Crédit Agricole SA, the newly-merged French bank, has reshuffled the supervisory and executive boards of its Credit Lyonnais private equity business as part of a broader move to reorganise the group's €2.5bn ($3bn) portfolio.

The bank has appointed Jean-Frédéric de Leusse to replace Alain Papiasse as chairman of the supervisory board at Crédit Lyonnais Private Equity. Papiasse, stepped down from his post as deputy chief executive of Calyon, Crédit Agricole's investment banking arm, in May.