Firm market leader in the French retail banking sector where the group generates good risk-adjusted earnings. Increasingly diversified business and income sources. Sound earnings and cooperative status support internal capital generation. Economic risk is relatively high in Italy, which the group considers to be its second home market. In line with the rest of the industry, low interest rates weigh on net interest margins, somewhat constraining the group's efforts to improve efficiency. S&P Global Ratings' stable outlook on France-based bank Credit Agricole S.A. (CASA; core bank of the Groupe Crédit Agricole [GCA]) reflects its view that the group's stable retail banking activities and assets put the group in a good position to withstand challenges posed by a potentially more adverse
