Firm market leader in the French retail banking sector, where the group generates good earnings. Diversified businesses and income sources. Sound earnings and cooperative status that support internal capital generation. Relatively high economic risk, albeit reducing, in Italy, which the group considers to be its second home market. In line with the rest of the industry the low interest rate environment weighs on net interest margins, somewhat constraining the group's efforts to improve efficiency. S&P Global Ratings' stable outlook on France-based bank Crédit Agricole S.A. (CASA, core bank of the Groupe Crédit Agricole [GCA]) reflects our expectation that the group will continue in the next 18-24 months to demonstrate sound ability to generate internal capital through retained earnings, as well
