{"id":378,"date":"2026-05-16T10:13:46","date_gmt":"2026-05-16T09:13:46","guid":{"rendered":"https:\/\/www.andp-cci.org\/?p=378"},"modified":"2026-05-17T10:14:09","modified_gmt":"2026-05-17T09:14:09","slug":"le-credit-agricole-devrait-tourner-la-page-ep8","status":"publish","type":"post","link":"https:\/\/www.andp-cci.org\/index.php\/2026\/05\/16\/le-credit-agricole-devrait-tourner-la-page-ep8\/","title":{"rendered":"Le Cr\u00e9dit Agricole devrait tourner la page [ep8]"},"content":{"rendered":"\n

\u00c9pisode 8<\/h3>\n\n\n\n

L\u2019archa\u00efsme du certificat coop\u00e9ratif d\u2019investissement des Caisses r\u00e9gionales (CR) cot\u00e9es du Cr\u00e9dit Agricole<\/strong><\/h4>\n\n\n\n

Nous avons vu \u00e0 l\u2019\u00e9pisode 4<\/a> que les certificats coop\u00e9ratifs d\u2019investissement (CCI) avaient \u00e9t\u00e9 \u00e9mis par les Caisses r\u00e9gionales (CR) du Cr\u00e9dit Agricole \u00e0 la fin des ann\u00e9es 1980 pour financer l\u2019acquisition ce qui allait devenir Cr\u00e9dit Agricole SA (CASA), aujourd\u2019hui membre du CAC 40.\u00a0<\/p>\n\n\n\n

\u00c0 l\u2019\u00e9poque, d\u2019autres groupes disposaient aussi de titres cot\u00e9s sans droit de vote : Legrand, Sagem \u2026 avec des actions sans droit de vote ; Havas, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, Bouygues, Paribas, L\u2019Or\u00e9al, BNP, Taittinger, Promod\u00e8s, Eridiana B\u00e9ghin Say, Groupe du Louvre\u2026 avec des certificats d\u2019investissement. <\/p>\n\n\n\n

Mais tous ont progressivement disparu : rachet\u00e9s ou convertis en actions ordinaires, faute d\u2019int\u00e9r\u00eat des investisseurs. <\/p>\n\n\n\n

Seuls restent en Bourse les certificats d\u2019investissement de Robertet et les 13 CCI \u00e9mis par 13 des 39 CR du Cr\u00e9dit Agricole.<\/p>\n\n\n\n

Et on ne peut pas dire que ces 13 CR cot\u00e9es fassent le moindre effort, attendu normalement d\u2019un \u00e9metteur d\u2019un produit cot\u00e9 en Bourse capitalisant entre 100 M\u20ac et 1 Md\u20ac.<\/p>\n\n\n\n

Quelques exemples :<\/p>\n\n\n\n

    \n
  1. Aucun\u00a0suivi par des analystes financiers<\/strong>, m\u00eame par de la recherche sponsoris\u00e9e.<\/li>\n\n\n\n
  2. Aucune\u00a0r\u00e9union d\u2019information<\/strong>\u00a0pour les d\u00e9tenteurs de CCI.<\/li>\n\n\n\n
  3. Refus syst\u00e9matique de recevoir<\/strong>\u00a0les porteurs de CCI, en contradiction avec les recommandations de Paris Europlace, dont le Cr\u00e9dit Agricole est pourtant membre.<\/li>\n\n\n\n
  4. Dividende calcul\u00e9 sur le r\u00e9sultat social<\/strong>\u00a0(30 %) et non sur le r\u00e9sultat consolid\u00e9, contrairement \u00e0 la pratique universelle des soci\u00e9t\u00e9s cot\u00e9es, sauf pour les 13 CR cot\u00e9es du Cr\u00e9dit Agricole qui s\u2019obstinent dans une pratique abandonn\u00e9e il y a plus de 50 ans. Habitude qui les arrange bien, puisque le r\u00e9sultat consolid\u00e9 est le plus souvent, malgr\u00e9 des normes comptables diff\u00e9rentes (IFRS et fran\u00e7aises), sup\u00e9rieur au r\u00e9sultat social. Donc moins de dividendes \u00e0 verser.<\/li>\n\n\n\n
  5. Violation syst\u00e9matique du principe de<\/strong>\u00a0bonne information<\/strong>, car les rapports annuels pourtant copieux, entre 500 \u00e0 700 pages chacun, ne contiennent pas plus de 2 lignes sur 3 des 4 actifs des CR qui repr\u00e9sentent pourtant entre 75 et 90 % de leur valeur\u00a0:<\/li>\n<\/ol>\n\n\n\n
      \n
    • la participation de 63,5 % dans CASA d\u00e9tenue conjointement par toutes les CR via le holding La Bo\u00e9tie\u00a0<\/li>\n\n\n\n
    • la participation dans Sacam Mutualisation, actionnaire \u00e0 hauteur de 25 % de toutes les CR cot\u00e9es ou non\u00a0<\/li>\n\n\n\n
    • les capitaux propres exc\u00e9dentaires<\/li>\n\n\n\n
    • Violation du<\/strong>\u00a0contrat d\u2019\u00e9mission<\/strong>\u00a0de la plupart des CCI, par les CR elles-m\u00eames qui se sont engag\u00e9es dans ces contrats \u00e0 \u00e9mettre de nouveaux CCI avec droit pr\u00e9f\u00e9rentiel de souscription au profit des d\u00e9tenteurs de CCI, \u00e0 chaque fois qu\u2019elles \u00e9mettent de nouvelles parts sociales. Ce qui n\u2019est pas fait. Si les CR ne respectent pas les contrats d\u2019\u00e9mission, c\u2019est qu\u2019elles ne veulent pas donner l\u2019occasion aux porteurs de CCI de se r\u00e9unir en AG, de d\u00e9poser et de voter des r\u00e9solutions concernant les CCI.\u00a0<\/li>\n<\/ul>\n\n\n\n

      \u00c0 moins que, le CCI \u00e9tant tellement surann\u00e9, les CR aient fini par oublier ces clauses !<\/p>\n","protected":false},"excerpt":{"rendered":"

      \u00c9pisode 8 L\u2019archa\u00efsme du certificat coop\u00e9ratif d\u2019investissement des Caisses r\u00e9gionales (CR) cot\u00e9es du Cr\u00e9dit Agricole Nous avons vu \u00e0 l\u2019\u00e9pisode 4 que les certificats coop\u00e9ratifs d\u2019investissement (CCI) avaient \u00e9t\u00e9 \u00e9mis par les Caisses r\u00e9gionales (CR) du Cr\u00e9dit Agricole \u00e0 la fin des ann\u00e9es 1980 pour financer l\u2019acquisition ce qui allait devenir Cr\u00e9dit Agricole SA (CASA), […]<\/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-378","post","type-post","status-publish","format-standard","hentry","category-billets-linkedin"],"yoast_head":"\nLe Cr\u00e9dit Agricole devrait tourner la page [ep8] - Site de l\u2019Association Nationale de D\u00e9fense des Porteurs de CCI du Cr\u00e9dit Agricole (ANDP-CCI)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.andp-cci.org\/index.php\/2026\/05\/16\/le-credit-agricole-devrait-tourner-la-page-ep8\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Le Cr\u00e9dit Agricole devrait tourner la page [ep8] - 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