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Annual Report and Accounts 2009 HSBC France Annual Report and Accounts 2009 www.hsbc.fr The HSBC Group CCF joined the HSBC Group in July 2000 and changed its legal name to HSBC France on 1 November 2005. Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. Its international network comprises around 8,000 offices in 88 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by over 220,000 shareholders in 121 countries and territories. HSBC provides a comprehensive range of financial services and serves around 100 million customers through two customer groups: Personal Financial Services and Commercial Banking; and two global businesses: Global Banking and Markets, and Private Banking. In 2009, HSBC’s profit before tax was USD 7,079 million and USD 13.3 billion on an underlying basis and excluding goodwill impairment. Profit attributable to shareholders of the parent company was USD 5,834 million. Total assets were USD 2,364 billion at 31 December 2009. Geographical distribution of results – Profit before tax: Year ended 31 December 2009 USDm % Europe 4,009 56.7 Hong Kong 5,029 71.0 Rest of Asia-Pacific 4,200 59.3 Middle East 455 6.4 North America (7,738) (109.3) Latin America 1,124 15.9 Profit before tax 7,079 100.0 This Reference Document was registered with the Autorité des Marchés Financiers on 29 April 2010 in accordance with Article 212-13 of the AMF General Regulation. It may be used in support of a financial transaction when supplemented by a Transaction Note that has received approval from the Autorité des Marchés Financiers. HSBC FRANCE Annual Report and Accounts 2009 Contents 2 Report of the Board of Directors to the Annual General Meeting of Shareholders 8 Senior Executives 10 Composition of the Board of Directors 20 Chairman’s report on corporate governance and internal control and risk management procedures 49 Sustainability 57 Risk management 63 Financial highlights 64 Consolidated financial statements 158 Information on the parent company financial statements 166 Group structure and summary of business activities of HSBC France’s principal subsidiaries 171 Investment policy 173 Other legal documents relating to the Annual General Meeting to be held on 11 May 2010 179 Information on HSBC France and its share capital 198 Recent developments and outlook 200 Persons responsible for the Registration Document and for auditing the financial statements 201 Cross-reference table 203 Network of offices 1 HSBC FRANCE Report of the Board of Directors to the Annual General Meeting of Shareholders In 2009, HSBC France once again demonstrated the innovative telephone and online banking service for strength of its universal banking model. In France, HSBC Premier customers, and Compte Epargne Direct, Retail Banking, Global Banking and Markets, Asset a 100 per cent online savings account product for Management and Private Banking activities capitalised retail customers. on the HSBC Group’s strengths – its leading interna- With its global stature, HSBC enjoys an tional presence, its solid financial position and its international image that sets it apart from the innovation in banking and technology. competition in France. In fact, 68 per cent of prospective customers view HSBC as a dynamic HSBC France’s development, organisation bank, and more than half of those surveyed think and systems HBSC has differentiated itself from other financial institutions. In 2009, HSBC’s name recognition in 2010 Development Plan France was stable overall, at 71 per cent at year-end 1. The “Développement 2010” business plan announced in June 2008, which provides continuity with the Strategic Plan unveiled in early 2005, reaffirms Further simplification of the structure HSBC’s commitment to expanding its retail banking of the HSBC France group operations in France. Main changes to organisational structures It implements the HSBC Group strategy in within the HSBC France group mature countries by concentrating on the strategic On 31 July 2008, HSBC Hervet, HSBC de Baecque core customer segments with strong international Beau, HSBC UBP and HSBC Picardie were merged connectivity while capitalising on its special position with HSBC France. In 2009, the operational merger as a leading international bank and on the Group’s process was completed. These mergers enable financial strength to increase its market share in HSBC France to carry out its Retail Banking oper- target segments and regions. ations under a single legal and operational entity. The plan objectives are to expand HSBC Fran- As part of the reorganisation of its equity ce’s banking and technological capabilities, to boost derivatives business announced in April 2009, its growth and to improve its performance through HSBC France sold these operations to HSBC substantial financial and human resources invest- Bank plc Paris Branch in November 2009. This ments and by adopting new organisational principles. transfer gives