Calyon S.A. operates as a corporate and investment bank for Crédit Agricole Group in Europe. It offers capital markets and investment banking, as well as financial services. The Capital Markets and Investment Banking sells standard and structured capital markets products, including cash management, fixed income/foreign exchange/commodities, credit derivatives, equity derivatives, and intermediation/clearing on futures and options markets. It also provides corporate advisory activities with the equity capital markets unit, which deals with equity operations and the structuring of equity derivatives. The Financing business deals with asset-based financing, syndication, and commercial banking. Calyon also engages in international private banking. The bank also operates in North America, Central and South America, and the Asia Pacific excluding Japan. Calyon was formed in May 2004 by the transfer of Crédit Lyonnais' Corporate and Investment Banking division to Crédit Agricole Indosuez. The bank is based in Paris La Défense, France. Calyon S.A. operates as a subsidiary of Credit Agricole S.A.