{"id":395,"date":"2026-06-06T09:38:37","date_gmt":"2026-06-06T08:38:37","guid":{"rendered":"https:\/\/www.andp-cci.org\/?p=395"},"modified":"2026-06-27T10:29:50","modified_gmt":"2026-06-27T09:29:50","slug":"le-credit-agricole-devrait-tourner-la-page-ep11","status":"publish","type":"post","link":"https:\/\/www.andp-cci.org\/index.php\/2026\/06\/06\/le-credit-agricole-devrait-tourner-la-page-ep11\/","title":{"rendered":"Le Cr\u00e9dit Agricole devrait tourner la page [ep11]"},"content":{"rendered":"\n

\u00c9pisode 11<\/h3>\n\n\n\n

Se faire racheter ses CCI \u00e0 3 fois leur cours de Bourse\u00a0???<\/strong><\/h4>\n\n\n\n

En 2000, les certificats coop\u00e9ratifs d\u2019investissement (CCI) des Caisses r\u00e9gionales du Cr\u00e9dit Agricole (CR) se n\u00e9gociaient autour de leur valeur comptable, certaines Caisses (Ile-de-France, Brie, Normandie Seine, Nord de France, Loire Haute-Loire, Languedoc, Toulouse) affichant m\u00eame une prime.<\/p>\n\n\n\n

Deux \u00e9v\u00e9nements ont ensuite fait appara\u00eetre une d\u00e9cote par rapport aux capitaux propres, qui atteint aujourd\u2019hui 70 %. <\/p>\n\n\n\n

    \n
  1. Tout d\u2019abord, en 2001, l\u2019introduction en Bourse de Cr\u00e9dit Agricole SA (CASA), l\u2019organe central du groupe, ne s\u2019est pas accompagn\u00e9e du retrait de la cote des CR, comme cela aurait d\u00fb \u00eatre logique, d\u2019autant que pour faciliter sa propre cotation, CASA a pris 25 % du capital des CR via des CCI. Ainsi CASA, membre du CAC 40 et largement liquide, est entr\u00e9e en concurrence avec la cotation des CR, et le match a \u00e9t\u00e9 rapidement pli\u00e9 par les investisseurs qui ont logiquement pr\u00e9f\u00e9r\u00e9 CASA. Une d\u00e9cote structurelle par rapport aux capitaux propres comptables des CCI est alors apparue.\u00a0
    <\/li>\n<\/ol>\n\n\n\n

    2.        Dans le m\u00eame temps, la croissance des encours moyens pond\u00e9r\u00e9s (les pr\u00eats) a ralenti puis stagn\u00e9 depuis 2012. Les capitaux propres sur-exc\u00e9dentaires se sont accumul\u00e9s \u00e0 ne plus en finir, entra\u00eenant, avec les surprovisionnements, la chute des rentabilit\u00e9s.<\/p>\n\n\n\n

    En 2016, CASA a souhait\u00e9 supprimer la boucle d\u2019autocontr\u00f4le qui voyait les CR d\u00e9tenir 57 % de CASA et CASA d\u00e9tenir 25 % des CR.<\/p>\n\n\n\n

    Pour ce faire, les CR ont rachet\u00e9 \u00e0 CASA les CCI qu\u2019elle d\u00e9tenait chez elles.<\/p>\n\n\n\n

    Le prix ? 105 % des capitaux propres consolid\u00e9s. Un prix qui n\u2019a rien de choquant : il est comparable \u00e0 celui observ\u00e9 lors de plusieurs retraits de cote dans le secteur bancaire (Cr\u00e9dit Mutuel pour sortir de la cote le CIC, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale pour la banque Tarneaud, Banques Populaires et Caisses d\u2019\u00c9pargne pour racheter leurs certificats d\u2019investissement \u00e0 Natixis, etc\u2026).<\/p>\n\n\n\n

    Mais au moment de l\u2019op\u00e9ration, les CCI cot\u00e9s en Bourse s\u2019\u00e9changeaient autour du tiers des capitaux propres ! Oui vous avez bien lu, CASA a pu c\u00e9der ses CCI dans les CR \u00e0 3 fois le cours de Bourse ! <\/strong>Et ceci b\u00e9ni par des experts ind\u00e9pendants, tant pour les CR que pour CASA, mais dont les rapports n\u2019ont jamais \u00e9t\u00e9 rendus publics…<\/p>\n\n\n\n

    Ce qui est indigne d\u2019un des fleurons europ\u00e9ens de la finance, c\u2019est que la filiale CASA obtienne de ses maisons-m\u00e8res, les CR, le rachat de ses CCI \u00e0 3 fois le cours de Bourse, sans que les autres porteurs de CCI qui avaient aid\u00e9 les CR \u00e0 financer le rachat de CASA b\u00e9n\u00e9ficient d\u2019une offre \u00e9quivalente. Les actionnaires minoritaires, furieux, ont contest\u00e9 l\u2019op\u00e9ration. Saisie, l\u2019AMF a estim\u00e9 qu\u2019elle ne pouvait rien faire, le droit boursier ne s\u2019appliquant pas \u00e0 ses yeux aux CCI. Elle confirmait ainsi que les CCI \u00e9taient vraiment des fossiles de la cote.<\/p>\n\n\n\n

    A alors commenc\u00e9 l\u2019une des plus longues batailles judiciaires du monde des affaires, toujours en cours 10 ans apr\u00e8s, et l\u2019une des moins connues.<\/p>\n","protected":false},"excerpt":{"rendered":"

    \u00c9pisode 11 Se faire racheter ses CCI \u00e0 3 fois leur cours de Bourse\u00a0??? En 2000, les certificats coop\u00e9ratifs d\u2019investissement (CCI) des Caisses r\u00e9gionales du Cr\u00e9dit Agricole (CR) se n\u00e9gociaient autour de leur valeur comptable, certaines Caisses (Ile-de-France, Brie, Normandie Seine, Nord de France, Loire Haute-Loire, Languedoc, Toulouse) affichant m\u00eame une prime. Deux \u00e9v\u00e9nements ont […]<\/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-395","post","type-post","status-publish","format-standard","hentry","category-billets-linkedin"],"yoast_head":"\nLe Cr\u00e9dit Agricole devrait tourner la page [ep11] - 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\/06\/06\/le-credit-agricole-devrait-tourner-la-page-ep11\/\" \/>\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 [ep11] - Site de l\u2019Association Nationale de D\u00e9fense des Porteurs de CCI du Cr\u00e9dit Agricole (ANDP-CCI)\" \/>\n<meta property=\"og:description\" content=\"\u00c9pisode 11 Se faire racheter ses CCI \u00e0 3 fois leur cours de Bourse\u00a0??? En 2000, les certificats coop\u00e9ratifs d\u2019investissement (CCI) des Caisses r\u00e9gionales du Cr\u00e9dit Agricole (CR) se n\u00e9gociaient autour de leur valeur comptable, certaines Caisses (Ile-de-France, Brie, Normandie Seine, Nord de France, Loire Haute-Loire, Languedoc, Toulouse) affichant m\u00eame une prime. 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