PARIS (Reuters) -Credit Agricole said on Tuesday it had appointed Olivier Gavalda as the French bank’s new CEO.
The 61-year-old is set to replace Philippe Brassac, 65, who has led the France’s second-biggest listed bank for the last decade and reached the age limit for holding the role.
Gavalda, who is currently one of Credit Agricole’s deputy CEOs, is set to formally take over as chief executive in May 2025 at the bank’s annual shareholder meeting, it said.
Under Brassac, Credit Agricole SA, the listed entity of the larger Credit Agricole Group, expanded its asset management and investment banking activities as well as its presence in Italy and its car-leasing services.
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The French bank is now caught up in a shareholder battle with Italy’s UniCredit over smaller Italian lender Banco BPM.
(Reporting by Mathieu Rosemain, Editing by Dominique Vidalon and Alexander Smith)
