Strategy and value creation

Social strategy

This implements our principles of utility and universality in an environment of profound societal changes that generate uncertainty and require support and inclusion for all. As a result, Crédit Agricole, through all of its subsidiaries, offers environmental and social services to all of its customer segments so that all players in the economy and the regions can be assisted and supported in current and future transformations.

  • Ensure access for all to offers and services

    For individual customers

    • EKO had attracted more than 179,000 customers at the end of 2023: this entry-level banking service launched by the Regional Banks in late 2017 includes a basic banking service for €2/month (consisting of an account, a card, branch facilities and an app).
    • 48,000 EKO auto insurance policies were taken out during the year, bringing the number of policies covered by this inclusive package, which offers basic cover at an affordable price, to 97,790.
    • The launch of BforBasic by BforBank: a free, non-means tested service, after the entire offering of the 100% digital bank, open to all customers, was repositioned in September 2023.

    For SMEs, sole traders and micro-entrepreneurs

    • Launch of EKO PRO: this offering gives access to an account, a card and most branch services at an affordable rate and had attracted 15,000 customers at the end of November 2023.
    • The two 100% digital offers, Propulse for Regional Banks and LCL Essential Pro for LCL, offer “all-in-one” solutions (an account, a card, management services) on subscription.

    Commitment to young people

    • For everyday needs: since its launch, 118,700 subscriptions to LCL Essentiel, a banking service aimed at young people in urban areas for €2/month; nearly 290,000 LCL Flex instant mini-loans taken out via the mobile app at the end of 2023; more than 610,000 subscriptions to the Globe-Trotter service at the end of 2023, offering an international payment card and associated services for €2/month.
    • For housing: consumer loans and mortgage loans at preferential rates to help young professionals and first-time buyers; home insurance offered to students whose parents are LCL customers and to young people in rented accommodation, in partnership with Action Logement, entitling them to free cover with a Visale guarantee, for an all-inclusive price of €6/month.
    • For studying: affiliation with the State-guaranteed student loan scheme run by Bpifrance, allowing students under the age of 28 to cover the costs of student life (tuition fees, accommodation, study trips etc.)
    Youzful, the digital space offering jobs and guidance for young people
    Between its launch in January 2021 and the end of 2023, the website had 3.7 million unique visitors and 270,553 young people had registered.

    Supporting vulnerable people and combating overindebtedness

    • In the area of consumer finance, CA Consumer Finance supports vulnerable people in the countries in which it operates:
      • 3,589 Sofinco customers supported in France by the Customer Support Agency;
      • 13,523 customers supported in Italy at Agos (total in 2023).
    • In retail banking, LCL and the Regional Banks:
      • have introduced the automatic detection of actual or potential financial difficulties;
      • support customers who are struggling financially (including LCL Initial and Compound Account Protected Budget Module (Compte à Composer Module Budget Protégé), with a limit on unarranged fees and bank charges etc.).
    Point Passerelle
    For 25 years, this scheme has been supporting Crédit Agricole customers (and even non-customers) who have become vulnerable as a result of one or more life events (unemployment, death of a relative, divorce etc.). In close cooperation with local stakeholders, it identifies solutions to help them get back to a stable and long-lasting situation. Nearly 11,500 families were supported in 2022.

    Improving access to care and ageing well

    • Launch of the new Crédit Agricole Santé & Territoires (Healthcare and Regions) business line
      The decrease in the number of doctors over the next decade will coincide with an ageing population, resulting in a sharp increase in the demand for healthcare. In response to these challenges, Crédit Agricole Santé & Territoires draws on the various initiatives carried out within the Group, as well as on partnerships and strong growth in the number of health insurance policyholders, with a twofold objective:

        • Expanding access to care in the regions: development of telemedicine, support for healthcare professionals and new forms of medical practice, development of healthcare structures in medical deserts etc.
          In late 2023, CA Santé & Territoires acquired a 90% stake in Omedys, thereby positioning itself to develop regionally operated teleconsultation solutions approved by the French health insurance and doctors’ unions.
          In a rapidly changing healthcare system, it is also investing in medical professionals through a 93% stake in Medicalib, a company specialising in support for paramedical professions (nurses and physiotherapists), whose role is becoming increasingly important. Other solutions currently being studied, such as the installation of health centres in the regions, will contribute to the growth of CA Santé & Territoires in an environment where access to healthcare is a growing challenge.
        • Facilitating ageing well: both at home and in terms of accommodation through a support platform and expansion of housing stock for senior citizens.

