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Crédit Agricole S.A.'s Board of Directors, chaired by René Carron, met on 26 August to review the accounts for the first half of 2009. Net income - Group share was €403 million in the first half and €201 million in the second quarter.
In a persistently difficult world economic climate, these results reflect the initial effects of the business model that the Group adopted a year ago.
This model is based on a powerful retail bank that encompasses all banking and insurance businesses and on a corporate and investment bank that focuses on its core areas of expertise to serve the Group and its customers...
After the Board of Directors' meeting, René Carron, Chairman of Crédit Agricole S.A., commented: "The new model that Crédit Agricole S.A. adopted nearly a year ago now fully reflects our Group's original values: taking account of the human dimension of a situation; dedicating our resources to provide financing to the economy and support to our individual and business customers in this time of crisis”.
Georges Pauget, Chief Executive Officer of Crédit Agricole S.A., added: "Crédit Agricole S.A. has fully integrated the lessons learnt from the crisis and has adapted its business model to meet the needs of the real economy. This is not only a relevant but sound strategy for the Group. All our historic business lines are producing good results which allows us to deal with the impact of the current crisis. Retail banking, insurance, asset management and consumer finance delivered very good performances, despite the adverse economic climate. "