A little over a month after his arrival at the head of Crédit Agricole SA (Casa) -the structure of listed group mutualiste- Philippe Brassac Tuesday unveiled the outlines of the new organization of Green bank. The objective of the new CEO is to make the banking group “more effective collective” in order not to “think in silos.”
Casa is so structured as of 1 st next September around 4 core businesses “more homogeneous”: a pole with large clients corporate banking and investment, private banking and CACEIS under the direction of Jean-Yves Hocher (boss Cacib). A pole savings, insurance and real estate led by Yves Perrier (the boss of Amundi) – note that Frédéric Thomas, currently general manager of the regional office of the Normandie-Seine, will head Crédit Agricole Assurances and Predica. The other two business lines are specialized financial services, under the direction of Philippe Dumont (boss RACO) and the pole subsidiaries of local banks (LCL and international subsidiaries), directed by Michel Mathieu. The latter will also take the reins LCL June 2016. He succeeds Yves Nanquette who will argue that date his pension rights. Also leave the retired deputy CEO Bruno de Laage and Joseph Auzay, Secretary General, who will be replaced by Jerome Brunel.
Finally, three poles “central functions” should allow conduct cross-functional projects.
“serene dialogue” with the ECB
However, Philippe Brassac said the great project of “reorganization of the central organ” (“ROC”) could not achieve in the near future. “No operation which would change the structure of the Crédit Agricole is achievable at this stage,” said the new CEO of Casa, citing “trade” with the new supervisor of European banks, the ECB, which “leads to find the constraints not exercised to date. ” This dialogue with the regulatory authorities is “peaceful and serene” stressed however Xavier Musca, the Deputy Director General of Casa. But the ECB does not currently seem able to commit to a very specific reform, “that could preempt further debate on European harmonization”, he added.
quarterly profit rose sharply
Crédit Agricole SA generated net profit of EUR 920 million in the second quarter 2015 (+6, 2% adjusted for exceptional items) to net banking income up 18% (4.6 billion euros). Quarterly net income Crédit Agricole Group reached 1.5 billion euros, against 785 million a year earlier.
Véronique Chocron
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