Our highlights of the year
On the global podium for Export Finance
The 2024 Dealogic League Tables have once again recognised Crédit Agricole CIB’s expertise in export finance, a key activity in Corporate Banking.
Our position as number 2 in the world is based on an international network and teams operating in more than twenty locations and covering more than thirty markets on five continents.
A leading bank
In 2024, the financing market remained dynamic, supported by growing infrastructure and energy transition needs. Crédit Agricole CIB developed strong relationships with the main export credit agencies and supported its clients in a turbulent environment.
Despite geopolitical and environmental challenges, Crédit Agricole CIB continues to provide tailor-made financing solutions. The Bank has distinguished itself through its commitment to structuring a significant number of innovative transactions and has consistently ranked among the world’s leading Export Finance banks.
We are more committed than ever to supporting clients facing geopolitical and environmental challenges. Our ability to help them with their strategic projects is recognised by the 2024 Dealogic Global ECA League Tables.
Jean-François Balaÿ
Deputy Chief Executive OfficerExceptional results and strategic objectives already attained
In 2024, Crédit Agricole CIB posted the best results in its history, with revenue of €6.6 billion (+8%) and net income Group share of €2.2 billion (+23%). Driven by the “Ambitions 2025” strategic plan launched in 2022, Crédit Agricole CIB became, in 2024, the main contributor to Crédit Agricole S.A.’s results.
Confirming the strength of our business model through increasing revenues
Revenue growth was relatively evenly split between Corporate Banking (51%) and Capital Markets and Investment Banking (49%), and was distributed between Large Corporates (52%), Financial Institutions (36%) and Financial Sponsors (12%). This model ensures long-term profitability, minimise risks and maximise synergies between the various business lines. We have doubled our net income Group share in the space of 10 years and increased our revenue by more than 50%, despite an unstable environment.
As we enter the final year of our strategic plan, we are demonstrating our ability to grow in accordance with the Group’s fundamental values.
With steady growth over the last 5 years, our results have met the strategic objectives set for us by the Group with more than a year to spare.
Olivier Bélorgey
Deputy Chief Executive Officer & Chief Financial OfficerGiving meaning to savings
Crédit Agricole Impact Carbone is a sustainable investment solution developed by Crédit Agricole CIB and distributed by the Regional Banks to their individual clients. It is part of a range of structured impact products backed by the Bank’s green debt securities. These instruments make it possible to finance or refinance exclusively projects with a positive environmental impact, in line with the Crédit Agricole Group’s decarbonisation objectives.
A responsible offering for our clients
Through Crédit Agricole Impact Carbone, clients of the Regional Banks have access to an investment solution that offers exposure to the equity markets in line with the Paris Agreement and incorporates a mechanism to contribute to France’s climate commitments. It allows clients to strengthen their ESG initiatives and participate in the low-carbon economy of the future.
Through this unique voluntary contribution mechanism, 0.5% of the funds collected will be allocated to the indirect and partial financing of French transition agriculture projects certified with the “Label Bas Carbone” (Low Carbon Label) in partnership with France Carbon Agri.
With Crédit Agricole Impact Carbone, we are reinforcing our commitment to carbon neutrality. This solution is innovative because it combines debt securities financing green projects, an equity index in line with the Paris Agreement, and support for the low-carbon transition of the French agricultural sector.
Pierre Gay
Deputy Chief Executive Officer & Global Head of Global MarketsQuantum computing, conclusive results
In 2021, Crédit Agricole CIB partnered with two world-renowned technology companies, France’s Pasqal and Spain’s Multiverse Computing, to explore quantum computing applications in capital markets and risk management.
Three proofs of concept (PoCs), including one launched last year, have demonstrated the benefits of quantum computing, paving the way for real-world applications.
Optimisation of scarce resources
The QSRO (Quantum Scarce Resources Optimisation) project, launched in 2024, aims to optimise the allocation of scarce financial resources such as capital and financing costs, particularly in our derivatives portfolio.
