French banks’ exposures to equities turned from a curse to a blessing in 2021. For Crédit Agricole, the only one of the big French banks to have wholeheartedly cut the business after 2008, that made rivals look comparatively strong.
Overall, especially compared with BNP Paribas, Crédit Agricole’s larger exposure to retail rather than corporate and institutional banking has not been the benefit it was before the pandemic.
Crédit Agricole’s senior management, however, are not rushing back into businesses it exited for good reason.
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