Credit Agricole S.A.: Post LCL workshop: Costs Up

Research evidence excerpt

Credit Agricole S.A.: Post LCL workshop: Costs Up

ely with neobanks. We think this is a critical theme for CASA. e = Morgan Stanley Research estimates

Our work (see here) shows that over the past 4 years the Group (including regional Our most recent research on CASA:

banks) has been the primary market share donor, mostly to the benefit of Credit Agricole S.A.: LCL Deep Dive

Boursobank and Revolut. Presentation - focus on C/I (26 May 2026)

Credit Agricole S.A.: Revenue and capital

We were surprised though to hear that L by LCL will stay separate from BforBank,

downgrades (6 May 2026)

and that the regional banks are also improving their digital offering but with a

Banca Monte Paschi Siena/Banco BPM: M&A

different solution, which speaks to the decentralised nature with which the Group is

optionality: with or without Generali (14 May

run. While the regional banks are not part of CASA, their customer capture

2026)

ultimately matters for CASA because CASA cross-sells its products into the regional

Neobanks: Leaders breaking away from the pack

banks, hence we were expecting a more harmonized solution.

(12 March 2026)

We do agree with management however that the key point that differentiates CASA Credit Agricole S.A.: Live at EFC 2026 (17 Mar

from neobanks like Revolut is the know-how on credit underwriting and the wide 2026)

product offering, which makes CASA best in class at cross-selling different products French Banks: Which one to pick from here? (9

to customers. If this know-how can be combined with best-in-class front end, then Feb 2026)

the bank could have an edge vs Revolut for example, which is just getting started on

the lending journey. Boursobank instead would be a closer competitor, being already