Credit Agricole's CFO on Capital, Share Buyback, M&A, Italy

The transcript discusses the company's decision to maintain a 50% cash payout dividend while retaining the rest of the earnings for organic growth, acquisitions, and regulatory challenges. The company has made small acquisitions in asset management, private banking, and retail banking, aiming for a return on investment above 10% in three years. The company has a strong presence in Italy, its second domestic market, and plans to maintain its position despite ongoing discussions between the Italian Government and the European Commission.

Why has the company decided against share buybacks at this time?

• To increase the dividend payout to 75%

• To reduce their exposure in Italy

• To comply with new regulatory requirements

• To focus on organic growth and potential acquisitions

What is the company's target return on investment for acquisitions?

• 5% within two years

• 10% within three years

• 15% within five years

• 20% within one year

In which areas has the company made recent acquisitions?

• Real estate and construction

• Energy and utilities

• Asset management and private banking

• Technology and healthcare

How long has the company been operating in Italy?

• More than 40 years

• More than 30 years

• More than 20 years

• More than 10 years

What is the company's stance on their market position in Italy?

• They have no intention to change their position

• They consider it their primary market

• They are looking to exit the market

• They plan to reduce their exposure