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Commitment, Openness, Boldness

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Commitment, Openness, Boldness Commitment, openness, boldness ANNUAL REPORT I 2016 This Annual Report also constitutes the Annual Management Report of the Board of Directors of Crédit Mutuel Arkéa to be presented to the Shareholders’ General Meeting held to approve the financial statements for the year ending December 31, 2016. CON TEN TS 1 Presentation of 5 Corporate social Crédit Mutuel Arkéa 7 responsibility 198 1.1 Group profile 8 5.1 Crédit Mutuel Arkéa’s Social Responsibility 202 1.2 Crédit Mutuel Arkéa’s history 11 5.2 Cooperation and co-development with our stakeholders 204 1.3 Crédit Mutuel Arkéa business lines 12 5.3 CSR central to supporting our customer shareholders and customers 210 1.4 Crédit Mutuel Arkéa’s strategy 18 5.4 The development of Credit Mutuel Arkea’s CSR footprint 224 1.5 2016 highligts 19 5.5 CSR indicators 245 1.6 Solidarity relations 22 2 Corporate governance 24 General information 2.1 Board of Directors of Crédit Mutuel Arkéa 26 6 254 2.2 Other officers and directors 32 2.3 Chairman’s report on the conditions for preparing and organi- zing the work of the Board of Directors and on internal control Person responsible 257 procedures 35 7 2.4 Executive Management bodies and their work 55 2.5 Conflicts of interest of officers and directors 57 2.6 Compensation of officers 58 8 Statutory auditors 258 9 Statutory auditors’ report on the 2016 consolidated financial statements 259 3 Financial information 62 3.1 Activites 64 3.2 Financial results 68 3.3 Capital and regulatory ratios 70 10 Statutory auditors’ report 3.4 Outlook 74 on the report of the Chairman 3.5 Consolidated financial statements at December 31, 2016 76 of the Board of Directors 261 3.6 Aggregate financial statements at December 31, 2016 155 11 Statutory auditors’ special report 4 Risk factors 160 on related party agreements and commitments 263 4.1 Credit risk 164 4.2 Market risks 174 4.3 Structural interest rate and liquidity risks 179 4.4 Foreign exchange risk 184 12 Report by the independent third 4.5 Risk to equities and other variable income securities and risk party on the consolidated to investment securities 185 human resources, environmental 4.6 Operational risk 186 and social information 265 4.7 Legal risk 190 4.8 Compliance risk, including money-laundering risk 191 4.9 Risks specific to the insurance business 193 Cross-reference table 268 ANNUAL REPORT 2016 I 5 1 Presentation of Crédit Mutuel Arkéa 1.1 Group profile 1.2 Crédit Mutuel Arkéa’s history 1.3 Crédit Mutuel Arkéa business lines 1.4 Crédit Mutuel Arkéa’s strategy 1.5 2016 highligts 1.6 Solidarity relations ANNUAL REPORT 2016 I 7 PRESENTATION OF CRÉDIT MUTUEL ARKÉA 1.1 Group profile A banking and insurance group, Crédit Mutuel Arkéa comprises a fast-changing environment, these partnerships with startups the Crédit Mutuel de Bretagne, Crédit Mutuel du Sud-Ouest and and fintechs allow it to remain at the forefront of technology and Crédit Mutuel du Massif Central federations as well as approxima- consumer trends and cultivate its agility. tely 30 specialized subsidiaries that cover all business lines in the A banking and insurance entrepreneur, Crédit Mutuel Arkéa banking and financial arena. pursues an original development strategy that benefits the real A cooperative company, Crédit Mutuel Arkéa is not listed on the economy and places customer satisfaction at the heart of all its stock exchange. Crédit Mutuel Arkéa is owned by its customer initiatives. shareholders, who are both shareholders and customers. The As a decentralized bank, Crédit Mutuel Arkéa is committed to group, which combines a strong financial position and long-term keeping its decision-making centers and employment catchment growth, thereby puts its performance to work on behalf of the real areas at the regional level. This approach based on regional stron- economy and the projects of its 3.9 million customers. gholds enables the group to extend its reach throughout France As a producer and distributor, Crédit Mutuel Arkéa is able to offer and to other countries: its customers – whether individuals, companies, associations or n A network of 468 points of sale, including 334 local savings government bodies – a comprehensive line of banking, financial, banks in Brittany, Southwestern France and the Massif Central asset management, insurance and other products and services. region ; The group also stands apart through its development of private n 18 regional business centers for Arkéa Banque Entreprises et label banking services on behalf of other financial institutions Institutionnels ; and payments providers. At the same time, Crédit Mutuel Arkéa is enhancing its know-how in assembling services in order to offer n 9 regional branches for Leasecom ; the best solutions to its shareholders and customers – both indivi- n 8 regional branches for Financo ; duals and major accounts – to ensure long-term co-development n A presence in Belgium with Keytrade Bank and ProCapital Secu- with its partners. rities Services. Keytrade Bank is also present in Switzerland and A pioneer and innovator, Crédit Mutuel Arkéa is known and Luxembourg. recognized for its technology culture. Building on this expertise, n Leetchi and Mangopay are present in the United Kingdom, Ger- the group has forged very close ties with players in the digital many, Spain and Luxembourg. ecosystem and is developing various forms of cooperation with n Activity throughout Europe through Monext, the subsidiary that them, whether technological or through capital transactions. In specializes in electronic payments. 