“Our Bank generates profit which we will keep here to reinvest in Ukraine”, 一 Carlos de Cordoue, Chairman of the Management Board of Credit Agricole

Development of automotive lending, support of agrarian and IT companies, aid to those affected by the war, investments in digitalization and focus on customer relations 一 these make just a share of objectives Credit Agricole has set for itself in Ukraine. In the interview with Carlos de Cordoue, Chairman of the Management Board of the bank, we learned how the bank manages to develop the business and support Ukraine in the wartime and what challenges the economy will face during the recovery period.

一 What do you consider the greatest accomplishments of Credit Agricole in 2023?

一 Firstly, it is the fact that we kept supporting our customers and uninterrupted operations within the bank. We transferred data processing centers to the cloud and now all digital solutions for customers can operate from the cloud, thus guaranteeing the system stability and security. Last year, Credit Agricole was included in the list of systemically important banks – it is a crucial milestone of our growth and an even higher standard of responsibility before the society.

Once again, we have confirmed the leading positions in our traditional segments of agrarian and car lending and have offered a comprehensive solution for IT customers.

Some numbers to best illustrate our results: net financial results for 2023 equaled UAH 2.8 billion, while the total amount of taxes and contribution paid by our company is UAH 3.3 billion. The key take is that our bank generates profit which we keep here to reinvest it in Ukraine. Also, since the war broke out, we allocated nearly UAH 100 million towards charity.

一 What is the key to the success with such achievements?

一 Our banking model involves constant communication between customers and their managers. In the wartime, it is especially valuable as we are able to apply individual approach towards our customers’ requests, instantly respond to their pains and look for solutions together. In fact, it is the DNA of our work.

At the same time, we invest in the development of the digital solutions thus offering our customers a choice: to visit an outlet or receive the service remotely. It is a competitive advantage indeed compared to other banks that develop only one communication channel with customers.

Support from the international Credit Agricole Group is no less important, as it is among the top-10 biggest banks worldwide. The Group has implemented numerous charitable projects here, we feel their solidarity with the Ukrainian people and it motivates us to continue development and work for the benefit of the country.

一 In 2023, Credit Agricole was also recognized as the best cash management bank in Ukraine according to Euromoney. What does it actually mean?

一 It means that our business customers highly rate the financial services and products of the bank. Such recognition is based on our people-oriented service and extensive experience in currency control and banking business in Ukraine. We are immensely proud to be a reliable partner for the daily banking. In particular, two years ago we launched the new internet bank for business CORPEX - an online finance management tool with comprehensive functions.

一 How does Credit Agricole support Ukrainian agrarian companies in particular and what is the bank’s role in economic recovery of the country in general?

一 Our work with the agribusiness proper commenced in 2009, it is a strategically important area for us. The bank’s share on the Ukrainian market is 12%, agribusiness financing constitutes 50% of the bank’s entire loan portfolio.

Since the war broke out, we issued UAH 5.1 billion of loans under the state program "Affordable loans 5-7-9%". The agrarian companies make up the majority of borrowers. The bank also participates in the Program of State Government Guarantees, under which it issued UAH 1.3 billion. The demand for loans and credit facilities to replenish working capital increased significantly during the war.

This year, we plan to resume leasing, since it was suspended with the beginning of the war. We are also starting to finance medium-term projects with agricultural companies that buy equipment and transport. They are still struggling, so we want to help them restart their business.

Analyzing the reports of companies for 2023, we observe a positive trend. Ukraine has managed to preserve its economy, businesses have been able to adapt, and most have turned to profitable operations. Despite the unprecedented challenges, the temporary loss of the occupied territories, our customers, in particular agricultural companies, demonstrated a high level of solvency in 2023. Much better than we expected in 2022. We would like to work here and continue supporting our customers.

一 What are the car loan market trends in Ukraine?

一 This market segment is very important for us, 26% is our market share in car lending. As of now we have reached nearly 70% of the pre-war sales. On the whole, we estimate that the demand for car loans in 2023 grew by about 20% against 2022.

Interestingly, the premium automobile segment has soared in Ukraine. We are among the few banks offering loans currently. Credit Agricole has issued nearly UAH 2 billion worth of the new car loans in 2023.

We have been in car lending for 15 years and we possess all the necessary tools for the high quality work. They include our managers’ expertise, ISO 9001 certificate in automotive lending and exclusive lending terms with car manufacturers.

一 What can your bank offer their IT customers?

一 In the end of 2023, we launched the Code of Trust – a comprehensive solution for IT customers that addresses the needs of IT companies as well as individual IT developers, accountants and business owners in Ukraine and abroad. We offer the full range of products and solutions: online onboarding for PEs, payment card shipment overseas, modern internet banking CA+ Pro, which we developed specifically with private entrepreneurs in mind.

We also plan on expanding our partnership with IT companies and our contribution to the development of the IT industry first and foremost in Ukraine as well as abroad, as these companies also need services outside of the country.

一 What is the essence of “We Care!” program?

一 We launched this program 7 years ago, it is the embodiment of our socially responsible approach, which is in the DNA of Credit Agricole Group. Granted, since the start of the full-scale war, this program has grown exponentially.

We allocated nearly UAH 100 million towards various charitable projects, primarily for the purchase of the new medical equipment for hospitals. This amount is among the largest ones compared to other banks, it enabled us to procure 70 units of medical equipment for 20 hospitals and 2 intensive care vehicles (basically, hospitals on wheels).

We have not grown tired of supporting Ukraine and we are extremely motivated to contribute to its recovery.

一 What are the plans set by Credit Agricole for the foreseeable future? 

一 For over 30 years, we have operated on the Ukrainian market, and our mission has always been to attract foreign capital to Ukraine. In 2023, the bank signed the new agreements with the EBRD and IFC in order to increase volumes of lending for the Ukrainian economy by EUR 90 million more. Primarily, it pertains to recovery as it is a priority for all the banks, construction companies and adjacent businesses in Ukraine.

We are confident that the development of Ukraine cannot rely exclusively on the financial aid from the state, Europe or the USA. The capital from the foreign companies will be a decisive factor, so we have to make the maximum effort and communicate to everybody that now is the time to come to Ukraine and invest.

Credit Agricole will continue developing the agrarian market, invest in green energy projects and maintain leading positions in its chosen specialized markets. There is plenty of work to do in Ukraine now, so year 2024 will be crucial.