If Germany’s public-sector banks appear cautious about how to address the potential of investment banking, there is no such bashfulness among France’s leading state-owned or partly state-owned entities.
Strictly speaking, Crédit Agricole’s ambitious investment bank, Calyon, does not fall into this category, given that it is owned by CA SA, which is the listed central body of Crédit Agricole. Nevertheless, as a recently established subsidiary of one of Europe’s largest universal retail banks, Calyon’s explosive growth is being monitored closely by Europe’s cooperative and savings banks, many of which clearly see the French newcomer as something of a benchmark.
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