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UPDATE 2-Credit Agricole appoints Bernard Delpit as CFO
July 5, 2011 / 4:46 PM / in 6 years

UPDATE 2-Credit Agricole appoints Bernard Delpit as CFO

* Delpit, 46, to join the bank from August 29

* Current CFO Bertrand Badre leaves company

* Share ends down 2.8pct, underperform a weak bank sector

(Adds comment, background)

PARIS, July 5 (Reuters) - French bank Credit Agricole said it had appointed Bernard Delpit as group finance director, replacing Bertrand Badre.

Delpit, 46, will be joining Credit Agricole as of August 29 and will report to Michel Mathieu, deputy chief executive in charge of central functions, insurance and asset management, the bank said in a statement on Tuesday.

Delpit currently serves as finance head of French postal service La Poste and previously worked at carmaker PSA Peugeot Citroen . He began his career in 1990 at the French Treasury.

Credit Agricole said Badre, 43, would pursue other interests outside of the group but gave no further details.

The bank unveiled a new strategic plan in March in which it said it was targeting revenue of over 25 billion euros ($36.20 billion) and net profit of 6 to 7 billion by 2014 as it shifts its focus back from investment banking onto its retail business.

“There is a willingness to move on after four years of crisis,” a source close to the bank said about Badre’s replacement.

Shares in Credit Agricole closed down 2.86 percent on Tuesday, underperforming the CAC 40 index, which was down 0.6 percent, and underperforming a generally weaker banking sector, which fell a median 1.7 percent.

“Badre, who stood in the front line of the bank’s financial communication for several difficult years, was liked by the markets,” Kepler Capital Markets analyst Pierre Flabee said, adding that Badre’s departure could partly explain Credit Agricole stock’s weakness today.

The stock is up 8.8 percent so far this year while the STOXX Europe 600 Banks index is down 3.4 percent. ($1=.6907 Euro) (Reporting by Matthias Blamont and Matthieu Protard. Additional reporting by Juliette Rouillon. Editing by Jane Merriman)

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