2007 Review of Operations Groupe Caisse d`Epargne

Transcription

Review of operations
2007
Review of operations 2007
Contents
2007
Caisse Nationale des Caisses d’Epargne (CNCE)
50 avenue Pierre-Mendès-France, 75201 Paris Cedex 13, France
Tel.: (33) 1 58 40 41 42 – Fax: (33) 1 58 40 48 00
A limited Company governed by a Management Board and a Supervisory Board (Société anonyme à directoire
et conseil de surveillance) with share capital of 7,873,088,265.75 euros
Head office: 5 rue Masseran, 75007 Paris, France
Registered in Paris under RC registration number: 383 680 220
www.groupe.caisse-epargne.com
1
ESSENTIALS
1
2
4
5
6
10
Profile and history of the Group
Key figures 2007
Message from the Chairmen
Strategic project
Organizational structures and corporate governance
Bénéfices Futur
12
OUR CORE BUSINESS LINES
14
17
21
22
23
25
26
27
Commercial Banking
Individual Customers
Professional Customers
Corporate Customers
Local Authorities and Institutions
Social Economy
Social Housing
Other Banking Networks
30
33
34
35
Insurance & Personal Care Services
Life insurance
Non-life insurance
Partnership with Macif and MAIF
36
39
42
Real Estate Services & Social Housing
Real Estate Services
Social Housing
44
47
50
51
52
53
Wholesale Banking & Financial Services
Corporate and Investment Banking
Asset Management
Private Equity & Private Banking
Investor Services
Receivables Management
54
ORGANIZATION & RESOURCES
56
58
60
Human Resources
Systems & Resources
Risk Management, Compliance and Security
62
A SOCIALLY COMMITTED BANK
64
66
Local & social economy projects
The Caisses d’Epargne Foundation
for Social Solidarity
Sustainable development
Corporate philanthropy and Sponsorship
68
69
70
Consolidated balance sheet
and statement of income
Groupe Caisse d’Epargne’s commitment to sustainable development
The rankings cited in the Review of operations are derived from either explicitly stated external sources or are sourced internally.
Simplified corporate structure
Core business lines
at December 31, 2007
411 local savings companies (LSC)
3.5 million cooperative shareholders
80% (shares in LSC)
Caisses
d’Epargne
Caisse Nationale des Caisses d’Epargne
Crédit Foncier
Banque Palatine
Financière Océor (2)
Banque BCP
(France (3) – Luxembourg(4))
CIH (Maroc)** (5)
Retail
Banking
Regional
Development Banking
Individual customers
Professional customers
Corporate customers
Local authorities and
institutions
Social economy and social
housing
Public-private partnerships
Insurance
Wholesale Banking
& Financial Services
Life insurance
General insurance
Health/Personal risk
insurance
Personal care services
Transaction services/property
sales
Property management
Development and valuations
Real estate asset advisory/
Management services
Investment
Corporate and investment
banking
Asset management
Private equity & Private
banking
Investor services(1)
Receivables management(2)
20% (CICs)(1)
100%
Commercial Banking*
Commercial banking
Fédération Nationale
des Caisses d’Epargne
Nexity** (8)
Meilleurtaux** (9)
Banking in overseas
territories
and internationally
Individual customers
Professional customers
Local authorities
Corporate customers
(1) Custody, payments, insurance, sureties and financial guaranties, employee benefits planning
and consumer finance services.
(2) Credit insurance, factoring, business information and credit management.
Social Housing
GCE Habitat
Erilia
21 individual Caisses d'Epargne
Insurance
Ecureuil Assurances IARD
CEMM(6)
CNP** (7)
* Other than the retail banking networks of the Caisses d’Epargne.
** Listed company.
(1) Cooperative Investment Certificates (CICs) owned by Natixis
representing 20% of the capital of the Caisses d’Epargne, entitling
holders to receive dividends but including no voting rights.
(2) The Financière Océor holding company owns the Group’s
investments in banks in foreign countries and in overseas
French territories.
(3) 50.1% owned by the Caisse d’Epargne Île-de-France Paris and 30%
owned by CNCE.
(4) 50.1% owned by Financière Océor and 30% owned by CNCE.
Wholesale Banking
MARTINIQUE*
Natixis** (10)
Natixis Global AM
Natixis Securities
Natixis Financement
Coface
Natixis Interépargne
Natixis Garanties
...
(5) Indirect interest of approximately 23% held by GCE Maroc (Océor).
(6) CEMM, a holding company jointly owned by GCE, Macif, MAIF,
and MGEN.
(7) 17.74% held by Sopassure, a 49.98% subsidiary of CNCE.
(8) A company in which CNCE has an interest of approximately 40%.
(9) Equity interest via Oterom Holding, along with Christophe Crémer,
MAIF, Macif and Nexity.
(10) Owned on an equal basis with the Banque Fédérale des Banques
Populaires, each holding a 34.45% interest. The percentage
interest of CNCE in Natixis, after restating to account for treasury
shares is 34.66%.
GUADELOUPE*
Saint-Martin
Saint-Barthélémy
LA RÉUNION*
SAINT-PIERRE
-ET-MIQUELON**
Mergers completed in 2007
Mergers completed in 2008
* Forming part of the Caisse d'Epargne de Provence-Alpes-Corse.
** Forming part of the Caisse d'Epargne d'Ile-de-France Paris.
2007
Contents
2007
Tel.: (33) 1 58 40 41 42 – Fax: (33) 1 58 40 48 00
1
ESSENTIALS
1
2
4
5
6
10
Key figures 2007
Strategic project
Bénéfices Futur
12
14
17
21
22
23
25
26
27
Commercial Banking
Corporate Customers
Social Economy
Social Housing
30
33
34
35
Life insurance
Non-life insurance
36
39
42
Social Housing
44
47
50
51
52
53
Asset Management
Investor Services
54
56
58
60
Human Resources
Systems & Resources
62
64
66
68
69
70
One of the largest retail banks in France, comprising
the Caisses d’Epargne, Crédit Foncier, Banque Palatine
and Océor banking networks as well as its own
specialized subsidiaries, Groupe Caisse d’Epargne ranks
among the leading full-service, universal banks.
With 51,200 employees, Groupe Caisse d’Epargne caters
for all business sectors and types of clientele and is
present on the world’s main financial markets.
Natixis, which is owned jointly with the Banque Populaire
group, now spearheads the Group’s asset management
and financial services, investment and corporate offering.
With Nexity, Groupe Caisse d’Epargne has set up a major
Real Estate Services division as a complement to
its existing Commercial Banking and Insurance divisions.
The Group has also implemented a policy geared
to developing the international dimension of its retail
banking activities. In its capacity as a full-service,
universal bank, insurance company and real estate
specialist, Groupe Caisse d’Epargne is continuing
its drive to provide customers with a comprehensive
array of high-performance services.
Groupe Caisse d’Epargne is reasserting its position as
a socially responsible bank thanks to the general interest
initiatives initiated by the individual Caisses d’Epargne,
the activities of its Foundation for Social Solidarity
in the fight against illiteracy and all forms of dependence,
and the Group’s commitment to sustainable development
Bénéfices Futur program.
Groupe Caisse d’Epargne has a solid financial profile,
reflecting strong growth dynamics and a particularly
rigorous risk management policy.
Review of operations • 1
Essentials • 2007 Key figures
2007 Key figures
Unless otherwise indicated, all data are calculated based
on International Financial Reporting Standards (IFRS)
Earnings
in billions of euros
2005
2006(1)
Net banking income
10.0
10.0
9.8
Gross operating income
2.3
2.4
1.5
Net income attributable to equity holders of the parent
1.8
1.4
1.4
8.4%
7.3%
Return on
equity(3) (%)
10.4%
2007(2)
(1) Pro forma 2006 data were prepared on the assumption that the operations setting up Natixis, and those carried out in relation
to the renegotiated partnership with Caisse des Dépôts, took place on January 1, 2006.
(2) Published figures including Nexity’s results for the six months starting July 1, 2007, the date of its first-time consolidation within the Group.
(3) Return on equity is calculated based on attributable net income divided by average attributable equity excluding unrealized or deferred
gains and losses at the beginning and end of the period in question (after the payment of dividends).
Financial position at December 31
Tier-1
capital(1)
Equity attributable to equity holders of the parent
Tier-1
2005
2006
2007
19.0
18.3
20.4
20.0
20.0
20.6
ratio(1) (%)
Capital adequacy ratio(1) (%)
9.6%
8.7%
8.7%
153%
131%
130%
(1) Tier-1 capital calculated under French GAAP in 2005 and IFRS in 2006 and 2007.
Breakdown of net income by division
2006(1)
2007(1)
Commercial Banking
Wholesale Banking
61%
26%
3%
Commercial Banking
Wholesale Banking
70%
15%
Insurance
10%
5%
Insurance
10%
• A solid and diversified Group structure with four business divisions corresponding to Commercial Banking (the Caisses d'Epargne
network, the Crédit Foncier group and various other networks including Océor and Palatine), Insurance, Real Estate Services and
the contribution of Natixis’ business lines.
• The impact of the 2007 financial crisis was restricted to CIFG and certain business lines within Natixis’ Corporate and investment
banking activities.
(1) Pro forma data, excluding the contributions of the holding structure.
2 • Groupe Caisse d’Epargne
Essentials • 2007 Key figures
Outstandings at December 31
Total assets
615
2005
540
2006
602
2007
Loans outstanding
Investment and liquid savings
204
2005
230
2006
269
2007
2005
344
2006
344
358
2007
2007 other data
4,770
3.5 million
Bank branches
Cooperative shareholders
of the Caisses d’Epargne
2,150
Real estate branches (Nexity)
21
Individual Caisses d’Epargne
51,200
Groupe Caisse d’Epargne headcount(1)
In addition to 22,000 for Natixis and 6,700 for Nexity
Credit ratings
Moody’s Aa2
Standard and Poor’s AA
Fitch Ratings AA-
(12/04/2007)
(01/16/2008)
(11/30/2007)
(1) Average monthly full time employees.
Essentials • Message from the Chairmen
Despite difficult market conditions in 2007, Groupe Caisse
d’Epargne continued to consolidate its internal organization,
pursue its development and carry out the business diversification
policy adopted over the past few years.
The Caisses d’Epargne have shown progress in implementing the
major projects first launched in 2006. The drive to amalgamate
individual banks continued in 2007 with the completion of five
merger operations. This enabled the Group to create frontranking regional banking institutions with the increased financial
strength needed to develop their activities, in particular those
pursued by the specialist bank for regional development. This
progress – combined with the ground gained in converging our
three information systems – testifies to the energy invested by our
network in becoming ever more productive, efficient, and close to
its regional market and customers.
For the Group as a whole, 2007 was a year of diversification into
areas offering synergies with our core business activities.
Our operation with Nexity has led to the emergence of the
first integrated real estate business in France. Based on an
exchange of securities and assets, this linkup makes perfect
industrial sense. Further, it is underpinned by robust fundamentals as demonstrated by the results posted for 2007.
Natixis also took its first steps in 2007 and, against the backdrop
of the international financial crisis, defined its organization and
implemented initial synergies with our retail network.
Today, our Group’s strength lies in the combination of two
elements: a network of powerful regional banks and the
development, within the Group, of new business activities
offering tremendous new growth potential and the opportunity
to further enhance our core business activities. As a result,
Insurance, Natixis and Real Estate Services form three major
divisions around our Commercial Banking division. These
divisions have ties with listed companies or leading players in
their respective sectors, providing the Group with experience and
know-how.
Our Group is being further reinforced by the development of a
new international dimension. The first concrete results of our
partnership with Crédit Immobilier et Hôtelier in Morocco began
to be felt in 2007, and in early January 2008 we completed the
acquisition of a 60% interest in Banque Tuniso-Koweitienne in
Tunisia. These operations enabled us to lay the foundations for
the expansion of our retail banking activities in the international
arena, in particular in emerging countries with strong future
economic growth potential, where banking services are still at a
low level. This cautious, targeted expansion on the international
market is being managed by our subsidiary Océor in partnership
with local players.
2007 marked the end of the Group’s strategic project for 20042007. We attained all the targets we set ourselves in terms of
the inclusion of new business activities, the restructuring of our
organization and the acquisition of front-ranking positions in
key markets. Net income for 2007 of almost €1.4 billion, 32%
growth in net inflows, and a 16% increase in loans outstanding
are clear signs of our success. With an increase in our capital to
€20.4 billion and one of the highest Tier-1 ratios in the French
banking industry at 8.7%, our financial strength is confirmed despite a currently unfavorable business climate. At the same time,
Groupe Caisse d’Epargne will have to assume the consequences
of deregulation of the distribution of Livret A passbook savings
accounts, a product that the Caisses d’Epargne have constantly
promoted as a popular savings solution and a source of financing
for social housing.
It is therefore with resolve and a continued drive to succeed that
we look to the future and the creation of our strategic plan for
2008-1012, requiring us to once again wed imagination and daring
with operational rigor and discipline.
Charles Milhaud
Chairman of the Management
Board of the Caisse Nationale
Yves Hubert
Chairman of the Supervisory
Board of the Caisse Nationale
Essentials • Strategic project
Strategic project
Final stages in the strategic project
for 2004-2007
Organic growth, expansion of the Group in urban areas, optimization of partnerships: these initiatives are the final stages in
the strategic project that was first launched in 2004 and will be
brought to a conclusion in the course of 2008.
1. Development and performance
• In the retail banking sector, by enhancing commercial efficiency,
customer satisfaction and loyalty, by continuing to innovate in the
area of bank cards and loans, by developing online and telephone
selling solutions.
• In the area served by the specialist bank for regional development, by reinforcing our positions with tailored offerings in the
social housing and social economy markets, working with local
authorities, local institutions and SMEs.
• In all areas and all core business activities, by developing our
“quality” approach.
2. Efficiency of the information system
• By providing GCE with a single, more competitive and more
highly efficient information system by 2010.
3. Mergers between individual Caisses d’Epargne
• To create major powerful regional banking institutions that are
more efficient and, consequently, better equipped to satisfy their
customers’ needs.
4. Spinning off CNCE’s operational activities
• By creating separate subsidiaries for banking activities, electronic banking solutions and the banking processing center to
refocus CNCE on its key responsibilities as the central institution,
holding company and banker to the Group.
5. Creation of the Real Estate Services division
• In pursuit of the determination to offer individual customers,
corporate customers, investors, and local authorities a comprehensive offering that combines real estate services and financing
solutions.
6. Strengthening of the partnership with Macif-MAIF
• In the area of general insurance products, complementary
health insurance, personal care services, legal protection, longterm contract rental solutions and banking services for their cooperative shareholders.
7. Development of synergies with Natixis
• Particularly in the area of loan insurance and loan guarantees,
revolving credit solutions and private asset management for the
retail banking arm, real estate leasing, factoring services and employee savings schemes for the activities of the specialist bank for
regional development.
The strategic plan for 2008-2012:
a participative and innovative
approach
After Double! (the 1999-2003 plan designed to reinforce
the Group’s economic fundamentals) and Creating
a full-service, universal bank (the strategic plan
for 2004-2007 aimed at developing the Group’s core
business activities), the definition of Objectif Client,
the strategic plan for the period running from 20082012, has now begun.
This new strategic plan is based on four key objectives:
• maximizing the potential of GCE’s business model
through the development of new growth drivers and
the exploitation of synergies between core business
activities;
• customer satisfaction, placed at the very heart of our
preoccupations;
• human resources, recognized as the key agents in
change;
• identification of a new financial equilibrium between
performance, risks and results.
For the first time in the definition of our strategic plan,
the Group’s employees, cooperative shareholders and
customers are invited to submit their ideas and
stimulate the thinking of the senior management team
and experts through a large number of working groups,
an intranet forum, and the www.societaire.com
and www.beneficesfutur.fr websites.
The major strategic objectives will be defined in the first
quarter of 2008, and initiatives given priority status will be
launched. After different aspects of the plan have been
fine-tuned for the Group’s different companies, the
Group’s plans of action for the years up to 2012 will be
presented during a convention specifically organized for
this purpose on December 16, 2008.
The aim of Objectif Client is to meet together the
different challenges raised by an environment faced
with rapid and far-reaching change.
Essentials • Organizational structures and corporate governance
Organizational structures
and corporate governance
Mutual benefit structures
Caisse Nationale des Caisses d’Epargne
The Caisses d’Epargne are regional cooperative banks; 80% of
their share capital is owned by local savings companies, which
also hold 100% of all voting rights. Natixis, the joint venture
between Groupe Caisse d’Epargne and the Banque Populaire
group, owns the remaining 20% of the share capital in the form
of Cooperative Investment Certificates (CICs).
Every customer of an individual Caisse d’Epargne may acquire
shares in a local savings company and thereby become a “cooperative shareholder”. Each local savings company invites its
cooperative shareholders to an Annual General Meeting. The
cooperative shareholders elect a Board of Directors, which then
appoints a Chairman responsible, in particular, for representing
the local savings company at the Annual General Meeting
of Caisse d’Epargne. It is during this Meeting that the amount of
dividend paid on the shares and CICs is decided every year.
At December 31, 2007, the Caisses d’Epargne boasted a total of
3.5 million cooperative shareholders grouped within 441 local
savings companies.
Each Caisse d’Epargne is administered by a Management Board of
between two and five members, which is itself supervised by a
Steering and Supervisory Board (COS) comprised of 20 members.
The regional Caisses d’Epargne own 100% of Caisse Nationale des
Caisses d’Epargne (CNCE).
Caisse Nationale des Caisses d’Epargne (CNCE) is the central
institution of Groupe Caisse d’Epargne. It defines the Group’s
corporate strategy and development policy. It owns and manages
most of the Groups national subsidiaries and investments.
CNCE is administered by a five-member Management Board. The
Supervisory Board of the Group’s central institution is comprised
of 20 members: 18 represent the individual Caisses d’Epargne,
the shareholders; two members are elected directly by the network employees.
The Supervisory Board of CNCE also includes six non-voting
members (censeurs) who sit on the Board in a consultative
capacity: one senior executive from the Caisses d’Epargne
network, one representative from Natixis, one from Fédération
Nationale des Caisses d’Epargne, and three directors from
major corporations. Three specialized committees also assist the
Supervisory Board in its deliberations and decisions: the Audit
Committee, the Remuneration & Selection Committee, and the
Strategy & Development Committee.
The Management Board of Caisse Nationale des Caisses d’Epargne
Charles Milhaud, Chairman
Nicolas Mérindol, Chief Executive Officer
Julien Carmona, Group Executive Director,
responsible for finance and risk management
Guy Cotret, Group Executive Director,
responsible for human resources
and banking operations
Alain Lacroix, Group Executive Director,
responsible for corporate development
From left to right: Alain Lacroix, Nicolas Mérindol, Charles Milhaud,
Guy Cotret, Julien Carmona.
The Supervisory Board of Caisse Nationale
Appointed by the Annual General Meeting for a period of six years
Yves Hubert(1)(2), Chairman
Chairman of the Steering and Supervisory Board
of the Caisse d’Epargne de Picardie,
who succeeded Jacques Mouton on December 20, 2007.
Bernard Comolet(3), Vice-Chairman
Chairman of the Management Board of the Caisse
d’Epargne Ile-de-France Paris and of the Caisse d’Epargne
Ile-de-France Ouest
Representatives of the individual
Caisses d’Epargne (4)
Amin-Garde(2)
Catherine
Chairwoman of the Steering and Supervisory Board
of the Caisse d’Epargne Loire Drôme Ardèche
Jean-François Paillissé(3)
Chairman of the Management Board
of the Caisse d’Epargne Loire-Centre
Bernard Sirol(1)
of the Caisse d’Epargne de Midi-Pyrénées
Yves Toublanc(3)
of the Caisse d’Epargne des Alpes
Representatives of
the bank network employees
Serge Huber
Jacques Moreau
François Audibert
Chairman of the Management Board of
the Caisse d’Epargne Aquitaine Poitou-Charentes
Censeurs (non-voting members)
Jean-Marc Carcelès(2)
the Caisse d’Epargne Languedoc-Roussillon
Joël Bourdin
Senator, Chairman of the Steering and Supervisory
Board of the Caisse d’Epargne de Haute-Normandie
Dominique Courtin(3)
of the Caisse d’Epargne de Bretagne
Jean-Marc Espalioux
Chairman, Financière Agache Private Equity
Jean-Pierre Deramecourt
of the Caisse d’Epargne Alsace
Dugelay(1)
Bruno
of the Caisse d’Epargne Côte d’Azur
Eric Grimonprez(3)
of the Caisse d’Epargne Nord France Europe
Alain Lemaire(3)
of the Caisse d’Epargne Provence-Alpes-Corse
Jean Levallois(1)
of the Caisse d’Epargne de Basse-Normandie
Maire(2)
Alain
of the Caisse d’Epargne de Bourgogne Franche-Comté
Benoît Mercier
of the Caisse d’Epargne Lorraine Champagne-Ardenne
Bernard Monier
the Caisse d’Epargne d’Auvergne et du Limousin
Resigned on December 20, 2007 (effective December 31, 2007).
Fédération Nationale des Caisses d’Epargne
represented by Nicole Moreau
(Chairwoman of the Board of Directors of FNCE)
Natixis represented by Anthony Orsatelli
(member of the Management Board of Natixis)(5)
Henri Proglio(1)
Chairman and CEO, Veolia Environnement
Honorary Chairman
Jacques Mouton(1)(2)
Government representative
Antoine Mérieux
Representatives of the Works Council of CNCE
Abdel Babaci
Jean-Luc Débarre
Philippe Malizia
Patrick Mellul
(1) Member of the Remuneration & Selection Committee, chaired by Bruno Dugelay since
January 1, 2008, succeeding Jacques Mouton who chaired this Committee until this date.
(2) Member of the Strategy & Development Committee, chaired by Yves Hubert.
(3) Member of the Audit Committee, chaired by Alain Lemaire.
(4) Michel Sorbier, Chairman of the Steering and Supervisory Board of the Caisse d’Epargne
d’Auvergne et du Limousin, has been a member of the Supervisory Board since March 26,
2008.
(5) Replaced in March 2008 by Pierre Servant, a member of the Executive Committee
of Natixis.
Fédération Nationale des Caisses
d’Epargne
Fédération Nationale des Caisses d’Epargne (FNCE) is a non-profit
association acting simultaneously as a think tank, and as the voice
and representative of the individual Caisses d’Epargne and their
cooperative shareholders.
• The Federation helps to coordinate and develop relations between
the Caisses d’Epargne and their cooperative shareholders.
• It helps to define the overall strategic objectives of the network.
• It provides national guidelines for financing local and social
economy projects (known as “PELS”) and actions taken by the
Group in the general public interest.
• It organizes, in liaison with CNCE, training sessions for the
Group’s senior management team and for representatives of cooperative shareholders.
• It defends the common interests of the Caisses d’Epargne and
their cooperative shareholders, notably in dealings with the public authorities and professional bodies both within and outside
France.
• It ensures compliance with the rules of deontology within the
Caisses d’Epargne network.
• It contributes to the active involvement of the French savings
bank network within European bodies of the same nature.
The Federation is consulted by CNCE regarding all reform projects
concerning the Caisses d’Epargne.
The statutory bodies of FNCE
Each Caisse d’Epargne is represented at the Annual General
Meeting of FNCE by its Chairman and one other member of
its Steering and Supervisory Board in addition to the Chairman of
its Management Board.
The cooperative shareholders choose
their favorites!
During the AGMs organized in each Caisse
d’Epargne in June 2007, the cooperative
shareholders were invited to vote for the local and
social economy project that impressed them the
most. Five of the selected projects were also given
national prizes during the Coups de cœur de
la solidarité special awards ceremony attended
in Paris by more than 300 representatives from the
world of politics and non-profit associations along
with delegates from Groupe Caisse d’Epargne.
• Until March 2008, the Board of Directors of FNCE was comprised of
18 members elected by the AGM in equal numbers from among the
Steering and Supervisory Board Chairmen and the Management
Board Chairmen. As of March this year, the Board has been expanded
to 34 members and will include, when the current wave of mergers is
