Olivier Gavalda is appointed Chairman of the Board of Directors of Crédit Agricole CIB
The Board of Directors of Crédit Agricole CIB, meeting on 5 May 2025 following the Annual General Meeting, decided to appoint as of today, Olivier Gavalda as Chairman of the Board of Directors, replacing Philippe Brassac whose term of office was due to expire.
The Board warmly thanked Philippe Brassac for the quality of his chairmanship.
Biography
Olivier Gavalda has spent his entire career at Crédit Agricole. He joined Crédit Agricole du Midi in 1988 where he successively held the positions of Organisation Project Manager, Branch Manager, Training Manager and finally Head of Marketing. In 1998, he joined Crédit Agricole Ile-de-France as Regional Director, then in 2002 he was appointed Deputy Chief Executive Officer of Crédit Agricole Sud Rhône-Alpes, in charge of Development and Human Resources. In 2007 he became Chief Executive Officer of Crédit Agricole Champagne-Bourgogne. In 2010, he joined Crédit Agricole S.A. as Head of the Regional Banks Division and then in 2015 he was appointed Deputy Chief Executive Officer in charge of the Development, Customer and Innovation Division. In 2016, he became Chief Executive Officer of Crédit Agricole Ile-de-France. In November 2022, he has been appointed Deputy Chief Executive Officer of Crédit Agricole S.A. in charge of Universal Bank. Olivier Gavalda was appointed Chief Executive Officer of Crédit Agricole S.A., with the mandate effective as of 14 May 2025.
Olivier Gavalda holds a master’s degree in Econometrics and a DESS (post-graduate diploma) in organisation/computing from Arts et Métiers.
Appointment of senior regional officers at Crédit Agricole CIB
Jean-François Deroche is appointed Senior Regional Officer for the Asia-Pacific region, effective on December 1st 2022, based in Hong Kong. He replaces Michel Roy who is retiring.
Stéphane Ducroizet is appointed Senior Regional Officer for the Americas, effective on October 17th 2022, based in New York. He replaces Marc-André Poirier, who becomes Chief Executive Officer of Crédit Agricole Indosuez Switzerland, effective on December 1st 2022.
Hatem Masmoudi is appointed Senior Regional Officer for the Middle East and Africa, effective on September 1st 2022, based in Dubai.
They all report to Xavier Musca, Chief Executive Officer of Crédit Agricole CIB. Jean-François Deroche and Stéphane Ducroizet are members of Crédit Agricole CIB’s Executive Committee and join Crédit Agricole S.A.’s Management Committee. Hatem Masmoudi is a member of Crédit Agricole CIB’s Management Committee.
Biographies
Jean-François Deroche began his career at Crédit Lyonnais in 1982 where he held a number of positions, including Senior Banker in the European Client Department of the New York branch, General Branch Manager of the Boston office and Account Manager at the Investment Bank. He then became Head of the Investment Banking division in Japan. In 2004 he joined Crédit Agricole CIB in the team implementing the merger of Capital Markets activities. In 2005 he was appointed Secretary General of Capital Markets and Brokers, and in 2008 Head of the Global Market Division, Americas. In 2011 Jean-François was appointed Senior Regional Officer for the Americas and Senior Country Officer for the United States. In 2016 he joined Crédit Agricole Indosuez Switzerland as Chief Executive Officer. Jean-François Deroche graduated from Institut d’Etudes Politiques de Paris and has a Bachelor’s degree in Law.
Stéphane Ducroizet started his career at Crédit Lyonnais’ Corporate Banking groups in Paris (1993-1998). After four years within the Telecoms Finance team in Paris, he joined the Media & Communications Group at Calyon Americas in New York in 2002. From 2006 to 2007 he joined the Specialized Assets Securitization Group of Calyon Securities in New York. In 2007 he was appointed Head of Telecom Finance EMEA. In 2009 he became Global Head of TMT Finance at Crédit Agricole CIB in Paris. In 2015 he set up the Corporate Acquisition Finance group for which he assumed a global responsibility, before being appointed Global Head of Acquisition Finance and Advisory. In January 2019, he became Global Head of the Real Estate & Lodging group. In September of the same year he was appointed Head of Risk and Permanent Control. In January 2021 he was appointed Deputy General Manager. Stéphane Ducroizet graduated from HEC Paris.
Hatem Masmoudi has more than twenty years of experience in corporate and investment banking and in capital markets. He also has strong expertise in origination and business development. He started his career in 1996 at Arthur Andersen and joined Crédit Agricole Indosuez (now Crédit Agricole CIB) in 1998 as Market Risk Analyst. In 2000 he became Originator within the Strategic Equity Transactions team. In 2006 he was appointed Global Head of Origination for Strategic Equity Transactions, before becoming Global Head of Strategic Equity Transactions in 2013. In 2016 he was appointed Global Head of Equity Solutions, in charge of the redeployment of the Bank’s Equity Derivatives product offering. In September 2021 he moved to Dubai to become Head of Global Markets for the Middle East and Africa. Hatem Masmoudi graduated from Ecole Polytechnique, ENSAE and also holds a Masters 2 in mathematics and an actuary certificate.
