PARIS--France's Credit Agricole SA said Monday Jerome Grivet, who currently heads the group's insurance business, would take over as the bank's deputy chief executive.

The appointment will be effective on May 21, Crédit Agricole said in a statement.

His nomination follows the expected departure of Chief Financial Officer Bernard Delpit, who will step down this month to take the same role at French defense equipment maker Safran SA.

Write to Noémie Bisserbe at noemie.bisserbe@wsj.com

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