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Registration Document and Annual Financial Report 2014 Registration document and annual financial report This registration document was filed with the Autorité des Marchés Financiers (AMF) on April 21, 2015, pursuant to Article 212-13 of the AMF’s General Regulations. It may be used in support of a financial transaction if it is accompanied by a memorandum approved by the AMF. This document was prepared by the issuer and is binding on its signatories. In 2014, CIC maintained its growth momentum… Michel Lucas and Nicolas Théry In 2014, CIC maintained its growth momentum to serve its 4.8 million customers and reconfirmed its active participation in the real economy. Thanks to the motivation of its 20,000 employees, CIC was able to provide solid support for its customers’ needs, whether private individuals, associations, self-employed professionals, or corporates. This commitment and this professionalism are reflected in the figures: net income was €1,124 million, up 32.4%*; customer loans and deposits rose by a respective 7.3% and 8%; and insurance, remote banking, telephony and remote surveillance also grew significantly. With its responsive organizational structure and network of more than 2,000 points of sale, CIC’s top priorities are retail banking and customer satisfaction. Its diverse business lines and cutting-edge technology enable it to tailor its offerings to every need. As banker to one in three businesses in France, it supports job-creating companies and is an active partner in the regions’ economies. CIC benefits from the strength and solidity of its parent company, Crédit Mutuel, a powerful group with a European reach. With €43.9 billion in equity (up 9.1%), the Crédit Mutuel group posted a CET1 ratio of 15.5% and has one of the soundest balance sheets in Europe. Recognized for its expertise by the international press, in 2014 it was named “Best French Banking Group” by the British magazine World Finance and “French Bank of the Year” by the international magazine The Banker, and was ranked first on the list of “Top French Banks” by Baromètre Posternak Ifop. In recognition of its unwavering focus on all its customers, it was also ranked first in the Banking category in the TNS Sofres “Podium de la Relation Client” awards. The year 2014 was also marked by a change in chairman. On December 11, 2014, the board of directors of CIC appointed Nicolas Théry as chairman of the board of directors and Alain Fradin as chief executive officer. This passing of the baton will no doubt enable CIC to conduct its work with the same high standards and level of excellence. Michel Lucas * After adjusting for the impact of the deconsolidation of CM-CIC Gestion and SNC Saint-Pierre in 2014. 4 CIC - 2014 CONTENTS 6 CIC profile 7 Key consolidated figures 8 Simplified organization chart 10 PRESENTATION OF CIC 12 Review of operations 1 29 Regional and international directory 32 History of CIC 33 Capital 36 Market for the company’s stock 39 Statutory Auditors’ report on the interest payable on non-voting loan stock 40 CORPORATE GOVERNANCE 42 Board of directors 2 52 Compensation of corporate officers 54 Variable compensation of “risk takers” 56 Report of the chairman of the board of directors to the annual general meeting of stockholders of May 27, 2015 on the preparation and organization of the board’s work and on internal control procedures 67 Statutory Auditors’ report pursuant to Article L.225-235 of the French Commercial Code on the report of the chairman of the board of directors of CIC 68 Statutory Auditors’ special report on regulated agreements and third party commitments 70 FINANCIAL INFORMATION 72 Consolidated financial statements 3 174 Statutory Auditors’ report on the consolidated financial statements 175 Company financial statements 214 Statutory Auditors’ report on the company financial statements CONTENTS 5 216 CORPORATE SOCIAL RESPONSIBILITY 218 General information 4 232 Indicators 243 Cross-reference table for information required by Article 225 of the Grenelle II Act on employment, environmental and social matters 246 Report of one of the statutory auditors, a designated independent third party, on the consolidated social, employment and environmental information presented in the management report 248 LEGAL INFORMATION 250 Stockholders 5 259 Statutory Auditors’ report on the issuance of shares and other marketable securities with the maintenance and/or waiver of preferential subscription rights (15th, 17th and 18th resolutions) 260 Statutory Auditors’ report on the capital increase reserved for members of a company savings plan (20th resolution) 261 General information 262 ADDITIONAL INFORMATION 264 Documents on display 6 264 Financial communication 265 Person responsible for the registration document 265 Statutory auditors 266 Cross-reference table 6 CIC - 2014 CIC PROFILE CIC, the holding company and network bank serving the Greater Paris region, comprises five regional banks and specialist entities covering all areas of finance and insurance both in France and abroad. 