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Entities and activities

Crédit Agricole Group in Singapore

Published at 20 Feb 2025 - Updated at 5 Mar 2025

120 years ago, the Banque de l'Indochine opened a branch in Singapore. This led to the Crédit Agricole Group’s presence in the country. The later establishment of Crédit Lyonnais and then Caisse Nationale de Crédit Agricole are also part of the common history of the Group’s presence in the “garden island”.

An economy driven by its positioning at the heart of trade flows but subject to global uncertainties

Singapore revised its economic growth forecast for 2024 to 4.4 percent, exceeding previous estimates of 2.0 to 3.0 percent, thanks to strong performances in the manufacturing, wholesale, and financial sectors. Global demand for electronics, particularly semiconductors, and the rise of artificial intelligence (AI) have fuelled growth in key export markets, including the United States and the euro area.
The city-state, often regarded as a global economic barometer because of its trade-dependent economy, was thus driven by manufacturing that jumped 11.0% year-on-year.

For 2025, the outlook is more moderate with growth expected at around 2.5% due to global economic challenges.

Inflation is expected to stabilise at between 1.5 and 2.5 percent given the decline in oil prices and thus energy and transport prices. Food price developments are expected to remain subdued due to supply chain stabilisation.
Foreign direct investment could reach $200bn by 2028, with Singapore remaining an attractive destination for investors due in part to favourable policies and infrastructure.

The tourism economy is boosted by the return of Chinese people, with an increase in hotel occupancy and longer stays, in line with Singapore’s strategy to improve the tourism ecosystem.

Global geopolitics pose risks to the international trade and investment flows on which Singapore depends, including from China, the US and Europe.
At the same time, a slowdown in global growth will affect Singapore’s economy, particularly in sectors such as logistics and financial services.
The labour market is also undergoing a transformation in response to the digital and technological orientation of the economy.

Finally, Singapore is strongly committed to sustainable development and aspires to become a global hub for carbon services and low-carbon technologies.

Benchmarks 2023

Population:	5.9 million
GDP:	$84,734 / capita
Growth:	1.1% (2023), 4.4% (e) in 2024
Inflation:	2.5%
Public debt:	170.8% of GDP
CO2 emissions:	9.38 tons / capita

Crédit Agricole Group in Singapore

The Crédit Agricole Group in Singapore has more than 2,000 employees in investment banking, asset management and wealth management. Their knowledge of the local market is a reference for all Group entities.

Setup	Business activity
Crédit Agricole CIB 1,648 employees, including 1,429 at ISAP (including 848 service providers)	In Singapore, Crédit Agricole CIB offers tailor-made solutions to meet the needs of local (47% of commercial revenues) and international (53% of commercial revenues) customers. In Asia Pacific, Singapore is one of the main regional hubs with business lines and centres of expertise that support the entire region. The branch has also developed a strong customer base in Southeast Asia. All Crédit Agricole CIB business lines are represented: Coverage & Investment Banking, Global Markets Division, International Trade & Transaction Banking, Energy & Real Assets, Corporate & Leverage Finance, Distribution & Asset Rotation, and Financing & Client Services. Singapore is also home to the Information System Asia-Pacific (ISAP) platform, one of the Bank’s three main IT and technology infrastructure centres, with a team of more than 1,400 experts (including service providers). This is the second largest team in the Bank’s global IT network. Crédit Agricole CIB’s teams support customers in their development in Singapore and in their international growth strategy. In Singapore, Crédit Agricole CIB has extensive experience in cross-border advisory services, as well as in short- and medium-term financing in Singapore Dollars (SGD) and other currencies. Actively contributing to Singapore’s role as a regional centre for commodity trade, Crédit Agricole CIB is a major player in the financing of international trade, fixed income and real asset products for international commodity traders, producers, refiners and importers. Thanks to a leading Asian syndication team, Crédit Agricole CIB is a leading arranger and underwriter of syndicated loans for clients in Southeast Asia. The Bank also serves the needs of Singapore’s international clients in the areas of foreign exchange and balance sheet financing. Crédit Agricole CIB also has extensive experience in project finance, particularly in infrastructure, real estate and renewable energy. Crédit Agricole CIB Singapore also works closely with the Bank’s Global Islamic Banking team in Dubai to provide investment and financing services in the Islamic finance space. With the ambition to protect the climate and promote sustainable development, Crédit Agricole CIB Singapore supports socially and environmentally responsible financing through a comprehensive advisory offer and innovative solutions. A pioneer and leader in green and sustainable bonds, green loans and renewable finance, Crédit Agricole CIB supports its clients in all stages of their energy transition and decarbonization strategy, thanks to a regional team of experts in sustainable finance.
Amundi Singapore 68 employees	Amundi Singapore was established over 35 years ago in 1989 as the hub for the firm’s operations in Southeast Asia, serving institutional investors, insurance companies, private and retail banks, and independent financial advisors. Amundi is the leading European asset manager among the top 10 global players and manages more than €2.2 trillion of assets as of December 2024.
Indosuez 195 employees, including 4 Market Heads and 46 Relationship Managers	Indosuez in Singapore is dedicated to supporting families, entrepreneurs and professional investors in the growth, preservation, and management of their wealth in line with their aspirations. Its multidisciplinary teams in Singapore and Hong Kong specialize in solutions for regional and international clients. They offer a full range of wealth management services, including private market mandates, credit solutions, real estate services, wealth structuring, discretionary portfolio management, insurance premium financing and sustainable investment.
Azqore 110 employees	Created at the end of 2015, the Azqore Singapore branch not only serves Indosuez entities in Asia but also supports the Union Bancaire Privée and Bank of China Singapore (Private Banking department).