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Registration Document Annual Report 2008 2008 registration document (D.09-0163) UUppddaattee AA..0011 22000088 ffiinnaanncciiaall rreevviieeww CCrrééddiitt AAggrriiccoollee GGrroouupp EDIT AGRICOLE – Update A.01 of the R C Update A.01 : Crédit Agricole Group 2008 Financial Review This update document supplements the information published in Crédit Agricole S.A.’s registration document, in accordance with section 7 “organisational structure”, sub-section 7.1 “description of the Group” of appendix 1 to European regulation 809/2004. It presents the Crédit Agricole Group’s 2008 financial review. Contents CRÉDIT AGRICOLE GROUP A EUROPEAN LEADER P. 3 CRÉDIT AGRICOLE GROUP 2008 MANAGEMENT REPORT P. 8 CRÉDIT AGRICOLE GROUP FINANCIAL STATEMENTS P. 118 STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS P. 242 PERSONS RESPONSABLE FOR THE REGISTRATION DOCUMENT AND ITS UPDATES P. 244 STATUTORY AUDITORS P. 245 AMF Only the French version of this update has been submitted to the Autorité des Marchés Financiers (AMF). It is therefore the only version that is binding in law. The original French version of this document was registered with the AMF on 12 May 2009 in accordance with article 212-13 of the AMF General Regulation. It supplements the registration document registered with the AMF on 27 March 2009 under number D.09-0163. It may be used in support of a financial transaction if accompanied by a transaction circular approved by the AMF. 2 Crédit Agricole Group, a European Leader No. 1 in retail banking in France, Crédit Agricole is the leading financial partner to the French economy and one of the largest retail banks in Europe1. Its ambition: to create a world-class European leader in banking and insurance, in accordance with the principles of the United Nations Global Compact. With 164,000 employees in 74 countries, Crédit Agricole is present across the entire spectrum of finance activities. Via its network of 11,850 branches with a firm foothold in their local region, as well as the expertise of its specialised subsidiaries, it combines efficient production an dpowerful distribution, serving 58 million customers in the world . * Except for Caisse Régionale de la Corse. 1 In terms of retail banking revenues 3 Local presence and expertise A business model combining the strength of networks with a firm foothold in their region and the efficiency of production-oriented business lines. CREDIT AGRICOLE GROUP’S SIX BUSINESS LINES 1- French Retail Banking – Regional Bank Net Banking income: €11.7 billion Banking services for personal customers, farmers, small businesses, companies and public authorities, with a very strong regional presence. The Regional Banks provide a full range of banking and financial products and services, including mutual funds (money market, bonds, equity), life insurance, lending (particularly mortgage loans and consumer finance, to small businesses and corporates), payment systems, banking-related services and wealth management. In addition to life insurance, they also provide a broad range of property & casualty and death & disability insurance. These services are available both through the local branch network and electronic banking channels, primarily the Internet and mobile phones. • 39 Regional Banks; • 7,088 branches; • 76,000 employees; • 20 million customers2; • Market leader in (source: Banque de France; Company): • personal deposits: 24%, • personal loans: 22%, • farming sector: 79% (source: RICA 2007), • Business market share in: • small businesses : 30% (source: Pépite CSA 2008) • companies: 35% (source: TNS Sofres 2007) • associations: 29% (source: CSA 2006) 2- French Retail Banking – LCL Net Banking Income: €3.8 billion LCL is a French retail banking network with a strong focus on urban areas. It is organised into four main segments: retail banking for individuals, retail banking for small businesses, private banking and corporate banking. LCL offers a full range of banking products and services, together with asset management, insurance and wealth management. These services are distributed through a variety of channels: the branch network, with locations dedicated to business customers and private banking; websites and telephone. 