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The Bank for a Changing World ANNUAL REPORT 2016 ANNUAL REPORT 2016 CONTENTS SOMMAIRE

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The Bank for a Changing World ANNUAL REPORT 2016 ANNUAL REPORT 2016 CONTENTS SOMMAIRE ANNUAL REPORT The bank for a changing world ANNUAL REPORT 2016 ANNUAL REPORT 2016 CONTENTS SOMMAIRE 01 CONSOLIDATED KEY FIGURES 07 02 BGL BNP PARIBAS AND ITS SHAREHOLDERS 09 03 THE GROUP BNP PARIBAS IN LUXEMBOURG 10 04 HISTORY OF BGL BNP PARIBAS 13 05 DIRECTORS AND OFFICERS 15 06 STATEMENT OF THE BOARD OF DIRECTORS 19 07 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS 21 Preamble 21 Consolidated management report 22 Unconsolidated management report 31 Outlook for 2017 34 Governance bodies 35 08 CONSOLIDATED FINANCIAL STATEMENTS TO 31 DECEMBER 2016 36 Audit report 37 Consolidated pro t and loss account 2016 39 Statement of consolidated net income and changes in assets 40 and liabilities recognised directly in consolidated equity Consolidated balance sheet 2016 41 Statement of changes in the consolidated shareholders’ equity 42 Consolidated cash ow statement 2016 44 09 NOTES TO THE FINANCIAL STATEMENTS 46 Generalities 46 1. Summary of signi cant accounting principles applied by the Group 46 2. Notes to the pro t and loss account for the year ended 31 December 2016 67 3. Segment information 73 4. Risk Management and Capital Adequacy 76 5. Notes to the balance sheet at 31 December 2016 114 6. Financing commitments and guarantee commitments 142 7. Salaries and employee bene ts 144 8. Additional information 150 10 UNCONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 166 Unconsolidated balance sheet 167 Unconsolidated pro t and loss account 169 11 BRANCH NETWORK 171 12 SUBSIDIARIES/BRANCH, PARTICIPATING INTERESTS, BUSINESS CENTERS 173 AND OTHER COMPANIES OF THE GROUP IN LUXEMBOURG 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 opinions, expressed in the original language version of the document in French, take precedence over the translation. 5 CONSOLIDATED KEY FIGURES CONSOLIDATED KEY FIGURES CONSOLIDATED KEY FIGURES In millions of euros 2016 2015 2014 Profi t and loss account Revenues 1,352.2 1,373.5 1,346.8 Operating expenses (664.7) (673.1) (666.6) Cost of risk (52.6) (48.8) (35.7) Net profi t attributable to equity holders of the parent 403.2 357.9 342.3 Balance Sheet Total balance sheet 44,980.2 43,214.8 41,096.8 Loans and receivables due from customers 26,580.9 25,626.9 24,570.8 Due to customers and debt securities 24,960.5 22,572.5 21,347.5 2016 2015 2014 Basel 3 (phased in) Basel 3 (phased in) Basel 3 (phased in) Regulatory own funds 5,485.5 5,339.5 5,206.8 Amount of risk weighted assets 23,663.2 23,801.5 22,876.1 Solvency ratio 23.2% 22.4% 22.8% Ratings (March 2017) Moody’s Standard Fitch & Poor’s Short term P-1 A-1 F1 Long term A1 A A+ 7 BGL BNP PARIBAS AND ITS SHAREHOLDERS BGL BNP PARIBAS AND ITS SHAREHOLDERS BGL BNP PARIBAS AND ITS SHAREHOLDERS (as at 31 December 2016) The State of Luxembourg 99.93% 0.07% 15.96% Other 34% shareholders 50.01% 0.03% Other shareholders 9 THE BNP PARIBAS GROUP IN LUXEMBOURG With nearly 4,000 employees, the divisions and business lines of the BNP Paribas Group in Luxembourg respond to the needs of individuals and businesses, investors and also corporate and institutional customers in three core business areas: Retail Banking & Services and Corporate & Institutional Banking. THE BNP PARIBAS GROUP IN LUXEMBOURG RETAIL BANKING & SERVICES: A PRODUCT RANGE FOR BOTH INDIVIDUAL AND BUSINESS CLIENTS Business lines ● The BGL BNP Paribas Retail & Corporate Banking It also has 8 business centers that provide services business provides – variously through Retail Banking, exclusively to professional clients. Corporate Banking, Private Banking Luxembourg and ● Leasing: BGL BNP Paribas Direct – a broad range of nancial BNP Paribas Leasing Solutions is the local market products and services, including current accounts, leader for nancial leasing, providing attractive solu- savings or bancassurance products, plus specialised tions for the nancing of plant and equipment to its services for professionals and companies (in particu- professional customers. lar cash management) such as leasing. Arval offers operational leasing services exclusively to Its commercial network comprimes 41 branches, 5 a corporate clientele, specialising in providing optimal Private Banking sites for high-net-worth residents in solutions for managing company car eets. Luxembourg and around 100 ATMs. INTERNATIONAL FINANCIAL SERVICES: A COMPREHENSIVE OFFER FOR INVESTORS Business lines ● BNP Paribas Wealth Management provides tailored ● Insurance: asset management and wealth management solu- Cardif Lux Vie offers a range of products and services tions, including high-end specialist