In this area, the number of possible combinations increases exponentially with each reallocation. This complexity can be handled by quantum computing, but not by conventional technologies. This use case is helping to create the bank of the future.
The QSRO project takes us one step closer to quantum computing playing a key role in the Bank. For Crédit Agricole CIB, it is also an opportunity to develop our skills in quantum technology, a technology that could have a major impact on our industry in the medium term.
Pierre Dulon
Deputy General Manager in charge of IT & Operations ServicesA new financing framework for Sustainability-linked loans
Crédit Agricole CIB is reinforcing its commitment to responsible finance with the adoption of a new framework document for sustainability-linked loans. Based on ESG performance indicators developed with the International Capital Market Association (ICMA), this framework provides a transparent process for assessing and selecting eligible loans.
Putting this innovative framework into practice, the Bank issued a first bond with Sumitomo Life Insurance Company, backed by a ¥3bn portfolio. It allows investors to support companies aligned with an ambitious climate trajectory, in line with the Paris Agreement.
A decarbonisation strategy integrated into all our activities
The energy transition is at the heart of our strategic decisions. Our exposure to low-carbon energy has increased by 80% in the past three years, while financing for oil and gas extraction has fallen by 25%.
Our sustainable finance revenue has grown steadily in recent years. We are involved in sustainable finance projects and transactions with two-thirds of our clients worldwide.
70% of the Bank’s revenue is currently generated from clients with whom we carry out sustainable finance transactions – compared to 35% in 2021. Globally, we structure sustainable financing transactions tailored to regional challenges. In Europe, we acted as ESG Structurer Advisor on the first green loan aligned with the European taxonomy for OVHcloud. In Asia, we developed sustainable financing solutions specifically for the transport and leasing sectors.
As a result of these initiatives, Crédit Agricole CIB was recognised as Best Bank for Sustainability and Asia-Pacific ESG Financing House by the International Financing Review (IFR), highlighting our leading position in sustainable finance.
By integrating rigorous ESG criteria into our financing arrangements and structuring innovative solutions for our clients, we have confirmed our leadership role in sustainable finance. This new financing framework for sustainability-linked loans allows us to effectively support our clients’ energy transition while providing full transparency to investors.
Didier Gaffinel
Deputy General Manager and Head of Global Coverage & Investment BankingReady for Basel IV
Compliance with CRR3 and CRD6, the implementation of the Basel IV reforms, represents a major challenge for the Group and Crédit Agricole CIB – leading to the launch of a multi-year programme.
In this context, Crédit Agricole CIB is deploying a wide range of resources to meet the new requirements concerning risk-weighted assets (RWAs) and the introduction of an output floor(1) which is changing our calculation methods, including those using our internal models. The new regulation restricts the use of internal models with several counterparties (Large Corporates, Banks, Insurance Companies, etc.) and in certain types of mechanisms, such as Operational Risk or Credit Valuation Adjustment (CVA) risk mechanism, in which the use of internal models is no longer authorised.
A core project
The changes made to RWA calculations, starting with credit portfolio calculations, will have an impact on the prices offered to our clients for certain products and in certain client segments. Therefore, the entire ecosystem needs to be updated, from data processing to the development of our information systems and calculation models, all the way to reporting.
The teams that monitor credit risk, operational risk, market risk and finance began working on these changes in the second half of 2023, with an initial implementation planned for the first quarter of 2025.
(1) The Output Floor is one of the measures that seeks to reduce excessive variability in banks’ capital requirements calculated using internal models, thereby improving the comparability of banks’ capital ratios
Compliance with Basel IV is a key challenge involving the entire Risk and Permanent Control department. The changes to RWA calculations and the introduction of the output floor require a rigorous and coordinated approach to ensure a smooth transition while preserving Crédit Agricole CIB’s financial strength.
