Credit Agricole SA: LCL workshop

Research evidence excerpt

Credit Agricole SA: LCL workshop

Equity Research

European Banks

26 May 2026

Credit Agricole SA

LCL workshop

First LookLCL outlines a shift to a digital-led, multi-model retail

platform (L by LCL, Liberté, Signature) focused on customer

capture and upscaling. Targets imply c5% revenue CAGR CAGR.PA/ACA FP EQUAL WEIGHT

European Banks POSITIVE

'25-28 (broadly in line, 50/50 NII/fees), C/I c62% incl. Price Target EUR 19.40

transformation cost (above cons) and RoNE >13% (below Price (25-May-26) EUR 17.45

cons). PotentialSource: Bloomberg,Upside/DownsideBarclays Research +11.2%

Credit Agricole SA (CASA) organises today a workshop around its French retail bank LCL (taking European Banks

place this afternoon, followed by an analyst dinner). The slide pack is available here. Flora Bocahut

+33 (0)1 4458 3131

Context: LCL is presented as a core, resilient profit contributor within CASA, leveraging a strong flora.bocahut@barclays.com

domestic franchise (6.6m clients, c.1,400 branches, €77bn AuM in the Private Bank/Wealth) and BBI, Paris

leading positions in affluent clients, entrepreneurs and SMEs. The bank combines solid

fundamentals (balanced NII/fee mix, resilient RoNE) with consistent outperformance versus

peers in revenue growth and productivity. LCL accounts for c14% of CASA revenues.

Offers and channels: The strategy ('2030 Energy plan') pivots toward a platform-based,

customer-centric model, organised around three complementary relationship models for retail

clients: a fully digital entry offer (L by LCL, launch planned for Sep '26), a streamlined hybrid

retail model (LCL Liberté), and a premium advisory-led platform (LCL Signature). These are

unified under a single brand, IT architecture and client journey, enabling scale, cross-selling and