Half Year 2023 Credit Agricole SA Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Delphine Lee - JPMorgan Chase & Co, Research Division - Analyst : So my first one is -- sorry, just to go back to the regional banks. I mean, this is the second operation they are doing. I mean, is the intention to go to 65%? I mean I do think these 2 operations are a bit of a shift compared to the past? And so just wanted to understand a little bit better the rationale for increasing to 65%. And clearly, the market is extrapolating also potentially above that. So I don't know if you can share any thoughts on that. And then just going back to your comment around capital distribution and the usage of capital, I mean, so when you say you're shareholder friendly, but you're still sticking to 60%, does that mean that we should kind of rule out dividend payout going up from 50% and you're prioritizing a little bit more M&A at this stage? And then little bit related to that, I mean, I guess, Amundi doing acquisition is part of their business model and it's always been the case. But just in private banking that it's a bit less frequent. I mean, are you becoming more acquisitive in private banking? Do you have more ambition to do more of these kind of deals? Just -- if you can just comment on that, that would be great.