Historic agreement: Crédit Agricole SA and BCC-Grupo Cajamar announce their long-term collaboration

International Financial Alliances

French banking giant Crédit Agricole and Spain's BCC-Grupo Cajamar have forged a long-term strategic alliance. The agreement, signed in Almería, involves the acquisition of 9,9% of the cooperative group's parent company by the French entity to strengthen its services in Spain.

---

The French banking group Crédit Agricole S.A. and the Spanish entity BCC-Grupo Cajamar, leader in the cooperative banking sector in EspañaThey have formalized a long-term strategic alliance. This agreement, which includes the acquisition of a 9,9% minority stake in Banco de Crédito Social Cooperativo The French entity seeks to boost the commercial development of Cajamar and expand the business lines of Crédit Agricole in the Spanish market.

The operation, subject to approval by the relevant authorities and expected to be formalized in the coming months, is based on the cooperative roots shared by both groups. Grupo Cooperativo CajamarThe alliance represents a catalyst for its organic growth, allowing its more than 3,9 million customers to access an expanded range of financial products and services, especially in areas such as Custody and administration of assets, factoring, leasing and renting of vehicles and equipment, and investment solutions.

Boost to solvency and international business

In the short term, the agreement will immediately strengthen the equity structure of Grupo Cooperativo CajamarIts solvency ratio phased-in It will rise from the current 16,6% to 17,1%, consolidating its position in the Spanish financial system. Crédit Agricole S.A.The impact on its CET1 ratio will not be significant, which demonstrates that the operation is aligned with its financial investment criteria.

As stated Manuel Yebra, CEO of BCC-Grupo Cajamar, "the incorporation as a shareholder of one of the largest banking groups of Europa"Sharing the same affinity with the cooperative credit model, this move will give new impetus to our expansion and development strategy, both territorially and in terms of the breadth and diversification of our offering." This move will improve the positioning of the group's 18 rural savings banks in key segments.

For its part, Olivier Gavalda, CEO of Crédit Agricole S.A.He noted that the alliance "will allow the business lines of Crédit Agricole S.A. continue developing its activities in España, offering customers of Grupo Cooperativo Cajamar a wider range of financial products and services."

A profile of the main players

Crédit Agricole, considered the tenth largest bank in the world according to The Banker 2025It is a key player in financing the French economy and one of the leading European banking groups. With a presence in 46 countries, it stands out as a leader in retail banking, asset management, and bancassurance. EuropaIts model is based on a solid cooperative and mutual structure that serves 55 million customers.

Grupo Cooperativo Cajamar is one of the 10 significant entities of Españawith assets worth €64.678 billion as of March 2026. The entity plays a fundamental role in the modernization of the España rural and is a leader in financing the primary sector, with a national market share of 16,4%, making it a strategic partner for companies in the food industry with an export focus.

Key Indicator	Entity	Relevant Figure/Data
Acquired Share	Crédit Agricole S.A.	9,9% in Banco de Crédito Social Cooperativo
Managed Assets	Grupo Cooperativo Cajamar	64.678 million euros (as of 31/03/2026)
Solvency Ratio Evolution	Grupo Cooperativo Cajamar	Goes from 16,6% to 17,1% (phased-in)
Primary Financing Market Share	Grupo Cooperativo Cajamar	16,4% nationally

Key points and frequently asked questions about the Crédit Agricole-Cajamar alliance

How does this alliance benefit Spanish companies that are clients of Cajamar?

Spanish companies, especially SMEs with international operations, will have access to a more sophisticated portfolio of international financing services. The experience of Crédit Agricole en Factoring as a Financial Tool for Managing Seasonal Fluctuations in Trucking, lease and complex investment solutions will be integrated into the offering of Cajamarfacilitating its operations abroad and the management of its global treasury.

What does Crédit Agricole's entry into a cooperative entity mean for the Spanish banking sector?

This move underscores the attractiveness and strength of the Spanish cooperative banking model for large international financial groups. The operation could set a precedent for future alliances that strengthen the ability of social economy entities to compete in the global market, providing them with financial muscle and expertise international without losing its local roots.

Does this agreement represent an advantage for exporters in the agri-food sector?

Yes, directly. The leadership position of Grupo Cajamar in the financing of food industry, combined with the network and global capacity of Crédit AgricoleThis will create valuable synergies. Spanish exporters in this sector will benefit from improved financing conditions, currency risk hedging, and enhanced support for their foreign trade operations in the 46 countries where the French group operates.