Crédit Agricole S.A. Completes $400M Maple Bond Offering

Crédit Agricole S.A., the largest bank in France, issued into the Canadian capital markets $400 million Undated Deeply Subordinated Fixed to Floating Rate Notes on August 11, 2006. This offering was the first innovative tier-one capital financing completed by a foreign bank in the Canadian capital markets. Merrill Lynch Canada Inc. and RBC Capital Markets acted as joint lead managers with Desjardins Securities Inc. participating as a co-manager. McCarthy Tétrault LLP acted as Canadian counsel to Crédit Agricole with a team led by Andrew Parker (securities), which also included Barry Ryan (financial services) and Gabrielle Richards (tax). In France, Crédit Agricole was represented by Cleary Gottlieb Steen & Hamilton LLP with a team led by Andrew A. Bernstein, which also included Dana Bennett. The managers were represented by Allen & Overy LLP with a team led by Dan Lauder, which also included Sabine Fievet and Antoine Lachenaud.