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48-489: The company reported 2016 revenues of US$ 6.0 Billion, with 60,000 employees and operations in 120 countries. The company is privately held and managed by the Mansour brothers Mohamed , Youssef and Yasseen , who are board members. The Mansour Group started as a cotton business founded in 1952 by Loutfy Mansour, one of the first Egyptians to graduate from Cambridge . The business was nationalized by Gamal Abdel Nasser in

96-696: A deadly train crash. In December 2022, it was announced he would become senior treasurer for the UK Conservative Party . In May 2023, Major League Soccer announced that an ownership group led by Mansour and the Sycuan Band of the Kumeyaay Nation would own San Diego FC , an expansion team to begin play in 2025. He is married with two children, and lives in Mayfair , London. As of February 2023, Mansour had donated £600k to

144-476: A greater role and aided the most heavily exposed banks. A joint deposit guarantee fund was set up in 1935. The following year, Crédit Agricole provided additional support by financing wheat stocks through discounting when the National Cereals Board (ONIC) was established. The payment mechanisms used helped to make cheques and bank accounts more popular in the countryside. Between 1939 and 1945,

192-444: A knighthood from Sunak for contribution to business, charity and political service. The honour was criticised by opposing political parties and media outlets. Cr%C3%A9dit Agricole#Picking up the pace of business diversification 2001 - 2008 Crédit Agricole Group ( French: [kʁedit‿aɡʁikɔl] ), sometimes called La banque verte ( lit.   ' The green bank ' , due to its historical ties to farming ),

240-485: A lack of training makes it harder for people with disabilities to get work, Crédit Agricole has set up work/study training programmes to enable people who have their high school diploma to receive post-secondary qualifications. The goal was to recruit more than 800 disabled persons between 2006 and end-2010, and by end-2009, more than 360 permanent contracts and 670 work/study contracts had been signed. Former Miss France runner-up Sophie Vouzelaud, who has been deaf from birth,

288-537: A non-voting member and a representative of the Works Council. The regional banks own 54% of Crédit Agricole S.A., which in turn holds 25% of their capital in the form of non-voting cooperative securities ( certificats coopératifs d'associés ). An internal debate is continually underway on striking a balance between growing activities that serve the regional banks directly and promoting businesses that lie outside their sphere. Institutional investors, particularly in

336-439: A €5.9 billion rights issue to which all the regional banks subscribed to meet Basel II regulatory requirements. It also undertook a €5 billion programme of non-strategic asset disposals. At the end of 2008, the government decided to loan France's six largest banks €21 billion in two tranches, at an interest rate of 8%, to enable them to continue to play their role in the economy. Crédit Agricole did not take part in

384-522: Is HECA's official ambassador. The regional banks help to promote the cooperative model locally through a variety of initiatives, such as the Perspectives Mutualistes conference series (Pau in 2006, Angers in 2007, Reims in 2008, Orléans in 2009), and by issuing special bank cards for stakeholders. The Board is made up of members elected by the annual general meeting, representatives of trade organisations, members elected by employees,

432-497: Is a société anonyme . Crédit Agricole is one of the leading cooperative companies in the world. Through an association set up to promote the employment of people with disabilities within Crédit Agricole (HECA), the Crédit Agricole regional banks devote resources to the recruitment, integration and continued employment of disabled workers. Measures include workstation modifications, transport facilities and training. Since

480-660: Is a French international banking group and the world's largest cooperative financial institution . It is the second largest bank in France, after BNP Paribas , as well as the third largest in Europe and tenth largest in the world. It consists of a network of Crédit Agricole local banks, 39 Agricole regional banks and a central institute, the Crédit Agricole S.A. . It is listed through Crédit Agricole S.A., as an intermediate holding company , on Euronext Paris ' first market and

528-682: Is a major shareholder in Crédit Agricole Egypt , and in Palm Hills Development, Egypt’s second largest real estate developer, which as of October 2015 was working on 14 projects covering 13 million square meters. In 2021, the Mansour Group invested $ 120 million in a takeover of Right to Dream Academy and announced it was forming a new entity, ManSports. Mohamed Mansour (businessman) Sir Mohamed Mansour ( Arabic : محمد منصور ; born January 1948)

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576-629: Is an Egyptian-born British billionaire businessman and former politician. He is the chairman of the Mansour Group , a US$ 6 billion conglomerate. In October 2024, Forbes estimated his wealth at $ 3.3 billion. He served as the Minister of Transportation in Egypt between 2005 and 2009. Mansour was born into one of the most prominent business families in Alexandria . The family business,

624-632: Is part of the CAC 40 stock market index. Local banks of the group owned the regional banks, in turn the regional banks majority owned the S.A. via a holding company, in turn the S.A. owned part of the subsidiaries of the group, such as LCL, the Italian network and the CIB unit. It is considered to be a systemically important bank by the Financial Stability Board . It was the title sponsor of

