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René Carron and Georges Pauget, respectively Chairman and Chief Executive Officer of Crédit Agricole S.A., will propose the appointment of Jean-Yves Hocher and Bernard Mary as joint Deputy Chief Executive Officers, alongside Jacques Lenormand and Jean-Frédéric de Leusse, at the next Crédit Agricole Board of Director meeting to be held on 1 October 2008. Jean-Yves Hocher is currently Head of Specialised Financial Services, and Bernard Mary is CEO of Crédit Agricole du Nord Est.
The appointments are intended to coincide with a major change in the organisation of Crédit Agricole S.A.'s general management, which will be restructured around the following four business areas:
The development of Regional Banks, Insurance and Means of Payment, headed by Jean-Yves Hocher;
Retail banking activities, comprising LCL in France and BDI (international retail banking) outside France, headed by Bernard Mary;
Specialised business lines (CIB, Asset Management, Property, Private Banking and Specialised Financial Services), headed by Jean-Frédéric de Leusse;
Financing and strategy (finance, resources, information systems, strategy and communication), headed by Jacques Lenormand.
René Carron commented: "After successfully completing our capital increase and presenting Calyon's new strategic plan, now is the right time to focus on developing the organisational structure of the Group. This new organisation will enable us, in the best possible conditions, to implement the growth and development strategy that we announced at the time of our capital increase."
Georges Pauget said: "The objective of this new organisation is to strengthen Crédit Agricole S.A.'s management team by placing our core business areas under the leadership of four deputy CEOs. The new organisation reflects the priorities of the Crédit Agricole S.A. Group: to develop its core banking and insurance businesses both in France and abroad; to strengthen our specialised business lines; and place greater emphasis on the strategic and financial functions of the Group. The decision to implement this change demonstrates the rapid growth of the Crédit Agricole S.A. Group, which has tripled in size in five years."
A detailed organisation chart of Crédit Agricole S.A. will be published after the Board meeting and the new organisation will be effective as of 15 October 2008.