The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

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 billion takeover of UniCredit’s asset management arm, Pioneer, by the French lender’s remarkably successful equivalent, Amundi. 

More fundamentally, according to Brassac, it has fixed the imbalances that have consistently plagued the world’s biggest client-owned bank by assets, ever since the problematic IPO in 2001 of its central cooperative body and product factory, Crédit Agricole SA (CASA).

Brassac speaks in steady English about this sprawling mutual group, where he has spent his whole career – that is 40 years since his entry into the local Crédit Agricole bank of his southern French hometown, Nîmes. 

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree