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Crédit Agricole, solidarity Ukraine

Martin Baelden
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August 28, 2024

At a time when many companies are faced with the dilemma of whether to stay or leave Russia, the Crédit Agricole Group has decided to cease its activity in this country and has mobilised an exceptional solidarity fund for Ukraine.

The Group, which operates in Ukraine, decided to donate 10 million euros to help the civilian population, including the 2,400 employees of its local entity. The Group's employees were asked to contribute to the fund and they contributed more than 250,000 euros.

Whether they had to stay or leave the country, the staff received rapid material support. Crédit Agricole Bank Polska organised their reception, accommodation and continuation of their activities from the start of the conflict.

In addition, the fund also supports UNICEF and the French Red Cross for their work with war victims.

At the same time, companies operating in Russia are faced with the dilemma of whether to leave or stay. Ukrainian President Volodymyr Zelensky has urged them to stop "supporting the Russian war machine" and to leave the country. On the other hand, the economic aspects of this location also carry a lot of weight.

The French banks, including Crédit Agricole, chose to suspend their activities in Russia almost a month after the invasion of Ukraine. These decisions should not, however, weigh too heavily on the results of the two banks, which are not very present and exposed on the Russian and Ukrainian markets.

A number of French groups have followed suit by deciding to suspend their operations in this country. (LVMH, Kering and Hermès, but also Airbus, Safran, Alstom...)