complete, the Steering and Supervisory Board Chairmen and the
Management Board Chairmen of all the different Caisses d’Epargne.
The Board is assisted by three committees and bodies of experts.
• The Office of the Chairman (“bureau”), a collegiate body comprised
of three Steering and Supervisory Board Chairmen and three Management Board Chairmen who are also members of the Board of
Directors, facilitates the deployment of the Federation’s activities.
• The Federal Board is comprised of all the Chairmen of the
different Management and Steering and Supervisory Boards. It
is invited by the Board of Directors to coordinate reflection about
corporate strategy, to express an opinion about the structural
goals adopted by the Group or take part in the process leading
to the appointment of Caisses d’Epargne representatives in the
national bodies. It convenes meetings whenever necessary, and at
least once every quarter, as decided by the Board of Directors.
In 2007, in a context marked by the mergers of different Caisses
d’Epargne, the Federation reinforced its activities related to the
circulation of information, the organization of training and communications in favor of the directors of local savings companies. Called
upon to make proposals about the impact of these mergers on the
cooperative activities and organization of the local savings companies, the Federation organized thinking about this “new structural
model of the Caisses d’Epargne.”
The Initiatives & Convergences convention – the highlight of the year
2007 – was attended by 400 senior managers from the individual
Caisses d’Epargne who discussed the topic “A compelling mutual
banking model.”
The Board of Directors
of Fédération Nationale des Caisses d’Epargne
Office of the Chairman
Other members of the Board of Directors
Nicole Moreau, Chairwoman
of the Caisse d’Epargne Ile-de-France Paris
Pierre Carli
of the Caisse d’Epargne de Midi-Pyrénées
Jean-Paul Ducept, Vice-Chairman, Treasurer
of the Caisse d’Epargne de Picardie
Resigned on January 4, 2008
Joël Chassard
of the Caisse d’Epargne de Basse-Normandie and
of the Caisse d’Epargne de Haute-Normandie
Jean-Luc Grandjean
of the Caisse d’Epargne de Bretagne
Resigned on January 31, 2008
Victor Hamon
of the Caisse d’Epargne Pays de la Loire
Robert Romilly
of the Caisse d’Epargne Loire-Centre
Michel Sorbier
of the Caisse d’Epargne d’Auvergne et du Limousin
Bernard Toublanc
of the Caisse d’Epargne Ile-de-France Nord
Francis Henry
of the Caisse d’Epargne Champagne-Ardenne
Olivier Klein
of the Caisse d’Epargne Rhône Alpes
Marie-Louise Lota
of the Caisse d’Epargne Provence-Alpes-Corse
Jean-Claude Passier
of the Caisse d’Epargne de Bourgogne Franche-Comté
Pierre Valentin
of the Caisse d’Epargne Languedoc-Roussillon
The following members have been appointed to the Board since January 1, 2008:
Maurice Bourrigaud, a member of the Board since January 2, 2008, Chairman of the Management Board of the Caisse d’Epargne d’Auvergne et du Limousin.
Jean-Claude Créquit, a member of the Office of the Chairman since February 18, 2008, Chairman of the Management Board of the Caisse d’Epargne Côte d’Azur.
Philippe Moneta, a member of the Office of the Chairman since February 18, 2008, Chairman of the Management Board of the Caisse d’Epargne Loire Drôme Ardèche.
Essentials • Bénéfices Futur
Bénéfices Futur
Our commitments to sustainable development
Interview with Nicolas Mérindol, Chief Executive Officer
Bénéfices Futur (Future Benefits) defines the commitments made
by Groupe Caisse d’Epargne in the area of sustainable development. What are the reasons for this initiative?
we will be introducing for a large number of our products and
services as of 2008.
From the initial design of our offerings to advertising and their
commercial launch, everyone will have to assume his or her
responsibilities. This will certainly lead us to take a fresh look at
the way we do business.
Lastly, Bénéfices Futur is innovative because it involves several
stakeholder associations in its approach, and because the methods
it uses will be open to other banks interested in using them.
Concretely, where do things stand at present?
From the moment of their creation, the Caisses d’Epargne have
played a major role in the area of provident insurance, in organizing
training in money management, and in promoting social solidarity.
Indeed, this very role was written into the company’s bylaws with
the law enacted in 1999 requiring the individual Caisses d’Epargne
to devote a part of the dividend paid on the company’s share to
financing actions taken in the general public interest. We have
further expanded the scope of this action through the Caisses
d’Epargne Foundation for Social Solidarity.
In a world exposed to far-reaching economic, environmental and
social changes, Groupe Caisse d’Epargne, a front-ranking financial institution, is also determined to provide more appropriate
answers to the needs of society and of its different stakeholders.
In what way can your approach be considered innovative?
Our Bénéfices Futur program innovates in the way it pursues a
sustainable development approach that is tightly bound up
with the core business lines of the banking industry and
finance. It mobilizes the energies of our Group in all its activities and at every level. It is innovative in our determination to
get our individual customers directly involved by giving them
the means they need to make more responsible choices
thanks to the “sustainable development” labeling system that
We have adopted four major spheres of action. Working groups
have been organized for several months to set quantified
targets and fixed deadlines, to organize a precise monitoring
of actions taken and the
publication of the results, as
we already do for local and
social economy projects (or
PELS). A Bénéfices Futur
officer has been appointed
in each Caisse d’Epargne
and a panel, comprised of
representatives from the French Environment and Energy
Management Agency (ADEME), the Friends of the Earth, the
Testé Pour Vous consumer information observatory, and WWF –
France – provides input regarding the methodological options
for the labeling of our different products.
In 2008, we are also going to adopt a responsible marketing
charter drawn up in liaison with the Consommation, logement et
cadre de vie association (CLCV, or Consumption, accommodation
and living environment), which will cover all the different aspects
of customer relations. This charter will allow us to enhance the
quality of our service over the long term and to forge a wellbalanced relationship with our customers. Above and beyond its
contribution to the design of this charter, CLCV will also maintain
independent critical oversight of its content.
“An innovative,
structured
and concrete
program, founded
on quality”
Essentials • Bénéfices Futur
Major initiatives in four spheres of action
Promoting
socially
responsible
marketing
Fighting
against
climate
change
Encouraging
socially
responsible
investment
Developing
our role as a bank
committed
to social solidarity
In 2008, a “sustainable
development” labeling
system on the banking
products and services
offered to individual
customers of the Caisse
d’Epargne banks will
provide information on
the level of financial risk,
the carbon intensity
of the product or of the
activities financed and
the inclusion of social and
environmental criteria in
the design of the product.
A responsible marketing
charter covering all areas
of customer relations will
be drawn up with the help
of the CLCV association (1).
The Group undertakes to cut
cutting its direct carbon
dioxide (CO2) emissions by
3% per year and to conduct
a carbon audit designed
to cover all its financial
products and services.
This commitment concerns
the Group’s own activities as
well as those financed by the
individual Caisses d’Epargne.
At the same time, the Caisse
d’Epargne launched the
Livret A Kipouss passbook
savings account in 2007; every
time a Livret A passbook
account is opened on the birth
of a child, the French savings
bank pays one euro to
WWF – France to sponsor
a tree in Mediterranean
woodland.
A pioneering player
in SRI(1) with the launch
of the Insertion Emplois
mutual fund in 1994,
followed in 1999 by the
Ecureuil 1, 2, 3... Futur fund,
the Caisse d’Epargne is
now stepping up the pace
of its activities in this area.
Starting in 2008, SRI
products will enjoy priority
status in the Bourse Esprit
Ecureuil, Nuances 3D and
Les Sélectionnés
investment solutions.
With the financing of local
and social economy projects
(PELS), the granting of microloans through the Parcours
Confiance program to combat
exclusion from banking
services: every day,
the Caisses d’Epargne pursue
their mission as banks
committed to social solidarity.
But the Group wants to go
one step further; it has
undertaken to devote 1%
of the aggregate net banking
income of the individual
Caisses d’Epargne to
community projects
as of 2008, to distribute
10,000 micro-loans and
finance 1,000 local and
social economy projects
for the environment by the
end of 2009. A call for project
submissions was launched
for this very purpose
in April 2008.
(1) Consommation, logement et
cadre de vie or “Consumption,
accommodation and living
environment”.
In 2008, a SRI approach
will be used for investments
applied to the financial
management of the Group.
(1) Socially responsible
investment.
4 key areas of commitment
to reconcile financial
performance and social
responsibility over the long term
Our core business lines
Our core
business
lines
Our core business lines
Commercial
Banking
Caisse d’Epargne
Crédit Foncier
Banque Palatine
Océor
Banque BCP
Crédit Immobilier et Hôtelier (CIH)
BTK
Insurance and
Personal Care Services
CNP Assurances
Ecureuil Vie Développement
Macif-MAIF Partnership
Séréna
and Social Housing
Nexity
Eurosic
Meilleurtaux
GCE Habitat
Erilia
GCE SEM
Wholesale Banking
and Financial Services
Natixis
Our core business lines • Commercial Banking
Commercial Banking
4,770 branches
27 million customers
70%
of consolidated
net banking income
3rd largest banking network in France
(Source: Banque de France)
70%
of consolidated net
banking income
Highlights
Retail Banking
€750 million invested over three years to improve
customer service
Very good performance regarding fund inflows
and lending activities
More than 5 million account service packages
More than 3 million subscribers to the S’Miles
customer loyalty program
Range of personal care services available
in all the Caisses d’Epargne
Successful launch of the first prepaid,
reloadable charge card for teenagers
Considerable dynamism of the professional
customer segment
Specialist Bank for Regional Development
Enrichment of the range of products
and services available for corporate customers
Expansion of structured finance products
and services designed for local authorities
Growth in financing granted to hospitals
Development of activities in the social housing
and nursing homes
6.2 million
customers under
the age of 26
2nd largest distributor
of savings products
(source: Banque de France, September 2007)
2nd largest real
estate bank
for private individuals
3rd largest distributor
of personal loans(1)
(1) Excluding specialized institutions.
Strategic objectives
Key figures
To be one of the very best in terms of customer
satisfaction
Customer savings
(including demand deposits)
€334 billion
To enhance commercial efficiency and telephone
and online sales
To innovate to increase customers’ use
of banking services and products
To increase the Group’s lead among local
authorities and institutions
To become the leading banking partner
of entities active in the social economy
Loans outstanding
€228 billion
Net banking income
€7.4 billion
Net income
€1.3 billion
Cross-functional organizational
approach for optimal customer service
Groupe Caisse d’Epargne (GCE) has established a strong retail banking franchise centered
on the Caisses d’Epargne network and has developed a multi-brand strategy aimed at
winning customers and building expanding, long-lasting relationships with them. The
wide-ranging and well-structured offerings developed by the various complementary
businesses are central to this strategy.
The Caisses d’Epargne banking network is the cornerstone of GCE’s operations. It is France’s
third-largest banking network, with 4,352 branches (4,770 in total for the Group),
7,070 ATMs (7,212 in total for the Group) and a complete range of remote banking services.
Almost one out of every two French people is a customer of the Caisse d’Epargne, and one
in five use the savings bank for their day-to-day banking transactions. Offering a comprehensive range of investment products, insurance, provident insurance, asset management,
loans, payment methods and services, the Caisse d’Epargne is constantly finding new ways
to make life easier for its individual and professional customers and to assist them with
their various projects. Building on its strong local presence, the Caisse d’Epargne is also
partner to all the players actively involved in the social and economic development of the
different French regions. Thanks to its proximity, its innovation and wealth of services,
Groupe Caisse d’Epargne offers a comprehensive range of products and services designed
to finance their projects, simplify their management and optimize their investments.
A number of specialized subsidiaries complement the activities of the Caisses
d’Epargne network. Chief among these are Crédit Foncier, which specializes in real
estate financing, Banque Palatine, which targets medium-sized companies, and Océor,
which operates a banking network in the French overseas departments and territories
alongside a commercial banking network outside France.
Specialized services are offered through dedicated subsidiaries and clearly-defined
partnerships. Such partnerships include those with mutual insurers MAIF and Macif
in insurance and personal care services, with Nexity in real estate financing and services
and with Natixis in wholesale banking and financial services.
In order to tailor solutions more closely to customers’ specific requirements, the
Commercial Banking division pursues its activities through two cross-fonctional
structures: the Retail Banking division, providing services for private individuals and
professionals, and the specialist Bank for Regional Development division, serving a
clientele of public – and private – sector players at a regional level.
Amalgamations of regional savings banks
A number of Caisses d’Epargne are being or have been amalgamated
to form powerful regional banks. As a result, the number of regional savings
banks in the Caisses d’Epargne network should stand at 17 by mid-2008,
compared with 29 at the beginning of 2007. The sharing of best practices
and the pooling of tools, skills and talents should deliver efficiency gains
and an even higher level of customer service.
Retail Banking
Network and customer relations
The Caisses d’Epargne have invested over €750 million in the past
three years to improve commercial practices and the network, with
the aim of enhancing the service provided to each and every customer. A total of 1,238 branches have been refurbished since 2004
and 40 new branches were opened in 2007. The Fréquence Client
offer-personalization tool is now accessible by all customer-facing
employees and the rollout of the Ecureuil Attitude customer care
standards throughout the branch network was completed in 2007.
OPERA, a sales productivity enhancement tool, was tested during
the year and is now in use at more than half of the Caisses d’Epargne.
In addition, over 3,000 marketing operations were carried out using
the Crescendo nationwide marketing-campaign management tool.
Telephone- and Internet-based remote banking facilities likewise
have been enhanced.
Online and telephone banking services have been reinforced.
18 customer relations centers handled more than 12 million
in-coming queries in 2007. The Caisse d’Epargne’s website,
caisse-epargne.fr, offers individuals the possibility to obtain information and to conduct ever increasing numbers of transactions.
Innovation and communication
Direct Ecureuil Mobile phone banking services (WAP and i-mode)
are on offer throughout the Caisses d’Epargne network, as well as
AlertEcureuil text messaging (SMS). The Group is taking part in the
trial run of Payez mobile, a new contactless payment service for
everyday purchases.
The Caisse d’Epargne implemented a dynamic and innovative communications policy in 2007. Three major advertising campaigns
were launched at the beginning of the year to draw attention to the
products and services dedicated to savings at the beginning of the
year, devoted to young people in the spring and to insurance in the
autumn. They were publicized in all the mass media as well as in
non-media environments such as Second Life with, in particular,
the first virtual billboard displays used by a banking institution.
These campaigns all achieved scores for recognition, approval,
attribution and encouragement to seek further information significantly higher than the banking industry’s average.
Savings and life insurance
Caisse d’Epargne has a long-standing presence in savings. In
2007, investment by private individuals and professionals was
exceptionally high at €5.2 billion(1). The rise in short-term
interest rates boosted liquid investments, which accounted for
82% of net fund inflows (2006: 58%). In 2007, average savings
deposits amounted to €275 billion, representing a 3.6% yearon-year increase.
Funds deposited in Livret A passbook savings accounts remained on
a rising trend, thanks to an increase in the associated rate of interest
paid, which crossed the symbolic 3% threshold on August 1, 2007
and the 3.5% threshold on February 1, 2008. The Caisses d'Epargne
were among those consulted by the Camdessus Mission concerning
the possible removal of the monopoly on the distribution of Livret A
accounts. The network also actively participated in related marketplace consultations during the early months of 2008.
Fund outflows from PEL home savings plans continued in response
to regulatory changes. Gross inflows to life insurance products rose
by 4% relative to 2005 to €9.9 billion, with surplus funds reaching
€4.6 billion. After an exceptional year in 2006, life-insurance investment was penalized in 2007 by the new inheritance tax provisions
and the lower returns offered by non-unit-linked products.
Gross funds invested in Ecureuil bonds amounted to €1.9 billion.
Cooperative shares, which represent a fraction of a Caisse
d’Epargne savings bank’s capital, are a safe investment offering
returns of up to 3.75%. Caisse d’Epargne cooperative shares may
be purchased at any time and allow cooperative shareholders to
have a say in the running of their savings bank.
(1) Source: Caisse d’Epargne.
Retail Banking
Private asset management
Demand for cooperative shares was healthy during 2007, with
over €370 million invested and nearly 160,000 new cooperative shareholders. Returns on cooperative shares exceeded
€115 million during the year.
Mutual funds
Caisse d’Epargne boasts about 100 funds, designed by Ecureuil
Gestion (which became a subsidiary of Natixis Global Asset
Management in 2007) and is a leading distributor of guaranteed-capital mutual funds in France.
Despite the onset of the financial crisis in summer 2007, investment in marketable securities registered stellar growth (+187%).
This performance is all the more remarkable given the expiry of
guaranteed-capital mutual fund investments totaling €2.3 billion.
The unwavering commitment of our teams and the success of the
Collection Finance Ecureuil offering resulted in net inflows of €972
million, lifting the total invested by 5% to €38.2 billion.
Among the bank’s innovative products, Fuzéor is the first shortterm fund offering a guaranteed return of 6% over an investment
period of only two years and eight days, and up to 9% depending on
changes in the 3-month Euribor. The Group has also developed,
with the support of its Ciloger subsidiary, a real estate investment
fund (OPCI) offering. This new real estate investment instrument –
which is more accessible and more liquid than non-trading real
estate investment companies (SCPI) – will be launched in 2008.
Another innovation is the Best Seller mutual fund that allows investor
to take advantage of increases in three share indices while including
a specific remuneration mechanism should thee three indices
experience a decline of at least 20%: 5% will be paid per full year
(since the launch of the fund and until the recording of this decline)
and investors will be invited to redeem their share free of charge.
Mediation: 1,600 appeals handled
in 2007
GCE has extended the scope of mediation beyond
the industry’s legal obligation (which only applies to
deposit accounts) to include almost all the products
and services supplied to individual customers.
The mediator handled 1,600 cases in 2007 and gave
1,300 rulings “on the merits of the case.” In 40%
of the cases, he ruled partially or totally in favor
of the customer.
The private asset management business remained on a strong
growth trend during 2007, with a customer base approaching 90,000
and fund inflows of €3.1 billion. Demand was fuelled by Nuances
Plus and Nuances Privilège life insurance policies, which were
awarded a Label of Excellence by Les Dossiers de l’Epargne, a review
specializing in savings products. Private asset management expertise is provided by nearly 500 account managers and by the Group’s
asset engineering and management teams, including specialists in
wealth management at La Compagnie 1818 – Banquiers Privés –
specialists in rental real estate investments at Iselection and Océor’s
specialists in tax-efficient solutions for industrial investments in the
French overseas departments and territories under the Girardin
law. In 2007, La Compagnie 1818 – Banquiers Privés – introduced
three savings products to meet different tax-efficiency needs:
Loyaltie 1818 (a unit-linked life insurance policy with loyalty bonus),
Multiance-Cap 1818 (a unit-linked guaranteed investment contract)
and Dédiance 1818 (a life insurance policy entitling the holder to
personalized discretionary investment management).
S’Miles: orders were placed
for more than 120,000 gifts,
representing a total of 300 per day
Banking services
Caisse d’Epargne is the sole major French bank to pay interest on
current accounts. Nearly five million individual customers now
have an interest-earning account as part of their service package.
Sales of service packages numbered 354,000 in 2007. During the
year, Caisse d’Epargne strengthened its positions as the frontranking issuer of Visa Cards(1) and the second-largest issuer of
bank cards all brands combined, with 6.6 million cards issued(2).
Average funds held in private individuals’ demand deposits
increased by 4.5% to €17.2 billion at end-2007.
(1) Source: GIE Carte Bleue.
(2) Source: Groupe Caisse d’Epargne.
Retail Banking
S’Miles for the WWF
The S’Miles customer loyalty program has
also helped to promote sustainable
development. Customers subscribing to
this scheme can use their points to make a
donation to the WWF – France. A check for a
total of €45,000 was paid to the international
conservation organization in February 2008.
In all, 1.5 million new individual customers signed up for the
S’Miles multi-brand loyalty program during the year, taking the
membership base to 3.2 million.
S’Miles helps to ensure the satisfaction of individual customers with
rapidly accessible benefits (gifts, notably) while generating positive
effects for the Caisse d’Epargne (preference for Caisse d’Epargne
cash machines, development of payments by bank card, etc.).
The bank for young people
Caisse d’Epargne is committed to innovation and investment with
the aim of helping parents to make provision for their children’s
future. This entails assistance with budget management and the
realization of projects.
2007 also saw the introduction of the very first prepaid,
rechargeable bank card for adolescents aged 12 and over. The
card can be used to withdraw funds at ATMs and to pay for
retail purchases within limits set by parents.
The card can be reloaded in real time over the Internet. The
teenagers and their parents can constantly keep a track of
spending via the Internet or telephone. By familiarizing themselves with virtual payments, the young people using these
cards will have a better idea how to manage their bank account
once they have one of their own. Lastly, to help young working
people set up home, the Caisse d’Epargne has doubled the
distribution of its “no-strings” 1,000 euros à taux zéro loan
package with a total of 60,000 subscriptions in 2007.
The French savings bank offers
young people Carte blanche…
The Carte Blanche competition launched on
the www.Ecureuil.fr website in February 2007
invited young people to create visuals for its
charge card and then to vote for their favorite
design. More than 15,000 new visuals were
submitted and almost 400,000 votes were
recorded.
Since November 2007, the winning visual entitled
“Enjoy” has been used to decorate the Visa Card
designed for Caisse d’Epargne customers aged
26 or less.
In 2007, Caisse d’Epargne introduced the Livret A Kipouss
passbook savings account in partnership with WWF – France.
Since December 1, 2007, for every Livret A account opened
when a child is born, Caisse d'Epargne has undertaken to
sponsor a tree by paying one euro to WWF to help to protect
the forests of the Mediterranean region. A total of 30,000 trees
are expected to be sponsored in this manner. This drive has
added an ecological dimension to the traditional Livret A account’s
combination of savings protection and social-housing financing.
Retail Banking
Supporting student entrepreneurs
GCE is a partner of Petit Poucet (Tom Thumb
in French), a company dedicated to student
entrepreneurs. The winners in 2008 of the Petit
Poucet Grandes Ecoles & Universités and the Petit
Poucet Tendances et Culture (Tom Thumb Trends
and Culture) competitions will enjoy customized
support from Groupe Caisse d’Epargne and a
