2010 ACTIVITY REPORT our network our expertise
9, quai du Président Paul Doumer www.ca-cib.com 92920 Paris La Défense Cedex Profile [The ProfileGroup’s organisation] [The Group’s organisation]
The Crédit Agricole Group is market leader in full-service The Crédit Agricole Group is market leader in full-service retail banking in France and one of the largest banks in Europe. retail banking in France and one of the largest banks in Europe. 6.1 million cooperative 6.1 million cooperative shareholders form the basis shareholders form the basis With operations in 70 countries, the Crédit Agricole Group is of CréditWith Agricole’s operations in 70 countries, the Crédit Agricole Group is of Crédit Agricole’s cooperative organisational 55.9 % cooperative organisational 55.9 % a leading partner in supporting clients with their projects in all a leading partner in supportingof Crédit clients AgriCole with S.A.’S StheirhAre CA pitprojectsAl in all of Crédit AgriCole S.A.’S ShAre CApitAl structure. They own the viA holding CompAny SAS rue lA Boétie. structure. They own the viA holding CompAny SAS rue lA Boétie. areas of retail banking and associated specialised business capitalareas of theof 2,533retail Regional banking and associated specialised business capital of the 2,533 Regional lines: day-to-day banking, savings, home and consumer loans, Bankslines: in day-to-daythe form of shares banking, savings, home and consumer loans, Banks in the form of shares insurance, private banking, asset management, leasing and andinsurance, select their private banking, asset management, leasing and and select their factoring, and corporate and investment banking. representativesfactoring, andeach year. corporate and investment30.9% banking. representatives each year. 30.9% A total of 32,496 directors 43.7% A total of 32,496 directors 43.7% convey their expectations of Crédit AgriCole S.A. ShAre CApitAl convey their expectations of Crédit AgriCole S.A. ShAre CApitAl On the strength of its cooperative and mutualist foundations, withinOn the theGroup. strength of its cooperative and mutualist foundations,• Institutional within the Group. • Institutional the Crédit Agricole Group’s expansion is underpinned by the Crédit Agricole Group’s expansion is underpinnedinvestors by : 30.9% investors : 30.9% The local banks own the 55.9% • Individual The local banks own the 55.9% • Individual balanced growth serving the real economy and respecting majoritybalanced of the Regionalgrowth serving the real economy and8.2% respectingshareholders : 8.2% majority of the Regional 8.2% shareholders : 8.2% the interests of its 54 million customers, 1.2 million shareholders, Banks’the interests share capital. of its 54 million customers, 1.2 million shareholders,• Employees via employee Banks’ share capital. • Employees via employee mutual funds : 4.6% mutual funds : 4.6% 6.1 million cooperative shareholders and of its 160,000 The6.1 39 million Regional Bankscooperative are shareholders and of4.6% its 160,000 The 39 Regional Banks are 4.6% cooperative regional banks cooperative regional banks employees. thatemployees. offer their customers 0.4% that offer their customers 0.4% a comprehensive range a comprehensive range Crédit Agricole is included in the three main sustainable of productsCrédit and Agricole services. is included in the three main sustainable0.4 % of products and services. 0.4% The discussion body for the treASury ShAreS The discussion body for the treASury ShAreS development indices: Aspi Eurozone since 2004, FTSE4Good Regionaldevelopment Banks is the indices: Aspi Eurozone since 2004, FTSE4Good Regional Banks is the since 2005 and the DJSI since 2008 (Europe and worldwide). Fédérationsince 2005 Nationale and du the DJSI since 2008 (Europe and worldwide). Fédération Nationale du It is ranked the eighth most sustainable corporation in the world CréditIt is rankedAgricole, where the eighth most sustainable corporation in the world Crédit Agricole, where and No. 1 in France in the 2011 Global 100 List. theand Group’s No. main 1 in directions France in the 2011 Global 100 List. the Group’s main directions are decided. are decided. Listed since December 2001, Crédit Agricole S.A. ensures the cohesion of Listed since December 2001, Crédit Agricole S.A. ensures the cohesion of the strategic development and the Group’s financial unity. Crédit Agricole S.A. the strategic development and the Group’s financial unity. Crédit Agricole S.A. manages and consolidates its subsidiaries in France and abroad. manages and consolidates its subsidiaries in France and abroad. www.credit-agricole.com www.credit-agricole.com
Retail banking Specialised Corporate and Retail banking Specialised Corporate and business lines investment banking business lines investment banking In France In France - 25% of share capital in the Specialised financial services - Coverage and Investment - 25% of share capital in the Specialised financial services - Coverage and Investment Regional Banks (excl. the Regional - Consumer finance Banking Regional Banks (excl. the Regional - Consumer finance Banking Bank of Corsica) - Lease finance - Equity Brokerage and Bank of Corsica) - Lease finance - Equity Brokerage and - LCL - Factoring Derivatives - LCL - Factoring Derivatives - Fixed Income Markets - Fixed Income Markets International retail banking Savings management - Structured Finance International retail banking Savings management - Structured Finance - Cariparma FriulAdria group - Asset management - Cariparma FriulAdria group - Asset management - Emporiki - Insurance - Emporiki - Insurance - Crédit du Maroc - Private banking - Crédit du Maroc - Private banking - Crédit Agricole Egypt - Crédit Agricole Egypt - Lukas Bank - Lukas Bank €3.6 billion €71.5 billion 10.3 % €3.6 billion €71.5 billion 10.3 % Specialised subsidiaries Specialised subsidiaries net income - group share shareholders’ equity - group share tier one ratio net income - group share shareholders’ equity - group share tier one ratio Crédit Agricole Immobilier, Crédit Agricole Private Equity, Idia-Sodica, Uni-Editions. Crédit Agricole Immobilier, Crédit Agricole Private Equity, Idia-Sodica, Uni-Editions.
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The Crédit Agricole Group is market leader in full-service retail banking in France and one of the largest banks in Europe. 6.1 million cooperative shareholders form the basis With operations in 70 countries, the Crédit Agricole Group is of Crédit Agricole’s cooperative organisational 55.9 % a leading partner in supporting clients with their projects in all of Crédit AgriCole S.A.’S ShAre CApitAl structure. They own the viA holding CompAny SAS rue lA Boétie. areas of retail banking and associated specialised business capital of the 2,533 Regional lines: day-to-day banking, savings, home and consumer loans, Banks in the form of shares insurance, private banking, asset management, leasing and and select their factoring, and corporate and investment banking. representatives each year. 30.9% A total of 32,496 directors 43.7% convey their expectations of Crédit AgriCole S.A. ShAre CApitAl On the strength of its cooperative and mutualist foundations, within the Group. • Institutional the Crédit Agricole Group’s expansion is underpinned by investors : 30.9% The local banks own the 55.9% • Individual balanced growth serving the real economy and respecting majority of the Regional 8.2% shareholders : 8.2% the interests of its 54 million customers, 1.2 million shareholders, Banks’ share capital. • Employees via employee mutual funds : 4.6% 6.1 million cooperative shareholders and of its 160,000 The 39 Regional Banks are 4.6% cooperative regional banks employees. that offer their customers 0.4% a comprehensive range Crédit Agricole is included in the three main sustainable of products and services. 0.4% The discussion body for the treASury ShAreS development indices: Aspi Eurozone since 2004, FTSE4Good Regional Banks is the since 2005 and the DJSI since 2008 (Europe and worldwide). Fédération Nationale du It is ranked the eighth most sustainable corporation in the world Crédit Agricole, where and No. 1 in France in the 2011 Global 100 List. the Group’s main directions are decided. Listed since December 2001, Crédit Agricole S.A. ensures the cohesion of the strategic development and the Group’s financial unity. Crédit Agricole S.A. manages and consolidates its subsidiaries in France and abroad. www.credit-agricole.com
Retail banking Specialised Corporate and business lines investment banking In France - 25% of share capital in the Specialised financial services - Coverage and Investment Regional Banks (excl. the Regional - Consumer finance Banking Bank of Corsica) - Lease finance - Equity Brokerage and - LCL - Factoring Derivatives - Fixed Income Markets International retail banking Savings management - Structured Finance - Cariparma FriulAdria group - Asset management - Emporiki - Insurance - Crédit du Maroc - Private banking - Crédit Agricole Egypt - Lukas Bank €3.6 billion €71.5 billion 10.3 % Specialised subsidiaries net income - group share shareholders’ equity - group share tier one ratio Crédit Agricole Immobilier, Crédit Agricole Private Equity, Idia-Sodica, Uni-Editions.