Natacha Gallou
Deputy General Manager & Head of Risk and Permanent ControlA strategic accountability project
In 2020, as part of the Group’s Human Project, aligned with the “Ambitions 2025” strategic plan, Crédit Agricole CIB committed to maintaining a high level of employee engagement and ensuring that staff were accountable at all levels of the organisation – as part of an initiative to promote accountability among employees, managers and management teams to support Crédit Agricole CIB’s growth.
Crédit Agricole CIB’s management and cultural transformation accelerated in 2024 with the roll-out of the initiative to an additional 1,800 employees in France and Europe, as well as in the United States and Asia.
Completion of the NOW (New ways Of Working) project
The NOW project supported this transformation by developing new ways of working based on hybrid working, redesigned workspaces and new systems and applications. All employees now benefit from a working environment that fosters a collective culture, cross-functionality, operational efficiency and accountability.
The Human-Centric Project places individual and collective responsibility at the heart of managerial and cultural transformation. The development of new ways of working allows us to support this transformation through a working environment that fosters autonomy and responsibility for all.
Anne-Catherine Ropers
Deputy General Manager and Head of Human ResourcesThe M&A organisation serving European clients
Cutting-edge sector expertise
This landmark transaction, involving two of the world’s largest infrastructure investors, highlights the strength of Crédit Agricole CIB’s Mergers & Acquisitions (M&A) Infrastructure franchise and our in-depth knowledge of the airport sector.
This success is a testament to the excellent collaboration between the teams and showcases our leadership in energy transition, infrastructure, transport and mobility.
With a strong origination structure across key sectors and dedicated M&A teams based in France and Europe, we continue to deliver impactful solutions for our clients.
Georg Orssich
Senior Regional Officer for Europe (exl. France), Crédit Agricole CIBA new entity in Montreal
Crédit Agricole CIB opened a new service centre in Canada, Crédit Agricole Services & Operations Inc., to support the strong growth of its Large Clients division in the Americas region, to better serve its international clients and increase its operational effectiveness.
Strengthening our service infrastructure for our clients in the Americas region
Based on a “Follow the sun*” model for the support function platforms, the new entity has, since March 2024, brought together the transaction processing services required by Crédit Agricole CIB’s and CACEIS teams in North America.
Previously, our operations were split between the Asia-Pacific region and New York. By establishing a new service centre in Montreal, we are increasing our operational efficiency by enhancing efficiency across time zones. This Canadian entity also gives us access to a diverse talent pool.
*The Follow the sun model involves running processes across different time zones when a company has branches in multiple countries.
Crédit Agricole Services & Operations Inc. in Montreal allows us to increase our operational efficiency, as well as our visibility and expertise.
Stéphane Ducroizet
Senior Regional Officer for the Americas regionA Bank committed to sustainability
In 2024, Crédit Agricole CIB in the Asia-Pacific region was named “Asia-Pacific ESG Financing House of the Year” by the International Financing Review (IFR), recognising its leading role in sustainable financing in the region.
Crédit Agricole CIB stood out from its competitors by supporting clients in their energy transition and structuring financing to support their decarbonisation strategy.
Our client-valued expertise
In 2024, we carried out inaugural ESG transactions for our clients in the Asia-Pacific region in areas such as energy transition financing, carbon neutrality, biodiversity and international taxonomies.
We also supported companies in sectors that are more difficult to decarbonise, including advising on the structuring of Sustainable Development Goal-linked loans with CCB Financial Leasing, CDB Aviation and Cebu Pacific to help reduce carbon emissions in the air transport sector.
Our ESG financing team in Asia Pacific is one of the largest in the market and is expanding rapidly to meet its clients’ demands. In 2024, Crédit Agricole CIB established a local ESG financing team in Japan as part of its strategy for the region.
We believe that finance has a decisive role to play in the energy transition and sustainable development. Asia-Pacific, as the fastest growing region, has significant needs and offers great opportunities in these areas. This award reflects our commitment to support the region’s transition to a low-carbon economy by providing our regional and international clients with innovative and sustainable financial solutions that are tailored to their specific needs and address environmental and societal challenges.
Jean-François Deroche
Senior Regional Officer for the Asia-Pacific region