DOCSLIB.ORG

The Crédit Mutuel CM11 Group's Bank for Businesses and Real Estate

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Crédit Mutuel CM11 Group's Bank for Businesses and Real Estate A n n u A l 2017 R e p o rt The Crédit Mutuel CM11 group's bank for businesses and real estate professionals Profil BECM is the Crédit Mutuel CM11 Group's bank for businesses and real estate professionals. Drawing on the financial strength of the Crédit Mutuel group and, in particular, BFCM, BECM is a reasonably sized, largely decentralized bank that maintains close ties with its customers and offers short decision times. BECM’s strategy is based on values of proximity, responsiveness and expertise that make it the lead bank for corporate customers within the Crédit Mutuel CM11 group*. These strengths enable it to develop lasting, personalized relationships with customers in France and abroad. BFCM is the financial arm of the Crédit Mutuel CM11 group. As the holding company of the group composed of the members of Caisse Fédérale de Crédit Mutuel, BFCM hold the group’s Fédérations equity interests and coordinates the activities of the subsidiaries. 93.0% 100% Banque Fédérative Caisse Fédérale 5.1% du Crédit Mutuel de Crédit Mutuel 100% 96.1% BFCM Germany 100% Réseau Subsidiaries 70.6% Caisses de Crédit Mutuel et Caisses régionales • Financial services sector • Technology 34% • Real estate • 3.9% Insurance • Consumer loans 32.8% • Skilled trades 50% 100% Spain * Crédit-Mutuel CM11 : consolidated scope of the following Crédit Mutuel Mutual banks: Crédit Mutuel Centre Est Europe, Sud-Est, Île de France, Savoie-Mont Blanc, Midi-Atlantique, Loire-Atlantique et Centre-Ouest, Centre, Normandie, Dauphiné-Vivarais, Méditerranée and Anjou- their joint federal mutual bank (Caisse Fédérale de Crédit Mutuel (CFCM)) - the Banque Fédérative du Crédit Mutuel, and its main subsidiaries: ACM, BECM, Informatique, as well as CIC, Targobank Germany, Targobank Spain, Cofidis, CIC Iberbanco. 2 Norvège Canada New York United Kingdom Antilles Guyane Belgium Lux. Poland France Germany Czech Republic Switzerland Slovakia Portugal Spain Hungary Croatie Italy Morocco Tunisia Algérie Singapore A group with international presence Antilles-Guyane Canada Luxembourg Czech Republic • Specific cooperation • Desjardins Assurance • Banque de Luxembourg • Cofidis Czech Republic • Monetico • BT Luxembourg Germany Slovakia • ACMré (Insurance) • BECM Frankfurt, • Cofidis Slovakia Spain • ICM Life (Insurance) • Dusseldorf, Stuttgart, • GACM Spain Switzerland Hambourg et München (Amgen, Agrupació, AMCI, Morocco • Banque CIC Switzerland • CM-CIC Leasing GMBH Atlantis Seguros) • BMCE Bank • Targobank • Targobank • Royale Marocaine Tunisia • Targo Commercial Finance • Cofidis Spain d'Assurance • Banque de Tunisie • Targo Factoring, Targo Leasing • CM-CIC Bail Spain • EurAfric Information • ASTREE (Insurance) • TAIT Spain Belgium Monaco • Information International • CM-CIC Leasing Benelux Hungary • BECM Monaco Developments (IID) • Direct Phone Services • BT Belgium • Cofidis Hungary Poland • Cofidis Belgium • Cofidis Poland • Partners (Insurance) Italy London, New York, • North Europe Life Belgium • Cofidis Italy Portugal Singapore and Hong Kong • Cofidis Portugal • CIC Branches • Margem 3 4 Management and supervisory bodies at December 31, 2017 Supervisory Board Honorary Chairman Étienne Pflimlin Nicolas Théry, Chairman Jean-Louis Boisson, Executive Board Vice-Chairman René Dangel, Jean-Daniel Azaïs Chairman Gérard Bontoux Olivier Chambaud Hervé Brochard Bertrand de Buyer Hervé Chatanay Bruno Ligonnet Roger Danguel Gérard Diacquenod Alternate Rémy Grosz