What it does: Asset management, consumer finance, corporate and investment banking, insurance and retail banking services.
Best known for: Crédit Agricole Group is the world’s biggest financial cooperative institution based on turnover (€19.69 billion as of 2018).
Staff stats: More than 500 employees in Hong Kong.
The good bits: Graduates and students have plenty of options to join the company including internships, training programs and summer jobs. You can also apply as an international volunteer at an office in Asia, Europe or the USA.
The not so good bits: Entry-level roles like trainees only work for the company under a one-year contract. It’s unclear if Crédit Agricole renews the employment agreement based on performance or demand for the job.
Crédit Agricole Group is the pioneer asset manager and bancassurer in Europe. The company’s heritage dates back to 1894 when Jules Méline led the creation of the first local banks, primarily to attract votes from farmers. Members of farm cooperatives managed the banks’ operations and served as the foundation for Crédit Agricole’s current organisational structure.
The company implements a universal retail banking model for 51 million customers in 47 countries including Hong Kong, where they engage in asset management, corporate and investment banking, and private banking. The banking model involves mutual cooperation between retail banks and the related line of business such as consumer finance, insurance and real estate.
Applications for internships and training programs at the Hong Kong office can take four to five weeks on average. You can either apply online, through campus job fairs or employee referrals. Internship interviews may involve two rounds comprising a phone conversation and an in-person appointment with the respective department head.
Prospective trainees meet with the hiring manager and regional head before interviewing with an HR staff. Crédit Agricole will assess your motivation for joining the company through practical or simulated exercises (e.g. sales negotiations). The company suggests that applicants should learn as much as they can about Crédit Agricole and the general banking industry.
A rehearsed speech about your professional goals and interest will be helpful as well. The HR recruiter will evaluate your application based on well-organised thoughts. Crédit Agricole also encourages applicants to ask questions and act naturally during the interview. The company also helps candidates to maximise their chances of being hired by giving mock tests for online aptitude exams.
The company accepts students for six-month internships every year. Crédit Agricole also offers work-study programs for their asset management, corporate banking, insurance, information systems and retail banking departments. The apprenticeship can last between one to two years. The group prefers to hire individuals below 26 years old with no specific qualifications, but they can make exceptions for older applicants.
Graduates in Hong Kong can apply as an international volunteer. Crédit Agricole has deployed more than 200 international volunteers in different business entities in Asia, Europe and the USA. The company prioritises international volunteers who wish to work as a full-time employee after their overseas assignment.
If you’d rather be a full-time employee right away, the best route involves a career with the Crédit Agricole’s corporate investment banking unit (CIB). Some of the entry-level roles at CIB include associates and trainees. You’ll have better chances of knowing more about an associate through employee referrals. Aspiring trainees should take note that they can only work for the company under a one-year contract.
The average monthly salary for Crédit Agricole’s permanent trainees is HK$21,500, while those under contract earn between HK$16,000 and HK$19,500 per month on average. Internship salaries range from HK$12,000 to HK$13,000 per month on average. Some employees that their salaries are below the median market rate. Compensation for analysts is an example. The average annual base pay for a credit analyst in Hong Kong is HK$495,000 compared to the minimum HK$387,000 salary at Crédit Agricole.
Crédit Agricole doesn’t let employees get stuck in a rut when it comes to their careers. The ‘Mobili’Jobs’ program allows them to explore opportunities for a lateral transfer. Some employees in Hong Kong, however, believe that the company favours French employees over local staff for management promotions. They also feel dissatisfied with their below-average pay.
You should expect a French work culture at the Hong Kong offices as well. Most employees say that people are friendly and helpful, which is likely because of a healthy work-life balance at the company.
Crédit Agricole’s top competitors are BNP Paribas, Groupe BPCE, Natixis and Societe Generale.
The company has been involved in environmental, social and societal projects for more than 20 years. Crédit Agricole has been a co-founding member, participant and signatory of 21 global initiatives.
Crédit Agricole allegedly participated in a Russian money-laundering scandal through private banking subsidiary Indosuez, according to a 2019 report. The Organised Crime and Corruption Reporting Project listed the company among several European banks that failed to prevent questionable funds from reaching their branches across the globe.
Graduates and students in Hong Kong should learn how to cope with a French-style work environment. It helps to know someone who already works at Crédit Agricole and ask them, not only for having an idea about the company but also for employee referrals. If that’s not possible, you can still boost your chances of being hired by starting to be well-informed with the latest news about the group.