Crédit Agricole has achieved less than 20% of the savings it predicted would be made last year as part of its €19.5bn ($24bn) acquisition of Crédit Lyonnais.

Only €40m of synergies were achieved last year, compared with the €215m predicted at the time of the acquisition. Crédit Agricole said it was now expecting €275m of synergies this year and €620m in 2005, against €574m and €738m initially announced.