StatutoryAuditors Pierre Hussherr Ernst & Young et Autres Danielle Joannes KPMG S.A. Robert Laval Damien Lievens Patrick Morel Daniel Schoepf Alain Têtedoie Philippe Tuffreau Michel Vieux 4 1 Reports and resolutions 6 Executive Board’s management report 8 Supervisory Board’s report 18 Statutory Auditors' report on the annual financial statements 20 Statutory Auditors' report on regulated agreements 23 Draft resolutions 24 2 Financial statements 26 Balance sheet 28 Income statement 31 3 Financial results 32 Contents 5 Reports and resolutions 1 Reports and resolutions Members of the Executive Board. From left to right: Bruno Ligonnet, Bertrand de Buyer, René Dangel and Olivier Chambaud. entered a downward phase, which marks a break from the Executive Board’s acceleration in the other regions. management report In the third quarter, although geopolitical risk in North Korea did not seriously undermine market confidence, it did – temporarily – encourage capital flight to certain safe 2017: a ramp-up in growth investments (namely gold and the yen). The Asian indices were across the board mostly unaffected by this situation thanks to the strong Renewed political visibility helped boost worldwide growth international economic environment. throughout the year, driven mainly by the euro zone and the United States. A new level of growth was reached in 2017, The end of the year was marked by a busy election season which fueled the upward trend of the equity markets, yet which, however, did not slow down growth. Angela Merkel's without generating an increase in bond yields. Renewed failure to win a majority forced her to enter into negotiations confidence, coupled with still-favorable financial conditions, with the Liberals and the Greens, and then only with the SPD encouraged increased investment in the developed countries. (socialists) in order to form a coalition capable of governing. At the end of the year, this contributed to the slight resurgence Moreover, the situation in Catalonia since the October of inflationary pressures, although very slow to materialize, referendum continued to ease with the narrow separatist which sets the stage for an ongoing gradual reduction in victory in the December elections. accommodative monetary policies. Synchronization of growth on a global scale A year marked by political risk In the euro zone, the absence of incidents during the various The first half of the year was marked by the elections in the political campaigns contributed to a sharp upturn in growth euro zone and by Donald Trump's first steps as leader of the during the last two quarters. This was the result of domestic United States. The failure to reform the Obamacare healthcare factors (increase in consumer spending and recovery in household system (in March 2017) was a turning point that triggered a fall and corporate investment), in addition to buoyant world trade. in interest rates and in the dollar against the main currencies, Although the ramp-up in growth has already spread to the reversing the trend observed in the wake of Donald Trump's entire zone, the same is not yet true of inflationary pressures. election in November 2016. This currency trend intensified with However, 2017 was marked by an easing of deflationary risks the absence of incidents during the election season in Europe. (overall reduction in prices), which led the ECB to make The results of the French elections reassured businesses its monetary policy less accommodative. The rapid drop in and investors across the globe, which triggered an upturn in unemployment began to further intensify wage pressures, European growth and the single