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Registration document Annual report 2011 3 Table of contents Message from the Chairman and the Risk factors and Pillar 3 185 Chief Executive Officer 2 4 Risk factors 186 Basel 2 Pillar 3 disclosures 225 Presentation 1 of Crédit Agricole S.A. 5 Consolidated financial 2011 key figures and stock market data 6 statements 255 Significant events in 2011 13 5 Company history 14 General framework 256 Organisation of Crédit Agricole Group Consolidated financial statements 263 and Crédit Agricole S.A. 16 Notes to the financial statements 270 The business lines of Crédit Agricole S.A. 17 Statutory Auditors’ report on Economic, social the consolidated financial statements 383 and environmental information 32 Parent company Corporate governance 79 6 financial statements 385 2 Report of the Chairman of the Board Financial statements 386 of Directors 80 Notes to the financial statements 389 Statutory Auditors’ report 107 Statutory Auditors’ Report on the Parent Compensation paid to Executive Company financial statements 435 and non-Executive Corporate Officers 108 Additional information on Executive and non-Executive Corporate Officers 116 Management bodies 145 General information 437 7 Memorandum and Articles of Association 438 Information on the Company 455 Operating and financial Information concerning the share capital 463 3 information 147 Statutory Auditors’ special report on related party agreements and commitments 466 Presentation of Crédit Agricole S.A.’s consolidated financial statements 148 Fees paid to Statutory Auditors 470 Information on parent company financial General Meeting of Shareholders statements (Crédit Agricole S.A.) 175 of 22 May 2012 471 Persons responsible for the registration document 485 Cross-reference table 487 Registration document 2011 annual report Group profile Crédit Agricole Group is the leading full-service retail bank in France and one of the major banking groups in Europe. Serving the real economy, Crédit Agricole Group supports the projects of its customers in all retail banking business lines and associated specialised businesses. The new slogan, “Le bon sens a de l’avenir” (the bank of common sense ), reaffirms Crédit Agricole’s values and commitment. It places the satisfaction and interests of its 54 million customers, 1.2 million shareholders, 6.5 million mutual shareholders and 160,000 employees at the heart of its activities. With its cooperative and mutual foundations, Crédit Agricole pursues a resolute policy of social and environmental responsibility. This is reflected in an improvement process for customers, employees and the environment, backed up by detailed indicators. A bank serving 54 million customers (1) 3 domestic markets: France, Italy, Greece 11,600 branches in 13 countries Present in 70 countries A player committed to servicing the economy Signature of the United Nations Global Compact 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 and Crédit Agricole Assurances (1) Including the Regional Banks. Only the French version of the registration document has been submitted to the AMF. It is therefore the only version that is binding by law. This registration document was filed with the Autorité des marchés financiers on 15 March 2012 under number D.12- 0160 , in accordance with article 212–13 of the AMF’s General Regulation. It may be used in support of a financial transaction if accompanied by an offering circular approved by the AMF. Crédit Agricole S.A. 3 2011 Registration Document 1 MESSAGE FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER Message from the Chairman and the Chief Executive Officer For European economies and financial institutions, 2011 will be Retail banking and savings management performed well in the remembered as a particularly difficult and contrasted year : the second half of the year. We are the only French bank to have sovereign debt crisis, especially in Greece, the high volatility of successfully passed the stress tests run by the European Banking financial markets and the liquidity crisis; a ll these elements whi ch Authority. Nonetheless, the Group was affected by the monetary came to disturb further a context of weak economic growth. These and financial crisis and we had to adapt as of this summer. We factors also led banking regulators to speed up the timetable for therefore chose to strengthen our solidity even further by increasing the application of new regulatory measures on banks’ capital our capital through our internal resources, whilst reducing our ratio requirements. The banks had to deal with this by taking dependence on the financial markets. unprecedented adaptive measures while pursuing with their efforts in financing the economy. This was the goal of our adjustment plan: the first part, in September 2011, consisted in structurally reducing our debt by After a strong first half of the year, Crédit Agricole, like many other adjusting