672-522: The Conservative Party (UK) . He made a donation of £5 million that May. The then opposition Labour Party demanded Tory Prime Minister Rishi Sunak return Mansour's donation, after it emerged one of Mansour's companies, Mantrac had still been operating in Russia after the invasion of Ukraine. In reply, Mantrac claimed it was winding down its business in Russia. In March 2024, Mansour received

720-660: The Crédit Agricole professional road cycling team from 1998 to 2008. Crédit Agricole has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank . In the second half of the 19th century, French farmers struggled to obtain long-term, flexible, reasonably-priced credit. There were several attempts to set up farming banks, including Crédit Foncier de France in 1861, but none were successful. Crédit Agricole can trace its history back to

768-549: The Mansour Group , controls nine of Egypt's top Fortune 500 companies, though it needed to survive the nationalisation and confiscation of its assets in 1965. Mansour received an engineering degree from North Carolina State University in 1968, and a master's in business administration from Auburn University in 1971, teaching there until 1973. In 2022, Mansour was awarded an honorary doctorate by North Carolina State University and made "Honorary Doctor of Humane Letters". With his two brothers, Mansour maintained an active role in

816-531: The Vichy regime imposed stricter state supervision on Crédit Agricole. Major financial developments also took place at this time, including the creation of the five-year note. To finance the post-war reconstruction and encourage the mechanisation of farming, CNCA stepped up deposit-taking to supplement the funds provided by the government. The regional banks opened many offices, with the total increasing from 1,000 in 1947 to 2,259 by 1967. In 1959, Crédit Agricole

864-569: The goodwill on its balance sheet. Goodwill amounted to €17.7 billion in September 2012, well above the actual value. In early February 2013, the bank announced that it would book €3.8 billion in writedowns and costs – a record amount according to the media. In March 2014, the Crédit Agricole Group unveiled its medium-term strategic plan, which put the emphasis on retail banking, insurance and saving. Internationally,

912-471: The 1970s, forcing Mansour to Sudan and eventually Switzerland, where he continued to work in the cotton business. His sons attended school in the United States while he was working. Eventually, when Egypt returned to a market economy in the early 1970s, Mansour and his sons were able to return. At that time, General Motors was looking for Egyptian partners to help them expand, and were connected with

960-543: The Act of 31 March 1899 instituted a commission within the Ministry for Agriculture to distribute the government advances between the regional banks, which were also created at this time. These cooperative entities brought together the local banks in their catchment area and acted as their clearing organisations . More and more local and regional banks were established from the turn of the century. Every region had at least one by

1008-672: The Act of 5 November 1894, which had the support of the Minister for Agriculture Jules Méline , paved the way for the creation of Crédit Agricole's local banks. The first local banks were set up by local elites, including agronomists, teachers, and property owners, with farmers playing a minority role. In the early years, business consisted exclusively of short-term loans provided as advances on harvests, enabling farmers to live more comfortably. Medium-term and long-term loans were added later, making it possible to buy equipment and livestock. The 1894 Act did not confer any financial advantages, and

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1056-476: The Crédit Agricole group. The whole investment into Emporiki cost around €9 billion. The remaining Greek part was sold off to Alpha Bank for €1. Crédit Agricole also withdrew totally from Spanish bank Bankinter , resulting in a book loss of €193 million, and took a massive €600 million write-down on consumer credit, notably owing to difficulties in Italy. Furthermore, Crédit Agricole had to write down

1104-589: The Mansour Group founded Man Capital (aka Mancap), a private investment subsidiary. The family transferred its entire net worth to the new standalone entity incorporated in London. In September 2022, the group was listed by Forbes in the Middle East's Top 100 Arab Family Businesses, ranking second. Following an investigation by HM Revenue and Customs into Mansour Group subsidiary Unatrac in February 2023,

1152-570: The Mansour Group, the family business, building close ties as distributors for US companies including Caterpillar , General Motors , and McDonald's . Mansour has led the group since his father died in 1976, overseeing all the major corporate developments, including setting up the company's private investment subsidiary Man Capital in London in 2010. In December 2005, Mansour resigned from his business responsibilities to serve as Minister of Transportation. Mansour resigned in October 2009 after

1200-540: The Mansour Group. Mansour Auto, also known as Al-Mansour Automotive, imports and sells General Motors (GM) automobiles, and is the sole distributor for MG Motor in Egypt. It is the largest GM dealership in the world. Mansour Financial, also known as Al-Mansour Holding Company for Financial Investments, manages the tobacco partnership with Imperial Brands . The company also private labels consumer goods such as Sunshine Tuna, Labanita and Belhana dairy products and Hayat Natural drinking water. Mansour Financial also runs

