Crédit Agricole Group is a French banking group operating in retail, corporate and investment banking and offering specialised financial services.[1] Crédit Agricole has 52 million customers, and operations in 52 countries.[2] In the third quarter of 2017, Crédit Agricole held €1,834 bln in assets under management.[3]
Crédit Agricole’s policy on the armaments sector states that investments from the bank’s own account or on behalf of third parties (apart from indexed investing), financing of any sort, and services are prohibited for companies that are linked to the production, storage or sale of sensitive arms, including nuclear weapons.[4] The bank regards the warhead to be the essential element of a nuclear weapon. Consequently, it defines a nuclear weapon producer as a company that is involved in the design, manufacturing, modernisation and maintenance of nuclear warheads. Therefore, companies that produce ‘non-nuclear’ components of these weapons do not fall under this category.[5]
The exclusion policy applies to commercial and investment banking activities, as well as to Crédit Agricole’s own investments. However, not all investments made on behalf of third parties, i.e. discretionary mandates and passively managed funds, are included in the policy.[6] The exclusion policy also does not apply to external asset managers.[7]
Crédit Agricole uses an exclusion list[8] based on the findings of external consultants,[9] but does not publish the list.
Crédit Agricole was also found to have several investments in nuclear weapon producing companies identified by this report, more information can be found in the Hall of Shame.
We commend Crédit Agricole for adopting a public policy on nuclear weapons. We recommend Crédit Agricole exclude investments in all companies associated with the production of specifically designed components necessary for nuclear weapons. Furthermore, Crédit Agricole should apply its policy to all of its financial products, including all assets managed. We look forward to engaging with Crédit Agricole, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
[1] Crédit Agricole, “All brands”, website Crédit Agricole (https://www.credit-agricole.com/en/business-lines-and-brands/all-brands?tab=1), viewed 23 January 2018.
[2] Crédit Agricole, “discover the Crédit Agricole group”, website Crédit Agricole (https://www.credit-agricole.com/en/group/discover-the-credit-agricole-group), viewed 23 January 2018.
[3] Crédit Agricole, “Q3 and first 9 months results 2017”, page 18, website Crédit Agricole (https://www.credit-agricole.com/en/finance/finance/financial-publications), viewed 23 January 2018.
[4] Crédit Agricole, “Note de Procedure. NP 2014-07 du 19 juillet 2014”, July 2014, p.2-3, available at https://www.credit-agricole.com/en/content/download/122245/2424854/version/2/file/NP_2014_07_Armement.pdf, viewed 23 January 2018.
[5] Crédit Agricole, written response to PAX dated 10 September 2013.
[6] Crédit Agricole, written response to PAX dated 10 September 2013; Crédit Agricole, written response to Profundo dated 24 September 2013.
[7] Crédit Agricole, written response to Profundo dated 10 September 2013; Crédit Agricole, written response to Profundo dated 24 September 2013.
[8] Crédit Agricole, “Note de Procedure. NP 2014-07 du 19 Juillet 2014”, July 2014, p.2, available at https://www.credit-agricole.com/en/content/download/122245/2424854/version/2/file/NP_2014_07_Armement.pdf, viewed 23 January 2018.
[9] Crédit Agricole, written response to Netwerk Vlaanderen dated 11 February 2011.
Last updated March 2018