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Annual report 2009 - Crédit Mutuel · PDF file2 Crédit Mutuel Annual report 2009 3 Chairman's message 3 ... Board of Directors of Confédération nationale du Crédit Mutuel 8

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  • Annual report 2009

  • Annual report


  • Contents Chairman's Message

    2 Crdit Mutuel Annual report 2009 3

    Chairman's message 3


    Business profile, 2009 7Board of Directors of Confdration nationale du Crdit Mutuel 8


    A decentralised structure 14Governance and membership 16A pro-active human resources policy 18La Fondation du Crdit Mutuel 20Banking for all members of society 24



    One of France's leading retail banks 38The preferred bank of private individuals 40A key player in housing finance 42A dedicated offer for young people 44The leading bank for non-profit associations 46Number three for SMEs 48At the cutting edge of technology 50The challenger in the farming sector 51Retail banking subsidiaries 52

    Insurance 56


    Corporate and investment banking 62Asset management and private banking 65Technological services 68


    Board of Directors' management report 76Financial statements 101Notes to the financial statements 108

    Independent Auditors report 164

    2 0 0 9

    Development, solidity and identity

    Crdit Mutuel withstood the crisis intact. While subject to a certain, controlled impact,above all it showed determination by affirming its ability to grow and taking the necessarystrategic decisions.

    It contributed to the financing of the economy, notably by supporting households, self-employed professionals and SMEs by offering a range of increasingly competitivebankinsurance products to its members and customers.

    It developed its new technologies, mobile telephony and electronic money and paymentsactivities, and tested numerous new remote payment solutions to facilitate banking for its customers, all the time remaining true to its commitment to local banking.

    It expanded its local mutual bank and branch network, saw new interfederal partnershipsemerge and promoted internal sharing of applications to help cut costs.

    Lastly, it acquired Targobank (formerly Citibank Deutschland) and Cofidis, and grew its international insurance business, thus increasing the proportion of business doneoutside France from 5% to 17%, while developing its consumer credit activities.

    This commitment to growth relies on the groups increased solidity: it now has 29.6 billion of capital and an 11.8% Tier 1 ratio. This financial profile makes it the only French bank with unchanged credit ratings and one of the eurozones most highly rated institutions.

    At the same time, the Crdit Mutuel group has once again shown the strength of its cooperative business model. Thanks to its democratic governance structure, its regional organisation based on a network of 2,045 local mutual banks run by 24,000 unpaid elected directors, and its staffs responsiveness and ability to providesolutions, it was able to fulfil its role of economic support by, as always, helping its 23 million members and customers to realise projects and overcome difficulties. At a deeper level, the long-lasting relationship of trust and closeness it has built with these customers was once again recognised with the years top award for customerrelations from BearingPoint-TNS Sofres.

    The end of 2009 sees the groups choices vindicated: the strategic choice to extend its scope for growth, and the choice to be a mutual bank upholding the values of responsibility and solidarity. Every day, its directors and employees make Crdit Mutuel what it is as they work to serve its members and customers and help them build their future.

    Etienne PFLIMLIN

  • Leading the way in banking technology

    The branch network is supported by a compre-hensive multi-channel banking offer based on cutting edge technology. In 2009, remotebanking clocked up over a billion contacts, morethan half of them via the Internet.

    The group is gaining prominence in upcomingfields such as mobile telephony, which providesanother channel for bankinsurance, bankingservices and electronic payments, which are keyEuropean markets.This new strategic direction broadens thegroups know-how and expertise, adding highlyinnovative services that bolster its leadershipposition.

    It ranks number two in France in electronic payments, with a 20.1% share of the overall market and a 26% share among retailers.

    A solid, highly rated bank

    The crisis has not dented the groups financialstrength, and its 11.8% Tier 1 ratio is one of thebest among French banks.

    Despite an economy marked by falling demandand increased risk, Crdit Mutuel is the only Frenchbank to have had all its ratings maintained.

    It was the first bank to repay state aid in September2009 and remains one of the eurozones mosthighly rated issuers, with an A+/A-1 rating andstable outlook from Standard & Poors. BanqueFdrative du Crdit Mutuel, the holding companyfor the Centre Est Europe group and a directshareholder of CIC, is rated Aa3/P1 by Moodysand AA-/F1+ by Fitch.

    Annual report 2009 5

    The Crdit Mutuel group, which is one of France's leading bankinsurers, comprises the Crdit Mutuel branch network and all the banks subsidiaries.

    The group offers a comprehensive range of financial expertise to its 23.3 million customers, which include 21.4 million retail customers.

    Its overriding priority, and the key to its development, is the quality of its customer relationships and services.

    Its strategy is one of controlled growth centred on local retail banking, bankinsurance and technological excellence.

    The group focuses on closeness to the customer, combining the strengths of Crdit Mutuel a cooperative, mutual bank with extensive regional and local ties - with those of CIC, a commercial bank.

    Crdit Mutuel and CIC the groups two leading brands combined with the 2008 acquisitions of Targobank (formerly Citibank Deutschland) and CIC Iberbanco and the 2009 acquisition of Cofidis have a network of almost 6,000 points of sale.

    Crdit Mutuel is composed of local mutual banks organised into 18 regionalfederations, which in turn form the Confderation Nationale du Crdit Mutuel,the central body that heads the network.

    CIC operates a branch network in the Paris region and is the holding companyfor a group of five regional divisions, along with subsidiaries specialised in all areas of finance and insurance.

    The group now carries out nearly a fifth of all its business abroad.

    Group profile

    4 Crdit Mutuel

    2 0 0 9

    The Crdit Mutuel Group comprises the Crdit Mutuel branch network

    and all the banks subsidiaries

    Financial structureIFRS (in billions)



    Shareholders equity(of which, group share)

    2007 2008 2009


    26.4 24.7 29.6

    Tier 1 ratio

    9.6% 9.8%11.8%



  • Annual report 2009 7

    A bank with stronger international presence

    Whether in financing, insurance or electronicpayments and wherever in the world they are based, Crdit Mutuel is always there for itscustomers.

    Adding to existing operations in Europe, NorthAfrica, t

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