special range of banking products and services
to help them set up their new business.
Thanks to the deployment of the Izicefi tool, which enables the
Caisses d’Epargne’s 25,000 customer-facing employees to offer
consumer credit solutions, loan production exceeded €5 billion for
the first time, with €4.5 billion of the €5.2 billion in total attributable
to personal loans. 2007 was a banner year for the Teoz revolving
credit card, which attracted 198,000 new customer accounts.
General and personal risk insurance
Other services were launched in 2007 with, in particular, the possibility to use the Caisse d’Epargne’s ATMs to top up mobile phones
using the Orange, SFR and Virgin networks, and an innovative electronic vault – WebCOFFRE – providing secure online storage space,
accessible from all over the world, 24 hours a day, 7 days a week.
Loans
Aggregated loans granted to private individuals rose by 4% to
€31 billion in 2007, with home loans topping €25 billion.
Nearly one-quarter of the Caisses d’Epargne network’s home
loan production is now contracted through outside agents.
The Grandioz loan was among the new products added to the
Caisse d’Epargne’s home lending range. Crédit Foncier also
expanded its range of adjustable and secured loans.
GCE is France’s third-largest bancassureur(1). In 2007, 500,000 general insurance policies managed by the Ecureuil Assurances IARD
subsidiary were sold through the Group’s banking channels. 96% of
customers say they are satisfied, and 71% claim they were very satisfied with their insurance contracts and with the service provided (2).
The product range encompasses car insurance, home insurance,
legal protection, and medical and health insurance. The Group ranks
second in medical and health insurance in France and its product
range in this segment was awarded a Label of Excellence by Les
Dossiers de l’Epargne in 2007. 2007 saw the successful deployment
of a complementary health insurance range throughout the Caisses
d’Epargne network. Training was provided for 10,000 employees
with respect to this new offering, which is targeted mainly at young
people in general, students, young workers and young families.
In all, 21,000 complementary health insurance policies were sold
during 2007. The Group is targeting annual sales equivalent to
100,000 policies.
(1) Source: bancassureurs-related data published by G9-Groupement français
des bancassureurs IARD.
(2) Source: CNCE survey, October 2007.
The Ecureuil Crédit
Développement Durable loan
Launched throughout France by the Caisses
d’Epargne in 2007, this “sustainable
development” loan designed in partnership
with the French Environment and Energy
Management Agency (ADEME), is dedicated
to the acquisition of clean, or low-pollution,
vehicles or to financing home improvement
work leading to energy savings.
A new dependency offering
Active from the very signs of dependency, Ecureuil
Assistance Vie guarantees the immediate provision
of benefits and services should the policyholder sustain
a fracture: tax-free benefits, services tailored to the
degree of dependency, and round-the-clock telephone
assistance 7 days a week. This innovative offer is
managed by CNP Assurances. It is currently being
tested in the Caisse d’Epargne Loire Drôme Ardèche.
Label d’Excellence 2007 awarded by the Dossiers
de l’Epargne.
Retail Banking
Responsive business approach
The Group has more than 220,000 professional customers, 75%
of which are also served by the Group in a private capacity. A total
of 1,500 branch managers have been specially trained to serve this
customer base, to which nearly 1,000 specialist account managers
have been assigned. Every month, 1,000 new professionals become
customers of the Caisses
d’Epargne. With net banking
income of €350 million – up
32% in the space of three
years – professional customers
represent a major source of
growth for the Commercial
Banking division. This dynamism was confirmed in 2007
(1)
with growth of more than 10%
in average daily deposits,
excess new deposits and new loan production.
Further efforts have been deployed to improve relationship
management within the professional customer base. The La Vie
des Professionnels observatory has been established to track
customers’ professional and private needs, and a quality gauge
has been created to monitor changes in market requirements. In
addition, a large-scale communication campaign entitled “Un pro
mérite un pro” (One good pro deserves another) was undertaken
and is generating positive results.
6 out of 10
professional
customers are
“unreservedly
satisfied” with
the French
savings banks
Comprehensive offering
Interest-earning current accounts, the launch of a new GPRS electronic payment terminal and the marketing of Visa Business Cards
(2007 take-up of 33,500, out of a total of 62,000 cards in issue) have
all contributed to the development of banking services.
GCE offers a full range of products to serve specific financing
needs (business creation, capital goods loans, lease financing,
business transfer or buyout) with an eye to maximum customer
convenience. The Rythm’N’Pro loan also gives professional customers the option to adapt the amount and timing of loan installments in line with business conditions.
In response to professional customers’ demand with regard to
retirement and personal risk insurance products, the Group has
ushered in Pro T-G, which combines health and death/disability
insurance and retirement solutions of the Madelin type (voluntary
tax-deductible contributions to supplementary retirement plans).
Another addition to the professional product range during the year
was BOX OFFICE, a new employee savings solution for company
managers and employees. The solution, developed with Natixis
Interépargne, is a combination of a company savings plan and a
collective retirement savings plan (PERCO).
(1) Source: Professional customers’ satisfaction survey, Caisse d’Epargne 2007.
Professionals: passion and enthusiasm
The second edition of the “La vie des professionnels”
(Life of Professional People) barometer survey
carried out by the CSA Institute on behalf of Groupe
Caisse d’Epargne shows that more professionals
than the previous year feel that their business is
doing well; they also say they are more optimistic
about 2008. Over-invested in their work, they are
driven by passion, pleasure and enthusiasm. In
contrast, recruitment remains a major problem.
Bank for Regional Development
Corporate Customers
Enhanced offering
2007 marked the end of the strategic plan adopted by GCE in
2004 to guide the Group’s ambitious development in the corporate segment. The two spearheads of the plan have been
the Caisses d’Epargne, the linchpin of relations with local
businesses, and Banque Palatine(1), the Group’s subsidiary
specialized in Mid-Caps.
With a take-up rate up from 4% in 2003 to 11% in 2007(2), the Caisses
d’Epargne have clearly achieved their objective of becoming
the banking provider of choice for local businesses. Backed
by GCE’s specialized subsidiaries, they market a
top-notch range of products
and services, which recently
benefited from the expertise
brought by Natixis.
In 2007, the Caisses d’Epargne
capitalized on the know-how of Natixis Factor, a leading player in
receivables management in France, to launch GCE Solutions
Clients, an end-to-end offering encompassing business information, credit insurance and factoring services.
In the sphere of employee savings, where Natixis Interépargne
is the front-ranking player(3) in France, the Caisses d’Epargne
have devised an offering to meet a broad spectrum of needs
for companies of all sizes. The Caisses d’Epargne network has
thus become a top reference in the fields of employee benefits
planning, employee savings, Cesu vouchers for the payment
of personal care services and retirement bonuses.
More than 1 out of
every 10 companies
bank with the
Caisse d’Epargne
SMEs, entrepreneurs and
their local dimensions
According to the Observatoire Caisse d’Epargne 2007,
the annual market monitor published by the French
savings bank, French small- to medium-sized
enterprises (SMEs) are financially secure and
profitable but 49% of their directors are older than
50. Anticipating difficulties in transferring their
business, the business-owners tend to reduce their
indebtedness and favor the reinforcement of their
equity at the expense of future growth.
(1) Source: see focus on Banque Palatine (page 28).
(2) Source: TNS-Sofres 2007.
(3) Source: AFG, June 30, 2007.
Natixis has also contributed to the expansion of the mutual
fund range marketed through the Caisses d’Epargne network.
The mutual fund offering now covers all investment horizons
and the best-performing domestic and foreign investment
vehicles.
Solid growth impetus
The Caisses d’Epargne’s commercial performance reflect the
progress made since 2004 and, particularly, in 2007.
The corporate customer portfolio now stands at 26,000 companies.
In 2007, average outstanding loans amounted to €4.2 billion, up by
10% on the 2006 figure. Fund inflows rose by 10% to €2.4 billion
and transaction volumes represented nearly €36 billion.
The Group also strengthened its positions in real estate lease
financing, where it now ranks second(4). In 2007, related new
lending amounted to €700 million, including €530 million lent
by Cicobail, a subsidiary of Crédit Foncier.
Banque Palatine is a key arranger of LBOs in the SME segment. GCE is also one of the leading private-sector players in
regional private equity (for local SMEs/SMIs), with more than
€500 million in managed assets and €240 million invested in
about 60 regional funds.
Local Authorities
and Institutions
Financing
GCE is a leading provider of finance to the regional public sector
and collaborates with all local authorities and institutions,
irrespective of the size of projects and of the type of client –
towns, inter-municipal organizations, departments, regions,
public health institutions or semiprivate companies.
Against a backdrop of brisk publicsector investment, fuelled by the
municipal and inter-municipal
sectors and by the “Hôpital 2007”
reform plan, GCE continued to
expand its presence. New mediumand long-term financing provided
by the Group amounted to more
than €9 billion, including €1.2 billion for public-sector hospitals.
This development was aided by synergies between the Group’s
various entities (Caisses d’Epargne, the CNCE, Crédit Foncier and
Natixis) and by enhanced product innovation.
1 out of every
2 French
municipalities
is a Caisse
d’Epargne
customer
Complex financing solutions
arranged by the Caisses d’Epargne
The Caisse d’Epargne Rhône Alpes, CNCE, Natixis and
Crédit Foncier won the contract to provide financing,
on the basis of a tax-leasing program, for the regional
express train (TER) of the Rhône-Alpes region, a
solution that allows the Departmental Council to make
significant savings. The 40-year contract concerns
the acquisition of 40 regional express trains for a total
value of Ð325 million.
Synergies
Virtually all the Caisses d’Epargne also took advantage of the
possibility of marketing 25- to 50-year fixed-rate loans directly
from Crédit Foncier’s balance sheet assets. Related production
topped €127 million during the year.
The Bonifix range of structured loans, designed in collaboration
with Natixis, benefited from the addition of seven new interest
rate strategies. Structured loans arranged by GCE during 2007
amounted to €2.6 billion.
G2D dynamic debt management continued to make headway,
with €1.8 billion in borrowings rescheduled in 2007. The growing
success of Ligne de Trésorerie Interactive (LTI), a service assuring
rapid access at all times to financing via the Internet, resulted in
lending volume of more than €5.6 billion.
Students’ appetites satisfied by Moneo
With the Lyon-Saint-Etienne Crous student social
support organization, GCE is fitting out 150,000
students with Moneo electronic purses to pay for
meals in the student restaurants and a full range
of student services: an inexpensive and efficient
way to make micro-payments.
Thanks to GCE’s highly efficient commercial organization,
major public-sector customers can benefit from the favorable
financing terms offered by Compagnie de Financement
Foncier. In 2007, Compagnie de Financement Foncier provided
receivables financing totaling €431 million on optimal terms
for four of the Caisses d’Epargne’ local and regional government customers.
International operations
Services
The Group also offers advanced services to enhance customers’
management of their finances. ServicePublicPLUS, for example,
enables users to pay for municipal services using an online
payment facility. The Carte Achat Public payment card facilitates
the placement of orders with approved suppliers and related
payments. The Cesu payment voucher, offered in association
with Accor Services, helps customers’ employees to finance
the cost of personal care services and facilitates the payment
of social security benefits.
The Group also strengthened its banking advisory services
through the production of new surveys and the organization of
a number of symposia dedicated to local government and hospital financing.
Cesu Ticket for the APA(1) and PCH(2)
The departmental council of the Bouches-du-Rhône
département has opted for the Cesu Ticket pre-paid
multi-purpose employment service checks issued
by GCE and Accor Services to pay APA personal
autonomy allowances and PCH compensatory
disability benefits to 2,200 individuals receiving
personal care services in their own homes.
This solution offers two key advantages: a tighter
management of social spending (€11 million
in 2008) and assistance in calculating contributions
to be paid to the URSSAF social security collection
agency related to salaries paid directly to care workers.
(1) Allocation personnalisée d’autonomie, or personal autonomy
allowance.
(2) Prestation de compensation du handicap, or compensatory
disability benefit.
The Group is exporting its know-how. In Morocco, GCE is working
closely with CDG Développement and local government managers
to modernize the financial management practices of local
authorities and institutions.
More generally, the Group continues to develop its public-sector
financing operations outside France with the help of Crédit
Foncier’s team of specialists and thanks to the balance sheet
assets of Compagnie de Financement Foncier. Financing totaling
€5.3 billion was granted to public-sector customers in 13 countries during 2007.
In addition, in order to improve their coverage of the extremely
buoyant Swiss market, Crédit Foncier, the Caisse d’Epargne
Rhône Alpes and the Banque Cantonale de Genève have set up a
company subject to Swiss law based in Geneva: Swiss Public
Finance Solutions (SPFS).
€350 million for energy
efficiency
This is the size of the Haute Qualité
Energie Environnement funding
envelope granted by the European
Investment Bank (EIB) to finance
the construction or refurbishment
of public building and social housing
that respect standards of high
environmental quality and energy
efficiency that are more demanding
than those currently in force.
Social Economy
A bank founded on solidarity
With 19.5% market share, GCE is the leading provider of investment finance to associations(1). The Group actively supports a
multitude of local initiatives in favor of social solidarity and job
creation, thereby allowing vulnerable citizens access to banking services. Nearly 300 of the Group’s employees, including
150 full-time account managers, are dedicated to the socialeconomy customer base. The Group supplies solutions to meet
a wide range of needs, such as long-term financing for mutual
companies and financing for the construction or redevelopment
of health and social establishments and the refurbishment of
private educational facilities.
The Caisses d’Epargne saw robust business growth in 2007, with
average deposits up by 8%. Net inflows amounted to €580 million,
taking total investment savings to €4.3 billion. In 2007, loan production was €416 million and
average outstanding loans
amounted to €2.1 billion.
New partnerships were
forged with national asso(2)
ciation federations, including Uniopss (health and
social sector), Fegapei (medico-social sector) and FNOTSI (tourist
information centers).
Product and service additions during 2007 included long-term light
commercial vehicle hire and employee savings and retirement
solutions like BOX OFFICE for companies with less than 50 employees
and Primissime and PERCO & Co for larger companies.Two guidebooks were published during the year, further expanding the range
of existing publications in this area: Les associations et la banque
(Banking for associations) and Créer son association (Founding an
association). Both guidebooks are available on the www.associatis.
com Internet portal, which also houses regular publications like
Alinéa, A comme Association and Je Tutelle (for family managers).
Leading bank for persons
under legal protection(3)
Caisse d’Epargne’s mindfulness of the needs of vulnerable persons has made the Group the leading bank for persons under
legal protection, with 270,000 customers (under age and of age
combined). In 2007, one in three persons under legal protection
banked with Caisse d’Epargne. In 60% of cases, accounts are
managed by a professional manager and in 40% of cases by a
family guardian. The Group’s dominant position in this segment
reflects a long-standing commitment to vulnerable persons and
is founded on the quality of GCE’s specialized teams and their
interaction with family managers and guardianship bodies.
More than 1 in
4 French associations
bank with the
Caisse d’Epargne
Within the framework of their partnership with the WWF, the
French savings banks again lent their support to the Children’s
Appeal for the Environment, organized in all primary schools in
France and devoted this year to the question of energy.
The 13th Ecureuil Association competition also awarded prizes to
two entities working to promote sustainable development and
environmental protection.
(1) Source: Banque de France, September 2007.
(2) Sources: Le paysage associatif français, mesures et évolutions (The landscape
of French associations, measurement and change), Viviane Tchernonog, published by
Juris associations/Dalloz 2007; GCE figures.
Savings managed on behalf of persons under legal protection
stood at €4.5 billion at end-2007. Caisse d’Epargne’s speciallyadapted solutions for this customer segment include the Satellis
Autonomie service package, a secure bank card with customerspecific functionalities and the Equilibra interbank card.
Additionally, the Internet-based Direct Ecureuil facility allows
guardians to benefit from convenient remote-banking services,
notably for investment management on behalf of persons under
legal protection, in keeping with the constraints imposed by law.
France Santé Solidarité
A Ð175 million funding envelope granted by the EIB
allowed GCE to provide reduced-rate financing
for investments in institutions providing care for
dependent individuals. With this line of credit and
the Ð125 million provided for social housing,
this is the first time that the EIB has agreed
to refinance loans to the social economy and to
the social housing movement in France.
(3) Source: French Ministry of Justice, Groupe Caisse d’Epargne.
Social Housing
Committed banking partner
GCE is the historical partner of the HLM social housing movement,
fulfilling the roles of banker, shareholder and social housing
operator. It is the leading private bank in the social housing
sector(1), providing more than one-third of cash and private debt
management for social housing enterprises (ESH) and HLM
cooperatives, whose construction programs are financed largely
by funds held in Livret A passbook savings accounts.
For the purposes of the social cohesion plan, social housing
bodies are stepping up their housing production and are using up
significant amounts of cash in the process. GCE’s related lending
commitments now stand at €4.9 billion. New investment products
have been designed in conjunction with the Gérer subsidiary to
meet the segment’s expanding needs.
The Caisses d’Epargne also provide day-to-day support for social
housing bodies in the form of specialized services encompassing
automatic cash management, remote transmission, electronic
rent collection via interbank payment slips or the Internet (SP PLUS
product range), dedicated purchase cards and employee benefits
planning.
The savings banks also play an active role in the corporate governance of public and private social housing bodies. They are
shareholders and directors of one in three Social Housing
Enterprises, as well as being directors of more than 40% of
public housing agencies.
GCE is also a leading social housing operator, with 142,000 units
managed at end-2007 (cf. page 42).
France Logement Social
GCE has developed a full range of subsidized loans for the construction of social rental housing (state-regulated PLS low-income rental
housing loans, as well as PLI moderate-income rental housing
loans) and offers an array of fixed- and adjustable-rate loans and
structured credit with terms of up to 50 years. The rising trend in the
cost of property is feeding demand for these loans. In 2007, loan
production was fuelled by the €810 million in funding granted to
Crédit Foncier for the construction of social rental housing, coupled
with substantial financial assistance from the European Investment
Bank. Loan production amounted to €1.7 billion during the year,
taking total social housing loans outstanding to €9.6 billion.
The EIB also chose Groupe Caisse d’Epargne
to roll out its first program in France in favor
of the urban renewal zones included in the social
cohesion plan launched by the French government.
A funding envelope for a total of €125 million
granted to GCE allows social housing organizations
to enjoy reduced-rate financing solutions.
These loans round off the Group’s range of
products designed to cover financial needs
throughout the different cycles of the construction
and operation of residential buildings.
Other Banking
Networks
The Crédit Foncier group
Loans to individual customers
Foncier Evolution Energie
As the leading real-estate financing specialist in France(1), Crédit
Foncier specializes in real estate financing. It serves private individuals, companies and public- and private-sector investors, in
close collaboration with the Caisses d’Epargne. It is also a provider
of secured lending, in association with Compagnie de Financement
Foncier (CFF), and a key player in real estate valuation.
Set up to finance the acquisition of
energy-efficient equipment, this loan
enables borrowers to leverage their
assets over the long term by having
their financing plan include the savings
generated by the new equipment.
The Crédit Foncier group: key figures
• 3,760 employees – 200 branches
• Ð23.5 billion in covered bonds (obligations
foncières) issued in 2007
• Ð107 billion in loans and receivables
• Ð939 million in net banking income
• Ð211 million in net income
Loan production for individual customers amounted to €9.4 billion
in 2007, with total outstanding loans up by 8% to €40.3 billion at
the year-end. Crédit Foncier launched new secured, adjustablerate loans, expanded its range of loan products for young first-time
home buyers and successfully launched France’s first reverse
mortgage product, Foncier Reversimmo.
Crédit Foncier ranks first in the distribution of below-market rate
home loans for low-income households with 31% market share
and third in the distribution of new interest-free loans with 14%
market share(2). It also partners local authorities which offer financial aid or low-interest loans to their constituent.
A total amount of €5.3 billion in new loans was granted to international public-sector corporates in 13 countries.
Purchases of European secured mortgage loans (mainly AAA-rated
senior debt) represented €8 billion.
Secured financing
To meet GCE’s liquidity needs, Compagnie de Financement
Foncier issued €23.5 billion in covered bonds in 2007 (36%
more than in 2006). Of this amount, nearly €10 billion worth of
bonds were issued after July 2007, with no deterioration in
capital-raising conditions.
Compagnie de Financement Foncier
• Rated AAA/Aaa/AAA, stable
• No.1 issuer of covered bonds(1)
• World’s 5th largest non-sovereign issuer (1)
Loans to corporate customers
(private-sector, public-sector and international)
Real estate valuation
New lending to corporate customers jumped by 86.6% to
€30.6 billion, all loans combined. Loans to the private sector
amounted to €4.5 billion. As regards the public sector, €903
million went into social-housing financing in the form of loans
for low- to middle-income borrowers (PLS, PLI and PSLA loans)
and very long-term financing, and €11.9 billion was used for
loans to local authorities. The specialized teams and loan
portfolio of Natixis (inherited from IXIS CIB) helped Crédit
Foncier to consolidate its position in the corporate segment.
Foncier Expertise’s and Serexim’s 121 experts and appraisers
generated combined revenues of €25 million from 36,000
assignments, including 23,400 external assignments amounting
to €15 million. 2007 saw the launch of new products for the
valuation of reverse mortgages and of assets held by real estate
collective investment funds (OPCI). Another highlight was the
formation of partnerships with Socotec, the leader in technical
inspection, with a view to adding technical audits and regulatory
diagnostics to the offering.
(1) Source: Groupe Caisse d’Epargne. (2) Source: FGAS.
.
Banque Palatine
Robust performance gains
Banque Palatine is a subsidiary of the CNCE and mainly targets
fast-growing, medium-sized companies (Mid-Cap Plus segment).
It also serves affluent private individuals and provides asset
management services to institutional customers. Its 60-strong
branch network is to be completely refurbished by 2010.
In 2007, net banking income amounted to €224 million and net
income was €74 million (2006: €50.1 million).