RACA010_page groupe GB_BAT.indd 1 28/02/11 12:24:16 RACA010_page groupe GB_BAT.indd 2 28/02/11 12:25:37 Contents
Contents
reaffirming the ambition of a 01 committed and responsible Group
Message from the Chairman and the Chief Executive Officer 4 Executive Management 6 Executive committee 7 Board of Directors 8 Management committee 9
a business model focused 02 on Group clients, serving the real economy
The Crédit Agricole Group’s Corporate and Investment Bank 12 Geographical breakdown of revenues 14 2010 key figures 16 Controlling risks and focusing on strengths 18 Crédit Agricole CIB in the league tables 20 International private banking 21 Economic environment in 2010 and 2011 outlook 22 Commitment 2014 24
strong acquired values 03 in sustainable development and human capital
Environmental policy 28 Environmental and social responsibility 30 Climate challenges and human rights 34 Development and support policy 36 Recruitment policy 38
Crédit Agricole Corporate & Investment Bank Management message and Corporate governance
2 reaffirming the ambition of a committed and responsible Group
2010 activity report chapitrechapter 01
01 3 reaffirming the ambition of a committed and responsible Group
Crédit Agricole Corporate & Investment Bank Message from the Chairman and the Chief Executive Officer
Message from the Chairman and the Chief Executive Officer
4
Jean-Paul Chifflet Jean-Yves Hocher Chairman of the Board of Directors Chief Executive Officer of Crédit Agricole CIB of Crédit Agricole CIB
2010 activity report chapter 01
010 marks the likely end of the financial crisis for Crédit Agricole CIB: the refocusing and development 2plan launched in 2008 led to the orderly and controlled As the vehicle for the Crédit withdrawal from those activities that no longer correspond to the Group’s target risk profile. This plan has now been Agricole Group’s strategy in its successfully concluded and Crédit Agricole CIB has business lines, Crédit Agricole CIB succeeded in demonstrating its ability to produce recurrent earnings with a limited risk profile. In fact, the EUR 1 billion is prepared to commit fully to the target for recurrent earnings was surpassed in the first nine success of the medium-term plan, months of the year. "Commitment 2014". In 2010, Crédit Agricole CIB focused its efforts on revenue growth through sustained sales efforts, benefitting from intra-Group synergies, and by adapting its product range As a result, our model will be built on local financing activities to serve its clients. with areas of expertise confirmed on a global scale. The capital markets and investment banking activities will A certain number of activities performed well, for example, adopt the priorities of the financing activities that depend 5 structured finance and investment banking. Others, such on geography, target clients, key sectors and access to as capital markets activities, suffered more. Nonetheless liquidity. securitisation, treasury and foreign exchange continued to be satisfactory after having experienced exceptional As the vehicle for the Crédit Agricole Group’s strategy conditions in 2009. In sum, Crédit Agricole CIB in its business lines, Crédit Agricole CIB has affirmed its demonstrated its ability to combine competitiveness with major role in the Group’s future development. Enjoying the risk control over the long term and to assume the challenge confidence of its shareholders, the determination of its staff of Crédit Agricole’s ambitions in corporate and investment and the loyalty of its large corporate and financial institution banking. clients, Crédit Agricole CIB is prepared to commit fully to the success of the 2014 medium-term plan of Crédit Agricole With its areas of recognised expertise, a base of large clients S.A. : "Commitment 2014". and financing abilities backed by the solidity of the Group, Crédit Agricole CIB has defined some strategic directions for development for 2014. The development of its financing and investment banking activities will be selective and will be supported by a rigorous allocation of resources within the framework of the controlled management of funds. The Bank will integrate the new regulatory constraints now imposed on banks. Jean-Paul Chifflet Jean-Yves Hocher
Crédit Agricole Corporate & Investment Bank Corporate governance as of December 31, 2010
Executive Management
JEAN-YVES HOCHER
FRANCIS CANTERINI
PIERRE CAMBEFORT 6
2010 activity report chapter 01
JEAN-YVES HOCHER, CHIEF EXECUTIVE OFFICER OF CRéDIT AGRICOLE CIB After working at the French Agriculture Ministry and in the Treasury department, in 1989 Jean-Yves Hocher joined the Fédération Nationale du Crédit Agricole of which he became Chief Executive Officer in 1997, and then in 2001 the Charente- Maritime Deux-Sèvres Regional Bank as its Chief Executive Officer. In 2006, he was appointed Head of the Crédit Agricole insurance division and Chief Executive Officer of Predica, and then executive committee in May 2008, Head of the specialised financial services division of the Crédit Agricole S.A. Group. In October 2008, he was appointed Deputy Chief Executive Officer of Crédit Agricole S.A., with responsibility for the Group’s Regional Bank deve- lopment, payment systems and insurance. Since March 2010, Jean-Yves Hocher has been the Deputy Chief Executive Officer in charge of specialised businesses (corporate and investment banking, asset management, insurance, specia- lised financial services, private banking and real estate). He became Chief Executive Officer of Crédit Agricole CIB in December 2010. Jean-Yves Hocher is a graduate of the Institut National Agronomique Paris-Grignon and of the Jean-Yves HOCHER Pierre CAMBEFORT Francis CANTERINI Ecole Nationale du Génie Rural, des Eaux et Forêts. Chief Executive Officer Deputy Chief Executive Officer Deputy Chief Executive Officer
PIERRE CAMBEFORT, DEPUTY CHIEF EXECUTIVE OFFICER OF CRéDIT AGRICOLE CIB Pierre Cambefort joined the Crédit Agricole Group in 1990, first at the Caisse Nationale de Crédit Agricole and then at Crédit Agricole d’Ile-de-France from 1995 to 2003, as Head of credit development, then Head of marketing and communications. After two years as Head of the retail market at Crédit Agricole S.A., he became 7 Senior General Manager of Crédit Agricole Centre- Est in 2006. Pierre Cambefort became Deputy Jean-Claude BASSIEN Jonathan SLONE Guy LAFFINEUR Chief Executive Officer of Crédit Agricole CIB in Equity Brokerage & Derivatives Equity Brokerage & Derivatives Fixed Income Markets September 2010 in charge of the coverage, the international network, the financing banking and the investment banking. Pierre Cambefort is a graduate of the Ecole Supérieure de Physique et Chimie de Paris and Stanford University.
FRANCIS CANTERINI, DEPUTY CHIEF EXECUTIVE OFFICER OF CRéDIT AGRICOLE CIB A teacher at the Economics University in Algiers and then Head of financing and cash manage- ment at Agence Française de Développement, Jean-François MARCHAL Thomas GADENNE Eric BAUDSON Structured Finance Finance Global IT & Operations Francis Canterini joined the Crédit Lyonnais Group in 1991. Successively Head of financing, financial communications and the financial engineering department, in 2000 he became Deputy Head of Finance before becoming Head of Finance in 2003. In 2006, he joined the Executive Committee with responsibility for the management division. He became Deputy Chief Executive Officer of Cariparma in March 2007, then Head of risk and permanent control for the Crédit Agricole Group in February 2009. In December 2010, Francis Canterini was appointed Deputy Chief Executive Officer of Crédit Ivana BONNET Daniel PUYO Jean-Pierre TREMENBERT Agricole CIB in charge of support functions. Human Resources Risk and Permanent Corporate Secretary Francis Canterini has a Master and an advanced Control DESS degree in Economics.
Crédit Agricole Corporate & Investment Bank Corporate governance as of December 31, 2010
Board of Directors
4 12
8 1 5 3 6 7
8 10 13 14
9 2 11 15 16
2010 activity report chapter 01
management committee
Executive management Senior Regional Officer Americas Fixed Income Markets Jean-Yves HOCHER Thierry Simon Guy LAFFINEUR Pierre CAMBEFORT Laurent CoTE Francis CANTERINI Senior Regional Officer Asia Catherine DUVAUD Patrice COUVeGNES Martin FRAENKEL Finance Vincent LECLERCQ Thomas GADENNE Africa / Middle East Michel ROBERT Olivier BELORGEY Bertrand LeVeQUE James SIRACUSA Adrien CASSANET Thomas SPITZ Philippe CReNIN Central and Eastern Europe Edward WILLEMS Arnaud d'INTIGNANO Pierre FINAS Chairman Structured Finance 1 Jean-Paul CHIFFLET Risk and Permanent Control Senior Country Officer Germany Jean-François MARCHAL Daniel PUYO Sylvia SEIGNETTE José ABRAMOVICI Directors Bernard CRUTZ Emmanuel BOUVIER D'YVOIRE Gilles GANTOIS 2 Edmond ALPHANDERY Senior Country Officer Italy Olivier DESJARDINS Jean-Claude GELHAAR 3 Philippe BRASSAC Philippe PELLEGRIN Alain FANAIE Guillaume LESAGE 4 Frank E. DANGEARD Emmanuel FELD Pierre GLAUSER 5 Marc DESCHAMPS Global IT & Operations Senior Country Officer Japan Jean-François GRANDCHAMP DES RAUX 6 Jean-Frédéric DREYFUS eric BAUDSON Marc-André POIRIER Jean-Yves GUeRITAUD 7 Philippe GESLIN Frédéric COUDREAU François MARTIN Pierre DULON Senior Country Officer Spain 8 François IMBAULT Jacques PROST 9 Romain JeroME Juan FABREGAS 9 Marc KYRIACOU Jacques de VILLAINES 10 Jean LE VOURCH Pascal de MENTQUE Senior Country Officer 11 François MACE Transaction & Commercial Banking Human Resources United Kingdom 12 Didier MARTIN Laurent RIPOCHE Ivana BONNET Arnaud CHUPIN 13 Jean PHILIPPE International Private Banking 14 Jean-Louis ROVEYAZ Legal Coverage & Investment Banking Jean-François ABADIE 15 François THIBAULT Bruno FONTAINE Jean-Louis BERTRAND 16 François VEVERKA Jean-François BALAY Distressed Assets Group Internal Audit Jean-Michel BERLING Julian HARRIS Régis MONFRONT Andrea BOZZI Global Compliance Alix CAUDRILLIER Paule CELLARD eric CHeVRE Michel LEFRANCOIS Corporate Secretary Pierre MORAILLON Jean-Pierre TREMENBERT Patrice RANDOLPH Equity Brokerage & Derivatives Jonathan SLONE Communications Bertrand HUGONET Jean-Claude BASSIEN Frédéric MeRON Public Affairs Bertrand PATILLET Olivier MOTTE Andrew REYNOLDS
Crédit Agricole Corporate & Investment Bank Profile in 2010 and Commitment 2014
10
2010 activity report chapter 02
02 11 a business model focused on Group clients, serving the real economy
Crédit Agricole Corporate & Investment Bank Profile in 2010
The Crédit Agricole Group’s Corporate and Investment Bank
Crédit Agricole Corporate and Investment Bank provides its clients with a complete range of products and services in capital markets, brokerage, investment banking, structured finance and commercial banking. Its activities are organised into four major divisions.
