2023 UNIVERSAL REGISTRATION DOCUMENT

AND ANNUAL FINANCIAL REPORT

Groupe BPCE, the second largest banking group in France, performs a full range of banking and insurance activities.

With over 100,000 employees, its serves 35 million customers worldwide including individuals, professionals, companies, investors and local authorities. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine.

It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking.

www.groupebpce.com

This Universal Registration Document was filed on March 25, 2024 with the AMF, in its capacity as the competent authority in respect of Regulation (EU) No. 2017/1129, without prior approval pursuant to Article 9 of said regulation. The Universal Registration Document may only be used for the purposes of a public offering or admission of securities to trading on a regulated market if it is accompanied by a memorandum pertaining to the securities and, where applicable, an executive summary and all amendments made to the Universal Registration Document.

The complete package of documents is approved by the AMF in accordance with Regulation (EU) No. 2017/1129. Copies of this Universal Registration Document may be obtained free of charge from BPCE, 7, Promenade Germaine Sablon 75013 Paris.

The English 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 matters of interpretation, views or opinion expressed in the original language version of the document in French take precedence over the translation.

Only the French version of the Universal Registration Document has been submitted to the AMF. It is therefore the onlyversion that is binding in law.

Message from the
Chairman of the Management Board

Nicolas NAMIAS

Chairman of the Management Board of BPCE

Our Group strengthened its commercial momentum in 2023 while increasing its financial strength to bring it up to the highest standard in Europe. This result is all the more remarkable given that the activity of our business lines took place in a subdued economic context and a tense international environment.

Thanks to particularly strong commercial activity in all customer segments, the Banque Populaire and Caisse d’Epargne networks continued to expand their business, posting a gain of 925,000 new customers over the year, while the insurance, payments and specialized financing activities continued to grow. In the Global Financial Services, Corporate & Investment Banking recorded its highest level of annual revenue, and Asset Management maintained a solid performance in a challenging market for the industry.

As we had anticipated, Groupe BPCE’s financial performance was marked by the rapid rise in interest rates; this impact is commensurate with the place we occupy in the financing of the French economy. For the customers of the Banques Populaires and Caisses d’Epargne who hold loans, this fixed-rate financing model has made it possible to protect their purchasing power, in line with our cooperative values.

I would like to thank our 100,000 employees in France and abroad for their daily commitment alongside our customers. They contribute to making our Group a central player in the economy, at the heart of environmental, technological and societal issues.

The commercial development of our businesses and our solid fundamentals are key assets for our sustainable growth strategy. This is the ambition that drives us with all the Group’s executives as we define the new strategic project that will guide our action for the coming years.

“The commercial development of our business lines and our solid fundamentals are key assets for our sustainable growth strategy.

Groupe BPCE at a glance

A cooperative, multi-brand and entrepreneurial model serving its customers and the economy

Groupe BPCE is the second-leading banking group(1) in France and finances 22%(2) of the French economy. All our customers, be they individuals, professionals, associations, corporate customers of all sizes or institutional customers, have constantly evolving expectations, with increasing demands in terms of availability, feedback, advice and service.

Our business lines, in France and internationally, offer solutions tailored to meet these needs, in retail banking, insurance, financial solutions & expertise, payments, asset & wealth management, and corporate & investment banking.

In the regions and internationally, our brands support, with short decision-making circuits, our customers in all their projects, through all distribution channels.

We are convinced that our universal cooperative banking model, successfully built around strong brands recognized and close to their customers, is a model of the future, deeply in line with the aspirations and needs of society. Multi-entrepreneurial and decentralized, it allows us to operate over the long term.

With strong positions in each of its business lines, our Group is able to accelerate its development by always providing better support to our customers in their projects. We intend to deploy the full potential of our model to be a leader in banking, insurance and asset management for all.

(1) Market shares: 21.8% in customer savings and 22.2% in customer loans (Banque de France Q3-2023 all non-financial customer categories).
(2) 22.2% market share in loan outstandings, all non-financial sector customer categories (Banque de France Q3-2023).

Diversified businesses, Strong, recognized brands

[1] 2023 Kantar SME SMI survey.
[2] Observatoire de la dette Finance Active des Collectivités Locales at the end of 2022 and Repères 119 USH at the end of 2023 (low-cost housing projects in figures).
[3] 38.4% (rank 2) penetration rate among professional customers and individual entrepreneurs (Pépites CSA 2021-2022 survey).
[4] Athling #laminutecreditconso study (2024).
[5] Insurance Argus 2022.
[6] Cerulli Quantitative Update: Global Markets 2023.
[7] Dealogic.
[8] Infralogic.

BPCE 2024 strategic plan and objectives

Three priorities and three key areas structure this three-year development plan.

Three strategic priorities

Five priority areas defined with a target for additional revenue of around €1.5 billion and acceleration of international development.

TWO GROWTH DRIVERS WITH SOCIETAL CHALLENGES

> Environmental transition

The Group intends to support all its customers in this market:

Retail banking: five priority areas: energy renovation, renewable energies, mobility, companies in transition, green savings offers and insurance
Corporate & Investment Banking (CIB): the environmental transition positioned at the heart of the customer relationship, intensification of expertise and green revenues
Asset Management: development of a leading ESG offering, with ambitious targets for assets under sustainable or impact management

> Healthcare

Already a leader in the financing of public hospitals, Groupe BPCE intends to become the benchmark partner in the healthcare sector:

Key player for healthcare professionals (hospital civil service, liberal professions, future healthcare professionals) and a leading player in dependency
Recognized healthcare infrastructure provider (EHPADs, senior residences, nursing homes, public hospitals, private clinics, etc.)
Partner of healthcare companies and of the innovative ecosystem (e-health, biotech, medtech, etc.)

TWO KEY ACTIVITIES TO ACCELERATE, SOURCES OF VALUE CREATION

> Non-life insurance

As a fully-fledged bank-insurer, the Group will rely on its latest generation platform to develop, offer a differentiating customer/advisor experience, support network advisors in marketing and accelerate professional and individual health offers.

> Consumer loans

Thanks to the equipment potential of Banque Populaire and Caisses d’Epargne customers, Groupe BPCE wants to position itself as a leader in this market, with the launch of new solutions (instant personal loans, digital revolving credit, and debt restructuring), investments in digital technology and the development of online assistance.

A CUSTOMER MARKET TO BE DEVELOPED

> Medium-sized companies

Thanks to its regional roots and the complementary nature of its businesses, Groupe BPCE has set itself the goal of developing its customer base and its financing outstandings in the medium-sized segment.

INTERNATIONAL

> Speeding up the growth in the international arena of our global business lines

In Asset Management and in Corporate & Investment Banking, Groupe BPCE has confirmed the United States as the second main market after France and is accelerating its development in the Asia-Pacific region (APAC).

> Specialized financing

A growth strategy in Europe through development, from Oney, and acquisition opportunities in the consumer loans and leasing businesses.

The Group aims to offer its retail banking customers the best experience thanks to a “3D” relational model, with a pragmatic and local approach to the network of branches. All of the Group’s business lines and companies have set Net Promoter Score (NPS) targets for 2024.

3D RELATIONSHIP MODEL

> Trustworthy

The customer advisor, the linchpin of a long-term banking relationship of trust, supports the customer in all of their life events

> Digital Inside

100% accessible banking, omnichannel pathways and digital spaces for digital native players

> Useful data

Customization of the solutions provided and of the proposed pathways according to customer needs, automated data collection, management of consents

PRAGMATIC AND LOCAL APPROACH OF THE NETWORK OF BRANCHES

A distribution and relationship model consistent with local roots
Networks of branches that value local relationships and advice and are constantly adapting
Varied branch formats designed to match market realities and customer expectations: consultancy branches, multi-site branches, specialized branches, temporary branches, seasonal branches, e-branches, sustainable development branches, etc.

Groupe BPCE joined the Net-Zero Banking Alliance in 2021 and made concrete commitments to achieve carbon neutrality by 2050.

ALIGNING PORTFOLIOS WITH A NET ZERO TRAJECTORY 

By prioritizing the portfolios where the bank can have the most significant impact (most greenhouse gas-intensive sectors)
By measuring the climate impact and defining an alignment trajectory for the main exposures of its banking book

SUPPORT FOR ALL CUSTOMERS IN THEIR ENVIRONMENTAL TRANSITION

Project financing, privileged advice and strategic dialog around the transition, dedicated ESG savings offers

EXTENSION OF THE SUSTAINABLE FUNDING STRATEGY

Broader issue policy (energy transition theme alongside green & social issues)
ESG savings and investment products for customers
O2D approach in financing the new production of green & social assets

ACCELERATING THE REDUCTION OF THE GROUP’S OWN ENVIRONMENTAL FOOTPRINT

Towards a low-carbon economy

Groupe BPCE has published a climate report following the recommendations of the TCFD(1) and details its actions to support the transition towards a low-carbon economy and adaptation to the effects of climate change.

(1) Task Force on Climate-Related Financial Disclosures.

Three lines of force

A SIMPLER AND MORE LEGIBLE ORGANIZATION

Grouping of business lines serving the networks: Insurance, Payments, Financial Solutions & Expertise (FSE)
Creation of Global Financial Services (GFS) bringing together the Asset & Wealth Management and Corporate & Investment Banking businesses
Simplification of the coordination of functions between BPCE and the GFS, Insurance and Payments business lines

EVOLUTION OF INFORMATION SYSTEMS

Grouping of IT productions within a single BPCE-IT entity
Project for a joint retail software development team
Cloud transformation program

ACCELERATED TRANSFORMATION OF BANKING SERVICES

Harmonization, self-care, automation of key local banking processes
Strengthening of pooling and cooperation (fiduciary, checks, desktop publishing, credit, etc.)

DATA AND NEW TECHNOLOGY MARKETS: CHANGING SCALE

€400 million investment in data
Invest in fintech/insurtech, enrich offers and diversify revenues through open banking

Place the use of data at the heart of business

To develop and personalize the customer relationship (identification of life events, management of customer satisfaction), improve operational efficiency (automated collection and control of documents, detection of fraud), and reduce risks (predictive approach, industrialization of reporting)

PAYMENTS: ACCELERATING TO SUPPORT THE DIGITALIZATION OF RETAIL TRADE

Digital commerce: being a key partner
Installment payments: becoming a European leader
“Employee benefits”: developing a reference platform
EPI project (pan-European payment solutions initiative): founding shareholder

Develop a reference platform for employee benefits

Bimpli (contraction of “Better” & “Simply”) is becoming THE sole and simple solution combining the best of employee benefits (gift vouchers, restaurant vouchers, CESU, prize pools, etc.) on a single platform.

DESIGNING THE FUTURE OF WORK

Hybrid work for around 50,000 Group employees
Training, a pillar of the employee experience: a culture, behaviors and processes to train for the future of the professions
Internal careers, integration, mobility, talent pools

Building tailored career paths

The transformation of the business lines within Groupe BPCE requires the development of relational and managerial positions in line with the new ways of working. The BPCE Campus supports the Group’s strategic priorities with programs dedicated to career progression and development in the commercial networks and the promotion of banking services.

TIGHT ECONOMIC PERFORMANCE AND FINANCIAL STRENGTH, AT THE HEART OF THE AMBITIONS OF THE STRATEGIC PLAN

Significant increase in profitability by activating growth drivers, simplifying the operating model and controlling the cost of risk
Cost savings: simplification of the IT organization, modernization of banking services, real estate portfolio, operational efficiency plan for GFS businesses, etc.
Financial resilience requirement: reinforcement of recurring solvency mainly from reserves

TIGHT RISK MANAGEMENT

Tightly managing risks by confirming the Group’s current level of risk appetite and investing in risk management systems

CONFIRMED FUNCTION AS A TRUSTED THIRD PARTY

Relational model, data ethics at the heart of the action, enhanced technological security

Targets of the BPCE 2024 strategic plan

(1) Groupe BPCE has chosen to waive the option provided for in Article 72 Ter (3) of the Capital Requirements Regulation (CRR) to use senior preferred debt.
(2) Customer contribution excluding proprietary and intragroup accounts.
(3) Individual and professional customers.

Governance

Composition of the Supervisory Board

Supervisory Board members’ expertise*

Management Board members

* The average skill levels of Board members are detailed in the Supervisory Board’s collective skills matrix, Section 3.3.2 of this Universal Registration Document.

Business model

OUR PURPOSE: Resolutely cooperative, innovative and committed players, retail bankers and insurers,Groupe BPCE companies and employees support their cooperative shareholders and customers with financial solutions adapted to each one and build a sustainable and responsible relationship with them

A solid group generating robust performances

A recurring and diversified revenue base

in millions of euros 2023 2022(1) 2021
Net banking income 22,198 23,959 25,716
Gross operating income 5,870 7,322 7,876
Cost/income ratio 73.6% 69.4% 69.4%
Cost of risk (1,731) (1,964) (1,783)
Income before tax 4,182 5,473 6,231
NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 2,804 3,746 4,003

(1) Data restated for the effects of the first-time application of IFRS 9 and IFRS 17 relating to insurance activities.

Ratings as of December 31, 2023

KEY NON-FINANCIAL FIGURES

BPCE SA group indicators(1)

SUMMARY INCOME STATEMENT

in millions of euros 2023 2022(2) 2021
Net banking income 11,009 10,901 11,780
Gross operating income 2,495 2,316 2,702
Income before tax 1,945 1,853 2,293
NET INCOME GROUP SHARE 1,229 1,154 1,185
       
FINANCIAL STRUCTURE      
       
in billions of euros 12/31/2023 12/31/2022 12/31/2021
Equity attributable to equity holders of the parent 27.8 27.0(2) 25.5
Tier 1 capital 20.0 19.8 18.6
Tier 1 ratio 11.7% 11.6% 10.8%
Total capital ratio 18.6% 18.7% 17.9%
(1) BPCE SA group includes BPCE SA and its subsidiaries. The Banques Populaires and Caisses d’Epargne do not contribute to the results of BPCE SA group.
(2) Data restated for the effects of the first-time application of IFRS 9 and IFRS 17 relating to insurance activities.

1 PRESENTATION OF GROUP BPCE

1.1 Group history

Groupe BPCE was established in 2009 through the merger of the Banque Populaire and Caisse d’Epargne groups. This marked the combination of two leading cooperative banks, created in 1878 and 1818 respectively, sharing common values rooted in solidarity, a local presence, democratic governance and a long-term vision.

The first step to forming the Group took place in 2006, with the creation of Natixis from the merger of Ixis and Natexis Banques Populaires.

In 2021, Natixis shares were delisted and the Group simplified its organization. It thereby strengthens its universal cooperative banking model.

True to its roots and history, Groupe BPCE supports the major changes of today, whether they be digital, environmental, or social.

BANQUE POPULAIRE

1878:

FIRST BANQUE POPULAIRE FOUNDED
The Banques Populaires were founded by and for entrepreneurs, to make it easier to finance their projects.

1917:

The Banques Populaires quickly become major players in their region’s economy, working for craftsmen, small retailers, and SMEs.

1962:

The Banques Populaires open their services to individual customers.

1998:

The acquisition of Natexis gives the Groupe Banque Populaire a listed vehicle.

CAISSE D’EPARGNE

1818:

FIRST CAISSE D’EPARGNE FOUNDED to promote, collect, and manage people’s savings.

1835:

The Caisses d’Epargne become “private institutions in the public interest.”

1895:

The Caisses d’Epargne conduct operations of general interest.

1983:

The Caisses d’Epargne become not-for-profit credit institutions.

1999:

The Caisses d’Epargne become cooperative banks.

2004:

By purchasing CDC Ixis, the Groupe Caisse d’Epargne branches out into investment banking.

2006: THE BANQUE POPULAIRE AND CAISSE D’EPARGNE GROUPS
UNITE THEIR STRENGTHS BY CREATING A JOINT SUBSIDIARY, NATIXIS

1.2 Understanding the Group’s organization

The Banques Populaires and the Caisses d’Epargne are owned by 9.6 million cooperative shareholders. This highly stable shareholding structure is imbued with a strong cooperative spirit.

The 14 Banques Populaires and the 15 Caisses d’Epargne hold an equal 100% stake in BPCE, which is responsible for defining the Group’s policy and strategic orientations, and coordinating the commercial policies of each network.

The Banques Populaires and Caisses d’Epargne are banks in their own right. They collect deposits and savings, distribute loans and define their priorities locally.

The Fédération nationale des Banques Populaires (FNBP) and the Fédération nationale des Caisses d’Epargne (FNCE), the bodies that provide deliberation, communication and representation for the two networks and their cooperative shareholders, play an essential role in defining, coordinating and promoting the banks’ cooperative spirit and social responsibility initiatives, in accordance with Groupe BPCE’s commercial and financial objectives. Persons representative of their regional economies sit on the Board of Directors of the Banques Populaires and on the Steering and Supervisory Board of the Caisses d’Epargne. Their resources are first and foremost allocated to meet the needs of local areas and regional customers.

Group architecture

Under the cooperative banking model, cooperative shareholding customers are the focal point of the Group’s governance.

The Banques Populaires and Caisses d’Epargne are credit institutions wholly-owned by their cooperative shareholders (via LSCs – Local Savings Companies – for the Caisses d’Epargne).

Cooperative shareholding customers – both individuals and legal entities – play an active part in the life, ambitions and development of their bank.

Being a cooperative shareholder means owning a cooperative share (a percentage of the share capital not quoted on the stock exchange), representing a portion of the share capital in a Banque Populaire or an LSC for a Caisse d’Epargne, and playing a role in the bank’s operation by taking part in General Meetings and voting to approve the financial statements and resolutions, validating management decisions and electing directors.

Each institution is governed by a Board of Directors and a Chief Executive Officer for the Banques Populaires, or a Steering and Supervisory Board and a Management Board for the Caisses d’Epargne.

 

SEE CHAPTER 3

« CORPORATE GOVERNANCE »

BPCE brings together the central institution of Groupe BPCE, the retail and global business lines, as well as the resource pools.

The central institution is responsible for defining the policy and strategic orientations of the Group and each of the two networks.

The main duties of the central institution, as defined by the French act of June 18, 2009, are:

coordinate trade policies;

represent the Group and its networks, and negotiate national/international agreements on their behalf;

represent the Group and its networks as an employer;

take all necessary measures to ensure the Group’s liquidity and solvency, risk management and internal control.

All banks affiliated with the central institution are covered by a guarantee and solidarity mechanism.

Since November 2023, the retail and global business lines have been brought together under the umbrella of BPCE. This collective operates while respecting the legal structures, existing brands and specific characteristics of each business line. BPCE brings together the following activities:

Insurance

Digital & Payments

Financial Solutions & Expertise

Global Financial Services (i.e. global business lines)

BPCE Technologies & Opérations

BPCE also includes Banque Palatine, Natixis Algérie and Crédit Foncier.

Groupe BPCE is made up of the two major cooperative networks, Banque Populaire and Caisse d’Epargne, as well as BPCE, the collective that brings together the central institution and its departments, and the retail and global business lines.

 

SEE CHAPTER 1

“THE GROUP’S BUSINESS LINES”

1.3 Highlights

January

Following their alliance, Swile and Groupe BPCE created a new leader in employee benefits and worktech. Swile now owns 100% of Bimpli, and Groupe BPCE became Swile’s largest shareholder with a 22% stake.

Oney, a Groupe BPCE subsidiary specializing in innovative payment solutions and financial services, announced the signature of a cooperation agreement with Ingka Group, IKEA’s main distributor in Portugal, Belgium and the Netherlands. This agreement strengthens Oney’s leadership in Europe.

Banque Populaire strengthened its presence among innovative healthcare players by signing a partnership agreement with France Biotech, the leading independent French association of innovative healthcare entrepreneurs and their expert partners. In particular, this collaboration will bring new solutions to customers in the fields of e-health, medTech and bioTech.

February

Groupe BPCE became a shareholder of Scope Group, a financial and non-financial rating agency covering all asset classes (countries, companies, public authorities, financing, etc.). The aim is to support a European initiative in the rating market, which is dominated by the major Anglo-Saxon agencies.

March

The 15 Caisses d’Epargne launched their Utility Contract and deployed a new communications strategy to promote their commitments to “Be the most useful player alongside their customers in transforming society”. As regional cooperative banks, the Caisses d’Epargne are stepping up their action in support of regional development and transformation in three areas: the economy, the environment and social issues.

April

On the occasion of the Paris 2024 Olympic and Paralympic Games, BPCE became a major patron of Paris Musées and the leading patron of the Petit Palais. The venue will be fitted out to provide an unforgettable experience for over 20,000 guests, customers and teams. With this three-year partnership, Groupe BPCE is committed to three major initiatives. It will finance the restoration of the peristyle and its fresco. It will contribute to a new, responsible focus on the museum’s permanent collections, both its masterpieces and its sports-related works. Last but not least, it will support work to improve the Petit Palais’ energy performance.

The Group announced its participation in the financing of France’s fifth offshore wind farm, off the islands of Yeu and Noirmoutier. Construction will take two and a half years, and will directly employ 1,600 people. By 2025, the 62 wind turbines with a combined output of 496 MW will be able to supply nearly 800,000 people with renewable energy. More than 17 international banks are involved in the €2.5 billion financing package, including Groupe BPCE with Caisse d’Epargne Bretagne Pays de Loire, BPCE Energeco (a subsidiary of BPCE Lease), Natixis Investment Managers and Natixis Corporate & Investment Banking, and the Caisse d’Epargne fund dedicated to financing energy transition projects.

Natixis Corporate & Investment Banking inaugurated a branch in South Korea, to complement its product offering and customer base in the region.

May

Caisse d’Epargne accelerated its development in the wine market with the creation of Vitibanque. This comprehensive offering is built around an organization dedicated to winegrowers and a range of products and services tailored to their day-to-day needs. For its part, Natixis Interépargne launched the first customizable video guide to employee savings and retirement.

June

Groupe BPCE successfully carried out the first social bond issue in France dedicated exclusively to “Sport and Health” themes. The placement of this social bond, carried out by Natixis Corporate & Investment Banking teams, raised €500 million to refinance Sports and Health assets on behalf of the 14 Banques Populaires and 15 Caisses d’Epargne. With the launch of this issue, Groupe BPCE is part of the Agenda 2030 aimed at meeting the United Nations’ sustainable development Goal No. 3 “Health and Well-being”.

The Banques Populaires and Caisses d’Epargne, Official Sponsors of the Torch Relay and Premium Partners of the Paris 2024 Olympic and Paralympic Games, opened their recruitment campaign to select 900 future bearers of the Olympic Flame from among their customers, cooperative shareholders, employees and the general public. More than 55,000 people have volunteered.

July

Groupe BPCE mobilized to support Banques Populaires and Caisses d’Epargne customers affected by the damage caused by urban violence. Faced with this extraordinary situation, the Banques Populaires and the Caisses d’Epargne set up an emergency plan to help all affected customers. These measures concern all customers: individual and professional customers, particularly small retailers and craftsmen, and businesses.

With “Sport for Health & Collective Commitment”, under the patronage of Stéphane Diagana, Groupe BPCE set up a scheme to develop long-term physical activity and sports for employees in all Group companies. Beyond its positive impact, it is also a lever for attracting and retaining employees, and a support for diversity and gender equality policies.

This program is part of the legacy of the Premium Partnership with Paris 2024.

September

Banque Populaire, Fédération Nationale des Socama and the European Investment Fund (EIF) signed a new agreement to counter-guarantee loans of up to €1 billion under the InvestEU “Competitiveness of SMEs” program. In 20 years, the partnership with the EIF has enabled Banques Populaires and Socama to support 250,000 entrepreneurs with €9 billion in loans.

October

Banques Populaires and Caisses d’Epargne signed a partnership agreement with Papernest, a start-up specializing in simplifying the administrative procedures involved in household contracts and subscriptions. Against a backdrop of rising inflation and energy costs, Banques Populaires and Caisses d’Epargne helped their individual customers to improve their purchasing power by offering them comprehensive, free support in optimizing their gas, electricity, internet and cell phone subscriptions.

Banque Populaire expanded its range of services and launched Rythméo Start, an innovative, simple and digital banking solution to support all self-employed customers. Thanks to a fast, simple and secure online subscription process, the entrepreneur benefits from an adapted offer with all the essential services to get his or her business off to a good start.

Natixis Corporate & Investment Banking expanded its presence in North America by opening a representative office in Toronto. Natixis Wealth Management unveiled its new communication campaign around ‘What’s your next move?’.

November

Groupe BPCE launched the innovative Tap to Pay solution on iPhone to enable Banque Populaire, Caisse d’Epargne and Payplug customers to make contactless payments. Accessible via iPhone, it is perfectly suited to the needs of craftsmen, small retailers, mobile merchants and entrepreneurs, as it does not require investment in hardware or a payment terminal. Tap to Pay on iPhone also meets the needs of major retailers looking to digitalize their points of sale, while further optimizing the in-store shopping experience.

Several Groupe BPCE banks participated in the financing of Toulouse Blagnac Airport’s first sustainability loan, in line with its commitment to CSR. Natixis Corporate & Investment Banking, Caisse d’Epargne de Midi-Pyrénées and Banque Populaire Occitane are involved, along with three other banks, in this double-tranche financing for a total of €145 million, the margin of which is indexed to ESG criteria. Natixis Corporate & Investment Banking is also acting as ESG coordinator.

December

Banque Populaire and Caisse d’Epargne launched “Elan Avril 2024”, the first savings offer in France linked to an index that contributes positively to people’s health and well-being. This savings product, designed by Natixis Corporate & Investment Banking teams, is indexed to a “health and well-being” index, made up of 75 international companies whose products and services contribute positively to people’s health and well-being by improving their physical and psychological condition through health, nutrition and sport.

EPI (the European Payments Initiative) announced the successful completion of its first account-to-account instant payment transactions with wero, the instant payment solution developed by EPI. This milestone was reached thanks to a successful real-life test between customers of Sparkasse Elbe-Elster in Germany and Banque Populaire et Caisse d’Epargne (Groupe BPCE) in France.

Natixis Investment Managers acquired a stake in Ecofi, a subsidiary of Crédit Coopératif, a French expert in solidarity and sustainable investment.

1.4 The Group’s business lines

1.4.1 Retail Banking and Insurance

 

Banques Populaires

The 14 Banques Populaires are shareholders in BPCE on an equal footing with the Caisses d’Epargne, and are fully-fledged banks owned by their cooperative shareholders. They form a first-rate banking network made up of 12 regional Banques Populaires and two national affinity banks: Casden Banque Populaire, the benchmark bank for the French public sector, and Crédit Coopératif, the bank for the social and solidarity economy.

The Banques Populaires are actively involved in local communities and remain true to their entrepreneurial roots, providing their individual, professional, association, corporate and institutional customers with a full range of financing, savings, insurance, payment and specialized financial services (such as private management, leasing and factoring).

The Banques Populaires are wholly-owned by their cooperative shareholders. The strength and durability of their cooperative model is based on balanced governance. Members are cooperative shareholders, co-owners of their bank’s capital, through the purchase of shares. They elect the directors, who are committed local personalities, at the General Meeting, reinforcing the local character of Banque Populaire institutions.

MEASURED AND RECOGNIZED COMMITMENTS

Each year, the Banques Populaires measure the cooperative and responsible actions they carry out in their regions, mainly in three areas: local proximity, entrepreneurial culture, and cooperative and sustainable commitment. These actions are evaluated in euros in the cooperative and societal footprint, a tool based on ISO 26000 (the international standard for CSR) which references all the voluntary, non-regulatory and non-commercial actions carried out by the 14 Banques Populaires.

2023 key figures

14 Banques Populaires

5.2 million cooperative shareholders

9.7 million customers

29,840 employees

€381bn in savings deposits

€301bn in loan outstandings

€5.88bn of net banking income

IN 2023

For the fourteenth year running, Banque Populaire is ranked No. 1 bank for businesses(1). Banque Populaire also remains No. 1 bank for franchisees and franchisors(2).

The Banques Populaires stand by their professional customers in difficult times: energy crisis, urban violence, natural disasters.

The Banques Populaires give young people under 35 the purchasing power to buy their own home through two schemes: the “PTZ +X” loan to complement the PTZ, and the Casden Banque Populaire Starden Immobilier loan for young civil servants.

Launch of Tap to Pay, a new, simple and secure way of accepting contactless payments with an iPhone on the dedicated Banque Populaire app.



(1)

KANTAR 2023 survey

(2)

French Franchise Federation survey

INDIVIDUAL CUSTOMERS

As a result of rising interest rates and inflation, the year 2023 was marked by a sharp slowdown in the property market, with two main impacts for Banques Populaires: a 47.3% annual decline in new home loan production and a 13.5% drop in the number of new customers in the retail market.

Against this backdrop, the Banques Populaires decided to give young people under the age of 35 back their real estate purchasing power through two schemes: the “PTZ +X” loan in addition to the PTZ, doubling the amount granted up to €25,000, and the “Prêt Starden Immobilier” from Casden Banque Populaire (for civil servants), to finance the main residence at a fixed rate under attractive conditions and without guarantee fees, over a term of up to 25 years and cumulative with the “PTZ +X”.

The number of principal active customers continued to grow (+1.9% compared with 2022). At the end of September, 1.5 million customers were equipped with the Cristal agreement, a bundled offer of products and services for day-to-day current account management launched in 2019.

In consumer loans, the pace of development remained very brisk, with growth of 5% in consumer loan outstandings in 2023.

In the payments business, over 3.2 million individual customers have adopted Sécur’Pass. This strong authentication service has been extended to customers without a bank card (activation possible independently from the Banque Populaire app) since September 2023. Meeting the requirements of the DSP2 directive, this system strengthens the security of online payments by limiting the risk of fraud. To date, 87.7% of customers making online payments are equipped with Sécur’Pass.

Overall, principal individual active customers are increasingly active on their mobile app: 85% of them made at least one visit in September (+2 points since December 2022). The Banque Populaire application is one of the best rated in the banking industry: 4.7 on App Store, 4.6 on Google Play, and 4.7 on Huawei.

In non-life insurance contracts and personal protection insurance, Banques Populaires recorded a +1.6% increase in gross sales of contracts to individual customers. The quality of their offers was rewarded with the Label d’Excellence 2023 from Dossiers de l’Epargne for their Car Insurance, Home Insurance, ASSUR-BP Health and Legal Protection contracts.

In 2023, the Banques Populaires strengthened their commitment to future healthcare professionals, notably by signing a partnership with FNESI (Fédération Nationale des Etudiants en Soin Infirmier) to provide a revision application for student nurses, and by launching Medical Civil Liability for healthcare students so that they are insured during their internships.

