French bank Crédit Agricole has been approved to be restructured into a legal person bank. Crédit Agricole, a corporate and investment bank under the French Crédit Agricole Group (commonly known as "Credit Agricole Group"), has received approval from the China Banking Regulatory Commission (CBRC) to convert its operations in China

Five branches were restructured into corporate banks.

The new entity, Credit Agricole Bank (China) Co., Ltd., is headquartered in Shanghai and opened on August 3, 2009.

Credit Agricole's domestic business covers corporate banking, structured and leveraged financing, export credit, syndicated loan financing, capital markets, etc. The change in its status as a foreign-funded corporate bank will help it develop more businesses in the local market.

business opportunities.

In China, CLSA, a subsidiary of Credit Agricole, and its joint ventures China Europe International Securities Co., Ltd. (CESL) and CITIC Newedge Futures Co., Ltd. are currently active in the local financial market.

, and its other joint venture, Dragon Aviation Leasing, is mainly engaged in aircraft leasing business. Dragon Aviation also leased the first domestically assembled Airbus A320 to Sichuan Airlines.

In addition, ABC-CA Fund Management Co., Ltd., jointly established by Agricultural Bank of China Asset Management Company and Agricultural Bank of China, has also achieved outstanding business performance in the domestic fund market.

Mr. Patrice Couvegnes, Chairman of Credit Agricole Bank (China) Co., Ltd. and President of Credit Agricole Bank Asia Pacific (excluding Japan), said: “This transformation of the legal person bank in China will become the 111th branch of Credit Agricole Bank in China.

This is another new milestone in our history. We are very pleased that the Banking Regulatory Commission’s quick approval allows us to open a new chapter in our development in China in such a monumental year. China is currently our most important country in the Asia-Pacific region.

One of the markets, its relatively stable performance under the influence of the global economic crisis is even more obvious. I firmly believe that the new company to be established will be able to more effectively promote the development of Credit Agricole in the Chinese market.” Crédit Agricole

And Mr. Xavier Roux, President of Credit Agricole China, also said: "The change of this role will greatly promote the development of our business in China, especially in capital markets and RMB financing. We will be able to cooperate with local partners

Cooperate more closely to open up more business opportunities. The Chinese government is also accelerating to build Shanghai into an international financial center. I believe that with the further regulation of the local market and its gathering effect on financial institutions and talents, Oriental Hui, which has a long history in Shanghai, will

Credit Agricole Bank can also obtain more development opportunities here, which is the main reason why we have chosen Shanghai as our headquarters." Relying on the strong background of the Crédit Agricole Group, Credit Agricole Bank has a global network of more than 50 countries in the Asia-Pacific.

It has branches in 13 countries and regions in the region. As the current business entity of Crédit Agricole Group in China, Credit Agricole Bank has 5 branches in Beijing, Shanghai, Tianjin, Xiamen and Guangzhou, and a representative office in Shenzhen.

It has more than 140 employees and provides professional financial services to more than 300 corporate customers.