OF THE CREDIT MUTUEL GROUP September 2016
Credit Mutuel Group
Chairman’s message Dear friends, Together with Pascal Durand, the new CEO of our Confederation, I am pleased to present to you the key points of Crédit Mutuel’s activity and its outlook. Our group is in an excellent position thanks to the collective efforts of all the federations and local banks, the hard work of our elected directors and employees and the relevance of the strategy implemented by the regional groups within the Crédit Mutuel Group led by the National Confederation. I am sure you will join me in paying tribute to those who served as directors of the Confederation until the beginning of this year – Michel Lucas, Alain Fradin and Daniel Baal – and who, through their foresight, commitment and dedication to Crédit Mutuel, have contributed to these results.
Where do we stand today? The Crédit Mutuel Group is strong. The 2015 results speak for themselves and the stress test conducted by the European Banking Authority confirmed that Crédit Mutuel was one of the strongest retail banks in the euro zone. Financial soundness is at the heart of our mutualist commitment: it is an essential condition for ensuring high-quality service for our members and customers. That is what makes us a model from a prudential and ethical perspective: the new bylaws of the National Confederation, adopted on March 21 of this year and approved by the Minister of Finance and Public Accounts, offer the best guarantees from this point of view. Even the slightest suspicion of a conflict of interest is avoided. Respect for subsidiarity and the affirmation of solidarity are the fundamental values of our financial soundness. All the conditions that allow the 19 Crédit Mutuel federations to have a voice within the Crédit Mutuel Group and the Confederation are therefore met.
The Crédit Mutuel Group is rich in diversity. Made up of 19 federations, six federal banks, 2,124 local banks and numerous subsidiaries, the group demonstrates each day its ability to support the projects of its members and customers, the investments of local, regional and national businesses and regional development. This day-to-day closeness to local players, this ability to listen and this commitment to respond, first and foremost, to the needs of our members and customers are our hallmark, and transcend technocratic and centralized models or the caricatures sometimes conveyed.
with our mutualist commitment. The Crédit Mutuel brand, the validity of which was recently confirmed by national and European courts, reflects these commitments which apply to all Crédit Mutuel organizations.
The Crédit Mutuel Group is innovative and uses technology to serve people. The Watson project, which is being tested in some parts of the group, is a system that recognizes natural language and will enable account managers to serve customers more effectively by providing faster answers to their questions. It is not a job-killing robot, but a technology that improves customer relationship quality. Tools are what we make of them and at Crédit Mutuel, we ensure that they are always integrated into a development strategy. That is also why we reject downsizing plans in the bankinsurance activities and place priority on training employees and elected directors so that, regardless of how things change, they can continue to work within the group.
The Crédit Mutuel Group is dynamic despite a very difficult environment for financial activities. Negative interest rates, overregulation, competitive pressure and major changes in technology and behaviors all help to reduce the intrinsic profitability of banking and insurance activities. But our results and our investments prove our determination. We meet these challenges through effective mutualism, with a focus on sustainable development, in which earnings are used to promote investment and financial soundness. Supporting economic and societal changes without succumbing to passing trends or media pressure; respecting Crédit Mutuel’s fundamental values of unity, subsidiarity, solidarity and mutualist identity; making Crédit Mutuel a key player in regional development in France and throughout Europe; and developing proficiency in digital tools to better serve people – these are our common objectives. I am convinced that, by working together, we will achieve them. September 1, 2016
The Crédit Mutuel Group is profoundly mutualist. I am convinced that mutualism is a modern idea. Because, by having a single goal of meeting the needs of our members and customers, by affirming the fundamental responsibility of the Crédit Mutuel local bank in our development and by ensuring that our day-to-day practices meet ethical standards at a time when society is becoming increasingly individualistic, we are in tune with today’s network and initiative society. In the future, we will continue to ensure that our social policies, particularly in terms of pay equity, are consistent 2 Crédit Mutuel Group
Nicolas Théry Chairman, Confédération Nationale du Crédit Mutuel
2015 key figures The group recorded a strong financial performance boosted by the vitality of its networks A HIGH-QUALITY ISSUER
A strong financial balance sheet
A dense and enterprising network
Net banking income:
5,752 points of sale(1) 78,800 FTE employees(2) 30.7 million customers
Net profit, group share: €3,020 million
Standard & Poor’s with a negative outlook
Fitch with a stable outlook(1)
Aa3 Moody’s with a stable outlook(1) (1) rating assigned to BFCM
A strengthened financial structure €47,055 million
of shareholders’ equity, group share
Tier 1 ratio
One of France’s leading retail bankinsurers
17.2% market share in bank loans
15.2% market share
Booming business amidst low interest rates
753.9 billion in savings 328.8 billion in deposits 386.0 billion in loans
BEST BANKING GROUP – FRANCE for the 4th time (World Finance)
€3,095 million in total net profit
1 Continued growth in insurance €16.4 billion
in premium income
37.2 million policies + 14 million policyholders (1) of which 5,260 in France. (2) FTE: full-time equivalent.