As part of the drive to offer an optimal service to private individuals, Banque Palatine enhanced its wealth management
advisory services, expanded the life insurance offering through
the addition of the Palatine Multicapi policy and developed the
marketing of theme-based mutual funds, which have proved a
resounding success.
Palatine Asset Management has enriched its products range
which the integration of Gérer Conseil, an entity boasting a strong
presence among social-housing institutions, and with the acquisition of 33.5% stake in CERES Asset Management, a firm active
in the Asian markets.
Palatine Asset Management also launched its first defensivelymanaged fund (Palatine Actions Défensives Euro). It won a place in
the 2007 Alpha League table and a 2007 Agefi asset management
award in recognition of its active equity management (Grands Prix
de la Gestion d’Actifs de l’Agefi).
Banque Palatine continued to develop its business with corporate
customers, in close collaboration with other GCE companies. The
main contributors to business expansion were real estate lease
financing and foreign trade financing for SMEs under the GCE
Trade program in partnership with ABN AMRO. The bank also
introduced a secure Internet-based exchange solution (Palatine
Certification), a vehicle leasing offering with GCE Car Lease and a
new fixed-rate loan backed by funds held in Livret de développement durable (sustainable development) savings accounts.
During 2007, Banque Palatine acquired insurance broker Aries
Assurances, thereby strengthening its expertise in corporate
pension coverage. The bank also acquired a 40% stake in Banque
Fiducial, which specializes in micro-sized businesses.
Active and efficient management
As a major provider of banking advisory services, Banque Palatine
co-lead managed Eurosic’s capital increase with Natixis and
advised Eurosic with regard to a €850 million financing arrangement. The bank also supplied merger and acquisition solutions for
about 12 SMEs and took part in roughly 50 LBO financing
operations.
Investing for the environment
Energies Renouvelables (renewable
energies) and Palatine Or Bleu
(Palatine blue gold) are the first
mutual funds governed by French law
specializing in international listed
securities, the former mutual fund
investing in the water industry and
the later in new sources of energy.
Created in 2006, these funds
significantly outperformed their
reference index in 2007 (respectively
+11.5% and +12.5% better than
the MSCI World stock index).
Océor group
Performance and international expansion
The Océor group, comprising 12 banks and a number of specialized subsidiaries, is GCE’s commercial banking arm in French
overseas departments and territories and internationally.
The specialized subsidiaries include Océorane (for tax-efficient
business equipment financing solutions under the Girardin law
in France’s overseas departments and territories) and INGEPAR
(for complex asset financing for aircraft, ships, hotel projects,
energy production and public-service concessions, particularly
in the French overseas territories).
2007 saw the inception of a major three-year business development program for Océor group banks operating in the overseas
departments and territories. By harmonizing banking processes
and amalgamating several back-office functions previously
located at individual bank headquarters, Océor aims to achieve
appreciable improvements in the overseas banks’ organization
and thereby free up resources for redeployment to commercial
development.
One notable achievement for 2007 was the European Investment
Bank’s decision to grant €50 million in funds to the Océor group
to finance small businesses in the French overseas departments.
In 2007, Océor, the network driving the growth of GCE’s commercial banking activities outside France, has pursued its international expansion with three new operations: the creation of GCE
Maroc Immobilier to develop, market and manage real estate
complexes in Morocco; the acquisition – given formally completed in January 2008 – of a 60% interest in the equity of Banque
Tuniso-Koweitienne (BTK), in which the Tunisian and Kuwaiti
States are now minority shareholders; the acquisition of a 40%
stake in Fransabank France, the French subsidiary of one of the
oldest Lebanese banking institutions whose principal line of
business is international trade operations.
The net banking income generated by the Océor group amounted
to €277 million in 2007, with net income of €14 million.
CIH: enhanced collaboration
GCE and Crédit Immobilier et Hôtelier (Morocco) have jointly
launched two cross-border bank offerings.
The first offering is targeted at Moroccans resident in France and at
any Caisse d’Epargne customer wishing to invest in real estate in
Morocco. This packaged offering includes a selection of high-quality
real estate developments, a financing solution denominated in euros
or in dirhams as well as a mortgage guarantee or security.
The second offering concerns account-to-account fund transfers,
provided free of charge from France to Morocco. These offerings,
which were first marketed by the Caisse d’Epargne ProvenceAlpes-Corse savings bank, are to be rolled out to other network
banks.
Banque BCP France
Banque BCP France is 30%-owned by the CNCE and 50.1%owned by Caisse d’Epargne Ile-de-France Paris. The bank has 63
branches, including 43 in and around Paris, and caters chiefly
to private individuals and professionals of Portuguese and
Polish origin resident in France.
In 2007, Banque BCP France expanded its offering for the 1630 age bracket by launching Pack BCP Jeunes, which combines
a checking account, Visa card and access to BCPNet. The bank
also targeted the female segment with a new, rose-decorated
Visa Electron card, provided free of charge for the first year.
In the corporate segment, new products marketed included
Internet-based tax and social security return filing, a range of
mutual funds for cash management purposes, two business
payment cards and a variety of insurance solutions for companies and non-salaried managers.
Banque BCP France posted net banking income of €71 million
and net income of €12 million in 2007. At the year-end, deposits
amounted to €1 billion and outstanding loans stood at €572 million.
Our core business lines • Insurance & Personal Care Services
One of France’s foremost
bancassurance specialists
Highlights
Life insurance
Resilience of new life insurance savings
Growth in death insurance
Gradual rollout of a long-term
care insurance offering
Sale of Ecureuil Vie to CNP Assurances
and creation of the joint subsidiary Ecureuil
Vie Développement
Non-life insurance
Acquisition of MMA’s 35% stake in Ecureuil
Assurances IARD opening the way, ultimately,
to the acquisition of an equity interest by
the Macif group and MAIF
Concentration of all the non-life personal
insurance activities within Ecureuil Assurances
IARD through the transfer of Muracef’s
business portfolio (non-bank insurance and
health insurance activities)
Opening of a second accident claims
management center and a customer care and
relations platform
Partnership with the Macif group
and the MAIF
Distribution throughout the entire Caisses
d’Epargne network of the health insurance
offering and the range of personal care
services
Acquisition by GCE and the Macif group of an
interest in the capital of DomusVi, the no.1
private French company providing services
to senior citizens
Preparation of the acquisition by GCE of an
equity interest in SOCRAM, chosen to host
the planned range of banking services offered
by the two mutual insurance companies
General insurance
Source: bancassureurs-related data published
by G9-Groupement français des bancassureurs IARD
Life insurance
Source: Groupe Caisse d’Epargne
3rd largest
bancassurance specialist
in France
3rd largest
in France
2nd largest
Medical and Health insurance
and legal protection
3rd largest
Comprehensive home
and car insurance
10%
Personal Care Services
Approximately 15,000 customers
of the Group’s net
income
To enhance the life and non-life insurance offering
To secure customer loyalty through high quality
service
To expand the partnership with the Macif group
and MAIF
Key figures
Life insurance
€9.9 billion in new life funds
€4.6 billion in surplus funds
To bring these mutual insurance companies into
the capital structure of Ecureuil Assurances IARD
General insurance
500,000 policies sold in 2007
1.8 million policies taken out by
1.2 million customers
To promote personal care services and the use
of Cesu prepaid vouchers
Complementary health insurance
21,000 policies sold in 2007
To cover the full range personal risk insurance
needs: from the initial design of insurance
products to the provision of services
Cesu prepaid vouchers
Multi-service checks issued for a
total of €43 million, 1,500 corporate
and local authority customers
100,000 users
To develop a range of banking services for
the cooperative shareholders of the Macif group
and MAIF
Creation of a new Insurance
and Personal Care Services division
Property and personal insurance are among GCE’s fastest-growing businesses. In
2007, the Group reorganized its Insurance and Personal Care Services operations to
spur business development.
With Caisse d’Epargne and its retail banking networks, GCE is one of France’s top
three bancassureurs in terms of both life insurance and general insurance.
In 2007, the Group reorganized its insurance operations around two entities:
• CNP Assurances, of which GCE is a key shareholder and one of the two main distributors
of life insurance products;
• Ecureuil Assurances IARD, a GCE subsidiary, which now houses all personal non-life
insurance activities.
Since 2005, GCE has been in a strategic partnership with two front-ranking mutual
insurers: the Macif group, France’s leading family insurance provider, and MAIF,
the number one insurance provider to associations. The partnership is intended
to provide the three parties’ members and customers with a full suite of services to
meet their needs with respect to insurance, personal care services, assistance and
banking. In 2007, the cooperation again delivered gratifying results.
SOCRAM will host the joint banking structure set up
by GCE, the Macif group and MAIF mutual insurers
The three partners have chosen SOCRAM to host the future structure
set up to develop a range of banking services for the cooperative
shareholders of the Macif group and MAIF mutual insurers.
SOCRAM, a joint subsidiary of several mutual insurance companies,
is a credit institution whose principal shareholders are the Macif
group and MAIF. GCE intends to acquire a substantial equity interest
in the company.
Life insurance
CNP Assurances
and Ecureuil Vie Développement
Resilient fund inflows
The principal partners of GCE’s networks in the sphere of life
insurance are Ecureuil Vie Développement and CNP Assurances.
The CNCE and La Poste have a jointly-owned 35.48% stake in
CNP Assurances via Sopassure.
In 2007, GCE continued to grow its partnership with CNP
Assurances, which has acquired the Group’s 50% stake in
Ecureuil Vie. GCE also maintained its stake in CNP Assurances
by subscribing to the insurance company’s capital increase.
2007 was marked by a slowing of life insurance investment
from the exceptional level reached in 2006. Surplus funds
amounted to €4.6 billion following an 18% increase in withdrawals due to redemptions or death.
The vigorous promotion of the Nuances 3D, Nuances Plus and
Nuances Privilège unit-linked products continued to bear fruit.
Related investment increased from 17% to 20% of total fund
inflows during 2007.
Death-insurance fund inflows advanced by 10% under the
impetus of the Garantie Urgence product. As has been the case
every year, the quality of Caisse d’Epargne’s insurance offering
was officially recognized on many occasions by the financial
press in the form of awards.
In 2007, CNP Assurances generated revenues of €31.5 billion
and net income up by 6.7% to €1.2 billion.
During the year, the distribution agreements with CNP
Assurances with respect to life insurance and loan insurance
were extended until 2015, with distribution fees revised
upwards.
Jointly-owned Ecureuil Vie Développement is responsible for
coordinating life insurance business within GCE’s distribution
channels. The entity houses the marketing, sales and product
design functions previously performed by Ecureuil Vie.
Non-life insurance
GCE’s principal partner in the sphere of general insurance is
Ecureuil Assurances IARD, a wholly-owned subsidiary of GCE
since the Group’s acquisition of MMA’s 35% stake in April 2007.
At end-December 2007, the non-bank insurance and complementary health insurance activities of Muracef, the Caisses
d'Epargne network’s mutual insurer, were transferred to
Ecureuil Assurance IARD. As a result, Ecureuil Assurances
IARD now supplies non-life insurance products for private individuals and professionals for distribution by all GCE entities.
This move is intended to permit more effective marketing of the
product range across channels.
The above-mentioned partnership with Macif and MAIF has
prompted GCE to invite the two mutual insurers to acquire a
stake in Ecureuil Assurances IARD. A letter of intent to this
effect was signed in February 2008.
Commendable performances
Ecureuil Assurances IARD sold 500,000 policies in 2007 and
its policy portfolio now stands at 1.8 million. In 2007, revenues
generated in the subsidiary’s four traditional markets
amounted to €317 million, representing a 17% year-on-year
increase. In order to boost business volume, a customer care
platform and a second claims management center were
opened during the year. In the field of legal protection, customer
management has been transferred to Macif in the interests of
service quality.
After the transfer of GCE Garanties to Natixis in 2006, GCE
decided to insure the risks of its entities in the open market.
This has enabled the Group to reduce the capital requirement
for its insurance operations.
Helping disabled accident
victims to drive again
Ecureuil Assurances IARD has renewed
its agreement with Comète France,
an association responsible for
28 functional rehabilitation centers.
With the Caisse d’Epargne Nord France
Europe, the Group’s insurance
subsidiary is helping to provide funding
for a learner’s vehicle controlled by
a joystick specially designed for the
disabled, and to finance 150 driving
tests on adapted vehicles.
The complementary health insurance offering has been developed
in association with Macif, which is responsible for policy management. The offering has been gradually rolled out to virtually all
Caisses d’Epargne. A total of 21,000 policies were sold in 2007 and
the sales target from 2009 onwards is 100,000 policies. A new
Garantie Prévoyance Pro product, eligible for tax deductibility under
the Madelin law, has been added to the range.
In 2007, Muracef’s revenues from health insurance, non-bank
insurance and major corporate risk insurance amounted to
€58 million, up by 16% year on year.
Ecureuil Assurances IARD ended the year with net income of
€15.1 million. This solid performance was underpinned by growth in
revenues, expense stability and excellent control over the loss ratio.
Non-life portfolio at December 31, 2007
Number of policies
Car insurance
Comprehensive home insurance
Medical and health insurance
Legal protection
Complementary health insurance
Total
2007
Change 2007/2006
270,524
697,954
364,657
433,196
12,330
+13%
+1%
+8%
+25%
ns
1,778,661
15%
CEMM
CEMM is 50%-owned by GCE, 25%-owned by Macif and 25%owned by MAIF. It is tasked with the governance of the strategic
partnership between GCE, Macif and MAIF, which has brought
together more than 10 million members. CEMM focuses on the
development of common projects. From 2008 it will strengthened by an economic interest grouping (EIG).
2007 was marked by two key events:
• the deployment of the personal care services offering managed
by the Séréna intermediation platform, which is shared by
Caisse d’Epargne, Macif, MAIF and MGEN;
• preparations for the launch of a long-term vehicle hire offering,
developed in association with GCE Car Lease and targeted
principally at the members of the Macif and MAIF groups.
CEMM also coordinates the pooling of general insurance
resources and the development of banking services for the
members of the Macif and MAIF groups.
In keeping with their determination to cover all personal risk
insurance needs, the CNCE and Macif have also each acquired
a stake in DomusVi, France’s leading private provider of elderly
care services.
Personal care services
The rollout throughout the Caisses d’Epargne network of the
Ecureuil Sérénité Services offering, developed in partnership with
national personal care services specialist Séréna, was completed
at end-June 2007. Customer take-up is close to 15,000.
Séréna operates as a provider, assuring the end-to-end organization of service delivery. The offering was extended in 2007 to
include light gardening tasks and computer assistance, which
has been a resounding success.
Service volume increased from 4,000 hours to 15,000 hours per
week between the beginning and end of 2007. In response,
Séréna has increased its call centers from one to three, opening
centers in Rouen and in Nîmes in addition to its facility in
Angers.
Séréna’s 4 “S”
• Simplicity, with a single call number
• Security, with a commitment to quality
• Suppleness, with the freedom to change
the care provider upon simple request
• Serenity, free from the responsibility of an
employer: Séréna wants to be a major player
to the creation of qualified long-term
employment in the personal care sector.
Elderly care services
The CNCE and Macif have each acquired a 17% stake in DomusVi,
which operates 72 nursing homes, five serviced residences
and ten clinics in France. DomusVi is currently developing a complementary business embracing home assistance and care and
residence services for seniors.
With this investment in DomusVi, Groupe Caisse d’Epargne and
Macif want to contribute to the development of the elderly care
services offering with a view to their long-term presence in
this segment and in synergy with their respective banking and
insurance activities.
GCE and Macif assisted DomusVi with the acquisition of Canadabased Sedna, the leading semi-private provider of long-term
care and home assistance and care services in Quebec.
In parallel with the design and distribution of insurance products,
GCE is active in service delivery. The Caisses d’Epargne
Foundation for Social Solidarity, for example, has established
itself as a key participant in the health and social sector. DomusVi
has provided a window to the private sector for the Group, which
is convinced that public-private cooperation is essential to meeting growing demand and securing the professionalization of
employees and facilities.
Accor’s and GCE’s jointly-owned business in the sphere of Cesu
prepaid payment vouchers came into operation in February 2007.
To date, it has issued €43 million worth of payment vouchers
on behalf of 1,500 companies and local authorities, which have
distributed them to 100,000 beneficiaries. This corresponds to a
market share of over 25%.
Our core business lines • Real Estate Services & Social Housing
A player active throughout
the entire real estate value chain
Highlights
Real estate
Social housing
Takeover of Vectrane and increase in the
capital of Eurosic, a listed real estate company
Creation of the France’s leading integrated real
estate player around Nexity
Acquisition of an equity interest in Meilleurtaux
alongside Nexity and the mutual insurance
companies Macif and MAIF
Reinforcement of the partnership with Maisons
France Confort with the acquisition of an equity
interest (completed on March 31, 2008)
Reorganization of the real estate core business
within CNCE and in the network
Launch of France’s first “reverse mortgage”
(prêt viager hypothécaire)
First collective real estate investment funds (OPCI)
New audit and technical diagnostics services
Acquisition of an equity interest in Un Toit
pour Tous, the first social housing company
in the Gard département
Development of an action plan in favor
of energy savings
Sale of rental accommodation to their tenants
Real estate holding services for nursing
homes on behalf of the Caisses d’Epargne
Foundation for Social Solidarity
Sharp increase in the production of rental
accommodation
Semi-private companies
Creation of GCE SEM
No. 1 banking partner
of the social housing movement
(Source: Groupe Caisse d’Epargne)
France’s leading
integrated real estate player
(Source: Benchmark Bain et GCE)
No. 2 real estate management
company in France
(Source: Precepta, groupe Xerfi, juin 2007)
5%
of the Group’s
net income
Key figures
To become the leading banking partner to,
and the front-ranking operator in, the real estate
industry in France, active at every stage in
the value chain
More than 1 million housing
units under management and
7.4 million square meters
of corporate real estate under
management
To develop comprehensive ranges of real estate
products, services, financing and investment
solutions
142,000 social housing units
under management
To be capable of satisfying all types of needs
2,441 social housing units delivered
To provide global solutions to local authorities
and within the framework of public-private
partnerships
3,500 social housing construction
starts
To consolidate all the Group’s positions in
the social housing sector
To become the no.1 financial partner of real
estate semi-private companies
An aggressive strategy to gain the top spot
in real estate banking in France
GCE operates in all real estate segments and has carved out towering positions in a
number of them. The Group is committed to generating growth organically and
through acquisitions and partnerships with the view to becoming the top real estate
bank in France.
The overarching goal is to be able to offer the Group’s various customer categories
a broad spectrum of products, services and financing and real estate investment
solutions, by establishing a presence along the entire value chain and exploiting
synergies between the Group’s various businesses.
2006 saw the creation of GCE Habitat and GCE Immobilier in the fields of financing
for social housing and for competitive real estate activities respectively. The 2007
integration of GCE Immobilier into Nexity, as part of GCE’s acquisition of a nearly 40%
stake in that listed company, has created France’s leading integrated real estate
player with a genuinely all-embracing presence spanning urban design consulting,
real estate development (housing estates, apartment buildings and offices), financing,
land banking, investments, and professional property management and transaction
services.
The creation of a listed real estate business, centered on Nexity and active in all segments,
will enhance the offering for companies and institutional investors, and accommodate
holistic solutions for local authorities.
At the same time, GCE has thrown its weight behind Eurosic, its listed real estate subsidiary,
and has combined its stakes in semi-private real estate companies within GCE SEM.
The Caisses d’Epargne network is the leading private shareholder of both Eurosic and
GCE SEM, which together own 555,000 housing units and are majority-owned by local
authorities. GCE aims to become the companies’ leading private financial partner in the
fields of social housing and urban development. GCE SEM’s activities thus complement
those of GCE Habitat in social housing, as well as those of Nexity.
Leading shareholder of Nexity
CNCE has become the leading shareholder of Nexity, owning almost
40% of the company’s share capital by transferring GCE Immobilier
(with, in particular, Keops, a 67% stake in Lamy and 22% of
Arthur l’Optimist), 25% of Crédit Foncier and its interest in Eurosic.
The synergies between the core business lines of GCE and Nexity are
chiefly to be found in urban development operations, real estate
management and transactions networks, coordinated offers aimed
at corporate and individual customers, investment and international
development.
Public-private partnerships
The CNCE has organized its Real Estate operations to ensure
the efficient functioning of all of the Group’s related activities
– real estate development financing, new business resulting
from referrals, public-private partnerships (PPPs), direct
and indirect real estate investment, offerings for real estate
professionals (real estate agents and managers) and real
estate asset optimization for Group companies. The organizational structure is replicated within the individual savings
banks, which each have comprehensive in-house real estate
capabilities.
Real estate projects
GCE is the second-largest provider of financing for real estate
professionals. In 2007, new loans to real estate development
professionals (including off-balance sheet commitments)
amounted to €6 billion (excluding lending by Banque Palatine).
The Group’s networks work hand in hand with Natixis Garanties
to offer a full range of bank guarantees to real estate developers,
managers and dealers.
Major undertakings for GCE in 2007 included the Group’s
participation in the development of the new Lyon Confluence
area and in the rehabilitation of the Marseilles docks under the
Euroméditerranée project.
GCE has carved out a strong position in the high-potential
public-private partnership (PPP) market, where it acts as
arranger, lender, advisor and investor. PPPs have had the
effect of increasing and accelerating public investment
because they alleviate some of the burden on the public purse
and offer optimal financial visibility.
Well-balanced urban environment
Involved in urban development initiatives at a very
early stage, the Caisses d’Epargne will be able
to combine their expertise with that of Nexity-Villes
& Projets, a company that promotes harmonious
urban development through a combination of shops,
private and social housing, office buildings and
public-sector facilities and equipment.
When serving this market, the Caisses d’Epargne can turn to
various Group companies to fill any gaps in their own offerings.