currency. Conversely, clouds which implies a gradual and slow increase in inflation. gathered over the United Kingdom given the lack of visibility related to the Brexit negotiations (as well as Theresa May's In the United States, growth continued to accelerate, moving defeat in the June elections). As a result, activity in Britain above the 2% threshold, which boosted US equities but was 8 unable to trigger an increase in sovereign rates or appreciation close ties with its customers and offers short decision times. of the dollar. To regain momentum, the economy relied primarily It conducts its business nationally and in Germany and covers on strong demand. Households enjoy a favorable environment the following markets and areas of activity: with an economy at close to full employment. Although wage • small, medium and large companies, with appropriate targeting acceleration is overdue, the possible overheating of the based on the regions to ensure that its services complement employment market and the desire to avoid the formation of those of the Crédit Mutuel CM11 federations, financial bubbles prompted the Fed to continue its monetary • financing of real estate development and real estate tightening despite the slowdown in core inflation through investors in France, mainly in the housing sector; A customer- Q3 2017. The central bank therefore ended the year with a • real estate companies that manage commercial focused network total of three increases in key interest rates and is preparing and business rental properties in France and bank for for a change in its leadership with the appointment of a new Germany; businesses and governor (Jerome Powell) whose approach is similar to that of • payments processing for major players in the retail, the real estate the current Chair, Janet Yellen. transport and services sectors. market In China, the government confirmed in mid-October at the BECM operates in tandem with the CIC regional banks and Congress of the Communist Party that its priorities were in a subsidiarity capacity relative to the Crédit Mutuel CM11 controlling pollution and reducing debt. The policy aimed at regional banking network. achieving more sustainable and lasting growth is therefore on track, and the authorities continue to steer the economy so as BECM offers its customers advanced technical expertise to avoid a serious accident. While this approach is reassuring, in investment financing and services to support
Load more

Recommended publications
  • Notice of Meeting
    CM-AM SICAV Registered office: 4, rue Gaillon – 75002 Paris, France Paris Trade and Companies Register (RCS) no. 879 479 491 Investment company with variable capital NOTICE OF MEETING The shareholders of CM-AM SICAV, Société d'Investissement à Capital Variable (SICAV), in the form of a société anonyme (public limited company), shall convene on 18 June at 2:00 pm for an Extraordinary General Meeting or, failing a quorum, at 2:00 pm on 29 June at 4 rue Gaillon - 75002 Paris, France for the purpose of deliberating on the following agenda: - Report of the Board of Directors to the Extraordinary General Meeting relating to: . the proposed mergers by absorption of the CM-AM ENTREPRENEURS EUROPE, CM-AM FLEXIBLE EURO*, CM-AM GLOBAL EMERGING MARKETS*, CM-AM OBJECTIF ENVIRONNEMENT*, CM-AM SMALL & MIDCAP EURO* and CM-AM CONVICTIONS EURO* mutual funds, into each of the sub-funds of the same name created at the time of the transaction, . the proposed merger-absorption of the CM-AM GLOBAL RESOURCES* mutual fund into the CM- AM GLOBAL GOLD sub-fund, - Approval of the merger agreements, - Setting of the date of the transactions, - Delegation to the Chairperson of all powers to carry out the valuation of the contributions and determine the exchange ratios, - Any other business, - Powers. *The fund is not registered in Germany ***** Shareholders who meet the conditions provided for in Article R. 225-71 of the French Commercial Code may ask the Board of Directors to include items or draft resolutions on the agenda. They must send them by registered letter with acknowledgement of receipt or electronically to the registered office.