4,773,895 customers, including: 3,929,813 individuals 80,013 associations 641,378 self-employed professionals 122,684 corporates 19,874 employees* 2,047 branches in France 3 foreign branches 35 foreign representative offices 22 foreign private banking offices Figures as of December 31, 2014. * Full-time equivalent. KEY CONSOLIDATED FIGURES 7 KEY CONSOLIDATED FIGURES Capital in € millions 2014 2013 2012 Net banking income 4,410 4,466 4,260 Operating income after provisions 1,293 1,211 960 Net income attributable to the company 1,116 845 698 Cost/income ratio(1) 66% 64.7% 69% (1) Overheads as a percentage of net banking income. 245,679 12,266 12.1% 10.3% 11.5% 11.9% 235,732 232,920 11,235 10,468 8.4% 7.8% 2012 2013 2014 2012 2013 2014 2012 2013 2014 2012 2013 2014 TOTAL ASSETS EQUITY RETURN ON EQUITY(1) BASEL 2.5 BASEL 3 (incl. minority interests) TIER 1 SOLVENCY COMMON RATIO EQUITY TIER 1 245,505 34,737 146,739 121,889 32,959 136,767 112,847 226,210 132,890 222,301 30,814 108,162 2012 2013 2014 2012 2013 2014 2012 2013 2014 2012 2013 2014 LOANS AND ADVANCES CUSTOMER DEPOSITS SAVINGS MANAGED LIFE INSURANCE(3) TO CUSTOMERS AND HELD IN CUSTODY(2) (1) Net income attributable to the company as a percentage of opening equity less dividends paid. (2) Managed savings (life insurance, employee savings plans and UCITS) and customers’ securities in custody. (3) Month-end outstandings. Source: consolidated financial statements. 8 CIC - 2014 SIMPLIFIED ORGANIZATION CHART The percentages indicate the portion of the entity controlled by CIC as defined under Article L.233-3 of the French Commercial Code (Code de Commerce). Crédit Mutuel also holds shares in companies not controlled by CIC (i.e. in which ownership is less than 50%). They are therefore controlled by the Crédit Mutuel-CIC group in accordance with the terms of the same article of the French Commercial Code. CIC RETAIL BANKING 100% 100% 100% 100% 100% NETWORK CIC CIC CIC CIC CIC Lyonnaise Nord Ouest Ouest Sud Ouest Est de Banque PRIVATE 100% 100% 100% 100% BANKING(1) CIC Banque Banque CIC Banque Private Banking- Transatlantique Suisse de Luxembourg Banque Pasche PRIVATE 100% EQUITY CM-CIC Capital Finance SPECIALIZED 23.5% 99.9% 100% 99.2% BUSINESSES CM-CIC Asset CM-CIC Epargne CM-CIC CM-CIC Management Salariale Securities Bail 54.1% 95.5% 100% CM-CIC CM-CIC CM-CIC Lease Factor Aidexport INSURANCE 20.5% Groupe des Assurances du Crédit Mutuel SHARED 12.5% No capital No capital SERVICE COMPANIES Euro GIE CM-CIC GIE CM-CIC Information Titres Services (1) Private banking activities are also conducted by CIC’s Singapore branch (in situ and via CIC Investor Services Limited in Hong Kong). SIMPLIFIED ORGANIZATION CHART 9 CIC comprises: Crédit Mutuel stockholdings by business: • CIC (Crédit Industriel et Commercial), the holding SPECIALIZED BUSINESSES company and head of the bank network, which CM-CIC Asset Management: 76.5% also acts as the regional bank for the Greater Paris CM-CIC Bail: 0.8% region and through which investment, financing CM-CIC Lease: 45.9% and capital markets activities are carried out; CM-CIC Factor: 4.5% • five regional banks, each of which serves a clearly INSURANCE defined region; Groupe des Assurances du Crédit Mutuel: 79.5% • specialist entities and service companies serving the whole group. SHARED SERVICE COMPANIES Euro Information: 87.5% Presentation of CIC 12 REVIEW OF OPERATIONS 12 Retail banking 19 Financing activities 22 Capital markets activities 25 Private banking 28 Private equity 29 REGIONAL AND INTERNATIONAL DIRECTORY 32 HISTORY OF CIC 33 CAPITAL 36 MARKET FOR THE COMPANY’S STOCK 36 Stock 37 Stock performance 1 37 Dividends and dividend policy 39 STATUTORY AUDITORS’ REPORT ON THE INTEREST PAYABLE ON NON-VOTING LOAN STOCK 12 PRESENTATION OF CIC REVIEW OF OPERATIONS Retail banking* Retail banking, the group’s core business, continued to grow in 2014. With net banking income of €3,327 million, operating expenses of €2,194 million and net provisioning of €234 million, retail banking posted pre-tax income of €1,020 million. Retail banking: Change 2013 Change* 2014 2013 key figures (€ millions) 2014/2013 restated* 2014/2013 Net banking income 3,327 3,330 -0.1% 3,311 0.5% General operating expenses (2,194) (2,202) -0.4% (2,185) 0.4% Operating income before provisions 1,133 1,128 0.4% 1,126 0.6% Cost of risk (234) (312) -25.0% (312) -25.0% Income before tax 1,020 918 11.1% 916 11.4% Net income attributable 688 604 13.9% 602 14.3% to the company * After restatement of the impact of the deconsolidation of CM-CIC Gestion and SNC Saint-Pierre.
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