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ANNUAL REPORT 2015 The bank for a changing world ANNUAL REPORT 2015 The new banking center of the BNP Paribas Group in Luxembourg On 15 October 2013, the BNP Paribas Group laid the The eKinox and oKsigen buildings comply with three cornerstone for the construction of a new banking international building certification schemes: BREEAM, center at the Kirchberg site. HQE and DGNB. This complex consists of two buildings: the eKinox building located on Avenue J. F. Kennedy, which is six After completion in June 2016, the site will host nearly storeys high; and the oKsigen building, opposite the 4 000 employees. The aim of this construction pro- Serra roundabout, which has 14 floors. ject is to enhance synergies by bringing together the employees of most BNP Paribas entities at the Both buildings are based on a common platform link- Kirchberg site. ing the Avenue J.F. Kennedy and rue E. Steichen and are linked to the existing Kronos building. The buildings were designed by M3 Architects S.A. The landscaped forecourt joining the two buildings is an extension of the gardens of the Kronos build- ing that were designed by the landscape architect The photographs published in this Annual Report Jacques Wirtz. show some areas in the eKinox and oKsigen buildings. ANNUAL REPORT 2015 CONTENTS 4 CONTENTS 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 14 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 32 - Outlook for 2016 36 - Governance bodies 36 08 Consolidated financial statements to 31 December 2015 38 - Audit report 39 - Consolidated profit and loss account 40 - Statement of consolidated net income and changes in assets and liabilities recognised directly in consolidated equity 41 - Consolidated balance sheet 42 - Statement of changes in the consolidated shareholders’ equity 43 - Consolidated cash flow statement 46 09 Notes to the financial statements 48 Generalities 48 1. Summary of significant accounting principles applied 48 by the Group 2. Retrospective impact of the IFRIC 21 interpretation 68 3. Notes to the profit and loss account for the year 71 ended 31 December 2015 4. Segment information 77 5. Risk Management and Capital Adequacy 80 6. Notes to the balance sheet at 31 December 2015 123 7. Financing commitments and guarantee commitments 153 8. Salaries and employees benefits 155 9. Additional information 161 10 Unconsolidated financial statements for the year ended 178 31 December 2015 - Unconsolidated balance sheet 179 - Unconsolidated profit and loss account 181 11 Branch network 182 12 Subsidiaries/branch, participating interests, business center 184 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 01 CONSOLIDATED KEY FIGURES 6 CONSOLIDATED KEY FIGURES CONSOLIDATED KEY FIGURES In millions of euros 2015 2014 Profit and loss account Revenues 1,373.5 1,346.8 Operating expenses (673.1) (666.6) Cost of risk (48.8) (35.7) Net profit attributable to equity holders of the parent 357.9 342.3 Balance Sheet Total balance sheet 43,214.8 41,096.8 Loans and receivables due from customers 25,626.9 24,570.8 Due to customers and debt securities 22,572.5 21,347.5 2015 2014 Basel III (phased in) Basel III (phased in) Regulatory own funds 5,339.5 5,206.8 Amount of risk weighted assets 23,801.5 22,876.1 Solvency ratio 22.4% 22.8% Ratings (March 2016) Moody’s Standard Fitch & Poor’s Short term P-1 A-1 F1 Long term A1 A A+ 7 02 BGL BNP PARIBAS AND ITS SHAREHOLDERS 8 BGL BNP PARIBAS AND ITS SHAREHOLDERS BGL BNP PARIBAS AND ITS SHAREHOLDERS (as at 19 February 2016) The State of Luxembourg 99.93% 0.07% 15.96% Other 34% shareholders 50.01% 0.03% Other shareholders 9 03 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. 10 THE BNP PARIBAS GROUP IN LUXEMBOURG RETAIL BANKING & SERVICES: AN OFFER FOR INDIVIDUALS AND BUSINESSES Domestic Markets Businesses including: investment advice, discretionary manage- ment, wealth organisation and planning, financing, ● The Retail and Corporate Banking business of and regular banking services, as well as expertise in BGL BNP Paribas, via Retail Banking, Corporate asset diversification. Banking, Private Banking Luxembourg and Direct Banking – offers a wide range of financial products ● Asset Management: and services, from current accounts to savings prod- BNP Paribas Institutional Partners offers a full range ucts or bancassurance, as well as specialised ser- of financial management services to institutional vices for professionals and companies (in particular customers and distributors worldwide. cash management) such as leasing or factoring. The commercial network consists of 41 branches and ● Insurance: 5 Private Banking Centres, dedicated to wealthy Cardif Lux Vie offers a range of products and services domestic customers, up to a hundred ATMs and one in three complementary lines of business: Wealth online agency to provide targeted assistance. The Management in the international market, Retail Direct Banking was set up in 2014 to bring together Insurance (via the network of BGL BNP Paribas all the remote banking activities, including the branches) and insurance of Companies NetAgence (daily banking transactions) and Personal Investors (investment advice). ● Real Estate Services: BNP Paribas Real Estate proposes made-to- ● Leasing: measure solutions with a multi-expertise BNP Paribas Leasing Solutions is the leader in the offered by 6 real estate business lines: Property local market for financial leasing and offers attrac- Management, Valuation, Consulting, Transactions, tive solutions in equipment financing to business Property Development, Investment Management. customers. Arval provides operational leasing services exclu- sively to companies, by putting in place solutions Corporate & Institutional Banking: to simplify and optimise the management of the car a powerful tool for corporate and pools of its clients. institutional clients ● Factoring: Corporate & Institutional Banking (CIB) offers direct BNP Paribas Factor offers solutions for the protec- access to the CIB product portfolio of BNP Paribas. tion, management and pre-financing of the trade receivables, allowing the companies to obtain an CIB centralises in Luxembourg the capital markets and alternative short-term funding and to focus on their institutional hedging business lines: business. • Global Markets • Financing Solutions International Financial Services • Financial Institutions coverage • BNP Paribas Securities Services : BNP Paribas Securities ● BNP Paribas Wealth Management offers tailor-made has a long-standing reputation for its expertise and a solutions in asset and financial management as well unique know-how in funds management, international as an array of benefits and high quality services bond issues and in engineering both products. 11 04 HISTORY OF BGL BNP PARIBAS 12 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 significant shareholder (34%). holder of the Bank (53.2%) following the launch of a public take-over bid for shares of the Générale ● 2009: BGL adopts the name BGL BNP Paribas. de Banque. ● 2000: Banque Générale du Luxembourg and Fortis strengthen their strategic partnership. 13 05 BOARD OF GABRIEL DI LETIZIA Staff Representative, Bergem DIRECTORS DIRECTORS Director AND OFFICERS ÉTIENNE REUTER CAMILLE FOHL Secretary General, Ministry BNP Paribas Group Responsible of Finance, Luxembourg for Germany, Frankfurt Chairman Director THIERRY LABORDE GERARD GIL Member of the Executive Deputy Finance Officer, Paris Committee of BNP Paribas, Director Paris (until 2 April 2015) Vice-Chairman JEAN-CLAUDE GILBERTZ (since 7 May 2015) Staff Representative, Olm FRANÇOIS VILLEROY Director DE GALHAU MAXIME JADOT Member of the Executive Committee of BNP Paribas, Chairman of the Management Paris Committee of BNP Paribas Vice-Chairman Fortis, Brussels (until 7 May 2015) Director HRH PRINCE GUILLAUME JOSIANE KREMER OF LUXEMBOURG Staff Representative, Luxembourg Roodt/Septfontaines Director Director (since 1 October 2015) JEAN-MARIE AZZOLIN CARLO KRIER
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