    [Show full text]
  • OSB Representative Participant List by Industry
    OSB Representative Participant List by Industry Aerospace • KAWASAKI • VOLVO • CATERPILLAR • ADVANCED COATING • KEDDEG COMPANY • XI'AN AIRCRAFT INDUSTRY • CHINA FAW GROUP TECHNOLOGIES GROUP • KOREAN AIRLINES • CHINA INTERNATIONAL Agriculture • AIRBUS MARINE CONTAINERS • L3 COMMUNICATIONS • AIRCELLE • AGRICOLA FORNACE • CHRYSLER • LOCKHEED MARTIN • ALLIANT TECHSYSTEMS • CARGILL • COMMERCIAL VEHICLE • M7 AEROSPACE GROUP • AVICHINA • E. RITTER & COMPANY • • MESSIER-BUGATTI- CONTINENTAL AIRLINES • BAE SYSTEMS • EXOPLAST DOWTY • CONTINENTAL • BE AEROSPACE • MITSUBISHI HEAVY • JOHN DEERE AUTOMOTIVE INDUSTRIES • • BELL HELICOPTER • MAUI PINEAPPLE CONTINENTAL • NASA COMPANY AUTOMOTIVE SYSTEMS • BOMBARDIER • • NGC INTEGRATED • USDA COOPER-STANDARD • CAE SYSTEMS AUTOMOTIVE Automotive • • CORNING • CESSNA AIRCRAFT NORTHROP GRUMMAN • AGCO • COMPANY • PRECISION CASTPARTS COSMA INDUSTRIAL DO • COBHAM CORP. • ALLIED SPECIALTY BRASIL • VEHICLES • CRP INDUSTRIES • COMAC RAYTHEON • AMSTED INDUSTRIES • • CUMMINS • DANAHER RAYTHEON E-SYSTEMS • ANHUI JIANGHUAI • • DAF TRUCKS • DASSAULT AVIATION RAYTHEON MISSLE AUTOMOBILE SYSTEMS COMPANY • • ARVINMERITOR DAIHATSU MOTOR • EATON • RAYTHEON NCS • • ASHOK LEYLAND DAIMLER • EMBRAER • RAYTHEON RMS • • ATC LOGISTICS & DALPHI METAL ESPANA • EUROPEAN AERONAUTIC • ROLLS-ROYCE DEFENCE AND SPACE ELECTRONICS • DANA HOLDING COMPANY • ROTORCRAFT • AUDI CORPORATION • FINMECCANICA ENTERPRISES • • AUTOZONE DANA INDÚSTRIAS • SAAB • FLIR SYSTEMS • • BAE SYSTEMS DELPHI • SMITH'S DETECTION • FUJI • • BECK/ARNLEY DENSO CORPORATION
    [Show full text]
  • Location Profile Düsseldorf Facts & Figures
    LOCATION PROFILE DÜSSELDORF FACTS & FIGURES SEITE 1 METROPOLITAN REGION WITH GREAT ECONOMIC STRENGTH DÜSSELDORF SEITE 2 WHY DÜSSELDORF? 10 GOOD REASONS FOR DÜSSELDORF SEITE 3 ECONOMIC STRENGTH THE DÜSSELDORF AREA IS A POWERFUL ECONOMIC REGION IN EUROPE SEITE 4 ECONOMIC STRENGTH BUSINESS MARKET DÜSSELDORF – IN THE SAME LEAGUE AS NEW YORK, LONDON OR PARIS RHINELAND REGION (1) GREATER LONDON (2) Inhabitants 8,6 Mio. Inhabitants 8,7 Mio. Area 12.278 km² / 4,741 mi² Area 1.594 km² / 615 mi² PARIS – ILE DE FRANCE (3) NEW YORK CITY (4) Inhabitants 12,1 Mio. Inhabitants 8,6 Mio. Area 12.012 km² / 4,638 mi² Area 784 km² / 303 mi² Sources: (1) IHKs V2016. (2) Office for National Statistics V2016. (3) Eurostat V2016. (4) U.S. Census Bureau V2015. Area: land area DÜSSELDORF – METROPOLITAN REGION WITH GREAT ECONOMIC STRENGTH SEITE 5 ECONOMIC STRENGTH STATE CAPITAL OF DÜSSELDORF AND THE METROPOLITAN REGION OF THE RHINELAND – LARGEST ECONOMIC CENTRE IN GERMANY DÜSSELDORF/RHINELAND REGION HAMBURG Inhabitants 8.6 m. Inhabitants 5.2 m. Employees 4.5 m. Hamburg Employees 2.7 m. GDP in Euro 331.5 bn. GDP in Euro 193.0 bn. Berlin REGION FRANKFURT REGION BERLIN Düsseldorf- Inhabitants 5.7 m. Rhineland Inhabitants 6.0 m. Employees 3.1 m. Employees 2.9 m. GDP in Euro 242.4 bn. GDP in Euro 180.1 bn. Frankfurt REGION STUTTGART REGION MUNICH Stuttgart Inhabitants 5.4 m. Inhabitants 5.9 m. Employees 2.9 m. Munich Employees 3.4 m. GDP in Euro 225.9 bn. GDP in Euro 279.6 bn.
