* CIB head Valroff replaced by Deputy CEO Jean-Yves Hocher
* Heads of LCL, insurance, private bank also replaced
* Valroff deputy moved to head private bank
* Could signal further shrinking of investment bank-analyst
(Adds statement, analyst quotes)
By Nina Sovich and Lionel Laurent
PARIS, Dec 1 (Reuters) - French bank Credit Agricole said it would replace its head of investment banking and several other key executives, just two weeks ahead of revealing its new 10-year strategic plan.
The bank, France's third-biggest listed lender, said Deputy CEO Jean-Yves Hocher would replace Patrick Valroff as investment bank head, and it named new heads for its retail brand LCL, its insurance operations and its private bank.
The change at the investment bank suggests the group's new strategy is likely to focus more on back-to-basics banking such as retail lending, potentially shrinking the already restructured investment bank even further, some analysts said.
"Valroff had been fighting against the new targets imposed by current management ... This means they might unveil some harsher-than-expected plans," said a Paris-based consultant to the financial sector.
Valroff's deputy, Alain Massiera, has been picked to head Credit Agricole's private bank. Both executives presided over the shuttering of the investment bank's most risky activities as part of its overhaul in the wake of the financial crisis, which even led the unit to drop the name "Calyon".
Shares in Credit Agricole closed up 4.2 percent at 9.84 euros, broadly in line with a banking sector rebound. The group's shares have underperformed this year over fears it is not adequately capitalised.
NEW MANAGEMENT CONTROL
In addition to fears over capital, Credit Agricole's new Chief Executive Jean-Paul Chifflet and Chairman Jean-Marie Sander are also grappling with investor fears over exposure to sovereign euro debt and the impact of the crisis on Credit Agricole's unprofitable Greek subsidiary Emporiki.
"They're changing the personnel and putting in place people who are close to the new management," another Paris-based analyst said.
LCL's new chief is Yves Nanquette, a top banker at the network of regional lenders that hold majority control of Credit Agricole. The new duo of Chifflet and Sander is widely seen as an attempt by the regional banks to tighten the reins after an ill-advised expansion spree by the investment bank in the 2000s.
Chifflet was one of several top Agricole regional directors to voice dissatisfaction behind the scenes at losses made by its Calyon investment bank in 2008, a situation that led to the eventual ousting of then Calyon head Marc Litzler.
New investment bank head Hocher, 55, who is currently in charge of the bank's specialised business lines such as corporate investment banking, insurance and private banking, will retain his current responsibilities, a source familiar with the matter told Reuters.
The source added Gilles de Dumast, head of coverage and investment banking, has been forced out of the bank entirely.
The restructuring has led to repeated rumours of a potential partnership with larger rival Societe Generale, itself frequently cited as a potential takeover target for BNP Paribas , France's biggest listed bank.
Credit Agricole has a market value of around 23.3 billion euros ($30.50 billion). (Additional reporting by Julien Ponthus and Matthieu Protard; Editing by James Regan and Will Waterman) ($1=.7639 Euro)