Crédit Mutuel -CIC - Banque Fédérative du Crédit Mutuel
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Crédit Mutuel -CIC - Banque Fédérative du Crédit Mutuel
Crédit Mutuel-CIC Investor Presentation January 2009 1 Disclaimer The financials data in this presentation are related to CM4-CIC except specified • This presentation has been prepared by Banque Fédérative du Crédit Mutuel ("BFCM") solely for use in the roadshow presentation. Statements that are not historical facts, including statements about Crédit Mutuel-CIC ’s (the “CM4-CIC Group”) and BFCM’s beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore undue reliance should not be placed on them. Forward-looking statements speak only as of the date they are made, and neither CM4-CIC Group nor BFCM undertakes any obligation to update publicly any of them in light of new information or future events. • This presentation is confidential and is not to be reproduced by any person, nor be distributed to any person other than its original recipient. CM4-CIC Group and BFCM take no responsibility for the use of these materials by any such person. This presentation is not an offer to sell or the solicitation of an offer to purchase any notes and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. • Unless otherwise indicated, the information contained in this presentation relates to the consolidated financial performance of CM4-CIC Group. CM4-CIC Group’s and BFCM’s figures for December 2005, 2006 and 2007 are presented under IFRS, in accordance with the European regulations. Financial figures for the 2004 financial year were prepared under 2004 IFRS, which do not include IAS 32, IAS 39 and IFRS 4. Financial figures for the 1998-2003 financial years were prepared under French GAAP. Changes from one period to the next are calculated on the basis of the reported figures for these years. As a result, year over year changes with respect to financial figures prepared on the basis of IFRS and French GAAP are not directly comparable. 2 Crédit Mutuel Centre Est Europe Group – “CM5-CIC” CM4-CIC Financial Performance CM-CIC International division Acquisition of Citibank Deutschland CM4-CIC recent developments 3 CM5-CIC As of January the 1st, 2009 Crédit Mutuel Midi-Atlantique joins Crédit Mutuel CEE, SE, IdF to form CM5(*)-CIC 1- «CEE» Centre-Est-Europe 2- «SE» Sud-Est 3- «IdF» Ile-de-France 4- «SMB» Savoie Mont-Blanc 5- «MA» Midi-Atlantique 4 CREDIT MUTUEL = 18 «Fédérations» 18 FEDERATIONS -Anjou -Antilles-Guyane -ARKEA : CM5 Bretagne, Massif-Central, 5 Fédérations = CM5 3 Sud-Ouest, -Centre Crédit Mutuel CEE, SE, IdF, SMB, MA 1 -CM5 : Centre Est Europe Ile de France Sud-Est 2 Savoie Mont Blanc 4 1- «CEE» Centre Est Europe 2- «SE» Sud-Est 3- «IdF» Ile de France 4- «SMB» Savoie Mont Blanc 5- «MA» Midi-Atlantique Midi Atlantique -Dauphiné-Vivarais -Méditerranéen -LACO : Loire Atlantique , 5 Centre Ouest, -Maine Anjou Basse -Normandie CM5 is the largest entity of Crédit Mutuel with 64% of CM’deposits 70% of CM’loans 78% of CM’net profit 75% of CM’ total assets -Nord-Europe -Normandie -Océan Source: Confédération Nationale of Crédit Mutuel 5 CM5-CIC Group: two networks + CM5 network among the 18 Fédérations of the Crédit Mutuel Group CIC network with its 5 regional banks North North CIN CIN--BSD BSD East East Ile de France (Paris) Centre Est Europe (Strasbourg) CIC-Est CIC-Est West West BRO