As a result of the restructuring, the company now has five core businesses: retail banking in France and group retail strategy; international development; specialized financial services; insurance, asset management and private banking; and corporate and investment banking. These core businesses will be responsible for promoting growth in the entities reporting to them and for their strategic management.
There are also five management support functions: human resources, risk management and internal control, finance, strategy and industrial development. The role of the management support functions is to define and apply group standards and provide value-added services to all business lines.
The reorganization process has also led to management changes. These changes include current deputy CEO Jacques Lenormand, who will be head of retail banking in France and group retail strategy; Jean-Frederic de Leusse, currently head of international development, has been appointed deputy CEO and will become a member of Calyon’s executive committee; and Gilles de Margerie will become head of insurance, asset management and private banking.
Georges Pauget, CEO of Credit Agricole, commented: This new organization is a further step in the restructuring which first began in November 2005 and led to the announcement of our international development plan, which we have since pursued with considerable success. It also reflects the new philosophy adopted by our group, which has demonstrated its ability to adapt to new market conditions and its changing environment. This will enable us to progress successfully in a constantly evolving market.