2 Excl. Professional and corporate customer 4 • 2,057 outlets: • 50% of them in towns with over 200,000 inhabitants, • 84 locations dedicated to business customers, • 54 private banking locations. •22,000 employees • 6 million personal customers, 320,000 small business customers, 26,000 SMEs; 3- International Retail Banking Net Banking Income of consolidated subsidiaries: €3.3 billion Crédit Agricole S.A. holds a very strong position in retail banking in Europe, particularly in the euro zone, and, to a lesser extent, in Africa and the Middle East and Latin America. In Italy, Crédit Agricole operates under the Cariparma and FriulAdria banners. A vast majority of these two networks’ 778 branches is in Northern Italy. They serve over 1.4 million customers. Crédit Agricole is active in Greece via Emporiki, the No. 5 bank in that country (source: Company). With 392 branches, Emporiki has a 8% market share and more than 1.4 million customers. Emporiki is also present in the Balkans. Crédit Agricole also has a significant presence in Portugal, through its 23.8% stake in Banco Espirito Santo, the No. 3 local bank (source: Company). Outside the euro zone, Crédit Agricole S.A. operates in Serbia via Meridian Bank, Ukraine via Index Bank and Poland via Lukas S.A. In Africa, Crédit Agricole S.A. manages Crédit du Maroc, Crédit Agricole Egypt and banks in seven countries in Sub-Saharan Africa – Cameroon, Senegal, Côte d’Ivoire, Gabon, Congo, Madagascar and Djibouti. This set up will change in 2009 following the authorisation from local authorities on the agreement signed in 2008 between Crédit Agricole S.A. and Attijariwafa Bank. In Latin America, Crédit Agricole S.A. owns Credit Uruguay Banco. 4- Specialised Financial Services Net Banking Income: €3.0 billion Consumer finance: a European leader with operations in 20 countries in Europe, Morocco and Saudi Arabia (source: Company). Sofinco and Finaref specialise in consumer finance, which is distributed in France through several channels: retail outlets (cars, household equipment); a direct network of branches; and partnerships with the Regional Banks and LCL, as well as with major retailers, mail order companies, car manufacturers and financial institutions (primarily insurance companies). €71.2 billion in consumer finance outstandings. Lease finance: No. 1 in France with Crédit Agricole Leasing, and No. 2 in property leasing and rental with services (source: ASF), No. 2 as well in public-private financing partnerships and sustainable development. The Group also has a lease finance operation in Poland with EFL, the local leader in equipment leasing and also in Italy, Greece, Spain, Marocco and Armenia. Lease finance outstandings: €16 billion. Factoring: No. 1 in France with Eurofactor (source: ASF); 21.6% market share. Eurofactor has the most extensive factoring network in Europe, with operations in seven countries. Factored receivables: €45 billion. 5 5- Asset Management, Insurance and Private Banking Net Banking Income: €4.0 billion Leader in mutual funds in France and Europe (source: Europerformance, Lipper) and one of the top 6 asset managers in Continental Europe (source: IPE) Asset Management: The Group’s asset management business, which is conducted principally by the Crédit Agricole Asset Management group, encompasses mutual funds for retail, corporate and institutional investors, and discretionary management services for corporate and institutional investors. Assets under management: €457 billion. Insurance: No. 2 insurer in France and No. 1 bankinsurer in France (source: FFSA); one of the top 20 worldwide. The Insurance business line (Crédit Agricole Assurances) covers all customer needs, with an extensive range of savings and provident products in personal insurance and a broad array of property & casualty insurance products for retail, farming and small business customers sold through the Regional Banks and LCL. In 2007, it expanded to encompass creditor insurance and is developing all of these businesses abroad. Business in force: €192 billion. Private banking: the Crédit Agricole Group is a leader in private banking, both in France where it is No. 1 in the high net worth segment through BGPI, the Regional Banks and LCL, and internationally, with operations in Switzerland (including its subsidiaries and branches in the Bahamas and Singapore), Luxembourg, Monaco, Brazil, Miami (USA) and Spain. Assets under management3: €110 billion. 6- Corporate and Investment Banking – Calyon Net Banking Income: €1.9 billion With operations in 58 countries, Calyon offers its clients a full range of products and services in capital markets, brokerage, investment banking, structured finance and commercial banking. It has four main business divisions. The Coverage and Investment Banking Division works with and supports the development of corporate and financial institutions clients in France and abroad, as well as providing advisory services and equity and long-term financing (M&A, Equity Capital Markets (ECM), Corporate Equity Derivatives and Loan Syndication). The Equity Brokerage and Derivatives Division handles brokerage activities in Europe, Asia and the USA, along with trading, equity derivatives and fund activities. Calyon’s equity brokerage activities are organised around two subsidiaries that are leading players in their markets: Crédit Agricole Cheuvreux and CLSA.
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