    [Show full text]
  • INTERIM FINANCIAL REPORT June 2019
    INTERIM FINANCIAL REPORT June 2019 cic.fr CONTENTS 1. Interim Business Report, June 2019 ......................................................................... 2 1.1 – Economic Environment over the 1st half-year 2019 ............................................ 2 1.2 – CIC’s activity and consolidated earnings ............................................................ 4 1.2.1 – Balance sheet and financial structure ............................................................ 4 1.2.2 – Analysis of the consolidated income statement ............................................ 5 1.2.3 - Analysis of results by business line ............................................................... 6 1.3 – Related parties .................................................................................................... 16 1.4 - Principal risks and uncertainties for the 2nd half-year 2019 .............................. 16 1.5 – Information of a general nature concerning CIC and shareholders ................... 17 1.5.1 – Equity .......................................................................................................... 17 1.5.2 – Board of Directors and management bodies ............................................... 18 1.5.3 – Statutory auditors ........................................................................................ 25 2. Condensed consolidated financial statements ......................................................... 26 3. Statutory auditors’ report on the limited review of interim financial statements ... 74
    [Show full text]
  • Der Finanzdienstleister DBV 2/2018
    Das Magazin des Der Finanzdienstleister DBV 2/2018 Dietmar Gernandt, Udo Lautenschläger und Kirsten Seidensticker haben in der Deka Immobilien GmbH viel vor Targobank Südost: Konfliktlösung: Geübtes Wissen vom DBV Ein Reisebericht Die DSGVO für Betriebsräte DBV Inhaltsverzeichnis THEMEN SEITE Unsere Tarifkommissionen ̈ Titelthema DekaBank-Gruppe: PRIVATES BANKGEWERBE FEIKES-FEILHAUER Ursula-Verhandlungsführerin Ein starker Neuanfang 2-4 BAUMANN Walter BEESE Ute BERGER Sylke ̈ Reportage Targobank Südost: BETZEN Sigrid Ein Arbeitsplatz auf Achse 5-7 BRÄGER Karin FREUND Petra HAMACHER Karl-Heinz ̈ Aus dem Verband DBV-Herbsttagung: HARTIG Bernd HEINRICH Norbert Halt geben, JÄCKEL Andreas wenn ,,Sicheres” unsicher wird 8-10 MAGDZIAK Martin ÖRS Bülend SCHOCK Volker ̈ Datenschutz Die neue DSGVO: SCHULZE Frank SHIRES John Wir nehmen SÖLTER Karl Betriebsräten die Verunsicherung! 10-11 STEGMILLER-KÖFERL Gabriele, Dr. SZUKALSKI Stephan TÖGEL Jürgen ̈ Rat und Tat DBV-Seminare: WEISSHART-SARIEF Beate Aus der Ahnung wissen machen 12-13 ZATCHER Matthias VOLKS- UND RAIFFEISENBANKEN ̈ Gesundheit Krankengeld-Zuschuss: BUFF Heinz – Verhandlungsführer ALBRECHT Thomas Die Lücke bedenken 14-15 BEESE Ute BETZEN Sigrid ERMANN Wolfgang ̈ Organisation 16 GRIGGEL Stefan LÄTZSCH Holger LINDEN Stefan MAGET Jürgen MARSCHNER Jens PANOWITZ Markus PENNING Hermann PIASTA Robert REHMISCH Steffen RIEDEL Michael SCHAFFER Monika SCHILLER Silke SCHULZ Christian TER BRAAK Gerhard VOSSBRECHER Jürgen WÖLK Sabine VERSICHERUNGSGEWERBE LINDMEIER Johann – Verhandlungsführer HORNUNG Ünver DBV-Mitglieder finden in unserem Vorteilsportal dauerhaft Rabatte und Vergünsti- KADNER Thomas POPP Oliver gungen bei 500 Anbietern. Auf dieser Seite können Sie aus Angeboten zu günstigen SEIFER Sonja Reisen, Autos, Sport- und Gesundheitsangeboten wählen, oder auch preiswerte Mode, WESTPHAL Michael Unterhaltungselektronik und Haushaltsgeräte finden: http://dbv.mitgliedervorteile.com/.
