Entre mutualisme et capitalisme: le modèle de gouvernance hybride du groupe Crédit agricole

<p>For the past fifteen years or so, the banking sector has undergone major restructuring at both the national and European level. At the heart of these upheavals, the specific structure of mutual banking establishments has until now protected them from the mistakes made by some of their traditional commercial competitors. The article however identifies a blurring of models. Mutualist values are being combined with capitalist alternatives, which has created a hybrid model. The article uses three criteria for describing this model: product/market, governance system, means of financing growth. In studying the case of Cr&eacute;dit agricole, which has experienced all of the major developments that have been observed in the mutual banking sector in a single organization (internationalization, stock market listing, external growth), the authors try to understand the conditions for the emergence of a hybrid governance model and its managerial consequences in terms of organizational and control structures.</p>