BRO--CIO CIO South SouthEast East Sud Est (Lyon) Lyonnaise Lyonnaisede deBanque Banque Savoie Mont Blanc (Annecy) South SouthWest West S.Bordelaise S.Bordelaisedu duCIC CIC Midi-Atlantique (Toulouse) CM5-CIC represents 69% of the Net Banking Income and 75% of the Total Assets of the overall Crédit Mutuel Group(1) 1. As of end of 2007 6 Crédit Mutuel–CIC 7 Overview of CM-CIC Group as at 31 December 2007 Key Figures Net banking income: 10.6 billions € Shareholders’ equity attributable to group share: 26.4 billions € Net income attributable to group share: 2.7 billions € 59,450 employees One of the first largest Retail Banking Group in France with 5,148 branches 14.9 millions of clients 17.3% domestic market share in loans 12.7% domestic market share in Deposits 469.0 billions € of Savings 258.6 billions € of Credits 2nd Home loaners and … 1st bank-insurer in non life and the 4th in Life Insurance. 2nd bank for corporates 2nd for electronic banking 2nd bank for agriculture 8 CM5-CIC 9 CM4-CIC(1) overview as of 30 June 2008 A cooperative structure: CM4-CIC Group • • • • • • • 3rd largest retail banking group in France in terms of number of branches Leader in French bank-insurance, payment systems, electronic banking 8.1 million customers and 3,406 branches Total Assets of €425 billion Total Capital of €20 billion Tier 1 ratio(2): 8.52% (Basel I) and 8.80% (Basel II) Total Regulatory Capital of €19.6 billion(2) A financial arm: BFCM Holding Company of the Group Conducts the funding and the capital raising of the Group Acts as the central treasury of the Group Long Term Ratings: Aa3 by Moody’s Short Term Ratings: P-1 by Moody’s A+ by S&P A-1 by S&P AA- by Fitch Ratings F1+ by Fitch Ratings (1) Financal data are related to CM4-CIC ; CM4-CIC regroups 4 federations of Crédit Mutuel (Centre Est Europe, Sud Est, Ile de France, Savoie Mont Blanc) and CIC As of 31-Dec-07 10 CM5-CIC Overview: a solid mutual Group One member, One vote 2 million member Fédération Fédération Centre-Est-Europe Centre-Est-Europe Strasbourg Strasbourg Fédération Fédération Sud-Est Sud-Est Lyon Lyon ¾ ¾ stakeholders ¾ Fédération Fédération Ile-de-France Ile-de-France Paris Paris Stakeholders General meetings Supervisory board Board of directors Fédération Fédération Savoie-Mont-Blanc Savoie-Mont-Blanc Annecy Annecy Fédération Fédération Midi Midi Atlantique Atlantique Toulouse Toulouse Caisse Fédérale de Crédit Mutuel 95% BFCM 11 BFCM: the financial arm of CM5-CIC Local Banks: East, South East, Paris Region, French Alps Region, South West Caisse Federale de Cré Crédit Mutuel 95% BFCM 93% 56.5% 20.5% Groupe Assurance Credit Mutuel (GACM) 100% Other Subsidiaries: - Private Banking - Asset Management - etc. 12 Crédit Mutuel Centre Est Europe Group – “CM5-CIC” CM4-CIC Financial Performance CM-CIC International division Acquisition of Citibank Deutschland CM4-CIC recent developments 13 CM4-CIC: a strong operating performance Net Banking Income € mn 8 000 • CM4-CIC Group posted a strong growth in France where it conducts most of its activities through a dynamic network of local retail bank-insurance outlets. France represented more than 95% of CM4-CIC’s Net Banking Income in 2007 +34% 7 433 7 209 7 000 5 970 6 000 6 141 5 791 5 384 5 000 4 000 2002 2003 2004 2005 2006 2007 Net Profit • Net Banking Income and Net profit have increased considerably over the past 6 years +138% € mn 