Logo/CA/Couleur Integrated report 2021-2022


The rapid changes in the world require us to develop a long-term vision to meet the challenges of societal transitions.


A new world order

Global economic performance dependent on:

  • Viral contagion and the public health response (vaccination and quarantine/lockdown strategy);
  • Structure of economies (relative weight of manufacturing and services, such as tourism);
  • Fiscal and monetary countermeasures (amount of support to business).


Paths to recovery remain highly varied:

  • China boosted by its foreign trade and growing at a rate of 8.1%;
  • United States and the Eurozone turning in very strong performances, despite subdued recoveries;
  • Fragile rebounds in emerging countries and a trend towards fragmentation.


In late February 2022, tensions between Russia and Ukraine led to an armed conflict. Beyond its immediate financial consequences (risk aversion, falling equity markets, falling yields on the safest bonds, and rising volatility), the Russian-Ukrainian conflict has resulted in a significant rise in the prices of commodities of which the warring parties are major players.


In a context of very high uncertainty and eroding trust, one sees a depressive effect on business and an increase in inflationary pressures.


Long-forgotten inflation has returned to centre stage in 2021. Its very sharp acceleration resulted from a combination of several factors: pressures felt upstream, with sharp increases in commodity prices and bottlenecks, downstream pressures from the strong rebound in household consumption supported by substantial financial aid and high savings left over from the 2020 crisis, and baseline effects after very low inflation that same year.


  • Recovery financing to accompany the stimulus plans carried out by the States and supported by the European Union.
  • Assisting the transformations undertaken by corporates and the changes in societal behaviour.
  • Capitalising on our useful, effective risk models to offer our customers the support of a strong banking group.


  • Impact on the global economy of geopolitical tensions.
  • Longer-lasting presence of inflation and at a higher level, with a short-term impact on purchasing power.
  • The conflict between Russia and Ukraine will affect the global economic situation and create uncertainty in the financial markets.
Path 74
Increased regulatory requirements

Plurality of regulatory authorities and tighter prudential rules.


Stronger protection for customers and investors.


Fight against money laundering and financing of terrorism.


Greater requirements for transparency.


Recognition of climate and CSR risks in risk management.


  • Confirmation of the Group’s role in providing committed support to its customers;
  • Continuous improvement in the Group’s processes and ethical framework;
  • Management of new risks and better customer knowledge.


  • Higher capital requirements and stricter liquidity management;
  • Rise in operating costs;
  • Distorted competition against new, less-regulated players.


  • Application of the Smart Compliance strategy (launched in 2019 and incorporating the regulatory and ethical dimensions) to the organisation of the Group Project;
  • Generation of capital at Group level. Crédit Agricole Group phased-in solvency ratio 17.5%.
Path 74


Customer uses
Profoundly changing customer uses
  • Key values: trust, loyalty and transparency;
  • Services that are instantaneous, easy to use, omni-channel and free of charge are sought after;
  • Desire for a personalised approach, relevance and proactiveness;
  • Security and use of personal data;
  • Increase in consumers’ power over brands.


Transition from an ownership economy to a use economy
  • More and more customers have been shifted to digital, but while maintaining close support;
  • Expectations of greater commitments from banks with respect to three aspects: purchasing power/inclusion, protection (notably security of data) and environment (notably for mobility).


  • Positioning as an omni-channel bank with empowered teams for customers;
  • Diversity of expertise and Group business lines;
  • Adaptation and enhancement of offers, including non-banking offers, to respond to the new uses and providing a complete solution at all stages of life;
  • Capitalisation on the Group’s ethics in data usage and the soundness of IT systems to guarantee the security of data.


  • Decrease in branch traffic.


  • Very high rate of use of Group apps: 45.5% of CA customers and 57.4% of LCL customers;
  • Announcement of the long-term leasing agreement between CA CF and Stellantis.


