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Livre 1.Indb 2010 Registration Document and Annual Financial Report CORPORATE & INVESTMENT BANKING / INVESTMENT SOLUTIONS / SPECIALIZED FINANCIAL SERVICES Contents 1 4 PRESENTATION OF NATIXIS 3 FINANCIAL DATA 167 1.1 Natixis 4 4.1 Management Report for the year ending 1.2 History and Natixis’ links with BPCE 5 December 31, 2010 168 4.2 186 1.3 2010 Key fi gures 7 Consolidated fi nancial statements and notes 4.3 Statutory Auditors’ report on the 1.4 Natixis’ business lines 9 consolidated fi nancial statements 328 1.5 GAPC 33 4.4 Parent company fi nancial statements 1.6 Natixis and its shareholders 37 and notes 330 4.5 Statutory Auditor’s report on the parent company fi nancial statements 379 4.6 Statutory Auditor’s Special Report on 2 Related Party Agreements and Commitments 381 CORPORATE GOVERNANCE 41 2.1 Introduction 42 2.2 Structure of the corporate 5 and executive bodies 43 SOCIAL AND ENVIRONMENTAL 2.3 Role and operating rules of the corporate bodies 73 INFORMATION 387 2.4 Policies and rules for determining 5.1 Human Resources 388 compensation and benefi ts of all kinds paid 5.2 Sustainable development and diversity 393 to members of the corporate bodies 83 5.3 NRE Appendices – Labor information 397 2.5 Potential confl icts of interest 92 5.4 NRE Appendices – 2.6 Chairman’s report on the internal control Environmental information 410 procedures 93 2.7 Statutory Auditor’s report on the report prepared by the Chairman of the Board of Directors 109 6 LEGAL INFORMATION 415 3 6.1 Natixis Bylaws 416 6.2 General information on Natixis’ capital 422 RISK MANAGEMENT 111 6.3 Distribution of share capital and voting rights 429 3.1 Risk factors 113 6.4 Information from Article L.225-100-3 3.2 Pillar III 123 of the French Commercial Code 431 3.3 Overall interest rate, liquidity and structural 6.5 Purpose and draft resolutions foreign exchange risk 151 submitted to the General Shareholders’ Meeting of May 26, 2011 432 3.4 Insurable risks 153 3.5 Legal risks 154 3.6 Insurance risks 157 3.7 Sensitive exposures in accordance 7 with the recommendations of the Financial Stability Forum 161 ADDITIONAL INFORMATION 457 7.1 Statement by the Person responsible for the registration document 458 7.2 Documents available to the public 459 7.3 Cross-reference table of registration document 460 7.4 Cross-reference table of annual fi nancial report 462 7.5 Glossary 463 Registration Document 2010 and Annual Financial Report This registration document was filed with the French Financial Markets Authority on April 5, 2011, in accordance with Article 212-13 of the general regulations of the Financial Markets Authority. It may be used in connection with a financial transaction only if accompanied by a transaction note approved by the Financial Markets Authority. The document has been prepared by the issuer and its signatories incur liability in this regard. This registration document includes all elements of the annual financial report mentioned in section I of Article L.451-1-2 of the French Monetary and Financial Code and Article 222-3 of the general regulations of the Financial Markets Authority. A cross-reference table showing documents referred to in Article 222-3 of the general regulations of the Financial Markets Authority and the corresponding sections of this registration document appear on page 462. 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, the original language version of the document in French prevails over the translation. Copies of the present registration document are available free of charge from Natixis, Immeuble Arc de Seine, 30, avenue Pierre Mendès France, 75013 Paris, France. NATIXIS Registration Document 2010 1 2 NATIXIS Registration Document 2010 1 Presentation of Natixis 1.1 NATIXIS 4 1.5 GAPC 33 1.5.1 Description of GAPC (Workout portfolio management) 33 1.2 HISTORY AND NATIXIS’ LINKS WITH BPCE 5 1.5.2 Description and valuation of segregated assets within GAPC 33 1.2.1 History 5 1.5.3 Review of credit assets 34 1.2.2 The fi nancial solidarity mechanism 6 1.5.4 Description of the Guarantee 34 1.2.3 BPCE organization chart 6 1.5.5 GAPC governance 36 1.3 2010 KEY FIGURES 7 1.6 NATIXIS AND ITS 1.3.1 Income statement 7 SHAREHOLDERS 37 1.3.2 Financial structure 7 1.6.1 Key share data at December 31, 2010 37 1.3.3 Net revenues by businesses 7 1.6.2 Breakdown of share capital 1.3.4 Income before tax by business 8 at December 31, 2010 37 1.3.5 Long term ratings (as of march 2011) 8 1.6.3 Shareholder scorecard 37 1.6.4 Share price information 38 1.6.5 Natixis and its individual shareholders 38 1.4 NATIXIS’ BUSINESS LINES 9 1.4.1 Corporate and Investment Banking 9 1.4.2 Investment Solutions 12 1.4.3 Specialized Financial Services 17 1.4.4 CCI 21 1.4.5 Major contracts 28 1.4.6 Financial Investments 31 NATIXIS Registration Document 2010 3 PRESENTATION OF NATIXIS 1 Natixis 1.1 Natixis Natixis is the corporate, investment and fi nancial services Natixis has a long-lasting commitment to its clients arm