The ratings on Crédit Agricole Indosuez S.A. (CAI) reflect the bank's core status and total integration in the Crédit Agricole group, and full ownership by the group's central clearer, Crédit Agricole S.A. (CASA; AA-/Stable/A-1+). They also reflect Crédit Agricole's acquisition of Crédit Lyonnais and expectations that the latter's corporate and investment banking division (CIB) will be merged into CAI. The combined entity will be the corporate/investment banking arm of Crédit Agricole, one of the world's largest banking groups in capital terms with a preeminent French retail banking position. The group's financial strength is the key factor supporting the ratings on CAI. Crédit Agricole took full control of CAI (then named Banque Indosuez S.A.) in 1996. Gains from a more focused