1248-561: The Mansour family. The family set up a GM dealership and obtained Egyptian sales rights in 1975. The company was called Al-Mansour Automotive. In 1984, GM opened its first factory in Egypt, and 1985 the first GM vehicle was produced in the country. Al-Mansour Automotive gained rights to sell GM cars in Africa, and eventually became the largest GM dealership in the world. In 1977, the Mansour Group secured rights to sell and distribute Caterpillar digging equipment in Egypt. The Mantrac subsidiary

1296-600: The Metro Market and Kheir Zaman supermarket chains. Mantrac was created by the Mansour Group in 1977 as the sole authorised dealer for Caterpillar products in Egypt. The Group has since continued to expand globally and as of 2021 was active in more than 12 countries. MMID, formally known as El Mansour & El Maghraby Investment and Development Company, manages a diverse investment portfolio of financial institutions, industrial projects, real estate, information technology, telecom, tourism, and media and entertainment. MMID

1344-541: The end of the 19th century, specifically to the Act of 1884 establishing the freedom of professional association, which authorised, among other things, the creation of syndicat agricoles (farm unions) and the foundation of local mutual banks. Société de Crédit Agricole was created on 23 February 1885 at Salins-les-Bains in the district of Poligny in the Jura region . It was the first of its kind in France. Drawing on this experience to promote lending to small family farms,

1392-610: The eve of the First World War . However, the government continued to provide three-quarters of the funding, and short-term lending still accounted for the lion's share of business despite the authorisation to issue long-term loans granted by the Acts of 29 December 1906 and 19 March 1910. With some regions becoming isolated owing to the War, the need for a central bank to regulate business became more apparent, especially as Crédit Agricole

1440-524: The first retirement savings plans. At this time, many local bank directors were also directors of Groupama , an insurer from the farming sector. There was talk of a merger between the two, but this did not come to pass. On 18 January 1988, the CNCA Mutualisation Act came into force. CNCA was reincorporated into a public limited company, with a 90% stake sold to the regional banks and 10% to staff. Crédit Agricole became fully independent of

1488-500: The government gave CNCA financial autonomy. Savings inflows no longer passed through the Treasury, and CNCA was now responsible for balancing the surpluses and deficits of the regional banks. The 1971 "Rurality Act" extended Crédit Agricole's potential financing sources to rural zones and to new types of customers, such as craftsmen and food producers. Lending to SMEs and mid-tier firms followed after. The Banking Reform of 1966 allowed

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1536-614: The government, putting an end to the latter's practice of skimming off surplus funds. In 1990, Crédit Agricole lost the monopoly on granting low-interest loans to farmers and one year later, in 1991, the "normalisation" process was completed as it was allowed to begin financing large corporations. International expansion continued with the acquisition of stakes in Banco Ambrosiano Veneto in Italy in 1989 and Banco Espírito Santo in Portugal in 1991. Consolidation among

1584-503: The group adopted the slogan "le bon sens près de chez vous" ("common sense close to home"). Crédit Agricole opened its first foreign branch, in Chicago , in 1979. The group's business diversification started in the 1980s. The Predica  [ fr ] life insurance subsidiary was set up in 1986, while property & casualty unit Pacifica  [ fr ] was created in 1990. The group expanded into bancassurance, offering

1632-455: The group decided to refocus on its core markets, starting with Italy, the group's second-largest market. The Crédit Agricole Group sold its Bulgarian subsidiary to Corporate Commercial Bank for €160 million. On 22 April 2014, Crédit Agricole S.A., Crédit Agricole Nord and Crédit Agricole Nord-Est announced that they would sell 50% of their stake in Crelan S.A., a Belgian bank created out of

1680-580: The group took a stake in the newly privatised Crédit Lyonnais , and acquired leading consumer finance company Sofinco . CNCA was listed on the stock market in 2001 under the name Crédit Agricole S.A. This gave the regional banks a listed vehicle through which to carry out major acquisitions. The group's acquisitions enabled it to strengthen its leadership in French retail banking , expand its position in corporate and investment banking and build up its international network of branches and subsidiaries. By now,

1728-658: The group was the number-one bank in France with 28% of the domestic market, the global number-two by revenues and number-ten by profits, according to Fortune magazine, and number-15 worldwide according to Forbes rankings. Although less negatively impacted than some rivals by the 2007–2008 financial crisis , when the interbank lending market seized up , Crédit Agricole was forced in January 2008 to sell its long-standing stake in Suez for €1.3 billion and then in May 2008 to organise

1776-464: The local banks soon faced financial problems, such as a lack of capital and insufficient collateral from small farmers. It was not until 1897 that the government addressed these problems by requiring the Banque de France to fund Crédit Agricole through an endowment of 40 million gold francs and an annual fee of 2 million francs. A year later, the Act of 1898 resolved the collateral issues. Meanwhile,

1824-411: The merger of Crédit Agricole Belgique and Centea, to Caisses coopératives belges by June 2015. In 2017, the group bought 3 small Italian banks. Crédit Agricole has a three-tier structure, comprising the local banks, the regional banks (and their branches and equity investments) and Crédit Agricole S.A. (and its subsidiaries). The local and regional banks are cooperative companies. Crédit Agricole S.A.