A YEAR OF AWARDS
One of France’s top major banks
15.8% Common Equity Tier 1 ratio with no transitional measures 6.2% “full” leverage ratio
TOP FRENCH BANK “The World’s Best Developed Markets Banks 2015” for the second time (Global Finance)
No. 1 IN THE BANKING CATEGORY IN THE CUSTOMER RELATIONS PODIUM AWARDS for the 8th time (BearingPoint – TNS Sofres - January 2015) BEST ESG AWARD (environmental, social, governance) This award gives wider recognition to the strength of the cooperative values that lead the group’s development (Capital Finance International)
3 Key points 2015
Profile in 2015 www.creditmutuel.com
Innovation, quality and development to serve people and the regions
One of France’s leading bankinsurers, the Crédit Mutuel group comprises the Crédit Mutuel branch network and all of the bank’s subsidiaries. Backed by a staff of more than 100,000 - 78,800 employees and 24,000 directors the group offers its financial and service expertise to nearly 31 million customers, more than 28 million of whom are private individuals. Its overriding priority, and the key to building trust and successful development, is the quality of its relationships with customers and members and the services it provides. Its strategy is one of controlled growth, based on local retail banking, bankinsurance and technological services. The group’s various brands form a network of nearly 6,000 points of sale. Relationships centered on local ties
Crédit Mutuel offers a comprehensive range of financial services to a customer base comprising private individuals, locally-based professionals and companies of all sizes. It has a 15.2% share of the French deposit market and 17.2% of the bankdistributed loan market. A leading bankinsurer, its insurance subsidiaries manage over 36 million savings, auto, home, health, personal protection and retirement policies on behalf of more than 14 million policyholders. The group is a major player in the home loans market and one of the European leaders in consumer credit. As well as partnering non-profit associations, it is the second-largest bank for farmers and banker to one out of every three self-employed professionals.
Anchored by performance and solidity
In 2015, the group again strengthened its financial position, with shareholders’ equity, group share reaching €47,055 million, up 7.1%. The quality and strength of its assets resulted in a Common Equity Tier 1 (CET1) ratio of 15.8% with no transitional clause. The leverage ratio came in at 6.2% with no transitional clause. Ensuring security for members and customers and long-term expansion, this financial strength is reflected in the group’s credit ratings. With an A rating from Standard & Poor’s, outlook negative, an Aa3 rating from Moody’s, outlook stable (BFCM) and an A+ rating from Fitch, outlook stable (BFCM), it remains one of the most creditworthy French banks.
4 Crédit Mutuel Group
Guided by technology Remote and mobile banking, mobile telephony, residential remote surveillance, electronic payment solutions and mobile payment services: the group offers high-quality services centered on the most innovative technological solutions. These fully secure services, with the support of the branch network, help develop ever greater responsiveness and local ties to serve our members and customers. In 2015, the remote and mobile banking services clocked up over 1.5 billion contacts. The use of applications for smartphones and tablets surged once again during the year. Mobile telephony grew its role as a new force in bankinsurance and services. Crédit Mutuel is the French leader in residential remote surveillance and in the future, thanks to home automation, will offer other services and solutions focused on domestic risks. The bank continued to occupy the number two position in France in electronic payments, with a 20% share of the overall market. The group is building closer ties by developing a multichannel and omnichannel relationship with members and customers, for a more personal, helpful and responsive service.
RESOLUTELY MODERN, OUR BUSINESS MODEL, ARISING FROM THE COMMITMENT OF MEMBERS AND THE LOCAL ECONOMY, REFLECTS A HIGH-PERFORMANCE, DEMANDING AND ENTERPRISING PROFILE FIRMLY FOCUSED ON THE FUTURE
million customers Advantages of expansion As a local bank, the Crédit Mutuel group operates across the entire country and continues to expand internationally. In Europe, it is now present in 13 countries. In 2015, exclusive negotiations started with General Electric in view of acquiring its leasing and factoring activities in France and Germany. The group reinforced its Cofidis business in Portugal, consolidated its presence in Spain with the acquisition of Atlantis and bolstered its activities in the United Kingdom and the United States with La Française. In Belgium, Crédit Mutuel Nord Europe began the merger of Beobank and BKCP and the Crédit Mutuel Arkéa Group acquired control of the Keytrade online bank. Through responsible and sustainable growth, the group is steering the same course: continually adapting whilst maintaining its identity. Stemming from a long-term strategy in line with its cooperative values, the group has a number of advantages: a product and service diversification policy meeting the needs of members and customers, a network of banks and branches designed as local service centers leveraging all communication channels, skilled employees who benefit from continuous training, and the effective combination of maximum decentralization of networks with an industrialization of businesses. With so many strengths, the Crédit Mutuel group, leading its own expansion, has the means to confidently plan for the future.
5 Key points 2015
Retail Banking Trust in our brands is built on the quality of our offering
Retail banking is driven by the group’s network in France and Europe: Crédit Mutuel, CIC, Targobank in Germany and Spain, Beobank in Belgium, Cofidis, Banque Casino and Financo for consumer credit. It also covers specialized activities which are marketed through the network. With the trust of 30.7 million customers in France and Europe, the Crédit Mutuel group is a major retail bank with over 28 million customers, including 14 million policyholders for life and non-life insurance. A local bank with nearly 6,000 points of sale and over 9,000 ATMs, the group has expanded its coverage across France, where its branch and technological networks complement each other.
PARTNER AT GROUND LEVEL FOR ALL ECONOMIC PLAYERS
A FULL RANGE
of remote banking services In millions of connections
Banking and insurance platforms Total remote connections
*including estimated figures for three Crédit Mutuel federations.
6 Crédit Mutuel Group
In 2015, retail banking generated €12,293 million of net banking income (over 75% of total NBI) and €2,065 million of net profit, group share (68% of net profit, group share). As the day-to-day banking partner to 28.4 million retail customers, the Crédit Mutuel group has 15.2% of the deposit market and 17.2% of loans distributed by banks. In a challenging environment, the group continues to support all its customers by offering an increasingly diversified range of products and services. It supports the development of all economic players.
FOCUS ON SERVICE QUALITY
The Crédit Mutuel group strives to anticipate and meet the needs of all its customers, whether individuals, associations, professionals or businesses, by offering performance and security. Its non-centralized structure makes it possible for decisions to be made closer to the customers, for increased responsiveness. The group provides its members and customers with its expertise in the most innovative and secure technologies. Its strong online presence is an asset to the branch network, with the two functioning side by side for increased effectiveness. This winning combination of digital and personal relationships with its members and customers helps set the group apart in a highly competitive environment, characterized by the rise of nonbanking players in the financial services market.