In 2023, Banques Populaires remained very active in supporting their customers’ environmental transition. In bank savings, Codevair’s outstandings now stand at over €2.1 billion, down 12% since January. In financial savings, over €746 million had been raised in the form of green bonds by the end of September 2023. Finally, over €240 million worth of projects were financed thanks to the Energy Renovation Loan and the Clean Vehicle Loan. To support their individual customers’ environmental transition, the Banques Populaires have given them access to the “Sustainable Tips and Solutions” platform. This new space allows customers to calculate their carbon footprint using a simulator provided by ADEME (French public agency for ecological transition). It also enables them to visualize their energy and transport expenses, while discovering the eco-actions they can adopt to reduce them, to find out about the financial aid available, and to access the banking (financing, insurance and savings) and non-banking (support for home energy renovation with our partner Cozynergy) solutions dedicated to energy renovation, clean mobility and responsible savings offered by their Banque Populaire.

€18.2bn in new loans, -47.3%

€154.9bn in loan outstandings, +0.5%

€195.7bn in savings deposits, +3.7%

332,792 new non-life insurance contracts

PRIVATE MANAGEMENT

Despite a highly inflationary environment, Banques Populaires customers continued to build up their precautionary savings, with less emphasis this year on risky products.

The assets of wealthy customers (greater than €150,000 in assets or €10,000 in monthly income) and high net-worth customers (over €1 million in assets) increased by 4.70% with changes in the structure of their portfolios. In life insurance, net inflows totaled €2.6 billion. At the same time, investments in demand deposits fell by 15%, while financial savings and money market savings rose by one point each. The main change in 2023 came from term deposits, which increased 4.5-fold to €7.5 billion. They now account for 17% of private wealth management customers’ money market assets.

Lastly, the year was marked by the success of BPCE bond issues. Nearly 80% of inflows were subscribed by premium customers.

564,180 customers, +4.10%

€109.3bn under management, +4.70%

PROFESSIONAL CUSTOMERS

Faced with a troubled economic environment, the Banques Populaires have reaffirmed their commitment to their professional customers: contacting all bakery customers to provide them with personalized support and study their situation in the face of the energy crisis; setting up a simplified insurance declaration system and a 0% interest rate loan after the urban violence; mobilizing to help disaster victims during the various climatic events, including Storm Ciaran in the autumn.

Against this backdrop, the level of new business remained resilient, despite the credit crunch. The number of new customers fell by 3.7%, but the number of new business start-ups remained high, with +64% of new customers.

In the emblematic franchising market, Banque Populaire remains the leader in both the franchisee and franchisor segments.

The number of Banques Populaires’ agricultural customers stands at 69,091. At the same time, credit flows increased by 1.5% to over €195 billion.

In terms of financing, equipment loans to professionals fell by 23.7% in volume. However, the commitment of Banques Populaires to supporting professionals in their projects was confirmed by a clear increase in volume, at +11%, and in value for equipment leasing at €659 million. To secure loans, a further €1 billion has been negotiated with the European Investment Fund (EIF) for Socama, which guarantees Banques Populaires’ business loans.

In insurance, the number of contracts sold rose by 11%, a trend driven by professional motor insurance (+17%) and personal protection (+16%). New solutions were added to the range, notably for customers in the healthcare and agricultural markets.

In employee savings, a 4% increase in outstandings was recorded, reflecting customers’ growing need to prepare for retirement.

Lastly, the number of premium cards rose by 8.7%, boosted by the partnership with Visa in connection with the Paris 2024 Olympic and Paralympic Games.

This dynamic activity was accompanied by a historically high level of customer satisfaction, with an NPS of +16.

2023 was also marked by the launch of innovative customer solutions:

Tap to Pay: an innovative, simple and secure way to accept contactless payments, using only an iPhone and the dedicated Banque Populaire app;

Tourism Pack to enable customers to cash foreign cards (unionpay, Discover/dinerclub/jcb) and thus develop revenues;

Medical third-party liability and a solution for managing third-party payment and healthcare advances via Santé pro;

Rythméo Start, a complete digital offering dedicated to self-employed customers, including complementary solutions for civil liability, cash collection, pre-accounting and invoicing for all entrepreneurs via a partnership with Ipaidthat.

Finally, new digital solutions have reinforced the autonomy of customers, who can now open an account online in just a few clicks, apply for financing, secure their cash flow by transferring their invoices in selfcare via FlashFactures, carry out a cash flow diagnosis via Solutions Paiements, or make retirement savings appointments with their Banque Populaire and a Natixis Interépargne expert.

Once again this year, Banque Populaire was recognized and rewarded several times: No. 1 franchising bank (nineteenth franchise survey); Trophée du palmarès du monde du chiffres 2023, which rewards the best partners of chartered accountants; Label of excellence awarded by Les Dossiers de l’Epargne for professional multi-risk insurance.

1.2 million professional clients

517,762 tradesmen

185,446 liberal professionals

69,091 farmers

€77.3bn in loan outstandings, +0.3%

CORPORATE CUSTOMERS

In 2023, Banque Populaire confirmed its historic position as a bank for businesses by becoming, for the fourteenth year running, the leading bank for businesses in France(1), with a growing penetration rate and the confidence of more than 5,899 new SME customers.

After two very dynamic years in terms of new business, 2023 confirmed this trend, with a 3% increase in the number of new corporate customers with revenues in excess of €1.5 million, and a particularly marked 13% increase in the SME segment (revenues in excess of €5 million). Banque Populaire continued to support its customers, with a 5.7% increase in investment loans to businesses and a 14% rise in short-term loans. This dynamic also applies to supporting customers in their investments, with new equipment loans reaching over €7 billion. This trend applies to entrusted flows, which are up by 8% to €471 billion, compared with €435 billion in 2022.

At the same time, customer satisfaction improved, with an NPS of +21, 4 points higher than last year.

In 2023, Banque Populaire became the first and only retail bank to partner France Biotech, France’s leading independent association of healthcare innovation entrepreneurs. This collaboration will provide customers with solutions in the fields of e-health, medTech and bioTech. Banque Populaire is thus strengthening its visibility, and in particular that of its Next Innov subsidiary, among innovative players in the healthcare sector.

In line with the Climate priority of Groupe BPCE’s strategic plan, the Banques Populaires continued to strengthen their support for customers in their environmental transition. The “BP impact” loan was rolled out nationwide to encourage customers’ CSR behavior and commitments.

In addition, the Banques Populaires continued to support their customers in their transitions:

Digital, in particular via new payment methods. Among the initiatives launched: payment initiation, transaction security, such as the availability of an API for IBAN verification, the launch of Cyber security insurance offers and the signing of a partnership with MailInBlack to train corporate employees and secure fraudulent e-mails;

Environmental and social, with a strengthening of strategic dialogue with management and, in particular, the introduction of an ESG questionnaire to measure management maturity and propose the best support solutions (almost 6,000 questionnaires completed by the end of 2023).

145,739 corporate customers, +4.2%

222,500 non-profits and institutions, +0.4%

No. 1 bank for SMEs, 42% are customers

€40.9bn of medium- and long-term loan outstandings

(1)

Kantar study 2023.

COMMUNICATION

Launched at the end of 2022, the new communication territory proposes a new brand vision: success for Banque Populaire is a collective success that only has value if it is shared and has a positive impact. 2023 was an opportunity to highlight the success of customers and their positive impact on society and local communities, notably through press and digital campaigns.

The year was marked, in sailing, by the victories of Corentin Horeau in the Solitaire du Figaro and of the duo Armel Le Cléac’h and Sébastien Josse in the 24H Ultim and the Transat Jacques Vabre. An opportunity for the Banque Populaire brand to ensure a strong media presence. The surfing partnership also raised its profile, with the Banque Populaire Surf Tour and the Championnat de France by Banque Populaire.

With the Paris 2024 Olympic and Paralympic Games just a year away, communications actions around this partnership intensified, particularly in anticipation of the Paris 2024 Torch Relay, for which Banque Populaire is one of the Official Sponsors, with recruitment campaigns for Olympic torchbearers.

CASDEN BANQUE POPULAIRE

CASDEN Banque Populaire, a cooperative bank serving specifically members of the French civil service, continued its development. At the end of 2023, it had 2,294,219 cooperative shareholders, i.e. +3% compared to 2022.

To better meet the needs of its cooperative shareholders, CASDEN Banque Populaire offers several solutions to support them in their energy transition.

The Energy Renovation Loan and the Clean Vehicle Loan, both reserved for civil servants, offer attractive financing terms – reduced interest rates, instant response in principle, flexible monthly repayments – whether you’re looking to finance work to improve the energy performance of your home, or acquire a more environmentally-friendly vehicle.

CASDEN Banque Populaire also gives civil servants access to its partner Cozynergy’s offer, which provides real support at every stage of their energy renovation projects, from the building’s energy assessment to the subsidy search and completion guarantee.

The year 2023 was also marked by the launch of the casden.fr website, which has been completely redesigned to make it a real lever for commercial development. It offers digital services in line with cooperative shareholder expectations, with an affinity dimension and a fluid, simplified customer experience.

The maturity of its approach to social responsibility was recognized by AFNOR, which awarded it the “Committed CSR” label. CASDEN Banque Populaire made new commitments in 2023. As part of its “responsible company” strategic project, it signed the Cancer@work charter, thereby committing itself to promoting the inclusion and continued employment of people affected by cancer or a chronic illness.

The launch of the SoPOP program gave employees the opportunity to help associations supported by CASDEN Banque Populaire in the fields of solidarity, education and the environment.

CASDEN Banque Populaire also renewed its participation, in collaboration with the Banques Populaires, in the Défi des pas, a sporting and solidarity challenge organized for the second time in aid of the Hospitals Foundation. Thanks to the mobilization of nearly 10,000 participants, civil servants and employees of the organizing banks, a donation of €30,000 was collected to finance a project by the Hospitals Foundation to benefit caregivers.

Finally, the “History, Sport and Citizenship” program continued its tour of France, visiting schools and Public sector establishments. This unique national educational program, proposed by CASDEN Banque Populaire and designed by the ACHAC research Group, now has over 3.5 million visitors.

+2.2 million cooperative shareholders

Nearly 10,000 activists

CRÉDIT COOPÉRATIF

As the benchmark bank for the social and solidarity economy and committed citizens, Crédit Coopératif recorded dynamic activity, particularly on the corporate market, with a total of 29,504 new customers. The number of cooperative shareholders rose sharply by +10.95%.

In the retail market, the year was marked by the launch of three new offers: personal protection insurance and non-life insurance designed by BPCE Assurances IARD, and the Millevie offer, which gives access to a wide choice of unit-linked products within customer life insurance contracts, and the 12-17 Agir card, a solidarity card made from PVC, which enables teenagers to learn how to manage their budget in complete security, without the possibility of exceeding their available balance.

Two branches dedicated to individual customers were opened, the first in Toulouse and the second in Lyon.

Service quality remained a priority, and customer satisfaction was on the rise, with an NPS rate of 29 for individual customers.

On the corporate market, Crédit Coopératif strengthened its green solutions with the launch of green sustainable mobility loans, to finance customers’ switch to electric or hybrid vehicles, and the Choisir vert (Go green) term account, which enables customers to optimize their cash surpluses while investing in a responsible, environmentally-friendly savings product.

These innovations are part of Crédit Coopératif’s CSR approach, which measures the impact of its activities on the environment. According to the Carbone 4 study, Crédit Coopératif’s financing and investment portfolio is among the least carbon-intensive of French banks (120 tCO2eq/€ million financed).

126,277 cooperative shareholders

421,688 customers

Nearly €6.2 million in donations, raised from solidarity-based products, distributed to 50 associations

 

Caisses d’Epargne

The 15 Caisses d’Epargne are equal shareholders of BPCE with the Banques Populaires, and are fully-fledged regional cooperative banks. Committed to local community life, they offer their individual, professional, association, corporate, institutional and local authority customers a comprehensive range of financing, savings, private management, insurance, payment and specialized financial services (such as leasing and factoring). They make decisions and act locally, in a short circuit, and reinvest their customers’ savings where they live to finance useful projects close to home (schools, hospitals, associations, etc.).

As cooperative banks, the Caisse d’Epargne belong solely to their 4.4 million cooperative shareholders, who participate in the decisions of their bank, voting on resolutions at the General Meeting and electing their representatives, the 2,500 Directors, from among their peers. Cooperative shareholders and directors are brought together in the local savings companies (SLE), which hold part of the capital of a Caisse d’Epargne and constitute a local tier, reinforcing the regional anchoring, proximity and expression of the cooperative shareholders.

AT THE SERVICE OF LOCAL ECONOMIC, SOCIAL AND ENVIRONMENTAL DEVELOPMENT

The Caisses d’Epargne are the only banks to provide long-term support to all players in a given region: individual customers, businesses, professionals, social housing and social and solidarity economy players, institutions, local authorities and associations. As such, they have the capacity to create the synergies required for local development.

In 2023, the 15 Caisses d’Epargne launched their Utility Contract to strengthen their commitment to the regions, for the benefit of those who live there.

This contract comprises 16 commitments broken down into concrete actions to be:

100% useful to economic development: as banks serving all their customers and their territory, but also as local businesses and major employers in the region;

100% useful to the environmental transition: by building solutions to enable everyone to become a player in this transition, and by financing projects that will help accelerate it in local areas;

100% useful to social progress: as cooperative banks, having always been committed to the principles of solidarity and the fight against exclusion.

2023 key figures

15 Caisses d’Epargne

4.4 million cooperative shareholders

16.87 million customers

33,053 employees

€520.4bn in savings deposits

€372.3bn in loan outstandings

€5.84bn in net banking income

IN 2023

Launch of the Utility Contract, through which the 15 Caisses d’Epargne make concrete commitments in favor of regional development and transformation, and reaffirm their DNA as cooperative, regional and useful banks.

As a “family bank”, the Caisses d’Epargne mobilized to facilitate home ownership by launching two schemes aimed at young people under 35: the “Progressive Home Ownership Loan” and the “Prêt Primo Jeunes 0%”.

National launch of Caisse d’Epargne Vitibanque, a comprehensive, tailor-made solution for the wine industry.

Launch of Tap to Pay, an innovative, simple and secure way to accept contactless payments using only an iPhone and the dedicated Caisse d’Epargne app.

Increased marketing of the Impact Loan dedicated to SMEs, medium-sized companies and players in the social and solidarity economy.

INDIVIDUAL CUSTOMERS

Against a backdrop marked by a sharp rise in inflation and interest rates, the Caisses d’Epargne pursued their objectives of winning new customers and building loyalty through a bancarization strategy underpinned by their flagship everyday banking offer, Formules. In 2023, more than 1 million new subscription plans were recorded. Caisses d’Epargne activity remained buoyant, with more than 428,756 new individual customers. There was also a dynamic increase in the number of regulated bank customers, with a net increase of +45,000, up 42%.

Service quality remains a priority for all the Caisses d’Epargne, and customer satisfaction is on the rise, with a Net Promoter Score of 16.

As a result of the very sharp slowdown in the residential real estate market, new home loans fell by 37%.

Caisse d’Epargne mobilized to help young people under the age of 35 to become homeowners, with the launch of two new schemes: the “Progressive Home Ownership Loan”, which enables borrowers to start repaying their loan with lower initial installments, a fixed rate and a term of up to 25 years; and the “Prêt Primo Jeunes 0%”, which offers advantageous features in addition to the zero interest rate loan: its maximum amount is €20,000 at 0% interest, up to a limit of 10% of the amount of the property financing, and its term can be up to 20 years, with free application fees.

On consumer loans, financing was down slightly, with the share of financing focused on energy efficiency and green mobility rising sharply. Revolving credit continued to perform well, with cumulative financing of almost €1 billion, up 9% on 2022.

Market share of total inflows rose by 1 point to 9.35% (in the third quarter of 2023), and balance sheet inflows reached €3.3 billion, up 145%.

Boosted since the beginning of 2023 by BPCE bond issues, life insurance business was particularly buoyant, with gross inflows reaching €12.7 billion on a cumulative basis, generating an overall surplus of €2.7 billion.

Lastly, the support for the E-Enfance Association, which supports young people and families on cyber-harassment, was renewed.

€204.5bn in loan outstandings, +2.2%

€394.8bn in savings deposits, +4.2%

€12.7bn collected in life insurance, +3.8%

6.4 million non-life insurance contracts marketed, +3.7%

PRIVATE MANAGEMENT

The Caisses d’Epargne continued their drive to win new customers, with 176,000 new high-net-worth customers in 2023, representing 5.7% growth in the customer base.

In this way, 3.3 million high-net-worth customers, representing €302 billion in financial assets under management, place their trust in the Caisses d’Epargne to support them in managing their assets and in all their areas of need.

In 2023, this strengthened relationship of trust led to a significant increase in the number of customers with loans, insurance, personal protection and bank accounts, with 7 out of every 10 high-net-worth customers now using bank services.

The increase in the NPS to +21 reflects the continuous improvement in the satisfaction of high-net-worth customers.

Finally, the expertise and performance of the Caisses d’Epargne fund ranges were rewarded again this year at the Corbeilles Mieux Vivre Votre Argent awards, with the prestigious Corbeille d’Or award for network banks and certificates for Best SRI fund range over one year and Best diversified fund range over one year and five years. These awards recognize the performance of the solutions we offer our customers.

No. 2 in France

3.3 million customers

€302bn in assets under management, +4.5%

PROFESSIONAL CUSTOMERS

In a turbulent economic climate, the Caisses d’Epargne maintained a dynamic of customer conquest, support and innovation.

More than 45,000 new professional customers were won over in 2023, boosting growth in the customer base to 3% year-on-year, in a variety of business sectors, representative of the Caisses d’Epargne’s presence in the regions. At the same time, new loans to support investment projects now total over €7.6 billion.

The year was marked by the strengthening of Caisses d’Epargne’s presence with two professional customer groups.

Winegrowers benefited from the national launch of Caisse d’Epargne Vitibanque, a comprehensive, tailor-made service dedicated to the winegrowing sector, which includes banking and insurance products and services, as well as the presence of some 50 experts and the creation of branches and business centers in each Caisse d’Epargne with winegrowing potential.

Future healthcare professionals can now benefit from a comprehensive, loyalty-building package to help them set up in business for the first time. All healthcare professionals also benefit from a new digital affinity space, enabling them to consult their bank’s offers and access useful tools and advice, while keeping in touch with their advisors.

Still on the digital front, a new procedure enables micro-entrepreneurs and freelancers to apply for an account in less than 10 minutes. They have access to a dedicated banking offer and can consult their personal and business accounts from the same mobile application.

In the payments sector, a new “Diag Solutions Paiements” tool provides customers with personalized advice on the best development opportunities for their specific uses, projects and equipment.

Last but not least, Caisses d’Epargne continued to innovate in the payments sector, becoming the first French bank to offer the exclusive Tap to Pay solution, a new card payment service available directly on the merchant’s smartphone, without the need for an EFTPOS terminal or terminal box.

437,660 professional customers, +2.9%

€19.4bn of medium- and long-term loan outstandings, including leasing, +2.4%

8,891 employee savings contracts signed

13,722 Pro non-life insurance contracts taken out

36,098 personal protection insurance contracts subscribed

CORPORATE CUSTOMERS

With over 37,000 customers (VSEs, SMEs and ISEs), the Caisses d’Epargne continued to support business development in 2023, against a backdrop of monetary tightening in the face of persistent inflation and near-stagnation in Eurozone GDP.

The year was marked by the acceleration of support for corporate clients in their decarbonization process, through various initiatives: deployment of the ESG strategic dialogue, acceleration of green financing production and ramping up the marketing of the Impact Loan dedicated to SMEs, ISEs and players in the social and solidarity economy. For each Impact Loan, the corporate customer chooses a social or environmental theme as well as an indicator defined by Caisse d’Epargne on which it wishes to position itself. Caisse d’Epargne encourages them to always take better account of non-financial criteria in their activities. The system as well as the relevance of the indicators chosen were audited by Moody’s ESG Solutions, one of the world leaders in ESG (Environment, Social and Governance) analysis.

Concerning the agricultural sector, the member cooperatives of the UFG (Union Finances Grains), a union of 34 cooperatives whose objective is to facilitate the provision of funds to finance their cereal stocks, were supported through the establishment of the NeuCP (Negotiable European Commercial Paper) Program. This issue of short-term negotiable securities represented a credit line of around €132 million for Caisse d’Epargne.

In addition, through the Néo Business program, the Caisses d’Epargne support the development of innovative companies in their territory and in all business sectors. Today, 2,000 start-ups/scale-ups benefit from this scheme with dedicated solutions, including 6 of the 26 French unicorns, 31 from the new French Tech 120 class in 2023, and 25 out of 125 from the new French Tech 2030 program.

37,510 customers, +8.3%

2,879 new relationships

€4.1bn in short-term loan outstandings

€33.5bn of medium- and long-term loan outstandings

€9.6bn in medium- and long-term commitments (excluding CBM & CBI)

€19.1bn in outstanding balance sheet inflows (excluding demand deposits)

FINANCIAL ENGINEERING

The Caisses d’Epargne offer a full range of financial engineering solutions: private equity, consulting on disposals-business transmissions, and structured financing (arrangement, syndication and management of financing solutions).

Debt structuring activity was particularly buoyant in 2023, generating €103 million in net fees and commissions, up 9.6% on the previous year and setting a new record.

2023 was marked by the strengthening and structuring of financial engineering teams in all the Caisses d’Epargne. The development of risk pooling tools (GIE syndication risque) and dedicated risks and liquidity (“ENR” and “ETI” funds) enabled the Caisses d’Epargne to position themselves in major renewable energy and energy transition financing operations, such as the Dieppe offshore wind farm (a 62-turbine wind farm that will supply almost 850,000 people with sustainable electricity from 2026, equivalent to nearly two-thirds of the current population of Seine-Maritime) and Noirmoutier (a 62-turbine wind farm that will supply nearly 800,000 people with renewable energy by 2025, equivalent to the population of Vendée). Lastly, new activities such as equity bridge loans and financing for long-term real estate investors were rolled out, diversifying the sources of fees and commissions generated.

The activities of the Caisses d’Epargne also cover mergers & acquisitions and equity investment in their region. Equity capital activities are a strategic development focus, with 17 regional structures, a national venture capital company (Caisse d’Epargne Développement) and the creation of regional “Rebound” funds.

INSTITUTIONALS

Against a backdrop of rising interest rates and tightening liquidity, the Caisses d’Epargne confirmed their commitment to serving their customers in the regions. They remain the leading private banks for local authorities, with €26.5 billion in outstandings and almost €4 billion in new financing loans. They are also the leading private bankers for social housing, with Habitat en Région, and for the semi-public sector, with over €2 billion in new MLT loans and €10.5 billion in MLT loan outstandings.

In the social housing and public-private partnerships markets, equipment loans activity amounted to €2 billion over 2023. At the end of December 2023, outstanding deposits were up to €10 billion, with a major shift in their distribution in favor of balance sheet savings, which are more attractive than Livret A and sight deposits.

In the Public sector, investment financing activity reached €4 billion, up 3.5% on 2022.

In 2023, three EIB envelopes focusing on energy renovation were being marketed by the Caisses d’Epargne: Water and Sanitation III, Energy Efficiency and Sustainable Mobility, and Renovation or Extension of Existing Sports Facilities. The latter contributes to Caisse d’Epargne’s positioning as a sports bank, in line with its partnership with the French National Association of Sports Officials and the promotion of the Sports Economy Observatory.

The year was also marked by the operational implementation of the new digital platforms dedicated to the Public Purchasing Card and Interactive Cash Line services, accessible on the CE Net Public Sector, the remote banking area dedicated to professionals in the public sector and social housing. The aim is to offer them services of the highest quality standards.

At the same time, a first-class money-market mutual fund is being created to expand the range of social housing investments. This product is eagerly awaited by customers in the current context of rising interest rates.

Lastly, the Caisses d’Epargne pursued their commitment to environmental transition with the roll-out of the ESG questionnaire to their customers and the signing of a new partnership with Delphis, an association that supports social landlords, to propose a sector-specific ESG reporting standard for social housing.

No. 1 private financier of local authorities

No. 1 private financier of social housing

SOCIAL AND SOLIDARITY ECONOMY

Caisses d’Epargne is a leading financier of the SSE sector, with loan outstandings of €6.5 billion in 2023, and supports more than 12,000 customers, including associations and other SSE companies. In the field, 130 account managers, dedicated to this clientele, master all the legal, tax and governance specifics and business models unique to these players in the private not-for-profit sector. There were close to 1,000 new relationships in 2023. This development is based on a long-standing partnership with the entire SSE ecosystem and social innovation support networks (SSE France, France Active, Impact France movement, La Ruche, etc.) and on partnerships renewed in 2023 and expanded regionally.

The year was marked by a new partnership with UDES – Union des employeurs de l’économie sociale – and Natixis Interépargne, which resulted in the production of a brochure and several events on value-sharing solutions. Faithful partners of the National SSE Observatory since its creation, 2023 was marked by the publication of a National Atlas with Editions Dalloz.

Major SSE financier

€722m in new medium- and long-term loans

€6.5bn in outstanding credits

PROTECTED PERSONS

The Caisses d’Epargne remain the leading bank for protected persons, persons under guardianship, trusteeship and dependent adults living at home in France. Across France, 200 specialized advisors are on-hand to assist family representatives and legal guardians. Business was brisk this year, with the acquisition of over 5,000 new protected adult customers. Savings deposits under management now exceed €11 billion. In 2023, 39% of total surplus inflows were in life insurance, amounting to €250 million.

342,787 customers

€11.43bn in deposits and savings

No. 1 bank for protected persons

COMMUNICATION

The year was marked by two major events.

The launch of the Utility Contract, which aims to strengthen the commitment of the Caisses d’Epargne to the economic, environmental and social development of the regions in which they operate, for the benefit of the people who live there.

This launch was supported by a large-scale campaign, including a TV film, urban billboards and personalized publications in the regional daily press, enabling each Caisse d’Epargne to communicate the proof of its commitment to its territory.

Caisse d’Epargne, Official Sponsor of the Torch Relay and Premium Partner of the Paris 2024 Olympic and Paralympic Games, has also mobilized to take part in the recruitment campaign for Olympic Flame torchbearers. The campaign was a resounding success, with 34,235 applications received. To highlight its commitment as official sponsor of the Paris 2024 Olympic Torch Relay and its desire, through it, to make all regions shine, a communications campaign was launched at the end of November. In particular, a TV film was broadcast in event format in the media, as well as digitally and on social networks.

Banque Palatine

Banque Palatine, a 100% subsidiary of Groupe BPCE, is mainly dedicated to mid-sized companies, executives and private banking. For more than 240 years, Banque Palatine has been working alongside entrepreneurs on both a professional and personal level. It provides them with a range of banking products (current accounts, real estate and personal loans, financial investments, financing solutions to meet environmental challenges) and insurance products. Its network is made up of 26 “Corporate and Private Banking” branches and four “Banque Palatine Premium” remote branches offering all the remote banking services to meet their specific needs.

Banque Palatine offers value-added expertise dedicated to supporting its customers’ growth and performance: wealth, legal and tax engineering, investment advice, global approach to managers’ assets, corporate finance, specialized approach to real estate, trade finance, client desk, etc. In the regulated real estate market, where the Bank is the market leader, and in the audiovisual market, where it is a key player, it deploys a dedicated national organization.

Its signature “The art of being a banker” illustrates Banque Palatine’s determination to develop a model of close relationships based on excellent support for its 13,000 corporate and 48,000 private customers.

Banque Palatine is a patron of the French Sports Foundation. Through this sponsorship, Banque Palatine finances the training, socio-professional integration and retraining of four top sportsmen and women.

2023 key figures

More than 13,000 corporate customers

Nearly 48,000 individual customers

1,058 employees

€16.9bn in savings deposits

€11.9bn in loan outstandings

In 2023, business was brisk in both the Private Banking and Premium branch networks. The number of new private customers exceeded 990. Distribution of real estate loans amounted to almost €620 million.

The drive to win over companies with revenues in excess of €15 million continued, with 328 new customers active in this segment. The teams also won 377 new private customers, executives and senior managers among our corporate customers.

In 2023, Banque Palatine enhanced its range of products and services. Palatine Asset Management marketed two “buy and hold” collective investment products to private customers, which involve buying bonds with the aim of holding them to maturity. A dedicated portal was opened for property administrators, enabling them to open new condominium accounts in selfcare.

As a partner in the environmental transition of its ISE customers, Banque Palatine took a number of initiatives in the field of CSR, including: the marketing of BPCE green loans to complement its range of impact-based structured loans; the launch of the first “copro loan”, designed to finance co-owners in the context of energy and other renovation work; the raising of awareness among over 200 employees through the climate fresco; and the deployment of ESG questionnaires.

Lastly, the year was marked by the acceleration of Palatine Asset Management’s transformation around the first listing in the Group of its Article 9 Palatine Europe Sustainable Employment fund, which can now be marketed by Banques Populaires and Caisses d’Epargne to their customers.

Oney

A subsidiary of Groupe BPCE (50.1%) and Auchan Holding (49.9%), Oney is a French bank with an international dimension, expert in payment, financing and insurance solutions. Founded in 1983, Oney supports the daily lives of over seven million customers in more than 10 European countries. As a player in new consumer trends, it offers its customers solutions for financing their consumption through simple, secure purchasing paths, both in-store and online. Today, Oney is the leader in three or four split payment in France. Through its subsidiary Oneytrust, it is also a leader in fraud detection and digital identification.

2023 key figures

7.2 million customers

6,500 e-retail partners

17,000 physical or virtual points of sale

1,940 employees

Presence in 10 countries

In 2023, Oney’s sales momentum varied from one market to another, impacted by an unfavorable external context linked to rising inflation (which constrained household consumption and budgets) and rising refinancing rates. All players in the consumer finance sector have been affected by this environment, especially fintechs, for whom access to liquidity has become more difficult.

Oney recorded a +3% increase in new split loans, confirming its leadership with a market share of over 30% in France (Source ASF). Today, one in three split payments in France is made with Oney. This result is the fruit of a development strategy (17,000 sites and stores now use Oney solutions), illustrated in particular by the signing of new partnerships with Parc Astérix (leisure/Compagnie des Alpes Group), Canyon (sports) and Ovoyages (travel). Commercial synergies with the Caisses d’Epargne, Banques Populaires and Payplug were developed in the small business segment, in support of the 3x 4x split payment offer. In 2023, over 8,000 independent businesses in France used this payment service. In total, 7.2 million customers have used Oney’s services for their purchases and projects.

The expansion of the retail offering continued, with the roll-out of 5x to 12x split payment by bankcard. More broadly, Oney confirmed its expertise in consumer loans, with, for example, the signing of a European partnership with Ikea for a range of financing cards and long-term credit, as well as split payments. The roll-out of this partnership began in Portugal and in Belgium in 2023.