Such companies include FIDEPPP, GCE’s dedicated equity
financing vehicle for the PPP segment, and Cicobail (a subsidiary
of Crédit Foncier), which specializes in real estate lease
financing for PPPs.
2007 saw a welcome surge in hospital projects and an expansion
of the operational range of PPPs. During the year, financing
granted or arranged by GCE and Natixis in connection with
PPP-type contracts in France amounted to €1.5 billion (four
times more than in 2006), including roughly €200 million carried
by GCE.
In particular, the Group won the roughly €145 million contract
for the construction, maintenance and financing of the nearly
400-bed Pierre-Oudot hospital in Bourgoin-Jallieu (department of Isère).
The Group was also selected by French Guyana’s regional
council to provide financing for the construction of three
secondary schools through a PPP. This €92 million project is the
first of its kind in France in the field of school construction.
Nexity
Developments
Synergies
Nexity became France’s leading integrated real estate player in
2007. The integration of some GCE activities has strengthened
the company’s business base, notably with regard to real estate
investment and services for private individuals, companies
and institutional investors. 2007 was a banner year for Nexity in
the housing segment, where the company achieved record
reservations and revenues and enjoyed vigorous business
growth with institutional investors (social housing and real
estate investment organizations). In the office sector, order
intake reached 231,600 m2, up by 37% on the previous year.
The Diapason project is aimed at identifying and unlocking valuecreating synergies between Nexity and GCE. The project covers
22 objectives and is manned by 150 employees from both entities.
Two priority objectives were achieved in 2007 – the arranging of
financing for Nexity’s real estate development operations by GCE
and the creation of the dedicated banking offering for Nexity’s franchise networks. The offering, which was launched at end-November
2007 at Century 21 outlets, should be available at 500 branches in
2008 and will subsequently be extended to the Arthur l’Optimist and
Guy Hoquet networks.
2007 also saw a surge in property management business for
Nexity-Saggel, the creation of the Investments unit and the
introduction of collective real estate investment funds (OPCI)
at Ciloger, one of the first management companies to obtain
the authorization of the AMF (the French financial markets
authority) for those new products. Ciloger was authorized to
manage OPCI collective real estate investment funds (and
SCPI unlisted non-trading real estate investment companies)
on July 10, 2007 and now manages three OPCIs subject to
simplified operating rules and 13 SCPIs. Ciloger has also
entered into a management agreement concerning the real
estate assets of Géant Casino and Léon de Bruxelles.
Nexity: key figures
• Net sales: €2.4 billion (+29% compared with 2006)
• Operating income: €330 million (+24%)
• Attributable net income: €212 million
• Order book: €3.4 billion (+15%)
• Property under management: more than
1 million residential units and 7.4 million square
meters of offices
An agreement governing land identification by the Caisses
d’Epargne network and business referrals was signed on February 6,
2008. Agreements have also been entered into concerning
co-development projects and the implementation of collaborative
solutions for first-time home purchases. In another breakthrough
initiative, the Solutions Clés Nexity services platform, aimed at
improving the buying experience, has been undergoing testing at
three Caisses d’Epargne since March 2008. The offering embraces
a full range of financing and insurance products. It will be extended
gradually to home and personal care services like moving
assistance, help with everyday tasks and in-home support.
Nexity and sustainable development (1)
• 150,000 square meters of offices certified HEQ
compliant (in progress)
• 15,000 m2 of offices certified HEQ compliant
delivered in 2007
• 79 residential units awarded the “Habitat &
Environment” label, 150 awarded the “Indiquel”
label, 121 certified “CQHPE 2000” compliant, and
98 awarded “Qualitel” certification
• Nexity-Foncier Conseil certified compliant with
ISO 14001 international standards
(1) Source: Cerqual.
Eurosic, listed real estate company
Eurosic, which is controlled by Nexity and Banque Palatine,
invests primarily in office assets and secondarily in leisure and
logistics facilities.
The company’s mission is to meet the specific needs of tenants/
users, now and over the long term.
Eurosic achieved rapid growth in 2007. The transfer of buildings
from GCE and the assumption of control over Vectrane (a listed
real estate company focused on leisure and logistics facilities)
increased Eurosic’s assets from €30 million to €1.4 billion in
the space of one year.
Eurosic owns and operates more than 253,000 m2 of offices and
logistics space and close to 8,200 leisure-segment beds at Club
Med and Center Parcs villages. At present, 35,000 m2 of office
space is being developed, including Banque Palatine’s new
HEQ-compliant headquarters.
Eurosic: environmental commitment
Eurosic, which is currently refurbishing the Anjou
Tower in La Défense, the business district west
of Paris, is the first real estate company to sign
the sustainable development charter of the town
of Puteaux in the western suburbs of the French
capital. The charter lays down how real estate
developments must blend in with the urban
fabric and help to improve the Environmental
Quality of Buildings.
make the company France’s top finance broker. They are also
looking at ways to diversify Meilleurtaux’s offering without
undermining the broker’s independence.
Meilleurtaux is listed on Euronext Paris’ Eurolist market (compartment C). In 2007, it posted revenues of €50 million and net
income of €2.3 million.
Maisons France Confort,
builder of single-family homes
GCE and family-owned group Maisons France Confort, France’s top
listed single-family home builder, signed an industrial partnership
agreement entailing the acquisition of a 24.5% stake in Maisons
France Confort by a holding company jointly owned by the CNCE
and Crédit Foncier. The transaction was completed in March 2008.
GCE and Maisons France Confort have a long history of cooperation and an identical culture based on a strong local presence
and an unwavering commitment to sustainable development, as
exemplified by Maisons France Confort’s “Charte de la maison
citoyenne” (Citizen-house Charter).
The agreement is intended to spur business conducted with GCE,
reinforce GCE’s presence in the home loan market and nurture
complementary activities like products for home buyers and
investors, loan guarantees and insurance.
In February 2008, the Caisses d’Epargne network and Crédit
Foncier, in association with Maisons France Confort, were among
the first to sign the charter entitled “Propriétaire de ma maison
pour 15 euros par jour®” (owner of my house for €15 a day). The
scheme was launched by the French Ministry of Housing and
Cities for the benefit of young low-income earners purchasing
their first home.
Meilleurtaux, mortgage broker
The CNCE, Nexity, Macif and MAIF are all shareholders of Oterom
Holding, Meilleurtaux’s majority owner. Meilleurtaux has
established itself as one of France’s leading online mortgage
brokers and is currently building a close-knit brick-and-mortar
network, which already has nearly 100 sales outlets (branches
and franchised agents). Meilleurtaux enables private individuals
to secure the best possible mortgage terms from among those
offered by the broker’s more than 110 partner-banks. GCE and its
partners are keen to speed up Meilleurtaux’s development and
Maisons France Confort: key figures
• 5,000 single-family houses delivered
• 6,290 houses sold
• 232 sales outlets
• 17 regional brands
• 1,200 employees
• €489 million in net sales
Social Housing
GCE Habitat
Large-scale operations dedicated to social housing
Groupe Caisse d’Epargne is determined to strengthen its unique
position as a banker, partner and operator in France’s social
housing sector. The Group is the leading private bank for social
housing agencies(1), more than 40% of which have Caisses d’Epargne
among their directors. Crédit Foncier ranks first in the distribution
of below-market rate home loans for low-income households(2)
and GCE is a leading operator of social housing, with 142,000 units.
In view of the housing crisis and social unrest in the French
suburbs, and the aging of the existing housing stock, the public
authorities have made a major commitment to the construction
and renovation of social housing. Overall needs are estimated
at more than one million housing units, and the authorities
want to promote home ownership among low-income families.
The aging of the population also raises a number of new difficulties. Faced with these challenges, the sector is currently
undergoing far-reaching change. GCE intends to help meet
these challenges with innovative solutions by applying the principles of sustainable development at a grassroots level.
Overall social housing demand is estimated at more than one million housing units and the government is keen to encourage home
ownership. The ageing of the population, too, poses a number of
new challenges and is also contributing to the enormous changes
occurring in the social housing sector.
In response, GCE has undertaken to expand the scope of its longstanding commitment to social housing and has charged GCE
Habitat with planning and coordinating the work of the Group’s
Social Housing Enterprises (ESH).
(2) Source: FGAS.
This will involve the creation of a network-based organization that
is compatible with the Social Housing Enterprises’ autonomy and
shareholder structure. The goal is to endow GCE with a united
front on social housing issues and to get teams to pull together on
business imperatives. GCE
Habitat is also instrumental in the development of
GCE’s role as an operator,
through acquisitions or
new partnerships. This
entails achieving a seamless cooperation between
all of the Group entities
involved (CNCE, the Caisses
d’Epargne and the Social
Housing Enterprises). At end-2007, GCE Habitat became the
majority shareholder of the Nîmes-based social housing provider,
Un Toit pour Tous (the Gard region’s leading Social Housing
Enterprise, with 6,700 units), in which the Caisse d’Epargne
Languedoc-Roussillon already owned a stake.
All new housing
operations launched
by GCE Habitat are
certified compliant
with “Habitat
& Environment”
standards
Developments
In 2007, the GCE Habitat group increased its production of
social housing units, with 1,700 housing starts and close to
1,000 completions. The managed social housing base stood at
67,000 units at the year-end.
GCE Habitat’s Social Housing Enterprises have stepped up their
efforts in favor of sustainable development by emphasizing energy
efficiency in new building construction and existing units.
During 2007, GCE Habitat’s Social Housing Enterprises also
worked together on the sale of roughly 3,000 housing units. GCE
has set a five-year target of 7,000 sales.
In the nursing home sphere, GCE Habitat has acquired facilities
previously owned by the Caisses d’Epargne Foundation for Social
Solidarity and is arranging the construction of new homes on
behalf of the foundation. Two subsidiaries are dedicated to this
partnership – Axentia in the state-regulated social sector and
Sofari in the competitive sector. Together, Axentia and Sofari have
facilities comprising just over 1,600 beds and construction starts
representing 200 beds.
In Spain, where the social rental housing market in major urban
areas is under-developed and holds great promise, GCE Habitat
is developing moderately-priced rental housing, mainly for young
GCE SEM
working persons. This new activity is carried out by Haussmann
Habitat International, which has set up Spanish subsidiary to
operate first in Barcelona and then in Madrid.
Erilia
With 43,700 housing units and an annual investment budget of
about €300 million, Erilia is a key player in social housing at
the national level.
The subsidiary specializes in the construction and management
of rental housing comprising subsidized residences, retirement
homes, accommodation for students and seasonal workers,
and housing for home buyers. Close attention is paid to quality,
particularly environmental quality, and to sustainable development imperatives.
In 2007, Erilia continued to post strong business growth in the
South of France, the Rhône-Alpes region and along the Atlantic
shoreline. The subsidiary also embarked on its first projects in the
Paris region.
During the year, Erilia acquired more than 400 housing units and
completed nearly 2,900 units (1,370 new facilities and 1,500 refurbished facilities). The subsidiary also started the construction of
1,800 units and the refurbishment of 2,800 units.
A total of nearly 500 student accommodation units were completed
during 2007 and more than 750 are currently in the works.
Construction is also under way of cottages containing fully equipped
apartments for use by seasonal workers. A fillip was provided to the
home ownership drive through four programs; nearly 2,000 low-cost
housing units have been earmarked for sale to their occupants.
A new GCE entity at the service
of semi-private companies
GCE is the leading private shareholder of semi-private companies
in France, with more than 400 equity investments representing a
market capitalization of €135 million (including €80 million in
shareholdings carried by GCE SEM). The Group has opted to work
with these leading local-economy players through a dedicated
entity.
France has more than 1,100 semi-private companies, which
directly employ 65,000 people and represent aggregate revenues
of €13.8 billion. They provide urban renewal and real estate
development services (social housing/mixed premises), as
well as community services, on behalf of their public-sector
majority shareholders (local authorities).
The semi-private corporate sector is seeing a host of changes,
including the rise of inter-municipal organizations and decentralization-related repercussions, and is faced with a number
of complex issues.
GCE therefore intends to maintain and intensify its role of
expert, advisor, financer and producer in the semi-private sector.
The Group also wishes to enhance the role played by private
financial partners within semi-private companies and promote
the semi-private business model beyond national boundaries.
A new subsidiary, SINJAB, is being set up to support GCE
SEM’s cross-border expansion.
GCE SEM at a glance
• Set up in the form of a SAS (simplified joint stock
company) in June 2007
• 1,100 housing units under construction
• 2,000 residential car parks
Solar-powered water-heaters
at La Ciotat
• 11 real estate projects (€15 million)
• 5 specialized facilities projects (retirement
home, residential center, etc.)
Installed in a complex of 45 housing
units, these water-heaters will allow
each tenant to save €33 per year on their
service charges and avoid the annual
release of 13.6 metric tons of CO2.
Our core business lines • Wholesale Banking & Financial Services
26%
of consolidated net
banking income
Natixis, the no. 1 French bank
for asset management
(Source: Ceruli ranking – June 2007)
15%
of the Group’s
net income
Highlights
Activities
Organization
Strong growth in asset management,
private equity and private banking
activities, and financial services
Major impact of the turmoil in
the American real estate market
(the sub-prime crisis, in particular) on the
business with certain segments more
affected than others: securitization,
proprietary trading, credit enhancement
and, to a lesser extent, capital market
activities
Extremely satisfactory commercial
activity reported by the Corporate
and Investment Banking business and
sharp increase in customer revenues
Combination of capital market teams
based in Paris
Merger of French brokers
Centralization of asset management
activities around Natixis Global Asset
Management
Targeted international expansion of
activities
Withdrawal from the credit enhancement
business finalized in December 2007
Natixis results
ROE after tax: 7.1%
Robust financial structure:
Tier-1 ratio: 8.3%
Asset Management
Services
14th largest asset manager
worldwide
No. 1 in France for the administration
of employee savings schemes
(Source: Ceruli ranking – June 2007)
(Source: AFG)
No. 1 for socially responsible
investment in France
10th largest worldwide for institutional
custody services
(Source: Novethic Indicator)
(Source: globalcustody.net)
Corporate and Investment
Banking
2nd largest French broker
(Source: Thomson Extel Focus France)
No. 3 for corporate bond issues
(Source: Dealogic Bondware)
No. 2 worldwide for jumbo covered bonds
(Source: Coface, based on ICISA (TRP), FCI (TRF))
(Source: IFR/Thomson Financial)
No. 3 in France for factoring services
No. 3 worldwide for credit insurance
No. 5 worldwide for business information
No. 4 for the arrangement of real estate
financing in Europe
(Source: Dealogic, Loan Analytics)
No. 6 worldwide for aircraft financing
(Source: Airfinance Journal)
Key figures(1)
Corporate and Investment Banking: to take full
advantage of the existing business base by drawing on the
wealth of expertise in all the Group’s core business lines
• To accelerate the pace of international expansion.
Asset Management: to speed up growth and
development in the international market thanks
to the “multi-specialist” business model served
by a global distribution platform.
Private Equity: to consolidate the activity’s frontranking positions in France • To establish position in
promising markets in Brazil, Russia, India and China.
Private Banking: to draw on the potential of
the business base in the retail banking networks
and partner networks.
Services: to develop open and highly efficient
industrial platforms with a Pan-European vocation
• To help the retail networks to increase their
market share.
Receivables Management: to become No. 1 worldwide
by 2015.
Loans outstanding: €286 billion
(unweighted on- and off-balance
sheet outstandings at December 31,
2007)
Assets under management:
€591 billion (+7% at constant euro
rates)
Net banking income: €6,043 million
(–17%)
Attributable net income:
€1,101 million
(1) Full Natixis figures.
A sound economic model
At end-2006, Groupe Caisse d’Epargne and the Banque Populaire group brought together
their corporate and investment banking activities, asset management operations and
financial services to create Natixis.
The large cooperative banking networks of GCE and the Banque Populaire group each
own 34.45% of Natixis, a publicly listed company, which in turn owns 20% of each of
the two networks in the form of cooperative investment certificates (CICs).
Employing a total of approximately 22,000 people in 68 different countries, and boasting
€6 billion in net banking income and €16.9 billion in equity attributable to equity holders
of the parent, Natixis is one of the major players in its industrial sector in Europe.
2007 confirmed Natixis’ resilience in the face of an unfavorable business environment.
The strength of its economic model is founded on a diversified range of activities and a
well-established customer base. The bank does business with all the groups included in
the CAC 40 stock market index, with 80% of the companies listed on the SBF 250 index,
and with the majority of major institutionals.
The performances in asset management, private equity, investor services and receivables
management have been very satisfactory. Structured financing, equity brokerage and
financial engineering posted strong growth in 2007. The impact of the sub-prime crisis
was felt most acutely by certain corporate and investment banking segments, which
suffered severe impairment losses, and by the credit enhancement business. Impairment
losses had a €1.2 billion negative impact on net banking income and cost of risk increased
by €175 million to cover risks related to mono-line insurers. Natixis thus ended the year
with attributable net income of €1.1 billion.
Non-recurring expenses were mainly restructuring charges amounting to €125 million
and the €369 million capital loss on the disposal of the CIFG credit enhancement subsidiary.
CIFG has been sold for a symbolic amount to Banque Fédérale des Banques Populaires
and the Caisse Nationale des Caisses d’Epargne, which have recapitalized the subsidiary
in an amount of $1.5 billion.
Natixis also posted a €232 million gain on the disposal of its headquarters and €234 million
in profits on asset management-related restructuring operations. Recurring consolidated
income came to €1.1 billion, in line with attributable net income. Natixis has a solid financial
structure, with a Tier-1 ratio of 8.3% at December 31, 2007.
Corporate and
Investment Banking
Powerful research franchise
Natixis has business dealings with virtually all major corporates
and institutional investors, and has a strong presence among
medium- and large-sized companies in France. It offers a wide
selection of products, including loans, structured financing, capital
market instruments, cash flow and lease financing solutions,
securitization, advisory services, financial engineering and
research. The Corporate and Investment Banking business can
draw on expertise from across the Natixis spectrum. Its more than
120 offices worldwide ensure that local customers everywhere
receive tailor-made service.
2007 saw the legal merger of Natixis and IXIS CIB, with
retroactive effect to January 1, 2007, and the amalgamation of
business units and teams. The merger has generated higherthan-expected revenue synergies, despite the difficult financial
market conditions.
The structured financing, equity brokerage and financial engineering activities carried out within the Corporate and Investment
Banking business are on a healthy growth trend. Certain segments
have borne the brunt of the financial crisis, with impairment losses
mainly reflected in net banking income.
Net banking income for 2007 amounted to €3,054 million before
impairment losses related to sub-prime and mono-line exposures.
After impairment losses in an amount of €1.2 billion, net banking
income stood at €1.8 billion. Operating expenses dropped by 5% to
€2 billion and cost of risk amounted to €0.2 billion. This resulted
in an attributable net loss of €0.2 billion for the year.
A new organization in 2008
More streamlined, less complex and better suited
to keep pace with changing markets, the new
organization includes (1):
• three business departments: Coverage
(Corporate & Institutional Relations), Markets,
Debts & Financing;
• two regional platforms: United States and Asia;
• two support departments: Systems, Organization,
Operations and Finance, Supervision &
Management.
(1) Project submitted to the employees’ representative bodies.
In-depth economic research is provided with respect to about
40 key countries. Traders and structured financing specialists
are assisted in their tasks by quantitative research founded on
valuation and risk management models for complex financial
products.
Credit strategy and analysis teams cover about 100 private bond
issuers in the euro zone.
Natixis Securities covers 350 European stocks in 25 sectors.
New York-based Natixis Bleichroeder covers nearly 140 stocks,
mainly in the energy, health and media sectors.
The bank also provides extra-financial research on, for example,
corporate governance and socially responsible investment (SRI).
Close relations with customers
The Coverage department coordinates sales and marketing
actions in support of all of the bank’s products and services. The
department has direct management responsibility for conventional financing and cash flow solutions.
Natixis Lease is a key player in real estate and equipment
lease financing. It has strengthened its business dealings with
major customers and has extended its offering to the IT sector
and public-private partnership financing. Natixis Lease is very
active in the financing of wind farms, with loan production of
over €100 million in 2007, and is building a presence in the
promising photovoltaic energy market.
Natixis has successfully defended its position in the very competitive commercial payments and cash flow management fields.
At end-2007, Natixis’ ISO 9001 certification was renewed for flow
management, documentary credit and guarantees activity and the
design process for cash management products and services.
Large international reach
The International department monitors business relations with
foreign companies and financial institutions. The department
has responsibility for conventional financing, correspondent
banking and international trade financing.
Natixis has extended its network to São Paulo, Panama, Dubai
and Sydney. Bases in Mexico, Chile and Asia will be added
in 2008.
Demand for the international financing and secure payment
solutions offered by Global Trade Services (GTS) is on a steep
rising trend.
Natixis has reaffirmed its position as a leading bookrunner for
financial institutions’ syndicated loans, notably in India, Russia
and Turkey.
Natixis Pramex International, a subsidiary specializing in advisory
services for international corporate expansion, played an instrumental role in high-quality acquisitions in Italy, the US, Brazil and China.
Structured financing:
worldwide coverage
During 2007, Natixis confirmed its front-ranking position in infrastructure financing through its involvement in projects like the
Queen Alia Airport in Jordan, the Tyne Tunnel in the UK, the A65
freeway in France and renewable energies in Spain.
In the field of aircraft financing, Natixis Transport Finance expanded
its operations in China and Latin America.
The Shipping activity arranged 40 syndicated transactions during
the year.
All segments of commodity financing showed strong growth.
In the sphere of real estate, 13 mandates were won in 2007 for
major transactions in France, Germany and Italy.