    [Show full text]
  • 2016 Annual Report 2
    The Crédit Mutuel-CM11 Group's bank for businesses and real estate professionals 2016 Annual report 2 Profile BECM is a Crédit Mutuel Group's bank that specializes in large and medium-sized companies. Drawing on the financial strength of the Crédit Mutuel group and, in particular, BFCM, BECM is a reasonably sized, largely decentralized bank that maintains close ties with its customers and offers short decision times. BECM’s strategy is based on values of proximity, responsiveness and expertise that make it the lead bank for corporate customers within the Crédit Mutuel-CM11 Group*. These strengths enable it to develop lasting, personalized relationships with customers in France and abroad. BFCM is the financial arm of the Crédit Mutuel-CM11 Group. As the holding company of the group composed of the members of Caisse Fédérale de Crédit Mutuel, BFCM hold the group’s Fédérations equity interests and coordinates the activities of the subsidiaries. 93.0% 93.7% Banque Fédérative Caisse Fédérale 5.1% du Crédit Mutuel 100% de Crédit Mutuel BFCM 96.1% Germany 100% Network Subsidiaries 54.6% Caisses de Crédit Mutuel • Financial services sector and Caisses régionales • Technology 34% • Real estate 3.9% • Insurance • Consumer loans 32.8% • Skilled trades 50% 4% 51% 49% Spain * Crédit Mutuel-CM11: consolidated scope of the following Crédit Mutuel mutual banks: Crédit Mutuel Centre Est Europe, Sud-Est, Île de France, Savoie-Mont Blanc, Midi-Atlantique, Loire-Atlantique et Centre-Ouest, Centre, Normandie, Dauphiné-Vivarais, Méditerranée and Anjou - their joint federal mutual bank (Caisse fédérale de Crédit Mutuel (CFCM)) - the Banque Fédérative du Crédit Mutuel, and its main subsidiaries: ACM, BECM, Informatique, as well as CIC, Targobank Germany, Targobank Spain, Cofidis, CIC Iberbanco.
    [Show full text]
  • European Growth and Financial Soundness Serving Shareholders and Customers
    The CM5-CIC group In 2009 European growth and financial soundness serving shareholders and customers During a financial year marked by a downturn in demand for finance, stabilisation of financial markets and a rise in credit risks, the CM5-CIC group 1 has continued to support its shareholders and customers by lis- tening to their needs and benefiting from their renewed confidence. In spite of the economic background, the group has shown steady business and produced net accounting revenue of 1,435 million euro. Broader horizons The CM5-CIC group has strengthened its operating base with the Fédération du Crédit Mutuel Midi-Atlantique (Toulouse) joining the group and the integration of Targobank (ex-Citibank Germany), the Cofidis group and CIC Iberbanco (ex-Banco Popular France), while also developing its banking-insurance model. The group, the core business of which is retail banking, has continued to improve quality and to extend its network that, with the addition of 62 branches (on a compa- rable basis), has reached 3,939 branches. Furthermore, mobilising its employees has enabled the group to offer better service to its customer base of private individuals, businesses and associations; the group is banker to more than one business in three. Steady business The network’s dynamism, local image and the quality of its commercial product range have provided: – net growth of 412,100 new customers (excluding those brought by Cofidis) making a total of 15.5 million, the Cofidis group adding 3.5 million customers; 1 . CM5 comprises the Fédérations of Crédit Mutuel Centre Est Europe (Strasbourg), Sud-Est (Lyon), Ile-de- France, Savoie-Mont Blanc (Annecy) and Midi-Atlantique (Toulouse).
