Brassac restores Crédit Agricole's Spirit of Conquest
After a bloodless revolution at the eurozone’s second biggest banking group, Philippe Brassac says he has engineered a return to Crédit Agricole’s origins, rooted in French regional banking. Now he is aiming to revive the group’s appetite for foreign expansion. Can Brassac prevent a repetition of his predecessors’ international errors and avoid falling victim to another coup?
Illustration: Vince McIndoe
Philippe Brassac is in an expansive mood – and no wonder.
The group he leads, Crédit Agricole, has just posted its best annual result for a decade, with net income at €6.5 billion, up 35% on the previous year.
The market has widely welcomed the recent completion of the most important foreign acquisition by a European bank since the 2008 crisis: the €3.5