Crédit Agricole Group in Australia
As with many of the Crédit Agricole Group’s foreign subsidiaries, we need to look back at the history of the Banque de l’Indochine to find the origins of our presence in Australia. Bank of Indochina opened a representative office in Sydney in 1970. It appears that the sector has been operating relatively modestly for a number of years. In 1975, the Banque de l’Indochine merged with the Banque de Suez and the Union des Mines. The new company is called Banque Indosuez. The representative office in Sydney is still active.
An economy that benefits from the proximity of Asian markets, the country's mineral resources and its tourist appeal
In 2024, GDP growth in Australia slowed but remained in positive territory (+1.2%, compared to 2% a year earlier). High levels of public spending have supported economic activity, while private business investment has remained resilient. However, investment in private housing has declined as did household spending, and net exports have declined as global demand for raw materials has declined, partly offset by increased international tourist and student arrivals. According to the IMF outlook, GDP growth in Australia is projected to increase to 2.1 percent in 2025 and 2.2 percent in 2026, supported by strong public spending during an election year and a rebound in private consumption.
In fiscal year 2023/24, the federal government achieved a budgetary surplus for the second consecutive year through revenue gains due to higher than expected commodity prices as well as a lower than expected unemployment rate. Some spending on health was reallocated to State government budgets. Australia's budget is expected to return to deficit in 2024-2025 given the rising costs of programmes such as cost-of-living support (support for energy and rental bills), health services or energy transition initiatives under the "Future Made in Australia" plan and record defence spending.
This trend is expected to continue as interest payments on the debt, defence spending and elderly care rise.
The Australian labour market remained resilient during the monetary tightening cycle, gradually easing with strong job creation. The unemployment rate increased to 4.0% in 2024, but remained below pre-pandemic levels. Migration flows and record participation have increased labour supply, while job vacancies have decreased.
Benchmarks 2023
| Population: | 26.7 million |
| GDP: | $64,821/capita |
| Growth forecast:Growth forecast: | 2% (2023), 1.2% (2024), 2.1 (2025), 2.2 (2026) |
| Inflation: | 5.6% (2023), 3.3 (2024), 3.3 (2025), 3 (2026) |
| Public debt: | 49% of GDP |
| CO2 emissions: | 9.38 tons / capital |
Crédit Agricole Group in Australia
Set-up
Crédit Agricole CIB : 51 employees - Two offices in Sydney and Melbourne.
Geographic responsibility extends to New Zealand.
Business activity
The bank supports clients in their local development as well as their growth strategy internationally. With a wealth of financing experience in the project, real estate, and acquisition sectors, Crédit Agricole CIB has arranged some of Australia's major infrastructure projects, trophy property financings, and largest leveraged buyouts.
In addition to financing services, Crédit Agricole CIB in Australia is also a debt capital markets and fixed income house, active in bond issuances, interest rates, foreign exchange trading and hedging.
Customers
The bank serves a clientele encompassing Australian and New Zealand leading companies, multinational corporations, financial institutions and the public sector. It has developed strong relationships with financial sponsors, construction contractors, as well as major Australia- and New Zealand- based corporations and investors in the power, natural resources, infrastructure and property sectors.
Strategy
Following the acquisition of a full banking licence in 2022, Crédit Agricole CIB has expanded its offering to include corporate lending, access to global debt capital markets, and markets risk management, and is continuing with the coming launch of International Trade & Transaction Banking (ITB) activities.
With the ambition to protect the climate and foster sustainable development, Crédit Agricole CIB assists clients in all stages of their energy transition and decarbonisation strategy.