COVERAGE & INVESTMENT BANKING fund derivatives activities. Crédit Agricole CIB’s This division ensures the follow-up and equity brokerage activities are world renowned 12 development of the Group’s relationships with and are organised around two leading subsidiaries: its corporate and financial institution clients in Crédit Agricole Cheuvreux, which covers all of The Large French Clients France and abroad.The sales approach is built Europe and offers access to 100 execution unit handles the coverage on geographic coverage for multi-business platforms, and CLSA, which is active throughout clients and sector coverage. Asia including Japan. It also includes Crédit Agricole of large corporate and Securities (USA) Inc. and Newedge, a 50/50 joint financial institution The French Regions Division and the International venture between Crédit Agricole CIB and Société clients in France. Senior Liaison Desk Network complement this approach Générale. Bankers coordinate and to support the Crédit Agricole Group’s middle- oversee the efforts of the market clients respectively in France and abroad. The products offer of the Global Equity & A dedicated unit deals with specific client Funds Derivatives (GED) unit makes it possible Bank’s business lines requirements in the area of Islamic finance. to meet the needs of a large range of clients: and geographic units brokers (fund managers and investment funds) to provide clients with In addition to clients coverage, this division in cooperation with Crédit Agricole Cheuvreux a complete range of also handles syndicated and bilateral financing and CLSA, through the Delta 1 product offer products and services that activities and corporate capital transactions for trading convertible bonds and options; large (capital increase, convertible bonds, equity corporates and sovereign funds through the offer meet their needs. derivatives, etc.) and provides advisory services of the corporate equity derivatives activity, a joint for mergers & acquisitions. venture with the equity capital markets activity; Jean-Louis Bertrand, and institutional investors in Europe, including head of Large French Clients EQUITY BROKERAGE & DERIVATIVES the Regional Banks, LCL and Predica through a This division covers equity brokerage in Europe, simple structured products offer. Asia and the United States, as well as equity and
2010 activity report chapter 02
13
FIXED INCOME MARKETS STRUCTURED FINANCE This division handles all the sales and trading This division combines expertise in originating, activities of market products for corporates, structuring and financing major export and financial institutions and large issuers. Thanks investment transactions in France and abroad, to a network of 31 trading rooms, including five and is primarily built on secured guarantees TRANSACTION liquidity centers in London, Paris, New York, Hong (aircraft, ships, corporate real estate, & COMMERCIAL BANKING Kong and Tokyo, Crédit Agricole CIB provides its commodities, etc.) as well as with complex and This division provides commercial clients with a strong positioning in Europe, Asia structured loans. banking services to corporates and and the Middle East. It has a targeted presence in financial institutions in the areas of non-structured finance, sureties the United States and additional points of entry in With a professional staff of more than 800 based and guarantees, trade finance, cash other local markets. in nearly 30 locations, this division covers nine management and liability management. areas of activity: air transportation & rail financing, This division benefits from its solid In order to provide clients with solutions best- shipping finance, natural resources, infrastructure attachment to the Crédit Agricole Group, suited to their specific needs, the division is & power, real estate & lodging, export & trade the leader in payments and banking transactions in Europe. organised into six product lines (alternative finance, acquisition finance, transactional products group, foreign exchange, interest rate commodity finance, tax-based leases, Global derivatives, debt & credit markets, commodities Energy Group. and treasury) and a sales division. These trading and sales entities are supported by dedicated research units.
Crédit Agricole Corporate & Investment Bank Profile in 2010
Americas Western Europe
Argentina Mexico AUSTRIA GREECE PORTUGAL Buenos Aires Mexico Vienna Piraeus Lisbon Brazil united states BELGIUM ITALY SPAIN São Paulo New York Brussels Milan Madrid Chicago Canada Dallas FINLAND LUXEMBOURG SWEDEN Montreal Houston Helsinki Luxembourg Stockholm Toronto FRANCE MONACO SWITZERLAND Paris Monaco Geneva 17 branches Zurich NETHERLANDS GERMANY Amsterdam UNITED KINGDOM Frankfurt London Geographical Hamburg NORWAY Oslo breakdown of revenues
france 21% 14 Americas 23%
2010 activity report chapter 02
Central and Eastern Europe Africa and the Middle East Asia-Pacific CZECH RUSSIA ALGERIA LIBYA TURKEY AUSTRALIA INDIA MALAYSIA TAIWAN REPUBLIC Moscow Algiers Tripoli Istanbul Sydney Mumbai Kuala Lumpur Taipei Prague St Petersburg Delhi Labuan BAHRAIN SAUDI ARABIA UNITED ARAB CHINA Chennai THAILAND HUNGARY SLOVAKIA Manama Riyadh EMIRATES Shanghai Ahmedabad PHILIPPINES Bangkok Budapest Bratislava Dubai Beijing Pune Manila EGYPT SOUTH AFRICA Abu Dhabi Guangzhou Bangalore VIETNAM KAZAKHSTAN UKRAINE Cairo Johannesburg Tianjin SINGAPORE Ho Chi Minh city Almaty Kiev YEMEN Xiamen INDONESIA Singapore Hanoi LEBANON TUNISIA Sana’a Shenzhen Jakarta POLAND Beirut Tunis SOUTH KOREA Warsaw HONG KONG JAPAN Seoul Hong Kong Tokyo
europe 37% 15 Africa and asia-pacific the middle east 5% 14%
Crédit Agricole Corporate & Investment Bank Profile in 2010
2010 key figures
income statements highlights
€ million
Net banking Gross operating Net income income income Group share
6,615 6,072 5,775 3,023 1,888 2,428 1,562 2,345 Activités pérennes 1,158
Core activities Activités en cours 2008 2009 2010 2008 2009 2010 2008 2009 2010 d’extinction Discontinuing activities (374) (482) 16 (1,347) (557) (1,471)
(1,489) (4,462)
(4,761)
(3,428)
RISK-RELATED COST
Net charges / Outstanding loans to clients (in bp annualised) RISK-RELATED COST Net charges / Outstanding loans to clients (in basis point annualised)
95 90 85
70 62 59 Produit net Résultat brut Résultat brut net bancaire d'exploitation 45 part du Groupe 37 29 6 072 2 345 1 562
11 8 5 775 2 428 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q41 2010158 Annual averages ? ? ? 374 Activités pérennes (8) 2008 2009 2010 2008 2009 2010 482 2008 2009 2010 557 Activités en cours d’extinction
? ? ?
1 347 1 471 1489
2010 activity report chapter 02
Balance sheet € billion 12.31.2010 12.31.2009 12.31.2008 Total assets 716.2 712.4 857.5 Gross loans 161.5 152.7 145.8 Assets under management (private banking) 71.0 61.4 55.9
Financial structure € billion or % 12.31.2010 12.31.2009 Shareholders’ equity (including income) 15.3 14.4 Tier I capital 15.3 13.9 Basel II risk-weighted assets 142.6 134.9 Tier I solvency ratio 10.7% 10.3% Overall solvency ratio 11.6% 11.7%
Ratings 17 Short-term Long-term Last rating action Moody’s Prime -1 Aa3 (stable outlook) 20 December 2010 Standard & Poor’s A-1+ AA- (negative outlook) 25 June 2009 FitchRatings2010 2010 F1+ 2009AA- (stable outlook)2009 23 July2009 2010 2009 2010 2009 2009
headcount end of december 2010
Full-time equivalent
France France France 4,876 France4,687 France 4,517 France France France France 4,876 4,876 4,687 4,687 4,517 4,517
9,827 9,646 8,930 International International International 9,827 9,827 9,646 9,646 8,930 8,930 International International International International International International
2010(1): 14,703 2009(1): 14,333
(1) Private banking contributes to 2,258 in 2010 and to 2,196 in 2009.
(1) Private banking contributes(1) Private to banking 2,258 incontributes 2010 and toto 2,2582,196 inin 20102009. and to 2,196 in 2009. Crédit Agricole Corporate & Investment Bank Profile in 2010
Controlling risks and focusing on strengths
In 2010, Calyon became Crédit Agricole Corporate and Investment Bank. The refocusing plan introduced in 2008 was successfully completed and Crédit Agricole CIB succeeded in demonstrating its ability to generate recurrent earnings with a balanced risk profile.
