Retail Banking, a Merger of Equals for Shareholders, Clients Market in Europe

Total Page:16

File Type:pdf, Size:1020Kb

Retail Banking, a Merger of Equals for Shareholders, Clients Market in Europe REPORT ON ENVIRONMENTAL AND SOCIAL RESPONSIBILITY A REPORT ON CORPORATE SOCIAL AND ENVIRONMENTAL RESPONSIBILITY CONTENTS MESSAGE FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER / 2 GrOUP PRESENTATION / 3-10 HISTORY / 4 PRESENTATION OF OUR ACTIVITIES AND BUSINESS LINES / 5-9 KEY FIGURES / 10 THE GROUP’S APPROACH TO CORPORATE SOCIAL RESPONSIBILITY / 11-19 RESPONSIBILITY BASED ON CORE VALUES AND GUIDING PRINCIPLES / 12 BNP PARIBAS, A STRONG COMMITMENT TO SUSTAINABLE DEVELOPMENT / 13 COMBINING CSR AND ECONOMIC PERFORMANCE / 14-19 BNP ParIBAS AND ITS SHarEHOLDERS / 20-32 ShARE CAPITAL / 21 ChANGES IN SHARE OWNERSHIP / 22 LISTING INFORMATION / 23-24 CREATING VALUE FOR SHAREHOLDERS / 25-26 COMMUNICATION WITH SHAREHOLDERS / 27 ShAREHOLDER LIAISON COMMITTEE / 28 DIVIDEND / 29 BNP PARIBAS REGISTERED SHARES / 29 ANNUAL GENERAL MEETING / 30-32 DISCLOSURE THRESHOLDS / 32 HUMAN RESOURCES / 33-54 GROUP VALUES UNDERPINNING HR MANAGEMENT / 34 HUMAN RESOURCES POLICY FRAMEWORK / 35-36 KEY CHALLENGES OF HUMAN RESOURCES MANAGEMENT / 37-54 RELATIONS WITH CLIENTS AND SUPPLIERS / 55-70 CLOSELY-ATTUNED RELATIONSHIPS / 56-64 SOCIALLY RESPONSIBLE INVESTMENT (SRI) / 64-68 RELATIONSHIPS WITH SUppLIERS / 69-70 IMPACT ON THE NATUraL ENVIRONMENT / 71-81 AREAS FOR ACTION / 72-75 DRIVER / 75-78 KEY SUCCESS FACTORS / 78-81 A ParTNER IN SOCIETY / 82-94 BNP PARIBAS AND ITS INVOLVEMENT IN MICROFINANCE / 83-85 BNP PARIBAS’ sUBURBS PROJECT: COMMITMENT TO SUBURBAN RENEWAL / 85-86 BNP PARIBAS FOUNDATION: IMAGINATIVE AND ACTIVE SUppORT / 87-88 OUTREACH / 89-90 CULTURE / 91-92 COMMUNITY INITIATIVES TO PROMOTE SOCIAL INTEGRATION AND SOLIDARITY / 93-94 CORPOraTE GOVERNANCE / 95-129 ThE BOARD OF DIRECTORS / 96-98 REPORT OF THE ChAIRMAN OF THE BOARD OF DIRECTORS ON THE CONDITIONS FOR THE PREPARATION AND ORGANISATION OF THE WORK OF THE BOARD AND ON INTERNAL CONTROL PROCEDURES IMPLEMENTED BY BNP PARIBAS / 99-128 EXECUTIVE COMMITTEE / 129 COMPLIANCE / 130-133 DEDICATED TEAMS / 131-132 PROFESSIONAL ETHICS DEPARTMENT / 132 FINANCIAL SECURITY / 132-133 BUSINESS CONTINUITY / 133 NRE AppENDICEs – SOCIAL / 134-139 ANNEXES NRE – ENVIRONNEMENTAL / 140-145 REVIEW REPORT FROM ONE OF THE STATUTORY AUDITORS / 146-147 TABLE OF CONCORDANCE / 148 GLOSSARY / 149-154 MEssAGE FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER During the crisis, BNP Paribas’ efforts to continue financing the economy were exemplary. We fully complied with our commitments to the French government in 2009 and we put our capital, resources and staff to work in financing the real economy. We also set an example by complying strictly with the new recommendations ad- opted by the G20 as regards tax ha- vens and the remuneration of capital market operators. While learning the lessons of the cri- sis, we maintained our long-standing commitment to social and environ- mental responsibility. More than ever, we believe that this responsibility, in all of its aspects, is crucial in main- taining our reputation, our attractive- ness and the trust placed in us over the long term. We have therefore in- creased the resources dedicated to implementing our policies in this area. This report sets out our approach to BNP Paribas’ social and environmen- survey in 2009 confirmed. Several of corporate social responsibility and tal responsibility has always been our initiatives have been certified by the main initiatives we undertook in based on our economic responsibil- independent organisations. On social 2009 in favour of a more sustainable ity. The importance of this connection issues, we have obtained the French development. was demonstrated more clearly