Registration document and annual report 2010 3 Summary Message from the Chairman and Chief Executive Officer 2 4 » Consolidated financial statements 245 General framework 246 Consolidated financial statements 253 Notes to the consolidated financial statements 259 Statutory Auditors’ report on the consolidated financial statements 367 1 » Presentation of Crédit Agricole S.A. 5 2010 key figures and stock market data 6 Significant events in 2010 12 Company history 14 Organisation of Crédit Agricole Group and Crédit Agricole S.A. 16 5 » Separate financial statements 369 The business lines of Crédit Agricole S.A. 17 Separate financial statements at 31 December 2010 370 Economic, social and environmental information 31 Notes to the separate financial statements 373 Statutory Auditors’ Report 418 2 » Corporate Governance 73 Report of the Chairman » General information 421 of the Board of Directors 74 6 Statutory Auditors’ report 99 Memorandum and Articles of Association 422 Compensation paid to Executive Information on the Company 439 and non-Executive Corporate Officers 100 Information concerning the share capital 447 Offices held by Corporate Officers 111 Statutory Auditors’ special report Governing bodies 138 on related party agreements and commitments 450 Fees paid to Statutory Auditors 453 General Meeting of Shareholders of 18 May 2011 454 Persons responsible for the registration document 471 Cross-reference table 473 3 » 2010 Management report 141 Operating and financial review 142 Information on the financial statements of Crédit Agricole S.A. (parent company) 167 Risk factors 176 Basel II Pillar 3 disclosures 216 Registration Document 2010 Annual report 3 Profile Crédit Agricole Group is the leading full-service retail bank in France and one of the major banking groups in Europe. Crédit Agricole Group is present in 70 countries across the globe and is a key partner in supporting the projects of customers in all retail banking business lines and associated specialised businesses: day-to-day banking, savings products, mortgage and consumer loans, insurance, private banking, asset management, lease finance and factoring, corporate and investment banking. The Crédit Agricole Group, with its cooperative and mutual foundation, bases its development around stable growth, with the support of the underlying economy, and with regard to the interests of its 54 million customers, 1.2 million shareholders, 6.1 million mutual shareholders, and 160,000 employees. Crédit Agricole appears in the three sustainable development benchmark indices: Aspi Eurozone, since 2004, FTSE4Good since 2005 and DJSI since 2008 (Europe and World). It is ranked as eighth best in the World and first in France according to the 2011 Global 100 sustainable development rankings. A bank serving 54 million customers(1) 3 domestic markets: France, Italy, Greece 11,500 branches in 15 countries Present in 70 countries A player committed to servicing the economy Signature of the United Nations Global Compact, the Diversity Charter and the Climate Principles Adoption of the Equator Principles by Crédit Agricole Corporate and Investment Bank Signature of the Principles for Responsible Investment by Amundi, Crédit Agricole Cheuvreux, Crédit Agricole Private Equity and Crédit Agricole Assurances (1) Including the Regional Banks. This registration document was registered with the Autorité des marchés financiers (AMF) on 18 March 2011 under number D.11-0146, in accordance with the Article 212-13 of the AMF’s General Regulations. It may be used in support of a financial transaction if accompanied by a transaction circular approved by the AMF. This document was produced by the issuer and is binding upon its signatories. Crédit Agricole S.A. I 2010 Registration Document I 1 Message from the Chairman and the Chief Executive Officer Message from the Chairman and the Chief Executive Officer » CRÉDIT AGRICOLE, SERVING ITS CUSTOMERS AND FINANCING THE ECONOMY 2010 was a year full of uncertainty over the economic recovery, the solvency of certain European states and the current reform of prudential regulations for financial institutions. Against this background, Crédit Agricole made a number of strategic decisions to prepare its future. 2010 was ultimately a year of transition and substantial effort during that it is being implemented as planned and we confirm profits which we had to face many uncertainties. This period has enabled will return in 2012. In December, we made the decision to clarify us to reaffirm the relevance of the Crédit Agricole model based our relationship with Intesa Sanpaolo S.p.A and to bear the on a prevalence of retail banking business lines and associated accounting consequences, the result being a negative impact on specialised business lines. We want to stress this difference. Our earnings of €1.24 billion. Therefore, our performance suffered but model is unique and we are more than happy with our decision: this should not overshadow our financial and sales momentum. we want to focus