2 500 2 328 2 000 1 610 1 500 1 000 2 161 1 163 1 268 907 500 0 2002 2003 2004 2005 2006 2007 14 Financial Highlights – CM4-CIC Group Solid performance for 2007 Dec-2007 Dec-2006 2007 / 2006 Total Assets Total Deposits Total Customer Loans 413,073 107,254 179,030 356,099 96,409 149,165 +16.0% +11.2% +20.0% Net Banking Income (“NBI”) Operating expenses Gross Operating Profit 7,209 (4,193) 3,016 7,433 (4,064) 3,369 -3.0% +3.2% -10.5% (124) 2,892 2,161 (143) 3 225 2,328 -13.3% -10.3% -7.2% 58.4% 8.52%/8.80%(1) 13% 55.0% 9.19% 16.90% Cost of risk Operating Profit Net Profit Cost/Income Ratio Tier 1 Ratio (Basel I) ROE (1) Note: Basel II figure CM4-CIC Group’s figures for December 2007 and 2006 are presented under IFRS, in accordance with the European regulations 15 Financial Highlights – CM4-CIC Group Still profitable in H1 2008 Jun-2008 Jun-2007 H1 08 / H1 07 Total Assets Total Deposits Total Customer Loans 425,000 113,033 197,988 401,090 100,811 166,105 +6.0% +12.1% +19.2% Net Banking Income (“NBI”) Operating expenses Gross Operating Profit 3,095 (2,283) 812 3,954 (2,207) 1,747 -21.7% +3.4% -53.5% (165) 647 507 (66) 1,681 1,213 +150.0% -61.5% -58.2% Cost of risk Operating Profit Net Profit Source: CM4-CIC Group Consolidated Accounts 16 CM4-CIC: key figures by business lines A well diversified revenue base driven by retail banking and insurance 31-Dec-07 30-Jun-08 Total Net Banking Income Retail Retail Banking Banking €4,654m €4,654m (64.6%) (64.6%) €2,375m €2,375m (76.7%) (76.7%) Insurance Insurance €1,056m €1,056m (14.6%) (14.6%) €539m €539m (17.4%) (17.4%) Investment Investment Banking, Banking, Private Private Banking, Private Equity Banking, Private Equity €1,484m €1,484m (20.6%) (20.6%) €214m €214m (6.9%) (6.9%) Structure Structure & & Holding Holding €16m €16m (0.2%) (0.2%) -€33m -€33m €2,161 million Total Net Profit (ns) (ns) €507 million Private Equity 17% Retail Banking 42% Private Banking 6% Investment Banking 10% Insurance 25% 17 CM4-CIC has a safe risk profile Strong focus on retail banking and insurance, mainly in France, provides a non-volatile steadily growing revenue base Evolution of Non-Performing Loans and Provisions • The NPL/Loans ratio has decreased from 6.7% in 1998 –when it peaked mainly on the back of the CIC acquisition(1)– to 2.3% in 2007, as a result of efficient risk monitoring 7,0% 70% 6,0% 60% 5,0% 50% 4,0% 40% 3,0% 2,0% 30% 1998 1999 2000 2001 NPL / Loans (LHS) • Provisions for NPLs have remained at approximately 60-70% across the 19982007 period 2002 2003 2004 2005 2006 2007 Provis ions for NPL / NPL (RHS) Cost of Risk / Loans 1,0% 0,78% 0,8% 0,57% 0,48% 0,6% 0,45% 0,47% 0,38% 0,4% • The cost of risk(2) has significantly decreased over the last seven years 0,25% 0,11% 0,09% 0,07% 0,2% 0,0% 1998 Source: Note: (1) (2) 1999 2000 2001 2002 2003 2004 2005 2006 2007 CM4-CIC Group Consolidated Accounts CM4-CIC Group’s figures are presented under IFRS (in accordance with the European regulations) for 2007, 2006, 2005, under 2004 IFRS (which do not include IAS 32, IAS 39 and IFRS 4) for 2004 and under French GAAP for years 1998 to 2003 In April 1998, CM4-CIC was chosen by the French government to acquire –via BFCM– a majority stake (67%) of the CIC group, the ninth-largest banking group in France at the time (Net provisions + Realised Losses) / Total Outstanding Loans 18 CM4-CIC is well capitalised CM4-CIC Group’s