SHELF-REGISTRATION DOCUMENT 2010 our network our expertise our people www.ca-cib.com SHELF-REGISTRATION DOCUMENT 2010 CRÉDIT AGRICOLE CIB Only the French version of the shelf-registration document has been submitted to the Autorité des Marchés Financiers. It is therefore the only version that is binding in law. The original French version of this shelf-registration document was fi led at the AMF on 23rd March 2011 under registration number D.11-0170, in accordance with article 212-13 of the AMF’s internal regulations. It may be used in support of a fi nancial transaction if accompanied by a transaction circular approved by the AMF. The French version of this document has been written by the issuer. Responsibility for the French version of this document lies with the signatories. Profile The Crédit Agricole Group is market leader in full-service retail banking in France and one of the largest banks in Europe. With operations in 70 countries, the Crédit Agricole Group is a leading partner in supporting clients with their projects in all areas of retail banking and associated specialised business lines: day-to-day banking, savings, home and consumer loans, insurance, private banking, asset management, leasing and factoring, and corporate and investment banking. On the strength of its cooperative and mutualist foundations, the Crédit Agricole Group’s expansion is underpinned by balanced growth serving the real economy and respecting the interests of its 54 million customers, 1.2 million shareholders, 6.1 million cooperative shareholders and of its 160,000 employees. Crédit Agricole is included in the three main sustainable development indices: Aspi Eurozone since 2004, FTSE4Good since 2005 and the DJSI since 2008 (Europe and worldwide). It is ranked the eighth most sustainable corporation in the world and No. 1 in France in the 2011 Global 100 List. www.credit-agricole.com €3.6 billion €71.5 billion 10.3 % NET INCOME - GROUP SHARE SHAREHOLDERS’ EQUITY - GROUP SHARE TIER ONE RATIO 2 SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 [The Group’s organisation] 6.1 million cooperative shareholders form the basis of Crédit Agricole’s 55.9 % cooperative organisational OF CRÉDIT AGRICOLE S.A.’S SHARE CAPITAL structure. They own the VIA HOLDING COMPANY SAS RUE LA BOÉTIE. capital of the 2,533 Regional Banks in the form of shares and select their representatives each year. 30.9% 43.7% A total of 32,496 directors convey their expectations OF CRÉDIT AGRICOLE S.A. SHARE CAPITAL within the Group. • Institutional investors : 30.9% 55.9% The local banks own the Individual 8.2% • majority of the Regional shareholders : 8.2% Banks’ share capital. • Employees via employee The 39 Regional Banks are 4.6% mutual funds : 4.6% cooperative regional banks 0.4% that offer their customers a comprehensive range 0.4% of products and services. The discussion body for the TREASURY SHARES Regional Banks is the Fédération Nationale du Crédit Agricole, where 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. 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 Specialised subsidiaries Crédit Agricole Immobilier, Crédit Agricole Private Equity, Idia-Sodica, Uni-Editions. SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 3 CONTENTS PRESENTATION OF CRÉDIT AGRICOLE CIB ................................. 7 MESSAGES FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER ............................... 9 2010 KEY FIGURES .............................................................................................................. 10 2010 HIGHLIGHTS ................................................................................................................ 11 HISTORY .............................................................................................................................. 12 SIMPLIFIED ORGANISATIONAL CHART OF THE CRÉDIT AGRICOLE CIB GROUP’S MAIN SUBSIDIARIES AND INVESTMENTS ............................................................... 13 BUSINESS LINES .................................................................................................................. 14 EMPLOYEE, SOCIAL AND ENVIRONMENTAL INFORMATION .................................................... 19 CORPORATE GOVERNANCE ......................................................... 35 CHAIRMAN OF THE BOARD OF DIRECTORS’ REPORT ............................................................ 36 AUDITORS’ REPORT YEAR ENDED 31 DECEMBER 2010 ........................................................ 56 CORPORATE OFFICERS’ COMPENSATION ............................................................................. 57 OFFICES HELD BY CORPORATE OFFICERS ............................................................................ 64 EXECUTIVE COMMITTEE ....................................................................................................... 76 2010 MANAGEMENT REPORT ...................................................... 77 CRÉDIT AGRICOLE CIB GROUP BUSINESS REVIEW AND FINANCIAL INFORMATION ................. 78 INFORMATION ON CRÉDIT AGRICOLE CIB (SA) FINANCIAL STATEMENTS ............................... 88 RISK MANAGEMENT ............................................................................................................. 94 PILLAR 3 OF THE BASEL II REFORM ..................................................................................... 122 4 SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 CONSOLIDATED FINANCIAL STATEMENTS .................................. 139 GENERAL BACKGROUND ...................................................................................................... 140 CONSOLIDATED INCOME STATEMENTS ................................................................................ 142 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ..................................................... 148 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS ............. 212 PARENT-COMPANY STATEMENTS ............................................... 215 CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK (SA) FINANCIAL STATEMENTS ....... 216 NOTES TO THE PARENT-COMPANY FINANCIAL STATEMENTS ................................................ 220 AUDITORS’ GENERAL REPORT ON THE PARENT-COMPANY FINANCIAL STATEMENTS ............ 250 GENERAL INFORMATION ............................................................. 253 INFORMATION ABOUT THE COMPANY ................................................................................... 254 ADDITIONAL INFORMATION .................................................................................................. 257 STATUTORY AUDITORS’ SPECIAL REPORT ON RELATED PARTY AGREEMENTS AND COMMITMENTS ..................................................................................... 263 PERSON RESPONSIBLE FOR THE SHELF-REGISTRATION DOCUMENT AND FOR AUDITING THE ACCOUNTS ..................................................................................... 263 CROSS-REFERENCE TABLE ......................................................... 265 SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 5 6 SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 PRESENTATION OF CRÉDIT AGRICOLE CIB 1 PRESENTATION OF CRÉDIT AGRICOLE CIB MESSAGES FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER ........................................................................................... 9 2010 KEY FIGURES ........................................................................... 10 2010 HIGHLIGHTS ............................................................................. 11 HISTORY ........................................................................................... 12 SIMPLIFIED ORGANISATIONAL CHART OF THE CRÉDIT AGRICOLE CIB GROUP’S MAIN SUBSIDIARIES AND INVESTMENTS ............................ 13 BUSINESS LINES ............................................................................... 14 EMPLOYEE, SOCIAL AND ENVIRONMENTAL INFORMATION ................. 19 WORFORCE INDICATORS ............................................................................................. 19 ENVIRONMENTAL INFORMATION ................................................................................. 31 SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 7 8 SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 PRESENTATION OF CRÉDIT AGRICOLE CIB 1 MESSAGES FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER A certain number of activities performed well – for example, structured fi nance and investment banking. Others, such as capital markets activities, suffered more. Nonetheless securitisation, cash management and foreign exchange continued to be satisfactory after having experienced exceptional conditions in 2009. Crédit Agricole CIB demonstrated its ability to combine competitiveness with risk control over the long term and to assume the challenge of Crédit Agricole’s