In full consultation with its two shareholders (BPCE and ELO, formerly Auchan Holding), Oney launched a transformation plan at the beginning of the year, with the aim of returning to profitability by 2024. In the final quarter of 2023, shareholders approved a 2024 -2027 strategic development plan positioning Oney as one of Europe’s leading consumer finance companies serving the retail sector.

BPCE Assurances

BPCE Assurances is Groupe BPCE’s Insurance division. A fully-fledged insurer, it designs, distributes and manages a comprehensive range of personal and non-life insurance products for customers of Groupe BPCE’s banking networks:

personal insurance: life insurance, retirement savings, creditor insurance and individual and professional personal protection insurance;

non-life insurance: motor insurance, multi-risk home insurance, supplementary health insurance, personal accident insurance (GAV), multimedia equipment insurance, legal protection, parabanking insurance, professional car and multi-risk insurance, etc.

BPCE Assurances’ insurance subsidiaries (BPCE Assurances IARD, BPCE IARD, BPCE Vie, BPCE Life) do not distribute their products. The Group’s banking networks distribute their insurance products(1).


(1)

With the exception of BPCE Life, a subsidiary of BPCE Assurances, which can deal directly with its customers.

 

Personal insurance business was buoyant in 2023.

BPCE Vie confirmed its vitality in savings and pensions, with gross inflows up 16% to €12.95 billion. Net inflows of €5.5 billion were 17.7% higher year-on-year.

In personal protection insurance, sales momentum was driven in particular by funeral insurance in the retail market and by the Key Man contract in the professional market.

In borrower’s insurance (ADE), business held firm despite a significant reduction in the number of real estate loans granted, following the substantial rate hikes decided by the European Central Bank and passed on by commercial banks. ADE’s business was also constrained by the application of the Lemoine act, which came into force in 2022.

The year was marked by the opening of a new regional site dedicated to the personal insurance business in the metropolis of Rennes (Saint-Grégoire, Ille-et-Vilaine), bringing together all the company’s activities, with the exception of the customer relations centers, which remain located in Lille, Reims and Paris. This site will create 150 jobs in the region over the next five years.

Finally, BPCE Assurances confirmed its status as a pioneer insurer in terms of climate commitment. Each year, 10% of investments are dedicated to green assets so that they represent 10% of outstandings by 2030 at the latest. In 2023, 51.8% of its investments included a green criterion, going beyond the target. The share of its green outstandings rose to 12.6% of total outstandings, an increase of 5.1 points in one year. Lastly, the proportion of SRI-certified funds offered to BPCE Vie customers now stands at 61%, with a target of 60% by 2024.

Non-life insurance business was buoyant in 2023, with over 7.23 million contracts in the portfolio, up by almost 3%. Service quality remained high and continued to improve, with an annual NPS of 68 for the Customer Reception and Relations Platform and 41 for the Compensation activity.

Against a backdrop marked by a significant decline in new real estate loans, BPCE Assurances Non Vie managed to increase gross sales by 3%, driven by the motor business, and to maintain sales of home insurance contracts in particular.

BPCE Assurances IARD was there for its customers in the aftermath of both the urban violence in June and the multiple severe storms in November, which caused extensive damage.

The year was punctuated by the marketing of BPCE Assurances IARD products throughout the Crédit Coopératif network, enabling this institution to broaden its range of products and services for its customers, following the example of all the Banques Populaires.

Pursuing its policy of regionalization, BPCE Assurances IARD set up new claims teams at its Lens site.

Acting as a responsible insurer, BPCE Assurances IARD has a rate of 28.3% for the use of re-used or repaired parts. In addition, BPCE Assurances IARD has decided to place prevention at the heart of its strategy. For the third year running, it published its two-wheeler barometer of motorized two-wheeler users, conducted by Harris Interactive. The aim: to understand drivers’ behavior on the road and their relationship with safety, while identifying their expectations in terms of prevention.

In particular, to reinforce the security of its insured customers, BPCE Assurances IARD offered a one-year subscription to the “Liberty Rider” service. The app, which claims 1 million downloads since its launch in 2016, offers a host of features to make travel safer. Already available to the Banque Populaire network, it has now been extended to Caisse d’Epargne 2-Wheeler customers.

The Digital & Payments division

The Digital & Payments division brings together all of Groupe BPCE’s business lines and expertise in the fields of innovation, digital, data and artificial intelligence, payments, and trade finance with Oney. The division’s extensive expertise contribute to making Groupe BPCE the benchmark banking group in the digitalization of payments and customer experience:

the banking applications developed thanks to the division’s digital expertise have made Banques Populaires and Caisses d’Epargne leaders in online banking;

Oney’s 3x4x split payment offer is a leader in France;

with the most comprehensive range of payment services on the banking market, Groupe BPCE is one of the leading players in the payments sector.

IN 2023

2023 was marked by numerous innovations in the division’s various fields of expertise.

The success of digital banking was confirmed in 2023, with more than 11 million active customers on mobile applications and the threshold of 10 million customers using Sécur’Pass (reinforced authentication) crossed. Ratings for the Group’s mobile applications remain among the best on the market, with 4.7/5 on the App Store for example. 2023 also saw an acceleration in customer adoption of alerts. Offering a wide choice of real-time alerts is very popular, and today more than 8 million customers already have at least one alert activated.

In the field of Data and Artificial Intelligence, the work of Data in the service of sales performance generated 2.9 million sales opportunities in 2023. Data initiatives to boost operational efficiency continued: data enabled us to automatically collect and check more than 5.8 million documents over the year (+30% compared with 2022). In the field of generative AI, the first business line applications were launched.

In payments, the Group continued to enhance its range of payment services, notably with the launch of Tap to Pay on iPhone in November 2023. The Group marketed this iPhone cash solution when Apple launched it on the French market. This new service enables Banque Populaire, Caisse d’Epargne and Payplug to enhance their local payment offering for professionals, businesses and retailers. The division, and in particular its fintech Payplug, was also selected by the Olympic Organizing Committee to manage payments for the single ticketing system for the Paris 2024 Games. This global sales platform, a first in the history of the Olympic and Paralympic Games, will eventually sell over 13 million tickets. At the end of 2023, more than 800,000 transactions had been managed by Payplug. Work also continued on the launch of the EPI solution, and Groupe BPCE carried out the very first instant account-to-account payment transactions with Wero in real-life situations, between Banque Populaire and Caisse d’Epargne customers and the Sparkasse Elbe-Elster bank in Germany.

In January 2023, the division also launched the very first annual edition of its Digital & Payments Barometer, based on the anonymized transactions of 20 million bank cards issued by the Caisses d’Epargne and Banques Populaires and managed by BPCE Payment Services. Age, location of purchases, amount spent: this Barometer is the only one in France to be so representative of the French population, making it a unique tool for analyzing consumer spending in France, at the service of Groupe BPCE’s banking institutions, business lines and customers.

For 40 years, Oney has been creating payment, financing and insurance solutions to help consumers improve their daily lives and consume better (see also page 35). In just a few years, Oney has become the leader in split payments in several European countries, and particularly in France, where one in three split payments is made with Oney. Since 2019, Oney has been backed by two shareholders: BPCE (50.1%) and ELO (formerly Auchan Holding) (49.9%). In 2023, Oney’s NBI was impacted by changes in the interest rate environment. Nevertheless, BNPL (buy now pay later) production was up 3% vs. 2022, and Oney remains No. 1 in BNPL market share in France.

Through its recognized expertise in the field of electronic payment processing and payment flows, BPCE Payment Services supports Groupe BPCE’s banks and subsidiaries as well as external customers consisting of financial institutions and payment service providers. The trends observed in 2023 in terms of payment usage show a +8% increase in electronic payment transactions and continued growth in mobile and instant payments (x1.8 vs. 2022). In 2023, BPCE Payment Services also signed an agreement with Numeral to launch a single API dedicated to fintechs, giving them access to all SEPA payment schemes.

Payplug, the bankcard payment specialist, targets retailers and e-retailers with its payment acceptance and acquisition offer. In 2022, Groupe BPCE decided to merge the two fintechs Payplug and Dalenys to form the leading French player in payment solutions for digital retail under the Payplug brand. The legal merger was completed in 2023. Payplug’s business saw sustained growth in the volume of business from medium-sized and large companies (+16% vs. 2022) and SMEs (+28% vs. 2022).

Xpollens, a Banking-as-a-Service platform, offers solutions for automating incoming and outgoing payments, and white-label payment methods that can be integrated via API. In 2023, Xpollens finalized the overhaul of its technological platform, to offer its customers a state-of-the-art, scalable solution, with the entire catalog of banking functions directly accessible via API. Xpollens also continued to win new customers, such as Betclic.

The Financial Solutions & Expertise division

The Financial Solutions & Expertise (FSE) division brings together BPCE’s expertise in financing, insurance, custodial and advisory services for the Group’s corporate customers.

The entities that make up FSE are:

FOR THE FINANCING BUSINESS LINES

BPCE Financement develops offers and complete solutions for the management of revolving loans and personal loans for Groupe BPCE’s networks.

BPCE Lease offers a complete range of rental solutions: equipment and real estate leasing, trust, long-term vehicle leasing, leasing with purchase option, boating or automotive leasing, IT operational leasing, and renewable energy financing.

BPCE Factor develops factoring solutions to finance, manage and secure trade receivables for professionals and companies of all sizes.

SOCFIM is a leading player in the real estate financing market, covering the whole of France and all asset classes: new and existing housing, managed housing (students and seniors), offices, retail and logistics warehouses.

FOR THE INSURANCE BUSINESS LINES

Compagnie Européenne de Garanties et Cautions (CEGC) specializes in sureties and financial guarantees. CEGC offers a wide range of products and services across all the Group’s markets: individual customers, professionals and businesses, real estate, social economy and social housing.

FOR THE CUSTODIAL AND ADVISORY BUSINESS LINES

BPCE Solutions immobilières is a major player in real estate consulting in France. It comprises three business line divisions: Expertise & Consulting, Residential, Investment & Rental.

EuroTitres develops a comprehensive range of services for the custody of securities accounts and the management of transactions carried out by individual customers: stock market, mutual funds, securities transactions, portfolio statements, tax forms, etc.

Pramex International specializes in advising French start-ups, SMEs and ISEs on international expansion, either through internal growth (creating and overseeing foreign subsidiaries) or external growth (international acquisitions).

IN 2023

BPCE Financement recorded a sustained level of activity, with total outstandings of €35.3 billion. It confirms and strengthens its position as France’s leading provider of consumer loans.

The roll-out of two green offerings for energy renovation and clean vehicle financing generated a substantial €686 million in new financing. At the same time, the traceability of these offers was generalized, with the creation of a customer certificate for green personal loans. Lastly, 2023 saw the roll-out of personal loans at Banque Palatine.

BPCE Lease saw new loan production reach a record level, at over €6.6 billion, up 18% on 2022. This dynamic was accompanied by an increase in customer satisfaction with an NPS reaching +66 for equipment leasing and +51 for long-term leasing.

The year was marked by the acquisition of Eurolocatique and its subsidiary Medidan. Eurolocatique is a group specializing in the financing of healthcare equipment through financial leasing and leasing for customers in private healthcare centers, self-employed healthcare professionals, public health institutions and private clinics. This operation is in line with Groupe BPCE’s ambition to become a major banking player in the support of healthcare professionals.

BPCE Lease participated in the financing of several emblematic projects, such as the Leonardo da Vinci university center in Nanterre (92), the Lidl logistics center in Les Arcs sur Argens (83) and the offshore wind farms on the isles of Yeu – Noirmoutier and Dieppe Le Tréport.

Lastly, two structuring programs (Dynamique LLD and Préférence CBM 2) were launched internally, with the aim of leveraging the networks’ potential by making better use of the customer bases that carry out competitive long-term leasing and equipment leasing operations, and better targeting MLT credit operations eligible for equipment leasing.

BPCE Factor handled 11 million invoices, supporting the changing working capital requirements of companies, both in their day-to-day business and as they grow. Its factoring revenue amounted to €63 billion.

The year was marked by the launch of a new range of offers for professional customers. The 100% digital FlashFactures solution, designed to meet short-term cash flow requirements, can now be subscribed to independently by Groupe BPCE customers from their online banking space.

Finally, for the eighth consecutive year, Bureau Veritas Certification confirmed BPCE Factor’s service certification and label, recognizing the high level of quality perceived by customers, with 92% overall satisfaction.

SOCFIM maintained a dynamic level of activity with almost €3.2 billion in new commitments.

On the financial front, the company’s business model, which benefits from rising interest rates (as it is essentially variable-rate), and the maintenance of a high level of outstandings, has enabled NBI to grow by more than 23%. The operating ratio rose by the same amount thanks to rigorous cost management. Despite a sharp rise in the cost of risk, due to the anticipation of potential risks associated with an uncertain environment, SOCFIM saw its annual earnings rise to a new record of almost €76 million.

With a very high NPS (61%) and the launch of a service quality assessment system, SOCFIM has committed to strengthening customer relations and service to the partners of the pools it manages.

In terms of CSR, SOCFIM has committed to an environmental assessment process for the financing it provides, and adopted Natixis Corporate & Investment Banking’s Green Weighting Factor® (GWF) to measure the environmental and climatic footprint of each project.

Compagnie Européenne de Garanties et Cautions (CEGC) guaranteed 201,516 real estate loans for individual customers produced by Groupe BPCE networks, for a total of €31.5 billion, down 31% on 2022, in line with market trends.

In the construction sectors, CEGC covered the delivery “at the agreed price and deadline” of 12,048 single-family houses and issued financial guarantees for the completion of 813 real estate development projects. Lastly, in the building, construction, business and industry sectors, 110,041 market guarantees were issued, mainly via the www.cautiondemarche.com solution which posted a Net Promoter Score of +44.

In 2023, CEGC continued to extend to all its corporate customers the Green Weighting Factor® (GWF), a tool developed by Natixis Corporate & Investment Banking that measures the environmental and climate footprint of each project. Of the 1,169 customers or operations analyzed since 2021, 96% show green indicators.

CEGC has fully integrated the non-financial dimension into its investment policy, measuring the temperature of its asset portfolio and targeting issuers and projects that contribute to reducing global warming. This approach is in line with its support for the United Nations’ Principles for Responsible Investment and the Net Zero Asset Owner Alliance, an international group of institutional investors committed to decarbonizing their investment portfolios.

BPCE Solutions immobilières continued its sustained development with the Group’s institutions, mainly in the residential sector. However, the slowdown in the investment property market led to a drop in sales volumes. Nearly 649 units were sold in 2023 to individual customers (900 in 2022), and SCPI inflows totaled €108 million.

The Expertise division continued to expand, particularly with major institutional clients, with revenues of €13.3 million.

Lastly, BPCE Solutions immobilières provided its customers with additional expertise in niche activities, such as consulting and auditing, sales of existing properties for ESHs and institutions, investment for block sales of office and residential buildings, and tertiary rental.

EuroTitres assisted in the preparation and processing of three new BPCE bonds marketed in 2023, representing a total inflow of nearly €1 billion since the resumption of issues. In addition to a growing number of training sessions for advisors from the Group’s two networks, EuroTitres launched several initiatives, including “Offres EuroTitres”, a convention for banking and securities services managers, and “Nationale Titres”, a convention for development and marketing managers.

Pramex International recorded a sustained level of activity, with over 270 contracts signed in 2023.

The year was marked by the adoption of a system of “cold” and “lukewarm” surveys, to reinforce customer satisfaction, which remains one of Pramex’s top priorities.

In order to better target its customers’ expectations, Pramex finalized the deployment of a new CRM (customer relationship management) and deployed a marketing automation module to automate and industrialize marketing campaigns. Finally, digital strategy development continued in five countries: the United States, Spain, Hong Kong, Singapore and Germany.

1.4.2 Global Financial Services

 

Global Financial Services (GFS) combines Groupe BPCE’s global business lines: Asset & Wealth Management and Corporate & Investment Banking. They serve corporates, investors, financial institutions, financial sponsors, as well as customers of the Banque Populaire and Caisse d’Epargne networks in the realization of their projects throughout the world. They offer them innovative and sustainable financing and investment solutions that contribute to the implementation of their environmental, technological and societal transitions.

2023 key figures

NBI: €7.2bn

Income before tax: €1.9bn

More than 14,000 employees in nearly 40 countries as of 12/31/2023

ASSET & WEALTH MANAGEMENT

Asset & Wealth Management develops solutions to meet the deposits and savings, investment, risk management and advisory needs of the various private banking and institutional customers of Groupe BPCE.

Asset Management

Natixis Investment Managers (Natixis IM) is one of the world’s leading asset managers, and Europe’s second largest, with €1,166 billion in assets under management at the end of December 2023. Natixis IM supports investors on every continent in building their portfolios, offering them a wide range of diversified, responsible solutions.

With its decentralized and entrepreneurial multi-affiliate model, Natixis IM brings together the expertise of more than 15 specialized asset management companies and offers its investor customers a range of over 200 strategies to help them achieve their investment objectives, whatever the market conditions.

Managed from its headquarters in Boston and Paris, the company develops its offer around four key areas of expertise:

fundamental active management;

liability-driven management;

real assets;

and quantitative management.

It deploys its offer through an integrated distribution network established in over 20 countries, in addition to the sales teams of the Banques Populaires and Caisses d’Epargne.

HIGHLIGHTS IN 2023

77% of funds rated by Morningstar over five years were in the first and second quartiles at the end of December 2023, compared with 70% a year earlier.

Natixis IM actively managed its equity interests and continued to streamline its organization: it sold AlphaSimplex, integrated its Private Debt Real Assets expertise into AEW and strengthened Ostrum AM with the integration of Seeyond’s quant expertise. It is also expanding its offering with the acquisition of a stake in Ecofi, a subsidiary of Crédit Coopératif, a French expert in socially responsible and sustainable investment.

Alongside its affiliates, Natixis IM continued its efforts to develop responsible and impact investing. ESG assets account for a growing share of total assets under management: 41% at the end of 2023, up +4 points on 2022. Natixis IM and its affiliates also continued to make their voices heard through individual and collective engagement, active voting policies and participation in key marketplace initiatives to advance responsible investment.

The asset manager also launched initiatives aimed at revitalizing financial savings within Groupe BPCE networks and serving them more effectively.

Finally, Natixis IM pursued its international development, particularly in priority Asia-Pacific markets, and the strengthening of its organization in Australia, following the merger of its local teams with those of IML.

Wealth management

Established in France and Luxembourg, Natixis Wealth Management designs and implements tailor-made wealth management and financial solutions to structure and manage the assets of business leaders, senior executives, large private investors and holders of a family capital. It supports them in their initiatives to undertake, invest and transmit, and mobilizes a wide range of expertise that covers all their needs, whatever the size or maturity of their projects: corporate advisory, origination, vanilla and complex financing, investment, portfolio engineering, asset management and diversification solutions, particularly in private equity.

The entire value proposition is tailored to the degree of personalization desired by the customers and is distributed via two channels: BtoC and BtoB. To expand its range of products and services in listed and unlisted asset management, Natixis Wealth Management draws on the complementary expertise of its three subsidiaries: Vega Investment Managers, in collective asset management, delegated management and open-architecture fund selection; Massena Partners, dedicated to advising private family groups and family offices, mainly in private equity; Teora by Natixis Wealth Management, specialized in high-end, open-architecture life insurance brokerage.

HIGHLIGHTS IN 2023

Natixis Wealth Management rolled out its strategic roadmap and pursued its transformation program, notably concerning its repositioning in Luxembourg, its new brand identity and the upgrading of its IT infrastructure.

The bank unveiled its CSR commitments, focusing on sustainable development Goals 4 and 5 in favor of education and gender equality.

It also strengthened the business proximity of all its teams with the rest of Groupe BPCE, notably the Banque Populaire and Caisse d’Epargne networks and the other global business lines of the Global Financial Services division.

Natixis Wealth Management was the winner in the Private Banking category at the Rencontre Occur 2023. It also won the Trophée d’Or in the “Best affiliated private bank” category at the Sommet du Patrimoine et de la Performance 2023, and Décideurs magazine gave it an “Excellent” rating in the same category.

Vega Investment Managers, a subsidiary specializing in listed asset management, was recognized as the third management company most committed to the ecological transition according to the Epsor study carried out in May 2023. It was also recognized by Mieux Vivre Votre Argent magazine, which awarded it the Corbeille d’Or for Second Best Management Company and the Certificate for Best SRI Management over one year.

Employee and pensions savings

Natixis Interépargne, a leader in employee and pensions savings, is invested in the future of over 90,000 corporate customers(1) and in the service of more than 3.2 million savers(1). A pioneer in innovation for over 50 years, it helps companies of all sizes to set up and manage their employee savings and retirement schemes (PEE, PERCO, PER Collectif, PER Obligatoire), as well as their employee share ownership schemes, to make them a performance driver. It offers them a unique, high-performance management offering to help them achieve their savings objectives. Natixis Interépargne draws on the wealth and diversity of expertise of more than 15 management companies affiliated to Natixis Investment Managers. With over €35 billion in assets under management(1), it is a leader in SRI and solidarity-based asset management, with a 20.3%(2) market share in SRI employee and pensions savings, and a 21.1%(2) market share in solidarity-based employee savings.

(1)

At December 31, 2023.

(2)

At December 31, 2022.

HIGHLIGHTS 2023

Natixis Interépargne continued its strong sales momentum across all its customer segments:

in particular, it was chosen by major corporate customers: Technip FMC entrusted it with its PEE and PERCO plans, with €100 million in outstandings; Worldline entrusted it with its PEG/PERCO and employee shareholding plans, representing €40 million in outstandings; Roquette awarded it the account-keeping and financial management of its PEE and PERCOL plan (3,500 employees and €70 million);

in the distribution network segment, Crystal Union entrusted it with the takeover of the PEE and PERCOL plans for almost €40 million, and with the creation and management of a dedicated bond fund. As of December 31, 2023, more than 28,000 new contracts had been signed (+12%), with a 15% increase for partner distributors (AG2R La Mondiale, Abeille Assurances, Swiss Life);

Natixis Interépargne was once again rewarded by Mieux Vivre Votre Argent, winning second place in the Long-Term Employee Savings category and the Certificate for the best range of diversified funds over five years;

lastly, the bills currently under discussion on value sharing and green industry open up new prospects for the development of employee savings, particularly in SMEs, and the enrichment of financial offerings (labeled funds, private equity).

CORPORATE & INVESTMENT BANKING

Natixis Corporate & Investment Banking (CIB) supports its corporate customers, financial institutions, institutional investors, financial sponsors, public sector entities and the Groupe BPCE networks. It advises them and designs innovative, tailor-made solutions to support their strategy, drawing on the full range of its expertise in advisory services, investments, financing, commercial banking and capital markets, as well as its global presence in nearly 30 countries across three geographic zones: North & South America, Asia-Pacific and EMEA.

Natixis CIB is organized around five main business lines (Global Markets, Investment Banking, Real Assets, Global Trade, M&A):

The Global Markets business line offers a wide range of hedging, financing and investment solutions on the fixed-income, credit, foreign exchange, commodities and equity markets, combined with recognized economic research.

The Investment Banking teams support their customers in their strategic decisions: acquisitions, asset sales or purchases and, more generally, any growth project. Offering high value-added solutions, Investment Banking encompasses strategic and acquisition financing, financing on the primary bond and equity markets, and financial engineering for listed holdings.

The Real Assets business line combines the origination and structuring of structured finance in the sectors of Aviation, Infrastructure & Energy and Real Estate & Hospitality. Real Assets relies on a global network of experts in 10 offices around the world, and is recognized as one of the market leaders in these sectors.

The Global Trade business line includes the international trade financing activities, structured financing solutions for export transactions and cash management for its corporate customers, commodity traders and for customers of the Banques Populaire and Caisse d’Epargne networks. This business line, at the heart of the Group’s strategy, aims to support and finance the commercial development of its customers in a sustainable manner.

Finally, the teams specialized in mergers and acquisitions (M&A) support large- and medium-sized commercial and industrial companies, institutional investors and investment funds in the preparation and implementation of divestments, mergers, fundraising, restructuring or capital protection. This expertise is based on a network of seven stores in eight countries: Natixis Partners, Solomon Partners, Fenchurch, Natixis Partners Iberia, Vermilion, Azure Capital and Clipperton.

Natixis CIB’s core business lines are supported by a number of cross-functional teams, including the Advisory & Coverage division dedicated to customer support, which brings together bankers, sector experts and teams in charge of supporting customers’ environmental and technological transitions. To ensure a close relationship with customers, this division has a strong regional presence in France, and draws on all the bank’s teams of experts abroad.

The portfolio management teams support all financing activities and are central to the successful deployment of the bank’s Originate-to-Distribute model.

Lastly, in addition to its five main business lines, Natixis CIB is positioned, via its subsidiary Coficiné, as a leader in specialized financing for the media, entertainment and cultural industries.

HIGHLIGHTS IN 2023

Natixis CIB demonstrated strong sales momentum in 2023 and continued to develop its various activities, in line with its strategic priorities in a market that was less volatile than in 2022 but still marked by a higher interest rate environment, directly impacting business volumes in M&A, Leverage Finance and the real estate sector.

The bank pursued its strategy of international diversification with the opening of a representative office in Toronto, extending its presence in North America, and the launch of a branch in South Korea, aimed at rounding out its product offering and customer base in the region.

All business lines contributed to revenue growth, despite contrasting dynamics:

Global Markets activities continued to build on their 2022 momentum, pursuing the strategy of developing flow products and winning new customers, with a very strong performance from the Equity franchise, in particular serving Groupe BPCE networks, and good resilience from Fixed Income activities in a context of lower volatility. The teams’ expertise was recognized with several awards, including “Structured Products House of the Year” (Global Derivatives Awards 2023), “Investment Bank of the Year for Equity Derivatives” (The Banker Investment Banking Awards 2023);

the market environment was very mixed for the Investment Banking business lines, with strong bond volumes from institutional issuers (banks and insurance companies), but a sharp decline in other segments (Leverage Loans, M&A, primary equities). Natixis CIB’s business was resilient in this environment: it distinguished itself in rankings and awards for its expertise and ability to support its customers: “Best Investment Bank in France” (Global Finance Magazine), #1 for share buybacks in France (Bloomberg), #1 for euro-denominated issues for financial institutions (Bond Radar);

Natixis CIB again played a major role in sector financing in 2023, and many of the transactions in which it was involved were recognized as “Transactions of the Year”. In infrastructure financing, business remained buoyant, particularly in Europe and in North & South America, driven by the digital and energy transitions. Natixis CIB was named ESG Infrastructure Bank of the Year at the IJGlobal ESG Awards 2023. Business in aeronautical financing was also buoyant, with Natixis CIB benefiting from the sector’s significant recovery. The bank also maintained its leading position in the real estate market in France and Europe (Source: Dealogic), against a backdrop of a sharp slowdown in the investment market;

the Global Trade business had an exceptional year, driven by customer demand for deposits and working capital solutions in a context of high interest rates, by the resilience of the commodities trading franchise in a slower market, and by the development of export financing activities, including with customers of the Group’s networks. The year was also marked by interesting developments in the digital and green fields (first “e-borrowing base” transaction via the KOMGO platform, first borrowing base transaction on carbon certificates);

in a persistently difficult market, the M&A business line continued to outperform, with sustained activity from the Fenchurch, Azure Capital and Natixis Partners France boutiques.

Natixis CIB, a benchmark partner for customers in their environmental and social transition, continued to assert itself through the structuring of emblematic transactions both in France and internationally, with, for example, the issue of the BPCE Sport Social Bond, which promotes health and social integration through sporting activities, the Green Loan dedicated to financing the Neom green hydrogen project, supported by ACWA Power, Air Products and NEOM, which will be the world’s largest hydrogen plant to produce green ammonia on a large scale in 2026, and the capital increase for Carbios, a company specializing in the design and development of enzymatic products for the degradation of plastics.

Natixis CIB’s Green & Sustainable Hub (GSH) is a major player in the co-construction of market standards for sustainable financing, and is heavily involved in the work of ICMA and LMA/APLMA/LSTA, notably as a long-standing member of ICMA’s Green Bond Principles Executive Committee, as a pilot of the work leading to the update of the Climate Transition Finance Handbook (CTFH) and the Sustainability-linked bond (SLB) working group, with the publication of a new Q&A. It was also behind the launch of a taskforce on “Green enabling activities” in 2023.

Natixis CIB’s expertise and capacity for innovation in these areas were once again recognized this year by customers and the market, as demonstrated by the awards it received (The Banker Investment Banking Award 2023: Investment Bank of the year for sustainability-linked loans; IJ Global ESG awards 2023: Natixis CIB - ESG Infrastructure & Energy Bank Award; Environmental Finance Impact Awards: “Fund of the year – Private Equity”, “Fund of the year – Listed Equity” and “Personality of the year”; IFR Awards 2023: ESG Insight & Commodity Derivatives House of the year.

1.5 Agenda

May 2, 2024

After market close – Publication of first-quarter 2024 results

May 23, 2024

BPCE General Meeting

August 1, 2024

Before trading – Publication of second-quarter and first-half 2024 results

November 6, 2024

Before trading – Publication of third-quarter results for 2024

Calendar subject to change

1.6 Contacts

https://groupebpce.com/

“Investor Relations” section

François Courtois,

Director of Financial and Non-Financial Communication, Investor Relations, ST credit facility sales and Branches

2 NON-FINANCIAL PERFORMANCE STATEMENT

CSR - Overview

Achievements for the environmental transition

Alignment of the trajectory of our financing and investment portfolios with the objective of carbon neutrality in 2050

Supporting our customers in their environmental transition challenges

With awards for Natixis CIB in sustainable finance

(1) Transition projects for customers of the BP and CE networks (energy renovation of homes, green mobility, renewable energies and other projects).

Achievements serving the sustainable, economic and societal development of our regions

(1) Olympic and Paralympic Games Committee.

A model in line with the aspirations and needs of society

A SOLID COOPERATIVE MODEL THAT FAVORS THE LONG TERM

Groupe BPCE is a cooperative full-service bank and insurance Group serving its 35 million customers, cooperative shareholders, regions and the economy. It has two main business lines: Retail Banking and Insurance in France, Asset & Wealth management and Corporate & Investment Banking worldwide.

The strength and durability of our model are based on balanced governance. Cooperative shareholders hold 100% of the share capital of the 14 Banques Populaires and the 15 Caisses d’Epargne through cooperative shares. The 9.6 million cooperative shareholders elect representatives who make up the members of their Boards of Directors and Steering and Supervisory Boards. The Banques Populaires and the Caisses d’Epargne hold 100% of the capital of BPCE, the Group’s central institution.