Total Capital and Tier 1 Ratio (Basel I) (1) € bn 9,67% 9,17% 8,69% 8.52% 25 7,49% 7,38% 6,82% 20 10,0% 9,19% 18,55 14,84 19,6 7,5% 15,83 15 5,0% 12,57 11,13 9,84 10 9,67 2,5% 5 0,0% 0 2000 2001 2002 2003 Total Capital Source: Note: (1) 2004 2005 2006 2007 Tier 1 Ratio CM4-CICGroup Consolidated Accounts until Dec 2006- Figures 2007 CM4-CIC Group’s figures are presented under IFRS (in accordance with the European regulations) for the 2007, 2006 and 2005 financial years, under IFRS (which do not include IAS 32, IAS 39 and IFRS 4) for the 2004 financial year and under French GAAP for the financial years 2000 to 2003 Including €1.6 billion of hybrid Tier 1 Capital issued by BFCM in 2004 and 2005 19 CM4-CIC: A very limited exposure to toxic assets • As of 30 June 2008, CM4-CIC Group holds a €2.8bn U.S. RMBS portfolio (mark to market value) through its subsidiary CIC-NY, of which: – • Agencies and AAA-rated RMBS (95% of the portfolio) – Subprime loans (2%) – CM4-CIC intends to portfolio to maturity hold U.S. RMBS Exposure – Breakdown by type(1) Subprime 2% U.S. Agencies 40% this As of 30 June 2008, CIC-NY has booked cumulative losses of €439M on this portfolio Alt-A 45% Prime 13% U.S. RMBS Exposure – Breakdown by rating(1) Non Agency - AA and below 4% Other exposures of CM4-CIC: • (1) – CMBS: €258M (no U.S.) – U.S. CDO: €128M – Liquidity facilities €65M in Europe – €63M securities are covered by monoliner to Agencies - AAA 40% conduits: Non Agency - AAA 56% CM4-CIC has no exposure to SIV Net exposure after impairment and hedging as of 30-Jun-08. 20 BFCM, the financing arm of CM5-CIC Conservative strategy and sound financial profile are reflected in BFCM & CIC’s strong ratings Moody's S&P Fitch Ratings BFCM CIC BFCM CIC BFCM CIC Short-Term Ratings P-1 P-1 A-1 A-1 F1+ F1+ Long-Term Ratings Aa3 Aa3 A+ A+ AA- AA- Stable Stable Stable Stable Stable Stable Outlook 21 Crédit Mutuel Centre Est Europe Group – “CM5-CIC” CM4-CIC Financial Performance CM-CIC International division Acquisition of Citibank Deutschland CM4-CIC recent developments 22 International financing • Develops a commercial offer to the benefit of the international trade of our clients • Is the CM-CIC group leader for non OECD country risks and management of interbank risks • Supports the CM-CIC network in this respect • Is the CM-CIC Business Entry point for Non-OECD banks 23 Correspondent banks network management • Buying Side – The sole group structure devoted to negociate interbank services with correspondents banks • Selling Side – Develops a commercial business line in favor of • International banks in the european payments arena • Domestic banks in the domestic and european payments arena • Network management – Manages the CM-CIC correspondent banks network for account of the group 24 International in the CM-CIC domestic network • Aidexport :A specific team in charge of developping and analysing business opportunities for our clients • A specific commercial offer and organisation to promote international business and technicalities in the CM-CIC network 25 Crédit Mutuel Centre Est Europe Group – “CM5-CIC” CM4-CIC Financial Performance CM-CIC International division Acquisition of Citibank Deutschland CM4-CIC recent developments 26 CM4-CIC: why acquiring Citibank Deutschland? CM4-CIC had a Limited International Coverage • • CM4-CIC had a Concentrated Business Mix with Limited