than diversity label, and on our environ- ever during the recent crisis, which has mental commitments our “Accueil & given rise to a strong expectation that Services” branch programme has re- banks should act in a socially useful, ceived ISO 14001 certification. compliant and ethical manner. Despite serious pressure on the bank- In these demanding circumstances, ing sector as a whole, BNP Paribas’ ro- BNP Paribas was able to maintain its bust model and values have resulted socially and environmentally respon- in positive ratings from the main CSR sible approach, which is one of the agencies, as well as our inclusion in key factors behind our employees’ all leading CSR indexes. commitment to the group, as the latest 2 REPORT ON CORPORATE SOCIAL AND ENVIRONMENTAL RESPONSIBILITY GROUP PRESEntation 3 REPORT ON CORPORATE SOCIAL AND ENVIRONMENTAL RESPONSIBILITY History 1966 1968 1982 1987 1993 Creation of BNP Creation of Compagnie Nationalisation Privatisation Privatisation of BNP The merger of BNCI Financière de Paris of BNP and Compagnie of Compagnie BNP’s return and CNEP to form BNP et des Pays-Bas Financière de Paris Financière de Paribas to the private sector represented the largest et des Pays-Bas With 3.8 million individual represented a new restructuring operation at the time of the shareholders, start. During the 1990s, in the French banking nationalisation Compagnie Financière new banking products sector since the end of all French banks de Paribas had more and services of the Second In the 1980s, deregulation shareholders than were launched World War. of the banking sector any other company and financial market and the growing in the world. Compagnie activities were tendency of borrowers Financière de Paribas developed. to raise funds directly owned 48% of the capital At the same time, on the financial market of Compagnie Bancaire. the Bank expanded transformed the banking its presence in France business in France and internationally, and worldwide. and prepared to reap the full benefits of the introduction of the euro. Privatisation also significantly boosted the Bank’s profitability – in 1998, it led the French banking industry in terms of return on equity. 1998 19 9 9 2000 2006 2009 Creation of Paribas A momentous year Creation of BNP Paribas Acquisition Merger with On 12 May 1998, for the Group BNP and Paribas merged of BNL in Italy the Fortis group the merger between Following an on 23 May 2000. BNP Paribas acquired BNP Paribas took control Compagnie Financière unprecedented double Drawing on its strong BNL, Italy’s 6th-largest of Fortis Bank and BGL de Paribas, Banque tender offer and a stock banking and financial bank. This acquisition (Banque Générale du Paribas and Compagnie market battle waged services heritage, the transformed BNP Paribas, Luxembourg), thereby Bancaire was approved. over six months, BNP was new Group’s objectives providing it with access creating a European in position to carry out are to create value to a second domestic leader in retail banking, a merger of equals for shareholders, clients market in Europe. with four domestic with Paribas. For both and employees In both Italy and France, markets. groups, this was the most by building the bank all of the Group’s important event since of the future and businesses can now their privatisation. It gave becoming a leading develop their activities rise to a new Group with global player. by leveraging a tremendous prospects. nationwide banking At a time of economic network. globalisation, the merger created a leading player in the European banking sector, poised to compete on a global scale. 