Crédit Agricole CIB begins operations in Australia this week as a fully licensed bank, enabling the French lender to expand into corporate lending, capital markets advice, investment services and risk management.
The bank said it would grow its local franchise by developing onshore capabilities in the telecom, health and renewables sectors.
Crédit Agricole CIB has been operating in the Australian market since 1982, primarily focusing on structured finance activities in the infrastructure, real estate and energy sectors.
“We are very pleased with the Australian regulators’ decision to allow us to operate locally as a licensed bank,” said Don Parsonage, Crédit Agricole CIB senior country officer for Australia.
He said the bank would also be able to facilitate cross border business by connecting foreign offices of its Australian clients to its offshore teams leveraging its global network. The focus would be on the bank’s clients in Japan and Singapore active in Australia.
Parsonage said Crédit Agricole CIB would support socially and environmentally responsible financing in Australia including the issuance of green bonds.
“Australia has proven itself to be a sound and resilient economy in which local financial institutions and large corporates have a significant role to play, and will benefit from the relatively positive economic outlook for Asia-Pacific in the current economic context,” said Michel Roy, the bank’s Asia-Pacific senior regional officer.
“Australia has been key to Crédit Agricole CIB’s growth strategy for Asia-Pacific,” he said. “The new set-up not only reinforces our longstanding commitment to the Australian market, but also demonstrates our confidence in our regional growth strategy.”
- George Russell
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