the business a sounder, broader HSBC Group’s Global Banking and Markets, financial base to underpin its growth. Work on Asset Management and Private Banking activities in migrating operations will continue in 2010. The France have already demonstrated the effectiveness process should be completed with the merger of the of the Group’s strategy, through improved results two entities affected by the transaction, HSBC since the implementation of the strategic plan unveiled Securities (France) SA and HSBC Financial in early 2005. In Retail Banking, HSBC France is Products (France) with HSBC France. enjoying strong business momentum. Since 2007, After signing a definitive agreement on 26 October this has increased its share of customers in its core 2009, the fund depositary and custodial activities of targets and boosted business volume appreciably. HSBC France and its subsidiary HSBC Securities HSBC France continued to specialise the distribu- Services (France), specialising in fund administration tion network to increase expertise and to enhance activities, were sold to CACEIS on 1 January 2010. customer service. In keeping with business plan tar- The deal encompassed EUR 39 billion in funds gets, 51 “Centres d’Affaires Entreprises” (CAE) for under custody in 390 portfolios and EUR 56 billion SMEs, alongside the 10 Corporate Banking Centres in assets under administration for 20 management (CBC) for companies with revenues of more than companies and 700 mutual funds. As part of the EUR 30 million under the programme launched in transaction, a partnership was formed covering 2008, as well as 19 HSBC Premier Centres, out of 30 several countries in the Asia region where CACEIS included in the development plan, have been created. in France will have access to the foreign sub-custodial services of the HSBC network. The range of online financial products and services also expanded in 2009 with the launch of After obtaining approval from the Bank of Algeria Business Direct, the first direct branch dedicated to and the Algerian tax authorities concerning the small businesses, Premier International Direct, an terms of the transfer, the Algiers branch was 1 Source: Synovate survey – December 2009 – sample of 600 respondents with net annual household income of EUR 50,000 or more. 2 transferred to HSBC Bank Middle East Ltd on Despite the sluggish economic and financial 2 December 2009 for reasons of efficiency within climate, HSBC France was able to manage its risks the HSBC Group. HSBC Bank Middle East Ltd effectively and grew profits, thanks largely to benefits from considerable expertise in the Middle buoyant capital markets activity; Retail Banking East and is developing strong business links with business continued to expand. North Africa. The price covered the amount of All of HBSC France’s businesses generated a contributions to capital given to the branch and profit before tax in 2009. costs incurred by HSBC France. HSBC France’s results are discussed below, In December 2009, HSBC France entered into an divided into the following two sections: agreement for the sale of two buildings located at 103 avenue des Champs-Elysées and 15 rue Vernet, – HSBC France’s consolidated financial statements for EUR 400 million. The agreement covering these under IFRS, as described in Note 1 to the two buildings was signed with French Properties consolidated financial statements 1; and Management. Subject to meeting the required – HSBC’s operations in France, which include the conditions, the properties will be sold to a subsidiary French branch of HSBC Bank plc and its of a French OPCI (Organisme de Placement Collectif insurance subsidiaries: HSBC Assurances Vie Immobilier – real-estate collective investment scheme) (France) and HSBC Assurances IARD (France). created for this purpose. HSBC France agreed to a 9-year lease, with the option to terminate the lease at the end of the fourth, fifth and sixth years. After HSBC France’s consolidated results (legal entities) satisfaction of any necessary conditions, the deal is HSBC France generated a pre-tax profit of scheduled to close on 25 February 2010. EUR 406 million in 2009, up 104 per cent from the Further streamlining of the HSBC France group prior year on a comparative basis restated for the sale of regional banks in 2008 2. Excluding the The programme to simplify the HSBC France group negative effects of the revaluation of the company’s structures also continued, with the aim of dissolving own debt, pre-tax profit amounted to EUR 551 million, units that no longer serve a purpose and selling or up 273 per cent from the prior year. merging structures within the group in order to enhance the organisation by business line. Over the All of HSBC France’s businesses contributed to past four years, 59 subsidiaries have been removed this increase in profits, which reflects the shrewdness from HSBC France’s organisational chart.
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