2010 marked the conclusion of the FINANCING ACTIVITIES refocusing and development plan initiated in 2010 was a record year overall for financing 2008. In terms of its results Crédit Agricole activities in terms of revenues and with low Aircraft Finance House of the Year 18 CIB met its commitments with respect to risk-related costs that were down sharply from Crédit Agricole CIB – December 2010 both the activities being wound down (with 2009. a sharp reduction in its risk profile) and its The financing activities, which include loan core activities (maintenance of a base of syndication, commercial banking and structured recurrent earnings of EUR 1 billion). Overall finance, continued their growth while benefiting the financing and investment banking from activities undergoing development (natural activities generated profits in all four resources, infrastructure & power, aircraft & rail quarters. The Group share of net income financing, acquisition finance, trade finance, for core activities amounted to EUR 1,562 etc.). For the full year 2010, net income from Most improved million for the full year, largely surpassing financing activities amounted to EUR 1,314 international Islamic bank the objective defined in the refocusing and million, 5.1 times more than in 2009. Risk- Crédit Agricole CIB – December 2010 development plan. related costs declined by 82% in 2010 reflecting While the overall objectives were met, the improved economic conditions in sectors and results of the financing activities and capital with counterparties on watch lists. Collective markets activities were mixed in 2010, with provisions amounted to nearly EUR 1.4 billion the first posting a record performance and at 31 December 2010, compared with nearly the second making a smaller contribution. EUR 1.6 billion at 31 December 2009. In this context, marked by a sharp reduction in risk-related costs and the activities being Crédit Agricole CIB was ranked 1st mandated European Syndicated Loan House of the year wound down, which were less and less lead arranger in terms of the number of Crédit Agricole CIB – December 2010 penalising, Crédit Agricole CIB returned to project finance transactions (Project Finance profit showing a Group share of net income International and Dealogic, 2010), 2nd mandated of EUR 1,005 million. lead arranger worldwide in project finance
2010 activity report chapter 02
(Infrastructure Journal, 2010) and received INVESTMENT BANKING Restructuring was undertaken with a view to the “Aircraft Finance House of the Year” Despite the high volatility of markets, the maintaining a strong capacity for innovation prize (Jane’s Transport Finance, 2010) for investment bank supported numerous while pursuing the automation of flow the fifth time since the creation of Calyon clients with share issues, convertible bond activities. in 2004, rewarding performance in aircraft issuance, spin offs and employee savings finance. The Bank also benefited from the at the global level. It also carried out many BROKERAGE recovery in well secured transactions in the transactions with German clients and Brokerage revenues were stable in 2010. real estate & lodging and shipping sectors. developed its business in Asia together with Crédit Agricole Cheuvreux’s business was CLSA. lacklustre due to unfavourable European In the loan syndication market, Crédit market conditions in 2010. Newedge had Agricole CIB, which is recognised for Crédit Agricole CIB was ranked 2nd bookrunner stable revenues with a recovery in the its expertise in syndicated loans and in 2010 and 1st in 2009 for its equity capital fourth quarter. CLSA, on the other hand, specialised financing, retained its leading markets activity in France (Thomson posted a noteworthy performance thanks position in France with a market share Financial). to still robust Asian markets. In 2010, of 13.5%, and maintained its 3rd place in CLSA dominated the equity brokerage the EMEA region (Thomson Financial and CAPITAL MARKETS ACTIVITIES business in Asia with a market share of 19 Dealogic, 2010). The capital markets activities posted 9.5% carried out with local counterparties declining revenues in a persistently uncertain (Greenwich Associates, 2010). The Islamic finance activity and the environment in 2010. Nonetheless debt French Regions Division continued their & credit markets and treasury activities Discussions began in 2010 on the principles development. Lastly, the International maintained satisfactory levels following of a future partnership between Crédit Liaison Desk Network was very active in exceptional market conditions in 2009. Crédit Agricole CIB and the Chinese broker CITIC supporting the Crédit Agricole Group’s Agricole CIB was ranked 5th bookrunner Securities. These discussions are aimed at corporate clients. It also initiated the signing worldwide for euro-denominated corporate creating a leading global brokerage platform of a partnership agreement between the bonds (Thomson Financial, 2010). Foreign and an investment bank in the Asia-Pacific French agency for international investments exchange was the only business to record region. The planned structure calls for Crédit (AFII) and Crédit Agricole CIB to support an increase in revenues in 2010 compared Agricole CIB and CITIC Securities each to foreign investors in starting operations in to 2009. own equal shares in a holding company France. grouping together CLSA, Crédit Agricole The results of the commodities business Cheuvreux, Crédit Agricole Securities In the area of commercial banking, were virtually unchanged. In 2010, a new (USA) Inc., and the institutional brokerage Crédit Agricole CIB strengthened and platform was put into place in partnership and investment banking activities of CITIC modernised its cash management product with EDF Trading, enabling the conclusion of Securities International, a subsidiary of range, in particular abroad. The Bank also physical transactions in gas, power and coal. CITIC Securities based in Hong Kong, developed an added-value service offer as well as the equity capital markets and for payments and liquidity management Interest rate activities suffered particularly as mergers & acquisitions business lines of meeting clients’ specific needs. was the case with most market players. Crédit Agricole CIB in Asia.
Crédit Agricole Corporate & Investment Bank Profile in 2010
Crédit Agricole CIB in the league tables
Financing activities 2010 Project finance loans – worldwide 1 Project Finance International/Dealogic (in number of deals in project finance) Project finance – worldwide 2 Infrastructure Journal Aviation finance – worldwide 1 Airfinance Journal Research (US Ex-Im Bank and ECA) Export & Trade finance – worldwide 5 Dealogic Loan syndication – France 1 Thomson Financial/Dealogic Loan syndication – EMEA 3 Thomson Financial/Dealogic
Investment banking 2010 20 Equity Capital Markets – France 2 Thomson Financial Mergers & Acquisitions – France 8 Thomson Financial (completed deal)
Capital markets activities 2010 All corporate bonds in euros – worldwide 5 Thomson Financial All sovereign bonds in euros – worldwide 6 Thomson Financial Dealers of private MTNs in euros – worldwide 2 MTN-I 2010 ABCP multiseller conduit – EMEA 2 Moody’s
Brokerage 2010 Crédit Agricole Cheuvreux European equity recommendations 1 Starmine Small & Mid Caps research – Europe 1 Thomson Extel Continental European research 2 Institutional Investor Pan-European ISR research 1 Thomson Extel CLSA Sales and research combined – Asia 1 Asiamoney (excluded Australia and Japan) Equity research in Asia 1 Greenwich Associates Newedge Brokerage derivatives – United States 1 Commodity Futures Trading Commission
2010 activity report chapter 02
INTERNATIONAL PRIVATE BANKING, COMPLEMENTARY BRANDS SERVING CLIENTS
Abroad, Crédit Agricole CIB conducts the Crédit Agricole Private Banking is one of the global business of private banking under the global leaders in wealth management in terms of assets brand name Crédit Agricole Private Banking. It under management and its high-end offer. Thanks provides a vast range of products and services to its extensive expertise across all financial markets that can be adapted to clients’ expectations as and a multicultural staff, Crédit Agricole Private well as a multi-market offer. The organisation of Banking provides its clients with an international In 2010, wealth under management the Group’s private banking activity as a network organisation with operations in 19 countries, rose by 10% thanks to efforts to makes it possible to share all the strategic exclusive relationships with personal advisors, gather new assets and market approaches of marketing, product ranges, asset financial engineering capabilities and a large range of effects. For the first time, it amoun- allocation principles and compliance. dedicated products and services and secure Internet ted to more than EUR 10 billion and banking solutions. enabled the local leader to pursue A business model of proven solidity an ambitious investment policy in In 2010, Crédit Agricole Suisse continued the deve- order to meet clients’ expectations. International private banking provides individual lopment of its product offer for its private clientele The Investment Advisory investors with a global approach to wealth manage- with the creation of a real estate fund whose objec- Agreement and the CFM Opal ment at all stages of life. This complex service must tive is to capitalise mortgage loan assets. Dynamic fund launched by CFM Monaco in take into account the diversity of the family and pro- positioning on emerging products was particularly March and managed jointly with fessional components of an individual’s wealth. This positive in discretionary portfolio management and Edhec are also among the notable 21 requires the coordination and rigorous implementa- enabled an increase in overweighting. For more successes of 2010. tion of multiple skills that are specially adapted to the conservative profiles, an Absolute Return contract, The signature of a tripartite needs and demands of this international clientele. whose objective is the conservation of capital, was agreement between the created this year. principality’s government, CFM Thanks to its extensive network, Crédit Agricole Monaco and the Fondation th Private Banking is ranked 14 private bank globally In terms of active advice, the new direct access Grameen Crédit Agricole, in favour (Le Monde, May 2010) and manages client assets of service provides clients the possibility of directly of microfinance institutions and EUR 115 billion. accessing markets for listed and OTC equities, bonds social businesses working in the The solidity of its business model was confirmed in and derivative products with the execution speed of rural environment, received broad 2010. The private bank continued to gather client continuous ordering. Private Equity carried out its first media coverage. wealth in the regions where the Crédit Agricole Group private debt transaction. benefits from strong historical legitimacy, in particu- In November, the Monacan entity lar in Asia, in the Middle East & Africa and in Latin also signed heads of agreement with the principality’s government America. favouring the hiring of recent Monacan graduates. CFM Monaco constantly invests in order to improve and modernise its premises. Because of the style of the new façade and its visibility, aesthetics, quality of reception and conviviality, the design has already received two awards and is serving as the model for the renovation of the seven branches in Monaco.
Crédit Agricole Corporate & Investment Bank Profile in 2010
ECONOMIC ENVIRONMENT IN 2010
During the first half of 2010, economic news was dominated by the sovereign debt crisis in Europe which began in Greece before spreading to all of the heavily indebted countries in the euro zone (Ireland, Portugal and to a lesser extent Spain).
