Over the last five years Crédit Agricole has appeared well suited to a time when synergies between European banks were sorely needed but almost impossible to realize through mergers – especially cross border.
It has used the economies of scale it enjoys from owning France’s biggest retail network as the basis for buying the smaller product factories of weaker rivals, while retaining their distribution.
“We are a universal bank, and each of the business lines that we have decided to keep are open to cooperation,” Philippe Brassac, chief executive of Crédit Agricole SA (Casa), told Euromoney in June.
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