Credit Agricole and BP
PARIS (AFP) – French coffer Acclaim Agricole, one of the bigger European banks by capitalisation, appear a acceleration of net accumulation to 1. 0 billion euros ($1. 42 billion) in the aboriginal quarter, on Friday. The bulk of shares in the coffer showed a accretion of 1. 40 percent to 11. 23 euros in a bazaar up 0. 57 percent overall. The outcome, appearance an access of 112 percent from the aftereffect 12 months ago, was in band with boilerplate estimates of analysts as polled by Dow Jones Newswires.
At CM-CIC Securities, analyst Pierre Chedeville commented: "The accumulation is assuming its basic characteristics again: operating adeptness and an able ascendancy of charges, actual alert action for provisioning, and costs and advance activities steady. " Coffer arch authoritative Jean-Paul Chifflet said that Acclaim Agricole's absolute acknowledgment to Greek debt was 631 actor euros at the end of March. Acclaim Agricole is one of the few adopted banks to ascendancy a Greek bank, in the anatomy of Emporiki bank. Aggregation History: France's "green bank" was nicknamed for its roots in agriculture.
Credit Agricole, composed of the Caisse Nationale de Acclaim Agricole and 90 bounded banks, which calm own 90% of the Caisse Nationale, is a different accommodating alignment and one of the best important cyberbanking groups in France. In the mid-1800s, it became bright that there was a allegation for agronomical acclaim in France, abnormally afterwards a crop abortion in 1856, which larboard rural areas in acute straits. One of the basic causes of low assembly was a abridgement of acceptable acclaim for farmers, who generally could not accommodated banks' accustomed acclaim requirements.
In 1861, the government attempted to antidote this problem, allurement Acclaim Foncier to authorize a administration especially for agriculture. But the anew formed Societe de Acclaim Agricole able little. By 1866, admitting some accomplish appear advance had been suggested, the alpha of the Franco-Prussian War prevented their implementation. The association bankrupt in 1876. Later, several cyberbanking cooperatives sprang up apart amid farmers, operating in rural towns on a arrangement of alternate credit.
In 1885, the aboriginal association for agronomical acclaim was founded at Salins-les-Bains in the Jura; the best bulk of acclaim a agriculturalist could get was FFr500, the bulk of a bond of oxen. By the end of the century, aback allocution of modernizing France's agronomical abridgement became added urgent, it was absitively that this arrangement of localized acclaim was added acceptable for the rural citizenry than acclaim appearing from a big axial bank. In 1894, the Chamber of Deputies proposed a law to adapt claimed or concise rural credit, based on the methods of the baby acclaim societies already in existence.
The law formalized the requirements for the societies' formation, fabricated them absolved from taxes, and gave them a cartel on state-subsidized loans to farmers. In 1897, the Coffer of France fabricated funds accessible to the banks through the abbot of agriculture, and in 1899, a law was anesthetized to actualize bounded banks to act as intermediaries amid the bounded societies and the abbot of agriculture. The bounded cooperatives were free societies with bound liability. Their associates were mostly alone farmers.
Each bounded accommodating was affiliated with a bounded bank, breadth it transferred all deposits and acquired funds for loans. The bounded banks adopted a lath to ascendancy the bounded banks, which were mainly amenable for medium- and abiding loans. Thus, the bureaucracy of Acclaim Agricole was established. One of the affidavit Acclaim Agricole was so acknowledged was its affirmation on alone farmers. In the mid-1800s best of France's agronomical aftermath came from baby farms rather than ample estates, and the French government basic to bottle the baby ancestors acreage for several amusing and bread-and-butter reasons.
For instance, it was broadly believed that baby farmers able the clay best assiduously and so fabricated bigger use of it. It was additionally anticipation to be bigger to accept abounding baby ancestors farms than to actualize a "proletariat" to assignment on ample farms. Nevertheless, France's agronomical methods were in allegation of modernization, and Acclaim Agricole helped baby farmers buy new accessories and aliment to advance production. In 1910, a law accustomed abiding claimed acclaim for the acquirement of acreage to animate adolescent men to farm.
Only baby backing could access these loans, which could not beat $1,600, and alone adolescent farmers were eligible; their characters were the base for their credit. Aback Apple War I bankrupt out in 1914, the European cyberbanking arrangement was beneath astringent bondage due to difficulties with the gold exchange. However, gold was still in apportionment in France and the Coffer of France was able to access its affair of notes, abating some cyberbanking order. Throughout the war, agronomical assembly was at a minimum, and Acclaim Agricole, still a adolescent institution, was able to survive alone through affiliated abutment from the government.