This stress resulted in a surge in the risk premiums on the bonds of countries deemed to be risky and in safe-haven purchases of the most highly rated sovereign bonds (the yield on the German Bund fell to below 2.6% at mid-year). Worries also gradually spread to the European banks exposed to this sovereign risk. The euro was hit hard and lost more than 15% of its value against the dollar in six months to reach a low of USD 1.1923 in early June. 22 In response, European leaders created a stabilisation fund totalling EUR 750 billion: EUR 440 billion in a fund guaranteed by isabelle job, member states (the European Financial head of macro economic research within Crédit Agricole S.A. Stability Facility or EFSF), EUR 60 billion from the European Union and a financial contribution from the IMF of around EUR 250 billion. Greece was granted This response made it possible to return the US dollar (which reached USD 1.42 special status with a dedicated programme to relative but nonetheless precarious calm against the euro in early November) and of emergency aid of EUR 110 billion which on the markets since the stabilisation plan drove down long-term interest rates (to a approximately covers its funding needs prevents any possibility of a short-term low of 2.38% in early October). Following until the end of 2012. The ECB reactivated liquidity crisis, even though worries about the Federal Open Market Committee a certain number of non-standard liquidity the longer-term solvency of certain euro (FOMC) meeting on 2 and 3 November, support measures and also announced zone member states remain. and as expected, the Fed announced its a programme to repurchase government intention to acquire an additional USD 600 and private securities on the secondary During the summer, a series of unfavourable billion in long-dated treasuries by June markets in order to ensure a better US figures revived doubts about the 2011 while retaining the possibility of transmission of monetary policy. This sustainability of the US recovery, due to adjusting either upwards or downwards highly conditional aid programme (a joint the threat of dipping back into recession. the size of this programme in order to best IMF, EU and ECB programme for fiscal Very quickly, the markets began to wonder meet its full-employment and price-stability house-cleaning and structural reforms for about the advisability of the Fed’s increasing objectives. The markets reacted favourably the recipient countries) is a way to buy the size of its securities purchases (its to this news and, in response to better- time in order to enable governments to quantitative easing programme or QE) than-expected economic indicators, raised make fiscal efforts sufficient for putting to stimulate activity in a context of high their US growth forecasts and particularly public debts back on a sustainable track unemployment and excessively low in early December when President without being punished by the markets. inflation. This outlook put pressure on Obama announced a new fiscal stimulus
2010 activity report chapter 02
2011 outlook (as of January 31st, 2011) The United States has opted for growth to lessen the weight of both private and public debt by once again activating fiscal and monetary levers (no Fed rate hikes are planned before mid-2012) to stimulate activity.
Thanks to these two crutches, 3% growth in In early 2011, a surprise came from the ECB The attempted rise in the European currency 2011 seems to be within reach, especially which adopted a firmly more aggressive tone with against a backdrop of expected increases in as signs of self-sustaining growth are regard to inflationary risk. It is clear that the ECB, the ECB’s interest rates is thus expected to be increasingly apparent. The rise in long-term whose exclusive mandate is medium-term price rapidly thwarted. Currency markets are expected US yields, which stabilised in mid-December stability, had no choice other than to sharpen its to give more weight to growth differentials; at around 3.4% for 10-year issues, is a discourse at a time when inflation was above its this is to the advantage of the dollar, and could reflection of this winning bet. Europe, which target level (2.4% in January). However, initial also re-evaluate upwards the risks attached to has chosen austerity in order to place public monetary tightening remains unlikely at this stage, the European currency (with a target EUR/USD debts on sustainable tracks, is suffering particularly since the pressure on prices comes exchange rate of 1.25 at the end of 2011). slower growth (1.5% in 2011) with significant from the outside with increases in energy and divergences depending on the degree of food prices over which the ECB has no control. On the other hand, long-term risk-free rates acuteness of the indebtedness problems Nonetheless the change in tone caused market will continue to climb to be more in line with in each member state. The bet is one of an adjustments with a clear rise in yields on short the budding recovery (3.75% for the German orderly adjustment of public finances coupled maturities and an appreciation of the euro (which Bund and 4% for the 10-year US treasury at with in-depth reforms in order to return to rose to USD 1.37 in January). The growth deficit in the end of 2011). If Europe comes up with a growth on a healthier basis. However this the euro zone, the high unemployment rate, latent sufficiently convincing and credible response to bet is risky due to watchful markets ready overcapacity and a persistently uncertain and the sovereign debt crisis, in particular after the to penalise the slightest failing. The high risk fragile situation with regard to peripheral sovereign meeting of the European Council on 24 and 25 premiums on peripheral sovereign debt bear debt are nonetheless expected to dissuade the March, the spreads on peripheral country debts 23 witness to this feverishness. ECB from raising its rates in 2011. can be expected to fall significantly.
programme for 2011. With fears of dipping In its wake, Europe established the basis business indicators were also positive and back into recession having evaporated, US for a permanent mechanism to resolve growth accelerated at the end of 2010 long-term rates were adjusted as expected the crisis that is expected to replace the to reach 3.2% on an annual basis (initial and gained more than 100 basis points in current emergency plan in July 2013. This estimate). This good news supported the one month fluctuating at around 3.4% until mechanism provides for the involvement rise in risk-free rates against a backdrop of the end of the year. of private-sector debtors on a “case-by- portfolio reallocations to riskier and thus, case” basis after an in-depth examination more highly remunerated assets. The euro The dollar also strengthened, all the more so to judge the sustainability of the debt track profited from both this renewed appetite as, during the interval, the markets began of countries having problems. With certain for risk and the calm seen with respect to to speculate on Ireland’s possible use of aspects of how this would work unclear, European sovereign debt, and ended the the EFSF. In accordance with a scheme the markets reacted prudently. year at USD 1.34. identical to that of Greece, the withdrawal of investors and the liquidity crisis finally These convulsive financial movements forced Ireland to call on European aid at did not throw the recovery off track. In the end of November. This bailout plan Europe, survey results at the end of the amounted to EUR 85 billion with the Irish year continued to attest to the pursuit of government committing on its side to the recovery at a slower but more solid making cuts of EUR 15 billion over four pace since it was being supported by years to bring its fiscal deficit under 3%. domestic demand. In the United States,
Crédit Agricole Corporate & Investment Bank Commitment 2014
2011-2014 a new phase
The Crédit Agricole Group’s 2011-2014 strategic plan is aimed at raising the Group’s earnings to nearly EUR 10 billion in four years. In this context, Crédit Agricole CIB’s continued refocusing is part of this focused growth, which consists in boosting the Bank’s strengths in serving its clients and key sectors and rigorously managing its resources in order to deploy them in the service of its development within a framework of the active steering of risk-weighted assets.
Crédit Agricole CIB’s medium-term strategic Historically, Crédit Agricole CIB has been base. The equities business lines will build plan already incorporates the major recognised for its financing activities, firmly on the Bank’s sector strengths. All of this regulatory changes embodied in the Basel anchored in France and neighbouring will take place while maintaining a limited III standards: increased consumption of risk- European countries and endowed with risk profile and making our geographic weighted assets for certain activities, the confirmed sector expertise at global level. coverage consistent with this strategy. strengthening of capital requirements and Structured finance will serve as a point of new liquidity rules. departure notably in a certain number of We will align our geographic resources sectors (natural resources, infrastructure, with our top-priority clients, our key The Bank now has the assets that will real estate and transport) and will enable sectors and access to liquidity. In France enable it to support these constraints: the the full exercise of our function as an and in neighbouring European countries active management of risk-weighted assets originator. For their part, the capital we will not be very selective: CAC 40 put into place in May 2010, the ability to markets activities are expected to track companies and those next in line are share risk, a funding policy optimising risk- the priorities established by the financing nearly all of interest to us regardless 24 weighted assets, the ability to provide clients activities. Fixed Income Markets activities of their sector of activity. As we move with direct market access and geographic will be at the service of our target clients further away from France we are seeking reach giving access to major investor pools. and will open access to a global investor to develop our business in the above-
Selective development
Corporate structured financial Banking Finance Institutions We are aiming at establishing compre- The goal is to capitalise on our existing Financial institutions are a top-priority hensive relationships with our clients sector leadership. The challenge will be to target. We want to increase our ties with a and in particular with the target of 700 allocate to structured finance the amounts target of 450 institutions (banks, insurance clients which we have identified in France, of weighted risks that enable it to track companies, etc.), with a commercial net elsewhere in Europe, and in the Americas its market’s growth. The objective for the banking income objective of more and Asia. Going beyond our role as a structured finance activities in 2014 is to than 35% of overall net banking lender, we want to sell them other services. remain in the top five worldwide in income. This process has already begun: from 4.7 our target sectors (with growth in cross- products per client in 2008, we reached selling of 30% to 50%). 5.2 in 2010 and have an objective of 6 in 2014. We will provide even greater resources to these clients in terms of weighted risks.
