce sites, social networks, comprising 10 strong commitments
• Crédit Agricole continues to support innovation and start-ups
search engines
• New positioning of CA Italia closest to its with the opening of four new Villages by CA in 2019
• Capitalising on data to better serve our customers customers, “la banca al passo con la tua vita”:
the bank that follows the rhythm of your life * 2020 Bank Trophies organised by Meilleurebanque.com.
3
AMBITION OFFERING CUSTOMERS NET PROMOTER SCORE (NPS)
A BROAD RANGE OF BANKING It is measured by subtracting the number of customers
who are detractors from the number of customers who
AND NON-BANKING SERVICES are promoters in response to the question “would you
recommend your main bank to your family, a friend or
THE CUSTOMER ACQUISITION STRATEGY
• Adapting our offerings to new customer
a colleague?”. It is obtained by means of a survey by an The Group’s gross acquisition is very dynamic
behaviours and societal concerns
independent institute. in France and Italy, with 1,800,000 individual
• Providing services and utility to customers customers and entrepreneurs, and the business
for a range of needs fund grew by 370,000 customers in 2019, including
280,000 individual customers.
26 27Group Project and 2022 Medium-Term Plan CRÉDIT AGRICOLE S.A. — 2019 INTEGRATED REPORT
HUMAN-CENTRIC PROJECT OUR 2022 TARGET NUMBERS
ACCOUNTABLE TEAMS HAVE Preferred employer in the top
in Europe in financial services
5 Even when the system seems to
work properly, we can miss our
BECOME A NECESSITY 100% of our executives trained in our new
target. With discernment, initiative
leadership model and responsibility, we can avoid
this. It is what is specifically human
Engagement and Recommendation
Index (ERI): increase in the participation rate
that makes the difference.”
Extract from the 2019 ERI survey
1
OUR ACHIEVEMENTS
Our Human-centric Project is, AMBITION EMPOWERING TEAMS
de facto, our main lever for us WITH A DEEP MANAGEMENT
TRANSFORMATION A NEW MANAGEMENT MODEL AN ORGANISATIONAL TRANSFORMATION
to achieve all of our ambitions.
A managerial transformation for more autonomy Providing our customers with direct access to an empowered
It focuses on empowered teams • Managers who provide a framework of trust and help
and engagement:
their teams move forward through the decision-making relationship manager is achieved internally through greater cross-
to provide customers with ongoing authority that they take on
• Executives who embody the managerial transformation functionality and collective agility while at the same time adapting
access to a trained, independent • Entrepreneurial managers who disseminate to the digital disruption that is changing the way we work. This
• Autonomous women and men who foster a new bond the new codes of conduct simplified organisational structure results in:
point of contact with the authority of trust between themselves and the customers. • Employees who are involved in their careers and • a flatter reporting structure
to take action. who are trained in digital, behavioural and cross-functional skills • greater responsibility and greater cross-functionality
Our ambition: to become the • faster decision-making
Action
2
• new workspaces and more and more teleworking
preferred employer in the Top 5 AMBITION TRANSFORMING THE ORGANISATION
Crédit Agricole S.A., corporate entity, has built, in partnership
with IFCAM, the managerial program “Responsibility, Trust, Action
in Europe in financial services. FOR MAXIMUM RESPONSIVENESS Initiative” for all Crédit Agricole S.A. managers. It aims to CA Consumer Finance’s continuous “In the customer’s shoes”
transform leadership and management to move toward more improvement approach: the entire management circle
• An organisation that strengthens individual responsibility
HOW? individual and collective responsibility, trust and initiative. of the Human Development Direction (HD) went to meet with its
• Delegation of decision-making authority to reduce internal customers through visits to listen to them and gather
By the power of the collective. feedback.
bureaucracy
By women and men who are
committed and proud to work A STRENGTHENED FRAMEWORK OF TRUST
for Crédit Agricole. It results in:
LISTENING TO OUR EMPLOYEES
3
By a coherent social pact. AMBITION STRENGTHENING THE SOCIAL PACT • Social dialogue built on transparency and partnership
AND ENCOURAGING COMMITMENT
TO CREATE A FRAMEWORK OF TRUST • Strong commitments in terms of social and gender diversity
and integration Carrying out the fourth campaign on the Engagement
THAT DRIVES INITIATIVES and Recommendation Index (ERI):
Action This year, the scope included the 20 Crédit Agricole S.A.
• An amplified social pact for greater trust
Crédit Agricole S.A. and UNI Global Union negotiated entities in France and abroad, as well as 25 entities in the
among all stakeholders in the Group
an International Framework Agreement at the end of July 2019 Regional Banks scope, i.e. more than 100,000 employees
• Diversity that mirrors our diverse customer base and with the aim of providing the same social foundation for all in 47 countries.
encourages working as a team and seizing the initiative Group employees. The areas that have shown improvement over the past four
The agreement includes the establishment of a 16-week paid years are:
maternity leave for all employees of the Group. • the growing attachment to Crédit Agricole Group
• the knowledge and understanding of the strategy that builds
trust in our senior executives
• the increased convergence between the scope of the
Regional Banks and that of the entities
Action
The organisation of work, the tools and the means available
to employees are areas for improvement for which action
plans are being implemented.
28 29
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