Insurance Listening, anticipating and protecting Insurance is the second-largest business for Crédit Mutuel, a major non-life bankinsurer. In 2015, it generated net banking income of d2,088 million (13% of the total) and net profit, group share of d943 million (31% of the total). Maintaining a strong level of activity, the group’s insurance business reported premium income of d16.4 billion, composed of d11.5 billion for life insurance. The insurance market faced numerous challenges in 2015 related on the one hand to the low-interest rate environment and on the other hand to constant regulatory pressure: preparing for Solvency 2; the consumer-oriented French “Hamon Act” of 2014; as well as the health act and the national inter-professional agreement (ANI) and their impact on how this sector operates.
Insurance, the group’s second-largest business in € millions
Points of sale, online, mobile banking and social media: whether in person or remotely, the quality of services provided to members and customers guides all group actions.
PROPERTY AND CASUALTY PREMIUM INCOME 4,678
LIFE PREMIUM INCOME
TOTAL PREMIUM INCOME
DIVERSIFICATION DESIGNED AROUND NEEDS
The Crédit Mutuel group has continued to diversify its offer to effectively meet individuals’ needs - ranging from the simplest to the most sophisticated - and more generally the expectations of all its customers: young people, who are one of its development priorities; seniors, by encouraging an approach focused on the key stages of their life; as well as professionals, micro, small and medium-sized businesses, associations, farmers and local authorities.
INNOVATION AT THE HEART OF OUR BUSINESSES
Technological expertise supporting our customers lies at the heart of the group’s development strategy. New innovative and secure services are regularly added to expand our offering, for increasingly enhanced service. The group continues to innovate, especially with the deployment of its mobile telephone offering, which provides a contactless payment solution, and through new ways to use mobile banking on smartphones and tablets. Customers can now choose from a multitude of products offered across all channels. Faced with this reality, Crédit Mutuel has evolved so that the quality of its relationships, forged over the long term, becomes a significant factor in setting it apart from its traditional or emerging competitors.
7 Key points 2015
Business lines Innovation the guiding principle: adapting to changes to improve quality, services and efficiency Crédit Mutuel has always placed innovation at the heart of its development strategy to better serve its members and customers. Through its subsidiaries, it offers products and services tailored to everyone’s needs.
The Crédit Mutuel Group offers its customers, whether private individuals or professionals, know-how in a wide range of areas. Building on its expertise in banking and finance, through its specialized subsidiaries the group has developed recognized proficiency and techniques based on the quality of its employees, its products and services, innovation and its ability to anticipate customers’ needs.
A TAILORED, INNOVATIVE AND EFFECTIVE OFFERING CONSUMER CREDIT: THE BENEFIT OF FLEXIBILITY
Consumer credit is available through both the network and the specialized entities: Targobank, the Cofidis group and Financo. In 2015, Targobank Germany continued its expansion with the integration of the retail banking portfolio of Valovis Bank, which reinforced its position in the vendor loans market. Twelve new branches were also opened. Consumer credit gathered momentum in the networks and subsidiaries with outstanding loans up 2.5% to €37.4 billion. Since 1982, Cofidis has offered expertise in the sale of remote lending solutions that include personal loans, revolving credit and debt consolidation, as well as insurance products and mobile phone services. More recently, in March 2016 Financo, a Crédit Mutuel Arkéa subsidiary, partnered with French startup Yelloan to launch the first EU-wide platform that allows borrowers to obtain a “participatory” guarantee from their friends.
REAL ESTATE: AN IMPORTANT PLAYER
The Crédit Mutuel group is present in all areas of real estate: distribution, property development/trading, project management, land development and real estate management. CM-CIC Immobilier (a joint subsidiary of Crédit Mutuel CM11 and CIC), La Française and Soderec are its main subsidiaries.
8 Crédit Mutuel Group
FINANCE LEASES: SERVICES DESIGNED FOR BUSINESSES - Equipment
CM-CIC Bail (a joint subsidiary of Crédit Mutuel CM11 and CIC), Bail Actéa (Crédit Mutuel Nord Europe) and Arkéa Crédit Bail manage 255,000 contracts representing total outstandings of €7.5 billion, up 5%.
- Real estate
In addition to medium- and long-term loan financing, corporate customers are offered specialized real estate leasing products through CM-CIC Lease, a joint subsidiary of Crédit Mutuel Centre Est Europe and CIC, Arkéa Crédit Bail (Crédit Mutuel Arkéa) and Nord Europe Lease (Crédit Mutuel Nord Europe). Outstandings managed by the group’s subsidiaries rose by 4% to €5 billion with nearly 5,000 existing contracts.
REMOTE SURVEILLANCE: EPS NO. 1 IN FRANCE
With 390,000 customers and strong growth potential, EPS is France’s no.1 remote surveillance provider, accounting for 31% of the residential market share. Its offers are marketed in the Crédit Mutuel and CIC networks, under both their respective brands (Protection Vol and Protection Vol CIC) and a white label service with external partners. The EPS offer is naturally also available directly online, as well as through the company’s new consumer brand, Homiris. In addition to security, the cornerstone of EPS and the foundation of the connected home, the group will offer its customers and members new services in the future, focused on domestic risks (water leak and carbon monoxide detection), video solutions, and management of heating and other connected devices.