Agricultural achievement did not achieve its prewar akin until 1930. In 1920, a law was anesthetized to adapt the appointment Civic du Acclaim Agricole, a civic association run by civilian agents and the adopted assembly of the bounded banks but controlled by the government--the abbot of agronomics would name its director. Appointment Civic du Acclaim Agricole additionally became amenable for the administration of treasury accommodation funds and for rediscounting the concise loans of bounded and bounded societies.
In 1926, the name was afflicted to Caisse Nationale de Acclaim Agricole (CNCA). As Acclaim Agricole grew in assets and capacity, it began to advice not alone alone farmers but additionally the accommodating barter movement accepting arena amid agronomical groups. These new agronomical cooperatives, which organized industries in a way agnate to unions, could generally not accession the money to organize, and they bare Acclaim Agricole's support. In turn, the cooperatives helped France's accretion afterwards the war.
World War II aching agronomics beneath than the aboriginal war had, and afterwards the war, there was a aeon of accelerated growth, spurred on by Acclaim Agricole's loans. Amid 1941 and 1945, beneath the Vichy government, a Coffer Ascendancy Commission was accustomed and attempts were fabricated to anticipate the conception of new banks or branches. Afterwards 1945, however, the Coffer of France and the alternative basic banks were nationalized. A bureaucracy was born, with the Ministry of Accounts and the Coffer of France at the top, giving the government the adeptness to amplitude the administration of credit.
In this sense, it won alike added adeptness to advice added Acclaim Agricole. Afterwards the war, agronomics underwent a massive accession plan. Acclaim Agricole played a above allotment by bartering basic for fertilizer, equipment, electrification, and bigger baptize supplies. Since agronomical acclaim was subsidized by the government, and due to the affection of Acclaim Agricole's decentralized bartering network, agronomical institutions had the best accelerated amplification amount of all the banks. Amid 1938 and 1946, the basic funds of the bounded societies added from FFr1. billion to FFr28 billion. Acclaim Agricole affiliated its medium- and abiding accommodation operations and the government accustomed appropriate loans for acreage equipment, causing a big access in the cardinal of farmers alive tractors. Costs for baby farms continued; as backward as 1958, cooperatives were advantaged over ample farms. But France's acreage abundance was beneath that of best alternative European countries, and some abhorrent the low abundance partially on the acclaim advantages accustomed to baby farms, which kept antagonism at bay.
Earnings did not advance and the industry remained abased on loans. About this time, the government began to administer acrimonious lending ceilings to the accomplished cyberbanking arrangement to arrest the money accumulation and authority bottomward inflation. This led abounding banks to alter into beyond business and the Eurodollar market. A bang in French exports additionally created a appeal for French cyberbanking adeptness in the consign markets. Acclaim Agricole, however, captivated aback at aboriginal from all-embracing expansion, while growing rapidly with the French economy.
In 1966, the accompaniment absitively to acquiesce Acclaim Agricole to widen its operations to become added adjustable than a coffer carefully for farmers. Beneath the new reform, Acclaim Agricole was accustomed to accomplish loans to individuals and organizations not accurately affiliated with agriculture. It was additionally accustomed to actualize subsidiaries. One of the best important subsidiaries it created was the Abutment d'Etudes et d'Investissements, which acclimated its assets to accounts alone investments.
In 1967, the government appear that all assets calm by Acclaim Agricole's bounded and bounded banks, ahead deposited in the French Treasury, would now be deposited with the Caisse Nationale de Acclaim Agricole. In 1971, the Abutment d'Etudes et d'Investissements, with an eye on important developments in the aliment processing business, created accession subsidiary, L'Union cascade le Developpement Regional, which was mainly to accommodate loans to agronomical and aliment processing industries or alternative agnate operations in regions breadth they would actualize jobs.
In July of the abutting year, the abbot of finance, Giscard d'Estaing, warned Acclaim Agricole about its diversification, pointing out that its purpose allegation break mainly agronomical and its activities antithesis cyberbanking and amusing profit, a alternating political affair in Acclaim Agricole's development. Alternative ample banks complained about Acclaim Agricole's cartel on acreage acclaim and its tax-free status, which had accustomed it to abound into one of the bigger banks in France, while those anxious about acreage aid afraid that the bank's purpose would be diffused.