the size of our balance sheet (€50 billion between June companies, was affected in the second half by this depressed 2011 and Decemb er 2012). In the second part, in December 2011, economic climate. Our results suffered and we had to adapt quickly we decided to reduce the liquidity needs of some of our corporate in order to deal with the situation and prepare for the future. The and investment banking and consumer finance activities. task before us now is to bolster the Group's fundamentals in the current climate whilst securing its ability to serve its customers as Overall, the impact of this difficult climate resulted for Crédit effectively as possible. The dynamism of our business lines, the Agricole S.A. a net income Group share of -€1,470 million for commitment of our 160,000 employees, the confidence of long- 2011. However, Crédit Agricole Group as a whole, with its 39 term shareholders and governance helped us weather the storm R egional B anks, made a profit of €812 million. Therefore o ur results of 2011. These strengths allow us to take on 2012 with caution, yet incorporated the exceptional impacts of the Greek crisis and asset with the determination that comes from having fought a battle . write-downs relating mainly to the adjustment plan. The results delivered for 2011 are not representative of the base of recurring Our business lines achieved a sustained level of performance in the results that our Group is able to produce. first half of 2011 and Crédit Agricole Group delivered solid results (+4.8% for net banking income and +9.5% for gross operating We must now continue to prepare for the future. Our strategy is income). In the early part of the year we defined Crédit Agricole S.A.'s clear: our priority lies in retail banking and its related businesses, strategy for the years to come, in line with the Group Project produced including corporate and investment banking, which is essential with the Regional Banks: the priority was given to organic growth, for serving large corporates and the local economy in which they retail banking and its associated business es serving the real economy. operate. 2 Crédit Agricole S.A. 3 2011 Registration Document MESSAGE FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER We are the leading financial partner of the economy and we As a committed sponsor, we intend to continue working with the intend to carry on fulfilling this role, as we did in 2011, because Group's employees to support a variety of initiatives in the fields of we know that the lending of today produces the jobs and growth solidarity, food safety and the conservation of heritage. of tomorrow. In the midst of turmoil, we have not only maintained We realise that, for our employees and shareholders and for Crédit the support we provide to economic players , but enhanced it: our Agricole's mutual shareholders, 2011 will be remembered as a outstanding loans in France have risen by 4.6%. difficult year. We would like to commend their efforts and thank We shall also continue to recruit and play a crucial role in training our them for their trust and support. nation's young people. We intend to take on 3,500 new employees The monetary and financial crisis will not come to an end in 2012. in all regions, mainly in retail banking, together with 3,000 young Europe must make progress in resolving the debt crisis – especially people on work-study traineeships. Greek debt – and improving its governance. Only in this way can it We therefore intend to conduct our business whilst rising to the secure the future of the euro zone. France will have to face challenges corporate and environmental responsibility that falls upon us as of controlling its deficits and kick-starting growth. As Executive one of France's leading companies. We have also made socially- managers of Crédit Agricole S.A., we want the Group to be up to responsible investment one of the pillars of our asset management the task. Even if French banks are being unjustly vilified, they are policy and are working to improve our offer of green products with a an essential part of the economic and social fabric of our country. view to protecting the environment. We have launched an initiative A country like France with no large banks would be unimaginable. designed to transform the CSR practices within Crédit Agricole S.A. France can count on its banks and on Crédit Agricole. Jean-Paul Chifflet Jean-Marie Sander Chief Executive Officer of Crédit Agricole S.A. Chairman of Crédit Agricole S.A. Crédit Agricole S.A. 3 2011 Registration Document 3 4 Crédit Agricole S.A. 3 2011 Registration Document Presentation of Crédit Agricole S.A. 1 3 2011 key figures and stock market data 6 KEY FIGURES 6 STOCK MARKET DATA 8 2012 FINANCIAL COMMUNICATION CALENDAR 12 CONTACTS 12 3 Significant events in 2011 13 3 Company history 14 3 Organisation of Crédit Agricole Group and Crédit Agricole S.A.
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