      See also CA Santé & Territoires in “Ambitions 2025” in action

    • Support and guidance for healthcare professionals
      • At LCL: €6.3 billion in outstanding finance at the end of 2023 for LCL and Interfimo, its subsidiary catering for freelance professionals, to facilitate public access to quality care; a €200 million partnership between LCL and the European Investment Bank to help healthcare professionals develop their business and assist new practitioners in becoming established (€145 million granted at the end of 2023, of which €55 million was for projects in areas under pressure).
      • In the Regional Banks: outreach workers in the healthcare sector and specialist advisors and business managers; a housing loan offer for interns and heads of health clinics; refinancing packages with the European Investment Bank for €650 million to encourage more women into the sector, facilitate the establishment of new practices and prevent medical deserts; acculturation initiatives for the care sector (IFCAM training, events and webinars with Le Quotidien du Médecin, a guide published by Uni-Médias etc.).

    Other initiatives in 2023:

    • Launch of Crédit Agricole Assurances Retraite, a supplementary occupational pension fund that offers individual and group pension contracts. Its target is to reach €24 billion in pension assets by 2025.
    • The development of inclusive housing based on the group housing model for senior citizens in vulnerable circumstances, thanks to a new round of funding from the Amundi Finance et Solidarité investment fund with the support of several Regional Banks.

  • Supporting high-impact players and investment solutions promoting social cohesion

    • Passing the €500-million mark at the end of 2023, the Amundi Finance et Solidarité fund has confirmed its position as a leader in social economy investment in France, with continued growth in assets under management.
    • Crédit Agricole Assurances periodically supplements its life insurance policies with SRI-, Greenfin- and Finansol- certified products to offer investors social impact investments. It had €23.4 billion of certified unit-linked assets in 2023, compared with its target of €28 billion by 2025.
    • LCL has strengthened its “LCL Impact Sociétal et Solidaire” responsible investment ranges, notably with LCL Better World, the market’s first exclusive allocation of funds contributing to the United Nations Sustainable Development Goals within life insurance policies.
    SOCIAL AND SOLIDARITY ECONOMY >€500m
    Investment in the social and solidarity economy at the end of 2023 by the Amundi Finance et Solidarité fund, confirming its position as leader

    Developing social housing

    • Crédit Agricole has confirmed its position as one of the leading residential mortgage providers in France. It has made a significant contribution to boosting home ownership across the board, notably by financing several Organismes Fonciers Solidaires (OFS – community land trusts) set up under the Loi pour l’Accès au Logement et un Urbanisme Rénové (ALUR – French law on access to housing and town planning reform). In addition, the partnership between Crédit Agricole S.A., the Fédération Nationale du Crédit Agricole and Action Logement was extended in late 2022 to facilitate housing rental, especially for people (particularly younger generations) who cannot afford a deposit.
    • With nearly a thousand homes sold in 2023 to social landlords by Crédit Agricole Immobilier, more than 5,000 social housing units have been developed by the Group’s developer over the last 10 years.
    • In 2023, customer assets in regulated savings accounts represented €70 billion for the Regional Banks. The sums deposited by investors and remitted to the savings fund managed on behalf of the State by the Caisse des dépôts et consignations are allocated, as a priority, to the financing of social housing by public authorities.
    DEVELOPING SOCIAL HOUSING 985
    homes sold to social landlords, out of the 2,563 homes sold by Crédit Agricole Immobilier in 2023

    Promoting entrepreneurship

    • The continued involvement of LCL and the Regional Banks alongside the major networks that support business creation in France: Initiative France, Réseau Entreprendre and France Active.
    • 126 projects of entrepreneurs – most of them looking for work – were financed by LCL and France Active Garantie (in which LCL holds a 5% stake) for more than €6 million.
    PROMOTING ENTREPRENEURSHIP 126
    entrepreneur projects financed by LCL and France Active Garantie for more than €6 million

    Issuing social bonds

    • Crédit Agricole CIB was bookrunner for more than €2.6 billion in social bonds (source: Bloomberg).
    • The social bonds issued by Crédit Agricole S.A. were a resounding success, with €3,526 million outstanding bonds and 11 issues in 2023.
    • LCL supported ANRH, a major French social and solidarity economy group active in the areas of disability and employment, in setting up two social loans totalling €4.1 million.