Critics abhorrent Acclaim Agricole's amplification on the alternative banks' apathy and politicians' abhorrence to advance Acclaim Agricole for abhorrence of accident the abutment of farmers. By 1975, Acclaim Agricole had amorphous its all-embracing activities, absorption mainly on adopted agronomical loans and consign companies. In 1977, aback the U. S. dollar was low, Acclaim Agricole ranked briefly as the bigger coffer in the world. In 1978, Acclaim Agricole's accumulation of FFr400 actor was added than the alternative three basic French banks combined.
The coffer had amorphous to accounts apartment (it is now the arch mortgage lender in France), silo construction, and exports, and had additionally become a money bazaar lender. Afterwards alternative French banks campaigned for several months adjoin Acclaim Agricole's advantages, the government assuredly concise those privileges. Acclaim Agricole's surpluses began to be burdened as profits, and for three years, the coffer was banned from aperture new branches in towns breadth it had no official purpose and competed unfairly with alternative banks. The advantage the government offered may accept added added to Acclaim Agricole's advance than the privileges that were taken away.
Before the new rules, the coffer could alone accomplish absolute loans in communities of 7,500 bodies or fewer, but beneath the new restrictions that absolute was affiliated to 12,000. Acclaim Agricole affiliated to advance advanced with all-embracing expansion. In 1979, it opened its aboriginal all-embracing branch, in Chicago; London anon followed, and a New York City annex opened in 1984. By then, Acclaim Agricole was additionally acutely alive in allotment development in rural areas for roads, telephones, and airports, and the government was auspicious the coffer to advice out baby industry.
By 1981. Acclaim Agricole had several able subsidiaries: Segespar, which headed the investment-and-deposit annual group; Voyage Conseil, a French biking agency; Eurocard France, a payment-card company; Soravie, an allowance aggregation for sales in bounded branches; Unimat (now Ucabail) and Unicomi, which financed accessories and automated and bartering building; Unicredit, which provided loans for businesses; and Abutment d'Etudes et d'Investissements, now heavily complex with rural development.
In January, 1981, Acclaim Agricole's allotment was afflicted afresh to acquiesce the coffer to accommodate loans to companies with beneath than 100 employees, whether or not they were affiliated with agriculture. The government additionally eased its acclaim banned for farmers and stockbreeders, and Acclaim Agricole was no best bound to lending in towns with beneath than 12,000 inhabitants. However, this added ambit was counterbalanced by new limits. Acclaim Agricole's tax bill was put in band with those of alternative corporations, at 50% of its profits. In addition, some of the bank's beforehand surplus antithesis had to be channeled aback into the government's accommodation subsidies.
In May, 1981, the Socialists won the civic election. Anon all above French banks that weren't already nationalized became accompaniment controlled, and over the abutting few years, the government imposed a calm action of bread-and-butter acerbity in an attack to abate inflation, renew industry, and antithesis its adopted barter account. The abutting year, Acclaim Agricole's adopted assets rose by about 60%. By 1982, alone one-third of its funds went to agriculture. Acclaim Agricole had already acquired cogent acquaintance in the euroloan market, and at the alpha of 1983, it ranked amid the best arresting banks in Europe in this area.
By 1984, Acclaim Agricole had opened adopted branches in North America, Europe, Asia, Latin America, Africa, and the Middle East. Some Acclaim Agricole associates were agitated by the bank's deepening all-embracing force. In 1984 an official of a farmer's abutment told Business Week that "given the affecting bearings of hundreds of bags of farmers, Acclaim Agricole has bigger things to do in France. " Nonetheless, Acclaim Agricole administration insisted that all-embracing business could alone strengthen the company's adeptness to advice farmers in France. In 1985, Acclaim Agricole accustomed a accessory alleged Predica to access the activity allowance market.
Capitalizing on Acclaim Agricole's all-encompassing annex network, Predica had become the second-largest activity insurer in France by 1988. As the French abridgement improved, the government began to affluence regulations and abolish limitations on basic markets. In 1986, a new bourgeois government came into power, and several Socialist admiral were replaced about immediately, including Jean Paul Huchon, Acclaim Agricole's accepted director. A plan to abolish CNCA from accompaniment ascendancy had been brewing for some time; abounding alternative banks were in the action of acceptable denationalized.
Huchon had against this plan for Acclaim Agricole angrily abundant to account his dismissal. His almsman was Bernard Auberger, a above administrator of Societe Generale with ties to the Gaullist Party, which had campaigned to rid CNCA of accompaniment control. The new government additionally created easier bourse associates rules that accustomed alfresco interests to buy into advance brokers. Afterward the trend of abounding banks afterwards this deregulation, in 1988 Acclaim Agricole purchased authoritative stakes in two Paris stockbrokers, Bertrand Michel and Yves Soulie. Finally, in 1987, the government began to booty accomplish appear absolution CNCA from accompaniment control.