on day-to-day services, in particular for our These management decisions and measures were taken to ensure customers and in general for the economy. In this respect, we healthy foundations for the future. Crédit Agricole S.A. posted are particularly effective: with €457 billion in outstanding loans at income of €1.3 billion, up 12.3% year-on-year, enabling the Board 31 December 2010 (Regional Banks and LCL), an increase of 5.5%, of Directors to propose a dividend of €0.45 per share to the General Crédit Agricole is by far the leading financial partner of the French Meeting of Shareholders of 18 May 2011. Once again this year, economy. shareholders will have the option of choosing between a scrip and 2010 was also an important year internally. We built up our team, a cash dividend. which is performing well. Behind it the whole Crédit Agricole Furthermore, as the regulatory reform for banking institutions takes S.A. Group is standing firm, as shown by the strong operating effect in 2013 and banks will be required to set aside additional performance this year. Our operating income was three times capital for the loans they grant, we reaffirm that our fundamentals higher than last year, notably due to the operational efficiency of are sound. Our results are founded on a controlled risk profile and all our business lines and the marked decline in the cost of risk. a reaffirmed financial strength. These fundamentals enable us to We also identified and dealt with a number of delicate issues. In move into this new period with peace of mind without the need June, we detailed our position in Greece and published the update for a capital increase, due to the Group’s internal flexibility. We are of the restructuring plan for our subsidiary Emporiki, following nevertheless still waiting for further details as to the exact measures the deteriorating economic situation. This plan has resulted in that will be implemented, while at the same time advocating for our the impairment of our investment in Emporiki but we can confirm positions. We obviously support the regulators in their desire to 2 I Crédit Agricole S.A. I 2010 Registration Document Message from the Chairman and the Chief Executive Officer oversee and ensure the safety of the riskiest financial activities. fundamentals: staying grounded, keeping promises, not being too But why penalise the banks the business of which is to finance adventurous, a sense of service, a preference for teamwork and the economy, and in particular the French bancassurance model, consistency in order to succeed. This plan is based on everything which has more than proven itself? that makes Crédit Agricole’s excellence: our Retail banking arm and the associated business lines, in France and abroad, and From a managerial perspective, we established Evergreen, in our Corporate and investment banking arm, which represents Montrouge. More than just a relocation, Evergreen is an opportunity an unquestionable strength and which is inseparable from Crédit to build a new way of working together. By bringing together over Agricole to serve our customers. It is the first strategic plan post 9,400 employees on a single 8-hectare campus between now and Basel 3 within the French banking world and reflects our beliefs: 2014, the goal of the Evergreen project is to consolidate team focusing on our strengths, working together with all Group entities, solidarity and cooperation. Team spirit and productivity will be calmly and confidently reaffirming our core goals. For Crédit enhanced by this new proximity. Agricole S.A., Commitment 2014 represents a strong and confident Together with La Féderation Nationale du Crédit Agricole and ambition within Europe: the Regional Banks, we built our ten-year strategic objective into within Europe, because we will consolidate our positions in our Group Project, jointly launched on 15 December last year. Europe; Our ambition is to become the leader in Europe in Universal Customer-focused Banking. For us, this represents a touchstone strong, because we are already number 1 in Europe – in terms for the coming decade. It underpins the strategic plans of all of retail banking revenue and number of branches – and we will Group entities: Regional Banks and the Crédit Agricole S.A. capitalise on our advantage; Group, together with all our subsidiaries. We have identified four and confident, because we will now move forward at our own strategic priorities: stimulate the economy and the regions; make pace. Crédit Agricole’s tradition is to not let others set the pace. customer relationship a differentiating factor; bring together men and women; and unite the Group, its mutual shareholders Committed, responsible and conquering: that is how Crédit and shareholders behind a common strategy. These strategic Agricole is moving into a new phase in its history. With our 160,000 priorities commit the whole Crédit Agricole Group and in employees, we are ready to work ever harder for our 54 million particular Crédit Agricole S.A.