FACTORING: A WIDE RANGE OF SOLUTIONS FOR TRADE RECEIVABLES
CM-CIC Factor is the joint subsidiary of Crédit Mutuel CM11 and CIC specializing in receivables and payables management and financing. With nearly 11,200 active customers, CM-CIC Factor provides short-term financing for companies in France and abroad, with a range of factoring and assigned professional debt collection solutions. CM-CIC Factor increased its market share in factoring and professional debt collection for the sixth consecutive year, with 10% growth in the volume of receivables purchased and export revenue up 35% to €2.5 billion.
TECHNOLOGY: MOBILITY AND DIGITIZATION
Mobility and digitization are the two keywords for meeting our customers’ expectations. Mobility to provide better service and meet the growing demand for convenience and digitization to facilitate a new type of relationship where behaviors and practices are rapidly changing. At a time of major societal transformation, the group has developed a multi-channel and omni-channel offering with an added focus on listening, advice and responsiveness. Crédit Mutuel is committed to serving its customers through easy access to information, simple choices, fast transactions and customer relationship quality.
E-PAYMENT, E-COMMERCE - TWO IN ONE
The first mobile app combining the worlds of retail and payments, Fivory anticipates the new buying behaviors related to changes in mobile technologies, by offering an innovative platform where merchants and consumers can build a privileged relationship. The mobile payment app provides merchants with concrete and detailed data they can use to grow their customer database for targeted promotional purposes using tools made available by Fivory. By creating their own community of retailers, consumers benefit from a personalized buying experience in which they can find news about their favorite retailers, receive the latest personalized promotions, view their loyalty programs and safely pay in just a single click, whether in a store or online.
CRÉDIT MUTUEL ARKÉA CONFIRMS ITS COMMITMENT TO DIGITAL COMPANIES
With mobile banking and services, means of payment and the sharing economy, Crédit Mutuel Arkéa offers innovative services and flexible methods. Its strong technology culture and its close ties to digital ecosystem players enable it to take the initiative and gear up for the future. The acquisition in September 2015 of the Leetchi Group, which publishes online payment solutions for private individuals and businesses, marks another step forward in this strategy.
9 Key points 2015
Soundness and solidarity: The strength of the cooperative and mutualist model THE CRÉDIT MUTUEL NETWORK, COOPERATIVE ROOTS
WHAT MAKES US DIFFERENT:
an organizational structure tailored to the needs of our members and customers LOCAL MUTUAL BANKS: They have the legal status of cooperative companies with variable capital (sociétés coopératives à capital variable) and their capital is owned by their members and customers. At 31 December 2015, there were 2,124 local mutual banks covering all of the French regions, grouped into 18 regional groups (federations and federal banks). Members: Customers who are associates of Crédit Mutuel. Members own a share and are thus part owners of their local mutual bank. At the group level, 7.7 million members exercise control over the management of their bank and appoint directors at annual general meetings. Directors: Members with seats on the boards of directors of their local mutual banks.
REGIONAL GROUPS (second level of organization) Federation. Responsible for strategy and supervision, it represents Crédit Mutuel in its region. Federal (or interfederal) bank. Regional financial institution. These entities have merged in recent years to combine their forces. .
NATIONAL BODIES (third level of organization) Confédération Nationale du Crédit Mutuel (CNCM), the national confederation, is a non-profit association under the Law of 1901 to which the Crédit Mutuel regional federations belong. It is the group’s central governing body. It provides non-banking services to its members, defends their interests, represents them vis-à-vis the authorities and promotes the Crédit Mutuel brand.
The group’s main entity, Crédit Mutuel, is a cooperative bank under the 10 September 1947 Act governing French cooperatives. It belongs exclusively to its members, who own its capital and determine its strategy within a framework of democratic methods. As a mutual bank, Crédit Mutuel makes all decisions with its members in mind. It plans its growth exclusively based on its founding values of closeness, solidarity and responsibility, with transparency as a guiding principle. These values highlight its difference and demonstrate the relevance of its growth model. At the end of 2015, Crédit Mutuel had 11.7 million customers including 7.7 million members in over 2,000 local mutual banks run by 24,000 member-elected representatives. To serve its customers and society, Crédit Mutuel implements a strategy combining sustainable development and solidarity. It has a historical, genuine role as a bank that creates social bonds, notably through its action in support of local financing and society’s most vulnerable members. Crédit Mutuel is a company that works for people and it is not listed on the stock exchange. Playing an important role in the social economy, its sustainable development strategy is not bound by an all-out quest for short-term profitability. Sound management, crucial to the company’s durability, is not geared towards the enrichment of a group of shareholders: rather it serves to ensure growth and first-rate service quality in the most cost-effective way. As a financial cooperative, Crédit Mutuel is inalienable, meaning it can neither be sold nor taken over; it can be wound up only on the decision of its members. The bank’s decentralized organization encourages staff to become more involved at every level, be it local, regional or national, thus enhancing the group’s responsiveness and service quality. It makes possible a short decision-making process, good risk diversification and a highly effective control system. Every year, 20,000 board of directors and/or supervisory board meetings and 2,000 general meetings take place in the 2,000-plus local mutual banks, providing a basis for truly democratic corporate governance. The local mutual banks are organized into 18 regional federations, which in turn are part of the national confederation. With its solid local base, Crédit Mutuel cannot be moved offshore and stands as an independent entity that contributes to job creation and economic vitality in all regions in which it operates. Its growth model, designed to meet the needs of all economic players, demonstrates the power of individual initiative and its collective expression: cooperation.