Our cooperative, multi-brand and entrepreneurial dimension is our identity; it allows us to be closely aligned with customers’ expectations and society’s aspirations. Our decentralized model and our regional roots are real assets for driving transitions and sustainably transforming society: our companies act locally, as close as possible to our customers, providing innovative solutions in response to the challenges of our time.

Banque Populaire’s purpose: “Resolutely cooperative and innovative, Banque Populaire closely supports all those who live and work in each region over the long term.”

Faced with the scale of societal challenges, Caisse d’Epargne is stepping up its commitments by capitalizing on its impact-native model and pioneering DNA to make a lasting contribution to the transformation of the regions, and in April 2023 launched its “Utility Contract”: 100% useful to the economic, social and environmental development of the regions.

By focusing its strategy and actions on the long term, our Group is able to reconcile economic performance, social equity and environmental protection.

IN GROUPE BPCE’S DNA: SUSTAINABLY SUPPORTING ECONOMIC AND SOCIETAL CHANGES

The nature of our activity and our outreach give us a great responsibility in the face of societal and environmental challenges, foremost among them the fight against climate change.

Extreme climate events are multiplying, and 2023 was a record year for global temperatures. Global warming poses risks to the economy and could ultimately jeopardize its financial stability. The climate transition is an imperative for all of us, in a difficult economic and political context: persistent inflation, rising interest rates, growing social inequalities, high geopolitical tensions around the world, etc.

The societal and environmental challenges we face are shaking up our society and creating risks for our customers: increased exposure for the most vulnerable and those who will not be able to adapt, physical risks affecting the value of properties, increased costs (particularly those linked to energy renovation work), reputational risk, etc. These risks could lead to an increase in defaults and generate financial losses for our customers and therefore for the Group.

The transition to a low-carbon economy requires considerable levels of investment, funding and support for all economic players in their own transition. Our Group has made climate change one of the priorities of its BPCE 2024 strategic plan: our companies have all strengthened their systems to support the transition of their different customer categories, and climate issues are now inseparable from the activity of our business lines. It is both a development opportunity for our activities and a tremendous lever for the transformation of our business lines.

These profound transformations must not be carried out at the expense of the most vulnerable or future generations. As a leading player in the field of banking inclusion, whether in terms of preventing over-indebtedness or supporting microentrepreneurs, Groupe BPCE is also the leading banking player alongside protected persons, vulnerable individuals and companies in difficulty.

The Group’s social and societal commitment also extends to its 100,000 employees, through numerous initiatives in all regions: promotion of gender balance, diversity, inclusion, job retention of disabled and sick people, well-being at work and integration of young people, some of whom are from disadvantaged neighborhoods.

The Group is mobilized to put all its capacity for action at the service of its cooperative shareholders, its customers and, more broadly, society.

The business model is presented in the introduction of the 2023 universal registration document.

2.1 A CSR roadmap in line with the Group’s strategic priorities

2.1.1 Our ESG strategy

Groupe BPCE’s ESG strategy is structured around three areas, broken down into twelve commitments:

As a responsible bank and company, the Group places professional ethics at the heart of its operating model. The Group is committed to managing legal, regulatory and ethical risks for the benefit of its customers, employees and partners. Groupe BPCE thus ensures strict compliance with laws, regulations and best professional practices in all its companies. This is reflected in particular in a Group Code of Conduct and Ethics Standards approved by the Supervisory Board in 2018 and a rigorous tax policy with a Tax Code of Conduct approved in 2021.

OUR COMMITMENTS ARE MEASURED BY KEY PERFORMANCE INDICATORS

Launched by the United Nations, the sustainable development Goals (SDGs), a common language based on 17 goals broken down into 169 targets, have become the benchmark for measuring the progress made by governments and private companies. Groupe BPCE strives to fully integrate these objectives into its business lines or its own operations and contributes directly to the SDGs through the concrete actions described in each section of this Chapter.

The table below illustrates the link between the SDGs and Groupe BPCE’s 12 CSR priorities. This dashboard is used to manage the Group’s ESG strategy and provides our stakeholders with quantified and transparent information on our non-financial performance.

CSR commitment

Contribution to the SDGs

Performance monitoring indicators

2023

2022

2021

Meeting the expectations of civil society

 

 

 

 

Cultivating our cooperative values

Number of cooperative shareholders (in millions)

BP : 5.2

CE : 4.4

BP : 5.0

CE : 4.4

BP : 4.9

CE : 4.4

Percentage of cooperative shareholders among customers

BP : 36.8%(1)

CE : 27%

BP : 33.7%

CE : 26%

BP : 33%

CE : 25%

Director attendance rate at Boards of Directors or Steering and Supervisory committee meetings

BP : 86%

CE : 95%

BP : 86%

CE : 96%

BP : 77%

CE : 97%

Average amount of shares held per shareholder

BP: €2,512
CE: €3,570

BP: €3,818
CE: €3,494

BP: €4,273
CE: €3,421

Contributing to the regions’ economic development

Groupe BPCE penetration rate among SMEs and SMIs (2)

53%

53%

53%

Total annual new social housing loans

€3bn

€3.8bn

€3.5bn

Groupe BPCE market share of the social economy (3)

35%

35%

34%

Supporting our vulnerable customers

Production of micro-loans to individual customers

€21.1m

€19.7m

€18.2m

Production of microcredits and other solidarity loans to business creators (4)

€707.4m

€702.2m

€656.3m

Be exemplary by adopting a responsible purchasing policy

Percentage of procurement projects including a CSR lever

54%

37%

54%

Supplier payment terms

28.1 days

28 days

28.9 days

Share of the amount of purchases made from SMEs and ISEs

37%

38%

34%

38%

31%

31%

Be a major player in the environmental transition

 

 

 

 

Aligning portfolios with a Net Zero trajectory

Alignment of Natixis CIB’s financing portfolios on a “Net Zero” trajectory
Green Weighting factor color mix(5)

33% green,
35% neutral,
32% brown

27% green,
33% neutral,
40% brown

24% green,
33% neutral,
43% brown

Alignment with a “Net zero” trajectory for the BPCE Assurances general fund
Temperature induced by investments

2-2.5 °C

2-2.5 °C

2.4 °C

Percentage of portfolios assessed using the “Green Evaluation Methodology”(6)

~60%

~50%

~40%

Intensifying the Green refinancing strategy

Number of bond issues

4

3

5

Supporting our customers in their environmental transition

Average outstanding financing for transition projects within the scope of Retail Banking (7)(in billions of euros)

5.7

4.8

 

Average outstanding financing for real estate renewal within the scope of Retail Banking (8)(in billions of euros)

61.3

55.6

 

Developing a leading ESG offer

Percentage of assets under
Articles 8 and 9 management

40.5%

36.7%

33.3%

Reducing the Group’s environmental footprint

Annual CO2 emissions (in tCO2e) (9)

529,001

540,502

549,030

Being a committed and socially responsible company

 

 

 

 

Enhancing employability

Number of training hours per FTE

37

31

30

Promoting gender equality

Percentage of women among managers

46.4%

45.7%

45%

Percentage of women among senior executives

35% 

33%

29.2%

Supporting youth employment

Apprenticeship conversion rate

11%

13%

17%

(1)

Scope outside Bred, Crédit Coop and Casden.

(2)

Kantar SME-SMI study in 2023, conducted every two years.

(3)

Banque de France/Groupe BPCE, SURFI statementsTotal loans granted to resident NPISHs, outstandings – Data as of Q3.

(4)

Includes professional microcredits, complementary NACRE loans (market scheme managed by France Active) and complementary loans to honor loans (Initiative France).

(5)

Data from the Green Weighting Factor for Corporate & Investment Banking, base 100. At the end of 2023, the coverage rate of the GWF scope was 92%.

(6)

Calculation based on data as of Q3-23.

(7)

BP and CE combinedFinancing of transition projects (energy renovation of housing, green mobility, support for the transition of the activities of our legal entity customers [including Sustainable agriculture, renewable energies])See Section 2.8. CSR reporting methodologies.

(8)

New indicatorBP and CE combinedFinancing of new real estate (acquisition of new real estate or construction)See Section 2.8 CSR reporting methodologies.

(9)

Pro forma data for 2022 and 2021See Section 2.8.

PUBLIC COMMITMENTS THAT MEET DEMANDING INTERNATIONAL STANDARDS

Groupe BPCE has made several long-standing commitments to scale up its actions and accelerate the positive transformations to which it is contributing.

PARTICIPATION IN SECTORAL WORKING GROUPS AND LOBBYING

As a cooperative bank committed to serving its cooperative shareholder customers, in the very heart of the regions, Groupe BPCE’s establishments intend to make a constructive contribution to the public debate by providing decision-makers and civil society with information on socio-economic changes at the regional, national or international level, as well as in the banking sector and its developments.

Groupe BPCE’s objective is to actively contribute to the reflection and to participate as a stakeholder in collective, fair and informed decision-making. Groupe BPCE’s lobbying initiatives are therefore strictly within this framework. In terms of lobbying, in addition to respecting its ethical rules and its cooperative values, BPCE applies all the regulations in force, as well as all the codes of ethics to which its public contacts, and the various financial market associations of which it is a member, are subject.

In 2023, a number of legislative texts impacting the Group’s business were monitored by Public Affairs, which took part in various working groups, responded to certain European public consultations and drew up Group positions. On certain specific subjects, Public Affairs requested meetings with members of the French Parliament, the French administration, ministerial cabinets and the various European institutions, either bilaterally or through certain professional associations.

Market positions are mainly held by trade associations. Groupe BPCE is a member of the following associations, among others: French Banking Federation (FBF) in association with the European Banking Federation (EBF), French Association of Banks and Investment Firms (AFECEI); French Banking Association (AFB); French Financial Management Association (AFG); Paris Europlace; Sustainable Finance Institute (IFD); France Assureurs; European Savings Banks Group (ESBG); European Association of Cooperative Banks (EACB); Institute of International Finance (IIF).

AT NATIONAL LEVEL

The main French texts on which Groupe BPCE has mobilized its teams are as follows:

bill tabled on October 11, 2022, aimed at reinforcing banking accessibility and inclusion: this bill was aimed at reinforcing banking accessibility, to ensure that cash withdrawal systems are maintained throughout the country, and at reinforcing banking inclusion, to improve current arrangements for the most vulnerable. It also strengthens the current framework for customers in fragile banking situations. It provides for improved information for financially vulnerable customers on the schemes available to them, the introduction of “sub-ceilings” for bank intervention fees for customers on the specific offer, and explicit mention in the law of the possibility for customers on the specific offer to benefit from an overdraft authorization. This bill was amended by the Senators on first reading and adopted on May 3, 2023. Groupe BPCE organized meetings with the FBF;

Green Industry Bill: Parliament definitively adopted the Bill in October 2023. Aimed at reindustrializing France through green industries, the law’s stated objective is to raise industry’s share of GDP from 10% to 15%, with key measures including lower taxes on capital, simplified procedures, a focus on training, the creation of a Climate Future Savings Plan (PEAC) and a green industry tax credit. The creation of the PEAC would make it possible to mobilize long-term savings for the transition, within an attractive tax framework. Article 15, on financing the ecological transition, requires life insurance policies to list units of account that have obtained a government-recognized label for financing the energy and ecological transition or socially responsible investment. Groupe BPCE was heard by the parliamentary mission. This text mobilized the institutions and the French Banking Federation mainly on the characteristics of the PEAC;

bill on the 2024 Olympic and Paralympic Games: Groupe BPCE monitored this text, as a Premium partner of the 2024 Olympics. The legislative and regulatory framework designed to meet the constraints of organizing major events has undergone significant changes. A first law on the organization of the Olympic Games was adopted in 2018. It included measures to meet the specific constraints of preparing for an event of this magnitude. The main provisions of the text concerned security, land-use planning for host cities, and adaptations in terms of healthcare provision and first-aid training. BPCE monitored the provisions relating to land-use planning in host cities, and more specifically the measures affecting the display of partner advertising.

As part of its work within the working Group of the Climate Commission of the French Banking Federation (FBF), chaired by the Chairman of the Management Board of Groupe BPCE, the Group participates in dialogues and discussions on:

non-financial reporting requirements: Green Asset Ratio, Pillar III (EBA reporting), TNFD (Taskforce on Nature-related Financial Disclosures);

work to promote the transition of bank portfolios, by favoring that of companies and seeking to reduce as far as possible the administrative requirements of small and medium-sized companies;

a review of the various existing methodologies for developing a biodiversity footprint and, ultimately, a common methodology.

AT EUROPEAN LEVEL

The main European texts on which Groupe BPCE has mobilized its teams are as follows:

the transposition of Basel IV, in particular through the CRD6 regulation, which aims to further harmonize regulations in Europe: the text provides for an in-depth review of capital requirements to cover the risks associated with banks’ commitments, broadens the list of supervisors’ supervisory and sanctioning powers, introduces a new prudential regime applicable to branches in third countries, and further integrates ESG risks, in particular environmental risk;

FIDAR (Financial Data Access Regulation), proposed on June 28, 2023, by the Commission: the aim of this new regulation is to extend payment data sharing obligations to all financial data (banks, insurance companies, asset managers), in order to promote the establishment of a common financial data space in the European Union. The text thus establishes rights and obligations in the field of financial services on data access and reuse;

CSDDD (Corporate Sustainability Due Diligence Directive): on February 23, 2022, the European Commission published a proposal for a directive on corporate sustainability due diligence, aimed at fostering sustainable and responsible corporate behavior along global value chains. This directive still needs to be examined by the European Parliament and the Council before it is adopted and implemented. If adopted, it would require European companies with over 250 employees and revenues of €40 million to publish information on local sustainability risks, including within their suppliers and service providers. Companies would also be obliged to carry out a certain amount of due diligence to ensure that both their suppliers and their customers behave in a sustainable and responsible manner;

SFDR (Sustainable Finance Disclosure Regulation): the aim of this European regulation is to harmonize and strengthen the transparency obligations applicable to players marketing certain financial products or providing advice on these products, and thus make it easier for investors to distinguish and compare the many sustainable investment strategies currently available within the European Union. The EU’s SFDR regulation requires asset managers and investment advisors to publish specific information on how they address two key considerations: sustainability risks and key adverse impacts. As far as asset management companies are concerned, the SFDR regulation also requires them to make their remuneration policies transparent, taking into account the integration of sustainable development risks. In addition, it aims to help investors choose between different products by imposing increasing levels of information, depending on the degree to which sustainable development is taken into account;

CSRD (Corporate Sustainability Reporting Directive): this European directive, which came into force on January 1, 2024, aims to harmonize corporate sustainability reporting and improve the availability and quality of published data. A large number of companies must follow mandatory European sustainability reporting standards and publish detailed information on their material risks, opportunities and impacts in relation to social, environmental and governance issues. The CSRD will gradually cover almost 50,000 companies. The first companies to comply will publish their first sustainability reports in 2025 (based on 2024). Detailed European sustainability reporting standards, known as ESRS (European Sustainability Reporting Standards), provide a framework and harmonize company publications: an initial set of twelve standards (applicable to companies in all sectors), covering all ESG themes, was adopted on July 31, 2023, by the European Commission; sector-specific standards will follow, and finally specific standards for SMEs listed on regulated markets;

ESG ratings: on June 13, 2023, the Commission presented a proposal for a regulation on the transparency and integrity of ESG rating activities, as part of its renewed sustainable finance strategy, launched in 2021. The proposal aims to improve the reliability, comparability and transparency of ESG ratings. More specifically, it aims to improve the quality of information on ESG ratings, by enhancing the transparency of ESG rating characteristics and methodologies, and ensuring greater clarity on the operations of ESG rating providers and the prevention of conflict of interest risks at ESG rating provider level.

Natixis’ Green Sustainable Hub (GSH) is also a very active contributor to various professional associations and authorities.

Groupe BPCE, convinced of the fundamental importance of the economy’s energy transition, is committed to the Institut de la Finance Durable (IFD), the French Sustainable Finance Institute created in January 2023. The Chairman of Groupe BPCE’s Management Board has joined the Board of Directors of the IFD, whose mission is to accelerate the Paris financial center’s action to achieve the environmental energy transition, resulting from the transformation of Finance for Tomorrow, the branch of Paris Europlace.

LOBBYING

BPCE is declared as a lobbyist on the register of the Haute Autorité pour la Transparence de la Vie Publique (French High Authority for the Transparency of Public LifeHATVP) and complies with the obligations of act No. 2016-1691 of December 9, 2016, on transparency, combating corruption and modernizing economic life (known as the Sapin 2 Law). Groupe BPCE complies with the recommendations issued by the HATVP on the relations of lobbyists with players in public life (https://www.hatvp.fr/fiche-organisation/?organisation=493455042.

Furthermore, when a voluntary register is set up by a parliamentary assembly or a national, European or international institution, Groupe BPCE representatives comply with the rules of ethics, access and circulation laid down by this register. Likewise, they respect the internal rules of representative assemblies and national, European and international institutions where they exist.

At the European level, Groupe BPCE is also listed in the European Commission transparency register. For the record, this register is a database listing the organizations that make their views known in the process of drafting legislation and implementing the policies of the EU institutions https://ec.europa.eu/transparencyregister/public/consultation/displaylobbyist.do?id=179370613236-62&locale=en#en

2.2 Meeting the expectations of civil society

2.2.1 Cultivating our cooperative values in line with the evolutions of society

Groupe BPCE intends to participate in the development of all regions. The cooperative nature of the Group is one determining factor in how it conducts its business. The Group wants to help build an environment in which its cooperative shareholders and customers can grow.

Our regional banks have strong community ties, so they are attentive to the needs of all customers. They work with local players, local authorities, associations, business networks, schools and universities to strengthen the local socioeconomic fabric.

Each of the networks, Banque Populaire and Caisse d’Epargne, is backed by a federation. They support the network’s CSR strategy, facilitate cooperative shareholder relations, provide training for directors and assist with governance. They also promote initiatives in local communities.

BANQUES POPULAIRES

“Resolutely cooperative and innovative, Banque Populaire closely supports all those who live and work in each region over the long-term.” This is Banque Populaire’s overall purpose, defined in 2019.

Several regional banks have adapted this purpose to their regional specificities while keeping a common meaning, specific to the Banques Populaires. Three main areas of commitment have been defined, characteristic of Banque Populaire’s specificity: regional proximity, entrepreneurial culture, and cooperative and sustainable commitment.

The 5.2 million cooperative shareholders who hold the share capital of Banques Populaires are the bedrock of the cooperative model. They vote at General Meetings and directly elect the directors who represent them on the Boards of Directors.

For the General Meetings, the banks have given their cooperative shareholders the option of attending either remotely or by viewing the recorded proceedings. More than 597,000 cooperative shareholders voted in 2023.

For the past six years, the Banques Populaires have been organizing the “Faites de la coopération,” a week of awareness and discussion around the cooperative model, which is part of Social and Solidarity Economy (SSE) month. The 2023 edition highlighted the shared values of sport and cooperation. The program included a teaser video, quizzes for employees and cooperative shareholders, a concert on the theme of sports, a web conference and more.

In 2023, the Banque Populaire network had 244 directors (including the non-voting directors). They are business leaders, researchers, teachers and employees involved in the economic life of their region.

To meet the regulatory requirements for training directors and assessing how the Boards of Directors function, the National Federation of Banques Populaires (FNBP) has drawn up:

a self-assessment system for Boards of Directors made available throughout the Banque Populaire network;

an annual training plan covering topics related to the nine skills selected by the ECB, as well as CSR and digital topics;

an annual report on training has been set up to monitor the number of training sessions carried out, the number of training hours completed, the diversity of training courses taken and the satisfaction rate.

COOPERATIVE INDICATORS: COOPERATIVE SHAREHOLDER BASE AT DECEMBER 31

Banques Populaires

2023

2022

2021

Number of cooperative shareholders (in millions)

5.2

5.0

4.9

Percentage of cooperative shareholder customers (as a %)(1)

36.8%

33.7%

33%

Average value of cooperative shares held per cooperative shareholder (in euros)(2)

2,512

3,818

4,273

TS-I (delta between the ratio of highly satisfied customers and totally dissatisfied customers)(3)

33

33

32

(1)

Excluding BRED, CASDEN, and Crédit Coopératif.

(2)

Data excluding Crédit Coopératif.

(3)

Data taken from the BP and CE individual customer satisfaction barometer. Internal source: Group Customer Research department, excluding Crédit Coopératif and CASDEN.

COOPERATIVE INDICATORS: GOVERNANCE AND DIRECTOR TRAINING

Banques Populaires

2023

2022

2021

Governance bodies

 

 

 

Number of members on Boards of Directors

213

222

219

Director attendance rate at Board of Directors Meetings (as a %)

86%

86%

77%

Percentage of Board Members who are women (as a %)

48%

46%

48%

Percentage of Board Chairmen and Vice-Chairmen who are women (as a %)

34%

31%

29%

Director training

 

 

 

Boards of Directors: percentage of members who took at least one training course over the year (as a %)

94%

72%

70%

Boards of Directors: average number of training hours per person(1)

10.6

8.0

7.9

(1)

Data including Audit Committee training courses.

CAISSES D’EPARGNE

The 2022-2024 CSR & cooperative guidelines constitute the Caisses d’Epargne’s roadmap; several objectives have been set as part of the “Active cooperation” ambition, including a goal to rebalance the age pyramid of cooperative shareholders and the promotion of membership among employees.

The Caisses d’Epargne had a membership of 4.4 million cooperative shareholders at the end of 2023, the vast majority of whom were private individuals, spread across 179 local savings companies (SLEs), which constitute an intermediate level to strengthen local roots, proximity and the expression of cooperative shareholders.

In 2023, the Caisses d’Epargne continued and developed their efforts to get their cooperative shareholders even more involved in the life of their bank as key stakeholders. The 2022-2024 CSR and cooperative guidelines have strengthened the Caisses d’Epargne’s ambition in terms of cooperative shareholding. The goal is to increase the number of cooperative shareholders among customers and to offer them privileged access to information and offers from the members’ club via the unique portal https://www.societaires.caisse-epargne.fr/. In its region, each of the 15 Caisses d’Epargne implements promotional and communication initiatives designed to strengthen its relationship with its cooperative shareholders.

Some Caisses d’Epargne have also introduced initiatives to raise employee awareness of the cooperative model, notably during induction days for new recruits or during weeks dedicated to cooperative shareholders, in order to strengthen and rejuvenate the cooperative shareholder base.

Fédération Nationale des Caisses d’Epargne (FNCE), in consultation with the Caisses d’Epargne, conducted a study aimed at giving the Caisse d’Epargne cooperative model a simple, unique and differentiating definition: a Caisse d’Epargne is “a bank-insurance institution that is 100% regional, a pioneer in the transitions taking place in society, and one that belongs to its customer-cooperative shareholders.” For more information: www.federation.caisse-epargne.fr.

As part of the cooperative governance of the Caisse d’Epargne network, the Fédération Nationale des Caisses d’Epargne, in conjunction with BPCE and the Caisses d’Epargne, supports and trains elected representatives in the performance of their mandate through a dedicated training system. Training programs are designed for directors of local savings companies, members of the Steering and Supervisory Boards (SSB), and members of specialized committees. Each audience benefits from a training offer adapted to their mandate in a face-to-face format and/or by videoconference:

for directors: a welcome seminar on the fundamentals of understanding the Caisse d’Epargne, its history, its local banking model in its region, its cooperative model and its long-standing social banking model. Training is provided to deepen this initial foundation throughout the term of office. General banking culture and digital topics complete this system;

for members of the Steering and Supervisory Boards, initial regulatory training tackles the six areas established by decree: governance, accounting and financial information, banking and the financial markets, legal and regulatory requirements, risk management and internal control, and strategic planning. In-depth training is offered throughout the term of office;

for the specialized committees: training courses are offered to members of the Risk, Audit, Appointments, and Remuneration Committees.

A distance learning system completes the system with a wide choice of online training courses, videos, quizzes and thematic sheets.

In 2023, the FNCE developed themes related to the ECB, cryptocurrency, combating money laundering and the financing of terrorism, and has deepened its module on climate risks.

Scenario workshops are also offered to enable members of the COS (Steering and Supervisory Board) to practice good governance of a Caisse d’Epargne and to encourage them to adopt a questioning method.

COOPERATIVE INDICATORS: COOPERATIVE SHAREHOLDER BASE AT DECEMBER 31

Caisses d’Epargne

2023

2022

2021

Number of individual cooperative shareholders (in millions)

4.4

4.4

4.4

Percentage of cooperative shareholder customers (as a %)(1)

27%

26%

25%

Average value of cooperative shares held per cooperative shareholder (in euros)(2)

3,570

3,494

3,421

TS-I (delta between the ratio of highly satisfied customers and totally dissatisfied customers)(3)

27

27

24

(1)

Excluding BRED, CASDEN, and Crédit Coopératif.

(2)

Data excluding Crédit Coopératif.

(3)

Data taken from the BP and CE individual customer satisfaction barometer. Internal source: Group Customer Research department, excluding Crédit Coopératif and CASDEN.

COOPERATIVE INDICATORS: GOVERNANCE AND DIRECTOR TRAINING

Caisses d’Epargne

2023

2022

2021

Governance bodies

 

 

 

Number of members of Steering and Supervisory Boards

285

283

283

Director attendance rate at Steering and Supervisory Board Meetings (as a %)

95%

96%

97%

Percentage of Steering and Supervisory Board members who are women (as a %)

46%

46%

46%

Percentage of Steering and Supervisory Board Chairmen or Vice-Chairmen who are women (as a %)

48%

47%

44%

Director training

 

 

 

Steering and Supervisory Board: percentage of members who took at least one training course over the year (as a %)

100%

96%

99%

Steering and Supervisory Board: average number of training hours per person (basis = 100)

15.8

13.1

20.5

COOPERATIVE REVIEW

The French act of September 10, 1947, on the status of cooperatives establishes the principle of a cooperative review every five years. The review is performed by an independent auditor responsible for verifying that the structure and operation of cooperative entities observe cooperative principles and rules. Over the past three years, all Banques Populaires and Caisses d’Epargne have carried out a cooperative review. None of the Banques Populaires or the Caisses d’Epargne was identified as possibly being “non-compliant” with the cooperative banking model and the auditors voiced no reservations in the course of their audit.

2.3 Be a major player in the environmental transition

2.3.1 Groupe BPCE places the climate at the heart of its strategy and incorporates ESG criteria in its processes

Fighting climate change and creating a more low-carbon society is a major challenge of our time. In response, the financial sector has a key role to play by supporting the transition to a low-carbon economy, which balances the environmental, social and economic needs of society.

At the heart of its concerns, the environmental transition is one of the three pillars of the BPCE 2024 strategic plan and is a priority for all its business lines and all its companies.

Groupe BPCE has set itself four major objectives:

commit to a long-term change in its balance sheet as part of a strategy to mitigate the climate impact of its activities, assets financed, invested or insured, by aligning financing portfolios with a “Net Zero” trajectory, i.e. carbon neutrality by 2050;

extend its “green” refinancing strategy with energy transition-themed issues;

supporting its customers in their own transition challenges, whether in terms of financing, savings or insurance, with a dimension of advice and structured strategic dialogue, providing expertise, solutions and a long-term vision;

accelerate the reduction of its direct environmental footprint, with a target of reducing its carbon footprint by 15% by 2024 compared to 2019.

GOVERNANCE DEDICATED TO CLIMATE RISKS

In order to manage these climate-related commitments as closely as possible, the Group has strengthened its governance bodies (see Section 2.1.2) and the management of climate-related risks.

The Climate Risk division was created on January 1, 2019, within Groupe BPCE’s Risk division. In 2020, a Climate Risk function was set up, bringing together a network of correspondents in all the Group’s companies and business lines. It is led by the Climate Risks department of the Group Risk division. Climate risk correspondents are present in each entity and act as local relays. Their main task is to keep abreast of the latest developments in the industry, with a view to reporting them to their institutions’ management bodies and implementing them operationally. In 2021, the unit became the Climate Risk department reporting directly to Groupe BPCE’s Deputy Chief Executive Officer, a member of the Executive Management Committee in charge of Groupe BPCE risk. It defines and implements Groupe BPCE’s climate risk supervision system. The operational integration of this system in the institutions will make it possible to better integrate climate risks into the Group’s risk appetite.

The Climate Risk Committee, created in 2020, is chaired by the Chairman of the Management Board and brings together the heads of Groupe BPCE’s business lines, the Risk, Finance, Compliance and Impact functions and the Internal Audit, as well as two Groupe BPCE senior executives. This decision-making and monitoring committee deals with climate issues from a cross-functional perspective for the Group and its various business lines. It is in charge of examining the Group’s main existing or potentially emerging climate and environmental risk areas. It develops scenarios and validates the climate stress test transition matrices to assess the resilience and vulnerability of the Group’s business model. The Climate Risk Committee validated the update of the remediation plan to the ECB’s guide on climate and environmental risks, following the ECB’s thematic review carried out during the first half of 2022 and tracks its progress. At the end of 2023, close monitoring of remediation work, directly involving Groupe BPCE’s Executive Management Committee and the Supervisory Board’s Risk Committee, was set up to secure the production of the main deliverables expected in 2024.

EXCLUSION POLICIES IN SENSITIVE SECTORS

To take account of environmental, social and governance (ESG) issues, CSR policies for internal or public use have been introduced and integrated into the risk policies of business lines working in the most sensitive sectors.

THERMAL COAL

As early as October 2015, Natixis CIB committed to no longer financing any coal-fired power plant or thermal coal mine projects worldwide.

This commitment is being progressively strengthened and are thus excluded:

in 2019, companies deriving more than 25% of their revenues from coal and extending the scope of the exclusion to all port and rail infrastructure projects and all equipment and facilities linked to thermal coal;

in 2020, companies developing(1) new capacity for coal-fired power plants or thermal coal mines.

(1)

A company is considered to be a Developer when a decision to develop new coal-fired electricity generation capacity exceeding 300 MW or thermal coal extraction capacity has been taken and publicly announced, or when an application for planning permission has been submitted to the competent authorities.

In 2021, Groupe BPCE extended its policy to all its banking activities and, in addition to the above-mentioned objectives, committed to a total phase-out of thermal coal by 2030 for OECD countries and 2040 for the rest of the world.

At the end of December 2023, Groupe BPCE’s exposure to coal industry financing represented less than 0.1% of the Group’s total exposure to corporate loans, i.e. a residual amount of less than €0.35 billion.

https://groupebpce.com/en/csr/actor-in-the-environmental-transition

OIL AND NATURAL GAS

As part of its policy applicable to the oil and gas industry, Groupe BPCE excludes:

shale oil and gas exploration and production projects;

projects to explore, produce, transport, store or export oil extracted from oil sands or extra-heavy oil;

companies where 25% or more of the activities fall within these exclusions;

oil and gas exploration and production projects, onshore or offshore, in the Arctic.