The performance in syndicated lending was comparable to that
for 2006, with 148 mandated lead arranger assignments won in
the EMEA region, including 49 in a bookrunner capacity.
The bank also raised its profile in the arrangement of acquisitions and LBOs.
Fixed-income and currency markets:
a full product range
Natixis has strengthened its positions in conventional product
areas and has continued to enhance its offering of structured
products. The bank ranks among the top 10 in interest rate
derivatives in Europe.
In the primary fixed-income market, Natixis was involved in
the performance of nearly 300 mandates in 2007 and served
as lead manager in 80% of them. During the year, the bank
was the top bookrunner in terms of the value and number of
public debt issues by French issuers(1) and continued to make
headway in the rest of Europe. ASF, Air Liquide, Auchan,
Carrefour, Casino, Ciments Français, Géophysique, Imerys,
Schneider, Sodexo and Wendel all trusted Natixis to manage
their debt issues amid frequently difficult conditions.
More than 40 insurance and financial institutions appointed
Natixis to handle their senior debt, subordinated debt, hybrid
debt and securitization issues. The bank ranks among the top
10 debt underwriters in Europe. Major supranational agencies
and issuers like CADES and the European Investment Bank
likewise chose Natixis to lead-manage their transactions,
amounting to €3-5 billion.
Natixis now ranks second worldwide for jumbo covered bonds(2)
and lead-managed nearly half of all related operations in
Europe in 2007. Origination teams have been set up in New York
and Hong Kong.
Equity brokerage:
an excellent year
Equity brokerage is centered on Natixis Securities, which was
created by the merger of IXIS Securities, Natixis Bleichroeder
SA, Natixis Bleichroeder Inc. in New York and a London-based
team dealing with commodities and energy. The equity brokerage business posted a good performance in 2007, despite the
severe market volatility in the second half of the the year. The
second largest French brokerage company, Natixis Securities
comes in first place for share sales, trading and execution(3).
In 2007, the company was ranked first for the quality of its
forecasts and its stock market recommendations(4) and the
runner-up for research into French securities(3).
A new carbon fund
Natixis Environnement & Infrastructures, which
already manages the European Carbon Fund,
launched the European Kyoto Fund in 2007.
This fund will invest in all types of carbon assets
in line with the emission reduction targets
adopted by the European Union. Natixis is
investing €50 million in this new fund, which aims
to gather a total of €500 million in subscriptions.
(1) Source: Dealogic Bondware.
(2) Source: IFR/Thomson Financial.
(3) Source: Thomson Extel Focus France – December 2007.
(4) Source: StarMine.
Primary equity and derivatives
market: brisk business
In the primary market, Natixis offers personalized advice
and products with high added value, as well as an origination
capacity enhanced by the partnership with Lazard in France.
In 2007, Natixis and Lazard-Natixis doubled their aggregate
market share by value to 8.5% in France, taking the third place
based on the number of transactions and the fifth place based
on volume(1).
In the US, Natixis Bleichroeder made headway in corporate
finance, notably in the energy sector (in association with
Natixis Houston) and in the health sector.
The equity derivatives activity reinforced its positions during
the year. Teams developed option products combining hybrid
underlying securities, equity portfolio trading and equity
finance.
In addition, Natixis is deploying a vast array of arbitrage operations covering equities, indices, straight and convertible
bonds and listed options. The bank has invested heavily to
ensure real-time flow management for large-volume transactions. Arbitrage and derivatives operations continued to be
deployed in Hong Kong and Tokyo.
Equity borrowing and lending produced good results.
In the field of commodity markets, Natixis has launched a
commodity derivatives activity in London, which operates
alongside Natixis Commodity Markets, the subsidiary specializing
in cash trading of commodities.
Financial engineering and advisory:
high value-added products
Based on an in-depth analysis of long-term financing, risk
financing and risk management imperatives, the Corporate
Solutions team devises tailor-made solutions to help customers
to optimize their balance sheets and risk management in the
context of proposed restructuring operations, acquisitions or
co-investment projects.
Favorable economic conditions during 2007 led to strong business
expansion. At the year-end, the Corporate Solutions business
employed 140 people in 12 countries spanning Europe, North
America and Asia.
Natixis Finance benefited from strong mergers and acquisitions
demand during the year. In particular, it advised Entrepose
Contracting with respect to the acquisition of Amec Spie Capag
and the subsequent sale of the same to Vinci. Other assignments
concerned advising Solétanche Bachy on its takeover by Vinci,
Thales’ sale of Faceo to Apax Partners, the sale by the Dassault
group of the Nantes Football Club and Germany-based Haniel’s
disposal of two French subsidiaries. Natixis Finance was also
involved in the merger of CFF Recycling into its Penauille
Polyservices subsidiary and assisted Ceva Santé Animale’s
management with a second LBO operation.
In the field of advisory services for major infrastructure, service
and real estate operators, Natixis Finance served as a co-presenting bank for Eurotunnel’s exchange tender offer. It further
advised Altarea with respect to the acquisition of Cogedim and
Casino with respect to the disposal of 255 mini-market and
supermarket facilities.
Securitization
In 2007, securitization demand was dampened by unfavorable
market conditions (severe volatility and widening credit spreads)
and by the sub-prime crisis in the US. Impacts took three
forms:
• direct exposure to residential real estate and sub-prime debt;
• indirect exposure via securities portfolios backed by subprime mortgages (CDO and ABS portfolios);
• exposure to bond insurers whose ratings have been downgraded on account of the credit crisis in the US.
Proprietary activities
The portfolios of US-based corporate and investment banking
entities suffered heavy impairment losses related to the subprime crisis as well as impairments of their CDO and ABS
portfolios.
However, despite the difficult market environment, the
Corporate and Investment Banking business encountered no
major problems in meeting its liquidity needs, thanks mainly
to the diversification of its refinancing sources and the extension of refinancing arrangements.
(1) Source: Bloomberg – December 2007.
Asset Management
Global-scale player
Natixis Global Asset Management ranks among the top 15 asset
managers worldwide(1). The business offers a wide range of
expertise and investments to institutional investors, corporates,
distribution networks and major private investors.
The holding company for the Asset management subdivision,
Natixis Global Asset Management, ensures overall consistency.
There are also about 20 specialized management companies
(located mainly in France, the US and Asia) and a worldwide
distribution arm, Natixis Global Associates. The Asset management subdivision has 2,800 employees, including nearly 1,700 in
the US. Its federative organizational model attracts the best
financial minds and favors the integration of entities of all sizes.
Against a backdrop marked by the dollar’s decline and the onset
of the financial crisis from the second half of 2007, net fund
inflows exceeded €24 billion. Managed funds rose by €8 billion to
€591 billion at the year-end. Europe accounted for €392 billion,
the US (where business remained brisk throughout the year) for
€198 billion and the Asia-Pacific region for the remainder.
Net banking income advanced by 14% to €1.7 billion.
Assets under management (total of €591 billion)
by investment class at December 31, 2007
Diversified
6%
6%
Alternative & structured
Insurance mandates
34%
Equities
18%
18%
Fixed income
Real estate
Money market
5%
13%
International distribution platform
Natixis Global Associates complements the distribution to
institutional customers in France and the US assured by the
management companies, as well as the distribution operations
performed by the Caisses d’Epargne and Banques Populaires
networks in the retail customer segment in France.
(1) Source: Cerulli rankings as of June 2007 based on assets under management
at end-2006, with Natixis’ new asset management operations placed 14th.
The platform operates in about 30 countries across all continents. In the US, its primary targets are distributors of savings
products for retail customers.
In the international arena, Natixis Global Associates focuses
mainly on institutional customers, particularly in Singapore,
Japan and Australia. An exclusive partnership was entered
into with Australia-based Apostle Asset Management in 2007.
Total investment in the products marketed by Natixis Global
Associates amounted to €83 billion at end-2007.
A key player in Europe
Two new units have been set up in France:
• Natixis Multimanager was created by the merger between IXIS
Private Capital Management and Natexis Asset Square and
is a multi-management specialist. Assets under management
represented more than €6 billion at end-2007;
• Natixis Asset Management was created by the tie-up between IXIS
Asset Management and Natexis Asset Management and is a
leading European asset manager. Assets under management
represented €367 billion at end-2007.
• Part of the management of the funds marketed by Ecureuil
Gestion to the Caisses d’Epargne network has been transferred to
Natixis Asset Management. A distribution unit, Natixis Epargne
Financière, is to be set up during 2008 to serve both the Banques
Populaires and the Caisses d’Epargne networks.
Real estate asset management has also been reorganized. Natixis
Asset Management Immobilier is now a subsidiary of AEW Europe,
which is present in ten countries and had over €17 billion worth
of real estate assets under management at end-2007.
Caisse des Dépôts has acquired a 40% stake in AEW Europe.
Record inflows in the US
Net fund inflows jumped by 34% to $32 billion, with two-thirds
of this amount channeled through Natixis Global Associates.
The Loomis Sayles and the Harris Alternatives funds attracted
the bulk of investment.
Hansberger Global Investors, acquired at end-2006, was fully
consolidated as from 2007. In addition, two new management
companies have come on board – Gateway Investment Advisers,
which specializes in hedged equity, and Alpha Simplex, which
engages in quantitative and alternative investment management.
Private Equity
& Private Banking
Private banking:
supporting business managers
This subdivision houses activities offering a high degree of
complementarity and synergistic value. Natixis Private Equity
is a key player in private equity for SMEs in France. Three
banks – Banque Privée Saint Dominique, La Compagnie 1818 –
Banquiers Privés – and Natixis Private Banking International –
are dedicated to private banking and engage actively with
entrepreneurs and senior company executives. The business
ended 2007 with net banking income up by 12% to €504 million
and attributable non-recurring net income up by 7% to €247 million.
Leading private equity investor
in medium-sized companies
In 2007, Natixis Private Equity (NPE) had 160 professional staff
members, more than 600 equity investments and €3.6 billion
in managed funds. In France, it is the leading provider of equity
capital for businesses worth up to €500 million. NPE operates
in Germany, Spain, Italy and Poland and is building a presence
in South America, India and China. 2007 saw healthy business
volume and total investment of €615 million, including
€327 million for NPE’s own account. Disposals carried out
during the year represented €680 million, with related capital
gains amounting to €186 million.
NPE is present across the entire private equity spectrum with
activities embracing venture capital, expansion capital, business
transfers and buyouts and funds of funds. It invests in all of
the funds that it manages from their inception and its status
as the largest investor throughout the term of funds sends a strong
signal about its commitment to professionals, entrepreneurs
and other investors.
Investment in NPE’s funds by major institutional investors has
helped to raise the profile of NPE and its networks in France
and abroad, to the benefit of entrepreneurs. The original business
focus on SMEs constitutes a powerful source of competitive
advantage and development opportunities.
Private banking embraces wealth management services for
customers with more than €1 million of investable assets,
private asset management for customers with €150,000 to
€1 million of investable assets and collective investment
management.
Banque Privée Saint Dominique has the status of wealth
management specialist. Its expertise in the provision of support
to companies and those that run them has established the
bank as a top address for optimizing the treatment of
private banking-related aspects of long-term financing.
La Compagnie 1818 – Banquiers Privés – places wealth management specialists and highly trained tax and legal experts at the
service of key private customers. The bank carries out three
activities: wealth management for high-net-worth customers via
an open architecture-based, comprehensive offering; private
asset management services alongside those marketed by the
Caisses d’Epargne network, Banque Palatine, Crédit Foncier and
the Financière Océor banks; and asset management services for
independent asset management advisors operating under the
Centre Français du Patrimoine banner.
Natixis Private Banking International specializes in wealth
management and has bases in Luxembourg, London and
Geneva. The bank serves an international customer base of
high-net-worth individuals, providing personalized solutions
in a wide range of areas, such as transfers of business assets,
donations and inheritance planning on an international scale
and the creation of innovative investment funds for private
investors.
In 2007, net banking income for private banking activities as
a whole surged by 33% to €126 million and assets under
management climbed by 12% to €17.3 billion.
Investor Services
The Investor Services subdivision houses six complementary
business lines. The Insurance, Sureties and Financial Guaranties,
Consumer Finance and Employee Benefits planning businesses
design products to be marketed through GCE’s distribution
channels.
The Payments and Custody businesses process payments and
transactions in financial instruments respectively. In all cases,
the industrialization and pooling of systems and processing
operations enable distribution channels to be both highly efficient
and competitive. Open-architecture solutions are preferred in
response to European market requirements.
Good growth for all six business lines
Life insurance and personal risk insurance continued to register
brisk growth. General insurance achieved more moderate
growth, owing to stiff competition.
Outstanding personal loans and revolving credit managed or
carried by Natixis Financement (formerly Caisse d'Epargne
Financement) amounted to €4.5 billion. This amount includes
€3.5 billion corresponding to personal loans distributed by
Caisse d’Epargne, which tripled in the space of one year.
Thanks to its competitive and innovative offering, Natixis
Garanties is one of the leading providers of guaranty insurance in
France(1). It ranks second in residential mortgage guaranties(1)
and likewise second in the sphere of guaranties for real estate
agents and managers (1). In the field of construction completion
warranties for single-family home builders, Natixis Garanties is
the co-leader with 27% market share(1). Commitments rose by
21% to €46.6 billion at end-2007.
Employee benefits planning provides assistance with the definition of remuneration policy in the corporate and professional
segments. They encompass a wide range of solutions covering
employee savings plans, supplementary and collective retirement and personal risk insurance schemes, meal tickets, Cesu
prepaid vouchers for the payment of personal care services and
gift vouchers.
Natixis Interépargne is the leader in employee savings accounts(2),
with an account base of more than 2.9 million at end-2007.
Natixis likewise ranks first in employee savings management,
with €18.5 billion in managed funds(2).
(2) Source: AFG as of June 30, 2007.
In all, 56 million meal vouchers were issued during the year,
including two new vouchers designed for associations’ unpaid and
voluntary workers. A total of 430,000 Cesu prepaid vouchers were
issued.
Electronic payments specialist Natixis Paiements processed
more than 3.6 billion transactions in the form of checks, interbank payment slips and fund transfers, in addition to 1.5 billion
card operations. It now manages 5.9 million bank cards. The
Partecis subsidiary, owned jointly with BNP Paribas, is gradually
delivering unified electronic banking tools.
A frontrunner in securities custody
GCE ranks second in France in retail custody services with
nearly 25% market share. The CACEIS subsidiary, owned
jointly with Crédit Agricole SA, is the tenth-ranked custodian
worldwide(3).
Amid less propitious business conditions, the number of retail
securities custody accounts fell slightly to about 5.2 million,
with assets under custody down by 1% to €377 billion. GCE is
investing heavily to upgrade platforms in line with regulatory
changes and financial marketplace reforms across Europe.
By 2012, the Group should be equipped with a unified platform
covering all of Europe.
Institutional custody services are delivered mainly by CACEIS,
which provides asset management companies, institutional
investors and companies with depositary and custodian bank
services in France, Luxembourg, Germany and Ireland. CACEIS
also offers fund administration services in Europe and North
America, as well as issuer services.
2007 saw robust business volume and the launch of new services.
Equally importantly, the year was marked by two acquisitions, that
of HypoVereinsbank’s institutional custody services in Germany
and that of Olympia Capital International, which is dedicated to
alternative fund management companies and has been renamed
CACEIS Fastnet Alternative Administration.
At end-2007, CACEIS and Natixis had €2,869 billion in assets
under custody and were given first place among European fund
managers(4), with assets worth more than €1,100 billion under
management.
The Investor services subdivision as a whole posted a strong performance, with net banking income up by 13% to €1,299 million
and recurring net income up by 30% to €310 million.
(3) Source: globalcustody.net.
(4) Source: CSC Peat Marwick.
Coface Holding, created in 2007, houses the activities of Coface
and Natixis Factor. Coface Holding has four business lines
with strong cross-fertilization potential – business information,
credit management, credit insurance and factoring.
In France, Coface Holding also provides public procedures
management for export guaranties, notably market survey
cover, medium- and long-term export credit insurance,
exchange risk cover and foreign investment insurance.
Coface Holding works closely in France with the networks of
Natixis, Banques Populaires, Groupe Caisse d’Epargne and
Coface, and with specialized brokers. These distribution channels are also used outside France, together with local partners
in the CreditAlliance network.
With €450 billion worth of insured receivables and receivables
financing amounting to €40 billion, Coface Holding generated
consolidated revenues up by 7.8% to €1,571 million in 2007.
Nearly 60% of sales are sourced internationally. Coface Holding is
directly present in 64 countries and boasts unrivalled geographic
coverage in each of its businesses(1).
Top-line and bottom-line growth
With the benefit of the Kompass operations in France and
Belgium, acquired during the year, business information
revenues grew by 16%. The business consolidated its no. 5 rank
worldwide(1) and extended its operations to four new countries.
Thanks to its Score@rating product, Coface has been awarded
the status of ECAI (External Credit Assessment Institution) by
the French Banking Commission for its rating activity in France.
Score@rating is an attractively-priced, Internet-based service
sold by Coface Services.
Credit management revenues surged by 21%, thanks to the
extension of coverage to eight new countries. Natixis ranks fifth
worldwide in this market(1).
(1) Source: Coface, based on data from ICISA (TRP), FCI (TRF).
Revenues from credit insurance, a market in which GCE ranks
third worldwide(1), rose by 3.9%. Operations were rolled out to
two new countries during 2007.
The factoring business strengthened its position as the thirdranked national factor(2) with factored receivables up by 18%
and 22% growth in revenues. Natixis Factor now operates
three commercial brands – Banque Populaire Factorem, GCE
Solutions Clients and Natixis Factor for the Natixis network
and brokers. Network coverage doubled in size from eight to
16 countries between end-2006 and end-2007.
EasyNumber ®: the same number,
all over the world
Coface and Creditreform, the front-ranking
European specialist in credit management services,
have launched EasyNumber®, a worldwide company
search and identification system. The attribution
of a single, universal number to each company will
lead to the creation of the world’s first open system,
with 50 million business organizations listed as
of 2008.
EasyNumber® makes it easier, and more secure,
to manage information about companies and
represents a particularly useful service for
multinationals.
(2) Source: ASF.
Organization & Resources
Systems
& Resources
Human
Resources
• Major development
of professional mobility
within the Group
• Reinforcement of training,
career management
and communications
IT and banking production
• Launch of a major project
for the creation of a single
information system
• Industrialization of banking
production and centralization
of certain activities
General Services
• Optimization plan for the real estate assets
of the individual Caisses d’Epargne
Purchasing
• Creation of the GCE Achats economic
interest grouping at Group level
Quality
• Reinforcement of the tools designed
to measure the quality of service
Risk Management,
Conformity and Security
• Tightening up of procedures
• Adoption of new tools
• Adaptation to the launch of Natixis
Objectives
To work in unison to ensure that all the business lines
have the staff, skills and tools they need to guarantee
the success of the Group’s strategic plan
To promote the pooling of resources to boost
the effectiveness and competitiveness of the Group’s
solutions
To help maintain an impeccable quality of service
to satisfy our customers’ expectations
To keep risks under a tight rein
Human Resources
Dynamic career management
The Group employed a total of 51,200 people in 2007, without
counting the 22,000 employees working for Natixis and the
6,700 people employed by Nexity.
An active recruitment policy
The Group recruited 3,300 new employees in 2007. 70% of these
new recruits work in sales and customer service, and 40% of
these new members of staff are already confirmed professionals.
National tools have been developed for each Group subsidiary to
simplify the diagnosis and identification of the type of sales personnel required, thereby increasing the range and diversity of the
new recruits. The Group is also pursuing an active policy related
to internships and work and training programs, with almost
2,000 internships and training contracts agreed during the year.
The effectiveness of the Internet portal launched in 2006 specifically
dedicated to recruitment has been confirmed with 90,000 job
applications received in 2007.
The Group also boasts a high profile on general recruitment
websites, networking sites and on Second Life, where its very
first recruitment drive enjoyed considerable success with more
than 1,200 requests for appointments for virtual interviews.
In 2007, GCE stepped up its presence at job fairs and at the forums
organized by the major universities targeted in its recruitment drive,
and strengthened its relations with these institutes of higher
education. A Groupe Caisse d’Epargne Chair of Corporate Finance
has been created with HEC, the prestigious French school of
business administration, and several events have been organized
on the campus. The Group has also reinforced its partnership
with the Euromed-Marseille school of management to support
the development of its activities in the countries bordering on
the Mediterranean.
Grandes écoles and diversity
The Group supports initiatives taken by grandes écoles,
prestigious institutes of higher education, in favor of diversity.
In this capacity, it subsidized the program entitled Une Grande
École: Pourquoi pas moi? (A grande école: Why not me?)
launched by students at the ESSEC school of business
administration, and supported the HEC project consisting in
sponsoring and accompanying students from disadvantaged
sections of the population entering the preparatory class
preparing for the HEC competitive examinations in Lycée
Michelet in Vanves in the Paris suburbs.
Professional growth, through mobility, career management and
training, is one of the Group’s priorities in order to optimize its
employees’ skills and motivation.
Professional mobility is actively encouraged with a “mobility
charter,” an Opportunities space on the Group’s intranet, a Careers
Committee, a department specifically devoted to high-potential
employees and senior executives. More than 300 employees
transferred to other companies within the Group in 2007, and
172 senior managers moved to new positions.
The Group is also developing programs to retain the loyalty of its
high-potential employees.