10 Crédit Mutuel Group
TRANSLATING SOLIDARITY INTO ACTION WITHIN THE REGIONS Through responsible initiatives and solidarity-driven goals implemented directly at ground level, Crédit Mutuel puts its values into action on a daily basis. Spanning past and present and embodying commitment for the future, the ethic of social responsibility is the cornerstone of the group’s actions, the driving force behind a socially supportive, responsible bank that goes beyond just meeting requirements. PROMOTING MUTUAL AID AND SUPPORTING ECONOMIC AND SOCIAL INCLUSION
Elected representatives and employees coordinate the structures overseeing internal solidarity within the group. Particular attention is paid to instances where people experience a sudden or accidental change in their personal or professional situations. Although 98% of people in France have access to basic banking services, the Crédit Mutuel group remains committed to combating financial marginalization and helping get society’s more vulnerable populations back into the economy.
SUPPORTING KEY REGIONAL PLAYERS
Creating and protecting local jobs, working with key local and regional players, developing social housing and home ownership schemes, giving local populations the means to control their own economic and social development: this is how Crédit Mutuel sees its role as a committed company and major economic player in France, working to promote the public good.
ADOPTING A RESPONSIBLE, LONG-TERM APPROACH TO DEVELOPMENT
Crédit Mutuel has developed a range of products with social and environmental added value. Solidarity-oriented savings solutions and the financing of its customers’ environmental projects are key growth drivers. The group is also working to reduce its direct environmental impact, although, operating in the service industry, its impact is limited. It has been involved in a large number of environmental initiatives at the local and regional levels in recent years. Crédit Mutuel is notably promoting the development of renewable energies and has financed a number of investments in methanation and new wind farms.
BEING A SOCIALLY SUPPORTIVE AND COMMITTED BANK
Putting people first is one of Crédit Mutuel’s founding principles. Its commitment to research and public health (helping the elderly stay in their homes, retirement homes, financial support for hospitals, research, sick children, etc.) are integral to its sense of responsibility. The group’s approach to solidarity in these areas is broad, and its commitments take many forms.
millions de sociétaires “GOOD IDEAS HAVE NO AGE, THEY ONLY HAVE A FUTURE” Robert Mallet
11 Key points 2015
Socially responsible local initiatives MAINE-ANJOU, BASSE-NORMANDIE: PROJECTS DEDICATED TO EMPLOYMENT, YOUTH AND SOCIAL COHESION.
Created in 1992, Créavenir is a Crédit Mutuel Maine-Anjou, Basse-Normandie association that is active in the French departments of Manche, Mayenne, Orne, Sarthe and Segréen. Its goal is to promote projects dedicated to employment, youth and social cohesion. To this end, it reviews all economic, cultural and sports projects that contribute to local development within its area of activity. Every year, Créavenir supports more than 500 projects carried out by associations, individuals creating their own jobs, young people, etc.
EMPLOYMENT INITIATIVES, RECOVERY ASSISTANCE.
Since 2010, the Ark’ensol association has coordinated Crédit Mutuel Arkéa’s solidarity-oriented initiatives in regions covered by Crédit Mutuel de Bretagne, Crédit Mutuel du Massif Central and Crédit Mutuel du Sud-Ouest. With an annual budget of around €2 million, Ark’ensol works in partnership with other associations and institutions or through the two specialized associations, Ark’ensol Créavenir and Ark’ensol Entraide. Ark’ensol Créavenir provides assistance with the start-up or buyout of small companies. Ark’ensol Entraide provides personal microloans and assistance to borrowers in difficulty.
RESEARCH AND HEALTH: CONCRETE COMMITMENTS
Cémavie, a non-profit foundation, was created by the Loire-Atlantique et du Centre-Ouest federation to address needs arising from the ageing of the population. This foundation designs and takes over retirement and long-term care homes, builds intermediate care facilities and helps the elderly stay in their homes. By 2017, Crédit Mutuel de Loire-Atlantique et du Centre-Ouest, which is actively involved in these projects, will allocate more than €10 million to the Cémavie Foundation. Crédit Mutuel Océan has launched a similar initiative through the Les Saisonnales housing project, with two external partners. Most of the regional federations also provide support and financing to hospitals in their respective regions. This funding is used for defibrillators, first aid training, medication pumps and entertainment for children in hospital.
ENVIRONMENTAL FOOTPRINT: NUMEROUS INITIATIVES
In addition to financing its customers’ environmental projects, Crédit Mutuel strives to limit its direct impact. Crédit Mutuel has taken a number of environmental initiatives over some years now, at the local and regional levels. It is notably supporting the development of renewable energies and has financed multiple investments in methanation and the creation of wind farms. Several federations have developed green loans (CMSO, CMMC, etc.) and offer particularly advantageous lending terms for clean vehicles, to both private individuals and businesses.
SOCIAL AND ENVIRONMENTAL INVESTMENT: AN ACTIVE PARTICIPANT
Crédit Mutuel supports and encourages the socially cohesive, communitydriven and environmental projects of its members and customers.
WORKING TOGETHER TO FIGHT MELANOMA
“Ensemble contre le mélanome” is an ongoing program launched by MTRL, a mutual healthcare partner of Assurances du Crédit Mutuel (ACM), and several Crédit Mutuel federations, and bringing together some 20 partners. The centerpiece of the project, whose mission is threefold – prevention, screening and funding – is the Institut Gustave Roussy, a leading cancer research center. In 2015, more than €500,000 was raised for research, personalized medicine and patient care. For more information and to make a donation, visit: www.ensemblecontrelemelanome.fr 12 Crédit Mutuel Group
The group’s offering of products with social and environmental added value is based on socially-supportive saving schemes that provide a new way of saving through loans for environmental projects and socially responsible investment (SRI) products. These are distributed by CM-CIC Asset Management, Federal Finance (Crédit Mutuel Arkéa Group) and La Française AM (Crédit Mutuel Nord Europe Group).
