{"id":133,"date":"2026-03-14T15:38:27","date_gmt":"2026-03-14T14:38:27","guid":{"rendered":"https:\/\/www.andp-cci.org\/?page_id=133"},"modified":"2026-04-26T10:44:10","modified_gmt":"2026-04-26T09:44:10","slug":"media","status":"publish","type":"page","link":"https:\/\/www.andp-cci.org\/index.php\/media\/","title":{"rendered":"M\u00e9dia"},"content":{"rendered":"\n<h6 class=\"wp-block-heading\">Une coalition d\u2019investisseurs d\u00e9tenteurs de plus de 25 % des CCI en circulation \u00e9crit aux 13 DG des Caisses r\u00e9gionales du Cr\u00e9dit Agricole pour demander de respecter les r\u00e8gles de la cotation boursi\u00e8re ou de sortir de Bourse<\/h6>\n\n\n\n<div\n    class='wp-block-pdfp-pdf-poster  alignnone'\n    id='block-2'\n    data-attributes='{&quot;uniqueId&quot;:&quot;pdfp1&quot;,&quot;file&quot;:&quot;https:\\\/\\\/www.andp-cci.org\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/Les-echos-23-octobre-2025.pdf&quot;,&quot;title&quot;:&quot;Article des \\u00c9chos du 23 octobre 2025&quot;,&quot;height&quot;:&quot;842px&quot;,&quot;width&quot;:&quot;100%&quot;,&quot;print&quot;:false,&quot;fullscreenButton&quot;:&quot;1&quot;,&quot;newWindow&quot;:false,&quot;showName&quot;:true,&quot;downloadButton&quot;:true,&quot;downloadButtonText&quot;:&quot;Download File&quot;,&quot;protect&quot;:false,&quot;onlyPDF&quot;:false,&quot;defaultBrowser&quot;:false,&quot;thumbMenu&quot;:false,&quot;initialPage&quot;:0,&quot;sidebarOpen&quot;:false,&quot;lastVersion&quot;:false,&quot;hrScroll&quot;:0,&quot;alert&quot;:true,&quot;btnStyles&quot;:{&quot;background&quot;:&quot;#1e73be&quot;,&quot;color&quot;:&quot;#fff&quot;,&quot;fontSize&quot;:&quot;1rem&quot;,&quot;padding&quot;:{&quot;top&quot;:10,&quot;right&quot;:20,&quot;bottom&quot;:10,&quot;left&quot;:10}},&quot;popupOptions&quot;:{&quot;enabled&quot;:0,&quot;text&quot;:&quot;Open PDF&quot;,&quot;triggerType&quot;:&quot;button&quot;,&quot;image&quot;:&quot;&quot;,&quot;imageHeight&quot;:&quot;200px&quot;,&quot;imageWidth&quot;:&quot;300px&quot;,&quot;imagePdfIcon&quot;:true,&quot;triggerAlignment&quot;:&quot;center&quot;,&quot;btnStyle&quot;:{&quot;background&quot;:&quot;#1e73be&quot;,&quot;color&quot;:&quot;#fff&quot;,&quot;fontSize&quot;:&quot;1rem&quot;,&quot;padding&quot;:{&quot;top&quot;:10,&quot;right&quot;:20,&quot;bottom&quot;:10,&quot;left&quot;:10}}},&quot;actionsPosition&quot;:&quot;top&quot;,&quot;socialShare&quot;:{&quot;enabled&quot;:false,&quot;facebook&quot;:true,&quot;twitter&quot;:true,&quot;linkedin&quot;:true,&quot;pinterest&quot;:true,&quot;position&quot;:&quot;top&quot;},&quot;adobeEmbedder&quot;:false,&quot;align&quot;:&quot;none&quot;,&quot;alignment&quot;:&quot;left&quot;,&quot;titleFontSize&quot;:&quot;16px&quot;,&quot;fullscreenButtonText&quot;:&quot;View Fullscreen&quot;,&quot;isHideRightToolbar&quot;:false,&quot;additional&quot;:{&quot;ID&quot;:&quot;&quot;,&quot;Class&quot;:&quot;&quot;,&quot;CSS&quot;:&quot;&quot;},&quot;adobeOptions&quot;:{&quot;showDownloadPDF&quot;:true,&quot;showPrintPDF&quot;:true,&quot;showAnnotationTools&quot;:true,&quot;showFullScreen&quot;:false,&quot;embedMode&quot;:&quot;SIZED_CONTAINER&quot;},&quot;popupBtnStyle&quot;:{&quot;background&quot;:&quot;#2271b1&quot;,&quot;color&quot;:&quot;#fff&quot;,&quot;padding&quot;:{&quot;top&quot;:10,&quot;right&quot;:20,&quot;bottom&quot;:10,&quot;left&quot;:10}},&quot;popupBtnText&quot;:&quot;Open