Crédit Agricole Assurances Joins Scope Group to Boost European Financial Sovereignty

Crédit Agricole Assurances Joins Scope Group to Boost European Financial Sovereignty

(IN BRIEF) Crédit Agricole Assurances has invested in Scope Group, joining other major French financial institutions like AXA and BPCE in supporting Europe’s only independent rating agency accepted by the European Central Bank. This investment is part of broader efforts to strengthen Europe’s financial sovereignty and develop tools for the eurozone’s growth. Scope’s growing relevance in capital markets highlights the increasing influence of European-led financial institutions in shaping the region’s economic future.

(PRESS RELEASE) MONTROUGE, 14-Sep-2024 — /EuropaWire/ — Crédit Agricole Assurances has taken a strategic stake in Scope Group, joining the ranks of other major European financial institutions such as AXA and BPCE. This investment marks another step toward boosting the presence of European-based rating agencies in a market long dominated by Anglo-Saxon players. The move comes at a critical time, as Europe seeks to bolster its economic growth and financial independence through initiatives like the European Capital Markets Union.

Scope Group, a leading provider of independent credit ratings, ESG analysis, and fund research, is the only European rating agency accepted by the European Central Bank for its Eurosystem Credit Assessment Framework (ECAF). This makes Scope a key player in Europe’s efforts to strengthen its financial systems. The addition of Crédit Agricole Assurances to its shareholder base further emphasizes the importance of a European rating agency that operates with a deep understanding of regional realities.

Nicolas Denis, CEO of Crédit Agricole Assurances, highlighted the significance of the investment, stating that it aligns with the broader goal of enhancing Europe’s financial sovereignty and supporting the development of new tools to strengthen the eurozone. Florian Schoeller, CEO of Scope Group, welcomed the partnership, emphasizing that the involvement of a major European insurer reinforces Scope’s growing role in capital markets.

In recent years, Scope’s influence in the French market has increased, with significant public mandates and partnerships with French institutions. The Paris office has grown into the largest hub outside Germany, showcasing the expanding reach and impact of Scope across Europe.

This new investment not only solidifies Scope’s position as a leading European rating agency but also underscores the growing momentum behind initiatives aimed at fortifying Europe’s financial independence and stability in an increasingly competitive global market.

On Scope in France:

Together with AXA and BPCE, both have recently invested in Scope, Crédit Agricole Assurances is the third major French financial institution becoming shareholder in Scope. The
strengthened French shareholder base also reflects the growing relevance of the French market for Scope with public mandates like Air Liquide, CADES, Crédit Foncier de France, Fnac Darty, Michelin, and Sanofi. Scope also rates the pandemic-era French government-backed recovery funds Fonds Obligations Relance (OR) and Fonds Prêts Participatifs Relance (PPR). The Paris office, led by Marc Lefèvre, is today Scope’s largest hub outside Germany. French nationals hold top positions at Scope: Guillaume Jolivet is Chief Analytical Officer, while Inès de Dinechin chairs Scope Group’s Supervisory Board. Jean-Claude Trichet, former President of the European Central Bank, is a member of the Scope Fondation’s Honorary Board.

About Crédit Agricole Assurances
Crédit Agricole Assurances, France’s largest insurer, is the company of the Crédit Agricole group, which brings together all the insurance businesses of Crédit Agricole S.A. Crédit Agricole Assurances offers a range of products and services in savings, retirement, health, personal protection and property insurance products and services. They are distributed by Crédit Agricole’s banks in France and in 9 countries worldwide, and are aimed at individual, professional, agricultural and business customers. Crédit Agricole Assurances has 5,800 employees. Its premium income (non-GAAP) to the end of 2023 amounted 37.2 billion euros.

www.ca-assurances.com

About Scope Group
With more than 300 employees operating from offices in Berlin, Frankfurt, London, Madrid, Milan, Oslo and Paris, Scope Group is the leading European provider of independent credit ratings, ESG analysis and fund research. Based on forward-looking and innovative methodologies, Scope offers a European perspective that contributes to greater diversity of opinion for institutional investors worldwide. Scope Ratings is registered in accordance with the EU rating regulation and operating in the European Union with ECAI status. Scope Ratings is the only European rating agency accepted by the ECB for the Eurosystem Credit Assessment Framework (ECAF). The shareholders of Scope Group include CEO and founder Florian Schoeller and anchor shareholder Stefan Quandt, numerous senior personalities in European finance and industry as well as institutional investors from several European countries.

On Scope’s shareholder base: Beside France’s Crédit Agricole, BPCE and AXA, Scope’s shareholders include several other European financial institutions, such as HDI/Talanx, B&C Gruppe, Foyer, Signal Iduna, SV SparkassenVersicherung, Swiss Mobiliar, as well as Germany’s largest foundation RAG-Stiftung. The anchor shareholders of the Scope Group are Florian Schoeller and Stefan Quandt (AQTON). More Info

More news on Scope Group:
• France’s CADES mandates Scope (July 2024)
• ECB to include Scope’s ABS ratings in ECAF (June 2024)
• ECB accepts Scope Ratings in its credit assessment framework ECAF (Nov 2023)
• Groupe BPCE becomes shareholder in Scope (Feb 2023)
• EU mandates Scope Ratings – AXA has become a strategic shareholder (June 2022)
• Foundation set up to safeguard Scope’s European identity (Sep 2020)

Media Contacts:

Nicolas Leviaux
Head of PR and Influence
T. +33 (0)1 57 72 09 50

Julien Badé
PR Officer
T. +33 (0)1 57 72 93 40
Email: service.presse@ca-assurances.fr

SOURCE: Crédit Agricole S.A.