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.

Crédit Agricole plan flaunts modern mutualism

Medium-term plan targets same efficiency and little ROE increase, but client growth and new social motto please mutualists and Macron.

There are hard political reasons why Crédit Agricole formally set out the rationale for its existence – for the first time, it said – in its new medium-term plan on Thursday. 

Not least is president Emmanuel Macron’s new law, passed through parliament in April, which cuts the obligations of smaller businesses towards their employees, while encouraging bigger businesses to officially acknowledge their duties to a wider set of social and environmental stakeholders, as well as to their employees: and not just to the stock market.

“Working every day in the interest of our customers and society” is the bank’s new motto.


Philippe Brassac

This relegation of financial investors, however, might come relatively naturally to Crédit Agricole, whose clients already own the group’s backbone. 

Indeed, a similar reaffirmation of the group’s mutualist ethics of socially conscious liberalism lies behind Philippe Brassac’s campaigns, since 2008, to bring the governance and business of the listed central vehicle he now runs – Crédit Agricole SA (CASA) – back into the fold of the group’s 39 regional cooperative banks, which own the majority of CASA.

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