Document&quot;,&quot;CSS&quot;:&quot;&quot;,&quot;isPremium&quot;:false}'\n    style=\"text-align: left\">\n    \n        <iframe loading=\"lazy\" title=\"Article des \u00c9chos du 23 octobre 2025\" style=\"border:0;\" width=\"100%\" height=\"800px\" class=\"pdfp_unsupported_frame\" 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File&quot;,&quot;protect&quot;:false,&quot;onlyPDF&quot;:false,&quot;defaultBrowser&quot;:false,&quot;thumbMenu&quot;:false,&quot;initialPage&quot;:0,&quot;sidebarOpen&quot;:false,&quot;lastVersion&quot;:false,&quot;hrScroll&quot;:0,&quot;alert&quot;:true,&quot;btnStyles&quot;:{&quot;background&quot;:&quot;#1e73be&quot;,&quot;color&quot;:&quot;#fff&quot;,&quot;fontSize&quot;:&quot;1rem&quot;,&quot;padding&quot;:{&quot;top&quot;:10,&quot;right&quot;:20,&quot;bottom&quot;:10,&quot;left&quot;:10}},&quot;popupOptions&quot;:{&quot;enabled&quot;:0,&quot;text&quot;:&quot;Open 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File&quot;,&quot;protect&quot;:false,&quot;onlyPDF&quot;:false,&quot;defaultBrowser&quot;:false,&quot;thumbMenu&quot;:false,&quot;initialPage&quot;:0,&quot;sidebarOpen&quot;:false,&quot;lastVersion&quot;:false,&quot;hrScroll&quot;:0,&quot;alert&quot;:true,&quot;btnStyles&quot;:{&quot;background&quot;:&quot;#1e73be&quot;,&quot;color&quot;:&quot;#fff&quot;,&quot;fontSize&quot;:&quot;1rem&quot;,&quot;padding&quot;:{&quot;top&quot;:10,&quot;right&quot;:20,&quot;bottom&quot;:10,&quot;left&quot;:10}},&quot;popupOptions&quot;:{&quot;enabled&quot;:0,&quot;text&quot;:&quot;Open PDF&quot;,&quot;triggerType&quot;:&quot;button&quot;,&quot;image&quot;:&quot;&quot;,&quot;imageHeight&quot;:&quot;200px&quot;,&quot;imageWidth&quot;:&quot;300px&quot;,&quot;imagePdfIcon&quot;:true,&quot;triggerAlignment&quot;:&quot;center&quot;,&quot;btnStyle&quot;:{&quot;background&quot;:&quot;#1e73be&quot;,&quot;color&quot;:&quot;#fff&quot;,&quot;fontSize&quot;:&quot;1rem&quot;,&quot;padding&quot;:{&quot;top&quot;:10,&quot;right&quot;:20,&quot;bottom&quot;:10,&quot;left&quot;:10}}},&quot;actionsPosition&quot;:&quot;top&quot;,&quot;socialShare&quot;:{&quot;enabled&quot;:false,&quot;facebook&quot;:true,&quot;twitter&quot;:true,&quot;linkedin&quot;:true,&quot;pinterest&quot;:true,&quot;position&quot;:&quot;top&quot;},&quot;adobeEmbedder&quot;:false,&quot;align&quot;:&quot;none&quot;,&quot;alignment&quot;:&quot;left&quot;,&quot;titleFontSize&quot;:&quot;16px&quot;,&quot;fullscreenButtonText&quot;:&quot;View Fullscreen&quot;,&quot;isHideRightToolbar&quot;:false,&quot;additional&quot;:{&quot;ID&quot;:&quot;&quot;,&quot;Class&quot;:&quot;&quot;,&quot;CSS&quot;:&quot;&quot;},&quot;adobeOptions&quot;:{&quot;showDownloadPDF&quot;:true,&quot;showPrintPDF&quot;:true,&quot;showAnnotationTools&quot;:true,&quot;showFullScreen&quot;:false,&quot;embedMode&quot;:&quot;SIZED_CONTAINER&quot;},&quot;popupBtnStyle&quot;:{&quot;background&quot;:&quot;#2271b1&quot;,&quot;color&quot;:&quot;#fff&quot;,&quot;padding&quot;:{&quot;top&quot;:10,&quot;right&quot;:20,&quot;bottom&quot;:10,&quot;left&quot;:10}},&quot;popupBtnText&quot;:&quot;Open