Eric Petitgand, Anne Sophie Van Hoove and Daniel Baal

After seven years as the group’s CEO focused on its development and transformation, Daniel Baal has been elected Chairman of Crédit Mutuel Alliance Fédérale. The current Chief Executive Officer therefore takes over from Nicolas Théry as Chairman of the ninth largest banking group in the eurozone and the tenth largest French insurer. His first objective is to see through the 2024-2027 strategic plan, Togetherness Performance Solidarity.

To support Daniel Baal in his responsibilities, and at his proposal, Éric Petitgand has been appointed Chief Executive Officer (he is currently Deputy Chief Executive Officer) and Anne Sophie Van Hoove has been appointed Deputy Chief Executive Officer (she is currently Chief Executive Officer of CIC Nord Ouest).

Laurent Métral, Head of Human Resources and Communications, has been appointed Deputy Chief Executive Officer alongside Frantz Rublé, Deputy Chief Executive Officer and Chairman of Euro-Information. Completing this senior management team are the executives appointed last January: Eric Charpentier, Chief Executive Officer of Banque Fédérative du Crédit Mutuel, and Alexandre Saada, Deputy Chief Executive Officer. Claude Koestner, Deputy Chief Executive Officer of CIC, will become Chief Executive Officer of CIC upon completion of the corporate banking project currently under consideration, which is expected to take place no later than H1 2025.

As the Chief Executive Officer of Crédit Mutuel Alliance Fédérale since 2017, Daniel Baal has been the architect of major transformations within the mutual group in tandem with Nicolas Théry. With 31.2 million customers, including one in every three companies in France, the ninth largest bank in the eurozone in terms of balance sheet size is one of the best performing banks in France, with net earnings of €4.1 billion in 2023. Ranked the most solid bank in Europe with a CET1 ratio of 18.5%, it has a remarkable operating performance with a cost/income ratio of 57.1%.

This remarkable success has been made possible by Crédit Mutuel Alliance Fédérale’s cooperative model, which combines local roots with a European dimension. Drawing on his vast experience in the mutualist sector, Daniel Baal espoused the values of freedom, responsibility and solidarity, putting them at the center of the group's development. An area in which Eric Petitgand has recognized expertise, having created and managed the Advisory and Service Centre (CCS), which has
strengthened synergies within the group, in banking production as well as in logistics and the support functions.

Pioneering strategic choices, focused on diversification to better serve its customers and members, have contributed to the group’s success. In addition to launching excellent services in banking and intangible services (remote surveillance, telephony, etc.), the group has shown distinction in the insurance space by pooling risk through large numbers rather than being concerned about selecting “good” risks versus “bad” risks. A conviction that has enabled Assurances du Crédit Mutuel to drive progress, in particular via the mutualist recovery bonus and the elimination of the health questionnaire for borrower insurance.

With the help of the group’s mutualist elected representatives and employees - and under the chairmanship of Nicolas Théry - these pioneering decisions have revitalized the mutualist approach. And have been confirmed by the decisions of the Crédit Mutuel Antilles-Guyane and Massif Central federations and subsequently the Crédit Mutuel Nord Europe federation to join Crédit Mutuel Alliance Fédérale.

Becoming the bank for the environmental and solidarity transformation

With climate change and rising inequality calling for major transformations, Crédit Mutuel Alliance Fédérale aims to become THE bank for environmental and societal transformation, as part of its 2024-2027 strategic plan, Togetherness, Performance, Solidarity.

By 2027, Crédit Mutuel Alliance Fédérale aims to generate net revenue of €19 billion to underpin its multi-service strategy. The mutualist group aims to have more than 15 million customers in its banking and insurance network in France, by having more than one in every two customers equipped with insurance.

As leaders of an industrial bank, Daniel Baal, Eric Petitgand and Anne Sophie Van Hoove will devote unprecedented resources to technologies such as generative artificial intelligence and quantum computing for the benefit of citizens – through the group's technology subsidiary Euro-Information. An investment designed to guarantee its sovereignty and bolster the performance of its business lines. In 2023, no less than 2.6 million hours of administrative time was freed up for quality consulting time thanks to the artificial intelligence tools introduced in 2017.

Finally, Crédit Mutuel Alliance Fédérale intends to follow through on its role as a mission-driven company by putting its results to work for the benefit of environmental and societal transformation. With the Societal Dividend, €2.5 billion is expected to be mobilized for ecological transformation and solidarity initiatives across France by 2027.

“I would like to thank all of the member representatives for the trust they have shown in me and Nicolas Théry with whom I have had the great pleasure of working. We share a mutual trust and complicity that has enabled us to lead a profound transformation of the group. Through our strategic plan, Togetherness, Performance, Solidarity, we have a clear strategic pathway before us until 2027. Together with Éric Petitgand, the group’s new CEO, and Anne Sophie Van Hoove, Deputy CEO, I know that we are well equipped to achieve our goals! We will draw on all of the Group’s key strengths, elected members and employees to provide the best possible support to our customers and members and be useful to society.” Daniel Baal, Chairman of Crédit Mutuel Alliance Fédérale.

“The effectiveness of our mutualist model is the foundation through which we aim to capture new customers and surpass 15 million network customers in France while accelerating our multi-service strategy. While our customers recognize our know-how, by focusing on a customer centric approach together with our mutualist commitment of excellence, innovation and solidarity, we have every means to convince more to join us.” Éric Petitgand, Chief Executive Officer of Crédit Mutuel Alliance Fédérale.

“Crédit Mutuel Alliance Fédérale intends to combine development with operational performance, together with strong ambitions in the corporate market. To achieve this, we are accelerating further progress in payments, factoring, insurance and employee savings. By relying on our mutualist group, companies will be able to concentrate on what they know best: creating value and jobs.” Anne Sophie Van Hoove, Deputy Chief Executive Officer.