Every year for the past twelve years, the Parcours ESSEC program
has provided training to a group of approximately thirty participants
destined to assume senior management positions within the
Group.
A new training program – Hauts potentiels (High flyers) – has
been created to support employees singled out as future senior
executives in the realization of their career plans. An initial intake
of 42 participants completed this training course in 2007.
Professional mobility committee meetings are held at regular
intervals with Natixis to enhance opportunities for career
development, notably via postings abroad.
The human resources approach to the Group’s senior management
has also been reinforced, firstly, with the introduction of a
succession plan system to anticipate the staffing needs of the
Group’s different companies and, secondly, with the in-depth
reorganization of the Parcours dirigeant (Directors’ career path)
program designed to speed up the career development of
high-flying executives and senior managers and to promote the
emergence of a new generation of leaders; 25 senior managers
followed this program in 2007.
More extensive range
of training programs
Considerable attention was paid to training in 2007 with a focus on
three key areas: enhanced vocational training, the improvement of
professional qualifications, and support for career development.
Overall, Group Caisse d’Epargne approves annual investment of
approximately €100 million for staff training, equal to 5.4% of the
bank’s aggregate payroll.
The Branch manager program – a training course designed to support
network managers when first assuming their new responsibilities
– is gradually being rolled out to all the regional Caisses d’Epargne.
In the Retail Banking division, Ecureuil Attitude, a set of highly
specific reception criteria, has been included in the Parcours nouvel
entrant program designed for the induction of new recruits. The
range of e-learning solutions for sale staff has been expanded with
the addition of new modules. Employees taking up new positions
as professional customer account managers, specialists in real
estate recommendation, chargés d’affaires providing private banking services all enjoy access to customized training programs that
may lead to an official qualification.
In the specialist bank for regional development, a training program
designed to facilitate the induction of new employees as business
customer account managers has been set up, and a range of e-learning solutions created for the guardianship market and for the local
associations sector. Training efforts in the support functions have
chiefly been focused on risks and the International Financial Reporting
Standards (IFRS) to keep pace, in particular, with changes in the regulatory environment. The Performance SI (IT Efficiency) initiative
designed to revamp the Group’s data processing resources, which
concerns a total of 2,000 employees, and Bénéfices Futur (Future
Benefits), Groupe Caisse d’Epargne’s sustainable development
program, are both the subject of specific training programs.
Lastly, remedial training courses are organized for employees who
fail to meet the qualification standards required by their activities.
• 4,823 e-learning courses in Business Client Skills,
a training program devoted to the products
distributed by the retail banking division.
• 3,666 hours of training on the system set up
to accompany changes in banking production.
Professional equality and diversity
A national agreement was signed in 2007 relating to the professional
equality between men and women in the French savings bank
sector; it will remain in force for a period of three years. The aim of
First banking branch in France accessible
to the deaf and hard of hearing
In December, the Caisse d’Epargne Languedoc-Roussillon
officially opened, in Montpellier, France’s first banking
branch accessible to customers who are deaf or hard of
hearing. A team of professionals mastering the sign
language has been specially trained to welcome and advise
people suffering from this disability. The branch has been
fitted out with a high-tech system developed to allow
communication under the best possible conditions.
this agreement is, among other things, to increase the proportion
of female executives from 29% to 36% by 2010 and to set up a system to ensure that regular salary increases are paid to employees
on maternity or adoption leave. An agreement to reduce differences in salaries paid to men and women and to increase minimum wages was also signed within the framework of compulsory
annual negotiations. The Group also continued its drive to employ
older members of society. The Cap 25 program – an initiative
focusing on the individual career management of employees who
have worked for the Group for more than 25 years – was followed
by almost 500 people between 2005 and 2007.
The French savings banks signed a collective agreement for the
period running from 2006 to 2008 to promote the recruitment and
integration of disabled people, with three major objectives: to hire
170 additional disabled people, to ensure their long-term presence
in the bank, and to manage the career development of disabled
people already employed by the Caisse d’Epargne.
140 new recruits had been taken on by the end of 2007 and, in the
space of two years, more than 1,300 initiatives have been taken by
the Handicap & Diversity Department and its correspondents
appointed in each Group company.
2007 also saw the development of activities in favor of visible
minorities. Three principles were adopted to guide action last year:
• professional competence must be the sole criterion for
recruitment;
• non-discrimination is a moral duty;
• the diversity of culture and professional experience is beneficial
for a company.
Within this framework, the visual identity of the Group as an
employer has been enhanced with the adoption of a new slogan,
“All our jobs are open to all your differences,” and a corresponding
signature.
Systems
& Resources
Information technology:
moving toward a single system
The launch of the Performance SI (IT Efficiency) project marks
a watershed in the history of the Group’s IT resources. Decided
at the end of 2006, this project is designed to converge all the
data processes platforms of the different Caisses d’Epargne
toward a single information system by 2010.
The aim is to maximize the responsiveness, efficiency and quality
of the Group’s IT services, and to generate savings of €115 million
per year by 2011. This initiative is one of the largest IT projects
currently in progress in the European banking industry.
The first half of the year was devoted to the completion of
guideline studies, the definition of the budget and timetable.
Work began in the second half of the year with the success of
the merger operations affecting the Caisse d’Epargne Rhône
Alpes, the Caisse d’Epargne Nord France Europe, and the
Caisse d’Epargne Loire-Centre, and an initial wave of measures
taken to centralize IT infrastructures. The foundations of the
target organization were laid with the creation of economic
interest groupings that, ultimately, will bring together all the
different human and technical resources: GCE Business
Services, with overall responsibility for the project, and GCE
Technologies in charge of project management activities.
Performance SI: key figures
• 526,000 man-days
• Expenditure of €215 million over four years
• Two-point reduction in the cost/income ratio
2007 was also marked by the organization of relations with
Natixis. Steering and coordination bodies were set up; work
was begun on defining and taking the necessary steps to ensure
the efficient integration of the range of products and services
offered by Natixis.
The rollout of the new-generation IT network began in 2007. By
the month of April, the 13 principal sites had been connected
together by an extremely high capacity communications network
based on optical fibers. The extension of the network to so-called
“RH2” (second-generation harmonized network) gathered
speed in the second half of the year with a total of 2,000 branches
connected by the end of 2007.
Increased industrialization
of banking production
The banking production activities of Groupe Caisse d’Epargne are
committed to a process designed to facilitate the pooling of
resources and the emergence of new professional activities,
notably in the middle office. 2007 saw the launch of the mobiliz
platform set up to accompany customers who move home, the
rollout of the national platform specializing in the management
of consumer credit, the creation of a national organization for the
management of general insurance operations, the opening of a
middle office responsible for managing real estate loans, and the
creation of a pilot site dedicated to handling the electronic banking
transactions carried out by retailers banking with the Caisses
d’Epargne.
To support the different reorganization projects and mergers
between individual savings banks, priority was given to training
and professional mobility with openings, in particular, in areas
covered by the specialist bank for regional development, which
offers a great many job opportunities.
Caisse Nationale des Caisses d’Epargne (CNCE) played an active
role in the preliminary work necessary for the launch of the Single
Euro Payments Area (SEPA), for connection to the European STEP2
system for SEPA credit transfers (SCT), and for the new TARGET2
and CORE clearing and settlement systems. All the banking
institutions in the Group concerned by SEPA have been accepted
by the European Payments Council (EPC). The Bank Transfers
Department of CNCE has been certified compliant with ISO 9001
international standards for its full range of activities.
In the area of electronic banking, all the cash machines operated
by the Caisses d’Epargne have been switched over to the IP
protocol and offer two new services: the possibility to reload
mobile phones using the Orange, SFR and Virgin networks (irrespective of whether the subscribers are savings bank customers
or not) and, for members of the S’Miles loyalty program, the possibility to acquire new points and check the number of points
credited to their account, again whether they are Caisse d’Epargne
customers or not. Work has started on an in-depth review of
the ATM network to allow the bank to develop new services for
customers using this distribution channel.
In 2007, CNCE worked on outsourcing solutions for its operational
activities related to traditional and electronic banking, leading
to the creation of GCE Paiements, the Group’s new payments
subsidiary, on January 1, 2008.
Procurement, general services
and real estate
Savings of more than €300 million have been made by the
Procurement function in the space of four years. The aim is to continue this cost-cutting effort and achieve a 1.5-point improvement
in the cost/income ratio for Groupe Caisse d’Epargne as a whole.
An economic interest grouping – GIE Achats – has been set up for
this very purpose. It currently consists of 41 members and manages procurement worth an aggregate of €2.5 billion. Its role is
to build on the professionalism of its assignments (advisory services, training, and coordination of the function) to enhance the
efficiency of the Group’s procurement activities as well as to
strengthen relationships with the principal suppliers. Plans for
continued progress based on the principles and objectives of
Bénéfices Futur, GCE’s sustainable development program, have
already been drawn up with each major supplier.
At the same time, CNCE has launched a program to optimize the
administration of the real estate assets of the individual French
savings banks.
The Dynamic Immobilier project, whose remit covers the €2 billion
real estate holdings of the Caisses d’Epargne, will be rolled out to
the entire network in 2008.
Quality and efficiency
The two major quality objectives of the 2004-2007 strategic plan
have been attained: “very satisfied” customers represented 35%
of the total in 2007, and a quality management system has now
been adopted by all the Group’s different companies.
The Modèle d’Excellence Caisses d’Epargne, a unique and innovative
excellence model, has firmly established a new management style
within the Group focused on performance and the continued
improvement of quality. Within the framework of the mergers and
reorganization of individual savings banks, this model makes it possible to appraise quality before, during and after these operations.
New measurement tools are now up and running. Since 2007,
monthly meetings of the Service Quality Committee attended by
the Quality Directors of all the Group’s different companies have
provided opportunities to compare the results of the service quality
indicators with the way users and end customers perceive the
quality of the service they are given.
The Baromètre de satisfaction métiers – a business satisfaction
survey – polled 5,000 savings bank employees about the quality of
the service provided by the subsidiaries and partners in the area
of mutual funds, insurance, consumer credit and securities
services. Thanks to this new annual survey, each subsidiary has
been able to streamline its quality action plan in order to more
fully meet the expectations of its in-house customers.
The Baromètre de satisfaction des clients professionnels – a satisfaction survey devoted to professional customers – was another
innovation in 2007 that rounds off the monitoring system that
already included the Baromètre national de satisfaction clientèle, a
customer satisfaction survey conducted with 35,000 individual
customers every year over the past six years, and the IT satisfaction
barometer survey that gathers the opinion of 4,000 employees
using the Group’s information systems.
Ecureuil Attitude, the set of criteria for good customer reception
practices in the branches, is now measured by three instruments:
a self-diagnosis carried out by each branch, an in-house diagnosis
based on logistic criteria, and “mystery calls” organized in
more than 500 branches in 2007. In 2008, surprise calls have
been planned for 2,500 branches.
At the same time, several plans to boost commercial efficiency
have been launched. OPERA, an approach designed to enhance the
commercial productivity of the branches, was rolled out to more
than one half of the regional Caisses d’Epargne, notably within the
framework of merger operations, in order to identify and facilitate
the convergence of good commercial practices thanks, in particular, to new tables used for monitoring commercial performance.
The training programs organized for sales managers, branch and
group managers have been completely updated.
Risk Management,
Compliance and Security
Asset/liability management risks
Risk management and supervision are two fundamental priorities
in Groupe Caisse d’Epargne’s strategic plan. Risk management is
organized as a centralized function to ensure that the monitoring
system in each of the Group’s companies respects the same rules.
GCE has adopted a system making it possible to consolidate all its
exposures, monitored by the Group Risk Management Department
within Caisse Nationale des Caisses d’Epargne (CNCE).
En 2007, the organization and procedures used for tracking and
controlling risks were tailored to reflect both the new situation
enjoyed by investment banking activities within Natixis and the
joint share-ownership structure with Banque Populaire group.
A total of 340 employees have been given training in this area in
the space of two years.
Credit and counterparty risk
management
Internal rating methods are in place for all the major asset classes,
and all customers or counterparties for these asset classes are
automatically re-rated. Overall limits are fixed for each major
counterparty served as a customer by several Group entities, and
maximum consolidated exposure limits per country and per economic sector have also been established. A dedicated limits and
monitoring system has been developed at a consolidated level to
manage the risks associated with small- to medium-sized enterprises. The Group Risk Management Department ensures that
rating systems are in place and are applied in accordance with
exposure limits assigned to the entity and credit decisions. These
rating methods are reviewed and approved by CNCE’s Internal
Audit Department. In 2007, the Group devoted considerable
resources to implementing, in association with Natixis and Banque
Fédérale des Banques Populaires (BFBP), its joint reference
shareholder, plans to unify the internal rating and credit risk quantification methods. CNCE’s Group Risk Management Department
has also played an active role in monitoring the risk exposure of
the Real Estate Services Division formed around Nexity.
The objectives pursued by Basel II
• Correlate equity capital and risk exposure
• Promote a better understanding and management
of risks, including operational risks
• Ensure openness related to risk management
methods
The overall liquidity position of the Group and the liquidity positions
of each individual entity are monitored at the level of CNCE via a
Group Asset/liability management (ALM) committee and an ALM
committee specific to the risks borne by the Commercial Banking
division. Each credit institution possesses its own ALM committee.
Risks incurred by Natixis are monitored by a Global Risks committee
comprised of representatives from CNCE, BFBP and Natixis.
Regulatory liquidity ratios are monitored on an individual company
basis. The liquidity risk of the principal subsidiaries and the consolidated liquidity risk are monitored every quarter at Group level. The
same procedure is followed for interest rate risks.
Caisse Nationale des Caisses d’Epargne (CNCE), which guarantees
the overall liquidity of the Group, manages refinancing operations
on the money markets, an activity it pursues directly or via
Compagnie de Financement Foncier for eligible assets. CNCE
is also the Group’s sole issuer of subordinated notes and hybrid
regulatory capital instruments.
Market and fund-related risks
Risk monitoring procedures reflect the segmentation of financial
operations between proprietary trading on the one hand and ALM
activities and the management of medium- and long-term positions on the other. These principles have been given formal
expression in the Group’s financial charter, which applies to all
the entities in the Commercial Banking division; Natixis operates
under its own management principles. The day-to-day tracking
of proprietary trading operations is based, in particular, on
the monitoring of Value-at-Risk (VaR) based on a 1-day holding
period and a 99% confidence level, and on the monitoring of
entities’ compliance with regulatory limits. The VaR calculation
system adopted by the Group allows it to measure, monitor and
control its consolidated and entity-level market risks on a day-today basis, taking account of correlations between its different portfolios. In 2007, this highly effective system was extended and used
to monitor the entire market risk exposure of Natixis.
CNCE has also drawn up and implemented stress scenarios in
consultation with the different subsidiaries allowing it to measure
variations in the market value of portfolios against a number of
different scenarios.
For investments in mutual funds and hedge funds representing
substantial amounts, the Group has adopted a specific, rigorous
monitoring process and exposure limits applicable to the assets
under management that are approved by the Group’s fund-related
risks committee.
Operational risks
and business continuity plans
The Group Operational Risk committee meets on a monthly basis.
It reaches all Group companies through a network of Operational
Risk Officers. In 2007, a training program devoted to operational
risks, and sanctioned by a specific qualification, was launched; a
total of 27 officers benefited from this training.
Groupe Caisse d’Epargne is also pursuing its drive to have its
operational risk management system certified compliant under
Basel II with the Advanced Measurement Approach (AMA). The
certification visit by the Banking Commission has been scheduled
for the first half of 2008.
Each company belonging to GCE has adopted business continuity
plans; these plans are underpinned by a dedicated structure, specific management software and an emergency email solution.
A Business Continuity Officer has been appointed in Group entity,
and all of the Group’s companies are covered by an overarching
structure under the aegis of the Group Compliance & Security
Department within CNCE. Following a joint consultation process, a
single business continuity plan has been established, which each
Group entity then adapts to suit its own specific structure and
needs. The implementation and effectiveness of these plans have
been successfully tested through dry run exercises. Procedures
have been set up to ensure that the plans are constantly updated.
GCE verifies at regular intervals the state of its systems designed
to respond to an accident or crisis situation.
At the same time, the security of the Group’s information system
and online operations is being reinforced constantly by the introduction of new antifraud procedures. Technological intelligence
has been extended and accentuated. What is more, efforts have
been made to raise the awareness of employees and customers
about software security.
Compliance risks
At the very heart of the internal control system, Compliance-related
activities are organized as a separate management function. The
head of the Group Compliance & Security Department within CNCE
is the secretary of the Internal Control Oversight committee. This
department draws up and circulates the Group’s Compliance charter and standards; it approves new commercial products, recommends rules governing individual deontology, ensures coherence
between the different organizations and the effectiveness of the
surveillance systems, sets up internal control instruments, centralizes the reporting system and oversees actions related to training
and the heightening of awareness of compliance issues. Compliance
units including structures responsible for preventing money laundering and the financing of terrorism have been set up in all the
individual Caisses d’Epargne and Group subsidiaries. Each Group
entity has also designated a compliance officer who ensures that
employees act in accordance with the code of good conduct.
2007 was marked by the implementation of the EU directive
related to the markets in financial instruments (MiFID) leading,
in particular, to the classification of customers, a duty to provide
advice and information that is both more demanding and better
suited to the needs of each customer.
Combating money laundering
and the financing of terrorism
The prevention of money laundering, financial crime or the financing
of terrorism is the subject of extreme vigilance that draws on a comprehensive panoply of controls and verifications. Each entity within
Groupe Caisse d’Epargne has set up a Financial Security Department.
All Group employees, executives and senior managers are informed,
trained and made fully aware of the importance of this issue.
GCE regularly updates its procedures allowing it to improve its
knowledge of its customers, constantly adapts its sensitivity criteria,
and develops surveillance programs designed to prevent money
laundering, financial crime and the financing of terrorism. The filtering of incoming and outgoing international fund transfers makes
it possible to be alerted to any operation ordered by an individual
included on lists of known terrorists. This vigilance also includes
new customers. The rollout at the end of 2007 of Prolab, a tool
allowing unusual account behavior to be detected very early on in
the banking process, represents new progress in this area.
A socially committed bank
• 2,948 projects financed for a total of €55.7 million
• Deployment of Parcours Confiance
(the Group’s program designed to combat
banking exclusion) to 20 Caisses d’Epargne
• Launch of the Bénéfices
Futur program
• Development of partnerships
with the WWF, ADEME, Vigeo
• Completion of seven Bilans
Carbone™ audits
Facilities for dependent individuals
• 6 facilities restructured or newly built,
15 sites undergoing work,
and 23 applications filed to set up new
establishments
Campaign against illiteracy
• 17 Savoirs pour réussir (Knowledge
for Success) sites created since 2003
• Sole partner of the Caisse d’Epargne
cycling team
• Partner of the France football cup,
of the French athletics federation and
of the jogging movement in France
• Patron of the Le Belem training ship
• Partner of the International Comic Book
Festival in Angoulême
A socially committed bank
Local & social economy projects (PELS)
A socially
committed
bank
Caisses d’Epargne Foundation
Objectives
To help create a society that is more mutually
supportive, more entrepreneurial, and more
concerned about the future of our planet:
to combat dependency and isolation arising
from old age, disability, illness or illiteracy;
to promote business start-ups and new job
creation;
to provide easier access to banking services
and help people understand how money works;
to incorporate all the different aspects of
sustainable development into GCE’s business
operations.
A socially committed bank • PELS
Local & social
economy projects
Promoting autonomy,
doing more for the environment
Faithful to the ideal of social progress that presided over the
creation of the French savings banks, the Group gives concrete testimony to this commitment through its grassroots
activities. It is a banking institution, but also a social housing
operator, a driving force in local development, and a promoter
of sustainable development. It is also involved in projects
designed to facilitate access to jobs and to combat all forms of
exclusion related to old age, disability, illiteracy and unemployment. As a socially committed bank, GCE demonstrates
that economic profitability can coexist with a concern for the
general public interest.
2,948 projects supported in 2007