4 REPORT ON CORPORATE SOCIAL AND ENVIRONMENTAL RESPONSIBILITY Presentation of our activities and business lines BNP Paribas, Europe’s leading provider of banking and financial services, has four domestic retail banking markets in Europe, namely in Belgium, France, Italy and Luxembourg. It is present in over 80 countries and has more than 200,000 employees, includ- ing 160,000 in Europe. BNP Paribas holds key positions in its three activities: • retail banking, which includes the following operating entities: — French Retail Banking (FRB); — BNL banca commerciale (BNL bc), Italian Retail Banking; — BNP Paribas Fortis; — BGL BNP Paribas; — BancWest; — Europe Mediterranean; — Personal Finance; — Equipment Solutions; • Corporate and investment banking (CIB) • investment solutions The acquisition of Fortis Bank and BGL has strengthened the Retail Banking businesses in Belgium and Luxembourg, as well as Investment Solutions and Corporate and Investment Banking. BNP Paribas SA is the parent company of the BNP Paribas Group. 5 REPORT ON CORPORATE SOCIAL AND ENVIRONMENTAL RESPONSIBILITY — Experts linked through a global — 52 corporate and local Trade Centre network government centres — 7 Regional Trading Rooms — 20 Regional Business Centres — Structured Finance — 5 Trade Centres — Corporate Finance — Cash Management Specialised subsidiaries — Corporate Support Service — Ifitalia — Artigiancassa RETAIL Specialised subsidiaries — BNL Finance — Banque de Bretagne banking — BNP Paribas Factor Awards — BNP Paribas Développement — Italy’s 6th-largest bank by total assets — Protection 24 — Global Italian bank with 5 Trade Centres in Italy and 11 “Italian Awards offices” abroad — 2009 Best Services Award — L eading Bookrunner and Mandated (le Revenu) Lead Arranger for mid-caps — Excellence Award (Dossiers Over branches including 7,000 de l’Épargne 2010) for the Bank’s 5,000 outside France, to Bienvenue and Esprit Libre products serve the real economy/ — 15% market share in the Île-de- A powerful growth driver for the France region (BNP Paribas French Group/21 million individual Retail Banking marketing research) BNP Paribas clients/200,000 corporate — Strong presence in the individual client segment (IPSOS) clients/ Business Centres and Fortis 271 — A top-tier bank in the corporate 90 Trade Centres market — 1st private bank for
Recommended publications
  • 2018 Analyser. Débattre. Agir. 1 Sommaire
    INSTITUT MONTAIGNE 2018 ANALYSER. DÉBATTRE. AGIR. 1 SOMMAIRE LES MOTS DU PRÉSIDENT, HENRI DE CASTRIES 5 LE POINT DE VUE DE LAURENT BIGORGNE 6 L’INSTITUT MONTAIGNE 9 SAISIR LES ENJEUX DU NUMÉRIQUE 15 AFFRONTER LES DÉFIS DE NOTRE TERRITOIRE 35 COOPÉRER À L’ÉCHELLE EUROPÉENNE 55 COMPRENDRE LE MONDE 67 NOUS LES AVONS REÇUS 81 QUI SOMMES-NOUS ? 99 ILS NOUS SOUTIENNENT 105 NOUS REJOINDRE 109 3 LES MOTS DU PRÉSIDENT HENRI DE CASTRIES 18 bougies : l’Institut Mais cette mue est exigeante et répond avant Montaigne, fondé tout à une nécessité, celle de faire émerger des en 2000 par Claude acteurs capables de prendre le temps de la Bébéar, atteint cette réflexion, d’écouter toutes les parties prenantes, année le stade de sa de répondre aux interrogations des citoyens. De majorité. Plus qu’un ce fait, l’accroissement des activités de l’Institut âge symbolique, ces dix-huit années de travail Montaigne en région, porté par l’adhésion auront permis de faire d’un think tank français, d’entreprises attachées à leur territoire, permet dans un écosystème national peu accoutumé à ce de faire émerger des expertises qui nous type de structures, un acteur clé de la définition enrichissent. des politiques publiques. Au-delà de cette longévité et d’une place désormais solidement Cet ancrage renforce les valeurs de notre reconnue en France, ce sont trois paliers majeurs think tank, parmi lesquelles l’indépendance que l’Institut a franchis en 2018. de financement - puisque nous ne souhaitons percevoir aucun financement public - et la Un palier géographique : historiquement pluralité des points de vue.