Document&quot;,&quot;CSS&quot;:&quot;&quot;,&quot;isPremium&quot;:false}'\n    style=\"text-align: left\">\n    \n        <iframe loading=\"lazy\" title=\"Article du Monde du 23 octobre 2025\" style=\"border:0;\" width=\"100%\" height=\"800px\" class=\"pdfp_unsupported_frame\" src=\"\/\/docs.google.com\/gview?embedded=true&url=https:\/\/www.andp-cci.org\/wp-content\/uploads\/2026\/03\/Art-CCI-Le-Monde-23-10-2025.pdf\"><\/iframe>\n\n    <\/div>\n\n\n\n\n<h6 class=\"wp-block-heading\">Cr\u00e9ation de l\u2019Association Nationale de D\u00e9fense des Porteurs de CCI du Cr\u00e9dit Agricole<\/h6>\n\n\n\n<div\n    class='wp-block-pdfp-pdf-poster  alignnone'\n    id='block-8'\n    data-attributes='{&quot;uniqueId&quot;:&quot;pdfp7&quot;,&quot;file&quot;:&quot;https:\\\/\\\/www.andp-cci.org\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/La-Lettre-Credit-agricole-un-groupe-dinvestisseurs-declenche-une-fronde.pdf&quot;,&quot;title&quot;:&quot;Article La Lettre du 17 novembre 2025&quot;,&quot;height&quot;:&quot;842px&quot;,&quot;width&quot;:&quot;100%&quot;,&quot;print&quot;:false,&quot;fullscreenButton&quot;:&quot;1&quot;,&quot;newWindow&quot;:false,&quot;showName&quot;:true,&quot;downloadButton&quot;:true,&quot;downloadButtonText&quot;:&quot;Download File&quot;,&quot;protect&quot;:false,&quot;onlyPDF&quot;:false,&quot;defaultBrowser&quot;:false,&quot;thumbMenu&quot;:false,&quot;initialPage&quot;:0,&quot;sidebarOpen&quot;:false,&quot;lastVersion&quot;:false,&quot;hrScroll&quot;:0,&quot;alert&quot;:true,&quot;btnStyles&quot;:{&quot;background&quot;:&quot;#1e73be&quot;,&quot;color&quot;:&quot;#fff&quot;,&quot;fontSize&quot;:&quot;1rem&quot;,&quot;padding&quot;:{&quot;top&quot;:10,&quot;right&quot;:20,&quot;bottom&quot;:10,&quot;left&quot;:10}},&quot;popupOptions&quot;:{&quot;enabled&quot;:0,&quot;text&quot;:&quot;Open PDF&quot;,&quot;triggerType&quot;:&quot;button&quot;,&quot;image&quot;:&quot;&quot;,&quot;imageHeight&quot;:&quot;200px&quot;,&quot;imageWidth&quot;:&quot;300px&quot;,&quot;imagePdfIcon&quot;:true,&quot;triggerAlignment&quot;:&quot;center&quot;,&quot;btnStyle&quot;:{&quot;background&quot;:&quot;#1e73be&quot;,&quot;color&quot;:&quot;#fff&quot;,&quot;fontSize&quot;:&quot;1rem&quot;,&quot;padding&quot;:{&quot;top&quot;:10,&quot;right&quot;:20,&quot;bottom&quot;:10,&quot;left&quot;:10}}},&quot;actionsPosition&quot;:&quot;top&quot;,&quot;socialShare&quot;:{&quot;enabled&quot;:false,&quot;facebook&quot;:true,&quot;twitter&quot;:true,&quot;linkedin&quot;:true,&quot;pinterest&quot;:true,&quot;position&quot;:&quot;top&quot;},&quot;adobeEmbedder&quot;:false,&quot;align&quot;:&quot;none&quot;,&quot;alignment&quot;:&quot;left&quot;,&quot;titleFontSize&quot;:&quot;16px&quot;,&quot;fullscreenButtonText&quot;:&quot;View Fullscreen&quot;,&quot;isHideRightToolbar&quot;:false,&quot;additional&quot;:{&quot;ID&quot;:&quot;&quot;,&quot;Class&quot;:&quot;&quot;,&quot;CSS&quot;:&quot;&quot;},&quot;adobeOptions&quot;:{&quot;showDownloadPDF&quot;:true,&quot;showPrintPDF&quot;:true,&quot;showAnnotationTools&quot;:true,&quot;showFullScreen&quot;:false,&quot;embedMode&quot;:&quot;SIZED_CONTAINER&quot;},&quot;popupBtnStyle&quot;:{&quot;background&quot;:&quot;#2271b1&quot;,&quot;color&quot;:&quot;#fff&quot;,&quot;padding&quot;:{&quot;top&quot;:10,&quot;right&quot;:20,&quot;bottom&quot;:10,&quot;left&quot;:10}},&quot;popupBtnText&quot;:&quot;Open