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Banking

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?

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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




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