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Ethics in business

A transparent tax policy


Tax practices are a key component of corporate social responsibility and ethical engagement. Regulatory requirements and the expectations of clients, citizens and society as a whole are growing stronger in terms of transparency, good tax citizenship and the fight against tax evasion.


The Crédit Agricole Group is one of France's largest taxpayers. In addition to €2.3 billion in social contributions, it paid €4.2 billion in taxes to the French authorities in 2016. The effective tax rate of the Crédit Agricole Group is 33.3%. Crédit Agricole S.A. declares its revenues and pays the corresponding taxes in the countries where it operates. The Crédit Agricole Group generates three-quarters of its revenues in France. And so it pays three-quarters of its taxes in France.


Crédit Agricole S.A. has developed a corpus of rules that have led it to withdraw from countries deemed as non-cooperative by the OECD. It has also committed to a policy of withdrawing business sites from countries considered as tax havens. Crédit Agricole S.A. now owns no vehicles based in the British Virgin Islands. Also, the entities it owns in Guernsey, the Caiman Islands and Bermuda pay their taxes in France (in accordance with Article 209 B of France's General Tax Code), the United States and the UK, respectively.


Crédit Agricole S.A. is transparent as regards its organisation system, business sites, structure and operations. In its 2016 Shelf Registration Document, it iterated country by country its full-time-equivalent workforce, local net banking income, pre-tax income, revenues and profits in each country (making the distinction between current and deferred taxes) and public subsidies received. This information is aggregated for each country.


Lastly, strong commitments have been made that have impacted the Group's business activities:

  • the Group conducts its international private banking business only in countries and territories committed to the automatic exchange of tax information;
  • it accepts as clients only those who grant it approval to automatically exchange the information concerning them with the relevant administrations;
  • it no longer creates, manages or advises offshore structures.

These commitments have led CA Indosuez Wealth Management to reduce its assets under management by around €10 billion.