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2018 REGISTRATION DOCUMENT Including the Annual Financial Report

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2018 REGISTRATION DOCUMENT Including the Annual Financial Report 2018 REGISTRATION DOCUMENT including the annual financial report cic.fr CONTENTS CHAIRMAN’S STATEMENT 2 CIC’S PROFILE 4 4 NON-FINANCIAL PERFORMANCE 2018 SIMPLIFIED STATEMENT 317 ORGANIZATION CHART 6 4.1 A word from the Chairman and Chief Executive Officer 318 4.2 Preamble 319 4.3 CIC’s business and value-sharing model (BM) 320 4.4 The group’s non-financial risks and opportunities (R/O) 322 1 PRESENTATION OF CIC 9 4.5 Responsible management of Human 1.1 Business lines 10 Resources 325 1.2 Network contact information 25 4.6 A responsible economic agent 332 1.3 History of CIC 29 4.7 Being a trusted partner 340 1.4 Equity 31 4.8 An actor in culture and society 351 1.5 Dividends and non-voting loan stock 33 4.9 A stronger approach 1.6 Statutory auditors’ report to the environment 357 on the interest due on non-voting loan 4.10 Governance 363 stock 34 4.11 Methodological note 364 4.12 2018 indicators 366 2 CORPORATE GOVERNANCE 37 4.13 Cross-reference table 374 2.1 Corporate governance report 38 4.14 Independent auditor’s report on the consolidated non-financial 2.2 Statutory auditors’ report on the performance statement Board’s corporate governance report 50 in the management report 377 2.3 Special report of the statutory auditors on regulated agreements and commitments 51 5 LEGAL INFORMATION 381 5.1 Shareholders 382 3 FINANCIAL INFORMATION 53 5.2 General information 384 3.1 Risks and capital adequacy 54 3.2 Consolidated financial statements 207 ADDITIONAL INFORMATION 387 3.3 Statutory auditors’ report on the 6 6.1 Documents available to the public 388 consolidated financial statements 274 6.2 Person responsible 3.4 Annual financial statements 278 for the registration document 388 3.5 Statutory auditors’ report on the 6.3 Statutory auditors 389 annual financial statements 313 6.4 Cross-reference tables 390 6.5 Glossary 395 (1) For additional information about the Management Report, please refer to point 2 «Management Report» of the cross-reference table on pages 392 and following 2018 REGISTRATION DOCUMENT including the annual financial report A leading bank both in France and abroad , CIC promotes a universal banking model that combines businesses covering all areas of finance and insurance, financial solidity and a long-term growth strategy. A technologically advanced bank within reach of its customers, CIC listens to its customers to provide products and services best tailored to their needs Flexible tools and adaptable products and services combined with the proximity of the networks allow CIC to offer the responsiveness that customers expect, regardless of their location. Through its commitment to the economy and society, and with a strong corporate governance system, CIC acts as a responsible bank in a rapidly changing world. High entrepreneurial standards with operations built around five areas of activity : RETAIL BANKING, CORPORATE BANKING, CAPITAL MARKETS, PRIVATE BANKING, PRIVATE EQUITY. The English language version of this report is a free translation from the original, which was prepared in French. All possible care has been taken, to ensure that the translation is an accurate presentation of the original. However, in all matters of interpretation, views or opinion expressed in the original language version of the document in French take precedence over the translation. This registration document was filed with the Autorité des marchés financiers (AMF – French Financial Markets Authority) on June 11 , 2019, pursuant to Article 212-13 of the AMF’s General Regulations. It may be used in support of a financial transaction if it is accompanied by a memorandum approved by the AMF. This document was prepared by the issuer and is binding on its signatories. CIC I 2018 REGISTRATION DOCUMENT 1 CHAIRMAN’S STATEMENT CHAIRMAN’S STATEMENT Nicolas Théry 2 CIC I 2018 REGISTRATION DOCUMENT www.cic.fr CHAIRMAN’S STATEMENT CIC wants to be at the forefront of change. New business lines are emerging while others are being transformed or reassessed. (+10.8%), telephony (+6.1% of contracts), theft protection (+3.9% of contracts), electronic payment terminals (+3.3%)... It’s also thanks to these attributes that CIC, the bank for people with an entrepreneurial spirit , continues to support one out of every three companies in France, Innovation and a multiservice strategy to support bringing them solutions to most closely meet their world of needs by entrepreneurs combining the tools of online banking with face-to-face relationships . The digital revolution continues. The digitalization of the economy, CIC owes these results to its employees’ constant involvement in the sustained competitive pressure, the low interest rate environment and company’s business plan. The importance given to training (6% of new