    [Show full text]
  • SAP® SOLUTIONS and ACCOUNTING STRATEGIES © Copyright 2007 SAP AG
    SAP Solution in Detail SAP for Banking ACCOUNTING IN BANKS: SAP® SOLUTIONS AND ACCOUNTING STRATEGIES © Copyright 2007 SAP AG. All rights reserved. HTML, XML, XHTML and W3C are trademarks or registered trademarks of W3C®, World Wide Web Consortium, No part of this publication may be reproduced or transmitted in Massachusetts Institute of Technology. any form or for any purpose without the express permission of SAP AG. The information contained herein may be changed Java is a registered trademark of Sun Microsystems, Inc. without prior notice. JavaScript is a registered trademark of Sun Microsystems, Inc., Some software products marketed by SAP AG and its distributors used under license for technology invented and implemented contain proprietary software components of other software by Netscape. vendors. MaxDB is a trademark of MySQL AB, Sweden. Microsoft, Windows, Excel, Outlook, and PowerPoint are registered trademarks of Microsoft Corporation. SAP, R/3, mySAP, mySAP.com, xApps, xApp, SAP NetWeaver, Duet, PartnerEdge, and other SAP products and services IBM, DB2, DB2 Universal Database, OS/2, Parallel Sysplex, mentioned herein as well as their respective logos are trademarks MVS/ESA, AIX, S/390, AS/400, OS/390, OS/400, iSeries, pSeries, or registered trademarks of SAP AG in Germany and in several xSeries, zSeries, System i, System i5, System p, System p5, System x, other countries all over the world. All other product and System z, System z9, z/OS, AFP, Intelligent Miner, WebSphere, service names mentioned are the trademarks of their respective Netfinity, Tivoli, Informix, i5/OS, POWER, POWER5, POWER5+, companies. Data contained in this document serves informational OpenPower and PowerPC are trademarks or registered purposes only.
    [Show full text]
  • Paris EUROPLACE Is the Paris Financial Services-Led Body, in Charge of Developing and Promoting Paris As an International Financial Center
    Welcome to Paris Your Hub to Europe 2021 Paris EUROPLACE is the Paris financial services-led body, in charge of developing and promoting Paris as an international financial center. Paris EUROPLACE is chaired by Augustin de ROMANET, Chairman and CEO, Aéroports de Paris (ADP). Paris EUROPLACE brings together all financial services industry Missions stakeholders and is the voice for its 400+ members, corporate issuers, investors, banks and financial intermediaries, professional associations, attorneys and accountants, consulting firms, etc., as well as the financial market authorities. Think tanks and Working groups: to enhance the New growing financial sectors: to act as a prominent Paris financial services business regulatory and global financial center in: environment, by supporting reforms and initiatives to improve the attractiveness of the Paris financial center. • Innovation / Fintech: the FINANCE INNOVATION Cluster guides the development of Fintechs in the most European contribution: to participate in European innovative fields: new payment solutions, Blockchain, working groups and consultations on European financial AI, risk management, asset management, insurtech,… markets and establish permanent relations with the European Commission and Parliament. • Sustainable Finance: the Finance for Tomorrow ini- tiative contributes to mobilizing the Paris market players International cooperation: to develop dialogue, close towards a sustainable and low carbon economy, in line ties and cooperation with emerging financial centers with the Paris Agreement. through the signature of MOUs and the organization of International Financial Forums. Financial research: the Institut Louis Bachelier promotes, shares and disseminates research in economics and finance. 2030 Institut Louis Bachelier (ILB) Global Strategy: www.institutlouisbachelier.org FINANCIAL RESEARCH To improve the Paris financial 1.
    [Show full text]
  • Fitch Ratings ING Groep N.V. Ratings Report 2020-10-15
    Banks Universal Commercial Banks Netherlands ING Groep N.V. Ratings Foreign Currency Long-Term IDR A+ Short-Term IDR F1 Derivative Counterparty Rating A+(dcr) Viability Rating a+ Key Rating Drivers Support Rating 5 Support Rating Floor NF Robust Company Profile, Solid Capitalisation: ING Groep N.V.’s ratings are supported by its leading franchise in retail and commercial banking in the Benelux region and adequate Sovereign Risk diversification in selected countries. The bank's resilient and diversified business model Long-Term Local- and Foreign- AAA emphasises lending operations with moderate exposure to volatile businesses, and it has a Currency IDRs sound record of earnings generation. The ratings also reflect the group's sound capital ratios Country Ceiling AAA and balanced funding profile. Outlooks Pandemic Stress: ING has enough rating headroom to absorb the deterioration in financial Long-Term Foreign-Currency Negative performance due to the economic fallout from the coronavirus crisis. The Negative Outlook IDR reflects the downside risks to Fitch’s baseline scenario, as pressure on the ratings would Sovereign Long-Term Local- and Negative increase substantially if the downturn is deeper or more prolonged than we currently expect. Foreign-Currency IDRs Asset Quality: The Stage 3 loan ratio remained sound at 2% at end-June 2020 despite the economic disruption generated by the lockdowns in the countries where ING operates. Fitch Applicable Criteria expects higher inflows of impaired loans from 4Q20 as the various support measures mature, driven by SMEs and mid-corporate borrowers and more vulnerable sectors such as oil and gas, Bank Rating Criteria (February 2020) shipping and transportation.
