Read about the results of Credit Agricole Bank's operation in Ukraine since the beginning of the full-scale war and plans for the future, about the directions of further development, as well as the standards of work and people who hold everything together, in an interview with Oleksandr Kurkin, Board Member, Director of Proximity Banking and Network at Credit Agricole Bank.
Results and plans for the future
Credit Agricole Bank turns 32 this May. Meanwhile, the French Credit Agricole Group recently celebrated its 140th anniversary. With what results does the Ukrainian bank enter the new year of its operation?
— The results are positive. First, we are here, in Ukraine. For a foreign investor, staying in Ukraine during the war is a responsible decision. Since the very beginning of the full-scale invasion, our Group swiftly defined its vision and officially communicated its decision to operate in Ukraine.
In terms of financial results, we are doing well. Last year, the bank earned UAH 4.1 billion in profit, which gives us the opportunity to be among TOP-10 largest taxpayers in our industry and develop in our strategic business areas. In particular, in automotive lending, we maintain our leading position with a market share of almost 30%.
In general, Credit Agricole is about people. One of the results of our activities is that we have retained our team, which is almost 2,200 employees. No layoffs, on the contrary, we have found jobs for employees who left the occupied territories, and we are constantly improving social guarantees and opportunities for career development.
In terms of the operation of our outlets, we temporarily closed only those in the occupied territories. Moreover, we have opened a large flagship outlet in Kyiv. I would say that it is not easy to open an outlet even in peacetime, and during wartime it is a certain challenge. Personal interaction with customers remains extremely important to us, thus we are developing our network so that each customer can contact a bank manager. Many customers highly appreciate this option.
Hence, the bank enters its next year of operation with positive business results and a clear development strategy — we strive to participate in the country’s recovery.
How did the war change Credit Agricole and how does the bank, in turn, affect the economy and society?
— Credit Agricole adheres to a human-centric approach, hence we are developing in line with changing needs of both customers and our team. Of course, our customers who are forced to relocate within Ukraine or abroad have new expectations from us, in particular regarding remote services. That's why we've significantly accelerated the cultivation of our digital services over the past three years. Nowadays, you can become a Credit Agricole customer online in a few minutes and experience the card delivery service, which is available in more than 220 countries worldwide.
At the same time, we ensured the continuous operation of our outlets, having implemented significantly more issues than the regulator requires. Our outlets are equipped with batteries and generators, which means that we are ready to serve customers during blackouts, although we do hope that this scenario will not come true.
In addition, we have several communication channels and established a 3rd cloud data center with full backup option. We became the very first bank within Credit Agricole Group to implement this, and the Group operates in 46 countries, by the way. And this is one of the significant changes in the bank's work since the beginning of the war.
Regarding the bank’s influence on the economy and society, our strategy AIR 2028: Aim is to Invest in Recovery is the best answer to this question. We strive to invest in Ukraine and support its recovery. We invest in the economy by supporting our business customers, in restoring demand − through affordable consumer lending, in the environment − through the development of sustainable practices, in restoring human capital − through charity and supporting the medical sphere.
Together with partners, we create products that are as accessible as possible for customers. As a result, in 1Q, the loan portfolio in Proximity business increased by 33% YoY, mainly due to automotive lending and attracting of IT customers.
We cooperate with the EBRD and IFC to finance vital sectors in Ukraine, including agriculture. We have signed agreements with these institutions for approximately EUR 240 million to finance the Ukrainian economy.
Our initiatives within We Care! CSR program perfectly illustrate how the bank is investing in the recovery of the nation. Since the beginning of the full-scale invasion, the bank and the Group have already allocated UAH 170 million to support those who need it most.
What is the role of the international Group in the reconstruction of Ukraine?
It is manifested in specific actions. The Group made a fundamental decision that the bank's profit in Ukraine during the war remains here. Last year, we allocated it to the bank's equity, in particular, in order to be capable to increase the financing capacity of the Ukrainian economy.
Credit Agricole Group supports society. Among the bank's 20 charitable initiatives in 2024, the largest was the creation of an intensive care unit in the Kyiv Perinatal Center. The project, worth UAH 45 million, provided for a major renovation of the premises and the purchase of 130 units of state-of-the-art medical equipment. It was implemented precisely thanks to the support of the Group.
In 2025, Chief Executive Officer of Crédit Agricole S. A. visited Kyiv during the war for the third time, and this is another evidence that Ukraine is an important part of the Group's European strategy.
What business areas will you focus on in the future?