Crédit Agricole CIB appoints Laurent Capes Head of Global Investment Banking
Laurent Capes is appointed Head of Global Investment Banking, effective date 1st September 2022.
He replaces Hélène Combe-Guillemet who is retiring, and reports to Didier Gaffinel, Deputy General Manager in charge of Global Coverage and Investment Banking. Based in Paris, he is a member of the Bank’s Management Committee.
Biography
Laurent Capes has strong expertise in investment banking with extensive experience in the Coverage of Large Clients in France and abroad.
Laurent started his career at the World Bank in 1997. In 1999, he joined the French Ministry of Economy, Finance and Industry in the Treasury Department, where he worked on several privatisation transactions. After joining Deutsche Bank in 2003 in the Investment Banking department, he became a Senior Banker in 2011 at Natixis. He joined Crédit Agricole CIB in 2015 as a Senior Banker in the Large French Clients team, focusing on public sector companies, and was appointed Head of Global Coverage Organisation in January 2019.
Laurent Capes is a graduate of the Ecole Polytechnique, the Ecole Nationale des Ponts et Chaussées and the London School of Economics.
Crédit Agricole CIB supports Europcar Mobility Group in its first sustainability-linked securitisation
Crédit Agricole CIB is pleased to announce the transformation of Europcar Mobility Group’s €1.7bn fleet financing securitisation programme into the largest ever sustainability-linked securitisation programme on assets.
Europcar Mobility Group, as a major player in the mobility market has the ambition to be part of the solution towards a low carbon economy. This ambition has been reinforced with the launch of its “One Sustainable Fleet Program” end of 2019, targeting an increase in the proportion of “green” vehicles in its fleet, and with the implementation of a comprehensive Carbon Reduction Plan from early 2021.
Under the terms of the securitisation, an interest step-up or step-down mechanism will be applied depending on the achievement of a sustainability performance KPI covering the percentage of green vehicles (less than 50 g CO2/km) within its car and van fleet. The performance of the KPI will be reported annually from 2022 and independently verified.
Crédit Agricole CIB acted as sole Lead Arranger and ESG advisor on this transaction. The transaction confirms its leadership and innovation mindset in two of our excellence pillars: securitisation and sustainable finance, at the service of its client strategy.
Caroline Parot, CEO, Europcar Mobility Group: “Through the program amendments, Europcar Mobility Group consolidates its move to implement a comprehensive sustainable finance strategy. This sustainability-linked securitisation, together with the bond issuance we have just completed, reflects the choice to act directly on the “C02” profile of our fleet, where we can have a significant impact. We are committed to reducing our carbon footprint year on year, while positioning and promoting our mobility services as real alternatives to car ownership, thereby allowing the reduction of the number of cars on the road. This is how we see our contribution to the necessary transition to a low carbon world”.
Edith Lusson, Managing Director – Securitisation at Crédit Agricole CIB: “We were delighted to arrange this innovative sustainability-linked feature to the Europcar transaction and to reach approval of all 9 banks in the pool. We are convinced it will pave the way for similar transactions in the mobility sector, further contributing to sustainable and low carbon fleet financing activities.”
Credit Agricole CIB enters intermodal finance sector and expands its leadership in shipping finance
Crédit Agricole CIB is pleased to confirm the signing of an agreement with ABN Amro for the acquisition of their US Shipping and Intermodal loan portfolios (already announced to the market by ABN Amro on the 12th July 2021), as well as a portion of their Asian Shipping loan portfolio.
This acquisition marks the entry of Crédit Agricole CIB in the Intermodal finance sector, a market that offers direct synergies with the bank’s existing ship-finance and rail-finance activities.
Crédit Agricole CIB is one of the world’s leading shipping banks and a leading arranger of financing solutions for the transportation sector. These acquisitions will further consolidate the bank’s presence in the strategic US and Asian shipping finance markets. In the new Intermodal finance activity, Crédit Agricole CIB will leverage on its core expertise across transportation, securitization and capital markets.
Thibaud Escoffier, Global head of Ship Finance at Crédit Agricole CIB: “The acquisition of these high-quality loan portfolios is another proof of the long-term commitment of Crédit Agricole CIB towards the all-important transportation sector. Our franchise and expertise are there to support Credit Agricole CIB clients in the transportation sector, at a time when all ship, rail and aircraft operators have to face the challenges thrown at them by the Covid crisis, while planning for the capital expenditures that will be required to achieve the necessary decarbonisation of their activities.”