    [Show full text]
  • The Financial System of the Future: 44Th Economics Conference 2017 of the Oenb in Cooperation with SUERF
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Oesterreichische Nationalbank (Ed.) Proceedings The financial system of the future: 44th Economics Conference 2017 of the OeNB in cooperation with SUERF SUERF Conference Proceedings, No. 2017/3 Provided in Cooperation with: SUERF – The European Money and Finance Forum, Vienna Suggested Citation: Oesterreichische Nationalbank (Ed.) (2017) : The financial system of the future: 44th Economics Conference 2017 of the OeNB in cooperation with SUERF, SUERF Conference Proceedings, No. 2017/3, SUERF - The European Money and Finance Forum, Vienna This Version is available at: http://hdl.handle.net/10419/193955 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available
    [Show full text]
  • Data Protection Information for Customers of TARGO
    Data protection information for customers of TARGO Factoring GmbH (hereinafter also “TFG”) regarding data processing on the basis of the General Data Protection Regulation (GDPR) from 25 May 2018 onwards The following data protection information provides an overview of the collection and d) Due to statutory requirements (Art. 6 (1) c GDPR) or in the public interest processing of customer data on the basis of data protection laws effective as of (Art. 6 (1) e GDPR) 25 May 2018, particularly pursuant to the implementation of Articles 13, 14, and 21 of As a financial services institution, we are also subject to a range of legal obligations, the General Data Protection Regulation (GDPR). The following information provides i. e. statutory requirements (e.g. under the German Banking Act (Kreditwesengesetz), an overview of how we process personal data, and of the customers’ and prospective the German Money Laundering Act (Geldwäschegesetz), the German Securities customers’ rights under data protection laws. Which data is processed in detail and how Trading Act (Wertpapierhandelsgesetz), and tax legislation), and regulatory data is used, significantly conforms to the requested services or the agreed services. requirements (e. g. imposed by the European Central Bank, the European Banking Authority, the Deutsche Bundesbank, and the German Federal Financial Supervisory 1. Who is responsible for the data processing and whom can I contact? Authority (Bundesanstalt für Finanzdienstleistungsaufsicht)). Data is processed for The data controller is: TARGO
    [Show full text]
  • German Banking Returns to the Playing Field
    Perspective German banking returns to the playing field July 2021 © Getty Images The next game is always the hardest. —Sepp Herberger, coach of the 1954 world champion German soccer team Contents Introduction: Preseason analysis 4 1. German banking today: Heading toward relegation? 7 Banks are reliable on the fundamentals 7 High stability 7 Meeting financial needs 7 Relatively low prices 7 A tough business environment demands more of banks 9 Overbanked and fragmented market 10 Declining revenue pool 10 Falling market share 10 Low efficiency 11 Low profitability 12 A tarnished public image? 13 Declining economic contribution 13 Decreasing market capitalization 13 Declining appeal for new talent 14 2. Time for a new campaign 17 Recognize the profit challenge and raise ambitions 17 Breaking the 0 percent ROE trend 17 Raising ambitions lead to sustainable business growth 17 Choose a revenue and cost pathway toward 7–8 percent ROE 19 Prepare for additional challenges and set holistic priorities 22 Customer at the center—always and everywhere 22 The ESG challenge 24 Set top priorities 26 2 German banking returns to the playing field 3. A winning game plan for 2030 29 Craft a more responsive business strategy 30 Enhance tech-enabled customer engagement 31 Breathe customer centricity 31 Unlock data and analytics 32 Live smart-channel distribution 33 Engage in new-business building 35 Embrace innovation and digital business building 35 Agree on a new deal with customers 36 Follow clients abroad 36 Build a truly digital operating model 37 Digitize for productivity 37 Consolidate and cooperate to build scale 38 Optimize for capital usage 39 Restructure and refurbish culture 39 Include ESG in banking’s purpose 40 The next season 45 Notes 46 Authors and contacts 51 German banking returns to the playing field 3 Introduction: Preseason analysis If trends continue and German banks take no action, ROEs could fall to 0 percent by 2030.
    [Show full text]
  • Where Business Works!