    [Show full text]
  • ING Pressrelease
    Press release Corporate Communications Amsterdam, 25 February 2021 ING appoints Anne-Sophie Castelnau global head of Sustainability Anne-Sophie Castelnau has been appointed ING’s global head of Sustainability per 1 April 2021. She will succeed Amin Mansour, who fulfilled the role on an interim basis. Anne-Sophie is currently head of Wholesale Banking for ING in France. Anne-Sophie Castelnau (French) joined ING in France in 2005. Before she became head of Wholesale Banking in France, she held various senior management positions, including head of Corporate Lending and head of Client Coverage. Before she joined ING, Anne-Sophie worked for French banks Natixis and Crédit Industriel et Commercial. Since she became head of ING Wholesale Banking in France in 2017, Anne-Sophie has had a strong focus on sustainable finance. She has been involved in bringing over 25 sustainability deals to fruition, including the first sustainability linked loan in France in 2017. Announcements on Anne-Sophie’s successor as head of Wholesale Banking in France will be made as and when appropriate. Note for editors For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news Twitter feed. Photos of ING operations, buildings and its executives are available for download at Flickr. ING presentations are available at SlideShare. Press enquiries Investor enquiries Daan Wentholt ING Group Investor Relations +31 20 576 6386 +31 20 576 6396 [email protected] [email protected] ING PROFILE ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank.
    [Show full text]
  • 2018 Global Go to Think Tank Index Report1
    University of Pennsylvania Masthead Logo ScholarlyCommons TTCSP Global Go To Think aT nk Index Reports Think aT nks and Civil Societies Program (TTCSP) 1-2019 2018 Global Go To Think aT nk Index Report James G. McGann University of Pennsylvania, [email protected] Follow this and additional works at: https://repository.upenn.edu/think_tanks Part of the International and Area Studies Commons McGann, James G., "2018 Global Go To Think aT nk Index Report" (2019). TTCSP Global Go To Think Tank Index Reports. 16. https://repository.upenn.edu/think_tanks/16 2019 Copyright: All rights reserved. No part of this report may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording, or by information storage or retrieval system, without written permission from the University of Pennsylvania, Think aT nks and Civil Societies Program. All requests, questions and comments should be sent to: James G. McGann, Ph.D. Senior Lecturer, International Studies Director, Think aT nks and Civil Societies Program The Lauder Institute University of Pennsylvania Email: [email protected] This paper is posted at ScholarlyCommons. https://repository.upenn.edu/think_tanks/16 For more information, please contact [email protected]. 2018 Global Go To Think aT nk Index Report Abstract The Thinka T nks and Civil Societies Program (TTCSP) of the Lauder Institute at the University of Pennsylvania conducts research on the role policy institutes play in governments and civil societies around the world. Often referred to as the “think tanks’ think tank,” TTCSP examines the evolving role and character of public policy research organizations.