Consumer Finance 38 representative offices and 4 foreign branches spanning London, New York, Singapore and Frankfurt No retail network abroad Breakdown of Outstanding Loans (as of 31-Dec-07) Housing Loans 52% Others 8% Lease Financing 3% Overdrafts 4% Consumer Loans Investment 4% Credits Cash Facilities 17% 12% German Operations: • Branch established in 1999 • 30 employees • €1.4bn of credit to German Corporate clients CM4-CIC wanted to diversify its business in terms of geography and boost its consumer lending activity 27 CM4-CIC & Citibank Deutschland: Geographical and business mix complementarities Clear Business Synergies with A New Entity Easy to Integrate Clear Geographical Match • Acquisition of a key player in consumer loans in Germany, the first European economy • Immediate synergies in retail banking • An acquisition with a very low execution risk (still retail banking, keep local team, etc.) and quickly accretive Düsseldorf Paris Strasbourg • CM4-CIC has a strong enough capital base to Citibank Deutschland is an excellent growth opportunity that afford this acquisition fits very well in CM4-CIC development strategy 28 Citibank Deutschland: A Top 10 player in Germany for retail activities Clients (million) Employees (‘000) Revenue (€ billion) (1) 44,0 (1) 161,2 13.6 6,5 11,0 5,0 11,7 3,3 3,1 1,0 1 135 671 3.0 5,8 1 146 1,1 2,7 5,9 3,8 3.578 3,8 28,3 13,4 4.427 21,0 21,5 14,5 8.5 28,9 257,0 24,5 Profit Before Tax (€ million) 1,6 5,6 9,1 3,0 469 3,6 878 2,8 401 0,9 385 1,6 1,8 0,4 546 264 28 Figures for Deutsche Bank Privat- & Geschäftskunden AG (1) Deutsche Bundesbank 2006 figures Source: Groups’ accounts, retail banking segments only 29 Citibank Deutschland: A Player Specialised in consumer loans and related retail activities Citibank Deutschland’s Market Share €130 bn 8,0% 7,1% 7,3% 19 mn issued cards 6,0% 4,3% 4,1% 4,0% €314 bn 2,6% €310 bn 1,7% 2,0% €564 bn 1,1% 0,3% 0,2% 0,5% 0,0% Consumer Loans Credit Cards Current A ccounts 2006 Source: Deutsche Bundesbank, Citibank Deutschland 2007 Savings Products Rewarded A ccounts Estimated market size 30 Citibank Deutschland: A diversified retail product range Citibank Deutschland’s Main Products Credit Cards No. 6 for credit issuer (VISA/MasterCard) 780.000 credit cards in issue 2007: €449 million receivables outstanding Credit Cards 6% Insurance 9% Insurance Leader position in distribution Premiums: €3.3 billion life & non-life Loans Consumer Loans 51% Liabilities and W e alth 24% Overdrafts 10% Personal instalment loans (PIL), overdraft, sales finance, Margin Lending 7%+ market share in PIL Leading sales finance platform €10.4 billion loans outstanding Cooperation agreement with mortgage Broker PlanetHome, to average home financing loans Wealth Management 336,000 custody accounts €12.5 billion AuM Deposits Checking Accounts, time deposits, savings, investments €9.9 billion customer liabilities Distribution of NBI Source: Group Accounts 31 Citibank Deutschland: A significant distribution network in Germany A Diversified Distribution Network Points of Sale Headquarters Düsseldorf Branches 2,545 employees 282 Branches 2,054 FTE(2) Mobile Sales Force 237 advisors 37 advisory points Wealth Management 538 consultants 21 Citigold Centers DABs et CETs(1) 668 DABs (free access 2,500 DABs via ‘Cash Pool’) 615 employees CitiPhone Banking 63 employees Advisory Points Revenues by Distribution