Oil and gas policy update

In 2023, Groupe BPCE extended its policy to all its banking activities and strengthened its criteria by excluding:

projects dedicated solely to bringing a new oil field into production, or related production or export infrastructure (new FPSOFloating Production Storage and Offloading, platform or pipeline);

exploration and production of oil from ultra-deepwater drilling;

new “Greenfield” liquefied natural gas (LNG) production or export projects fueled by 25% or more shale gas.

DEFENSE INDUSTRY

Natixis CIB excludes the financing, investment and provision of services to companies involved in the production, storage and trade of anti-personnel mines and cluster munitions. This policy sets precise criteria for the conditions under which operations are carried out, particularly those relating to the countries of export and import.

https://natixis.groupebpce.com/wp-content/uploads/2022/08/200909_final_amended_cl_defense_policy_eng__v7.pdf

TOBACCO INDUSTRY

Natixis CIB has undertaken to cease all dedicated financing related to tobacco activities, as well as all non-dedicated financing in favor of a company whose business is 25% or more tobacco-based. Further to this commitment, Natixis has published a detailed tobacco sector policy which applies to Natixis’ financing and services activities.

https://natixis.groupebpce.com/wp-content/uploads/2022/08/180518_-_cl_tobacco_policy_-final-vf.pdf

OTHER INDUSTRIES

Natixis CIB has CSR policies for internal use for the nuclear, mining & metals and palm oil sectors. These policies, which apply to fundraising activities, cover the following aspects:

nuclear: compliance with the strictest international safety rules (IAEAInternational Atomic Energy Agency), reliability of technologies, and demonstration on the basis of precise criteria of the capacities of the host country and the operator to control and operate its nuclear sector;

mining and metals: compliance with international mining industry standards and the environmental and social performance criteria of the International Finance Corporation (World Bank);

palm oil: traceability and compliance with current best practices and standards.

Natixis Investment Managers’ European management companies also apply sector and/or exclusion policies (see details in the dedicated paragraph below).

For BPCE Assurances’ activities, policies have also been defined in the coal, oil and gas, tobacco and controversial weapons sectors (see details in the dedicated paragraph below).

INCORPORATION OF ESG CRITERIA INTO FINANCING ACTIVITIES

Various tools have been developed to provide for the incorporation of ESG criteria into financing activities. These tools are adapted to the challenges identified for the different types of customers carried by retail banking and Corporate & Investment Banking.

RETAIL BANKING

Within the scope of retail banking, in addition to the coal policy applied to all Groupe BPCE companies, environmental criteria have been systematically integrated into sector policies since 2018.

In addition, the Non-Financial Risk Committee (CoREFI), comprising the Climate Risk, Credit Analysis and Impact teams, has been meeting regularly since March 2020 to carry out ESG reviews of all business sectors and by customer typology. As part of these reviews, each business sector is assessed on the basis of the six environmental challenges defined by the European taxonomy: physical climate risks, transitional climate risks, biodiversity, water, pollution other than greenhouse gases and the circular economy. An environmental sectoral classification follows from this assessment and identifies specific points of attention. Elements of a social and societal nature, and finally on sustainable governance, also enrich these sectoral analyzes.

The latter are intended to feed into discussions, particularly when granting credit, by providing additional analytical elements in the light of regulatory and market developments.

At the same time, the integration of ESG issues within the bank has continued with the deployment of a strategic ESG dialogue initiated with corporate customers. This dialogue is based on a questionnaire used by account managers to gather information on their customers’ knowledge, actions and commitment to climate and environmental issues. This ESG dialogue has been deployed in Groupe BPCE networks since the beginning of 2023.

NATIXIS CIB

The management of environmental, social and governance (ESG) risks in the financing and investment business lines is part of a global approach involving the business lines, CSR and control functions. This approach includes in particular the development and implementation of CSR policies in the most sensitive sectors, the definition of the excluded business sectors, the evaluation and monitoring of the ESG risks of transactions and counterparties via various tools and processes.

For the most sensitive sectors, CSR policies have been introduced and integrated into the risk policies of the business lines working in the sectors concerned. These policies are described in the previous section “Exclusion policies in sensitive sectors”.

When a new customer enters into a relationship, a process for identifying environmental and societal risks is put in place as part of the Know Your Customer (KYC) approach, which identifies and assesses environmental, social and governance (ESG) risks. Each customer company evaluated is assigned a level of vigilance based on four themes (controversies to which the client may be exposed, sectors in which the customer operates, maturity of the management system risks and type of business relationship with Natixis).

As part of the Equator Principles, Natixis CIB also applies a market methodology that aims to assess the environmental and social risks of projects financed and the management of these risks by customers, regardless of their business sector. Since October 2020, Natixis CIB has applied the amended version of the Principles (EP Amendment IV), which includes more exhaustive criteria regarding respect for human rights (including the rights of indigenous communities) and requires the analysis of physical and transition climate risks.

The Sustainability team produces detailed analyzes of Natixis CIB customers for whom ESG risk is considered a major concern. The number of transactions subject to this type of analysis over the last three years is 1,429 (including 614 in 2023).

The operational management of Natixis CIB’s climate trajectory is based on two complementary and interdependent systems: the Green Weighting Factor (GWF), an internal management tool used to guide operational financing decisions, and the monitoring of public sector decarbonization trajectories at Groupe BPCE level within the framework of the NZBA.

Within Natixis CIB, the Green Weighting Factor integrates criteria linked to exposure to the risk of biodiversity loss and its pressure factors for financing customers in sectors where the impact on biodiversity is material. These criteria are also included in the environmental rating of dedicated financing (project or asset financing) by taking into account their location in Key Biodiversity Areas.

Internal control system

Natixis CIB has an internal control system that incorporates all risks, including environmental and social risks. It is based on three lines of defense:

first line of defense: represented by sales, origination and distribution teams. They are supported by the Natixis Sustainability team;

second line of defense: embodied by the Risk and Compliance departments of Natixis. Risk acts as a second line of defense at transaction, counterparty, portfolio and corporate levels across all activities;

third line of defense: Natixis CIB’s Internal Audit department is in charge of periodic controls, and has integrated ESG-specific risks into its scope of activity, as well as carrying out thematic controls on CIB activities.

INCORPORATION OF ESG CRITERIA INTO ASSET MANAGEMENT ACTIVITIES

AT NATIXIS IM

For NIM, incorporating ESG factors into the investment process leads to more informed decisions, a better understanding of corporate risks, the identification of sustainable investment trends and the selection of companies that contribute to these trends. This approach aims to create long-term value for customers.

Several affiliates have developed dedicated non-financial research capabilities and integrated sustainability criteria into their investment decision support models. They rely on proprietary systems and raw data to establish their own scoring models and methodologies, which they can then transparently explain to customers.

By way of illustration, DNCA Finance relies on a proprietary ABA (Above and Beyond Analysis) assessment tool, which is built around five pillars: analysis of corporate responsibility risk, contribution to sustainable transition, monitoring of controversies, monitoring of engagement activities and finally impact on the UN’s sustainable development Goals (SDGs). This analysis does not include external agency assessments.

For fund-of-funds management, NIM Solutions complements its quantitative sustainability analysis with a proprietary qualitative “Conviction & Narrative” approach that includes, but is not limited to, the following criteria: the ESG experience of the investment team, the incorporation of ESG factors into the underlying funds’ investment processes, the transparency of ESG reporting and voting practices. The objective of the analysis model thus put in place is to:

measure the degree of importance that environmental, social and governance factors play in the investment strategy of each fund in which they invest as part of the range of responsible investment products offered by Natixis IM affiliates;

ensure that the convictions and objectives underpinning investments are clear, while providing a concrete measure of the level of ESG integration in the various operational stages of the investment process;

provide an independent, impartial and complementary analysis of the credibility of the responsible investment approaches selected for ESG funds of funds.

Responsible investment policies

Each NIM management company is responsible for its own investment process, and ultimately for integrating environmental, social and governance factors in line with their fiduciary duty.

European asset management companies have developed responsible investment policies that explain their overall ESG approach, provide detailed guidance on the integration of environmental factors, and explain their sector and/or exclusion policies. All European asset management companies ban controversial weapons from their investments, and have exclusion policies in the coal, non-conventional oil and gas, and tobacco sectors. Some affiliated asset management companies have developed more restrictive exclusion policies, based on recognized frameworks for fossil fuels. The majority of asset management companies offering investment products in non-listed assets completely exclude fossil fuels in favor of transition and renewable energies.

For example, Ostrum Asset Management, which accounts for more than a third of Natixis IM’s assets under management, has been committed to sustainable development and responsible financing for over 35 years(1). Over time, it has developed its approach, which today combines three pillars: the incorporation of material ESG factors into the analysis of all asset classes, the exclusion of sectors or issuers that are not acceptable in portfolios, and the financing of transition for sectors or issuers that are ready to follow the path of transition and commit to themes that encourage just transition.

In addition, AEW Europe, which manages real estate assets, has implemented a specific exclusion policy tailored to its business sector.

The majority of non-European affiliates have developed a global responsible investment approach that formalizes their commitment to incorporating material environmental, societal and governance factors into their investment processes. They implement specific restrictions at the request of customers.

Engagement policy with portfolio companies

Beyond exclusion, Natixis Investment Managers sees engagement and dialogue with companies and issuers as significant levers for positively influencing corporate governance. Natixis IM’s European asset management companies have developed engagement and voting policies that encourage companies to transform their strategy and reduce their ESG risks, while contributing to environmental and social issues.

Engagement and dialogue have also enabled affiliates to develop in-depth knowledge of the companies in which they invest and their ESG challenges. As shareholders, the funds managed by Natixis IM affiliates are committed to contributing to the improved performance of companies by taking into account their stakeholders and the environment.

Affiliates such as Mirova, Ostrum AM, DNCA Finance and Ossiam explicitly include climate risk in their voting policies. Dorval AM and AEW Europe actively monitor the greenhouse gas emissions of companies and assets in their portfolios.

Environmental themes such as biodiversity (Mirova, Ostrum AM, Thematics AM, DNCA Finance), energy consumption (AEW), waste management (Thematics AM, DNCA Finance) and water management (DNCA Finance, Thematics AM) are also taken into account by affiliates.

At the social level, several affiliates, including Mirova, Ossiam, AEW Europe, MV Credit, Seventure Partners, Flexstone Partners and Vauban IP, strive to promote diversity.

Highlights

In 2023, Ossiam, a member of the Farm Animal Investment Risk and Return (FAIRR) initiative, proposed a commitment to working conditions in meat supply chains and against the use of antibiotics in fast-food products.

Internal control system and organization

Natixis Investment Managers has an internal control system that integrates all risks, including environmental and social risks. It is built around three lines of defense and is organized operationally on two levels: a holding company in charge of supervising and coordinating the system, and affiliates responsible for risks and for implementing policies and controls:

first line of defense: represented by the operational teams of the various management activities within the affiliates, and the distribution teams (Product, Sales and Marketing). They are supported by teams of ESG experts at the level of each management company, and the Sustainability team at the level of the holding company;

second line of defense: embodied by the Risk and Compliance departments of each asset management company. Dedicated ESG compliance and risk policies have also been produced by Natixis IM for deployment at affiliate level;

third line of defense: Natixis IM’s Internal Audit department, based at holding company level, is responsible for periodic control and has integrated ESG-specific risks into its scope of activity by carrying out thematic control missions on affiliates.

AT PALATINE ASSET MANAGEMENT AND ECOFI

To exercise its voting rights, Palatine Asset Management (PAM) has been relying since 2015 on the expertise of ISS (Institutional shareholder Services Europe SA) to broaden its voting scope. The company ensures that its voting rights are exercised on the basis of the company’s specific context, in particular by taking into account its medium- and long-term strategic orientations, and its environmental and social policies. During the 2023 fiscal year, PAM exercised its voting rights at General Meetings concerning the companies making up the CAC 40 index, the companies making up the assets of SRI-labeled mutual funds, French companies whose consolidated holding threshold is greater than 0.50% of market capitalization, foreign companies held with a market capitalization in excess of €100 million and, since 2023, American companies held in the Palatine Amérique mutual fund. In other cases, a vote of support or dissent may be expressed from time to time. As a general rule, however, Palatine Asset Management does not exercise voting rights on any companies held below the set thresholds nor in countries with a POA (Power Of Attorney) where the voting procedure entails additional financial costs. The objective is to promote best ESG practices within those companies in which the funds managed by Palatine Asset Management are shareholders in order to encourage these latter to adopt an approach of progress and responsibility. The principles of this voting policy areavailableathttps://www.palatine-am.com.

(1)

The Nord Sud Développement Fund was launched in 1985. A bond fund aiming to combine performance and solidarity investments by investing in a combination of supranational debt and microcredit companies, it was merged into Mirova Luxembourg’s range of sub-funds in 2017.

Within the subsidiary Ecofi, one of Groupe BPCE’s asset management companies, the voting policy and dialogue with stakeholders are at the heart of its corporate responsibility strategy. As planned in its engagement policy, Ecofi has undertaken in-depth and regular individual dialogue with several companies involved in controversies or with poor ESG performance. In a collaborative manner, Ecofi plays an active role in shareholder coalitions to which it is a signatory to influence the companies concerned on CSR issues. Lastly, as part of its voting policy, Ecofi votes at all General Meetings of companies invested by its funds under management through shares, without the requirement of holding a minimum threshold of capital (https://www.ecofi.fr/sites/default/files/Politique-Engagement_Ecofi.pdf).

In 2023, Ecofi exercised its voting rights at 279 General Meetings, representing a total of 4,534 resolutions submitted to shareholder votes. Ecofi voted “against” 42.5% of the resolutions, compared to the average “against” rate of French management companies, which stands at 20% (Source: AFG). The main purpose of votes against company resolutions concerns the appointment of members of the Board of Directors, followed by executive pay. Ecofi supported 111 resolutions of minority shareholders in favor of good governance and responsible management of environmental and social impacts.

In 2023, Ecofi dialogued individually with 35 companies: 13 dialogues focused on different ESG issues, 22 dialogues were conducted as part of a specific shareholder dialogue campaign on the subject of biodiversity. A total of 384 questions were formulated on several ESG themes, such as energy transition, biodiversity, human rights, social responsibility policies, governance and involvement in controversial episodes. Ecofi also supported 26 collective dialogue initiatives related to energy transition, biodiversity, human rights, employee relations and fiscal responsibility, through the international responsible finance networks of which Ecofi is a signatory. These 26 initiatives made it possible to contact 196 different invested companies. Finally, Ecofi took part in 12 dialogue initiatives with institutions relating to the following ESG issues: the quality of companies’ CSR reports, European regulations on Duty of Vigilance, Say on Climate, the filing of shareholder resolutions, plastic and water consumption, and greenwashing.

INCORPORATION OF ESG CRITERIA INTO INSURANCE ACTIVITIES

BPCE Assurances is committed to making a positive contribution to sustainable development objectives by implementing a selective ESG integration policy. Drawing in particular on Mirova’s analysis, BPCE Assurances aims to improve the ESG profile of its investments.

The aim of the policy is to achieve the following objectives: 15% of green assets in the annual flow until 2024 and 10% of green assets in the stock at the end of 2024 (“Green assets” being understood as green bonds, labeled funds [Greenfin], Article 9 funds validated following analysis by BPCE Assurances’ teams).

The policy is broken down by type of management:

INCORPORATION OF ESG INTO DIRECT MANAGEMENT

This is mainly carried out through mandates with Groupe BPCE entities (Ostrum, Mirova, Loomis).

Definition of the investment universe incorporating ESG criteria

BPCE Assurances applies a set of cumulative rules in defining the investment universe:

use of Mirova internal rating to exclude issuers rated “negative” (exclusion extended to “at risk” rating in the specific case of the BPCE Assurances IARD subsidiary);

use of ISS ratings for the “best in class/universe” stock selection strategy;

application of sector policies:

tobacco sector and controversial weapons: total exclusion,

thermal coal: sector excluded, unless the following cumulative criteria are met: share of revenues <10%, maximum production of 10 Mt, maximum electrical capacity generated from coal at 5 GW, no plans to develop new capacity and existence of an exit plan. Divestment of the sector is scheduled for 2030 for OECD countries and 2040 for non-OECD countries,

oil & gas: application of a threshold for exposure to non-conventional activities or activities with a high environmental impact, set at 10% of production. Divestment of companies failing to meet this criterion is set for 2030.

Green bonds review

A use-of-proceeds analysis is carried out by asset managers to validate the green bond designation (compliance with ICMA principles and verification of eligible assets).

ESG INCORPORATION IN INDIRECT MANAGEMENT, THROUGH THE SELECTION OF FUNDS FROM EXTERNAL MANAGEMENT COMPANIES:

BPCE Assurances systematically analyzes the ESG characteristics of funds and issues a favorable or unfavorable opinion;

where appropriate, investments in SFDR Article 9 funds and labeled funds (Greenfin, SRI and other labels).

CLIMATE RISK ANALYSIS APPLIED TO THE LIQUIDITY RESERVE

A non-financial analysis of the liquidity reserve has been carried out since December 2019.

In 2021, BPCE’s Financial Management department completed the indicators for monitoring the liquidity reserve with a breakdown of the securities portfolio by ESG rating of issuers (from A+ to D-) and a categorization of sustainable securitiesgreen, social, sustainable and sustainable-linked. This information enables Groupe BPCE companies to better manage their portfolios and communicate on their incorporation of ESG criteria.

In order to have a Group vision and to manage the liquidity reserve in a dynamic way, the non-financial analysis was rolled out to all the Banques Populaires and Caisses d’Epargne in the summer of 2021 via a dynamic Power BI tool. This analysis is updated monthly.

Since December 2021, investments in counterparties with a non-financial rating of D+/D/D- are excluded following a decision by a Group Asset/Liability management Strategy Committee which applies to all Group institutions. A target of 17% of sustainable HQLA (High Quality Liquid Assets) securities by the end of 2024 has also been set.

2.4 A social, active and responsible strategy

In 2023, Groupe BPCE continued to implement the four strategic HR priorities included in the BPCE 2024 strategic plan:

new challenges in terms of skills to be leading bankers and insurers in their region;

an employee experience on a par with that desired by customers;

an internal career path for each talent that wishes it;

Data and Artificial Intelligence for the efficiency of the HR function and employees.

In this context, the HR roadmap aims to:

build, for each of the Group’s major business lines, dedicated programs and systems enabling employees to feel comfortable in their role from the moment they join the Group, and encouraged to develop and progress;

promote the implementation of a continuous improvement approach through employee listening systems and meet new social needs through solutions that optimize work-life balance and well-being;

anticipate and prepare the Group’s intra- and inter-company functional and geographical mobility.

Groupe BPCE is strengthening its role as a responsible employer by giving employees reasons to be proud of belonging to their company (notably through the Paris 2024 partnership) and, more broadly, to the Group. This ambition is designed to meet employees’ expectations in terms of professional fulfillment and development.

As a socially responsible employer, the Group respects:

a Code of Conduct and Ethics Standards: http://guide-ethique.groupebpce.fr/

the commitments made under the Global Compact and the International Labour Organization.

Groupe BPCE headcount

Groupe BPCE has 100,670 employees:

The Banque Populaire network (29,840 employees) and the Caisse d’Epargne network (33,053 employees);

BPCE brings together the business lines, support entities and central institution functions of Groupe BPCE (e.g. Financial Services, Digital and Payments, Insurance, Purchasing, IT…): 32,615 employees;

Natixis, within BPCE, groups together Groupe BPCE’s global business lines (Natixis Corporate & Investment Banking and Natixis Investment Managers): 14,179 permanent and fixed-term employees (excluding Financial investments);

Other/subsidiaries: 5,162 employees

Complete quantitative human resources indicators for Groupe BPCE are available at https://groupebpce.com/en/csr/a-socially-inclusive-employer

2.4.1 Preparing the next generation by attracting and retaining employees

As in 2022, 2023 was marked by a dynamic and competitive job market. In this context, Groupe BPCE has, from 2022, intensified the work of the HR program of its Group strategic plan “Progressing in the network” on two aspects:

better recruitment, better integration, better loyalty;

to develop skills that will enable them to be fully at ease in their profession and at the level expected by customers.

A “RECRUITMENT AND INTEGRATION” MARSHAL PLAN AT BANQUES POPULAIRES AND CAISSES D’EPARGNE

The HR function adapted quickly, with conclusive results in 2023.

In 2022 and 2023:

creation of an individualized training program for HR Development teams at Banques Populaires and Caisses d’Epargne, with a particular focus on targeted prospecting on social networks to turn recruiters into expert head hunters and drive new recruitment experiences;

a smoother, more attractive candidate path on recruitment sites;

a new communication strategy for each of the brands, Banque Populaire and Caisse d’Epargne, on social networks;

the determination of the HR departments of Banques Populaires and Caisses d’Epargne to make work-study programs a genuine lever for recruitment and loyalty in the sales networks, with a plan to win new work-study recruits and the development of the “BPCE Campus Apprentice Training Center (ATC)”;

all the Banques Populaires and Caisses d’Epargne have revamped their induction programs for new recruits (an average of 40 days devoted to learning the business).

Conclusive results in 2023:

large-scale social media campaigns (# of views):

LinkedIn: + 125% (vs. 2022),

Facebook: + 1,019% (vs. 2022),

Instagram: + 589% (vs. 2022),

Tiktok: 85,951 (account creation in 2023);

a 62% increase in permanent and fixed-term job applications in Banques Populaires and Caisses d’Epargne (January-September 2023 vs. January-September 2022);

a recruitment curve which, since July 2022, has moved well above the exit curve;

a stronger presence for Groupe BPCE in the various rankings measuring the influence of the employer brand:

two Group companies (BP Grand Ouest and BPCE Assurances) received the Great Place To Work label,

Groupe BPCE ranks eleventh in the overall PotentialPark ranking, which each year surveys more than 3,500 students and recent graduates on the digital recruitment strategies of 80 companies. In the “social networks” ranking, Groupe BPCE has moved up 18 places compared with 2021,

Natixis has once again been certified:

Top Employer in 2023 for the seventh consecutive year and Happy trainees, with a recommendation score of 92% (+ 1 point vs. 2022).

AN EFFICIENT RECRUITMENT SERVICE CENTER FOR NATIXIS AND BPCE SUBSIDIARIES

In 2023, the Mobility and Recruitment shared services center serving BPCE companies continued its work with teams dedicated by scope and expertise.

As in previous years, there is a shortage of profiles in control functions (particularly risk management) and IT functions.

The volume of new hires remains very high (11,358 employees), despite a slight fall at the end of the year. Natixis is continuing to roll out its new employer brand strategy to support its business lines’ development ambitions and take into account the expectations of applicants and employees. It is built around a value proposition: #transformative finance: “join us to make the difference,” consistent with its strategic ambition to support its customers in environmental, social and technological transitions.

GROUPE BPCE, AN INCLUSIVE EMPLOYER

MORE DIVERSIFIED PROFILES

Most of work-study student and young graduate recruits are in the commercial field, with a wide variety of profiles: from two to five years of higher education (BTS, Bachelor’s degree, Master’s degree), as well as engineers, particularly for the IT subsidiaries.

The Group’s companies, which are also open to profiles undergoing retraining, offer hiring and training opportunities to non-banking sector profiles, as long as they have proven interpersonal and commercial skills.

Special attention is also paid to profiles still in high demand, IT and Data.

PROMOTING THE PROFESSIONAL INTEGRATION OF YOUNG PEOPLE AND USING WORK-STUDY PROGRAMS AS A LEVER FOR PRE-EMPLOYMENT.

The Group has hired over 4,200 young people under the age of 30 on permanent contracts.

In addition, the Group makes the professional integration of young working people a priority area of its recruitment policy.

Within the framework of the new Management of Jobs and Career Paths (GEPP) agreement of July 2022, this policy is expressed by 2024 through quantified ambitions:

50% of permanent hires are under 30 years of age, including 5% of work-study students;

30% of work-study students hired each year (excluding those continuing their studies) in the business lines of the Banques Populaires and Caisses d’Epargne sales network at the end of their course.

For the first time in 2023, Groupe BPCE tested a work-study conquest plan comprising:

a branded communication plan on networks with satisfactory results (+ 6.3 million views on social networks, 51,000 clicks on applications to our BPCE recruitment website and + 38% applications on work-study programs, i.e. 15,240 additional applications over the period January-May 2023 vs. 2022):

work-study campaign video links:

Motion School: https://www.youtube.com/shorts/4F41KZrST9E

BP Student Motion: https://www.youtube.com/shorts/XScc5gBKFwM

CE Student Motion: https://www.youtube.com/shorts/n_3OyPeNHlk

national recruitment events to punctuate the 2023 work-study campaign:

among schools and students with the third edition of the Student Challenge: Innovate your Bank in collaboration with Agorize - (1,000 participants from 88 schools),

ambassadors Program (My Job Glasses: Our mentors - My Job Glasses). Some 80 ambassadors from 12 Group companies regularly talk to students about their jobs, their companies and career opportunities within the Group (work-study programs and young graduates),

two national “mon premier job@groupebpce” virtual forums dedicated to recruiting work-study students (March) and recent graduates (May),

participation of Group companies in one of France’s largest student trade fairs, “Your Future,” at the Parc des Princes (1,100 applications and over 40 recruiters mobilized over 2 days),

content creation on social networks dedicated to young people: with formats that reflect the codes of the target audience: videos, podcasts, quizzes, interviews etc.

A NUMBER OF WORK-STUDY STUDENTS WELCOMED INTO THE COMMERCIAL NETWORK IN BP AND CE WHICH INCREASES EACH YEAR: ONE IN THREE WORK-STUDY STUDENTS IS HIRED AT THE END OF THEIR COURSE

All these initiatives have led to a significant increase in the number of work-study students in the Banques Populaires and Caisses d’Epargne sales network.

The Group has also made the development of its “BPCE Campus” ATC a training facility for young people and pre-employment training for the Banques Populaires and the Caisses d’Epargne. When it was created in 2020, it had 47 work-study students compared to 300 in 2023, spread across some twenty companies.

In 2023, Natixis and the other BPCE business lines pooled their participation in numerous forums in order to be present to a greater number of schools and students. This provided an opportunity to showcase the diversity and richness of the Group’s jobs and expertises.

Lastly, working to promote equal opportunities and employment for young people, Groupe BPCE has implemented various initiatives:

raising awareness of the Group’s business lines among young people through the publication of dedicated communication tools (internship program, educational kit, business brochures, etc.), internships and presentations by professionals in schools;

facilitating access to apprenticeships to enable young people from disadvantaged areas to enter the workforce, and diversifying talent through the renewed involvement of employees: 190 sponsors for the “Nos Quartiers ont du Talent” (NQT) scheme and 160 sponsors for the “Capital filles” scheme (link to Crédit Coopératif testimony : https://www.linkedin.com/posts/bpce_orientation-engagement-mixitaez-activity-6985266465662717952-XkCb?utm_source=share&utm_medium=member_desktop).

INTEGRATING AND RETAINING NEW EMPLOYEES

Groupe BPCE places the onboarding and retention of new employees at the heart of its HR policy by striving to better “pre-welcome” and welcome newcomers, considering that the onboarding process and the employee experience begin as soon as the candidate signs his or her employment contract until he or she spends three years with the company.

In this context, the GEPP agreement expressly states that each Group company is committed to implementing a genuine onboarding program from the signing of the contract until the employee completes three years of service:

All the Banques Populaires and Caisses d’Epargne have revamped their onboarding programs for new recruits (on average, 40 days are devoted to learning the job).

2.5 Respecting our business ethics commitments

INTRODUCTION

GROUP CODE OF CONDUCT AND ETHICS

Groupe BPCE’s Code of Conduct and Ethics Standards was validated by the Executive Management Committee and the Supervisory Board in 2018, after review by the Cooperative and CSR Committee, and was updated in October 2023.

The principles of ethical and professional conduct set out in this code are considered fundamental by BPCE’s Supervisory Board, Management Board and Executive Management Committee, as well as by all Group executives.

The Code is based on principles of conduct divided into three parts – customer interests, employer responsibility and corporate social responsibility – with a business line-specific approach for practical cases.

With the Code of Conduct and Ethics Standards, Groupe BPCE is committed to building lasting relationships of trust with our customers, partners and suppliers, and to acting with integrity in the exercise of our business line activities, while complying with the highest behavioral standards of transparency and confidentiality.

To read it in detail, here is the link where it is referenced, Code of Conduct and Ethics Standards of Groupe BPCE:

https://groupebpce.com/content/download/34841/file/Code conduite ethique-FR.pdf

GUIDING PRINCIPLES

Groupe BPCE’s Code of Conduct, which is reflected in the codes of conduct and charters of the Group’s entities, is a guarantee of a high-quality working environment and long-term reputation.

The rules of conduct are illustrated by real-life situations in which any employee, manager or director may find him or herself. The scenarios enacted serve as benchmarks to help them discern the right decision to make in the exercise of their profession.

While the Code of Conduct and existing internal policies and procedures provide clear guidance on how to behave, it is not possible to define a rule for every situation. Employees must exercise their judgment to make the right decision, drawing on the principles set out in the Code of Conduct.

The following questions are used to make an ethical decision in case of doubt:

MANDATORY KNOWLEDGE OF THE CODE OF CONDUCT BY ALL EMPLOYEES

Regulatory training, in e-learning format, has been developed to ensure that the principles of the Code of Conduct and Ethics Standards have been learned. This training is mandatory for all Group employees and for all new hires. As of December 31, 2023, 97.4% of registered employees had completed the training.

Another training course entitled “The Essentials of Ethics” completes the package. It consists of 15 sketches illustrating concrete cases of behavior to be avoided.

Since the end of 2019, a “Conduct and Ethics” dashboard, covering the Group’s scope, lists 35 indicators collected from the Group’s entities. It is presented twice a year to the Cooperative and CSR Committee of the Supervisory Board (ninth edition presented in November 2023). It collects data and information on the deployment of the system, incidents, disciplinary sanctions and types of breaches.

WHISTLEBLOWING SYSTEM

Groupe BPCE has a whistleblowing system applicable to all Group entities. A procedure, updated in 2023, can be downloaded from the Group website:

https://groupebpce.com/en/the-Group/compliance

Against a backdrop of much more protective legislation for whistleblowers (see the act of March 21, 2022), the Group has chosen to equip itself with the same tool for all Group institutions, regardless of the country in which they are based (Europe, the United States, etc.) and regardless of the business line (retail banking, Corporate & Investment Banking, etc.).