  • Crédit Agricole S.A. aims to be a responsible employer over the long term and wishes to promote its employer brand through seven themes.

    Crédit Agricole S.A. is a responsible employer that…

    Development

    Offers multiple opportunities

    • 5 main activities
    • 75,125 FTE (full-time equivalent employees) across 46 countries
    • 52% employees working outside France
    • 18,763 positions filled by permanent contracts, including:
      • 11,790 internal transfers, accounting for 63% of positions filled by permanent contracts
      • 6,973 external hires
    • 95.6% of staff are on permanent contracts1
    • 41.8% of managers are women2
    Skills

    Trains its employees and contributes to collective development

    • 2.5 million hours of training
    • CSR training given to all Group employees (69% had received awareness training at the end of 2023)
    • Partnerships with leading schools and universities
    Community

    Contributes to social advancement

    • Existence of a global agreement with UNI Global Union since 2019, renewed in 2023 for four years
    • 212 corporate agreements signed in 2023 (104 in France and 108 abroad)
    • 7th disability agreement signed1 for 2023-2025
    • 91% of employees worldwide are covered by paternity leave
    Recognition

    Shares value creation

    • Capital increase: annual offer with discount for employees and retirees of Crédit Agricole Group, in 17 countries
    • Shareholding and profit-sharing agreements in place for all employees in France
    • Employee shareholding accounts for 6.54% of the total in 2023
    Societal

    Fosters diversity within its human capital

    • Percentage of women on the Executive Committee: 35.5%
    • Percentage of women in the Top 150: 21%
    • Percentage of promotions awarded to women3: 59.3%
    • Percentage of employees over 50: 32%
    • Percentage of employees under 30: 10.7%
    • Provisional employment rate of people with disabilities for 20231: 5.44%
    • No.2 French bank in the Diversity Leaders ranking4
    • Gender equality at work index: 100% of entities achieved a score of at least 84/1005
    • 124 different nationalities represented within the Group
    Flexibility

    Offers an attractive and reassuring working environment

    • Best French financial services employer for career prospects (source: LinkedIn Top Companies 2023)
    • No.1 financial services employer that has engaged most with CSR (source: Universum CSR 2023)
    • 83% employee participation in annual Empowerment Index survey (IMR)7
    • An employer recommendation rate of 76%, its highest level since the Group’s internal survey was first introduced
    • Numerous commitments to promote work-life balance and quality of life in the workplace (childcare, learning support, recreational offers for employees and their children, healthcare etc.)
    • The Group’s flagship Île-de-France campuses awarded the Refuges LPO bird refuge, BiodiverCity Life and EcoJardin labels
    Development

    Committed to young people

    • A quarter of permanent hires followed a contract (work-study, internship, fixed-term contract) within the Group
    • 422 ninth-grade students from REP/REP+ priority education areas in France welcomed for a workplace observation internship6
    • Percentage of employees under 30 among permanent hires: 45%

    1 Scope: Crédit Agricole S.A.
    2 Indicator coverage ratio: 100% of workforce
    3 France scope: 96% of workforce
    4 Source: Financial Times/Statista 2024 fifth annual ranking, with a sample of 13,000 eligible corporates in Europe
    5 Entities with a score below 84/100 represent less than 2% of the workforce
    6 Scope: Crédit Agricole S.A. France
    7 Indice de Mise en Responsabilité (Empowerment Index)

    Impact on 6 of the 17 UN Sustainable Development Goals

    SDG 3. Good health and well-being SDG 4. Quality education SDG 5. Gender equality SDG 8. Decent word and economic growth SDG 10. Reduced inequalities SDG 15. Life on land

    Highlight of 2023

    Crédit Agricole S.A. and UNI Global Union, the international trade union federation representing the private services sector, signed a new global agreement on 9 October 2023. It proposes a baseline social foundation common to all 79,000 employees of Crédit Agricole S.A. in the 46 countries in which it operates.

    The four-year agreement reaffirms Crédit Agricole S.A.’s commitment to respecting human rights and fundamental social rights, and promotes social dialogue. In addition, it includes commitments to:

    • parenthood, with the introduction of 28 calendar days of paid paternity leave for all employees;
    • quality of life in the workplace;
    • equal opportunities and non-discrimination;
    • inclusion of workers with disabilities.