Channels Merch. Sale Force 10.7% Inv. Clusters 4.9% Branches 79,8% Sales Finance 2,804 active outlets Ca. 470 retailers Direct Bank 12 direct staff (Internet) 1,383m visits on Homepage Internet / Call Centers 2,9% Q1 2008 Bank@Work 1,7% (1) CET’s (Citibank Deutschland Express Terminals). (2) FTE: full-time employees Notes: Total number of employees 6,733 (2007); 5,628 full-time employees. Source: Company information 32 This Acquisition Consolidates CM4-CIC Retail Banking and significantly enhances its geographical diversification Source: Group Accounts 85% of NBI Private Banking 6% Wholesale Banking 25% CM4-CIC Pro-Forma (2007) Retail Banking 64% Wholesale Banking 15% 2007 NBI – By Geography 2007 Net Profit – By Business 2007 NBI – By Business CM4-CIC Standalone (2007) Private Banking 6% Wholesale Banking 12% Insurance Retail 15% Banking 44% Insurance 25% Private Banking 5% 75% of Net Profit Wholesale Banking 21% Private Banking 5% France 96% Abroad 4% France 78% Retail Banking 67% 88% of NBI Insurance 16% Retail Banking 52% Insurance 22% 79% of Net Profit Abroad 22% 33 The acquisition allows CM4-CIC to become A key player in the consumer credit market 50 French Groups – Total Consumer Loan Activity 40 (€ billion) 33,7 31,1 30 20 11.3 10,4 7,1 10 5,3 0.4 0 + From a negligible presence in Consumer Lending before this acquisition, CM4-CIC is now able to compete with its key French peers Source: Groups’ accounts, consumer credit operations in dedicated entities only. 34 Crédit Mutuel Centre Est Europe Group – “CM5-CIC” CM4-CIC Financial Performance CM-CIC International division Acquisition of Citibank Deutschland CM4-CIC recent developments 35 CM4-CIC : A Key Player In The Consumer Credit Market After Citibank Deutschland, Cofidis acquisition CM4-CIC Group become a significant player in the European consumer credit market 40 35 30 Consolidated outstandings of consumer loans specialized French credit institutions 25 Md€ 20 15 10 5 0 36 The acquisition allows CM4-CIC to become A key player in the consumer credit market 37 The Group in 2009 DEUTSCHLAND Norway Cofidis SA (France) Cofidis Belgium • • BFCM Francfort BECM Francfort • Citibank 340 agencies in 219 cities Sweden Cofidis Italy Irland Cofidis Spain Cofidis Slovaquie Danmark UK Cofidis Rép Tchèque Cofidis Roumanie Succ Cofidis Portugal Swizerland Portugal • • Poland CM-CIC Bail Belgique Banque du Lux. BT Belgium Partners (Ass) Citibank Cofidis Belgium Czech Rep Slovakia SPAIN • • • • • • • Lux. Succ Cofidis Hungary • BELGIUM PaysBas Deutschland Belgium Serbrok Correduria (Ass) SA Nostra Vida (Insurance) Cofidis Spain Royal Automobile Club de Catalogne (Insurance) Hungary Spain Italy Baléares Luxembourg Romania • • • • Banco de Luxembourg BT Luxembourg ICM Life (Ass) ICM Ré (Ass) SWITZERLAND Morocco • • CIC Private BankingBanque Pasche CIC Suisse • • BPM Cofidis Italy Greee MoROCCO / TUNISIA • • • BMCE RMA Watanya ASTREE (Ass) Algeria Tunisia ITALY 38 Further information: BANQUE FEDERATIVE DU CREDIT MUTUEL 6 avenue de Provence 75452 Paris cedex 09 Group‘websites : BFCM: http://www.bfcm.creditmutuel.fr CIC: http: //www.cic.fr http://www.cic.com.sg CM-CIC Covered Bonds: http: //www.cmcic-cb.com Contact : Sandrine Cao-Dac Viola Head of Investor Relations Tel: +33 (0) 1 40 16 28 13 Fax: +33 (0) 1 45 96 79 19 email: [email protected] 39
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