The ratings on Crédit Agricole Indosuez S.A. (CAI) reflect the bank's core status within Crédit Agricole, full ownership by the latter's central clearer (Caisse Nationale de Crédit Agricole (CNCA; AA/Stable/A-1+)), and total integration within the group. CAI is Crédit Agricole's international wholesale banking, capital markets and private-banking arm. The financial strength of CAI's parent is the key factor supporting the bank's ratings. Crédit Agricole is one of the largest banks in the world in terms of capital, and enjoys a preeminent retail-banking position in France. Crédit Agricole took full control of CAI (at that time Banque Indosuez) in late December 1996. The rapid pace of the latter's integration into Crédit Agricole was reflected in several decisions, notably the change of
