The financing activities, notably syndication, commercial banking and structured finance, continued their growth by taking advantage of developing activities in many areas (natural resources, infrastructure and power, aircraft and rail financing, trade finance, etc.).

Crédit Agricole CIB was ranked the number 1 lead bank in terms of the number of project finance transactions completed (Project Finance International and Dealogic, 2010) and was awarded the Aircraft Finance House of the Year prize (Jane’s Transport Finance, 2010) for the fifth year in a row in recognition of its aircraft financing performances.

The Bank also benefited from the recovery in secured transactions in the real estate and lodging and shipping sectors.

In the syndication market, Crédit Agricole CIB, which is recognised for its expertise in syndicated loans and specialised financing, extended its lead in France and maintained its third-place position in the EMEAEurope, the Middle East and Africa region (Thomson Financial and Dealogic, 2010).

In terms of commercial banking, Crédit Agricole CIB strengthened and modernised its cash management offer, in particular internationally. To meet its clients’ needs, the Bank developed its value-added services offer for payment and liquidity management.

Overall 2010 was a record year for the Bank’s financing activities in terms of revenues and featured a low cost of risk that was down sharply from 2009.

Despite high market volatility, the investment bank assisted numerous clients at the global level with their rights issues, convertible bond issues, spin-offs and employee savings plans. It also carried out many transactions with German clients and developed its business in Asia in collaboration with CLSA.

Crédit Agricole CIB was ranked second in 2010 and first in 2009 for its Equity Capital Markets activity in France (Thomson Financial).

The capital markets activities posted declining revenues in 2010 in a persistently uncertain environment. Nonetheless, performances in debt and credit markets as well as in treasury were satisfactory following the exceptional market conditions that prevailed in 2009. The results of the foreign exchange and commodities activities were virtually unchanged while interest rate activities were particularly hard hit as they were for most other market players.

Crédit Agricole CIB was ranked fifth global bookrunner for euro-denominated corporate bonds (Thomson Financial, 2010).

Brokerage revenues were up slightly thanks mainly to CLSA which benefited from the momentum of Asian markets.

In 2010, discussions were initiated on the principles of a future partnership between Crédit Agricole CIB and the Chinese broker CITICS. These discussions are aimed at creating a leading global brokerage platform and an investment bank for the Asia-Pacific region. The planned structure calls for both Crédit Agricole CIB and CITICS to have an equal share in a holding company combining CLSA, CA Cheuvreux, Crédit Agricole Securities (USA) Inc. and the institutional brokerage and investment banking activities of CITIC Securities International (a CITICS subsidiary based in Hong Kong), as well as Crédit Agricole CIB’s Equity Capital Markets and Mergers and Acquisitions businesses in Asia.

Crédit Agricole Suisse continued to enhance its product offer with the creation of a real estate fund aimed at increasing the value of assets for mortgage loans. An absolute return mandate was created with the objective of protecting capital. In terms of active advice, the new direct access service provides clients with the possibility of directly accessing equity, bond and listed and OTCOver The Counter market. Market organised by financial intermediaries to trade securities not listed on a stock exchange or to trade private contracts on a bilateral basis. derivatives markets with the execution speed of continuous ordering. Private Equity carried out the first private debt transaction.

CFM Monaco confirmed its local development with the signing of a tripartite agreement between the Principality’s government, CFM Monaco and the Grameen Crédit Agricole Foundation. In November 2010, CFM Monaco also signed a memorandum of agreement with the government in favour of the hiring of recent Monacan graduates. The Investment Advisory Agreement and the CFM Opal fund, launched by CFM Monaco in March and jointly managed with EDHEC, were two of the notable successes of 2010.