Document&quot;,&quot;CSS&quot;:&quot;&quot;,&quot;isPremium&quot;:false}'\n    style=\"text-align: left\">\n    \n        <iframe loading=\"lazy\" title=\"Article La Lettre du 17 novembre 2025\" style=\"border:0;\" width=\"100%\" height=\"800px\" class=\"pdfp_unsupported_frame\" src=\"\/\/docs.google.com\/gview?embedded=true&url=https:\/\/www.andp-cci.org\/wp-content\/uploads\/2026\/03\/La-Lettre-Credit-agricole-un-groupe-dinvestisseurs-declenche-une-fronde.pdf\"><\/iframe>\n\n    <\/div>\n\n\n\n\n<h6 class=\"wp-block-heading\"><strong>Interview de Pascal Quiry pour la chaine Youtube de Finance Acad\u00e9mie, Tout comprendre \u00e0 la probl\u00e9matique des Certificats d\u2019investissements des Caisses r\u00e9gionales du Cr\u00e9dit Agricole cot\u00e9es.<\/strong><\/h6>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Pascal Quiry (HEC) : d\u00e9cote -75% sur les caisses r\u00e9gionales ? Masterclass\" width=\"580\" height=\"326\" src=\"https:\/\/www.youtube.com\/embed\/9HwEGJ2DpNQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Cr\u00e9dit Agricole\u00a0: la question des 14 entit\u00e9s cot\u00e9es relanc\u00e9e par un investisseur activiste<\/strong><\/h4>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Article de Zone Bourse du\u00a023 avril 2026<\/p>\n<\/blockquote>\n\n\n\n<p>Une sous-optimisation \u00e9conomique flagrante, dans un groupe qui a relativement bien tir\u00e9 son \u00e9pingle du jeu jusqu&rsquo;ici ? Le Cr\u00e9dit Agricole, dixi\u00e8me banque mondiale, est interpell\u00e9 une fois de plus sur sa structure unique au monde, qui lui vaut d&rsquo;afficher 14 entit\u00e9s cot\u00e9es portant son nom \u00e0 la Bourse de Paris. Une fois de plus, mais avec cette fois un s\u00e9rieux argumentaire chiffr\u00e9.<\/p>\n\n\n\n<p>Dans une s\u00e9rie de billets publi\u00e9s sur LinkedIn, l&rsquo;investisseur et professeur de finance Pascal Quiry met en cause un mod\u00e8le qu&rsquo;il juge destructeur de valeur et appelle \u00e0 une prise de conscience des porteurs. L&rsquo;int\u00e9ress\u00e9 souligne que c&rsquo;est au titre de ses activit\u00e9s d&rsquo;investisseur actif qu&rsquo;il a d\u00e9cid\u00e9 de creuser ce dossier, et pas avec ses casquettes de professeur de finance \u00e0 HEC ou de co-auteur de la bible des financiers, le Vernimmen. Investi depuis 2022 dans des entit\u00e9s cot\u00e9es de la banque verte, il est m\u00eame devenu pr\u00e9sident de l&rsquo;Association Nationale de D\u00e9fense des Porteurs de CCI des Caisses R\u00e9gionales cot\u00e9es du&nbsp;Cr\u00e9dit Agricole(ANDP-CCI). Nous reviendrons sur ce que sont les CCI assez vite. Mais auparavant, il faut \u00e9vacuer la question de l&rsquo;organisation du Groupe&nbsp;Cr\u00e9dit Agricole, ce qui n&rsquo;est pas une mince affaire.<\/p>\n\n\n\n<p>De quoi&nbsp;Cr\u00e9dit Agricole&nbsp;est-il le nom ?