of Groupe BPCE, the 2nd largest banking player in France – corporates, fi nancial institutions and institutional investors, with 36 million customers spread over two networks, Banque and to the customers of Groupe BPCE’s two banking networks, Populaire and Caisse d’Epargne. i.e. personal banking, professional, and small and medium-size businesses. With close to 22,000 employees, Natixis has a number of areas of recognized expertise which are organized in three main Natixis is listed on the Paris stock exchange and is part of the business lines: Corporate and Investment Banking, Investment CAC 40 index. Solutions (asset management, private banking, insurance, private equity) and Specialized Financial Services. ❚ SIMPLIFIED ORGANIZATION CHART OF NATIXIS CORPORATE AND INVESTMENT INVESTMENT SOLUTIONS SPECIALIZED FINANCIAL SERVICES BANKING Markets activities Asset management SPECIALIZED FINANCING FINANCIAL SERVICES - Equity markets à Natixis Global Asset Management Factoring Employment Benefit Scheme - Fixed income, credit, currencies à 20 asset management companies: Natixis Asset Management, Loomis-Sayles, AEW, etc. and commodities à Natixis Factor à Natixis Interépargne - “Multi-boutique” structure with around twenty - Strategic derivatives and M&A advisory management companies with multiple investment - Management and optimization of customer receivables à Natixis Intertitres approaches - Factoring and financing - Global distribution platform covering Europe, the US, - Business information and collection - Employee savings plans Asia and the Middle East - Pension plans Structured finance - Collective non-life and provident insurance - Commodities and energy - Employee share ownership Insurance - Asset financing: aircraft finance, project, shipping - Special payment vouchers and international trade à Natixis Assurances - Real estate Sureties and Financial Guarantees - Strategic and acquisition financing - Individual and collective life insurance à Compagnie Européenne de Garanties et Cautions - Securitisation - Provident insurance - Design and development of multiple market surety - Property insurance and financial guarantee services Payments à Natixis Paiements Commercial banking Private banking Leasing - Payment management for every type of transaction - France/international coverage à Banque Privée 1818 à Natixis Lease and exchange system à Natixis Private Banking - Loans and credits - Equipment and real estate lease financing (equipment leasing, - Asset and financial management expertise for private operations leasing, leasing with option to buy, investors, in France and abroad IT operational leasing, Sofergie loans and long-term leasing) Securities Services - Flow and cash management à EuroTitres Department - Retail and private banking custody with back office functions Private equity Consumer finance à Third-party asset management Natixis Financement - Redeemable loans - Direct investment: venture capital, development capital and capital transmission - Funds of Funds - Personal loan management Film Industry Financing FINANCIAL INVESTMENTS Natixis Coficiné à Coface - Cash flow or structured loans - Credit insurance - Factoring - Medium-term or corporate loans - Services: company ratings/information and management of receivables 4 NATIXIS Registration Document 2010 PRESENTATION OF NATIXIS History and Natixis’ links with BPCE 1 1.2 History and Natixis’ links with BPCE 1.2.1 HISTORY In parallel to these contributions, each Banque Populaire issued CCIs representing 20% of their capital in favor of Natexis Banques Populaires, which has since become Natixis was formed in 2006 through the combination of Natexis Natixis. Banques Populaires and various subsidiaries of the Caisse d’Epargne Group, notably Ixis Corporate & Investment Bank Between November 18, 2006 and December 5, 2006 CNCE (Ixis CIB) and Ixis Asset Management (Ixis AM): and BFBP (through SNC Champion) offered some of their Natixis shares to the market. This transaction took the form of a ● Natexis Banques Populaires itself was created from the Retail Public Offering in France for retail investors and a Global combination in July 1999 of the operational activities of the Offering for institutional investors within and outside France. Caisse Centrale des Banques Populaires, founded in 1921, Once this transaction was completed CNCE and BFBP each with Natexis S.A., a holding company that was formed from held 34.44% in Natixis. Crédit National, founded in 1919 and which had gradually acquired a 100% stake in Banque Française du Commerce On February 26, 2009, the BFBP Board of Directors and the Extérieur, founded in 1946. As at December 31, 2000, CNCE Supervisory Board approved the terms and condition of Groupe Banque Populaire held 79.23% of Natexis Banques the combination of their two central institutions leading to the Populaires following an increase in its capital largely taken up creation of the number two banking group in France.
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