2010 activity report chapter 02
mentioned key sectors. As a result, in a given general objective involves the Bank itself and country, we either find sector depth and the not our brokers. Crédit Agricole CIB’s cost- country is of interest to us or we find funding income ratio is already at a satisfactory level. in which case it is also of interest to us, or Therefore, we did not want to enter into a we find neither and we must make choices. simple process of cost reductions but wanted We will probably be led to reduce the number to reallocate the savings achieved to the of countries in which Crédit Agricole CIB is sales side. This plan for operating efficiency present from around 50 to around 40 in the is built on the overhaul of front- and back- coming years. office processes, a plan to streamline our IT infrastructure and purchasing optimisation. In Europe, we will attempt to strengthen Savings will also come from streamlining our our presence by consolidating the multi- international operations. The money saved product coverage of our top-priority clients. will be available for investment in stepping In the Americas, we will strengthen structured up automation, streamlining our business finance and pursue the development of a applications and selectively strengthening our dollar-denominated bond platform. In Asia, we front-office staff. will develop our corporate origination capability and our structured finance transactions and Our strategy is clear and the Crédit Agricole will intensify the raising of liquidity. Lastly, we Group’s support is a given. The plan is the must more precisely define our target for the result of a collective effort and is also the result Middle East. of a selective development project. With our shareholders’ support and our clients’ trust In the coming years, we must rigorously we must now bolster our existing strengths. manage our resources in order to redeploy them to support our development. For 2014, 25 we have a savings plan that will enable us to Jean-Yves Hocher reduce our expenses by EUR 170 million. This Chief Executive Officer of Crédit Agricole CIB
Fixed equities 2014 Income markets business lines objectives In all the business lines of Fixed Income This involves building Investment Banking • Net banking income of around Markets, the objective will be to strengthen activities based on our geographic EUR 7 billion; our offer to target clients and our access priorities in France and neighbouring • A cost-income ratio lower by to investors. By 2014, net banking European countries. We are particularly 6 percentage points compared with income is expected to increase by attached to this business and have 2010; 30% to 40% compared with 2010. To decided to develop sector specialities one do so will require strengthening our dollar- step at a time. Two sectors have been • Group share of net income of around denominated offer, increasing our offer selected internally: natural resources EUR 1.8 billion; of new currencies selectively, continuing and telecommunications and a third at • Return on equity of 13% to 15%. to develop our interest rate and currency the Group’s request, the food industry. processing platforms and capitalising The equities business lines’ net banking on structured finance to develop in income objectives will also increase by commodities. 20% to 30% compared with 2010.
Crédit Agricole Corporate & Investment Bank Sustainable development and Human resources
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2010 activity report chapter 03
03 27 strong acquired values in sustainable development and human capital
Crédit Agricole Corporate & Investment Bank Sustainable development
Environmental policy
In 2010, Crédit Agricole CIB continued its efforts to minimise the direct ecolo- gical footprint of its activities. As in 2009, this translated into a reduction of its contribution to greenhouse gas emissions and the development of recycling practices.
Energy in London supports the “Cycle to work” programme In Paris, energy consumption remained that reflects the United Kingdom government’s unchanged in 2010 compared with 2009 for the plan to encourage the public to cycle to work. buildings managed by Crédit Agricole CIB. Light-regulating presence detectors were Paper installed in the lavatories. A quarter of the head Virtually all of the printer paper used by Crédit office electricity (17% for the entire Paris area) Agricole CIB in Paris, London and New York comes from renewable sources. bears either the Forest Stewardship Council or 28 the Sustainable Forest Initiative label, attesting to While considerably more difficult, efforts to the fact that it comes from sustainably managed minimise energy consumption were also forests. A similar procedure has been under undertaken at sites where Crédit Agricole CIB development in Hong Kong since 2009. only rents space. Thus in London, the energy Paper consumption at the Paris head office was reduction in the premises occupied by Crédit reduced by 3% in 2010 and by 29% over three Agricole CIB came to 5% over the past two years. The use of recycled paper is gradually years despite an increase in the number of becoming standard practice in Paris, New York employees. and Tokyo.
Transport Waste A corporate travel plan was prepared in 2009 Electronic equipment, used batteries, light bulbs for the Paris area. The objective was to reduce and empty ink cartridges are collected and emissions linked to transport by 15% over three sorted in order to be recycled in both Paris and years compared to the average from 2005 to London. As an example, most of the computers 2007. The main measures defined to reach this at Crédit Agricole CIB in Paris are disassembled goal were introduced in 2010, and included the to be recycled or sold at low prices to various extension of the travel policy (for example work- associations by the Ateliers du Bocage (a related trips of fewer than three hours are now to subsidiary of the Emmaüs foundation). be made by train and the use of taxis has been Following the lead of Paris, a sorting procedure curtailed) and the promotion of the car pool became standard practice at the London exchange (with 617 members). Crédit Agricole CIB building in 2010.
2010 activity report chapter 03
DIRECT IMPACT OF THE NAME CHANGE
What specifically did this collaboration entail? Crédit Agricole CIB had a banner approximately 15 Minimising the direct impact of the meters wide and 25 meters high (the height of an name change continued in 2010. eight-storey building - gigantic!) on Avenue Charles The French company Bilum trans- de Gaulle in Neuilly. This huge banner trumpeted the formed an enormous advertising colours of the Bank’s new campaign. Once it was banner into handbags and acces- taken down, we recovered the material to transform sories. it into handbags and accessories such as brief cases. It was a first for me: cutting up Sean Connery into In addition, unavoidable emissions pieces... This banner was so huge that the result on were offset by the purchase of car- Hélène de la Moureyre, the accessories was highly pixelated. The eyebrows bon credits relating to the construc- founder of Bilum range from a skin colour to brown. The whole creates tion of a “stream flow” hydroelectric an artistic and painterly dimension. power plant in Malana, India. This A second life programme was carried out with the What are Bilum’s corporate values? assistance of EcoAct, whose main for an advertising banner tasks involve helping companies Concrete ecology and “an end to waste!”. In fact, and local government bodies to What is the idea behind Bilum? Bilum’s values are a return to common sense. assess, reduce and offset their What is involved is recovering materials scheduled climate footprint. for disposal and giving them a second life.
You use “social integration enterprises” to make your products. What does this involve? It made no sense for me to send this material, which to begin with was waste, to the other side of the 29 world in order to enjoy lower manufacturing costs. I therefore sought the means to work close to where I was located and decided to work with a “social inte- gration enterprise” to clean the banners and handle We evaluated the the logistics of the handbags that are subsequently carbon footprint sent to stores. The design work is handled by workshops of all of the specialised in leather goods because the material is travel and production of extremely rigid and solid. These workshops are in- communications materials creasingly scarce in France but I found companies and campaigns relating to providing aid through work (ESATs) which employ Crédit Agricole CIB’s name disabled persons. change. We then proposed various programmes to Can you provide us with details of your collabora- offset the carbon footprint. tion with Crédit Agricole CIB? This was an innovative Crédit Agricole CIB welcomed this project with great approach since it was the enthusiasm and kind consideration. I worked directly first time that a company with the communications department as part of an of this size took into internal grant process. The Bank found it more cost- account the carbon aspect effective to make these grants in France based on of a change of identity at already-existing communications tools rather than international level. to manufacture bags in China using materials whose Simon Girard, origins were uncertain. From our first meeting, my Carbon Strategy consultant at EcoAct idea was warmly received.
Crédit Agricole Corporate & Investment Bank Sustainable development
Environmental and social responsibility
The challenges of environmental and social responsibility are major requirements for Crédit Agricole CIB, a founding member of the Equator Principles. This commitment to comply with certain requirements is part of the Crédit Agricole Group’s policy of responsibility.
Consideration of the challenges A unit dedicated to transactions of sustainable development linked to environmental and 30 The environmental and social sensitivity social challenges of transactions has been assessed since At the end of 2009, the Sustainable Banking 2009. An ethics committee for transactions unit was created in order to assist clients Sale of emissions presenting an environmental or social risk (the with transactions linked to environmental and reduction certificates CERES committee chaired by the Head of social challenges. In 2010, the unit worked The World Bank (International Bank Compliance) issues recommendations prior to with Crédit Agricole CIB business lines and for Reconstruction and Development) credit committee meetings for all transactions the Group’s various entities. Its activity was finalised the sale of 600,000 tonnes of certified emission reduction (CER) which it deems require the close monitoring sustained thanks to the 40% growth in certificates between 24 June and 1 July of their environmental or social aspects. transactions linked to green technologies and 2010. renewable energy, the markets for emissions In its capacity as a director, the World The taking into account of sustainable rights and responsible investment. Bank is responsible for organising the development challenges was extended in sale of CERs on behalf of the Climate 2010 with the launch of reflections on the Several emblematic contracts were signed in Change Adaptation Fund. specific challenges relating to climate change areas as diverse as the financing of renewable Crédit Agricole CIB has been chosen as and the preparatory work for a broader energy infrastructure, the sale of carbon the counterparty to these sales, with the final acquirers of the CERs primarily implementation of the Equator Principles. credits for several sovereign and supranational European players wanting to comply with entities and the creation of environmental their emissions quotas. At the same time, efforts to raise all employees’ and social funds. The Sustainable Banking awareness of these issues continued with unit was also involved in initiatives aimed at training sessions on the fundamentals of enabling less developed countries to benefit sustainable development, the Equator from the potential offered by financial markets Principles and the Climate Principles. for commodities.