— We are developing in the Ukrainian market as a universal bank, covering all customer segments and territories.
The AIR 2028 strategy, in particular, provides for three separate areas of the bank's development within the industrial approach. The first realm that we are financing is agribusiness, where we are a significant player. For two years in a row, the bank has won the “Bank of the Year for Agribusiness” nomination according to the "TOP-100: Ratings of the largest" business magazine and Delo.ua. We serve all segments of the agribusiness: small farms, medium-sized businesses and large international agribusiness companies.
The next one is the automotive industry. And here we are traditionally among the leaders in terms of lending. We finance the purchase of vehicles, including cars with mileage, support car dealers who sell these vehicles, and finance car importers who deliver cars to Ukraine.
The third sector is IT. We allocate our resources in this segment to support, interact, improve and develop relationships with the entire industry. We believe that nowadays the IT sector starts with universities. We establish partnership relations with universities that produce the most IT professionals, in particular National University "Zaporizhzhia Polytechnic" and Lviv Polytechnic National University. We organize various competitions, hackathons and support gifted students, in particular with increased scholarships. We also cooperate with large IT companies, both in Ukraine and abroad, specifically, we help them open accounts in many countries worldwide. We support the development of the IT community through partnerships with major IT clusters in different regions of Ukraine, namely Lviv IT Cluster, IT Dnipro Community, Kharkiv IT Cluster, Ivano-Frankivsk IT Cluster and the IT Ukraine Association. Together with Diia.City Union, we hold meetings for IT professionals, inviting successful and inspiring speakers.
We call this a strategic industrial approach, when we not only attract customers, but also try to influence the development of the industry as a whole.
In 2024, the bank launched “Code of Trust”, a strategic project for IT customers. What does it entail and what result do you expect?
— This is exactly the project that is aimed at the development of the IT industry. Here we have combined two component parts: code as the main tool of the IT industry, the basis on which every IT product is created, and trust – the foundation of any banking relationship, a key value for a customer.
Competition in banking products is now mainly based on service and functionality, not price. There is no longer any room to “play” with price. Therefore, the bank builds relationships with customers, gives them top-level service and a sense of reliability. As part of the “Code of Trust” project, during the war, we launched a new I-bank specifically for IT professionals, in particular for PEs.
Moreover, we have special tariff package offers for IT entrepreneurs, namely Sommelier IT, La Force IT and Voyage IT. We do understand that every entrepreneur has not only business needs, but also personal needs. Our tariff package offers combine efficient financial solutions for business activities, such as favorable terms for selling currency, as well as handy services to meet individual needs of a customer: access to Mastercard business lounges, Fast Line service at airports, personal support from a premium manager, profitable deposits, individual bank safe deposit boxes, a set of investment tools. International Credit Agricole Group is represented in 46 countries with in-house Amundi − an asset management company, Indosuez Wealth Management - private banking division, helping clients work with capital abroad etc.
Directions of further development
Credit Agricole is traditionally one of the automotive lending leaders in Ukraine. It seems that Ukrainians have begun to buy vehicles more often, isn’t it?
— The automotive lending market has not yet recovered to pre-war levels. In terms of the number of vehicles sold in the market, we are now at about 70% of the pre-war level. But, if we analyze the volume of issued car loans, today it is already greater than it was before the war. We observe positive dynamics. In 2024, the level of credit sales grew faster than the market. The car market grew by 10%, and the lending market − by 40%. It means that banks and customers are adapting to current conditions and finding compromises in terms of the cost of financing and the quality of a customer profile.
We note an increase in the volume of lending for the purchase of cars with mileage. In this direction, we actively cooperate with partners, creating products that are convenient for our customers.
We continue growing in automotive lending and, in particular, invest in processes. Recently, for example, we issued a loan for a new car in 18 minutes. Taking into account the need to register the purchased vehicle, a customer can leave the car dealership in a new car in 2.5 hours.
Our idea is that a vehicle should not be something unattainable, and as one of the market leaders, we will contribute to this in all available means.
What is the future of consumer lending in Ukraine? How do you see Credit Agricole in this segment? How will you achieve the desired results?
— The war most noticeably affected consumer lending portfolios, especially retail loans. After the beginning of the full-scale war, banks became more careful in risk management. Currently, consumer lending is recovering, although it is still far from pre-war volumes. As of March 2025, Credit Agricole’s unsecured consumer lending volumes are about 30% of the pre-war level.
As of today, we have one of the most affordable consumer lending terms. Our strategy in this segment involves creating transparent terms, without hidden fees. But at the same time, they are one of the cheapest.