<\/p>\n\n\n\n<p>Contrairement \u00e0 BNP Paribas&nbsp;ou Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, dont les structures cot\u00e9es refl\u00e8tent une r\u00e9alit\u00e9 classique assez monolithique (une soci\u00e9t\u00e9 et son actionnariat direct, qu&rsquo;il soit institutionnel ou particulier), le&nbsp;Cr\u00e9dit Agricole&nbsp;est un \u00e9cheveau complexe, aussi bien en mati\u00e8re de p\u00e9rim\u00e8tre que d&rsquo;actionnariat d&rsquo;ailleurs. Accrochez-vous, nous allons tenter de faire aussi simple que possible.<\/p>\n\n\n\n<p>Le Groupe&nbsp;Cr\u00e9dit Agricole&nbsp;est un \u00e9tablissement coop\u00e9ratif et mutualiste qui comprend&nbsp;Cr\u00e9dit Agricole SA&nbsp;&nbsp;les caisses r\u00e9gionales, les caisses locales, leurs filiales et la F\u00e9d\u00e9ration Nationale du&nbsp;Cr\u00e9dit Agricole.<\/p>\n\n\n\n<p>Premi\u00e8re complication, le&nbsp;Groupe&nbsp;Cr\u00e9dit Agricole&nbsp;n&rsquo;est pas l&rsquo;entit\u00e9 cot\u00e9e. L&rsquo;entit\u00e9 cot\u00e9e, c\u2019est&nbsp;Cr\u00e9dit Agricole SA&nbsp;(CASA), qui englobe les activit\u00e9s sp\u00e9cialis\u00e9es et internationales du groupe. Amundi, CA Assurances, Indosuez, CACIB, l&rsquo;immobilier, la banque de d\u00e9tail internationale ou le leasing, toutes ces divisions font partie de CASA.<\/p>\n\n\n\n<p>La banque de d\u00e9tail en France, elle, est log\u00e9e dans les 39 caisses r\u00e9gionales. Ces 39 caisses r\u00e9gionales sont propri\u00e9taires de CASA via la SAS Rue La Bo\u00e9tie (qui d\u00e9tient 63,5% de CASA). Elles d\u00e9tiennent aussi, via SACAM Mutualisation d\u00e9tenu \u00e0 100%, des participations minoritaires de 25%&#8230; dans le capital de toutes les caisses r\u00e9gionales. Autrement dit, une boucle d&rsquo;autocontr\u00f4le de belle taille. On vous avait pr\u00e9venu. La coh\u00e9sion du groupe est assur\u00e9e par un organe politique, la F\u00e9d\u00e9ration nationale du&nbsp;Cr\u00e9dit Agricole&nbsp;(FNCA).<\/p>\n\n\n\n<p>Pour pimenter un peu tout cela, il existe quelques exceptions. Par exemple, LCL, qui est indubitablement une entit\u00e9 de banque de d\u00e9tail France, fait partie de CASA, faute d&rsquo;avoir \u00e9t\u00e9 ventil\u00e9 entre les caisses r\u00e9gionales lors de son rachat. Autre illustration, la Caisse R\u00e9gionale de Corse est d\u00e9tenue majoritairement par CASA et pas seulement \u00e0 25%.<\/p>\n\n\n\n<p>Nous en venons \u00e0 la seconde complication, qui est la source des griefs de Pascal Quiry et d&rsquo;un certain nombre d&rsquo;actionnaires minoritaires : 13 des Caisses r\u00e9gionales sont cot\u00e9es en Bourse alors que 26 ne le sont pas (ou plus).<\/p>\n\n\n\n<p>Pour r\u00e9sumer, le Groupe&nbsp;Cr\u00e9dit Agricole&nbsp;n&rsquo;est pas cot\u00e9 \u00e0 Paris, mais compte 14 structures portant son nom qui le sont (16 en r\u00e9alit\u00e9 avec Amundi et la filiale mon\u00e9gasque Groupe Indosuez Wealth Management, mais ce n&rsquo;est pas l&rsquo;objet aujourd&rsquo;hui et elles ne r\u00e9utilisent pas le patronyme).<\/p>\n\n\n\n<p>Des niveaux de rentabilit\u00e9 indignes<\/p>\n\n\n\n<p>L&rsquo;un des griefs d\u00e9velopp\u00e9s dans la s\u00e9rie de billets en cours (dont le 5e sera r\u00e9v\u00e9l\u00e9 samedi), c&rsquo;est que ces caisses r\u00e9gionales cot\u00e9es affichent des rentabilit\u00e9s des fonds propres limit\u00e9es \u00e0 2 \u00e0 3% en 2025 et se traitent avec une d\u00e9cote d&rsquo;environ 75% sur leurs capitaux propres. Ces pi\u00e8tres performances les placent parmi les banques les moins bien valoris\u00e9es en Europe. Depuis 2012, elles auraient d\u00e9truit pr\u00e8s de 23 milliards d&rsquo;euros de valeur, selon les calculs avanc\u00e9s, en raison notamment d&rsquo;une politique de r\u00e9tention des r\u00e9sultats tr\u00e8s sup\u00e9rieure aux pratiques du secteur.