Message from the chairman and the chief executive officer
Philippe Brassac
Chairman of the Board of Directors
" In spite of this difficult environment, the annual results of group crédit agricole s.a. are solid, proving the relevance of our diversified model of proximity banking applied to all our business lines. "
2020 was marked by an unprecedented crisis, and this is an understatement. The Covid-19 pandemic which impacted us all deeply, both professionally and personally, is still there and our projections show that it will continue to impact us at the very least in 2021 from a health, social and economic perspective. In spite of this difficult environment, the annual results of Group Crédit Agricole S.A. are solid, proving the relevance of our diversified model of proximity banking applied to all our business lines. Throughout the year 2020, our 142 000 employees worldwide were constantly mobilised to fulfill our mission which is “working every day in the interest of our customers and society” and to support them with solutions that meet their needs. Crédit Agricole CIB of course actively contributed to sustain the economy, in France but also in the world, by structuring many significant transactions to support Crédit Agricole Group clients in their financing and liquidity needs. This crisis consolidated the goals of our 2022 Medium-Term Plan, in particular concerning the fight against global warming. To reach our goals in this area, Crédit Agricole CIB’s globally acknowledged expertise will be essential to accompany our clients in their climate transition. With all the resources of our Group and the strength of our team spirit, we act every day for a less carbonated and fairer economy in the interests of all our clients.
Jacques Ripoll
Chief Executive Officer
" From the start of the pandemic we adapted our organisation to ensure a close and daily monitoring of our clients’ needs. "
In a context impacted by the health crisis, Crédit Agricole CIB’s performance in 2020 is remarkable, with revenues and business volumes up compared to 2019. Crédit Agricole CIB is #1 in France for bond issues and #3 in Europe for bonds in euros. The Bank is also #1 in France and #3 in the EMEA zone for credit syndications. With expenses under control, our gross operating margin is up by 15% compared with the previous fiscal year. Financial results are lower however because of a significant increase in the cost of risk, mainly linked to precautionary provisions. From the start of the pandemic we adapted our organisation to ensure a close and daily monitoring of our clients’ needs. We remained at their side to provide tailor-made solutions for their treasury and financing needs, or for their capital transactions. Many significant transactions were thus completed, such as the first state guaranteed loan to FNAC Darty, and capital transactions with large corporate groups like Amadeus, Arcelor Mittal and Safran. We also supported financial institutions worldwide with their social bond issues linked to the pandemic, such as UNEDIC and the European Union. These transactions demonstrate our clients’ trust as well as our teams’ expertise, their capacity to adapt, their agility and their constant commitment. Nobody can predict today when this crisis will end, but our teams remain committed to their clients and are already working to prepare for the future