Davis Polk advised the initial purchasers of the U.S. dollar issuance of subordinated fixed-rate notes by Crédit Agricole S.A. (“Crédit Agricole”). Under its U.S. medium-term note program, Crédit Agricole issued $1.25 billion aggregate principal amount of 3.250% subordinated fixed-rate notes due 2030 under Rule 144A/Regulation S.
Crédit Agricole is the lead bank of the Crédit Agricole Group (the "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 Reuven B. Young and associates Andrew Rowe and Tanu Sinha. Associates Géraldine Fromage, Ferdinand Barbé and Daniel Arroche provided French law and regulatory advice. Counsel Alon Gurfinkel and associate Omer Harel provided U.S. tax advice. Partner Jonathan Cooklin and counsel Dominic Foulkes provided U.K. tax advice. Members of the Davis Polk team are based in the London and Paris offices.