June 6, 2019 / 7:24 AM / a year ago

Credit Agricole CEO says no pressure, no need to grow via M&A

PARIS, June 6 (Reuters) - Credit Agricole’s Chief Executive Philippe Brassac said his bank will focus on organic growth in the coming three years as it has no pressure or need to expand through acquisitions.

“Critical size is not an issue for Credit Agricole,” Brassac told reporters on Thursday as part of a presentation of new financial targets for 2022.

Credit Agricole does not need any “strategic operation,” he also said, although he added the bank would be ready if an acquisition opportunity arose.

Credit Agricole shares were down 0.5% in early session trading. (Reporting by Inti Landauro and Matthieu Protard; Editing by Sudip Kar-Gupta)

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