Credit Agricole Names Gavalda CEO Amid Italy Standoff (3)

Credit Agricole SA appointed Olivier Gavalda to replace outgoing Chief Executive Officer Philippe Brassac, handing the top role to a lifelong veteran of the banking group as it contends with threats to its business interests in Italy.

Gavalda will start after the general shareholders’ meeting on May 14, the French bank said on Tuesday. Brassac, who’s 65, has reached the company’s age limit for the role.

Olivier Gavalda

Photographer: Mikael Lafontan/Credit Agricole SA

The new CEO will take over while Credit Agricole is responding to a string of potential bank deals in Italy that are set to reshape its biggest market outside France. As part ...