Credit Agricole : Buy recommendation confirmed
Crédit Agricole boasts a tried and trusted full-service banking model which it has continually developed and enhanced these past few years. Given its financial health, Crédit Agricole has stepped up its growth initiatives to expand its geographical spread, reducing the weight of France and businesses, to become less dependent on retail banking. The bank's 2024 results broke records, surpassing the expectations of the strategic plan for 2025. The next plan is due to be announced at the end of the year. In the interim, the group is expected to meet its solvency targets, in line with the 2025 plan, and therefore maintain an MDA of at least 250bp at CASA and around 650bp group-wide. We therefore reiterate our Stable credit opinion on a strong, profitable banking group with a low risk profile. We reiterate our Buy recommendation on all debt classes. And let's not forget the possibility of diversifying investments with Crédit Agricole Assurances' Tier 2 notes and CA Auto Bank's senior bonds.Credit Agricole is active in the market of retail banking and related businesses. Co. provides day-to-day banking, savings products, mortgage and consumer loans, insurance, private banking, asset management, lease finance and factoring, corporate and investment banking. Its activities can be divided into six business lines: French Retail Banking - Regional Banks; French Retail Banking - LCL; International Retail Banking; Specialized Financial Services; Savings Management and Insurance; and Corporate and Investment Banking. Co.'s customers are personal customers, farmers, small businesses, companies and local authorities. As of Dec 31 2013 Co.'s total assets amounted to Euro1,536,873,000,000.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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