On February 1, 1988, the accompaniment awash 90% of CNCA's accepted banal to its bounded banks and the aggregation was congenital with FFr4. 5 billion in basic stock. Best of the blow of its banal went to employees, and the government holds a baby stake. Anon afterwards the mutualization, the anew clandestine Acclaim Agricole began amalgamation the Caisses Regionales to annihilate redundancies. By January, 1990 the cardinal of commune banks had been bargain from 94 to 90 and this cardinal is accepted to compress essentially afore the cause is over. The alteration to clandestine buying was not absolutely smooth, though.
A boardroom attempt in 1988 led to the avenue of Bernard Auberger. Philippe Jaffre, who was the accounts ministry's adumbrative on CNCA's lath of directors, was Auberger's abruptness replacement. In 1989 Acclaim Agricole accomplished to accept a cartel on the shrinking cardinal of subsidized loans to farmers. In accident this monopoly, Acclaim Agricole absent an important, bound chump group. The coffer should be able to atone for this loss, however, with the new business it expects to aces up as a aftereffect of the appropriation of restrictions on its business.
When Acclaim Agricole absent its cartel on subsidized acreage loans, it was additionally freed of the abnormal government restrictions on its business. Now Acclaim Agricole operates in abundant the aforementioned way as any alternative French bank, and it expects its business to advance rather than ache as a aftereffect of this status. Beneath Jaffre, Acclaim Agricole, like all European enterprises, faces the challenges that the 1992 affinity of the European Bread-and-butter Community will bring. The coffer has already fabricated a acknowledged alteration from a absolutely agronomical coffer into a full-service bank.
Privatization should accord Acclaim Agricole the abandon and adaptability it will allegation to face these challenges, but it will accept to attempt with its hardly awkward structure--the 90 bounded banks that ascendancy ancestor CNCA broadcast axial controlling power--and accouterment operating costs that are abundant college than its competitors'. If it can best those obstacles and capitalize on its amazing calm annex network, Acclaim Agricole will be an alike added appalling European adversary than it already is. Principal Subsidiaries: Abutment d'Etudes et d'Investissements; Unicredit (98. %); Sopagri (52. 8%); Unimmo France (99. 6%); Unidev; Sofipar (52. 6%); Ucabail; Segespar; Segespar-Titres (50%); Predica (48%); Unibanque; Sogequip; Cedicam (50%). Source: All-embracing Directory of Aggregation Histories, Vol. 2. St. James Press, 1990. Acclaim Agricole in administration reshuffle Kit Chellel 01 Dec 2010 The arch authoritative of Acclaim Agricole accumulated and advance coffer has been replaced afterwards two years in the job as allotment of across-the-board administration changes beyond the French coffer beneath the administration of new accumulation arch authoritative Jean-Paul Chifflet.
Patrick Valroff, age-old 62, will angle bottomward to accomplish way for Jean-Yves Hocher, who will additionally abide in his accepted role as agent arch authoritative of the group. The lath of Acclaim Agricole captivated a affairs on bygone and today afore announcement a alternation of administration changes. Jean-Paul Chifflet was appointed arch authoritative in March and has adumbrated that he intends to check the group’s strategy. The new 10-year cardinal plan will be appear after this month. Within Acclaim Agricole's accumulated and advance cyberbanking unit, a new xecutive anatomy sees agent arch authoritative Pierre Cambefort demography over albatross for coverage, advance and accumulated cyberbanking and the all-embracing network, while arch of accident Francis Canterini has been appointed agent arch authoritative in allegation of abutment functions. Elsewhere, Alain Massiera, the agent arch authoritative of Acclaim Agricole CIB has been appointed as arch of the clandestine cyberbanking business. It is accepted that Valroff was brought in at the acme of the cyberbanking crisis refocus the business, a role which he has completed auspiciously afterward three alternating abode of profits.
A agent accepted he would abide at the coffer in accession capacity. In August, Acclaim Agricole recorded an 89% acceleration in profits to €379m afterward able achievement in its accumulated and allowance divisions. Alternative administration changes apparent today accommodate the accessories of Yves Nanquette as arch authoritative of Acclaim Agricole LCL (retail) replacing Christian Duvillet, and Jerome Grivet as arch authoritative of the bank’s affirmation arm replacing Bernard Michel. Thierry Langreney took over as arch authoritative of the Pacifica allowance analysis from Patrick Duplan. All three approachable arch admiral accept retired.
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