La Banque D'un Monde Qui Change
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2004 ANNUAL REPORT La banqueLa banqueThe d’un bank d’unmonde for monde a quichanging changequi change world La banque d’un monde qui change contents Key Figures 2-3 Chairman’s and Chief Executive Officer’s Statement 4-5 The Executive Committee 6-7 History 8 The Trademark Portfolio 9 The Bank for a Connected World 10-13 The Group’s Core Businesses 14-15 Corporate and Investment Banking 18-31 • Advisory and Capital Markets 22-25 • Financial Businesses 26-29 Retail Banking 32-57 • French Retail Banking 34-43 • International Retail Banking and Financial Services 46-57 Asset Management and Services 58-73 • Wealth and Asset Management 62-69 • Insurance 70-71 • Securities Services 72-73 Klépierre 76-77 BNP Paribas Capital 78-79 Sustainable Development 82-155 • General Business Principles - The Group’s Approach 83-85 - Group Ethics and Compliance 86-87 • BNP Paribas and its Shareholders - Shareholder Information 88-99 - Human Resources Development 101-110 - Relations with Clients 111-117 - Impact on the Natural Environment 118-122 - A Partner in Society 124-129 • Corporate Governance - Board of Directors 132-135 - Chairman’s Report 136-150 - Remuneration 151-155 Financial and Legal Information 158-310 • Review of Operations 160 • Consolidated Financial Statements 193 • Parent Company Financial Statements 270 • General Information 300 • Combined Annual and Extraordinary General Meeting of 18 May 2005, Proposed Resolutions 304-308 Glossary 309-315 Creating a community of interests Sharing knowledge Partnering research initiatives Forging exchanges and alliances Cross-selling Pooling resources The Bank for a Changing World Setting up cross-fertilisation mechanisms Devising a systems approach Over to the Networks! Implementing knowledge management Building cross-functional structures Promoting teamwork As in 2003, to best illustrate our “Bank for a Changing World” signature, we have chosen to present some twenty BNP Paribas clients as a guiding thread throughout our 2004 Annual Report. The main factors driving change – global competition, the increasing pace of technological innovation and the growing consolidation of major players – pose new organisational challenges and encourage a network-based focus for operations to rival traditional ways of working. Through networks, we can act out a shared project. As unrivalled catalysers for developing network-oriented businesses, Internet and new information technologies are emblematic of these far-reaching changes. E-democracy (p.65), online video gaming (p.68), and the best digital libraries within the reach of an ever-higher number of users (p.53), all testify to the inescapable fact that we are all now connected! The example of Senegalese fishermen using third generation mobile technology (p.56) is a clear sign that information exchanges in real time can genuinely trigger economic development. After inventing the World Wide Web, Cern has come up with Grid, a system able to pool the calculating capacity of a network of computers and help unravel the mysterious origins of our Universe (p.80). Individuals, too, can agree to link-up their personal computers in the interests of a major scientific project – listening to the sounds of our world (p.130). In pooling its resources, sharing knowledge and transferring technology, Biovalley – Europe’s largest biotechnology centre (p.44) – is a shining example of what a network could be. This highly innovative organisation can take a number of other forms: mixed research laboratories (p.112), public and private sector educational alliances (p.100), and major cultural outreach initiatives (p.156) are some such examples. Other unbeatable gateways to connections and exchanges include airport terminals (p.30), urban transport facilities (p.34) and maritime hubs (p.74). Networks can be used for promoting solidarity, as in the case of Adie, a chain of partners who have joined forces to fight social exclusion (p.39). The surge in initiatives to help victims of the Tsunami (p.123) and local exchange mechanisms (p. 96) are also examples of relations being forged through networks. Our Group is skilled at interpreting and adapting to this changing world in which we live. BNP Paribas’ Corporate and Investment banking business has created a revolutionary workspace known as the e-room (p.10), and the Group has shown its leadership in coordinating a pool of sixty partners financing the biggest energy deal in history (p.16). 