All Groupe BPCE employees and service providers have direct access to this tool via a URL link. The screens to which the whistleblower has access have been translated into more than 15 languages in line with the countries in which Groupe BPCE operates.

It offers all guarantees in terms of data security, complies with the highest standards in terms of confidentiality and respect for anonymity (encrypted data, inability to retrieve the IP addresses of whistleblowers, etc.). The whistleblower may send his or her alert and discuss it with the person managing it, with or without anonymity. The alert is sent directly to the department responsible for handling it thanks to the definition of routing rules specific to each institution – these rules contribute to confidentiality.

In addition, a training system based on e-learning accompanies the deployment of the tool and specifies the rights and duties of a whistleblower as well as the protection attached to it. It has been rolled out to Group employees since July 2023.

OTHER ELEMENTS OF THE ETHICS SYSTEM

The Group also has a framework procedure relating to Ethics which describes the entire system applicable to all Group institutions. It brings together all the normative documents relating to this system and specifies the roles and responsibilities of each player. This document mainly comprises the rules that apply to all the Group’s institutions, and also includes best practices.

In addition, the Group has developed procedures and tools for declaring gifts and benefits to employees, and for managing and preventing conflicts of interest that may arise in the course of their duties.

2.5.1 Supervising the Group’s activities in terms of business ethics

PREVENTION OF CORRUPTION

Groupe BPCE condemns corruption in all its forms and under all circumstances, including facilitation payments. It is a signatory of the United Nations Global Compact, whose tenth principle is “Businesses should work against corruption in all its forms, including extortion and bribery.”

CORRUPTION PREVENTION MECHANISMS

The Group’s employees are required to comply with the internal rules and procedures that help to prevent and detect behaviors likely to characterize acts of corruption or influence peddling. The following rules and mechanisms make it possible to comply with the requirements introduced by Article 17 of act No. 2016-1691 of December 9, 2016 on transparency, the fight against corruption and the modernization of the economy (“Sapin 2”):

regular mapping of the corruption risks faced by Group entities, using a methodology that complies with the recommendations of the French Anti-Corruption Agency (AFA): the exchanges with the business lines required for the mapping exercise make it possible to identify and assess the risks of corruption, whether active or passive, direct or indirect (complicity, concealment), and to arrive at a shared vision of the stakes involved in fighting corruption. Action plans are formalized to reduce the level of risk of certain scenarios, when it remains too high after taking into account the mitigation measures. The next mapping exercise will be conducted in 2024;

compliance by employees with the Code of Conduct and the rules of professional ethics and conduct, relating to the prevention of conflicts of interest, the policy on gifts, benefits and invitations, and the principles of confidentiality and professional secrecy: the Group’s Code of Conduct and Ethics Standards has been enhanced with anti-corruption rules of conduct, including concrete illustrations of behavior to be avoided, based on the risk scenarios identified by the mapping process. Global Financial Services has also updated its anti-corruption policy along these lines. The anti-corruption rules of conduct, which can be consulted on the “ethics and compliance” page of the BPCE website, are intended to be adapted by each institution and appended to its internal rules. Disciplinary sanctions, up to and including dismissal, are provided for in the event of failure to comply with these rules;

the Group’s “gifts, benefits and invitations” policy: it sets a maximum threshold of €150 (to the first euro for public employees) for gifts received or given, above which prior authorization from management and a declaration to Compliance are required. As part of the sponsorship of the Paris 2024 Olympic and Paralympic Games, specific vigilance rules have been adopted to secure the allocation of hospitality to customers and other third parties;

training in the rules of professional ethics and the fight against corruption: in the form of e-learning, it presents concrete examples of behavior likely to constitute acts of corruption or breaches of probity. It is mandatory for all employees. Appropriate training is also provided to certain categories of more exposed staff, in particular Global Financial Services as well as for directors;

a system and tool for collecting and processing professional alerts on serious offenses, including corruption and influence peddling: alerts concerning corruption are subject to annual, anonymized Group reporting;

supervision of relations with intermediaries (including business introducers) and customers: contracts include anti-corruption clauses. Approval committees are planned. Global Financial Services’ customers and intermediaries are subject to a corruption risk assessment and additional due diligence if necessary. More generally, Group procedures provide for an anti-corruption analysis to be carried out when entering into a relationship with or granting credit to customers in the corporate segment who are involved in risky activities. The integrity of the Group’s new partners is also assessed by the New Product Validation and Marketing Committee;

the internal control and accounting control system: Groupe BPCE has an extensive body of standards and procedures providing a general framework for the strict separation of operational and control functions, including in particular a system of delegations for granting credit and relations with politically exposed persons, and a KYC framework. As part of the organization of internal control, permanent control plans contribute to the security of the system. The components of this system are explicitly targeted at the corruption risks identified in the risk map.

Groupe BPCE also has accounting standards and procedures that comply with professional standards. The Group’s internal control system for accounting information is based on a structured audit process to check the conditions in which such information is assessed, recorded, stored and made available, in particular by verifying the existence of the audit trail. A Group control framework has been drawn up to help prevent and detect fraud, corruption and influence peddling, and its deployment at all sites is monitored by Group Financial Control.

Generally speaking, these systems are formalized and detailed in the charter governing the organization of Group internal control and the Risk, Compliance and Permanent Control Charter.

FIGHT AGAINST MONEY LAUNDERING AND THE FINANCING OF TERRORISM, COMPLIANCE WITH INTERNATIONAL SANCTIONS (EMBARGOES AND ASSET FREEZES)

The effective implementation of these two financial security systems within Groupe BPCE is based on:

a corporate culture spread across all hierarchical levels, based on:

customer relations principles aimed at preventing risks, which are formalized and regularly communicated to the employees,

a harmonized training program for Group employees, conducted at least once every two years, and specialized training for the Financial Security function;

a team dedicated to financial security in all establishments in accordance with Groupe BPCE charters. Within the Group Corporate Secretary’s Office, a specialized department oversees the implementation of these two systems, which are based on the legal and regulatory provisions of the French Monetary and Financial Code and on European texts. This department defines financial security policy for the entire Group and draws up and validates the various standards and procedures. In particular, it ensures that money laundering and terrorist financing risks are taken into account, as well as the risks of circumventing national and international sanctions (embargoes, asset freezes and bans on the provision of economic resources) during the Group’s approval process for new commercial products and services;

periodic reporting to the Autorité de contrôle prudentiel et de résolution (ACPR), the French prudential supervisory authority for the banking and insurance sector, as well as to management, governing bodies and the central institution;

a permanent control system to combat money laundering and the financing of terrorism (AML-CTF), as well as compliance with sanctions.

COMBATING MONEY LAUNDERING AND THE FINANCING OF TERRORISM

The system to combat money laundering and the financing of terrorism (AML/CTF) is based on the following pillars:

a ML-TF Group risk classification, which integrates the five regulatory axes, such as the issue of “at-risk” countries, customer characteristics (including the status of Politically Exposed Person (PEP) or beneficial owner for legal entities), the nature of the products or services and distribution channels used, as well as the type of operations;

KYC, understanding of the business relationship and application of a ML-TF risk profile adapted to each customer, making it possible, in particular, to adapt the frequency with which customer files are updated;

appropriate monitoring of financial transactions, in compliance with legal and regulatory requirements. Indeed, banks have largely automated means of detecting atypical transactions, which correspond to the risks identified in the ML-TF risk classification mentioned above. Moreover, the transactions of high ML-TF risk customers are subject to particular vigilance. The Group’s system (guidelines and automated (alert generating) scenarios) is regularly updated and adapted to changes in ML-TF risks, particularly those related to the financing of terrorism. Alerts are mainly handled by the networks, as close as possible to KYC. Those for which there is any doubt are forwarded to the local financial security department. Depending on the nature of the escalated elements, further investigations are carried out and, if necessary, TRACFIN is notified as soon as possible;

alerts - also known as “suspicious transaction reports” - are sent to TRACFIN if there is any doubt about the lawfulness of sums or transactions. Institutions are obliged to report to the French financial intelligence unit any sums or transactions involving sums which they know, suspect or have good reason to suspect originate from an offense punishable by more than one year’s imprisonment (organized crime, trafficking of various kinds, corruption, misuse of corporate assets, laundering of all crimes and offenses, tax, social security or customs fraud, etc.) or are linked to the financing of terrorism.

COMPLIANCE WITH SANCTIONS (EMBARGOES AND ASSET FREEZES)

With respect to compliance with national, European or foreign sanctions, Group institutions are equipped with screening tools that generate alerts on customers (asset freezes on certain individuals or entities) and filtering on international flows (asset freezes and countries subject to European and/or US embargoes).

Groupe BPCE also has a central alert processing team and is constantly improving its customer screening and transaction filtering tools. In order to strengthen the effectiveness of their processing, a dedicated face-to-face training module has been set up.

STRENGTHENING OF THE SYSTEM IN 2023

ML-TF risk mapping has evolved significantly, in 2023, with the updating of a section entirely dedicated to the fight against terrorist financing, which identifies and assesses the risks of radicalization and/or terrorist financing, whatever the ideological underpinning, and presents prevention and mitigation measures.

In terms of KYC and ML-TF risk profile assessment, the Politically Exposed Persons (PEP) detection tool has been optimized several times since 2021 to gain in efficiency and reliability. With regard to updating customer knowledge based on ML-TF risks, various actions targeting certain customer categories have been carried out over the past two years, following on from the remediation action carried out since 2021 on high-risk customer files.

In terms of detecting transactions linked to the financing of terrorism, the monitoring system has been strengthened by the weekly delivery of alerts to financial security institutions.

In anticipation of the 2024 deadlines, a number of projects have been initiated, such as redesigning the interface used to draw up reports to TRACFIN, preparing the computer queries needed to extract the data that will feed the new annual reporting to the ACPR (QLB), and redesigning the format of periodic reports to improve the depth of analysis.

In terms of permanent control, a wide-ranging review of the Group’s AML-CTF and Sanctions procedures was carried out within the Group’s institutions and certain subsidiaries during 2023.

Operational expertise certifications in terms of AML-CTF financial security were issued in 2023, as part of the expertise program rolled out in 2021. The gradual increase in the number of award-winners testifies to the level of knowledge and skills of the function’s employees. New registrations were opened for the 2024 fiscal year.

EMPLOYEES TRAINED IN ANTI-MONEY LAUNDERING POLICIES AND PROCEDURES

 

2023

2022

Percentage of employees trained in their entity’s anti-money laundering policies and procedures
(based on reports from the entities)(1)

94%

88%

(1)

Number of employees (on permanent, fixed-term or work-study contracts) who received anti-money laundering training within the last two years, as of December 31 of year N.

FIGHTING AGAINST INTERNAL FRAUD

Groupe BPCE has set up a common system to combat internal fraud, non-compliance with internal rules and breaches of ethics, in line with the Group’s Code of Conduct and Ethics Standards. This system makes it possible to meet the requirements of the supervisory authorities and to pool the resources and work carried out by the establishments. It is formalized in a framework procedure and consists of the following elements:

internal fraud risk mapping;

requests for detection, in particular of potentially fraudulent transactions of which vulnerable customers could be victims, supplemented by additional sources for reporting alerts;

a fraud management tool;

awareness-raising and information tools (depending on their specific nature, the banks may implement their own awareness-raising actions);

a training program;

a psychological support system;

a declaration and reporting system;

corruption prevention mechanisms.

THE POLICY ON COMBATING TAX EVASION AND GROUP TAX POLICY

Although it mainly operates in France through its retail banking networks, Groupe BPCE also operates abroad through its subsidiary Natixis.

In this respect, the Group’s establishment abroad is justified by the need for commercial support for its clients, which excludes any consideration of offshore operations due to the existence of preferential tax regimes in certain jurisdictions.

Groupe BPCE supports its customers by ensuring that its advice complies with applicable tax regulations. The Group does not provide tax advice to its customers.

Groupe BPCE’s tax policy is determined by BPCE SA. However, Group companies are responsible for its implementation in their respective activities.

Groupe BPCE ensures its full compliance with all tax regulations applicable to its activities. As such, Groupe BPCE ensures that it makes its fair contribution to public finances.

In France, income taxes for the 2023 fiscal year came to €1,340 million, comprising €1,264 million in current taxes and €76 million in deferred taxes, giving an effective tax rate of 32.04%.

Other taxes and regulatory contributions totaled €886 million, including the contribution to the Single Resolution Fund of €457 million.

In 2023, Groupe BPCE continued to solicit the tax authorities to secure the tax treatment of corporate tax and VAT transactions as part of the fiscal partnership with the French Ministry of Public Action and Accounts active since 2019. This regular and transparent dialogue with the administration covered various areas of tax law. Groupe BPCE was the first bank to be admitted to this new system.

GROUPE BPCE HAS VERY MARGINAL OPERATIONS IN NON-COOPERATIVE COUNTRIES AND TERRITORIES (“ETNC”)

France has, by the Ministerial Order of February 16, 2024 published in the Official Journal on February 17, 2024, updated its list of non-cooperative countries and territories (hereafter “ETNC”).

The new list includes the following 16 jurisdictions (including three new ones - Belize, Russia, Antigua and Barbuda):

Anguilla, Seychelles, Vanuatu, Bahamas, Turks and Caicos Islands, Fiji, Guam, US Virgin Islands, Palau, Panama, Samoa, American Samoa, Trinidad and Tobago, Belize, Russia, Antigua and Barbuda.

It should be noted that the French list of ETNCs is now identical to the EU list with the exception of the Seychelles, Bahamas, Turks and Caicos Islands and Belize, which remain on the French list but not on the EU list.

The Group is not included in the list of ETNCs, with the very marginal exception of the Fiji Islands, Vanuatu and Russia. These locations meet the needs of customers for commercial support.

This situation of a marginal presence in these non-cooperative countries and territories was noted by a study by Eurotax Observatory published on September 21, 2021 on the establishments in low-taxed states of 36 European banking groups over the period 2014-2020.

This study notes that only 2.2% of Groupe BPCE’s profits are made in countries or territories with low taxation rates, compared to an average of 20% for the other European banks in the study.

The same study noted that Groupe BPCE’s effective tax rate is 30%, placing it among the highest among European banks. Indeed, the average effective tax rate of the European banking groups was 20% and the lowest observed was 10%.

FINANCING OF PUBLIC LIFE

Groupe BPCE does not directly support any specific political party, whether in the form of donations, sponsorship or any other means. The Group is strictly neutral in political matters. On the other hand, as a leading banking player in France, Groupe BPCE establishments contribute to the financing of public life, in accordance with the strict legislative and regulatory framework existing in France in this area, and in compliance with the rules on KYC, Anti-Money Laundering (AML), and Politically Exposed Persons (PEP). Its involvement is therefore at two levels:

as account keeper: the Group’s institutions comply with the obligations of Articles L. 52-6 and L. 52-6-1 of the French Electoral Code, which stipulate in particular that any fiscal agent appointed by their candidate during an election campaign is entitled to open a campaign account, and to the necessary means of payment as supplied by the bank keeping the account. This principle is applied directly by the banking institution when it has accepted the opening of an account, or under the Banque de France’s “Right to an account” procedure. As a reminder, the control of this right to hold an account is ensured in France by the Autorité de contrôle prudentiel et de résolution (ACPR), the French prudential supervisory authority for the banking and insurance sector. Finally, it should be noted that, at the end of the election, the accounts of the agent are appended to the candidate’s campaign account, which will ultimately be submitted to the control of the National Commission for Political Campaigns and Financing (CNCCFP);

as a provider of financing: via loans granted to candidates who are natural persons who have applied to the institution. These loans are granted in accordance with the rules in force in banks, in accordance with national and European legislation and regulations. In this respect, as with all loans, our institutions apply a risk and responsible lending policy, combined with an analysis of the borrower’s creditworthiness, its personal ability to repay and a guarantee (personal or third-party, real property, pledging of securities, borrower insurance, etc.). In addition, due to the specific nature of the financing, the institutions also take into account the expenditure ceiling, as well as the uncontrollable risk of invalidation of campaign accounts and non-reimbursement to the candidates concerned of a portion of the costs by the French government. Lastly, as with account management, institutions ensure compliance with anti-money laundering and Politically Exposed Persons (PEP) rules.

Lastly, Groupe BPCE is in constant contact with the mediation of loans and financing to candidates and political parties set up by Article 28 of act No. 2017-1339 of September 15, 2017, for Trust in Political Life.

2.6 Duty of Care

PURPOSE OF THE DUTY OF CARE

Act No. 2017-399 of March 27, 2017 on the Duty of Care of parent companies and ordering companies (the “act”) requires the establishment and effective implementation of a Duty of Care plan. The plan includes reasonable vigilance measures to identify risks and prevent serious violations of human rights and fundamental freedoms, health and safety of people and the environment, resulting from the company’s activities and those of the companies it controls, as specified below, as well as the activities of suppliers or subcontractors with which there is an established commercial relationship, when these activities are related to this relationship.

The act also requires the preparation of an annual report on the effective implementation of the Group’s Duty of Care plan. This plan must include risk mapping, measures to assess and mitigate the risks of serious harm, monitoring their implementation and an alert mechanism.

The main components of the Duty of Care plan and the report on its effective implementation are included in this section.

SCOPE

As a parent company, BPCE SA draws up a Duty of Care plan and reports on the effective implementation of this plan for BPCE SA and the companies it directly or indirectly controls within the meaning of Article L. 233-16 II of the French Commercial Code. This entity will be referred below under the name “BPCE.”

The list of subsidiaries under exclusive control is given in paragraph 13.4 of the consolidated financial statements of BPCE SA Group, Section 5.3 of the universal registration document under point III-3 – BPCE subsidiaries (FC statutory consolidation method).

Where necessary, it should be noted that the Banques Populaires and the Caisses d’Epargne are not subsidiaries of BPCE SA, and therefore do not fall within the scope of the Duty of Care plan set out below.

GOVERNANCE OF THE DUTY OF CARE

The Duty of Care plan was prepared by the Impact department, the CSR departments of the business lines (retail banking, Insurance, Global Financial Services), the Risk division, the Human Resources department, the Group Security department, BPCE Achats, the Compliance department and the Legal department. The effective implementation of the Duty of Care plan is the responsibility of the business lines/subsidiaries and functional departments concerned.

In terms of ESG issues and risks, a cross-functional approach has been adopted, involving specialized committees chaired by the Chairman of the Management Board or one of the members of the Executive Management Committee. Themes related to the Duty of Care are regularly addressed: environmental transition, responsible employer, Conduct and Ethics reporting.

The 2023 Duty of Care plan was presented to the Executive Management Committee.

The Duty of Care plan approach is based on the principle of continuous improvement. It is subject to change in line with the results of regularly assessed risk mapping, changes in the activities carried out, financed or induced by the internal operations of the entities covered, and priority issues identified in terms of ESG.

PRINCIPLES AND APPROACH

The vigilance measures implemented by Groupe BPCE are based on its purpose: “resolutely cooperative, innovative and committed players, retail bankers and insurers, Groupe BPCE companies and employees support their cooperative shareholders and customers with financial solutions adapted to each one and build a sustainable and responsible relationship with them” and on the three ESG axes of the BPCE 2024 strategic plan: Meeting the expectations of civil society, Becoming a major player in the environmental transition and Shaping the future of work.

The Group complies with the entire regulatory framework to which it is subject as a company and as a bank, both locally and internationally. These regulations include the fight against money laundering, the financing of terrorism and the circumvention of international sanctions, the prevention of internal fraud and the prevention of corruption.

Groupe BPCE is a signatory of the United Nations Global Compact and join the “Ten Principles,” which two relate to Human Rights:

promote and respect the protection of international human rights law in its areas of activity and sphere of influence. This responsibility relates to the internationally recognized human rights set out in the International Bill of Human Rights and the principles set out in the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work;

make sure they are not complicit in human rights violations.

Groupe BPCE is also committed to applying the guiding principles on business and human rights set out in the United Nations’ “Protect, Respect and Remedy” framework.

As a responsible bank and company, the Group places professional ethics at the heart of its operating model. Compliance with the rules of good conduct by employees enables each entity to carry out its activities honestly, loyally and professionally, and to serve the best interests of its customers. The Group’s convictions and commitments have been set out in the form of “Principles” in Groupe BPCE’s Code of Conduct and Ethics Standards. “Promoting respect for human rights in all our activities” is one of the Group’s core values.

When drawing up the plan, the Group’s activities are analyzed from the point of view of their impact and the risks of serious harm they could cause in terms of human rights and fundamental freedoms, personal health and safety, and the environment.

The following challenges have been identified:

Human rights and fundamental freedoms

Discrimination, infringement of equality, respect for private and family life, the right to strike, freedom of assembly and

association as well as infringement of freedom of opinion.

Health and safety of people

Health-related risk, failure to observe legal working conditions, forced labor, child labor, decent working conditions, remuneration and social protection, violation of worker safety, and unequal access to healthcare.

Environment

Damage to the fight against global warming and biodiversity, the risk of pollution (water, air, soil), waste management, preservation of natural resources.

The scope of the vigilance approach is based on three pillars:

“Employees”: responsible management of employees in their work;

“Purchasing”: deployment of a responsible purchasing policy with suppliers and subcontractors with whom the Group has an established commercial relationship;

“Activities”: the operations and activities of the Group, i.e. its main activities as a banker and insurer and its customer relationship.

EMPLOYEE PILLAR

As part of the implementation of its BPCE 2024 strategic plan, Groupe BPCE is strengthening its role as a committed and socially responsible employer, by deploying an active HR policy that responds both to employees’ expectations and to the challenges of a fairer society, taking into account the transformation of its business lines.

The Group is committed to respecting and promoting human rights, which is one of the cornerstones of its corporate social responsibility.

BPCE has a solid social foundation, made up of a set of voluntary charters, agreements and operational measures, ensuring the protection of employees, as well as the safety of individuals in the exercise of their profession.

At December 31, 2023, 32,615 employees were working for BPCE, 28% of them outside France. Natixis, part of BPCE, groups together the Group’s global business lines and employs 14,179 people (15,039 including Financial investments), 49.5% of whom work outside France.

IDENTIFICATION AND PRIORITIZATION OF CSR RISKS: RISK MAPPING

In employee relations, areas of vigilance include: working conditions; health and safety at work; diversity, inclusion and prevention of discrimination; freedom of association and collective bargaining.

These issues are already strictly governed by a number of existing regulations, notably in France, by Labor Law and by policies on the safety of people and property.

Groupe BPCE is present in 50 countries with very contrasting levels of risk in terms of human rights, health and safety. A review was carried out at Natixis sites, where the majority of employees work internationally. A map has been drawn up to identify more specifically the risks relating to working conditions, discrimination and personal safety in the various Natixis sites. These assessments are based on recognized external databases, such as ILO (International Labour Organization) statistics or the ITUC (International Trade Union Confederation) Global Rate Index.

In addition, the Security department is responsible for assessing risks (security, safety, health, natural disasters) in the countries where Group companies are based, using a Travel Risk Management tool.

On the basis of these analyses, the sites with more than 50 employees (Natixis scope) that present a risk in terms of human rights, health and safety are as follows: Algeria, China, Hong Kong, India and the United Arab Emirates. These five sites accounted for 1,498 employees at the end of 2023, representing 10% of Natixis’s worldwide headcount (including Financial investments) and 4.6% of BPCE’s headcount.

SYSTEM FOR MONITORING VIGILANCE MEASURES AND REPORTING ON THE IMPLEMENTATION OF RISK PREVENTION OR MITIGATION MEASURES

All our companies assess occupational hazards and target appropriate preventive actions and solutions. Each has a Social and Economic Committee and a Health, Safety and Working Conditions Commission (CSSCT).

Working conditions

Employment management is carried out within the framework of collective agreements, which cover the following main themes: management of jobs and career paths (GEPP); mandatory annual negotiations; quality of life and working conditions; health, welfare and retirement; safety of people and property at Groupe BPCE level.

Remuneration policies are based on the sharing and creation of value through its health and personal protection, profit-sharing and incentive schemes. These schemes are negotiated at company level.

Remuneration policies comply with current laws and regulations, including minimum social benefits. The principles relating to the composition of remuneration and its evolution are in line with the objectives of each Group entity. They are based on the principles of fairness and gender neutrality, and include an annual review for all employees.

All forms of forced labor are prohibited by the Group. Group entities are also required to check the age of all new employees on hiring.

At Natixis worldwide, HR departments are implementing measures to guarantee benchmark standards for HR policies. At the five sites considered to be at risk, employee working conditions are checked to ensure that they comply with or improve local regulations:

child labor and forced labor are strictly prohibited;

working hours comply with local standards or are more favorable, sometimes with the possibility of remote working and additional days off;

salaries are above the local minimum and remuneration surveys are regularly carried out to verify their competitiveness in their reference market;

maternity leave is generally more favorable than local regulations, and paternity leave is generally extended internationally;

employees benefit from health protection in addition to local schemes.

Health and quality of life at work

Within Groupe BPCE, quality of life at work and working conditions (QLWC) are about creating an environment that enables everyone to do a good job, so as to reconcile customer satisfaction, social progress and economic performance. Concrete actions are implemented to improve the quality of work, to facilitate the reconciliation of private and professional life, and to maintain the physical, mental and social well-being of our employees. Each Group company has appointed a QLWC contact.

To better support sensitive situations (chronic illnesses, family caregivers, single parenthood etc.), companies are implementing increasingly comprehensive measures covering a broad spectrum, from information to financial support, including training, assistance with procedures, psychological support, a more suitable organization of work, maintaining ties during long-term absences and preparation for a return to work. 26 Groupe BPCE companies, including BPCE SA, Natixis and Banque Palatine, have signed the Cancer@Work Charter.

Psychosocial risks related to work/life balance are monitored as part of the occupational risk management program. Since 2017, BPCE has been a signatory of the Charter of Fifteen Commitments to Lifetime Balance, and in 2020 it signed a collective agreement with representative trade unions on new ways of organizing work and their consequences on working conditions.

BPCE assesses the satisfaction and well-being of its employees by means of feedback systems which, by giving employees a voice, make it possible to identify the consequences of the ongoing transformations on the work Group. This overview of impacts makes it possible to guide the support plan and, if necessary, to adjust the transformation.

Employee commitment is measured every two years through the Groupe BPCE Diapason social engagement barometer: drawn up with IPSOS. Other surveys and barometers are carried out on an ad hoc or regular basis, such as YourPulse, to measure employee satisfaction and well-being. The results, shared with employees, help to better define their expectations and give rise to action plans. Complementary reporting systems enable employees to report problems in their work/life balance at any time.

In 2023, the main achievements within BPCE were as follows:

results of the Diapason barometer conducted in May 2023 (BPCE scope): the survey focused on the themes of “Sharing a common vision,” “Driving and supporting change dynamics,” “Developing talent and well-being at work” and “Promoting an involving, collaborative, efficient and customer-oriented work environment.” The employee engagement rate was 71%, 70% recommend BPCE as an employer, 71% are proud of their company and 75% appreciate the corporate culture and values;

Natixis signed the commitment charter promoting the employment of people over 50 (created at the initiative of the Landoy club) to combat age-related stereotypes and develop intergenerational cohesion;

signature of professional equality agreements, for example at Natixis, which now provide for 100% funding of four weeks’ co-parental leave;

implementation of a Sports, Health and Collective Commitment program to combat a sedentary lifestyle among employees.

Safety at work

Supervision of the safety of people and property is carried out by the Group Security department within the Group’s Corporate Secretary’s Office. Each year, it draws up an inventory and assessment of risks (including fire, assault, traffic, biological, chemical, heatwave and extreme cold). Property safety covers security risks (theft and damage) and major risks (fire, industrial and natural hazards).

It draws up and implements annual plans for the prevention and improvement of working conditions, and monitors claims by means of indicators at company level and for the Group as a whole(1). Incident management is based on the implementation of resources for monitoring, detecting and dealing with emergencies.

Indeed, it is on the basis of a fourfold observation – a high number of workplace accident claims, heterogeneous company practices, the absence of a common risk management tool and the continuous tightening of regulations – that a global approach to occupational risk prevention, common to the Group’s institutions, has been implemented since 2021.

Its action plan is currently being rolled out. It relies in particular on a management tool with full functional coverage. Multi-disciplinary teams can interact and share elements contributing to the improvement of occupational risk prevention: such as: Single Document – Action Plans – Safety Visits – Workstation Instructions – Training – Workplace Accidents/Occupational Illnesses – Incivilities – Periodic Checks – Statistics.

Groupe BPCE companies are subject to French regulations. International subsidiaries with local regulations specifying the controls to be carried out are also concerned by the deployment of Groupe BPCE’s Permanent Controls for the Safety of People and Property.

Within the Groupe BPCE scope, there were 923 workplace accidents with lost time in 2023 (vs. 860 in 2022).

(1)

The Group’s security policy applies to all Groupe BPCE companies, in France and abroad, to all permanent employees and temporary staff working within these companies, or authorized to access the Group’s assets, contractually or through agreements, to service providers or other essential activities.

Diversity, inclusion and prevention of discrimination

For several years now, the Group has been committed to promoting diversity and gender equality, as illustrated by the signature of various charters and the implementation of specific measures:

the Diversity Charter, signed in 2010, encourages companies to promote and respect diversity in their workforce;

AFNOR professional equality label for some of our companies, a commitment reinforced by the signature of the Gender Equality Charter in 2021;

signature of professional equality agreements in 2021;

deployment since 2006 of a policy designed to promote the social and professional integration of people with disabilities; several agreements and charters have been signed to amplify the Group’s disability policy (e.g. Agefiph Charter);

existence of alert procedures for reporting acts of harassment or discrimination and appointment of specially-trained HR and CSE harassment officers;

signature of a Group GEPP agreement in 2022, making intergenerational balance a priority through quantified commitments for the over-55s;

support for the All Equals network.

In 2023, the main achievements for Groupe BPCE were as follows:

distribution to all employees of a guide entitled “Everyone mobilized against sexism,” a toolbox in which victims or witnesses can find the keys to reacting to the situations they encounter;

a program to raise awareness of the issues surrounding the inclusion of LGBT+ people in the workplace, comprising a number of highlights: a quiz enabling employees to assess themselves and test their knowledge and awareness of the inclusion of LGBT+ people, a conference on “Being oneself at work,” and a round-table discussion on the theme of “The inclusion of LGBT+ people in business and in sports: same battle?”;

organization of diversity week in 2023 on the theme of intergenerational relations;

numerous initiatives to strengthen the presence of women among managers and executives: new training courses dedicated to women (the DECLIC course, to identify and support women with potential, and the BOOSTER course, dedicated to women from talent pools to tackle specific themes), organization of events to raise the profile of female talent;

new training courses: “STPA Handicap & inclusion: build your action plan,” “Understanding Diversity & Inclusion” and “Recruiting without discrimination.”