1872-403: The offshore oil and gas industry and is now known as Seafox, and Nigerian telecoms infrastructure provider IHS Towers . The subsidiary was also an early investor in technology companies including Facebook , Twitter , Spotify and Uber . Manfoods owns McDonald's Egypt, and employs over 3,000 people. Manfoods was founded in 1994 when McDonald's franchised their first restaurants in Egypt to

1920-605: The organisation to offer households the same products as those provided by competitors, including passbook accounts and home savings plans. The first subsidiaries were set up at the end of the 1960s to address the specific needs of CNCA: Union d'études et d'investissements (UI) was created in 1967 to make equity investments, followed by Segespar for asset management in 1968, and Unicrédit to grant loans to food producers in 1971. Crédit Agricole began distributing home purchase savings products from 1967, government-regulated mortgages from 1972 and first-time-buyer loans in 1977. In 1976,

1968-596: The parent company agreed to a multimillion-pound tax settlement with the British government. Man Capital (aka Mancap), the Mansour Group's private investment subsidiary, is based in London and is run by Loutfy Mansour, son of Mohamed Mansour. The company consists of 10 employees across the US, Europe and Asia, and averages about 2 deals a year. Notable investments include marine logistics firm Vanguard (formerly OTS Logistics), Millennium Offshore Services, which provides services to

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2016-636: The regional banks began officially in 1990, with the aim of reducing costs. The aim was to halve the number of regional banks, and that objective had been surpassed by the turn of the 21st century. In 1993, Lucien Douroux , who led the plan to mutualise FNCA, became CNCA's first chief executive officer, having been appointed by Crédit Agricole from existing staff. In 1996, the group bought Banque Indosuez and then created Indocam, an asset management subsidiary (renamed Crédit Agricole Asset Management in 1999), and Crédit Agricole Indosuez for corporate and investment banking . In 1999, diversification continued as

2064-508: The second tranche and repaid the government in October 2009. Crédit Agricole's crisis exit strategy was well received by the markets, with the share price gaining more than 40% over 2009. In 2012, Crédit Agricole continued to report negative results, posting a loss of around €3 billion in the third quarter. The Greek branch Emporiki was separated from its profitable wealthy parts in Albania, Bulgaria and Romania which were integrated into

2112-528: Was asked to provide financing to rebuild farming operations damaged during the conflict. New legislation of 5 August 1920 established a public central clearing organisation for the regional banks: the Office National de Crédit Agricole (ONCA), with Louis Tardy as its chief executive officer, merging two services that were previously embedded in the Ministry of Agriculture . In 1926, the institution

2160-522: Was authorised by decree to finance property loans for primary residences in rural areas, irrespective of the status of the owner (even non-farmers). Crédit Agricole continued to modernise, with an influx of new managerial talent both in the regional banks and at CNCA. In 1960, Paul Driant  [ fr ] became the first Chairman of CNCA to come from a farming background. He remained in this position for 14 years. In 1966, as part of efforts to boost savings and remove Crédit Agricole from its budget,

2208-550: Was created underneath Mansour Financial to manage the tobacco business. When the Philip Morris partnership ended in 2014, AMIDC partnered with Imperial Brands , then called Imperial Tobacco. Manfoods was created in 1994 to manage McDonald's franchises in Egypt. In 2000, the company launched Metro Markets, the first Egyptian-owned supermarket chain. The company launched its first discount store in 2006, called Kheir Zaman, which translates to "The Good Old Days". In 2010,

2256-684: Was formed to manage the Caterpillar business, and Mantrac eventually secured Caterpillar rights to Sub-Saharan Africa, Russia and Iraq. As of 2015. Mantrac was the fifth largest Caterpillar dealer in the world. 1n 1992, the Mansour Group created an autonomous company, Mansour Financial, formally the Al-Mansour Holding Company for Financial Investments (MHCFI) to manage a license agreement with Philip Morris International (PMI) to produce and distribute PMI’s brands in Egypt. The Al-Mansour International Distribution Company (AMIDC)

2304-426: Was renamed Caisse Nationale de Crédit Agricole (CNCA). In the 1920s, the bank continued to build its nationwide coverage and expand its business activities, notably by introducing loans to small-scale rural craftsmen in 1920, financing rural electrification, and financing local authorities in rural areas from 1923. Local and regional banks did not emerge from the 1930 crisis unscathed. The Caisse Nationale took on

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