<\/p>\n\n\n\n<p>Au coeur du probl\u00e8me figure un niveau de capital jug\u00e9 excessif. Avec des ratios CET1 proches de 26%, soit pr\u00e8s du double des niveaux observ\u00e9s chez leurs concurrents, ces entit\u00e9s accumulent des fonds propres qu&rsquo;elles n&rsquo;utilisent ni pour accro\u00eetre significativement leur production de cr\u00e9dit ni pour r\u00e9mun\u00e9rer leurs investisseurs. Une large part de ces exc\u00e9dents est plac\u00e9e sur le march\u00e9 mon\u00e9taire, \u00e0 faible rendement, ce qui p\u00e8se m\u00e9caniquement sur leur rentabilit\u00e9 et alimente la d\u00e9cote boursi\u00e8re.<\/p>\n\n\n\n<p>Cette situation s&rsquo;inscrit dans une architecture capitalistique atypique, comme nous l&rsquo;avons d\u00e9crite pr\u00e9c\u00e9demment. Dans l&rsquo;organisation actuelle, une partie des capitaux exc\u00e9dentaires des caisses contribue indirectement \u00e0 la solidit\u00e9 prudentielle de&nbsp;Cr\u00e9dit Agricole&nbsp;SA, dont le ratio CET1 est plus contraint, sans r\u00e9mun\u00e9ration explicite pour les actionnaires minoritaires des entit\u00e9s cot\u00e9es. A cela s&rsquo;ajoute une culture mutualiste historiquement peu favorable \u00e0 la distribution de dividendes, en d\u00e9calage avec les pratiques de la soci\u00e9t\u00e9 cot\u00e9e du groupe.<\/p>\n\n\n\n<p>Enfin, la structure actuelle soul\u00e8ve des questions d&rsquo;\u00e9quit\u00e9 entre investisseurs. Des instruments aux caract\u00e9ristiques \u00e9conomiques identiques, comme les CCI cot\u00e9s (proches des actions, mais sans droits de vote) et les certificats coop\u00e9ratifs d&rsquo;associ\u00e9s (CCA) non cot\u00e9s, peuvent afficher des \u00e9carts de valorisation tr\u00e8s significatifs selon les caisses, nourrissant un sentiment de traitement in\u00e9gal. Dans ce contexte, Pascal Quiry estime qu&rsquo;une simplification du mod\u00e8le, pouvant passer par un retrait de la cote de certaines entit\u00e9s ou une meilleure allocation du capital, pourrait \u00eatre envisag\u00e9e sans remettre en cause la solidit\u00e9 financi\u00e8re du groupe, tout en r\u00e9orientant plusieurs milliards d&rsquo;euros vers l&rsquo;\u00e9conomie r\u00e9elle.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Une coalition d\u2019investisseurs d\u00e9tenteurs de plus de 25 % des CCI en circulation \u00e9crit aux 13 DG des Caisses r\u00e9gionales du Cr\u00e9dit Agricole pour demander de respecter les r\u00e8gles de la cotation boursi\u00e8re ou de sortir de Bourse Cr\u00e9ation de l\u2019Association Nationale de D\u00e9fense des Porteurs de CCI du Cr\u00e9dit Agricole Interview de Pascal Quiry [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"templates\/template-full-width.php","meta":{"footnotes":""},"class_list":["post-133","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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