Within Groupe BPCE, in 2023, the proportion of female managers was 46% and the proportion of female senior managers 35%. The equal pay index is 92/100 (stable vs 2022).

Indicators such as the employment rate of disabled people (6.12% for Groupe BPCE in 2022 vs. 6% in 2021).

Freedom of association and collective bargaining

At Group level, dialogue with employee representatives takes place through three bodies: the Group Works Council, a forum for information and exchange, and the Strategy Committee, a forum for sharing and dialogue on the strategic plan and vision, as well as the body for negotiating Groupe BPCE agreements.

It is also supported by annual follow-up commissions concerning the GEPP and the career paths of mandated employees.

In 2023, the Group Committee and the Strategy Committee each met twice, while the GEPP Monitoring Committee and the Committee for Monitoring the Career Paths of Mandated Employees met once.

PURCHASING PILLAR – SUPPLIERS AND SUBCONTRACTORS

IDENTIFICATION AND PRIORITIZATION OF CSR RISKS: MAPPING

As part of an AFNOR-supported initiative, BPCE Achats and three other banking groups have drawn up a CSR risk map based on a common nomenclature comprising over a hundred purchasing categories (142 in 2022).

The level of risk for each purchasing category is assessed along three axes covering the following issues:

fair practices and ethics: fraud and corruption, personal data protection, property rights and patents;

human rights and social conditions: child labor, forced labor and modern slavery, discrimination, health and safety, working conditions and freedom of association;

environment: climate change and greenhouse gases, loss of biodiversity, depletion of natural resources, pollution, waste and end-of-life management.

Presented to the Purchasing and CSR departments from 2018 and associated with the Duty of Care plan, this mapping makes it possible to identify, rank and prioritize, by purchasing category, the CSR risks to be monitored with suppliers. It also incorporates the risk associated with the country in which the majority of the added value on each product and service is generated. An update of this mapping was carried out in 2022.

Each purchasing category is assessed on a scale of four CSR risk levels: low, limited, high, very high. To assess the level of risk, the AFNOR expert takes into account the probability and potential severity of the risk for each factor.

Purchasing categories identified as carrying a high or very high CSR risk include work on buildings, waste recycling, IT equipment, vehicles, promotional items, ATMs, energy, air travel, furniture, etc.

SYSTEM FOR MONITORING VIGILANCE MEASURES AND REPORTING ON THE IMPLEMENTATION OF RISK PREVENTION OR MITIGATION MEASURES

BPCE Achats deploys a responsible purchasing policy, involving the Group’s companies and their suppliers. This policy is based on the following principles of action: integration of CSR criteria at every stage of the purchasing process, evaluation of suppliers’ CSR performance, measurement of the environmental impact of purchasing projects, promotion of the economic and social development of the local economic fabric, development of the use of inclusive suppliers.

The action plans implemented by BPCE Achats as part of its responsible purchasing policy involve suppliers in the implementation of vigilance measures. The Banking Sector’s Responsible Purchasing Charter, a reference document for tender documents, formalizes the reciprocal commitments of the Group and its suppliers.

The assessment of CSR risks by BPCE Achats is based in particular on:

regular review of CSR risk mapping for the various purchasing categories, in order to identify the level of risk in each category;

the incorporation of CSR criteria adapted to the different purchasing categories in all calls for tenders;

the incorporation of CSR criteria in the “Know Your Supplier” analysis of suppliers, particularly during their sourcing. The subjects of due diligence with regard to suppliers are as follows: monitoring of the dependency rate, payment deadlines, negative press, sanctions and the presence of politically exposed persons and the fight against corruption.

Based on the risk assessment work, specific mitigation measures were developed:

for high-risk and very high-risk purchasing categories, a specific system has been set up by BPCE Achats within the framework of the consultations it leads: suppliers must answer a questionnaire specific to each category and communicate the actions taken to mitigate risks and prevent serious harm. This action plan, evaluated by BPCE Achats, generates a rating that is significantly integrated into the supplier’s overall score. Depending on the results, an improvement plan is established with the chosen suppliers, subject to review at the six-month point;

for other purchasing categories, CSR requirements are gradually being implemented in the consultations;

since November 1, 2023, a Carbon clause has been added to all new contracts; its aim is to encourage suppliers to carry out a GHG emissions assessment or to co-construct with BPCE teams a plan to reduce the GHGs associated with the service;

professionalization of the Purchasing function, through the gradual dissemination of best practices and the roll-out of training programs: in particular, all purchasers have been trained in the CSR issues and risks identification tool covering all 142 purchasing categories.

As part of its efforts to promote a sustainable and balanced relationship with suppliers, BPCE Achats has set up regular meetings with the Group’s strategic suppliers (defined in particular according to the volume of purchases, the criticality of the services delivered for the continuity of banking activities and/or essential to the Group’s development). The aim of these meetings is to understand the supplier’s strategy (innovation, HR, external growth, etc.), its market positioning and trends, in order to adjust the Group’s strategy accordingly. They are part of a process of managing the Group’s challenges and risks with a key supplier, and they also make it possible to better challenge partners on common issues, such as CSR.

BPCE Achats has set up a system to assess supplier risks, as part of the controls led by the AFA (French Anti-Corruption Agency), the implementation of obligations to prevent and detect corruption in companies, and, where applicable, sanctions, in line with the obligations of the Sapin 2 law.

Several criteria are taken into account: sanctions, the presence of Politically Exposed Persons (PEPs), negative press (fraud, corruption, etc.), country of establishment and business sector. Suppliers are classified according to their level of risk (rating). In the event of high risk, an additional questionnaire is sent to the supplier, whose answers are analyzed by a dedicated team.

The implementation of this system was shared with the Crédit Agricole Group’s Purchasing department, with the choice of Altares’ IndueD platform.

ACTIVITIES PILLAR - CUSTOMER RELATIONS AND FINANCING AND INVESTMENT ACTIVITIES

IDENTIFICATION AND PRIORITIZATION OF CSR RISKS: RISK MAPPING

The areas in which the Group’s activities could give rise to risks to human rights and fundamental freedoms, the health and safety of individuals and the environment are:

in corporate financing and investment activities;

in relations with individual customers, with two main challenges: customer protection (offer transparency, data security and confidentiality) and non-discrimination (offer accessibility and inclusive finance).

All business sectors are regularly reviewed from an ESG perspective. Each sector is assessed on the basis of the six environmental issues defined by the European taxonomy: mitigation – transition climate risk, adaptation – physical climate risk, biodiversity, pollution (other than greenhouse gases), water and the circular economy. The assessment is based on a dual materiality analysis: impact on the activity of companies in the sector (financial materiality) and impact of the activity of companies in the sector on the environment and social aspects (impact materiality). An environmental sectoral classification follows from this assessment and identifies specific points of attention. Elements of a social and societal nature and sustainable governance enrich these sectoral analyses.

For the Environment axis, the sectors in which the Group’s corporate customers are most exposed are: international trade in commodities, metals, oil and gas, agri-food, construction and public works, basic industry.

For the Social axis, the most exposed sectors are oil & gas, basic industries, healthcare – pharmaceuticals, IT and technology.

SYSTEM FOR MONITORING VIGILANCE MEASURES AND REPORTING ON THE IMPLEMENTATION OF RISK PREVENTION OR MITIGATION MEASURES

FOR THE FINANCING AND INVESTMENT COMPONENT

For several years now, BPCE has been committed to incorporating ESG criteria into its financing and investment activities.

At the heart of BPCE’s concerns, the environmental transition is one of the three pillars of the BPCE 2024 strategic plan. The Group’s objectives are to commit its balance sheet over the long term to a strategy of mitigating the climate impact of its activities and of the assets it finances or insures, by aligning its financing portfolios on a “Net Zero” trajectory, i.e. carbon neutrality by 2050, to support its customers in their own energy transition challenges, and to accelerate the reduction of its direct environmental footprint.

Exclusion policies in sensitive sectors

In order to limit the human and environmental impacts of its financing, investment and insurance activities, Groupe BPCE has withdrawn from activities with the highest emissions and for several years has been developing sectoral policies, including exclusion criteria, to regulate its activities in the most sensitive sectors.

For banking activities, these policies cover the following sectors: coal, oil and natural gas, the defense industry and the tobacco industry (for Natixis CIB). In the nuclear, mining and metals and palm oil sectors, Natixis CIB also applies specific non-public policies.

For example, in 2023, Groupe BPCE strengthened its criteria in the oil and gas sector by excluding:

projects dedicated solely to bringing a new oil field into production, or related production or export infrastructure (new FPSO, platform or pipeline);

exploration and production of oil from ultra-deepwater drilling;

new “Greenfield” liquefied natural gas (LNG) production or export projects fueled by 25% or more shale gas.

For BPCE Assurances’ activities, policies have also been defined in the coal, oil and gas, tobacco and controversial weapons sectors.

For asset management activities, European management companies apply sector and/or exclusion policies.

Portfolio decarbonization trajectories

Groupe BPCE is committed to aligning its financing and insurance portfolios, with the aim of achieving carbon neutrality by 2050.

To amplify its actions and strengthen the framework for steering the climate alignment of portfolios, the Group joined the Net Zero Banking Alliance initiative for its banking activities in July 2021 and the Net Zero Asset Owner Alliance for its insurance activities in October 2022.

As part of its membership of the Net Zero Banking Alliance and in line with its commitments to align the trajectory of its portfolios with the goal of carbon neutrality in 2050, Groupe BPCE published intermediate alignment targets in December 2022 for two of the most emissive sectors:

These targets have since been raised:

in the power generation sector, the financed carbon intensity of electricity producers will target less than 90 gCO2e/kWh by 2030;

for the oil and gas sector, the carbon emissions financed (on the balance sheet) related to the end use of oil and gas extraction and production will be reduced by 70% between 2020 and 2030.

In December 2023, Groupe BPCE broadened its ambition to reduce carbon emissions by publishing new targets to 2030 for three sectors within the scope of Corporate & Investment Banking (Natixis CIB): automotive, steel and cement.

for the automotive sector: 2030 target of reducing its financed carbon intensity by 40% compared with 2022. The scope of consolidation covers car manufacturer financing for light vehicles. Carbon emissions correspond to those produced during their use (scope 3);

for the cement sector, the aim is to achieve a carbon intensity of less than 525 kg CO2eq/metric ton of cement by 2030. The scope selected concerns cement and clinker producers (scope 1 & 2);

for the steel sector, the objective is to achieve a carbon intensity of 1.4 tCO2eq/metric ton of steel by 2030. The scope selected concerns steel producers (scope 1 & 2).

Management of environmental and social impacts in financing activities

In retail banking, ESG criteria have been systematically integrated into sectoral policies since 2018 at the rate of sectoral policy updates.

The ESG sector scores for each business sector, regularly updated by the CoREFI (Non-Financial Risk Committee), are intended to provide additional information for discussion, particularly when granting loans, in the light of regulatory and market developments.

In retail banking activities, the integration of ESG issues continues with the deployment since the beginning of 2023 of a strategic ESG dialogue with corporate customers. This dialogue is based on a questionnaire used by account managers to gather information on their customers’ knowledge, actions and commitment to climate and environmental issues.

At Natixis CIB, ESG risk management is part of a global approach involving the business lines, CSR and control functions. This approach includes developing and implementing CSR policies in the most sensitive sectors, defining excluded sectors of activity (see exclusion policies above), and assessing and monitoring the ESG risks of operations and counterparties.

When a new customer enters into a relationship, a process for identifying environmental and societal risks is put in place as part of the Know Your Customer (KYC) approach, which identifies and assesses environmental, social and governance (ESG) risks. Each customer company evaluated is assigned a level of vigilance based on four themes (controversies to which the customer may be exposed, sectors in which the customer operates, maturity of the risk management system and type of business relationship with Natixis).

As a signatory of the Equator Principles, Natixis CIB applies a market methodology recognized by the member banks and institutions aiming to assess the environmental and social risks of the projects financed and the management of its risks by customers regardless of their sector of activity. CSR policies in sensitive sectors include criteria to respect human rights and ensure working conditions. The Mining and Metals policy, for example, excludes forced child labor and small-scale mining. Since October 2020, Natixis CIB has applied the amended version of the Principles (EP IV Amendment) which includes more comprehensive criteria in terms of respect for human rights (including the rights of indigenous communities) and which requires the analysis of physical and transitional climate risks

Natixis also integrates an in-depth analysis of the impact on biodiversity into its project financing operations: in application of the Equator Principles, Natixis requires its customers to study all the potential risks and impacts of their projects from an environmental, social, health and safety perspective, and to implement all necessary means to minimize and correct potential impacts. Damage to biodiversity is an integral part of this vigilance. The quality of the impact studies and management systems put in place by the customer is taken into account in the project assessment. Generally carried out by an independent consultant, the assessment pays particular attention to the preservation of natural habitats and critical habitats, in line with the regulatory framework applying to the project. For projects located in non-designated countries, additional actions are required to meet International Finance Corporation conditions.

Mining for the extraction of raw materials, their valorization and transformation has a significant impact on natural capital and biodiversity. That’s why Natixis works with its customers to plan, avoid, reduce and offset the impact of these projects at every stage of the investment process. The Energy Transition & Natural Resources (ETNR) team ensures that its customers follow industry best practices (including the Equator Principles) and Natixis internal policies for every transaction.

The Sustainability team produces detailed analyses of Natixis CIB customers for whom ESG risk is considered a major concern. The number of transactions subject to this type of analysis over the last three years is 1,429 (including 614 in 2023).

The operational management of Natixis CIB’s climate trajectory is based on two complementary and interdependent systems: the Green Weighting Factor (GWF), an internal management tool used to guide operational financing decisions, and the monitoring of public sector decarbonization trajectories at Groupe BPCE level within the framework of the NZBA.

Within Natixis CIB, the Green Weighting Factor integrates criteria linked to exposure to the risk of biodiversity loss and its pressure factors for financing customers in sectors where the impact on biodiversity is material. These criteria are also included in the environmental rating of dedicated financing (project or asset financing) by taking into account their location in Key Biodiversity Areas.

Management of environmental and social impacts in investment activities

Natixis Investment Managers (Natixis IM), along with 18 of its affiliated asset management companies(1) worldwide, representing a total of over 1,000 billion in assets under management, are signatories to the UNPRI (United Nations Principles for Responsible Investment). As such, they are committed to respecting the six PRI principles, including the incorporation of environmental, social and governance (ESG) factors into investment analysis and decision-making processes, and to actively engaging with companies by including sustainability issues in their engagement policies and practices. The UNPRI provides a recognized framework for integrating ESG factors into investment processes, with annual reporting obligations to which affiliates have complied.

For Natixis IM’s affiliated asset management companies, incorporating ESG factors into the investment process leads to more informed decisions, a better understanding of corporate risks, the identification of sustainable investment trends and the selection of companies that contribute to these trends. This approach aims to create long-term value for customers.

Several affiliates have developed dedicated non-financial research capabilities and have integrated sustainability criteria into their investment decision-making models. They rely on proprietary systems and raw data to establish their own scoring models and methodologies that they can then transparently explain to customers.

By way of illustration, DNCA Finance relies on a proprietary ABA (Above and Beyond Analysis) assessment tool, which is built around five pillars: analysis of corporate responsibility risk, contribution to sustainable transition, monitoring of controversies, monitoring of engagement activities and finally impact on the UN’s sustainable development Goals (SDGs). This analysis does not include external agency assessments.

For fund-of-funds management, NIM Solutions complements its quantitative sustainability analysis with a proprietary qualitative “Conviction & Narrative” approach that includes, but is not limited to, the following criteria: the ESG experience of the investment team, the incorporation of ESG factors into the underlying funds’ investment processes, the transparency of ESG reporting and voting practices. The objective of the analysis model thus put in place is to:

measure the degree of importance that environmental, social and governance factors play in the investment strategy of each fund in which they invest as part of the range of responsible investment products offered by Natixis IM affiliates;

ensure that the convictions and objectives underpinning investments are clear, while providing a concrete measure of the level of ESG integration in the various operational stages of the investment process;

provide an independent, impartial and complementary analysis of the credibility of the responsible investment approaches selected for ESG funds of funds.

RESPONSIBLE INVESTMENT POLICIES

Each Natixis Investment Managers management company is responsible for its own investment process, and ultimately for integrating environmental, social and governance factors in line with their fiduciary duty.

European asset management companies have developed responsible investment policies that explain their overall ESG approach, provide detailed guidance on the integration of environmental factors, and explain their sectoral and/or exclusion policies. All European asset management companies ban controversial weapons from their investments, and have exclusion policies in the coal, non-conventional oil and gas, and tobacco sectors. Some affiliates have developed more restrictive exclusion policies, based on recognized reference frameworks for fossil fuels. The majority of asset management companies offering investment products in non-listed assets completely exclude fossil fuels in favor of transition and renewable energies.

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AEW (AEW Europe, AEW Capital), DNCA Finance, Dorval AM, Flexstone Partners, Harris Associates, IML, Loomis Sayles, Mirova, MV Credit, Naxicap Partners, Ossiam, Ostrum AM, Seventure Partners, Thematics AM, Vauban IP, Vaughan Nelson, VEGA IM, WCM.

For example, Ostrum Asset Management, which accounts for more than a third of Natixis IM’s assets under management, has been committed to sustainable development and responsible financing for over 35 years(1). Over time, it has developed its approach, which today combines three pillars: the incorporation of material ESG factors into the analysis of all asset classes, the exclusion of sectors or issuers that are not acceptable in portfolios, and the financing of transition for sectors or issuers that are ready to follow the path of transition and commit to themes that encourage just transition.

In addition, AEW Europe, which manages real estate assets, has implemented a specific exclusion policy tailored to its business sector.

The majority of non-European affiliates have developed a global responsible investment approach that formalizes their commitment to incorporating material environmental, societal and governance factors into their investment processes. They implement specific restrictions at the request of customers.

At December 31, 2023, assets under management in Articles 8 and 9(2) accounted for 40.5% of total assets managed by NIM affiliates (vs. 36.7% at the end of 2022).

ENGAGEMENT POLICY WITH PORTFOLIO COMPANIES

Beyond exclusion, Natixis Investment Managers sees engagement and dialogue with companies and issuers as significant levers for positively influencing corporate governance. Natixis IM’s European asset management companies have developed engagement and voting policies that encourage companies to transform their strategy and reduce their ESG risks, while contributing to environmental and social issues.

Engagement and dialogue have also enabled affiliates to develop in-depth knowledge of the companies in which they invest and their ESG challenges. As shareholders, the funds managed by Natixis IM affiliates are committed to contributing to improved corporate performance by taking into account their stakeholders and the environment.

Affiliates such as Mirova, Ostrum AM, DNCA Finance and Ossiam explicitly include climate risk in their voting policies. Dorval AM and AEW Europe actively monitor the greenhouse gas emissions of companies and assets in their portfolios.

Environmental themes such as biodiversity (Mirova, Ostrum AM, Thematics AM, DNCA Finance), energy consumption (AEW), waste management (Thematics AM, DNCA Finance) and water management (DNCA Finance, Thematics AM) are also taken into account by affiliates.

At the social level, several affiliates, including Mirova, Ossiam, AEW Europe, MV Credit, Seventure Partners, Flexstone Partners and Vauban IP, strive to promote diversity.

FOR THE INDIVIDUAL CUSTOMER RELATIONSHIP COMPONENT

The Group is subject to a number of regulations (anti-money laundering, anti-corruption, personal data protection, compliance with embargoes, etc.), which form the regulatory basis of its risk management. Internal policies to prevent risks to customers, such as customer privacy, data protection and cybersecurity, complete the package.

Customer protection – Supervision of commercial practices

In the context of the distribution of financial products and services to individual customers, the protection system includes a set of rules relating to the validation of marketed products, commercial processes (whatever the sales channel used: direct sales, online sales, telephone sales, etc.) and advertising.

Employees are responsible for passing on offers to customers in a transparent and correct manner, as part of a relationship of trust. Customer protection must be effective at each stage of the relationship. Several years ago, the Group introduced a system of professional certification, enabling it to verify that the presentation, advice and sales of financial products and services to customers are carried out by employees with the appropriate professional knowledge.

A clear, transparent procedure for handling customer complaints enables each institution to track and analyze malfunctions by type. The feedback system is used both as a complaints management tool and as a means of continuously improving the range of banking products and services. Each institution also has an independent mediator, whose contact details are clearly indicated on customer documents and on customer websites.

Complaints management focuses in particular on the grounds for complaint, the products and services concerned by these complaints and the processing times. Key indicators are regularly submitted to Groupe BPCE bank directors, Internal Control departments and all sales structures.

Among the reasons for complaints, indicators are monitored which may reveal discrepancies between the service expected by the customer and the service provided, such as information and advice for 1.6% of complaints handled in 2023 and unauthorized transactions for 1.5%, down compared to 2022.

Personal data protection and prevention of cybersecurity risks

The prevention of risks related to cyber threats, the preservation of information systems, the protection of data, and particularly the personal data of customers and employees are major objectives at the heart of the Group’s concerns.

In terms of personal data protection, the Group is committed to ensuring that the processing of personal data it implements complies with the GDPR and the French Data Protection Act, and pays particular attention to the responsible use of data. The Group data protection policy sets out the standard organization, the roles of the various stakeholders and the application of the GDPR regulation within the Group. Incident handling is centralized within a tool, which also enables the formalization of Level 2 GDPR controls and the monitoring of associated action plans. Employees are regularly trained and made aware of compliance with the GDPR and the Privacy by Design approach.

(1)

The Nord Sud Développement Fund was launched in 1985. A bond fund aiming to combine performance and solidarity investments by investing in a combination of supranational debt and microcredit companies, it was merged into Mirova Luxembourg’s range of sub-funds in 2017.

(2)

Article 8: Concerns products that promote, among other characteristics, environmental and/or social characteristics or a combination of these characteristics, provided that the companies in which the investments are made apply good governance practices, i.e. incorporation of ESG criteria in the investment decision-making process and. Article 9: Concerns financial products that pursue a sustainable investment objective assessed through indicators.

The purpose of the information sheet is to provide our customers with detailed information on how BPCE protects them when processing personal data relating to security, compliance, audit, marketing, communication, finance and risk.

The Cybersecurity strategy is based on a reference framework, policies and a repository of permanent controls defined at Group level and deployed operationally at the level of each entity.

In 2023, deployment of the Group’s cybersecurity strategy continued, with in particular: a Group program dedicated to identity and rights management, the launch of a program to comply with regulations on operational resilience (reinforcement of access security to the Group’s IS, single authentication portal for Group employees, widespread use of strong authentication), continued execution of the awareness-raising plan, and the review of the Group’s IT network security model.

In the area of personal data protection, Groupe BPCE’s customer exercises of rights fell by 23% in 2023 due to an exceptional level. There has been a sharp decrease in the right to be forgotten (22%) in favor of rectification rights and access rights. With a quarter of requests, opposition rights remained stable. As last year, portability rights are almost non-existent (38 requests recorded). In 2023, 51 data breaches resulted in a notification to the CNIL, i.e. a level almost identical to 2022.

Non-discrimination – Accessibility of the offer and inclusive finance

The Group is committed to helping vulnerable customers by promoting banking inclusion and implementing measures to prevent overindebtedness, offering them specific support and protective measures to help them return to a stable financial situation. Specific training modules on vulnerable customers and the right to an account are compulsory for retail advisors in branches and on telephone platforms. To promote financial inclusion, the Group also supports microcredit, i.e. specific loans for people in need of economic and social integration, who are excluded from conventional credit due to low income or unforeseen circumstances.

FOR ACTIVITIES CONTRIBUTING TO BPCE’S DIRECT ENVIRONMENTAL FOOTPRINT

The environmental risks associated with BPCE’s operations (direct impact of facilities) are not such as to create serious environmental nuisances. In addition, the Group is already subject to strict environmental regulations, notably in Europe and the United States, and is implementing numerous initiatives to limit its impact on the environment (e.g. label-certified buildings, reduced consumption of resources, waste management, optimized travel etc.).

As part of its BPCE 2024 strategic plan, Groupe BPCE has set itself the target of reducing carbon emissions related to its own activity by 15% over the period 2019-2024. At the end of 2023, the reduction in the Group’s carbon footprint since 2019 was 15%.

WHISTLEBLOWING MECHANISM

Act No. 2017-399 on the Duty of Care of parent companies and ordering companies requires the implementation of a whistleblowing and reporting mechanism.

The whistleblowing system set up by Groupe BPCE as part of the fight against fraud and corruption has been extended to allow the reporting of facts falling within the scope of the Duty of Care. This system is applicable in all Group entities and is described in a procedure, updated in 2023. This specific system can be consulted on the Group’s website (https://groupebpce.com/en/the-groupe/compliance) and reports can be made on the secure Whispli platform (https://bpce.whispli.com/speakup?locale=en).

The whistleblowing system is open to all employees and third parties, who can express their concerns via a URL link if they are aware of serious violations of human rights and fundamental freedoms, personal health and safety, or the environment.

Groupe BPCE has chosen to equip itself with the same tool for all of the Group’s institutions, regardless of the country in which they are based (Europe, United States, etc.) and regardless of the business line (retail banking, Corporate & Investment Banking, etc.). Consequently, all the screens to which the whistleblower has access have been translated into more than 15 languages, in line with the countries in which Groupe BPCE is based.

Groupe BPCE entities protect whistleblowers. Under no circumstances may they be subject to any disciplinary action or legal proceeding, provided they have acted impartially and in good faith. The system implemented by Groupe BPCE offers every guarantee in terms of data security, complies with the highest standards in terms of confidentiality and respect for anonymity (encrypted data, impossibility of recovering whistleblowers’ IP addresses etc.), as required by the act of December 9, 2016 known as the “Sapin 2” law as amended by act No. 2022-401 of March 21, 2022 aimed at improving the protection of whistleblowers.

In addition, an e-learning training program has been launched for all employees and new arrivals to support the roll-out of the tool and provide information on the rights and duties of a whistleblower, as well as the protection afforded to whistleblowers.

2.7 Indicators of the European taxonomy on sustainable activities

Regulatory framework

To encourage sustainable investment, EU Regulation 2020/852 of June 18, 2020 (Taxonomy Regulation) established a common EU classification system to identify economic activities considered environmentally sustainable.

The Taxonomy Regulation (Article 8) requires companies subject to the Non-Financial Reporting Directive (NFRD) (which in France is reflected in the Non-Financial Performance Statement) to provide information on the manner and extent to which their activities are associated with economic activities that can be considered environmentally sustainable. As of fiscal years opening after January 1, 2024, this system will be integrated into the sustainability report in application of the CSRD (Corporate Sustainability Reporting Directive) published on December 16, 2022.

An activity is considered “eligible” for the Taxonomy if it is included in the European Commission’s evolving list. These are activities likely to make a substantial contribution to at least one of the following six environmental objectives:

climate change mitigation;

climate change adaptation;

sustainable use and protection of aquatic and marine resources;

the transition to a circular economy;

pollution prevention and control;

the protection and restoration of biodiversity and ecosystems.

To be effectively considered environmentally sustainable, an eligible activity must be “aligned” with the Taxonomy, i.e. it must meet the following three cumulative conditions:

demonstrate its substantial contribution to one of the six environmental objectives in accordance with the technical review criteria defined in the delegated acts;

demonstrate that it does not cause significant harm to any of the other environmental objectives (Do No Significant Harm or DNSH) in accordance with the technical review criteria defined in the delegated acts;

be carried out in compliance with the minimum social safeguards set out in the regulations (i.e. in compliance with the social rights guaranteed by international law).

The technical criteria for documenting the environmental sustainability of an activity are set out in delegated acts. To date, two delegated regulations have been issued for this purpose:

the Climate delegated regulation of June 4, 2021 (2021/2139), including technical review criteria for economic activities that make a substantial contribution to the first two environmental objectives: climate change adaptation and mitigation of its effects. It applies from January 1, 2022.

This was amended for the first time on March 9, 2022, by delegated regulation 2022/1214, which included, under strict conditions, specific activities linked to nuclear energy and gas on the list of economic activities covered by the Union’s taxonomy. It applies from January 1, 2023.

A second amendment was published on June 27, 2023 (delegated regulation 2023/2485) completing the technical examination criteria for certain activities that were initially not listed as eligible (in particular, manufacture of essential equipment for low-carbon transport or electrical equipment). It comes into force from January 1, 2024;

the Environment delegated regulation of June 27, 2023 (2023/2486) sets the criteria for the technical examination of economic activities considered to make a substantial contribution to one or more of the four other environmental objectives (other than climate): sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, protection and restoration of biodiversity and ecosystems. It comes into force from January 1, 2024.

The content of sustainability indicators (Key Performance Indicators or KPIs) and the information to be published by non-financial and financial companies (asset managers, credit institutions, investment firms and insurance and reinsurance companies) subject to these transparency obligations, are specified, for each of these economic actors, in the delegated regulation article 8 of July 6, 2021 (2021/2178). The format of publishable tables is governed by Environment Delegated Regulation 2023/2486.

Additional information is required for companies that carries out, fund or has exposures to specific activities related to nuclear energy and fossil gas (Delegated Regulation 2022/1214).

In addition, European Commission communications published in the official journal on October 20, 2023 aim to interpret certain provisions relating to the implementation of Article 8 of the Taxonomy Regulation (C/2023/305) and the delegated act relating to the climate component of the taxonomy (C/2023/267).

On December 21, 2023, the Commission published a draft communication on the interpretation and implementation of Article 8 Taxonomy, which clarifies the information to be provided. Given its late publication and the implementation work involved, this text is currently being analyzed, and some of its provisions will be applied in the coming period.

The Taxonomy Regulation provides for a gradual implementation of information transparency requirements according to economic players. Groupe BPCE, as a company in the financial sector, is notably subject to publication requirements that are staggered by one year compared with non-financial companies. This principle allows financial companies to use eligibility and alignment data communicated by counterparties themselves subject to these publication requirements (NFRD counterparties) in order to weight their investments, financing and other exposures.

Groupe BPCE publishes disclosures applicable to financial companies – credit institutions.

MAIN INDICATOR – GAR (GREEN ASSET RATIO)

For the first two years (2021 and 2022), the main indicator to be published – the Green Asset Ratio (GAR), indicated the proportion of activities “eligible” for the first two environmental objectives, according to the criteria of the taxonomy regulations.

The GAR at December 31, 2023 includes taxonomy alignment data for the first time. It is presented in the tabular format required by regulations. This requires presentation once on the basis of the “Turnover” KPI and once on the basis of the “CapEx” KPI (capital expenditure) of counterparties subject to NFRD.