23 key Figures Key Figures Number of Group employees Ratings (as of 6 July 2004) 2004 2003 Moody’s Aa2 Stable outlook World 94,900 89,100 Standard & Poor’s AA Stable outlook Europe 70,400 67,400 Fitch AA Stable outlook Net income, Group share Earnings per share (1) (in millions of euros) (in euros) 4,668 018 , 4,124 761 4 , 6 5.55 3 4.70 3,295 4.64 3,26 4.31 3.78 2.79 1999* 2000 2001 2002 2003 2004 1999 2000 2001 2002 2003 2004 * Pro forma net income before restructuring provisions. (1) Net income, based on the average number of shares outstanding, adjusted for the 20 February 2002 two-for-one share-split. Return on equity Gross income Market capitalisation at 31/12 (in %) (in millions of euros) (in billions of euros) 47.2 7,231 45.1 44.5 6,650 6,517 41.9 20.9 41.2 5,825 5,838 18.2 34.8 17.1 16.8 4,790 4.3 1 13.5 1999* 2000 2001 2002 2003 2004 1999* 2000 2001 2002 2003 2004 1999 2000 2001 2002 2003 2004 * Pro forma net income before restructuring provisions. * Pro forma gross income. 23 key Figures Net banking income Gross operating income by core business by core business (in %) (in %) 16% 15% 21% 26% • Retail Banking • FRB • IRFS 33% 31% • CIB 27% 31 % • AMS 2004 2003 Total assets 905,938 783,076 Customer deposits 328,268 282,568 Customer loans (gross) 266,850 231,479 Business (1) Shareholders’ equity 30,194 28,321 (in millions of euros) International capital adequacy ratio 10.3% 12.9% o/w Tier One 8.1% 9.4% (1) Before income appropriation. 2004 2003 Change 2004 - 2003 Net banking income 18,823 17,935 5.0% Results Gross operating income 7,231 6,650 8.7% (in millions of euros) Operating income 6,553 5,289 23.9% Pre-tax income 6,905 5,586 23.6% Net income 4,668 3,761 24.1% 45 chairman‘s and chief executive officer‘s statement Chairman‘s and Chief Executive Officer‘s Statement BNP Paribas turned in a stellar performance in 2004, boosted by ongoing vigorous development and improved competitive positions on the majority of its markets. The Group’s relentless drive to evolve and fortify its operations has fuelled major advances in each of our core businesses over the last few years. This success is rooted in the strong expansion of our International Retail Banking and Financial Services business, which has pursued a buoyant pace of external growth against a backdrop of sustained organic expansion; the deployment of an aggressive policy seeking to increase our foothold on the French Retail Banking market, which has given BNP Paribas one of the fastest growing client portfolios in France; the development of the Corporate and Investment Banking business, which has emerged as a European or global leader in each of its businesses; and the resilience and recovery of the Asset Management and Services business amid the crisis confronting the financial markets. For many years now, BNP Paribas has demonstrated its versatility and ability to stay one step ahead of fast-moving changes in technology, client expectations and its business environment, and it has constantly strived to achieve the right balance between the interests of its shareholders, its clients and its employees. The Group’s results in 2004 Michel Pébereau Baudouin Prot bear testimony to this momentum. Chairman Chief Executive Officer 45 chairman‘s and chief executive officer‘s statement Several important Group-wide actions were implemented in the year, from the formation of BNP Paribas Partners for Innovation, the IAS-IFRS transition program and the ramp-up of the Bank’s trademark portfolio, through to The future looks set to hold many the creation of a global compliance function. opportunities and challenges. In the short In 2004, BNP Paribas also embarked on term, we can expect patchy worldwide growth a number of initiatives demonstrating its in an unsettled business environment that commitment to being a socially responsible remains vulnerable to significant uncertainties. player, with more than 8,000 new hires The financial sector in the medium term is worldwide, including 3,000 in France. likely to undergo far-reaching changes on the back of a faster pace of consolidation in all BNP Paribas boasts an increasingly diverse fabric of the world’s major markets. of high-potential employees and renowned executives, carrying out an ever-wider range of These developments constantly throw up tasks of expanding significance across the globe. new possibilities that BNP Paribas is ready to Our Group harnesses growth by successfully seize in the context of its Vision 2007 project. combining strong performances with a proven Vision 2007 was created in conjunction commitment to social responsibility. with managers from across the Group’s core businesses and functions. The foremost positions we enjoy in our various activities and our proven financial solidity pave the way for BNP Paribas this new phase in the Group’s development. While extending our global footprint, we will at a glance continue to bolster the Group by stepping up the pace of organic growth and external Leading Eurozone bank in terms of profit expansion; pursuing our drive to boost operating efficiency; maintaining a stringent Sustained business expansion Net banking income: EUR 18,823 million, up 5.0% control of risks; and energising our capital management.