Credit Agricole

Credit Agricole is the largest retail bank in France and one of the largest in Europe, with 13,000 employees and 2.75 billion euros in net income (Company Report).

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Credit Agricole notes that it "is present in Iran through a representative office which has a role of liasing and informing" (Company Website). 

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"French banks Société Générale and Crédit Agricole are under U.S. investigation for alleged money laundering and sanction breaches involving Iran, Cuba and Sudan, according to a person with direct knowledge of the matter, the latest case in a series of probes of European banks related to embargo violations. The banks are being investigated by the U.S. Treasury Department, the Justice Department, the Manhattan district attorney, and the New York Department of Financial Services, the person said. It's unclear at this point whether any charges could be brought against the two banks or whether the continuing probes could lead to potential fines, the person added. Société Générale and Crédit Agricole had previously disclosed talks with U.S. authorities over potential sanction breaches in corporate filings last year and in early 2010 without providing further details. Spokeswomen for Crédit Agricole and Société Générale declined to comment on the probes beyond the previous statements…Last month, France's largest listed bank BNP Paribas SA said it had set aside $1.1 billion to cover potential penalties related to transactions in countries under U.S. sanctions. This provision was booked in addition to the bank's existing legal provision of €1.68 billion ($2.34 billion) as of Dec. 31, 2013. The bank is in talks with federal and New York state officials to settle investigations of money laundering and sanctions violations in countries including Iran and Cuba, according to people familiar with negotiations. A BNP Paribas spokeswoman had declined to comment on the details of the probe. Société Générale and Crédit Agricole, however, may not face as large a fine as BNP Paribas could, estimates AlphaValue analyst Christophe Nijdam. ‘The provisions set aside by Société Générale and Crédit Agricole for potential litigation point to a much lower risk,’ added Mr. Nijdam. Société Générale had total provision for potential litigation of €700 million on Dec. 31, 2013, according to corporate filings. Crédit Agricole had set aside €1.1 billion for potential litigation on Dec. 31, 2012 and didn't say how much it had set aside for possible litigations in 2013.” (Wall Street Journal, “Société Générale and Crédit Agricole Under U.S. Investigation for Alleged Money Laundering, Sanction Breaches,” 3/7/14)

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“A delegation of some of France's biggest companies will visit Iran next month to seek business as relations thaw with western powers, the head of the employers' union said on Wednesday…The prospect of an easing of trade restrictions has whetted the appetite of French firms eager to win back business in a country where some used to have extensive operations. The French Medef bosses' association has organized the visit for February 2-5, its president Pierre Gattaz told a news conference, confirming a report about the trip in the Wall Street Journal…Former French ambassador to Iran Francois Nicoullaud told Reuters that French firms that operated in Iran before the sanctions wanted to return. He cited Renault, PSA Peugeot Citroen, Airbus Group , Credit Agricole, Societe Generale and BNP Paribas.” (Reuters, “French trade delegation to visit Iran next month,” 1/15/14)

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"French banks BNP Paribas (BNP) and Credit Agricole are conducting internal inquiries into U.S. dollar payments to check whether they are potentially in breach of American sanctions, the banks said on Monday... Credit Agricole, which used similar wording in its own annual report, is also reviewing payments linked to countries and entities potentially subject to U.S. sanctions, a spokeswoman said. 'The review is ongoing,' she said." (Reuters, "French banks investigate potential breach of U.S. sanctions," 8/27/12)