    [Show full text]
  • Religious Discrimination in Access to Employment: a Reality
    Religious discrimination in access to employment: a reality Marie-Anne Valfort POLICY PAPER OCTOBER 2015 The Institut Montaigne is an independent think tank founded in 2000 by Claude Bébéar and directed by Laurent Bigorgne. It has no partisan ties and its highly diversified funding is from private sources only; no single contribution accounts for more than 2% of the annual budget. It brings together business leaders, senior civil servants, academics and representatives of civil society from different backgrounds and with diverse experiences. Institut Montaigne’s work focuses on four areas of research: Social cohesion (primary and secondary education, youth and older people’s employment, corporate governance, equal opportunity, social mobility, housing) Modernising public action (pension system, legal system, healthcare system) Economic competitiveness (entrepreneurship, energy & climate change, emerging states, corporate financing, intellectual property, transportation) Public finance (Tax system, social protection) Thanks to both its associated experts and its study groups, the Institut Montaigne pro- duces practical long-term proposals on the substantial challenges that our contemporary societies are facing. It therefore helps shaping the evolutions of social consciousness. Its recommendations are based on a rigorous and critical method of analysis. These recommendations are then actively promoted to decision-making governmental officials. Throughout its publications, lectures and conferences, the Institut Montaigne aims to be a key contributor to the democratic debate. The Institut Montaigne ensures the scientific validity, accuracy and the quality of the work that it produces, yet the opinions portrayed by the authors are those of their own and not necessarily the Institut’s. The authorial opinions are therefore not to be attributed to the Institut nor to its governing bodies.
    [Show full text]
  • ING Credit Update 4Q2020
    ING Credit Update 4Q2020 ING Investor Relations 12 February 2021 Key points . 2020 was a year marked by the Covid-19 pandemic and the unprecedented challenges it presented to our customers, employees and society. We continue to take actions to provide support and with vaccination programmes being rolled out globally, we look forward to return to more normal circumstances in the near future . We continue our efforts to build a sustainable company, also reflected in our strong ESG profile . The current environment underscores the strength of our digital business model. We continued to grow primary customers, as they choose us as their go-to bank, while mobile interactions further increased . Pre-provision result was resilient, though the impact from Covid-19 is visible, most notably on lending and savings. After years of growth, 2020 net core lending was down by €2.5 bln, while net deposit inflow was high at €41.4 bln . Fee growth was good, as our actions on investment products and daily banking more than compensated for the impact of the Covid-19 pandemic on fees for payments and lending . 2020 risk costs were €2.7 bln with ~30% in Stage 1 and 2, mainly due to Covid-19, reflecting IFRS 9 related provisions and management overlays. For 2021 we expect to move close to our through-the–cycle average of ~25 bps . The Stage 3 ratio remained low at 1.7% and we are confident on the quality of our loan book, supported by a proven risk management framework with a strong track record, also compared to peers .
    [Show full text]
  • Anheuser-Busch Inbev
    Sustainability Guide 2013 Company and Sector Analysis of the STOXX® Europe 50 Index Featuring the new Inrate Sustainability Assessment Impact is at the heart of the Inrate Sustainability Analysis Foreword The publication of the 2013 Inrate Sustainability Guide of companies and sectors in the STOXX® EUROPE 50 index is an important step in the validation of our work. It is the outcome of a three year Research and Development project which has brought to fruition developments in our methodology we have long believed in. Sustainability analysis is often criticized, for focusing too much on the facade erected by companies rather than on the Philippe Spicher, true impact of the building which lies behind it. This approach CEO Inrate was perhaps justified in the beginning, when sustainability initiatives reflected a genuine awareness and commitment on the part of companies. But as soon as environmental and so- first analyze and understand a company’s business activi- cial communication became fashionable it was often the case ties as well as the environmental and social issues at stake. the more the building was cracked, the more the facade was For example, child labor is a fundamental issue for clothing decorated. brands and chocolate manufacturers but it is marginal for many other companies. Global warming affects the entire The phenomenon of green washing is one reason why highly economy but not always to the same extent. To complicate controversial companies are sometimes found at the top of matters further, few companies are confined to a single busi- current sustainability rankings. Another reason is the im- ness activity and many companies have diversified their busi- proper application of best-in-class methodology which sim- ness over several industries.