RESEARCH AND SOCIAL ASSISTANCE DIVISION Supporting non-profit associations and research teams
READING DIVISION Enabling universal access to reading
CENTRE INTERNATIONAL DU CICM Contributing to the financial independence of emerging countries
n Innovatio Lecture
THE CRÉDIT MUTUEL FOUNDATION Local initiatives that benefit people In addition to the regional foundations, the group sponsors programs at the national level that translate its commitment to solidarity into community initiatives on a day-to-day basis. Through its national foundation created in early 2009, the group is active in various areas of general interest and solidarity: - Support for local, regional and national projects that give all individuals access to books and the joy of reading and help to prevent illiteracy, via the Reading division; - The creation and long-term support of mutual savings and credit networks to help those excluded from traditional banking systems to access financial services and subsequently improve their living conditions through the Centre International du Crédit Mutuel (CICM); - Support for community-based initiatives – particularly in terms of integration – and research conducted by the Crédit Mutuel regional federations via the “Research and Social Assistance” division; and - Support for the “Together, Let’s Rebuild Haiti” program launched by the Fédération du Crédit Mutuel Antilles-Guyane to repair the damage caused by the January 12, 2010 earthquake and help improve the living conditions of Haitians by financing a hospital and creating a new city in Lafiteau.
CRÉDIT MUTUEL ALSO SUPPORTS MUSIC
For more than ten years, Crédit Mutuel has set the tone for music by sponsoring concerts and large media events, supporting major festivals locally and through the regional federations and helping to fund projects and associations that facilitate universal access to music.
“TOGETHER, LET’S REBUILD HAITI” PROGRAMME
2015 THE FIRST READING INNOVATION AWARDS
Through this prize, the Crédit Mutuel Foundation’s Reading division encourages innovation in the promotion of reading. The three winning associations shared this year’s prize money totaling €30,000: – First place: Dédale in Nancy for its literary mediation work in prisons; – Second place: Le Point d’Ariès for its long-term actions in youth literature in rural areas; – Third place: La Chartreuse de Neuville in Nord-Pasde-Calais for its initiatives helping vulnerable groups.
THE CRÉDIT MUTUEL NORD EUROPE CORPORATE FOUNDATION
The Foundation, which grew out of the company’s desire to set up cultural and community-based initiatives, supports some 60 meaningful projects every year. Its mission is to promote regional development through projects that focus on three areas: culture and knowledge, social action and sustainable development and entrepreneurship.
LOCAL SOLIDARITY AT CRÉDIT MUTUEL OCÉAN
Working at the ground level and in keeping with its community support commitments, CMO continues to provide assistance to those in difficulty, with the Board of Directors of each local bank allocating funds for “community-based initiatives” which are used to support members experiencing major financial difficulties or to make donations to associations that combat exclusion in all forms.
13 Key points 2015
Focus on the Crédit Mutuel group’s organization Credit Mutuel group
A retail bank serving all customers and catchments NATIONAL
The REPRESENTATION and DEFENSE of the group’s interests with one central body – the Confédération Nationale du Crédit Mutuel and its financing bank, the Caisse Centrale.
THE DRIVING FORCE behind the group's commitment and responsiveness
THE ORGANISATION of business INTERNATIO NA
3,124 POINTS OF SALE including 2,124 LOCAL MUTUAL BANKS* At Crédit Mutuel, decisions are taken as close as possible to ground level.
18 REGIONAL FEDERATIONS + 1 AGRICULTURAL FEDERATION which coordinate business within their respective jurisdictions.
Banking and Financial Insurance
OUR MAIN BRANDS AND PARTNERSHIPS
A UNIQUE, INNOVATIVE AND FORWARD-LOOKING GROUP
14 Crédit Mutuel Group
Pour rationaliser les coûts et les moyens, les Groupes régionaux ont constitué des Caisses (inter)fédérales communes. Six Groupes régionaux organisent et fédèrent désormais l’activité en région. Il s’agit des Groupes de : CM Antilles Guyane, CM Arkéa, CM Maine-Anjou, Basse-Normandie, CM Nord Europe, CM Océan et CM11.
THE HEART OF THE SYSTEM THE COOPERATIVE BANK
LOCAL MUTUAL BANKS
Crédit Mutuel network
SERVING ITS MEMBERS AND CUSTOMERS FOR MORE THAN A CENTURY, THE CRÉDIT MUTUEL GROUP AFFIRMS ITS STATUS AS A MODERN BANK AND THE EFFECTIVENESS OF ITS MODEL EACH DAY
ENGINE 2 124 local mutual banks 11.7 million customers 7.7 million members ORGANIZATION
18 federations + 1 agricultural federation REPRESENTATION 1 central body
CRÉDIT MUTUEL, THE COOPERATIVE BANK’S ORGANISATION
The group’s main entity, Crédit Mutuel, is a cooperative bank under the 10 September 1947 Act governing French cooperatives. It belongs exclusively to its members, who own its capital and determine its strategy within a framework of democratic methods.
1. THE LOCAL MUTUAL BANKS 2,124 local mutual banks covering the whole of
7.7 millions members 24,000 directors
2. THE REGIONAL FEDERATIONS (see following pages)
The 2,124 local mutual banks constitute the first level of organization of Crédit Mutuel. Credit institutions governed by French banking law, they are the driving force behind the group’s involvement and responsiveness.
18 regional federations cover all regions in France. There is also a federation with nationwide scope specifically serving the farming sector: Fédération du Crédit Mutuel Agricole et Rural (CMAR). These 19 federations are all affiliates of Confédération Nationale du Crédit Mutuel (CNCM), the National Confederation.