Under French law, the Caisses d’Epargne are made responsible
for providing financial support for local and social economy
projects, known as “PELS” (from the French projets d’économie
locale et sociale). These initiatives are typically run by not-forprofit associations to help people in vulnerable circumstances.
Approved every year at the Annual General Meeting of each
Caisse d’Epargne, the annual funding envelope dedicated to the
PELS depends on the results of the saving bank in question and
on the interest paid to the cooperative shareholders. In 2007,
this financial support represented a total of €55.7 million.
Within the framework of the goals established by the
Fédération Nationale des Caisses d’Epargne, each savings
bank sets its priorities for action on the basis of the needs of
its region and has a general public interest officer, specially
trained for this position. The directors of the local savings
companies are encouraged to submit projects and to become
personally involved in their implementation.
Development of PELS (2001-2007)
Number
Amount in €M
2001
2002
2003
2004
2005
2006
2007
952
1,316
1,977
2,350
2,556
2,671
2,948
20.3
23.0
41.3
50.6
51.5
53.8
55.7
Total
14,770
296.2
The variety of support provided for initiatives undertaken to help
elderly, sick or disabled people to live independently is both wide
and diverse. The Caisses d’Epargne finance equipment designed
to help people to achieve greater mobility, to continue living at
home, and to avoid social isolation. The savings banks also
support associations working to help people in situations of
extreme deprivation, and fund the investment required for such
activities. The Caisses d’Epargne also support programs to help
adults to master basic skills in order to facilitate their access to
the world of active employment.
As banking institutions deeply rooted in their local communities,
the Caisses d’Epargne support local initiatives that contribute to
social cohesion. Alongside their commitment to sporting and
cultural activities, they are also deeply involved in the promotion
of projects launched in favor of the environment. The Bénéfices
Futur program intends to finance 1,000 initiatives in this area by
the end of 2009.
PELS by area of operation (2007)
Amount in €M
Promoting autonomy
25.9
– Autonomy of the elderly, infirm or disabled
– Mastery of basic skills
(including money management)
– Fulfillment of fundamental needs:
food, accommodation, healthcare
15.4
Supporting employment
21.6
– Funding and access to banking services
for the entrepreneur
– Backing for support professionals
– Integration through work
3.8
10.1
7.7
6.2
4.3
Reinforcing social ties
8.2
– Environmental protection
– Banking support and access
to banking services for individuals
– Integration through culture and sport
1.8
Total(1)
2
4.4
55.7
(1) Including €5.2 million devoted to the Parcours Confiance microcredit scheme.
.
A socially committed bank • PELS
Breakdown of PELS funding in 2007
as a % of the total amount
Promoting microcredit
Interest-free loans
Capital contribution
2%
5%
Parcours Confiance, the personalized support program launched in
2006, was widely pursued in 2007. This system, aimed at individuals
and the creators of micro-enterprises in a difficult economic and
financial situation, provides an array of global, customized support
that includes diagnosis, an appropriate range of banking services
(including a microcredit solution), training courses in money
management provided by Finances & Pédagogie (an association
sponsored by GCE, see below) and support from social agencies.
Contribution in
resources and skills
2%
Loans
8%
Grants
83%
PELS per Caisse d’Epargne (2007)
Amount in €M
Alsace
Aquitaine-Nord(1)
Auvergne et Limousin
Basse-Normandie
Bourgogne Franche-Comté
Bretagne
Centre-Val de Loire(2)
Champagne-Ardenne(3)
Côte d’Azur
Flandre(4)
Haute-Normandie
Ile-de-France Nord
Ile-de-France Ouest
Ile-de-France Paris
Languedoc-Roussillon
Loire Drôme Ardèche
Lorraine(3)
Midi-Pyrénées
Pas-de-Calais(4)
Pays de l’Adour(1)
Pays de la Loire
Pays du Hainaut(4)
Picardie
Poitou-Charentes(1)
Provence-Alpes-Corse
Rhône Alpes
Val de France-Orléanais(2)
Total
1.3
1.5
1.7
1.1
2.8
2
1.1
1.2
1.9
1.2
1.5
1
1.2
5.7
2.4
2
2.2
2.7
2
1
2.1
0.8
1.5
1.7
4.7
5.7
1.7
In order to provide these support services, the Caisses d’Epargne
taking part in the initiative set up an association responsible for the
Parcours Confiance program, which then sets up partnerships with
bodies such as the National Union of Family Associations (Udaf),
the municipal centers for social action (CCAS), the Secours
catholique or Restos du Cœur charitable organizations and with
entities specializing in providing support for new business
creators, such as France Initiative, France Active, the Boutiques de
Gestion or the Fondation de la 2e chance. Twenty Caisses d’Epargne
offer these services supported by some forty Group employees
seconded to these associations. The aim is to grant a total of 10,000
microcredit by the end of 2009.
Promoting money management skills
Finances & Pédagogie, an association founded by the Caisses d’Epargne
in 1957, provides training for, and heightens the awareness of, all types
of public in areas related to money and budget management.
Working in partnership with more than 1,300 local entities (organizations specializing in social and professional integration, associations, schools, businesses, local authorities, etc.), the association
organizes training courses devoted to money management, to the
use of banking services, and the prevention of excessive debt.
In pursuit of this mission, it works with individuals in difficulty, social
support organizations, employees, and young people still at school.
Irrespective of its audience, Finances & Pédagogie sets out to provide
the basic principles required to acquire financial independence.
In 2007, the association organized a series of events in Paris and
in the French provinces to celebrate its first 50 years teaching the
principles of good money management.
55.7
(1) On December 14, 2007, the Caisse d’Epargne Aquitaine-Nord, the Caisse d’Epargne des
Pays de l’Adour and the Caisse d’Epargne Poitou-Charentes merged to create the Caisse
d’Epargne Aquitaine Poitou-Charentes.
(2) On November 16, 2007, the Caisse d’Epargne Centre-Val de Loire and the Caisse
d’Epargne Val de France-Orléanais merged to create the Caisse d’Epargne Loire-Centre.
(3) On November 29, 2007, the Caisse d’Epargne de Lorraine and the Caisse d’Epargne
Champagne-Ardenne merged to create the Caisse d’Epargne Lorraine Champagne-Ardenne.
(4) On October 30, 2007, the Caisse d’Epargne de Flandre, the Caisse d’Epargne du Pas-deCalais and the Caisse d’Epargne des Pays du Hainaut merged to create the Caisse d’Epargne
Nord France Europe.
Finances & Pédagogie in 2007
• 36 employees
• 12,000 hours of training provided in
4,500 individual sessions
• 75,000 individuals given training
A socially committed bank • The Foundation
Dependent individuals: rapid growth
in reception capacity
Created in 2001 and awarded the official seal of approval by the
French state, the Caisses d’Epargne Foundation for Social
Solidarity is committed to the fight against all forms of dependence and exclusion related to old age, infirmity, disability
or illiteracy. Through the development of its actions and the
commitment of its personnel reinforced by a host of unpaid
volunteers, the Foundation embodies the determination of
Groupe Caisse d’Epargne to be in the vanguard of the struggle for
greater social solidarity by forging a network of warm and friendly
personal contacts at a local level.
The Foundation also acts as an umbrella organization for eleven
other foundations, ten of which were created under its aegis by
individual Caisses d’Epargne to tailor their actions as closely as
possible to the needs of their different regions.
With its 3,875 employees, the Caisses d’Epargne Foundation for
Social Solidarity organizes its action in three different ways:
• as an operator in the non-profit-making sector, it develops and
runs France’s largest network of homes and services for the
elderly, disabled and infirm;
• as a direct player in the campaign against illiteracy, it offers
support for young people in difficulty;
• as a social experimenter, it selects and finances innovative
projects in favor of personal autonomy and the fight against
social exclusion.
In 2007, the Foundation managed 82 establishments and facilities
– including 68 nursing homes for the dependent elderly – welcoming a total of nearly 5,000 individuals, three establishments dedicated to the disabled, three nursing homes that received almost
6,150 patients in 2007, four entities providing services allowing
individuals to continue living in their own homes, and approximately 6,000 subscribers to the teleassistance network, chiefly in
rural areas. Twenty nursing homes offer specific facilities designed
for people suffering from Alzheimer’s disease, and 13 day-care
centers have also been set up in the different facilities. In 2007, the
Foundation completed six restructuring and new construction
operations, including the Jean Mazet residence in Felletin inaugurated by the Minister of Health in the French government, and a
new center in the 13th district of Paris consisting of three institutions dedicated to the disabled. The reception capacity of nine
homes will be increased substantially in 2008 and 23 applications
for permission to open new establishments are currently being
examined or have already been filed.
The resources of the Caisses d’Epargne Foundation
for Social Solidarity: €186.7 million in 2007
Donations allocated
to sheltered foundations
by their founders
Resources derived from the activities of the
Foundations establishments and facilities
Professional standards and quality
Donations made by Groupe
Caisse d’Epargne entities
for public-interest operations
Provisional figures for 2007, management contract included.
The well-being of the people in their care is the primary concern
of the employees of the Foundation, which adopted in 2005 the
quality and appraisal approach provided for by the French law
reforming social and medico-social actions. This approach was
already operational in more than 40 establishments in 2007.
The Foundation is also using this approach to develop a specific
reference system for the self-appraisal of establishments
welcoming the disabled and the services provided to individuals
living in their own homes.
A socially committed bank • The Foundation
A contribution to the debate about
the major challenges facing society
In 2007, the Foundation’s establishments providing health care
successfully passed their accreditation visit carried out by the French
Health Authorities used to draw up the contractual targets for the
future. The drive to improve employees’ professional standards and
enhance their skills was also actively pursued in 2007.
Struggle against illiteracy
Thanks to the support provided by the Caisses d’Epargne, more
than 900 young people with literacy problems have been given
support and monitored since 2003 in the different Savoirs pour
réussir (Knowledge for Success) centers specifically created for
their benefit: 17 centers are currently up and running throughout
France, and 600 young people were welcomed and given support
in 2007. The identification of young people who have not mastered the basic skills of reading and writing uses the national
service call-up screening system and the local literacy structures, and is organized within the framework of an agreement
between the Foundation, the public authorities and providing for
the National Agency for the Promotion of Literacy.
Getting to grips once again with the “three Rs” of reading, writing
and arithmetic, acquiring a taste for learning, regaining selfconfidence in order to have faith in their own future are the
different steps offered to these young people. They are accompanied by a team of tutors trained by the Foundation who have
volunteered their time and energy to this cause, and bring their
conviction of the importance of transmitting the joy of learning.
Twice a year, the Caisses d’Epargne Foundation for Social
Solidarity organizes a series of meetings – known as the
Diagonales seminars – devoted to each of its two key areas of
activity: the autonomy of the elderly, infirm or disabled, and the
struggle against social exclusion, notably via the campaign to
promote literacy.
These seminars provide an opportunity for a great many prominent figures and representatives from the healthcare and social
welfare sectors to meet, discuss and exchange their different
points of view about major challenges facing society. The
Diagonales seminar organized in May 2007 was devoted to economic exclusion. The seminar staged in January 2008 opened
the debate on the topic of “Public health, aging and disability.”
Word Festival
In 2007, the Foundation was the principal partner
to the “Word Festival.” From June 6-10 last year,
teachers, authors and actors organized a series
of activities with associations, libraries, secondary
schools, hospitals and retirement homes with a
single objective in mind: to play with words, get
to grips with them, think, imagine and invent them…
General public-interest activities:
77 projects given financial support
in 2007
Between 2003 and 2007, the Group’s different entities paid
out more than €18 million to finance general public-interest
initiatives defined and conducted by the Foundation. A total of
367 projects were selected during this period, making it possible
to transform, at times, highly innovative ideas into concrete
action. One example offers an excellent illustration of the value of
these public-interest projects. In partnership with the Foundation
and the A.P.P.R.O.C.H.E network, the French Atomic Energy
Commission (CEA) developed “Aviso,” an intelligent camera fitted to the articulated arms of electric wheelchairs making all
types of objects accessible to severely disabled individuals, who
rapidly adopted this extremely easy-to-use system.
A socially committed bank • Sustainable development
An even stronger commitment
The general public interest, a preoccupation central to the Group’s
activities since its creation, finds a natural extension in the bank’s
drive to promote sustainable development. An approach that has
formed an integral part of the Group’s strategic plan since 2004, and
one that was given even greater impetus in 2007 with the innovative
array of commitments contained in Bénéfices Futur, the deployment
of efforts in the area of sustainable development is based on a national
steering committee and, within CNCE, on a Sustainable Development
and General Interest Department reporting directly to the senior
management team and backed up by a network of sustainable development managers in each Groupe Caisse d’Epargne entity.
The programs launched within the framework of Bénéfices Futur
(Future Benefits) correspond to four key areas of action: promoting
responsible marketing, with the adoption of a charter that commits
the French savings banks to their customers and the introduction of
a labeling system for banking products and services on the basis of
three criteria (security, responsibility and climate); combating climate
change; encouraging socially responsible investment (SRI); and
updating the Group’s role as a bank committed to social solidarity.
Partnerships to do more, and better
Groupe Caisse d’Epargne has long been pursuing partnerships with
different organizations: with the WWF since 2003, with the Vigeo
social rating agency since 2004, and with ADEME, France’s environment and energy management agency, since 2005.
With the WWF, the Group is focusing on reducing its greenhouse gas
emissions, improving the environmental quality of its buildings,
managing its consumption of paper, and improving the management of its waste.
With Vigeo, the Group has developed Cordé, a social and environmental self-diagnosis tool, that seven Caisses d’Epargne now
offer to their business customers. The partnership with ADEME
environment and energy management agency has led to the
deployment of the Bilan CarboneTM Collectivités, a local authority
carbon audit that allows local communities to take account of
greenhouse gas emissions in their investment decisions, and the
launch of the Ecureuil Crédit Développement Durable loan, a sustainable development credit facility available to individual customers, reserved for the purchase of clean or low-polluting vehicles
and for energy saving improvements to the home.
Better account taken of stakeholders
In addition to its various partnerships, Groupe Caisse d’Epargne
worked closely with the association Consommation, logement et
cadre de vie (CLCV, or Consumption, accommodation and living
environment) within the framework of its Bénéfices Futur program
to draw up its responsible marketing charter, and teamed up
with the Friends of the Earth, Testé Pour Vous, the WWF and ADEME
to develop the labeling approach for its different products. The
different savings banks and subsidiaries are rolling out their
specific sustainable development action plans in line with their
respective priorities. An environmental management system, based
on the ISO 14000 international standards, has been adopted, on a
pilot basis, in two Caisses d’Epargne and in CNCE.
Within the framework of Bénéfices Futur, the Caisses d’Epargne have
undertaken to cut their direct carbon dioxide (CO2) emissions by
3% per year until 2050. At the end of 2007, seven Caisses d’Epargne
and CNCE had carried out their own Bilan Carbone™ audit. The
results have been extrapolated for all the French savings banks and
CNCE: the overall estimate stands at 265,000 metric tons of CO2
equivalent, namely 7 metric tons of CO2 equivalent per employee.
Sustainable development: an integrated report
Having become everybody’s business following the general
public’s growing awareness of the social and environmental
challenges facing the planet, sustainable development
forms – quite naturally – an integral part of the Group’s
corporate strategy. As a result, the bank’s activities in this
area are described in the different chapters of this annual
report and no longer in the pages of a separate document.
Data related to the social and environmental indicators is
published in the reference document. Additional information
may be obtained from the Group’s corporate website:
2007 Bilan Carbone™ carbon audit: Caisses d’Epargne
and CNCE (in metric tons of CO2 equivalent)
78,916
Transport
of people
80,244
Incoming materials and
services purchased
43,241
Depreciation
of assets
Secondary
items
39,455
Energy consumed
within the Group
22,960
A socially committed bank • Sustainable development
Corporate philanthropy
and Sponsorship
Supporting accessible
and popular sports
The Group has been a partner of the French Athletics
Federation (FFA) and the French team since 1978. It is also a
founding partner and sponsor of the Destination Athlé 2012
project, a program designed by the FFA to detect and develop
the new athletic talents of the future. The French savings bank
also supports more popular forms of athletics in its capacity
as one of the foremost partners of jogging in all of France.
Corporate sponsorship:
long-term commitments
For the past 28 years, Groupe Caisse d’Epargne has been the
sole patron of the Belem, the last living testimony to the French
fleet of ocean-going trading vessels in the 19th century. Fitted
out as a civilian training ship, the Belem welcomes several
hundred trainees every year and takes part in a large number
of events organized by local authorities. It will shortly boast a
presence in the National Maritime Museum in the form of a
scale model; it has lent its name to the Belem Prize for
Maritime Authors and its history has inspired a saga published
in the form of a graphic novel.
As the bank for young people, the Caisse d’Epargne is also the
principal sponsor of the world of comic books and graphic novels.
As the long-standing partner of the Angoulême International
Comic Book Festival, an event that has become the world’s
leading festival in this area, the bank’s commitment is extended
at a regional level through its support of a large number of events
devoted to this form of artistic creation.
The Group has been supporting the Caisse d’Epargne cycling
team since 2005, and became the squad’s sole partner in 2007.
With 30 individual or team victories, the 2007 season was particularly rewarding for the Caisse d’Epargne team, which ended
the year in 3rd position in the UCI ProTour team ranking. The
Caisse d’Epargne also enjoyed the distinction of becoming the
first French bank to win the Tour de France thanks to Oscar
Pereiro, who won the official yellow jersey of the winner of the
Tour de France in 2006.
In 2007, two new initiatives were taken in this area: the creation
of a website entirely devoted to comic books and graphic
novels, www.mundo-bd.fr, and the launch of the Gang of Talents,
an innovative scheme designed to support emerging comic
book authors.
An official partner of the France Football Cup since 2003, the
Caisse d’Epargne uses this position to support all the amateur
and professional clubs taking part in this national competition
(representing more than 6,500 clubs).
Simplified financial statements of Groupe Caisse d’Epargne • Consolidated balance sheet
IFRS consolidated
balance sheet
Assets
in millions of euros
31/12/2007
31/12/2006
Cash and amounts due from central banks
Financial assets at fair value through profit or loss
Derivatives used for hedging purposes
Available-for-sale financial assets
Loans and receivables due from credit institutions
Loans and receivables due from customers
Remeasurement adjustment on interest-rate risk hedged portfolios
Held-to-maturity financial assets
Current and deferred tax assets
Accrued income and other assets
Investments in companies accounted for by the equity method
Investment property
Property, plant and equipment
Intangible assets
Goodwill
8,571
83,124
2,841
54,983
140,254
268,511
128
4,599
1,936
24,852
3,368
1,627
2,832
467
3,360
5,048
69,831
3,291
51,115
147,073
230,184
167
4,846
1,485
17,352
3,140
808
2,771
402
2,198
Total assets
601,453
539,711
31/12/2007
31/12/2006
Due to central banks
Financial liabilities at fair value through profit or loss
Derivatives used for hedging purposes
Due to credit institutions
Due to customers
Debt securities
Remeasurement adjustment on interest-rate risk hedged portfolios
Current and deferred tax liabilities
Accrued expenses and other liabilities
Technical reserves of insurance companies
Provisions for contingencies and charges
Subordinated debt
Consolidated equity
Attributable to equity holders of the parent
Share capital and additional paid-in capital
Retained earnings
Net income for the period
Unrealized or deferred gains and losses
Minority interests
557
63,773
4,397
78,981
216,570
163,466
606
742
23,198
12,735
2,440
11,568
22,420
20,573
7,834
10,425
1,367
947
1,84,
258
53,122
2,867
71,908
206,241
134,396
238
709
25,107
11,291
2,870
10,245
20,459
20,032
3,955
10,425
3,832
1,820
427
Total liabilities and equity
601,453
539,711
Liabilities and equity
Simplified financial statements of Groupe Caisse d’Epargne • Consolidated statement of income
IFRS consolidated
statement of income
Interest and similar income
Interest and similar expense
Commission income
Commission expense
Net gains or losses on financial instruments
at fair value through profit or loss
Net gains or losses on available-for-sale
financial assets
Income from other activities
Expense on other activities
Net banking income
Operating expenses
Depreciation, amortization and impairment charges
for property, plant and equipment and intangible assets
Gross operating income
Cost of risk
Operating income
Share in net income of companies accounted for by
the equity method
Net gains or losses on other assets
Changes in value of goodwill
Income before tax
Income tax
Net income
2007
28,921
(24,880)
4,392
(802)
2006
23,778
(19,515)
5,265
(916)
(294)
1,628
1,326
641
5,101
(3,996)
9,768
(7,800)
1,379
(940)
11,320
(8,058)
(447)
1,521
(259)
1,262
(420)
2,842
(23)
2,819
303
225
(40)
1,750
(290)
1,460
407
2,009
(3)
5,232
(1,281)
3,951
Minority interests
Net income attributable to equity holders of the parent
(93)
1,367
(119)
3,832
Design and production:
; CNCE, External Communications Department.
Photos: Thomas Gogny – Sylvain Modet – DR – Nicolas Catherin – Samuel Dhote – Thierry Kuntz – Région Urbaine de Lyon – Marie-Laure
Luca – Thierry Lewenberg – Alastair Miller – Stockbyte – Galerie Barbotin – Maxime Dufour – Nexity – Pascal Rossignol – Coface – Valérie
Couteron for the Caisses d’Epargne Foundation for Social Solidarity – L’œil public: Samuel Bollendorff for the Caisses d’Epargne
Foundation for Social Solidarity – Bruno Bade
This document is printed on modern 100%-recycled CityGreen coated paper (inside pages) and on eco-friendly Satimat Green paper consisting of
recycled fibers (60%) and new FSC-certified virgin fibers (cover).
2007
Contents
2007
Tel.: (33) 1 58 40 41 42 – Fax: (33) 1 58 40 48 00
1
ESSENTIALS
1
2
4
5
6
10
Key figures 2007
Strategic project
Bénéfices Futur
12
14
17
21
22
23
25
26
27
Commercial Banking
Corporate Customers
Social Economy
Social Housing
30
33
34
35
Life insurance
Non-life insurance
36
39
42
Social Housing
44
47
50
51
52
53
Asset Management
Investor Services
54
56
58
60
Human Resources
Systems & Resources
62
64
66
68
69
70

2007 Review of Operations Groupe Caisse d`Epargne

Transcription

Similar documents

close at hand and farsighted

the cooperative model - Fédération nationale des Caisses d`Epargne

MoneyViewandMoneyDesktop!

Ebank - Febea

Our Credit Union Bulletin - September 2016 - St. Stanislaus

2006 Review of Operations Groupe Caisse d`Epargne

2004 Review of Operations Groupe Caisse d`Epargne

WELCOME GUIDE - TDECU

New to Neat Repeatz? Get Started in 2 Easy Steps!

reference document 2005 - Luxembourg Stock Exchange

Text a command to MYCITI (692484) and get the

Register here - Mobile Marketing Association

News for shareholders

PDF - 2.62 MB