    [Show full text]
  • ING to Sell Stake in ING-BOB Life to BNP Paribas Cardif
    CORPORATE COMMUNICATIONS PRESS RELEASE Amsterdam, 8 July 2013 ING to sell stake in ING-BOB Life to BNP Paribas Cardif ING announced today that it has agreed to sell its 50% stake in its Chinese insurance joint venture ING-BOB Life Insurance Company to BNP Paribas Cardif, the insurance arm of BNP Paribas. The transaction, which is subject to regulatory approval, is not expected to have a material impact on ING Group results. The transaction is part of ING’s earlier announced process to divest ING’s insurance and investment management businesses. The process to divest the remaining insurance and investment management businesses in Asia is on-going and any further announcements will be made if and when appropriate. Today’s announcement does not affect ING Bank’s 13.7% stake in Bank of Beijing, nor does it affect ING’s Commercial Banking activities in China. ING’s Chinese life insurance joint venture was established in 2002 and today operates eight branches in seven provinces and municipalities in China. It offers savings and protection products to families in China through an agency network and through bank branches. Press enquiries Investor enquiries Victorina de Boer ING Group Investor Relations +31 20 57 66373 +31 20 57 66396 [email protected] [email protected] ING PROFILE ING is a global financial institution of Dutch origin, offering banking, investments, life insurance and retirement services to meet the needs of a broad customer base. Going forward, we will concentrate on our position as an international retail, direct
    [Show full text]
  • Biographical Notes G-20 Business Summit Delegates June 25-26, 2010
    Biographical notes G-20 Business Summit Delegates June 25-26, 2010 ARGENTINA Federico Nicholson Director Ledesma S.A.A.I. Federico Nicholson is a member of the Board of Directors of Ledesma S.A.A.I., a diversified agricultural producer that specializes in sugar, syrups, alcohol, paper, fruits, juices, livestock and grains. He is Vice President of the Argentine Industrial Union (UIA), the country’s leading business advocacy group. In addition, he serves as President of the Argentine North Regional Sugar Center, Vice President of the Argentine Pulp and Paper Association, and Deputy Secretary of the Food Industries Association. Mr. Nicholson is Former President of the National Industrial Movement and Former Vice President of the Argentine Corn Starch and Syrups Chamber. AUSTRALIA Mark Burrows Former Chairman Lazard Australia Mark Burrows is one of Australia’s most experienced investment bankers. He began his career with Baring Brothers in London, and from the mid-1980s to 1999 was Executive Chairman of Baring Brothers Burrows in Sydney. He then relocated to London as Deputy Chairman and Managing Director of ING Barings. In 2004 he joined Lazard as a managing partner in London, before returning as the inaugural Chairman of Lazard in Australia. Mr Burrows has been a non-executive director of a number of major Australian, British and New Zealand public companies. In the early 1990s he led the development of Australia’s national uniform corporate law and financial market regulation, which led to the creation of the Australian Securities and Investments Commission. John W. H. Denton Partner and Chief Executive Officer Corrs Chambers Westgarth A former diplomat, John W.
    [Show full text]
  • Annual Report of Proxy Voting Record Date Of
    ANNUAL REPORT OF PROXY VOTING RECORD DATE OF REPORTING PERIOD: JULY 1, 2018 - JUNE 30, 2019 FUND: THE VANGUARD GLOBAL ENHANCED EQUITY FUND --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ISSUER: 3i Group Plc TICKER: III CUSIP: G88473148 MEETING DATE: 6/27/2019 FOR/AGAINST PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT PROPOSAL #1: ACCEPT FINANCIAL STATEMENTS AND ISSUER YES FOR FOR STATUTORY REPORTS PROPOSAL #2: APPROVE REMUNERATION REPORT ISSUER YES FOR FOR PROPOSAL #3: APPROVE FINAL DIVIDEND ISSUER YES FOR FOR PROPOSAL #4: RE-ELECT JONATHAN ASQUITH AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #5: RE-ELECT CAROLINE BANSZKY AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #6: RE-ELECT SIMON BORROWS AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #7: RE-ELECT STEPHEN DAINTITH AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #8: RE-ELECT PETER GROSCH AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #9: RE-ELECT DAVID HUTCHISON AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #10: ELECT COLINE MCCONVILLE AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #11: RE-ELECT SIMON THOMPSON AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #12: RE-ELECT JULIA WILSON AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #13: REAPPOINT ERNST & YOUNG LLP AS AUDITORS ISSUER YES FOR FOR PROPOSAL #14: AUTHORISE BOARD ACTING THROUGH THE ISSUER YES FOR FOR AUDIT AND COMPLIANCE COMMITTEE TO FIX REMUNERATION OF AUDITORS PROPOSAL #15: AUTHORISE EU POLITICAL DONATIONS AND ISSUER YES FOR FOR EXPENDITURE PROPOSAL #16:
    [Show full text]