3. NATIONAL CONFEDERATION (CNCM) AND CENTRAL FINANCING BANK (CCCM) Chairman: Nicolas Théry Chief Executive Officer: Pascal Durand Deputy Chief Executive Officer: Gilles Le Noc
The central body governing the network. Its mission is to defend collective interests, protect and promote the “Crédit Mutuel” brand to which it holds the rights, and ensure the group’s prudential coherence.
88-90 rue Cardinet – 75847 Paris Cedex 17 Tel.: +33 (0)1 53 48 88 03 www.creditmutuel.com
The central financing bank, the national financial organization, manages treasury for the regional groups and organizes the pooling of Crédit Mutuel’s financial resources.
15 Key points 2015
The 18 regional federations of Crédit Mutuel (30 June 2016)
Each regional federation is responsible for strategy and supervision, and represents Crédit Mutuel in its region. The regional federations are run by boards elected by the local mutual banks. In all, there are 18 regional federations covering all areas of France. In addition to these 18 regional federations, there is a federation with national scope specifically serving the farming sector – Crédit Mutuel Agricole et Rural (CMAR). These 19 federations are all affiliates of Confédération Nationale du Crédit Mutuel (CNCM), the national confederation. ANJOU
CENTRE EST EUROPE
10 Aube, 21 Côte-d’Or, 25 Doubs, 39 Jura, 54 Meurthe-et-Moselle, 55 Meuse, 57 Moselle, 58 Nièvre, 52 Haute-Marne, 67 Bas-Rhin, 68 Haut-Rhin, 70 Haute-Saône, 71 Saône-et-Loire nord, 88 Vosges, 89 Yonne, 90 Territoire-de-Belfort
49 Maine-et-Loire nord, 50 Manche, 53 Mayenne, 61 Orne, 72 Sarthe
Chairman: Bernard Flouriot Chief Executive Officer: Isabelle Pitto 1, place Molière - B.P. 648 49006 Angers Cedex 01 Tel.: +33 (0)2 41 23 24 25 www.cmanjou.fr
ANTILLES-GUYANE 97-1 Guadeloupe, 97-2 Martinique, 97-3 Guyane, 97-4 Saint-Martin Chairman: Pierre Julius Chief Executive Officer: Alain Delserieys Rue du Prof. Raymond Garcin CS20920 97200 Fort-de-France - Martinique Tel.: +33 (0)8 20 31 58 00 www.cmag.creditmutuel.fr
BRETAGNE 22 Côtes-d’Armor, 29 Finistère, 35 Ille-et-Vilaine, 56 Morbihan Chairman: Jean-Pierre Denis Chief Executive Officer: Philippe Rouxel 29808 Brest Cedex 9 Tel.: +33 (0)2 98 00 22 22 www.cmb.fr
CENTRE 18 Cher, 28 Eure-et-Loire et cantons limitrophes, 36 Indre, 37 Indre-et-Loire, 41 Loir-et-Cher, 45 Loiret Chairman: Damien Lievens Chief Executive Officer: Jean-Pierre Babel Place de l’Europe 105, rue du Faubourg Madeleine 45920 Orléans Cedex 9 Tel.: +33 (0)2 38 77 60 00 www.cmc.creditmutuel.fr
16 Crédit Mutuel Group
Chairman: Nicolas Théry Chief Executive Officer: Alain Fradin 34, rue du Wacken - 67913 Strasbourg Cedex 9 Tel.: +33 (0)3 88 14 88 14 www.cmcee.creditmutuel.fr
DAUPHINÉ-VIVARAIS 07 Ardèche, 26 Drôme, 38 Isère arrondissement de Grenoble Chairman: Michel Vieux Chief Executive Officer: Didier Griot 130-132, av. Victor Hugo B.P. 924 26009 Valence Cedex Tel.: +33 (0)4 75 75 50 50 - Fax: +33 (0)4 75 40 83 37 www.cmdv.creditmutuel.fr
ÎLE-DE-FRANCE 75 Paris, 77 Seine-et-Marne, 78 Yvelines, 91 Essonne, 92 Hauts-de-Seine, 93 Seine-Saint-Denis, 94 Val-de-Marne, 95 Val-d’Oise Chairman: Jean-Louis Girodot Chief Executive Officer: Daniel Baal 18, rue de la Rochefoucauld - 75439 Paris Cedex 09 Tel.: +33 (0)1 55 31 70 70 www.cmidf.creditmutuel.fr
LOIRE-ATLANTIQUE ET CENTRE-OUEST
Chairman: Daniel Leroyer Chief Executive Officer: Jean-Loïc Gaudin 43, boulevard Volney - 53083 Laval Cedex 9 Tel.: +33 (0)2 43 66 21 21 www.cmmabn.creditmutuel.fr
MASSIF CENTRAL 03 Allier, 12 Aveyron, 15 Cantal, 63 Puy-de-Dôme Chairman: Jean-François Devaux Chief Executive Officer: Morgan Marzin 61, rue Blatin - B.P. 443 63012 Clermont-Ferrand Cedex 1 Tel.: +33 (0)4 73 43 77 77 www.cmmc.fr
MÉDITERRANÉEN 04 Alpes-de-Haute-Provence, 05 Hautes-Alpes, 06 Alpes-Maritimes, 11 Aude,13 Bouches-du-Rhône, 2A Corse-du-Sud, 2B Haute-Corse, 30 Gard, 34 Hérault, 48 Lozère, 66 Pyrénées-Orientales, 83 Var, 84 Vaucluse, Principauté de Monaco Chairman: Lucien Miara Chief Executive Officer: Christian Marcot 494, avenue du Prado - B.P. 115 13267 Marseille Cedex 08 Tel.: +33 (0)4 91 23 70 70 www.cmm.creditmutuel.fr
19 Corrèze, 23 Creuse, 44 Loire-Atlantique, 79 Deux-Sèvres nord, 86 Vienne, 87 Haute-Vienne
09 Ariège, 31 Haute-Garonne, 32 Gers, 40 Landes, 46 Lot, 47 Lot-et-Garonne, 64 Pyrénées Atlantiques, 65 Hautes-Pyrénées, 81 Tarn, 82 Tarn-et-Garonne
