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- 3 min
Paris, 9 April 2008
LCL has successfully migrated its securities custody business to Crédit Agricole Titres. The move, which allows LCL to join the Crédit Agricole Group's industrial platform for retail securities custody, was completed in line with the plan announced on 11 July 2006.
The migration further strengthens the Crédit Agricole Group's leading position in France in securities custody for retail and private banking customers, where it has an estimated market share of 40 per cent. Crédit Agricole Titres manages 7.7 million euros in securities accounts, with some 23 million orders worth a total of 250 billion euros.
The migration to the new industrial platform took place over the weekend of 1-2 March. LCL deployed the Group's tools, tailored to its own needs, throughout its network and on its website. Crédit Agricole Titres will now handle the account keeping and securities custody business for LCL's individual, professional and SME customers, previously managed by the Natixis subsidiary Gestitres.
LCL also acquired a 24 per cent stake in Crédit Agricole Titres. The Regional Banks' share now stands at 66 per cent, while Crédit Agricole S.A. still owns 10 per cent of the capital.
Since joining the Crédit Agricole S.A. group in 2003, LCL has focused the business of its nationwide retail banking network on individual, professional and SME customers in France. LCL now has 22,200 employees and 2,064 branches serving some 6,000,000 individuals, 320,000 professionals, and 25,000 SMEs. LCL manages securities accounts worth 1.1 million euros and processed 8 million orders in 2007.
About CA Titres
Formed in 2003, Crédit Agricole Titres has 570 employees and provides securities custody and account keeping services for Crédit Agricole Regional Banks, LCL, several of the Group's subsidiaries and some 20 other institutions, including several high-profile private banks. Crédit Agricole Titres has two other specialist businesses: administration of bank savings products and administration-custody of employee savings schemes. The IT infrastructure for these activities is outsourced to Euro Securities Partners (ESP), equally owned by Crédit Agricole Group and BNP Paribas.