Crédit Agricole CIB structures the first green commercial paper backed by trade receivables contributing to the energy and environmental transition
Crédit Agricole CIB placed the first green issuance of LMA S.A., its European ABCP securitisation programme, for an amount of €25 million. Crédit Agricole CIB considers this ABCP issuance as the first ABCP refinancing of trade receivables contributing to the energy and environmental transition, and in particular to the renewable energy, energy efficiency, clean mobility and waste and water management sectors.
This issuance is the first of a long series of “green” issuances planned by LMA S.A. It follows on from the issuances carried out through the US programmes sponsored by Crédit Agricole CIB, which were, for their part, backed by financing for electric vehicles.
Arnaud d’Intignano, Global Head of Financing & Funding Solutions, said that “Crédit Agricole CIB’s leadership in the multi-seller ABCP market for its clients, coupled with its success in Sustainable Finance, enabled us to carry out this pioneering issue of ABCP in Europe with a leading investor in the field of ESG (environmental, social and governance) investments.”
Éric Rossignol, Global Head of Quantitative Analysis, Methodologies & Refinancing Operations adds that “this initiative is the result of a strong cooperation between several teams combining expertise in Sustainable financing solutions, CP structuring and quantitative studies. Our ambition is to serve LMA’s investors in Europe and the US by leveraging our ESG expertise and ABCP franchise.”
The underlying assets comply with the eligibility criteria defined in Crédit Agricole Group’s Green Bond Framework, which benefits from a second opinion from Vigéo Eiris. This Green Bond Framework provides a framework for the issuance of green bonds by the Crédit Agricole Group.
In addition, these assets comply with Crédit Agricole Group’s Corporate Social Responsibility policy and contribute to the United Nations’ sustainable development objectives.
Tanguy Claquin, Global Head of Sustainable Banking, said: “This ABCP issue reflects the Group’s continued commitment to green issuance, with the aim of providing our clients with sustainable financing solutions and investment opportunities for ESG investors. The bank commits significant resources to developing green financing solutions with a global environmental impact and has maintained a leading position as a green, sustainable and social bond arranger for many years. The issuance of green ABCPs in Europe is a clear success demonstrating the extent to which climate change is integrated into Crédit Agricole CIB’s product offering.”
Icade signs a solidarity-based revolving credit line with Crédit Agricole CIB and Crédit Agricole d’Ile-de-France for €150m
Icade has announced the signing of a five-year €150 million solidarity-based revolving credit line with Crédit Agricole CIB and Crédit Agricole d’Ile-de-France. It includes a mechanism by which both banks waive part of their remuneration. These funds, combined with those donated by Icade for the same amount from June 2020, will be allocated to research on Covid-19 vaccines carried out by Institut Pasteur.
Over the term of the credit line, Institut Pasteur will first receive up to €300,000 from Icade to support Covid-19 research programmes, in particular those relating to candidate vaccines. This allocation may subsequently be reassessed based on medical research priorities, in consultation between Icade and Institut Pasteur.
This new funding brings Icade’s secured credit lines to over €2bn and strengthens its liquidity position.
This transaction has allowed Icade, Crédit Agricole CIB and Crédit Agricole d’Ile-de-France to innovate by creating a product that provides a source of additional sustainable financing to players in the solidarity economy.
This innovative transaction was arranged by Crédit Agricole CIB.
Moody’s upgrades the long term credit ratings of Crédit Agricole Regional banks, Crédit Agricole S.A. and Crédit Agricole CIB
On 19 September 2019, the rating agency Moody’s announced the one-notch upgrade from A1 to Aa3 of the long term credit rating of Credit Agricole Group’s following entities: Crédit Agricole Regional banks, Crédit Agricole S.A. and Crédit Agricole CIB.
Credit ratings of long-term debt instruments issued by these entities are also impacted by a one-notch upgrade. The outlook changes from positive to stable and the short-term rating remains unchanged at P-1.
Moody’s justifies the upgrade by the constant improvement of the capitalisation level of the Group, of its asset quality and of the diversification of revenue sources, which enables Crédit Agricole Group to maintain its profitability in a low interest rate environment. This is an acknowledgment of the strength of the Group’s universal customer-focused retail model and its capacity to reach its strategic targets.
The upgrade changes the rating of senior preferred debt instruments issued by Crédit Agricole SA to Aa3, the one of senior non-preferred and Tier 2 notes to Baa1, and the one of Additional Tier 1 debt instruments to Baa3. The latter are now rated “investment grade”.
For details about the rationale underlying this rating action, please refer to the press release issued by Moody’s on Thursday 19 September 2019, “Rating Action : Moody’s upgrades Credit agricole S.A’s long term deposit and senior unsecured debt rating to Aa3 from A1, outlook changed to stable”.
As a reminder, the long-term rating of Regional banks, Crédit Agricole S.A. and Crédit Agricole CIB is A+ with S&P and Fitch Ratings since October 2018 and May 2017 respectively.
Financial agenda
8 November 2019 Publication of third quarter 2019 results