regulations have helped change work habits, business lines and payroll) coupled with the adoption by employees of new tools and their modes of consumption. New business lines are emerging while others desire to make them known to customers are all factors contributing are being transformed or reassessed with the main goal of satisfying to the success of the transformation. the needs of more than five million customers (+ 1.9%(1)). Anticipating changes in the modern world, placing technology at the service of humans, continuing the same search for efficient and In this constantly changing economic and technological environment, development, CIC has all the attributes to achieve the ambitions set CIC, driven by the dynamics of Crédit Mutuel Alliance Fédérale and by the ensemble#nouveaumonde strategic plan launched at the end by its capacity to innovate and anticipate, continues to transform its of 2018. This plan is based on a +3% increase in the NBI per year and model successfully. At the end of the fiscal year, it posted a net profit of an increase of one-third of the net profit of Crédit Mutuel Alliance €1,395 million, up 8% and a CET1 solvency ratio of 13.0%, which reflect Fédérale in 5 years. both strengthened profitability and financial structure. Its net banking income was stable at €5,021 million and progressed in all activities, Nicolas Théry with the exception of capital markets, heavily penalized in 2018 by a turbulent environment. In terms of activity, the results attest to a strong commercial dynamic and the vitality of a network of almost 2,000 branches complemented by a digital offer adapted to needs and at the cutting edge of innovation. CIC, the bank for people Accounting deposits grew by 5.5%, total outstanding customer loans with an entrepreneurial spirit, supports by 10.0%. The long anticipated diversification strategy is also reflected in significant growth in all sectors. The insurance portfolio increased one out of every three businesses 5.5%, like the service activities, whether it concerns online banking in France by combining the tools of online banking with the proximity of 2,000 CIC branches. (1) Banking network. CIC I 2018 REGISTRATION DOCUMENT 3 CIC’S PROFILE CIC’S PROFILE 2018 CIC, a holding and retail banking network in the Paris region, brings together 5 regional banks and specialized subsidiaries in all the finance and insurance business lines, in France and internationally. 5,138,230 customers* 4,138,450 119,693 741,741 INDIVIDUALS ASSOCIATIONS PROFESSIONALS 138,346 19,926 1,911 BUSINESSES EMPLOYEES** BRANCHES IN FRANCE 4 34 17 FOREIGN REPRESENTATION PRIVATE BANKING BRANCHES OFFICES LOCATIONS ABROAD Figures as of December 31, 2018. * Banking network. ** Full-time equivalent. 4 CIC I 2018 REGISTRATION DOCUMENT www.cic.fr KEY CONSOLIDATED FIGURES KEY CONSOLIDATED FIGURES CAPITAL IN MILLIONS OF EUROS 2018 2017 2016 Net banking income 5,021 4,991 4,985 Operating income 1,664 1,685 1,729 Net profit/(loss) attributable to the group 1,385 1,275 1,352 Cost/income ratio(1) 63.1% 62.2% 61.6% (1) Overheads as a percentage of net banking income. TOTAL ASSETS SHAREHOLDERS’ EQUITY RETURN ON EQUITY(1) SOLVENCY RATIO (incl. non-controlling interests) COMMON EQUITY TIER 1 - BASEL 3(2) 294,704 15,123 15,101 10.6% 13.7% 269,316 14,117 12.5% 13.0% 264,840 9.3% 9.8% 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 CUSTOMERS LOANS CUSTOMER DEPOSITS SAVINGS MANAGED LIFE INSURANCE(4) AND HELD IN CUSTODY(3) 188,520 152,060 200,125 197,294 39,412 144,134 187,833 37,876 38,776 166,063 171,952 138,772 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 (1) Net income attributable to the company as a percentage of opening equity less dividends paid. (2) 2017 and 2018: Excluding net income. (3) Managed savings (life insurance, employee savings plans and UCITS) and customers’ securities in custody allocated to operational activities. (4) Amounts outstanding at the end of the month. CIC I 2018 REGISTRATION DOCUMENT 5 2018 SIMPLIFIED ORGANIZATION CHART 2018 SIMPLIFIED ORGANIZATION CHART • HOLDING COMPANY AND HEAD OF THE BANK NETWORK • REGIONAL BANK IN ILE-DE-FRANCE • INVESTMENTS, FINANCING AND CAPITAL MARKETS BANKING 100% 100% 100% 100% 100% Banking CIC CIC CIC CIC CIC network Nord Ouest Ouest Sud Ouest Est Lyonnaise NETWORK de Banque 100% 100% 100% Private Banque Banque CIC Banque Banking Transatlantique Suisse de Luxembourg 100% Private Equity CM-CIC Investissement SPECIALIZED 23.5% 99.9% 100% Specialized CM-CIC Asset CM-CIC Épargne CM-CIC BUSINESSES business lines Management Salariale Bail BY BUSINESS LINE 54.1% 95.5% 100% CM-CIC CM-CIC CM-CIC Lease Factor Aidexport 18.5% Groupe Insurance des Assurances du Crédit Mutuel SHARED- SERVICE 12.5% No capital No capital Euro GIE CM-CIC GIE Centre de Information Titres Conseil et de COMPANIES Services - CCS The percentages indicate how much is controlled by CIC within the meaning of Article L.233-3 of the French Commercial Code.
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