    Where businessworks! Düsseldorf Live close Feel free Stockholm Airport with over 120 min 200 global destinations Glasgow 100 min Warsaw 500,000 100 min companies in a 50km radius London Düsseldorf 85 min Prague 75 min Paris Vienna 75 min Zurich 90 min 80 min A short distance to Europe’s 11.4 million most important cities 135 min Rome Barcelona 12 0 min residents live an hour’s drive away, Madrid Germany’s largest economic area 160 min Every 7th company 118.8 is foreign purchasing power Among the cities with the highest index quality of life in the world 70 private and public universities Largest hub for Japanese businesses in continental Europe Most important German hub for the information and communication industry Germany’s most dynamic location for Chinese companies leading international trade shows Companies from countries invest in 520,000 jobs 139 Düsseldorf in the city 4 Where business works Where business works 5 Home of innovation – Fashion | Highest sales in Germany Königsallee | One of Europe’s most exclusive shopping streets Live close Feel free. People from Düsseldorf love to connect with each other and the rest of the world. The city of short dis- tances is home to residents from over 180 countries – a place that brings people from around the world together. Marking the meeting point of the Düssel and Rhine Rivers, Düsseldorf is a cosmopolitan, urban place unlike any other. Innovation from tradition. Where else can a steel corporation Henkel | Düsseldorf company with a long be transformed into a telecommunications giant? Or a laundry tradition, yet still drives innovation detergent producer into the world’s largest glue manufacturer? Here, startups emerge to become major global enterprises – and the long-time “office of the industrial Ruhr” is quickly becoming the “lab of the future”.
    [Show full text]
  • Preis- Und Leistungsverzeichnis (TARGOBANK)
    PREIS- UND LEISTUNGSVERZEICHNIS Stand August 2021 TARGOBANK AG (im Folgenden TARGOBANK oder Bank) Kasernenstraße 10 · 40213 Düsseldorf Inhalt A) Allgemeine Informationen 3 B) Privatkunden 4 1. Girokonto und Zahlungsverkehr 4 1.1 Kontotypen, Entgelte & Zinsen 4 1.1.1 Kontotypen und Entgelte 4 1.1.2 Guthaben- und Sollzinsen 7 1.3 Entgelte für den Einsatz von Debitkarten 8 1.3.1 Entgelte für den Einsatz der Debitkarte (Kundenkarte / girocard V PAY) 8 1.3.2 Entgelte für den Einsatz der Debitkarte (Visa) 8 1.3.3 „Cash ohne Karte“ Bargeldein-/-auszahlung 9 1.3.4 „Einmal-Karte“ 9 1.4 Allgemeine Bestimmungen für die Ausführung von Zahlungsdiensten 9 1.5 Allgemeine Bestimmungen für den Überweisungsverkehr 10 1.6 Allgemeine Bestimmungen für Lastschriften 11 1.7 Allgemeine Bestimmungen für Zahlungen mit Debitkarte (girocard V PAY / Visa) 11 1.8 Allgemeine Bestimmungen für den Scheckverkehr 11 1.9 Umrechnungskurs bei Fremdwährungsgeschäften 11 1.10 Verfügungsgrenzen/Tageslimits 12 2. Sparkonten 13 3. Festgelder 14 4. Tagesgeldkonten 14 5. Wertpapiergeschäfte 15 6. Verrechnungs-Konto 19 7. Kreditkarten 20 8. Kredite 23 9. Handel von physischen Edelmetallen 23 10. Verwahrentgelte für Privatkunden 24 11. Allgemeine Kosten 25 C) Geschäftskunden 26 1. Girokonto und Zahlungsverkehr 26 1.1 Kontotypen, Entgelte & Zinsen 26 1.1.1 Kontotypen und Entgelte 26 1.1.2 Guthaben- und Sollzinsen 29 1.3 Entgelte für den Einsatz von Debitkarten 30 1.3.1 Entgelte für den Einsatz der Debitkarte (girocard V PAY) 30 1.3.2 Entgelte für den Einsatz der Debitkarte (Visa) 30 1.3.3 „Cash ohne Karte“ Bargeldein-/-auszahlung 31 1.3.4 „Einmal-Karte“ 31 1.4 Allgemeine Bestimmungen für die Ausführung von Zahlungsdiensten 31 1.5 Allgemeine Bestimmungen für den Überweisungsverkehr 32 1.6 Allgemeine Bestimmungen für Lastschriften 33 1.7 Allgemeine Bestimmungen für Zahlungen mit Debitkarte (girocard V PAY / Visa) 33 1.8 Allgemeine Bestimmungen für den Scheckverkehr 33 1.9 Umrechnungskurs bei Fremdwährungsgeschäften 33 1.10 Verfügungsgrenzen/Tageslimits 34 2.
    [Show full text]