Chairman: Alain Têtedoie Chief Executive Officer: Christine Zanetti 10, rue Rieux - 44000 Nantes Tel.: +33 (0)2 40 68 12 12 www.cmlaco.creditmutuel.fr
Chairman: Gérard Bontoux Chief Executive Officer: Sylvain Besançon 10, rue de la Tuilerie - B.P. 58 - 31132 Balma Cedex Tel.: +33 (0)5 61 61 46 46 www.cmma.creditmutuel.fr
Fédération du Crédit Mutuel Agricole et Rural (CMAR) Chairman: Jean-Louis Bazille Director: Sébastien PRIN 88-90, rue Cardinet – 75847 Paris Cedex 17 Tel.: +33 (0)1 53 48 87 94
02 Aisne, 08 Ardennes, 51 Marne, 59 Nord, 60 Oise, 62 Pas-de-Calais, 80 Somme
17 Charente-Maritime, 79 Deux-Sèvres sud, 85 Vendée
01 Ain, 38 Isère nord, 42 Loire, 43 Haute-Loire, 69 Rhône, 71 Saône-et-Loire sud
Chairman: André Halipré Chief Executive Officer: Éric Charpentier 4, place Richebé - B.P. 1009 59011 Lille Cedex Tel.: +33 (0)3 20 78 38 38 www.cmne.fr
Chairman: André Lorieu Chief Executive Officer: Luc Cortot 34, rue Léandre-Merlet B.P. 17 85001 La Roche-sur-Yon Cedex 27 Tel.: +33 (0)2 51 47 53 00 www.cmocean.fr
Chairman: Gérard Cormorèche Chief Executive Officer: Jean-Luc Robischung 8-10, rue Rhin-et-Danube C.P. 111 - 69266 Lyon Cedex 09 Tel.: +33 (0)4 72 20 65 65 www.cmse.creditmutuel.fr
14 Calvados, 27 Eure, 76 Seine-Maritime
73 Savoie, 74 Haute-Savoie
16 Charente, 24 Dordogne, 33 Gironde
Chairman: Hervé Brochard Chief Executive Officer: Luc Chambaud 17, rue du 11 Novembre 14052 Caen Cedex 4 Tel.: +33 (0)2 31 30 58 00 www.cmnormandie.creditmutuel.fr
Chairman: Daniel Rocipon Chief Executive Officer: Éric Petitgand 99, avenue de Genève B.P. 56 - 74054 Annecy Cedex Tel.: +33 (0)4 50 88 36 00 www.cmsmb.creditmutuel.fr
Chairman: Christian Touzalin Chief Executive Officer: Jean-Marc Jay Rue Antoine Becquerel 33600 Pessac Tel.: +33 (0)5 57 26 63 63 www.cmso.com 17 Key points 2015
The Crédit Mutuel regional groups In recent years, the federal banks – the financial lifeblood of the regions – have merged to form inter-regional federal banks, which currently number six. Grouping them in this way has the effect of streamlining resources and cutting costs via technical, IT and financial partnerships. As of January 1, 2016, two inter-regional banks were active in their region: Caisse Interfédérale Arkéa (for the Bretagne, Massif Central and Sud-Ouest groups) and Caisse Fédérale de Crédit Mutuel (CFCM). CFCM encompasses 11 regional groups: Anjou, Centre, Centre Est Europe, Dauphiné-Vivarais, Ile-de-France, Loire-Atlantique et du Centre-Ouest, Méditerranéen, Midi-Atlantique, Normandie, Savoie-Mont Blanc and Sud-Est. Figures as of December 31, 2015
• Federal bank (CM11)
• NORD EUROPE
156,905 customers - 29 points of sale Loans: €1,534m Deposits: €1,573m Net banking income: €86m Net profit: €25m Shareholders’ equity,group share: €333m
24.1 million customers - 4,512 points of sale Loans: €304,136m Deposits: €583,272m Net banking income: €12,817m Net profit: €2,514m Shareholders’ equity, group share: €34,670m
1.6 million customers - 356 points of sale Loans: €15,876m Deposits: €68,620m Net banking income: €1,173.5m Net profit: €224m Shareholders’ equity, group share: €2,665m
• Interfederal bank 3.6 million customers - 502 points of sale Loans: €44,347m Deposits: €86,621m Net banking income: €1,780m Net profit: €296m Shareholders’ equity, group share: €5,774m
18 Crédit Mutuel Group
• MAINE-ANJOU, BASSE-NORMANDIE
661,084 customers - 172 points of sale Loans: €9,392m Deposits: €12,721m Net banking income: €302m Net profit: €82m Shareholders’ equity, group share: €2,196m
600,139 customers - 181 points of sale Loans: €10,751m Deposits: €13,098m Net banking income: €271m Net profit: €46m Shareholders’ equity, group share: €1,303m
A dynamic group with an international dimension
A SPIRIT OF CONQUEST AND A SENSE OF SERVICE MARK OUT A GROUP WITH SOUND FUNDAMENTALS
As well as being a local bank present throughout France, Crédit Mutuel has an international dimension. Underpinned by a strong financial position and the vitality of its networks, the group has continued to expand in France and Europe and is now present in 13 countries. As a player committed to responsible and sustainable growth in support of the economy, it has maintained its aim of constantly adapting while retaining its identity.
19 Key points 2015
Learn about the Crédit Mutuel Group: www.creditmutuel.com
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