services such through three complementary business lines: Wealth as investment counselling, discretionary wealth Management for an international clientele; Retail management mandates, wealth organisation and insurance via the BGL BNP Paribas branch network; succession planning, nance and daily banking and Corporate insurance. services as well as asset diversi cation advice. ● Real Estate Services: ● Asset Management: BNP Paribas Real Estate draws on the expertise of six BNP Paribas Investment Partners provides institu- real estate business lines – Property Management, tional clients and distributors all over the world with Valuation, Consulting, Transactions, Property a comprehensive range of nancial management Development and Investment Management – in order services. to provide clients with tailored solutions. CORPORATE AND INSTITUTIONAL BANKING: A HIGH-PERFORMANCE STRUCTURE FOR CORPORATE AND INSTITUTIONAL CLIENTS ● The Corporate and Institutional Banking Luxembourg • Prime Solutions & Financing, which specialises in (CIB) business line provides Bank clients, mainly providing collateralised investment solutions for companies and institutions, with products and ser- Institutional clients. vices relating to the capital and nancing markets in Luxembourg. Along with these four main businesses, the Financial Institutions coverage division assists business lines in CIB Luxembourg comprises four main businesses: their client relationships. • Correspondent Banking, which consists of meeting the daytoday account-related requirements of Institutional Finally, BNP Paribas Securities Services in Luxembourg clients; has a long-standing reputation for its expertise and a • Credit, i.e. providing nance to Corporate and unique know-how in funds management, international Institutional clients; bond issues and in engineering both products. • Financing Solutions, which arranges nancing for tan- gible assets; 11 HISTORY OF BGL BNP PARIBAS HISTORY OF BGL BNP PARIBAS HISTORY OF BGL BNP PARIBAS ● Founded in 1919 under the name of Banque Générale ● 2005: Banque Générale du Luxembourg changes its du Luxembourg (BGL). name and operates under the name of Fortis Bank Luxembourg. ● Founders: Société Générale de Belgique in conjunc- tion with a group of private investors in Luxembourg ● 2008: The Luxembourg State acquires a 49.9% and Belgium. shareholding of the Bank which operates under the name of BGL. ● 1984: The shares of Banque Générale du Luxembourg are listed on the Luxembourg Stock Exchange. ● 2009: The BNP Paribas Group acquires a majority stake in BGL (65.96%) alongside the Luxembourg ● 1998: Fortis Group becomes the reference share- State which remains a signi cant shareholder (34%). holder of the Bank (53.2%) following the launch of a public take-over bid for shares of the Générale de ● 2009: BGL adopts the name BGL BNP Paribas. Banque. ● 2000: Banque Générale du Luxembourg and Fortis strengthen their strategic partnership. 13 DIRECTORS AND OFFICERS DIRECTORS AND OFFICERS DIRECTORS AND OFFICERS ÉTIENNE REUTER MAXIME JADOT Director of the General Chairman of the Management Inspection for Finance, Committee of Luxembourg BNP Paribas Fortis, Chairman Brussels Director THIERRY LABORDE Member of the Executive JOSIANE KREMER Committee of BNP Paribas, Staff Representative, Paris Roodt/Septfontaines Vice-Chairman Director HRH PRINCE GUILLAUME VINCENT LECOMTE OF LUXEMBOURG Head of BNP Paribas Wealth Luxembourg Management, Paris Director Director JEAN-MARIE AZZOLIN CORINNE LUDES Staff Representative, Staff Representative, Bridel Dudelange Director Director DIDIER BEAUVOIS JEAN MEYER Member of the Management Doctor of law, Attorney, Committee of Oberanven BNP Paribas Fortis, Brussels Director Director BAUDOUIN PROT FRANCIS CAPITANI Corporate Director, Staff Representative, Paris Dudelange Director Director DENISE STEINHÄUSER JEAN CLAMON Staff Representative, Engineer, Corporate Director, Junglinster Étienne Reuter Paris Director Chairman of the Board of Directors Director CARLO THELEN ANNA DARESTA Economist, Luxembourg Staff Representative, Director Sanem TOM THEVES Director (since 1st January 2017) First Advisor to the Government, GABRIEL DI LETIZIA Luxembourg Staff Representative, Director Bergem CARLO THILL Director Chairman of the Management CAMILLE FOHL Board, Advisor to the Executive Leudelange Committee Director of BNP Paribas, Paris MICHEL WURTH Director Economist, JEAN-CLAUDE GILBERTZ Sandweiler Staff Representative, Director Olm Director (until 31 December 2016) 15 HONORARY CHAIRMAN RISK COMMITTEE AUDIT COMMITTEE MARCEL MART JEAN CLAMON JEAN CLAMON Former President of the Court Director Director of Auditors of the European Chairman Chairman Communities, Luxembourg DIDIER BEAUVOIS DIDIER BEAUVOIS Director Director HONORARY
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