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Credit Agricole embarks on acquisitions hiatus

Credit Agricole embarks on acquisitions hiatus

(17 March 2010 – Europe) French bank Credit Agricole is not planning on making any acquisitions as part of its strategy to 2014, deputy chief executive officer Bruno de Laage said at the plan's launch on Thursday. 'We don't envisage any external growth, we will chart our course based on organic growth,' Mr De Laage told journalists.

'Stimulating organic growth is obviously this plan's key message,' said fellow deputy CEO Jean-Yves Hocher.

The bank is notably planning on three million new clients in retail banking.

Credit Agricole CEO Jean-Paul Chifflet said that though the bank isn't currently planning any buyouts it could nevertheless make some acquisitions but 'under very strict selection criteria.'

The bank plans on making a profit of six to seven billion euros in 2014, or four times its 2010 profit of 1.26 billion euros. The world financial crisis hit the bank hard, with losses notably through its Greek subsidiary Emporiki.
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