2010 activity report chapter 03
31
A new microcredit programme of three years. By the end of 2011, some 500 in China families will have benefited from the “Passing In 2010, Crédit Agricole CIB renewed its on the gifts” project and eventually some 621 commitment to Heifer International, a charitable families will benefit from Crédit Agricole CIB’s organisation that operates programmes to fight gift. poverty in more than 50 countries. Following its successful three-year (2007-2010) programmes For the second project, Crédit Agricole CIB will of assistance to the underprivileged farming extend its partnership to the province of Sichuan, population of the Yunnan region in China, Crédit which was hit by a devastating earthquake in Agricole CIB renewed its partnership in the May 2008. In all, the Bank will help 740 families In February 2011, Crédit Agricole CIB Sichuan Yilong region. This second partnership, in the villages of Dengbao, Caijiaping and received the “Caring Company Logo” which runs until 2014, makes it possible to Mengziliang in Yilong County. In addition, 20 attributed by the Hong Kong Council support two projects. rural associations will be set up in these three of Social Services (HKCSS). This is the villages making it possible for the inhabitants to second year in a row that Crédit Agricole CIB has received this prize in recognition The first is aimed at assisting poor farmers help each other in the development of animal of its social responsibility efforts. to become self-reliant while conserving the husbandry. The residents can follow training environment. The Crédit Agricole CIB fund will programmes on respecting the environment help 235 families who have agreed to make and mountain vegetation, and will also learn gifts of their animals’ offspring (“Passing on about the zero-grazing feeding system and the gifts”) to 386 other families over a period biogas production.
Crédit Agricole Corporate & Investment Bank Sustainable development
Equator Principles The CERES committee, which replaced the Crédit Agricole CIB is one of the banks that Equator Principles Committee in 2009, is consul- launched the Equator Principles in June 2003 ted for all cases likely to be rated A, and validates and has worked actively for the success the classification of projects as A, B or C. of these principles which have become a project finance market standard in just few Efforts to extend the Equator years. Principles Crédit Agricole CIB has been an active partici- Crédit Agricole CIB ranks projects based on pant from the outset in several work groups put a tool to assess environmental and social into place within the framework of the Equator impact developed by the Bank in 2008. The Principles. In particular, the Bank has contributed tool’s relevance is constantly reassessed to the elaboration of codes of best practices as a function of acquired experience and intended to promote the use of these principles in 2010, the decision was taken to make for financing other than project finance. several improvements to it. As a result, in 2010 Crédit Agricole CIB eva- Implementation of the Equator Principles luated the possibility of applying the Equator The implementation of the Equator Principles Principles on a best-effort basis to the financing was developed at the initiative of the Structured of the construction of industrial assets that do 32 Finance business line at Crédit Agricole CIB. In not meet the definition of project finance within the first instance, risk assessment and manage- the meaning of the Basel Committee on banking ment are carried out by business managers who control. This approach is expected to allow the are assisted by a network of local correspon- gradual extension of environmental and social dents who provide the support needed for each risk assessment and management to all finan- geographic centre for the structuring of project cing for which significant environmental stakes finance packages and are in constant contact have been identified. with a coordination unit.
Crédit Agricole S.A.’s Industrial and Sector Research unit provides assistance and sheds additional light by applying its skills to environ- mental and technical issues. It thus enables the refinement of risk analysis and identification as a function of the sector of activity. The Coordination unit, comprising operating staff from the Structured Finance business line, coordinates the practical aspects of implementing the Equator Principles. It oversees the network of local correspondents and puts into place specific training programmes for staff.
2010 activity report chapter 03
EQUATOR PRINCIPLES: CONCLUSIVE RESULTS SINCE 2003
What obligations do the Equator Principles Equator Principles impose on borrowers? They must comply with the action plans (conser- statistics vation of biodiversity, management of waste and Altogether 366 projects had been classified at dangerous substances, etc.) in order to reduce as 31 December 2010, of which 70 during 2010: much as possible the potential negative impact - 25 projects were classified A, including and offset any unavoidable impact. 5 in 2010; Répartition des projets Répartition des projets Répartition des projets en portefeuille en portefeuille notés en 2010 - 288 were classifiedpar zone géographique B, including 53 in 2010; par secteur What is the interestpar of secteur the Equator Principles - 53 were classified C, including 12 in 2010. for banks?
Breakdown of portfolio projects There is a dual interest. First of all, there is the by region indisputable interest of managing image risk by avoiding being associated with projects whose Australia North Power impact would not be managedPower in an appropriate % America plants plants 9 Oil and gas Oil and gas % % % manner. Secondly, and just as important% to my way Asia 18 18 32 % 17 % of thinking and which23 is directly linked to Crédit 12 Mines 2% % Latin % Agricole CIB’s method of deploying the Equator 7 America Industry 3 % Principles,Mines is3 %the teaching of environmental17 risk % % France % Renewable 20 6 managementIndustry 3 to the Bank’s sales force.energy* This results Middle % East/ 32 % Infrastructure % in an ability to anticipate and therefore manage as Africa 26 13 % Western Eric cochard, Renewable effectively as possible 37the environmental complexity Répartition des projets Répartition% des projets Répartition desenergy* projets Infrastructure en portefeuille 2en portefeuilleEurope Head of Sustainable Developmentnotés en 2010 inherent in many major infrastructure projects par zone géographique Easternpar secteur par secteur Europe around the world. 33 What are the origins of the Equator Principles? In 2003, some ten international commercial banks, Breakdown of portfolio projects What have been the results of the Equator by sector including Crédit Agricole (the only French bank), Principles? agreed on a charter for taking into account the Australia North Power Power The Equator Principles have been truly successful % America plants environmental and social impact ofplants the infrastructure 9 Oil and gas Oil and gas and, in just a few years, have become a project % % % projects that they financed. This charter% is known Asia 18 18 32 23% 17 finance market standard. This is probably because % % as the Equator Principles. 12 Mines 2 they constitute a very concrete sustainable % Latin % 7 America Industry 3 % development effort. The objective is not to reduce What are theMines Equator3% Principles? 17 % % France % Renewable 20 6 Industry 3 energy* the number of projects financed but to take into Middle % The Equator Principles imply a due diligence East/ 32 account environmental and social considerations in % Infrastructure % process for banks and the obligation for their Africa 26 13 % an optimal manner. As a result, since 2003 we have Répartition des projets Répartition des projetsWestern Répartition des projetsRenewable borrowers to analyse and37 manage the impact of en portefeuille en portefeuille% Europe notés en 2010 energy* Infrastructure seen an increase in the intrinsic quality of projects par zone géographique par2 secteur par secteur their projects in accordance with the World Bank’s Eastern with regard to these aspects whether involving Europe environmental and social standards and in particular impact studies, action plans or consultation with with its performance criteria. Breakdown by sector of projects local populations, a key element of the World Bank ranked in 2010 standards. What precisely are these criteria? Australia North Power Power % America plants plants These criteria concern subjects such as forced 9 Oil and gas Oil and gas % % % % population displacement and respect for biodiver- Asia 18 18 32 23% 17 12% Mines 2% sity and human rights. All the environmental and % Latin % social issues encountered in major infrastructure 7 America Industry 3 % Mines 3% 17 projects are thus dealt with. % % France % Renewable 20 6 Industry 3 energy* Middle % East/ 32 % Infrastructure % Africa 26 13 % Western Renewable 37 2% Europe energy* Infrastructure Eastern Europe *Renewable energy = wind, solar, biomass and hydraulic power
Crédit Agricole Corporate & Investment Bank Sustainable development
Climate challenges and human rights
The fight against global warming and efforts in favour of human rights are major elements of the Crédit Agricole Group’s corporate social responsibility (CSR). In 2010, the launch of reflections on the challenges linked to climate change illustrated Crédit Agricole CIB’s commitments.
Efforts to fight against global 1997 and the financing of a solar energy pro- warming ject in Spain in 2008. The financing of renewable The Climate Principles launched on 2 energy is an integral part of the strategy of the December 2008 by the Crédit Agricole Group Structured Finance business line, and Crédit and four other leading financial institutions Agricole CIB continues to take a voluntary ap- 34 recognise the role that can be played by the proach to supporting its clients’ development in financial sector in mobilising efforts to fight this market segment throughout the world. against climate change. This financing of renewable energy accounts for Crédit Agricole CIB has committed to a 24% of the amount committed to electrical ge- progress-based approach aimed at better neration projects (and 32% in terms of the num- understanding the climate stakes linked to ber of transactions, given their smaller average its loan portfolio. unit amount).
Work began in 2010 on the principle for quan- Crédit Agricole Cheuvreux, pioneer tifying induced emissions with the assistance in terms of SRI of the Quantitative Finance and Sustainable Since the 2008 signing of the Principles for Development Chair. At this point, many of the Responsible Investment (PRI) under the aegis of methodological difficulties encountered have the United Nations, Crédit Agricole Cheuvreux not been resolved and the objective appears has incorporated Environmental, Social and to be particularly ambitious in the framework Governance (ESG) factors into its financial of a corporate and investment bank. None- research. Its stock reports systematically include theless, this work will continue in 2011. ESG analysis data sheets. Thanks to its specific expertise in climate issues Financing renewable energy and its research on the carbon market, Crédit Crédit Agricole CIB is one of the leading players Agricole Cheuvreux was selected in 2010, as it in financing renewable energy. The bank has had been in 2009, for the analysis and editing been involved in this sector for more than ten of the Carbon Disclosure Project on the 300 years with the financing of its first wind farms in leading stocks in Europe.