Main SDGs* concerned


*Sustainable Development Goal

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Multi-faceted competition
  • Possible acceleration of the transformation of the European landscape.
  • Presence of new players and diverse models: aggregators, Fin Tech companies, GAFA, other industries, etc.
  • Technological changes and the emergence of open banking, securing the sharing of data.
  • Growing number of participants in the value chain.
  • New fee models (freemium, low cost) that increase pricing pressure on the offers.


  • Differentiation and retention thanks to excellence in customer relations;
  • Role of trusted third party;
  • Use of new technologies and artificial intelligence for a better customer experience;
  • Development of commercial and distribution partnerships.


  • Emergence of new competitive challengers;
  • Disintermediation (customer relationship, payments, data, etc.);
  • Fragmentation and unbundling of offers and limited opportunities for cross-selling;
  • Agility and transformation challenges of our IT systems and distribution channels.


  • Inclusive offers at moderate prices: Crédit Agricole EKO and Globe-Trotter, LCL Essentiel and CityExplorer;
  • Launch of the mobile app Blank, a professional account and an administrative and financial area, specially designed for independent workers;
  • Time savings in the recognition of insurance claims documents thanks to artificial intelligence.


Main SDGs* concerned


*Sustainable Development Goal

Path 74


Uncertainties in customers’ life paths
  • Demographic changes in Western countries (ageing populations, rise in dependency, diversification of family models and forms of employment).
  • More heterogeneous accidents and life paths, growing vulnerability of a portion of customers, notably the middle classes.


  • Reiteration of the universal banking model, attentive to customers’ concerns and expectations, over the long term and regardless of their life situation;
  • Enhancement of knowledge of corporate customers to better support them.


  • Higher credit/delinquency risk;
  • Risk assessment models to be revised;
  • Need to better identify customer expectations with respect to environmental and social aspects.


  • Youzful, the platform dedicated to career orientation and employment for young people launched by Crédit Agricole in January 2021, had more than 100,000 registered young users and 1.4 million unique visitors at the end of 2021;
  • CA CF helped 4,200 overindebted customers in 2021;
  • EKO inclusive insurance offer, CA Assurances and Primo LCL.


Main SDGs* concerned


*Sustainable Development Goal

Path 74
A greater social divide
  • Regional divides within countries, creating inequality.
  • Jobs and growth concentrated in urban areas.
  • Loss of purchasing power, feeling of impoverishment of the middle class.


  • Broad regional coverage through the Group’s different networks;
  • Development of banking, social and entrepreneurial accessibility.


  • Decline in banking margins in certain geographic areas.


  • Amundi’s Social Impact Fund dedicated to reducing social inequality;
  • Second issue of social bonds by Crédit Agricole in September 2021 for €1 billion;
  • At Amundi, €35 billion of environmental, social and governance solutions;
  • “Points Passerelle” (customer support desk / prevention of excess debt) of the Regional Banks: 10,000 families supported in 2021.


Main SDGs* concerned


*Sustainable Development Goal

Path 74
An acceleration in climate change and biodiversity deterioration
  • Growing awareness of the climate emergency.
  • Global commitments to fighting climate change and preserving biodiversity.
  • Reinforcement of regulatory restrictions on the energy transition and protection of biodiversity.


  • Development of investment and financing solutions to support institutional customers, corporates and small businesses in adopting a low-carbon trajectory;
  • Additional products and services allowing customers to adapt their behaviour to an economy that consumes less energy, in line with the Paris Agreement, and to put their savings to the service of environmental and social issues;
  • Financial innovation in response to the new economic models (sustainable agriculture in particular).


  • Rise in costs and economic risks related to the effects of climate change, for customers or for the Group.;
  • Uncertainty over the nature and timetable of the necessary transition to a low-carbon economy.


  • Adherence by all the Group’s business lines to the Net Zero Banking Alliance (NZBA) to support customers’ energy transition;
  • Announcement by the Group of ten ambitious commitments for the climate, social cohesion and inclusion, and agriculture;
  • Out of 30 banks, we are the only one to have arranged more “green” financing than hydrocarbon financing (source: 2021 Bloomberg study).


Main SDGs* concerned


*Sustainable Development Goal

Path 74
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