1 Contraction of «finance» and «technology»: a fintech is a startup that uses information and communication technologies to deliver financial services. CRÉDIT MUTUEL ARKÉA BUSINESS LINES Retail banking for individuals and sole proprietorships Retail banking for companies and institutions CRÉDIT MUTUEL ARKÉA SITES Bruxelles Lille Luxembourg Rouen Caen Metz St-Brieuc Brest Paris Strasbourg Rennes Quimper Vannes Tours Crédit Mutuel Crédit Mutuel Dijon de Bretagne Nantes Massif Central Poitiers Clermont-Ferrand Limoges Lyon Angoulême Crédit Mutuel du Sud-Ouest Périgueux Grenoble Bordeaux Nice Nîmes Toulouse Montpellier Aix Marseille Subsidiaries’ offices and branches Banking and insurance services production Subsidiaries specializing in the business-to-business subsidiaries (BtoB) market BANKING SERVICES Subsidiaries providing non-banking services *Nouvelle dénomination de Federal Finance ANNUAL REPORT 2016 I 9 PRESENTATION OF CRÉDIT MUTUEL ARKÉA Key figures (€ millions) 2012 2013 2014 2015 2016 Net banking and insu- 1,668 1,620 1,724 1,780 1,852 rance inco- me Gross opera- 406 481 531 545 570 ting income Net income attributable to equity 168 213 269 296 336 holders of the parent Total 90,900 93,969 103,204 110,112 120,393 assets Sharehol- ders’ equity attributable 4,721 5,010 5,463 5,774 6,070 to equity holders of the parent Solvency and financial rating Common Equity Tier 1 ratio 15.9 % 15.8 % 15.3 % 13.5 % 14.3 % 2012 2013 2014 2015 2016 AS OF 31/12/2016 SHORT-TERM RATINGS Standard & Poor’s A-1 Moody’s P-1 LONG-TERM RATINGS Standard & Poor’s A Moody’s Aa3 OUTLOOK Standard & Poor’s Stable Moody’s Negative 1.2 Crédit Mutuel Arkéa’s History Crédit Mutuel Arkéa’s history goes back more than 100 years in Brittany and continues today across all of France and elsewhere in Europe. With an entrepreneurial and open approach, Crédit Mutuel Arkéa has adopted successful strategic orientations at key points in its development. The first Crédit Mutuel Agricole rural savings banks were inspired In October 2015, the group’s Board of Directors adopted a new by the local German cooperatives created by Frédéric-Guillaume business plan: “Arkéa 2020”. Like its predecessor Horizons 2015, Raiffeisen and established in Brittany, Southwestern France and this new strategic business plan is designed to strengthen the the Rhône-Alpes region beginning in 1884. In western France, after group’s original purpose, namely to support and finance the real several years of uneven growth and development that often varied economy while taking full advantage of the group’s openness and from one city to the next, the local savings banks in Brittany for- agility in response to the rapid and far-reaching changes in its envi- med a union in the 1970s and in 1979 created a federation – Cré- ronment. dit Mutuel de Bretagne – covering the entire region. These major strategic orientations led to the following develop- ments: In the 1980s, the range of banking and insurance needs of indivi- duals, sole proprietorships and companies became more diverse. n the successful launch of online banking: Fortuneo Banque in Crédit Mutuel de Bretagne provided a competitive solution by 2009; becoming both a producer and distributor of its products and n the creation of new subsidiaries such as Arkéa Banking Ser- services. Between 1984 and 2000, it thus created its first spe- vices (private label banking services), Arkéa Capital Partenaire cialized subsidiaries: Suravenir (life insurance and protection), (private equity) and Arkéa Assistance (remote assistance); Suravenir Assurances and Novélia (non-life insurance), Federal Finance (asset management), Arkéa Banque Entreprises et Ins- n the acquisition of Leasecom (lease financing), Monext (electro- titutionnels (formerly BCME, commercial banking) et Financo nic payments), CFCAL Banque (credit restructuring), Schelcher (consumer credit). Prince Gestion (asset management), and the equity investment in Primonial (wealth management). These new areas of exper- In 2002, a solid and diversified group was formed around the three tise all complement and round out the group’s other products federations: Crédit Mutuel de Bretagne, Crédit Mutuel du Sud- and services. Ouest, and Crédit Mutuel Massif Central and some 20 subsidiaries. n the acquisition of Leetchi and investments in several fintechs : This step constituted the creation of Crédit Mutuel Arkéa.
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