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Quantitative Finance and Sustainable Policy on the financing of military and Development Chair defence equipment The specific nature of this project, which has In 2010, Crédit Agricole CIB defined a sector The purpose of the been supported by Crédit Agricole CIB since the policy concerning the arms industry. This policy in Chair is to favour outset, is to bring together quantitative finance particular provides for the gradual winding-down specialists, mathematicians and sustainable of loan facilities extended to companies the development of development specialists. The work is carried out manufacturing or marketing anti-personnel methodologies for by a team of some 20 experienced researchers mines or cluster bombs. With regard to the taking into account in France and North America and is supervised transactional financing of military and defence the new challenges by a high quality Scientific Committee that equipment many conditions are also imposed linked to sustainable includes two professors from the Collège de on the nature of transactions, the identity of the France, Pierre-Louis Lions and Roger Guesnerie. parties involved and their validation by official development by bodies. financial players. Efforts in favour of human rights Crédit Agricole CIB’s actions comply with the Jean-Michel Lasry, Crédit Agricole Group’s corporate values and in Head of the Chair at Crédit Agricole CIB particular the Human Rights Charter adopted by the Group in December 2009.
Crédit Agricole Corporate & Investment Bank Human resources
Development and support policy
The goal of the Group’s Human Resources policy is to ensure that each function in the organisation is occupied by a highly motivated employee whose skills and performance correspond to the demands and challenges of his position.
Training policy Regulatory training as well as the fundamentals In line with 2009, the 2010 training plan was ai- of performance assessment is provided med at supporting Crédit Agricole CIB’s deve- via e-learning in order to provide access to Potentielles lopment plan while making certain that the Bank the greatest possible number of employees Le réseau de femmes de Crédit Agricole CIB had the collective and individual skills indispen- worldwide. Launched in October 2010, PotentiELLES sable to achieving the goals set by its business is the network of women executives 36 lines. Career management at Crédit Agricole CIB. Founded on the and job mobility policy initiative of a group of women within the The main directions taken by training in 2010 Crédit Agricole CIB is committed to supporting Bank, the network has since obtained the were: and developing its talented individuals. The support of Executive Management and the Human Resources department. - continued implementation of measures to Group follows a career management policy develop a managerial culture ; aimed at allowing each employee, regardless The two main objectives of PotentiELLES are, first, to provide women executives - strengthening the technical skills of the bu- of his level in the organisation, to broaden his with opportunities to exchange views, siness lines by creating training programmes, professional experiences in a structured manner. reflect on their careers and provide an in particular with a priority on “risks” ; opening to other similar networks; second, - preventing psycho-social risks with the in- In this respect, the Group has set an objective to stimulate reflection within the Bank on troduction of efforts to raise awareness and to favour internal job mobility as opposed to the staff gender mix as a performance lever and the rules for professional listen to managers and employees experiencing external recruitment whenever possible. Open advancement. stress ; positions are posted on an internal job exchange. PotentiELLES is also one of the founding - supporting senior employees, in particular with networks of Financi’Elles, an association of a proposal to review the second part of careers ; In addition to the usual meetings between women’s networks in the finance, banking - deploying regulatory training via e-learning. employees, managers and Human Resources and insurance sectors. managers, Crédit Agricole CIB has introduced With 230 members in 2010, PotentiELLES Crédit Agricole CIB thus provided a training offer a harmonised career management approach contributed to the promotion of leadership comprising nearly 300 programmes relating that is shared at the global level to take into development workshops for women and the networking of the Bank’s women via to technical and managerial skills in order to account the international nature of its activities lunches and conferences. It also proposed cover the collective and individual needs of its and corporate culture. the implementation of gender mix moni- employees. toring which has since been taken over by Executive Management.
2010 activity report chapiter 03
JOB MOBILITY, ONE OF THE KEY FACTORS IN CAREER MANAGEMENT
With operations in more than 50 But moves to another department are also frequent countries, Crédit Agricole CIB with employees using the cross-departmental provides a propitious environment skills they have developed, rounded out with for its employees’ job mobility and any required training. To give you an idea, 302 development. employees benefited from this type of mobility in 2010. Next of course comes geographic 66% of the employees are based outside France and more than 100 mobility which is the most visible kind and which, nationalities are represented within the because of our global presence, is one of our Bank. main strengths. During the year, 136 employees moved among 25 countries. In fact, we insist that The wealth and diversity of the our programme of international mobility involves capital markets, investment banking all our employees around the world. For this and financing business lines make it reason, we use an IT application that informs possible to offer employees numerous employees of available positions before they are opportunities to change functions or advertised outside the Bank. In this way, internal geographic locations as well as the and external candidates for all available positions possibility to develop their skills during can be examined objectively by our business line the course of their careers. managers. This system allows us to fill around Job mobility is one of the featured one quarter of vacant positions through internal IVANA BONNET, transfers. aspects of the career management Head of Human Resources policy at Crédit Agricole CIB. It occupies a privileged place in the action plans How do you place mobility in career manage- In practice, what takes place in a job change? put into place by the Bank’s Human ment within a Corporate and Investment Bank? It is important to keep in mind that the main actors 37 Resources department over the past Given the specific nature of our businesses and in job mobility are the employees themselves. It two years. the high level of expertise required, job mobility is up to them to mention their desire for career is one of the essential aspects of career mana- development to their line manager and Human gement. During the course of their careers, our Resources manager. As a general rule, the employees may be led to change within their subject of a possible job change is dealt with own departments, within the Bank’s other bu- during the annual evaluation interview. The 2010 job mobility siness lines and with respect to the geographic Human Resources manager is thus at the heart figures regions where we operate. This enhances their of the system for coordinating available positions skills and adaptability so that they are capable with employees’ desires for change. As the Head of taking on greater responsibilities. of the Human Resources department, I firmly 371 believe that we prepare the future of Crédit intra-business line changes You speak of job mobility but what exactly do Agricole CIB when we work with our employees you offer to employees? to prepare their futures through our dynamic The most obvious and frequent change is a career management policy. 136 job change within the same department. As an international changes example, we can take the case of a structurer joining the capital markets sales force or that of a back-office manager becoming a middle- 302 office manager. changes from one business line to another 50 changes within the Crédit Agricole S.A. Group
Crédit Agricole Corporate & Investment Bank Human resources
Recruitment policy
Recruiting talented individuals represents one of the major challenges faced by Crédit Agricole CIB in supporting its development plan and changes to its business lines.
Developing appeal Specific training and a practical guide help and pre-recruitment Apprenticeship Masters support the programme’s In 2010, Crédit Agricole CIB continues to be com- participants. Crédit Agricole CIB had: mitted to integrating young people into its workforce. Recruitment From the front-office to performance support 571 Relations with schools and universities functions, Crédit Agricole CIB offers all interns in France 38 Crédit Agricole CIB maintains close relationships the positions available at a corporate and with schools and universities. Numerous ma- investment bank, both in France and abroad.
nagers and employees accompany the Human 192 work-study programme Resources teams at School Forums, in France Support for managers participants in France and abroad, in order to share their experiences A “Manager-Recruiter” guide has been designed with students. to help managers find the behavioural and ma- nagerial skills necessary for Crédit Agricole CIB’s 93 Educational partnerships (case studies, courses, performance and to harmonise the recruitment international interns trading games) and the participation in admis- process. It was made available in France and at foreign subsidiaries sions panels are current practices. Conferences abroad in March 2010 and was then completed with recruitment training in France and London. and visits to the company are also organised 36% for students. In 2010, the schools relations unit of the interns and work-study continued its efforts with the finance associa- Information systems recruitment plan programme participants tions of engineering and business schools in Information system developments resulted in the completing their studies France (for example, Club Finance Paris) and introduction of a vast recruitment plan for stra- were recruited on the basis in Asia through its partnership with the ShARE tegic information system functions. Launched in of permanent or fixed-term organisation. early March 2010, this programme enabled the employment contracts, hiring of 130 employees, mainly in Paris but also international internships or temporary employment contracts Work-study programme in Singapore, New York and London. Crédit Agricole CIB maintains a sustained work- study programme which won two prizes at the AMEF Victoires in June 2010: the “Grand Prix du Jury” and the Master 2 prize.
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Social and societal responsibility Disabilities In line with its historical values, the Crédit Efforts were made in 2010 to favour the inte- Agricole S.A. Group has for many years paid gration of disabled persons in France: awareness- particularly close attention to its social and raising and individual support measures societal responsibility. Continuing the work (workstation adaptations, access to premises, Integration begun in 2009, Crédit Agricole CIB worked help with travel, the use of sign language, etc). and loyalty-building in particular in 2010 on issues related to In addition, in 2010, Crédit Agricole CIB signed psycho-social risks. a contract with a company in the adapted sector Within three months of their arrival, new for the recycling of its IT waste. employees are invited to a breakfast Psycho-social risk prevention meeting organised by Human Resources representatives. and management In July 2010, Crédit Agricole CIB’s annual This meeting provides an opportunity to In 2010, Crédit Agricole CIB conducted a survey of work-study programme event brought together present the company and the integration 4,300 employees in France with a response rate of Apprenticeship Masters, programme participants, process as well as to answer questions. 46%. The analysis of a diagnostic on this subject Human Resources staff and the heads of made it possible to identify two lines of thinking: the apprenticeship training center (CFA) in order one oriented towards collective efforts for all em- to review the current situation and present the ployees in France and the second aimed at speci- prospects for work-study programmes at the fic efforts for certain targeted business lines. These company. efforts are led by Crédit Agricole CIB through a joint management-employee committee.
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