Our customer segment is more inclined towards premium, project financing. The average ticket of our consumer loans is higher than the market.
The development strategy of Credit Agricole involves the further promotion of automotive lending direction and the restoration of the consumer lending segment. And this summer we are going to launch a new credit card, which will be completely digital and offering attractive terms.
Development of mortgage financing is traditionally a challenging issue in Ukraine. At the same time, it is impossible to imagine a major reconstruction of the country without construction financing. What will be the role of Credit Agricole in this process?
— In this segment, we are moving a little slower. Under mortgage programs, we currently work mainly with existing customers in order to support them. Meanwhile, we are already preparing for the post-war period, understanding that mortgages should be a significant product on the Ukrainian market, taking into account the destruction that is happening around us every day.
Premium banking: how timely is it and why?
— Premium banking is our strength. Our approach may be described as “100% Digital, 100% Human”. Credit Agricole is a classic bank with 140 years of history in the world and believes in the necessity and value of human interaction. We do 100% Digital so that simple processes are available to the customer online, and when the customer needs not AI support, but human involvement and consultation, then this definitely combined in premium banking.
During the war, we have been focusing even more on Family banking, which is very convenient for customers. When a portfolio manager knows the family, they can provide much more useful advice and products. Within our flagship Sommelier package, we offer capital management, personal support from a premium manager, partnership with European banks, profitable deposits, individual bank safe deposit boxes, loyalty programs, remote banking, etc.
We receive market recognition in the premium banking segment on regular basis. This is partly because we invest in long-term customer relationships, which is one of the greatest values for premium customers.
Credit Agricole’s work standards and people
Credit Agricole is one of the most resilient banks in Ukraine according to various ratings. Such results cannot be achieved without a team of professionals. Tell us about people and what keeps them going and motivates them!
— We are a human-centric bank: employees and customers are in the core of Credit Agricole Group. You can’t explain this in a few words, but when a person comes to Credit Agricole, they immediately understand whether this is their environment and values or not. We value professionals. The bank’s strategy stipulates that we grow our employees for key management positions. We have in-house programs for training, growth and development of employees in Ukraine, namely Agrischool, Proximity University, Managerial School. They help colleagues develop professional skills and build their career in a bank in Ukraine. We also practice experience exchanging with the international Group. Some of our employees move to other countries to work within the Group.
In our bank, the average employee journey is eight years, which is a good indicator for the banking sector in Ukraine. Within the Group, this indicator is even higher. For instance, I have been working for ten years at Credit Agricole, which is the shortest period of time when it comes to bankers within our Group. To illustrate the point, Carlos De Cordoue, Chairman of the Board, has been working in the Group for over 40 years. Such values as respect, openness and equality are cultivated within the bank and Group, we create an environment in which every employee wants to develop for the future. That is why people stay with us for a long time.
For example, the head of a bank outlet is a key person who has interacts directly with customers. Therefore, we are open to delegating authority to the local level so that heads of outlet have the opportunity to make necessary decisions independently. There were a lot of such cases at the beginning of the war. And people feel this culture of trust that prevails at the bank. We live and work like a big friendly Credit Agricole family.
The second thing that motivates people is customers. We invest time and effort in long-term partnerships, and when such relationships are already built, this motivates employees to stay with the company.
We support our people in any situation: those in occupied territories, those who serve in the Armed Forces of Ukraine, those who have gone abroad. In the times of constant challenges, the bank continues taking care of the well-being of the team, developing social guarantees, in particular medical insurance and life insurance, providing targeted financial assistance.
I am proud of such things. The bank and the international Group do a lot for the society in Ukraine, customers, and the team. Group retains the profit in Ukraine to finance the future recovery, consciously refusing the possibility of withdrawing dividends abroad.
Credit Agricole has a 140-year history in the world and is represented in 46 countries. At some point of growth, it became clear that it is no longer just about business, but about people. This is also reflected in the ownership structure of Credit Agricole Group. Its owners are 11.8 million shareholders, each shareholder has one vote. These are the principles of democracy in action. This is about Credit Agricole. This is what promotes the culture both in Group and the Ukrainian bank.
Although a full-scale war continues in Ukraine, which destroys any plans, it is still customary to make a wish on your birthday. What plans do you have for the next few years?
— The most cherished wish of all Ukrainians today is the end of the war. We sincerely believe in this, which is why the Group's management made a strategic decision to stay in Ukraine and be a significant participant in the economic recovery.
