{"id":337,"date":"2026-04-11T08:38:13","date_gmt":"2026-04-11T07:38:13","guid":{"rendered":"https:\/\/www.andp-cci.org\/?p=337"},"modified":"2026-04-18T09:36:40","modified_gmt":"2026-04-18T08:36:40","slug":"le-credit-agricole-devrait-tourner-la-page-3","status":"publish","type":"post","link":"https:\/\/www.andp-cci.org\/index.php\/2026\/04\/11\/le-credit-agricole-devrait-tourner-la-page-3\/","title":{"rendered":"Le Cr\u00e9dit Agricole devrait tourner la page [ep3]"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">\u00c9pisode 3<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">Capital st\u00e9rilis\u00e9, \u00e9conomie p\u00e9nalis\u00e9e<\/h4>\n\n\n\n<p>La semaine pass\u00e9e, nous avons vu que les Caisses r\u00e9gionales (CR) du Cr\u00e9dit Agricole cot\u00e9es en Bourse op\u00e8rent avec deux fois plus de capitaux propres que n\u00e9cessaire&nbsp;; et 50 % de plus que leurs homologues mutualistes.&nbsp;<\/p>\n\n\n\n<p>Ces capitaux propres exc\u00e9dentaires, au lieu d\u2019\u00eatre rendus aux investisseurs comme les autres banques cot\u00e9es le font syst\u00e9matiquement, sont plac\u00e9s sur le march\u00e9 mon\u00e9taire. Cons\u00e9quences :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>tr\u00e8s faibles rentabilit\u00e9s des CR cot\u00e9es (3 % en 2025)\u00a0<\/li>\n\n\n\n<li>d\u00e9cote massive qui frappe la valeur de leurs capitaux propres (75 %)<\/li>\n<\/ul>\n\n\n\n<p>Mais pourquoi accumulent-elles sans fin des capitaux propres qui pourraient \u00eatre mieux utilis\u00e9s ailleurs&nbsp;?&nbsp;<\/p>\n\n\n\n<p>Pour deux raisons.&nbsp;<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>Un soutien implicite \u00e0 CASA\u00a0<\/li>\n<\/ol>\n\n\n\n<p>Une partie des exc\u00e9dents de capitaux propres des CR sert \u00e0 compenser l\u2019insuffisance en capitaux propres r\u00e9glementaires de Cr\u00e9dit Agricole SA (CASA), la 14<sup>\u00e8me<\/sup>&nbsp;structure cot\u00e9e du groupe (ratio CET1 \u00e0 11,8 %), inf\u00e9rieur \u00e0 celui de certains concurrents (ex : Soci\u00e9t\u00e9 G\u00e9n\u00e9rale \u00e0 13,5 %).<\/p>\n\n\n\n<p>Les CR font donc b\u00e9n\u00e9ficier prudentiellement CASA de leurs exc\u00e9dents de capitaux propres, car la BCE raisonne en consolid\u00e9 pour tout le groupe Cr\u00e9dit Agricole. CASA \u00e9vite ainsi de devoir faire une augmentation de capital qui serait dilutive de sa rentabilit\u00e9, et donc de sa valeur.<\/p>\n\n\n\n<p>Mais CASA ne r\u00e9mun\u00e8re pas les CR pour b\u00e9n\u00e9ficier par capillarit\u00e9 de leurs capitaux propres exc\u00e9dentaires. Ce qui ne poserait pas de probl\u00e8me s\u2019il n\u2019y avait pas d\u2019investisseurs minoritaires dans ces 13 CR cot\u00e9es. Mais il y a des investisseurs minoritaires puisque ces 13 CR ont choisi d\u2019\u00eatre cot\u00e9es en Bourse.<\/p>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li>Un biais culturel mutualiste\u00a0<\/li>\n<\/ol>\n\n\n\n<p>Dans un groupe mutualiste, verser des dividendes est un gros mot. Ce qui n\u2019emp\u00eache pas CASA, contr\u00f4l\u00e9 \u00e0 63 % par les CR, de reverser en dividendes 50 % de ses r\u00e9sultats, tout en se d\u00e9veloppant. CASA est une SA, pas une soci\u00e9t\u00e9 mutualiste.<\/p>\n\n\n\n<p>Mais le vrai co\u00fbt est ailleurs : dans l\u2019\u00e9conomie r\u00e9elle.&nbsp;<\/p>\n\n\n\n<p>Il n\u2019y a pas que les investisseurs minoritaires des 13 CR qui sont l\u00e9s\u00e9s. Il y a aussi toute l\u2019\u00e9conomie fran\u00e7aise.&nbsp;<\/p>\n\n\n\n<p>Aujourd\u2019hui, ces exc\u00e9dents sont plac\u00e9s sur le march\u00e9 mon\u00e9taire.<\/p>\n\n\n\n<p>Si les CR cot\u00e9es reversaient leurs capitaux propres exc\u00e9dentaires au-del\u00e0 de ce qui est requis pour couvrir l\u2019insuffisance en capitaux propres de CASA et adopter le m\u00eame ratio CET1 que leurs confr\u00e8res mutualistes, les fonds en question seraient r\u00e9investis en actions par les actuels d\u00e9tenteurs des CCI qui investissent dans des entreprises de taille moyenne.&nbsp;<\/p>\n\n\n\n<p>Ainsi ~9 Md\u20ac pourraient \u00eatre r\u00e9inject\u00e9s dans l\u2019\u00e9conomie fran\u00e7aise.<\/p>\n\n\n\n<p>Pour situer :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>c\u2019est 2 fois les investissements des fonds de\u00a0<em>private equity<\/em>\u00a0venture &amp; growth en France en 2024<\/li>\n\n\n\n<li>ou 50 % de la capitalisation d\u2019Euronext Growth, le segment des PME et ETI de la Bourse de Paris.<\/li>\n<\/ul>\n\n\n\n<p>Comme le disait si bien Philippe Brassac, ancien DG de CASA&nbsp;:&nbsp;\u00ab&nbsp;Les fonds propres que nous mettons dans le prudentiel, nous ne les mettons pas dans le financement de l\u2019\u00e9conomie&nbsp;\u00bb.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00c9pisode 3 Capital st\u00e9rilis\u00e9, \u00e9conomie p\u00e9nalis\u00e9e La semaine pass\u00e9e, nous avons vu que les Caisses r\u00e9gionales (CR) du Cr\u00e9dit Agricole cot\u00e9es en Bourse op\u00e8rent avec deux fois plus de capitaux propres que n\u00e9cessaire&nbsp;; et 50 % de plus que leurs homologues mutualistes.&nbsp; Ces capitaux propres exc\u00e9dentaires, au lieu d\u2019\u00eatre rendus aux investisseurs comme les autres [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/template-full-width.php","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-337","post","type-post","status-publish","format-standard","hentry","category-billets-linkedin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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