- 3 min
Paris, 10 September 2008
Corporate & investment bank to focus on core activities and expertise - role within Credit Agricole group confirmed
As announced at the time of the capital increase and reiterated at the Group's first-half results presentation on 28 August 2008, Crédit Agricole S.A. today presented Calyon's, its corporate and investment banking subsidiary, new strategic plan for the period 2008-2010. Going forward, Calyon will focus exclusively on core activities and business lines where it has recognised expertise. On 9 September 2008 the plan was presented to, and approved unanimously by, the boards of directors of Calyon and Crédit Agricole S.A.
Following the Board meeting, René Carron, chairman of Crédit Agricole S.A., commented: "Calyon plays a key role in the group's development. The plan presented today is an integral part of Credit Agricole's overall strategy, which focuses on the development of our traditional business lines. We are confident this new plan will ensure that Calyon is well positioned to take advantage of the changing corporate and investment banking environment, once the current crisis is over".
The Crédit Agricole Group has learnt from the financial market crisis and taken quick and decisive action. It reconfirms Calyon's role within the Group. Calyon will focus on its historic strengths; international presence spanning nearly 60 countries, a solid customer base of around 3,800 corporate and institutional clients and recognised expertise in the areas of structured finance, brokerage and fixed income activities, and continue its development in these areas.
By 2010, the objective of the plan is to ensure recurring net income of €1 billion, a cost-income ratio of 60 per cent and ROE of 14-16 per cent on the basis of normalised risk-related costs.