Davis Polk advised the dealers on a senior unsecured Rule 144A/Regulation S offering by Crédit Agricole S.A. (“Crédit Agricole”), as issuer, acting through its London branch, of $1 billion aggregate principal amount of 2.375% fixed-rate notes due 2021 and $400 million aggregate principal amount of floating-rate notes due 2021 under Crédit Agricole’s $20 billion Rule 144A/Regulation S medium-term note program.

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, counsel Amy T. Alter and associate Bhupinder Grewal. Counsel Juliette Loget and associates Jean-Christophe Devouge and Géraldine Fromage provided French law and regulatory advice. Partner John D. Paton and associate Omer Harel provided U.S. tax advice. Partner Jonathan Cooklin and counsel David Wilson provided U.K. tax advice. Members of the Davis Polk team are based in the London and Paris offices.

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