Crédit Agricole Appoints New Private Banking Head in Senior Management Re-Shuffle

Chris Owen

20 July 2007

Paris-based Crédit Agricole has appointed Jérôme Brunel as its new head of Private Banking and Yves Perrier as head of the Asset Management business as part of the group's new organisation and management structure. Both will report to Gilles de Margerie, formerly chief financial officer, who becomes head of Insurance, Asset Management and Private Banking. Mr Brunel also remains as head of Private Equity. The management changes, which become effective as of 1 October, are the result of the "new philosophy adopted by the group, which has demonstrated its ability to adapt to new market conditions," the Crédit Agricole chief executive, Georges Pauget, said in a statement. Within the last five years, the Crédit Agricole group has almost tripled in size. To improve cohesion, Mr Pauget has restructured the group's organisation around five core businesses: Retail Banking In France and Group Retail Strategy; International Development; Specialised Financial Services; Insurance, Asset Management and Private Banking; and Corporate and Investment Banking. Jacques Lenormand and Jean-Frédéric de Leusse are both named as group deputy chief executive officers. Mr Lenormand will be head of Retail Banking in France and Group Retail Strategy. Mr de Leusse, head of International Development, will retain responsibility for developing the international retail banking business. Mr de Leusse has also become a member of the executive committee of Calyon, Crédit Agricole's corporate and investment banking entity. Marc Litzler is appointed as chief executive of Calyon replacing Édouard Esparbès. Jérôme Grivet is named as the unit's new deputy chief executive.