Davis Polk & Wardwell LLP advised Calyon Securities (USA) Inc. and Deutsche Bank Securities Inc. as managers of a Rule 144A/Regulation S offering by Crédit Agricole S.A. (Crédit Agricole), acting through its London branch, of US$1.5 billion aggregate principal amount of senior unsecured floating-rate notes due 2012 under its US$20 billion senior/subordinated medium-term note program.

Crédit Agricole is the lead bank of the Crédit Agricole Group (Group), which is France’s largest banking group and one of the largest in the world based on shareholders’ equity. Crédit Agricole coordinates the Group’s sales and marketing strategy, ensures the liquidity and solvency of each of the Group’s entities and, through its specialized subsidiaries, designs and manages financial products, including consumer credit, factoring and lease finance.

The Davis Polk corporate team included partner Andrés V. Gil and associates Karin B. Braverman and Amy T. Alter of the Paris office. Vivienne M. Guiden of the Paris office was the legal assistant for this transaction.