Information on eligibility for the four non-climate objectives (sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, protection and restoration of biodiversity and ecosystems) is based on data published by non-financial companies, which publish this information for the first time in 2024. As a result, at December 31, 2023, Groupe BPCE does not provide this information and the columns in the regulatory tables relating to this information are not presented. Similarly, the tables presenting information relating to the comparative period, which are not required at December 31, 2023 for financial companies, are not presented. Also, GAR Flow, the calculation methods for which were set out in the FAQ published by the Commission on December 21, 2023, is not presented as at December 31, 2023.

Groupe BPCE will publish all this information as of December 31, 2024.

The regulations also provide for the publication of indicators based on the trading portfolio and fees and commissions by 2026 (based on 2025).

BREAKDOWN OF GAR OUTSTANDINGS BY BUSINESS SECTOR (NACE CODE)

This table shows, by sector (NACE code), the gross carrying amount of banking exposures to non-financial counterparties subject to NFRD, and their proportion aligned with the taxonomy criteria.

KPI FOR OFF-BALANCE SHEET EXPOSURES (FINANCIAL GUARANTEES GIVEN AND ASSETS UNDER MANAGEMENT)

These two indicators are published for the first time on December 31, 2023. Like the GAR, they indicate the proportion of eligible and aligned oustandings with the taxonomy.

INFORMATION ON NUCLEAR ENERGY AND FOSSIL GAS ACTIVITIES

Five detailed tables must be provided, once on the basis of the main KPI – GAR (Turnover basis), once on the basis of the main KPI – GAR (CapEx basis).

As of January 1, 2024, in view of the clarifications provided by the European Commission, these tables will also be presented for KPIs relating to GAR flow and off-balance sheet exposures (financial guarantees given and assets under management).

Mandatory GAR

GUIDELINES

The main indicator applicable to credit institutions is the Green Asset Ratio (GAR). Expressed as a percentage, it indicates the proportion of assets that finance or are invested in economic activities aligned with the taxonomy in relation to the total assets covered.

SCOPE OF FINANCIAL ASSETS SUBJECT TO ELIGIBILITY AND ALIGNMENT ANALYSIS

On the basis of the prudential perimeter established in accordance with FINREP regulations (investments in insurance companies controlled by Groupe BPCE are consolidated using the equity method), assets are presented at their gross carrying amount, i.e. before depreciation, provisions and amortization.

The eligibility and alignment analysis applies to a scope of assets determined following a series of exclusions specified by the regulations:

The above exposures subject to eligibility and alignment analysis thus include balance sheet assets in the following accounting categories:

financial assets at amortized cost, financial assets at fair value through other comprehensive income, financial assets designated as measured at fair value through profit or loss and non-trading financial assets measured at fair value through profit or loss;

investments in subsidiaries, joint ventures and associates (controlled insurance companies are accounted for using the equity method for the presentation of the regulatory perimeter);

fixed assets, with regard to collateral obtained by taking possession.

METHODOLOGY USED

In accordance with the principles of the regulations and our ability to implement them, the eligibility and alignment of the outstanding amounts of assets subject to eligibility and alignment analysis are determined:

for financial and non-financial counterparties subject to NFRD regulations, as identified from the database provided by Bloomberg:

for unallocated financing, by applying the alignment and taxonomy eligibility rates (Turnover KPI and CapEx KPI) available in Bloomberg to the gross amount outstanding. These data correspond to the indicators published by these counterparties in the previous year (determined in accordance with the criteria of the Climate and Environment Delegated Regulations). In the absence of available data distinguishing eligibility and alignment rates by environmental objective, the choice was made to allocate them to the climate change mitigation objective,

for financing allocated, the taxonomy criteria defined by the European Commission should be analyzed on the basis of the information provided by the counterparties. For the 2023 fiscal year, Groupe BPCE did not conduct these ad hoc analyses;

Eligibility and alignment were only measured using data available in Bloomberg. These data are not always exhaustive, in particular for data relating to the eligibility of financial companies. The Group’s eligibility ratio is penalized by this lack of data;

for retail customers (or households):

outstandings subject to eligibility analysis and taxonomy alignment correspond to financing secured by residential real estate (including guaranteed loans), renovation loans and motor vehicle loans granted on or after January 1, 2022. For households, the GAR only applies to the first “climate change mitigation” objective,

the alignment of loans secured by residential real estate (or guaranteed) is determined in the light of criteria laid down by regulations and interpretations accepted by the marketplace, which in practice consists of retaining:

For documentation of the substantial contribution to climate change mitigation criterion relating to real estate financing:

financed properties with a primary energy consumption of less than 135kWh/m2 per year (corresponding to properties with an Energy Performance Diagnostic rated A, B or, in some cases, C). Groupe BPCE has adopted a methodological approach in which the collection of EPD data for loans secured by real estate is based on the EPDs collected from customers, supplemented by the EPDs supplied by the CSTB (Centre Scientifique et Technique du Bâtiment) and collected in the ADEME database for single-family homes for which we are certain of the address of the property financed. For collective housing, in the absence of customer EPDs issued after 2021, Groupe BPCE uses EPDs calculated by the CSTB, in accordance with the 2021 reform, based on the characteristics of the buildings concerned and the rating of its various lots,

in the absence of such information, and for financing property to be built, Groupe BPCE determines primary energy consumption using the applicable construction standards (RT 2012 regulations applicable to constructions between January 1, 2013 and December 31, 2020) and RE 2020 regulations applicable to constructions from January 1, 2022). In the absence of information on the date on which the building permit for the property financed was filed, Groupe BPCE identifies it from the date on which the financing was granted, applying a margin of two years. For the 2021 construction year, in the absence of information, no exposure has been considered as aligned.

The analysis of alignment with the taxonomy’s criteria must then be supplemented by technical criteria demonstrating that the activity does not cause significant harm to the taxonomy’s other objectives (DNSH criterion):

for real estate loans, this analysis is based primarily, for retail customers’ real estate activities, on an analysis of physical risk. After assessing the exposure of the Group’s financial activities to physical climatic risks, the acute physical risk of “flooding” was evaluated as the most material in terms of the Groupe BPCE portfolio. Properties with the highest level of flood risk are thus excluded when determining the alignment of property loans. In the “Nomenclature of statistical territorial units” the risk of flooding related to housing has been qualified as high in accordance with the European Central Bank’s classification of acute flood risks. For example, if a financed property has been identified as being at high risk of flooding, the corresponding outstanding amount will not be considered as aligned, even though it complies with the energy performance criteria described above;

The alignment analysis for renovation loans was not carried out in the absence of data available to document compliance with the taxonomy criteria.

In the absence of available data (CO2 emissions/km), alignment of motor vehicle loans has not been performed;

for local governments:

housing financing is considered eligible. As this is not a real estate development activity, the alignment analysis must be carried out, where it is possible to establish a link between the financing and the property financed, in the same way as indicated above for retail real estate financing. However, due to operational constraints, the alignment could not be measured this year,

for other financing, in the absence of available analysis data, no outstandings were considered eligible or aligned;

collateral obtained by taking possession has not been analyzed in terms of its non-material value.

Insurance activities are included in Group indicators through the equity-accounted investments in subsidiaries, presented on the “equity instruments” line. The eligibility and alignment of insurance activities is determined by applying to non-life insurance entities the underwriting ratio (share of gross written premiums received corresponding to insurance or reinsurance activities aligned with the taxonomy) and to life or combined insurance activities the investment ratio (share of investments devoted to financing economic activities aligned with the taxonomy). Due to operational constraints, eligibility and alignment have not been taken into account as of December 31, 2023.

SUMMARY OF GAR

At 12/31/2023

GAR – Summary

Amount

in millions of euros

% of total assets

% of total GAR

assets

(denominator)

TOTAL ASSETS

1,461,501

100%

 

Assets not included in the GAR calculation

494,589

33.84%

 

TOTAL GAR ASSETS

966,912

66.16%

100%

Assets excluded from the numerator for GAR calculation (but included in the denominator)

403,009

27.57%

41.68%

GAR – ASSETS COVERED BY THE NUMERATOR AND DENOMINATOR: ASSETS SUBJECT TO ELIGIBILITY AND ALIGNMENT ANALYSIS

563,898

38.58%

58.32%

(Turnover basis for NFRD counterparties)

Of which to taxonomy-relevant sectors (taxonomy-eligible)

375,063

 

38.79%

Of which environmentally sustainable (taxonomy-aligned)

38,512

 

3.98%

(CapEx basis for NFRD counterparties)

Of which to taxonomy-relevant sectors (taxonomy-eligible)

377,127

 

39.00%

Of which environmentally sustainable (taxonomy-aligned)

39,660

 

4.10%

DETAIL OF GAR – TURNOVER BASIS

At 12/31/2023

 

in millions of euros

as a % of total assets

Exposures

of which

eligible

of which

aligned

of which

eligible

of which

aligned

GAR – ASSETS COVERED BY THE NUMERATOR AND DENOMINATOR: ASSETS SUBJECT TO ELIGIBILITY AND ALIGNMENT ANALYSIS

563,898

375,063

38,512

38.79%

3.98%

Of which exposures to:

Financial companies subject to NFRD

31,696

30

4

0.00%

0.00%

Non-financial companies subject to NFRD

30,215

4,202

1,556

0.43%

0.16%

Households

449,598

367,259

36,951

37.98%

3.82%

Financing of local governments

52,388

3,572

0

0.37%

0.00%

Collateral obtained by taking possession: residential and commercial real estate

5

0

0

0.00%

0.00%

DETAIL OF GAR – CAPEX BASIS

At 12/31/2023

 

in millions of euros

as a % of total assets

Exposures

of which

eligible

of which

aligned

of which

eligible

of which

aligned

GAR – ASSETS COVERED BY THE NUMERATOR AND DENOMINATOR: ASSETS SUBJECT TO ELIGIBILITY AND ALIGNMENT ANALYSIS

563,898

377,127

39,660

39.00%

4.10%

Of which exposures to:

Financial companies subject to NFRD

31,696

31

15

0.00%

0.00%

Non-financial companies subject to NFRD

30,215

6,265

2,694

0.65%

0.28%

Households

449,598

367,259

36,951

37.98%

3.82%

Financing of local governments

52,388

3,572

0

0.37%

0.00%

Collateral obtained by taking possession: residential and commercial real estate

5

0

0

0.00%

0.00%

The information relating to GAR is presented below in accordance with the model tables applicable to credit institutions as set out in Annex VI of Delegated Regulation 2023/2486.

Off-balance sheet indicators: financial guarantees given and assets under management

GUIDELINES

From December 31, 2023, in accordance with Section 1.2.2. of Annex V of the Delegated Regulation 2021/2178, credit institutions shall publish additional indicators on exposures not recognized as assets on the balance sheet relating to:

financial guarantees granted;

assets under management.

METHODOLOGY USED

The method used to calculate KPI for financial guarantees and KPI for assets under management consists in applying to exposures the eligibility and alignment rates of counterparties subject to NFRD.

SUMMARY OF OFF-BALANCE SHEET KPIS

DETAIL OF GAR ON OFF-BALANCE SHEET EXPOSURES - TURNOVER

At 12/31/2023

 

in millions of euros

as a % of total assets

Exposures

of which

eligible

of which

aligned

of which

eligible

of which

aligned

Financial guarantees

52,097

790

260

1.52%

0.50%

Assets under management

1,185,642

88,139

7,755

7.43%

0.65%

DETAIL OF GAR ON OFF-BALANCE SHEET EXPOSURES - CAPEX

At 12/31/2023

 

in millions of euros

as a % of total assets

Exposures

of which

eligible

of which

aligned

of which

eligible

of which

aligned

Financial guarantees

52,097

1,271

412

2.44%

0.79%

Assets under management

1,185,642

18,258

7,002

1.54%

0.59%

Information on KPIs for financial guarantees and KPIs for assets under management is presented below in accordance with the model tables applicable to credit institutions as set out in Annex VI of Delegated Regulation 2023/2486.

Activities related to nuclear energy and fossil gas

GUIDELINES

Additional information is required for companies engaged in, financing or exposed to specific activities related to nuclear energy and fossil gas (Delegated Regulation 2022/1214). The tabular format is required by regulations. This requires the publication of these tables for each applicable KPI.

At December 31, 2023, Groupe BPCE presents this information for the main KPI – the GAR established in stock, once on the counterparties’ Turnover based KPI and once on counterparties’ CapEx based KPI.

At a later date, this information should also be presented for the main KPI – GAR in flow view, as well as for off-balance sheet KPIs: financial guarantees given and assets under management.

METHODOLOGY USED

The publication of model 1 is mandatory. This model is used to identify the specific activities in the gas and nuclear sectors covered by delegated act 2022/1214 of the Taxonomy Regulation.

Models 2 to 5 are presented by weighting the exposure to the counterparties concerned by the data communicated by them in their reference document for the previous year, collected from the Bloomberg database.

ALIGNMENT POLICY (REQUIREMENT OF ANNEX XI OF DELEGATED REGULATION 2021/2178) WITH THE TAXONOMY REGULATION

Groupe BPCE intends to commit to a long-term change in its balance sheet as part of a strategy to mitigate the climate impact of its activities and assets financed, invested or insured.

Groupe BPCE’s climate change strategy is described in this Chapter “Be a major player in the environmental transition”, particularly in terms of commitments with customers and counterparties.

The publication of so-called aligned activities will enhance its internal climate measures and green commitments. Groupe BPCE also takes into account the European taxonomy in the design of its “green” offers and services and aims to comply as much as possible with the alignment criteria. This requirement necessitates the collection of significant amounts of relative information, as well as detailed, documented analyses, for which further work will be carried out in the coming fiscal year.

TABLES TO BE PUBLISHED IN ACCORDANCE WITH ARTICLE 8 OF THE TAXONOMY REGULATION

Groupe BPCE publishes the tables required by the Taxonomy Regulation applicable to credit institutions in the tabular formats presented in Annex VI of Delegated Regulation 2023/2486.

TEMPLATE 0 - SUMMARY OF KPIS TO BE DISCLOSED BY CREDIT INSTITUTIONS UNDER ARTICLE 8 TAXONOMY REGULATION

 

Total

environmentally

sustainable assets

KPI(1)

KPI(2)

% coverage

(over total

assets)(3)

% of asset excluded

from the GAR

(Article 7 (2) and(3)

and Section 1.1.2 of

Annex V)

% of assets

excluded from the

denominator of the

GAR (Article 7 (1) and

Section 1.2.4 of

Annex V)

Main KPI

Green asset ratio (GAR) stock

 

3.98%

4.10%

66.16%

27.57%

33.84%

 

Total

environmentally

sustainable

activities

KPI

KPI

% coverage

(over total

assets)

% of asset excluded

from the GAR

(Article 7 (2) and(3)

and Section 1.1.2 of

Annex V)

% of assets

excluded from the

denominator of the

GAR (Article 7 (1) and

Section 1.2.4 of

Annex V)

Additional KPIs

 

 

 

 

 

 

GAR (flow)

 

 

 

 

 

 

Trading book(4)

 

 

 

 

 

 

Financial guarantees

 

0.50%

0.79%

 

 

 

Assets under management

 

0.65%

0.59%

 

 

 

Fees and commissions(5)

 

 

 

 

 

 

Institutions shall provide forward-looking information for these KPIs, in particular on the targets concerned, and relevant explanations of the method applied.

Note 1: In all models, the shaded boxes must not be completed.

Note 2: The KPIs for fees and commissions (sheet 6) and the trading book (sheet 7) only apply from 2026. SMEs will only be included in these KPIs subject to the positive outcome of an impact assessment.

TEMPLATE1 - ASSETS FOR THE CALCULATION OF GAR (TURNOVER BASIS)

in millions of euros

a

b

c

d

e

f

 

Total [gross]

carrying

amount

Disclosure reference date T

 

Climate change mitigation (CCM)

 

 

Of which towards taxonomy relevant sectors

(Taxonomy-eligible)

 

 


Of which environmentally sustainable

(Taxonomy-aligned)

 

Of which use

of proceeds

Of which

transitional

Of which

enabling

 

GAR - COVERED ASSETS IN BOTH NUMERATOR
AND DENOMINATOR

 

 

 

 

 

 

 

1

Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation

563,898

375,063

38,512

 

 

 

 

2

Financial undertakings

31,696

30

4

 

 

 

 

3

Credit institutions

6,193

0

0

 

 

 

 

4

Loans and advances

2,693

0

0

 

 

 

 

5

Debt securities, including UoP

3,499

-

-

 

 

 

 

6

Equity instruments

1

 

 

 

 

 

 

7

Other financial corporations

25,503

30

4

 

 

 

 

8

of which investment firms

 

 

 

 

 

 

 

9

Loans and advances

 

 

 

 

 

 

 

10

Debt securities, including UoP

 

 

 

 

 

 

 

11

Equity instruments

 

 

 

 

 

 

 

12

of which asset management companies

 

 

 

 

 

 

 

13

Loans and advances

 

 

 

 

 

 

 

14

Debt securities, including UoP

 

 

 

 

 

 

 

15

Equity instruments

 

 

 

 

 

 

 

16

of which insurance undertakings

8,179

0

0

 

 

 

 

17

Loans and advances

2,914

0

0

 

 

 

 

18

Debt securities, including UoP

131

-

-

 

 

 

 

19

Equity instruments

5,134

 

 

 

 

 

 

20

Non-financial undertakings

30,215

4,202

1,556

 

 

 

 

21

Loans and advances

26,833

4,168

1,538

 

 

 

 

22

Debt securities, including UoP

532

33

18

 

 

 

 

23

Equity instruments

2,850

 

 

 

 

 

 

24

Households

449,598

367,259

36,951

 

 

 

 

25

of which loans collateralized by residential immovable property

362,149

362,149

36,951

 

 

 

 

26

of which building renovation loans

918

918

-

 

 

 

 

27

of which motor vehicle loans

6,242

4,192

-

 

 

 

 

28

Local governments financing

52,388

3,572

-

 

 

 

 

g

h

i

j

ab

ac

ad

ae

af

Disclosure reference date T

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

 

Of which towards taxonomy relevant sectors

(Taxonomy-eligible)

 

 

 

Of which environmentally

sustainable (aligned with

taxonomy)

 

Of which environmentally sustainable

(Taxonomy-aligned)

Of which use of

proceeds

Of which

enabling

Of which use of

proceeds

Of which

transitional

Of which

enabling


 

 

 

 

 

 

 

 

 



 

 

 

 

375,063

38,512

 

 

 

 

 

 

 

30

4

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,202

1,556

 

 

 

 

 

 

 

4,168

1,538

 

 

 

 

 

 

 

33

18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

367,259

36,951

 

 

 

 

 

 

 

362,149

36,951

 

 

 

 

 

 

 

918

-

 

 

 

 

 

 

 

4,192

-

 

 

 

 

 

 

 

3,572

-

 

 

 

in millions of euros

a

b

c

d

e

f

 

Total [gross]

carrying

amount

Disclosure reference date T

 

Climate change mitigation (CCM)

 

 

Of which towards taxonomy relevant sectors

(Taxonomy-eligible)

 

 

Of which environmentally sustainable

(Taxonomy-aligned)

 

Of which use

of proceeds

Of which

transitional

Of which

enabling

 

29

Housing financing

3,572

3,572

-

 

 

 

 

30

Other local government financing

48,816

-

-

 

 

 

 

31

Collateral obtained by taking possession: residential and commercial immovable properties

5

-

-

 

 

 

 

32

Assets excluded from the numerator for GAR calculation (covered in the denominator)

403,009

 

 

 

 

 

 

33

Financial and Non-financial undertakings

356,032

 

 

34

SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations

294,065

 

 

35

Loans and advances

292,881

 

 

36

of which loans collateralized by commercial immovable property

39,511

 

 

37

of which building renovation loans

28

 

 

 

 

 

 

38

Debt securities

1,184

 

 

 

 

 

 

39

Equity instruments

-

 

 

 

 

 

 

40

Non-EU country counterparties not subject to NFRD disclosure obligations

61,968

 

 

 

 

 

 

41

Loans and advances

47,684

 

 

 

 

 

 

42

Debt securities

13,485

 

 

 

 

 

 

43

Equity instruments

798

 

 

 

 

 

 

44

Derivatives

8,855

 

 

 

 

 

 

45

On demand interbank loans

5,737

 

 

 

 

 

 

46

Cash and cash-related assets

2,774

 

 

 

 

 

 

47

Other categories of assets (e.g. Goodwill, commodities etc.)

29,611

 

 

 

 

 

 

48

TOTAL GAR ASSETS

966,912

375,063

38,512

 

 

 

 

49

Assets not covered for GAR calculation

494,589

 

 

 

 

 

 

50

Central governments and supranational issuers

137,817

 

 

 

 

 

 

51

Central banks exposure

153,459

 

 

 

 

 

 

52

Trading book

203,313

 

 

 

 

 

 

53

TOTAL ASSETS

1,461,501

375,063

38,512

 

 

 

 

Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations

 

54

Financial guarantees

52,097

790

260

 

 

 

 

55

Assets under management

1,185,642

88,139

7,755

 

 

 

 

56

Of which debt securities

510,716

30,573

3,017

 

 

 

 

57

Of which equity instruments

93,359

57,566

4,737

 

 

 

 

g

h

i

j

ab

ac

ad

ae

af

Disclosure reference date T

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

 

Of which towards taxonomy relevant sectors

(Taxonomy-eligible)

 

 

 

Of which environmentally

sustainable (Taxonomy-aligned)

 

Of which environmentally sustainable

(Taxonomy-aligned)

Of which use of

proceeds

Of which

enabling

Of which use of

proceeds

Of which

transitional

Of which

enabling

 

 

 

 

3,572

-

 

 

 

 

 

 

 

-

-

 

 

 


 

 

 

 

-

-

 

 

 


 

 

 

 

 

 

 

 

 

 


 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

375,063

38,512

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

375,063

38,512

 

 

 

 

 

 

 

 

790

260

 

 

 

 

 

 

 

88,139

7,755

 

 

 

 

 

 

 

30,573

3,017

 

 

 

 

 

 

 

57,566

4,737

 

 

 

TEMPLATE 1 - ASSETS FOR THE CALCULATION OF GAR (CAPEX BASIS)

in millions of euros

a

b

c

d

e

f

Total [gross]

carrying

amount

Disclosure reference date T

Climate change mitigation (CCM)

 

Of which towards taxonomy relevant sectors

(Taxonomy-eligible)

 

Of which environmentally sustainable

(Taxonomy-aligned)

Of which use

of proceeds

Of which

transitional

Of which

enabling

GAR - COVERED ASSETS IN BOTH NUMERATOR
AND DENOMINATOR

 

 

 

 

 

 

1

Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation

563,898

377,127

39,660

 

 

 

2

Financial undertakings

31,696

31

15

 

 

 

3

Credit institutions

6,193

0

0

 

 

 

4

Loans and advances

2,693

0

0

 

 

 

5

Debt securities, including UoP

3,499

0

0

 

 

 

6

Equity instruments

1

 

 

 

 

 

7

Other financial corporations

25,503

31

15

 

 

 

8

of which investment firms

 

 

 

 

 

 

9

Loans and advances

 

 

 

 

 

 

10

Debt securities, including UoP

 

 

 

 

 

 

11

Equity instruments

 

 

 

 

 

 

12

of which asset management companies

 

 

 

 

 

 

13

Loans and advances

 

 

 

 

 

 

14

Debt securities, including UoP

 

 

 

 

 

 

15

Equity instruments

 

 

 

 

 

 

16

of which insurance undertakings

8,179

0

-

 

 

 

17

Loans and advances

2,914

0

-

 

 

 

18

Debt securities, including UoP

131

-

-

 

 

 

19

Equity instruments

5,134

 

 

 

 

 

20

Non-financial undertakings

30,215

6,265

2,694

 

 

 

21

Loans and advances

26,833

6,151

2,637

 

 

 

22

Debt securities, including UoP

532

114

57

 

 

 

23

Equity instruments

2,850

 

 

 

 

 

24

Households

449,598

367,259

36,951

 

 

 

25

of which loans collateralized by residential immovable property

362,149

362,149

36,951

 

 

 

26

of which building renovation loans

918

918

-

 

 

 

27

of which motor vehicle loans

6,242

4,192

-

 

 

 

28

Local governments financing

52,388

3,572

-

 

 

 

g

h

i

j

ab

ac

ad

ae

af

Disclosure reference date T

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

 

Of which towards taxonomy relevant sectors

(Taxonomy-eligible)

 

 

 

Of which environmentally

sustainable (Taxonomy-aligned)

 

Of which environmentally sustainable

(Taxonomy-aligned)

Of which use of

proceeds

Of which

enabling

Of which use of

proceeds

Of which

transitional

Of which

enabling

 


 

 

 

 

 

 

 

 

 



 

 

 

377,127

39,660

 

 

 

 

 

 

 

31

15

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0

-

 

 

 

 

 

 

 

0

-

 

 

 

 

 

 

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,265

2,694

 

 

 

 

 

 

 

6,151

2,637

 

 

 

 

 

 

 

114

57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

367,259

36,951

 

 

 

 

 

 

 

362,149

36,951

 

 

 

 

 

 

 

918

-

 

 

 

 

 

 

 

4,192

-

 

 

 

 

 

 

 

3,572

-

 

 

 

in millions of euros

a

b

c

d

e

f

Total [gross]

carrying

amount

Disclosure reference date T

Climate change mitigation (CCM)

 

Of which towards taxonomy relevant sectors

(Taxonomy-eligible)

 

Of which environmentally sustainable

(Taxonomy-aligned)

Of which use

of proceeds

Of which

transitional

Of which

enabling

29

Housing financing

3,572

3,572

-

 

 

 

30

Other local government financing

48,816

-

-

 

 

 

31

Collateral obtained by taking possession: residential and commercial immovable properties

5

-

-

 

 

 

32

Assets excluded from the numerator for GAR calculation (covered in the denominator)

403,009

 

 

 

 

 

33

Financial and Non-financial undertakings

356,032

 

 

 

 

 

34

SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations

294,065

 

 

 

 

 

35

Loans and advances

292,881

 

 

 

 

 

36

of which loans collateralized by commercial immovable property

39,511

 

 

 

 

 

37

of which building renovation loans

28

 

 

 

 

 

38

Debt securities

1,184

 

 

 

 

 

39

Equity instruments

-

 

 

 

 

 

40

Non-EU country counterparties not subject to NFRD disclosure obligations

61,968

 

 

 

 

 

41

Loans and advances

47,684

 

 

 

 

 

42

Debt securities

13,485

 

 

 

 

 

43

Equity instruments

798

 

 

 

 

 

44

Derivatives

8,855

 

 

 

 

 

45

On demand interbank loans

5,737

 

 

 

 

 

46

Cash and cash-related assets

2,774

 

 

 

 

 

47

Other categories of assets (e.g. Goodwill, commodities etc.)

29,611

 

 

 

 

 

48

Total GAR assets

966,912

377,127

39,660

 

 

 

49

Assets not covered for GAR calculation

494,589

 

 

 

 

 

50

Central governments and supranational issuers

137,817

 

 

 

 

 

51

Central banks exposure

153,459

 

 

 

 

 

52

Trading book

203,313

0

0

0

0

0

53

TOTAL ASSETS

1,461,501

377,127

39,660

 

 

 

Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations

54

Financial guarantees

52,097

1,271

412

 

 

 

55

Assets under management

1,185,642

18,258

7,002

 

 

 

56

Of which debt securities

510,716

-

-

 

 

 

57

Of which equity instruments

93,359

18,258

7,002

 

 

 

g

h

i

j

ab

ac

ad

ae

af

Disclosure reference date T

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

 

Of which towards taxonomy relevant sectors

(Taxonomy-eligible)

 

 

 

Of which environmentally

sustainable (Taxonomy-aligned)

 

Of which environmentally sustainable

(Taxonomy-aligned)

Of which use of

proceeds

Of which

enabling

Of which use of

proceeds

Of which

transitional

Of which

enabling

 

 

 

 

3,572

-

 

 

 

 

 

 

 

-

-

 

 

 


 

 

 

 

-

-

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

377,127

39,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0

0

0

0

0

0

0

0

0

 

 

 

 

377,127

39,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,271

412

 

 

 

 

 

 

 

18,258

7,002

 

 

 

 

 

 

 

-

-

 

 

 

 

 

 

 

18,258

7,002

 

 

 

TEMPLATE 2 - GAR SECTOR INFORMATION

 

Breakdown by sector - NACE 4 digits level (code and label)

a

b

c

d

Climate change mitigation (CCM)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

[Gross]

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

1

01.11 - Growing of cereals (except rice), pulses and oil seeds

1

 

 

 

2

01.13 - Growing of vegetables, melons, roots and tubers

51

 

 

 

3

01.19 - Other non-permanent crops

0

 

 

 

4

01.21 - Vine growing

13

 

 

 

5

01.47 - Poultry farming

0

 

 

 

6

03.11 - Sea fishing

12

 

 

 

7

06.10 - Extraction of crude oil

397

0

 

 

8

06.20 - Natural gas extraction

37

 

 

 

9

07.10 - Extraction of iron ore

103

 

 

 

10

07.29 - Mining of other non-ferrous metal ores

640

 

 

 

11

08.12 - Mining of gravel and sand pits, extraction of clay and kaolin

25

1

 

 

12

08.91 - Extraction of chemical minerals and mineral fertilizers

17

 

 

 

13

09.10 - Support activities for hydrocarbon extraction

54

 

 

 

14

09.90 - Support activities for other mining and quarrying

80

0

 

 

15

10.11 - Meat processing and preservation

18

 

 

 

16

10.12 - Poultry meat processing and preservation

0

 

 

 

17

10.13 - Preparation of meat products

3

 

 

 

18

10.20 - Processing and preserving of fish, crustaceans and mollusks

3

 

 

 

19

10.51 - Dairies and cheese production

42

 

 

 

20

10.51 - Dairies and cheese production

0

 

 

 

21

10.51 - Dairies and cheese production

8

 

 

 

22

10.61 - Grain processing

3

 

 

 

23

10.72 - Manufacture of cookies, rusks and pastries

0

 

 

 

24

10.82 - Manufacture of cocoa, chocolate and confectionery products

0

 

 

 

25

10.85 - Manufacture of prepared meals

5

 

 

 

26

10.89 - Manufacture of other food products n.e.c.

36

 

 

 

27

10.91 - Manufacture of prepared feeds for farm animals

3

 

 

 

28

11.02 - Wine production (from grapes)

150

 

 

 

29

11.07 - Mineral water and other bottled water and soft drinks industry

0

 

 

 

30

11.07 - Mineral water and other bottled water and soft drinks industry

13

 

 

 

31

12.00 - Manufacture of tobacco products

0

 

 

 

32

13.20 - Weaving

39

 

 

 

e

f

g

h

y

z

aa

ab

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

 

 

 

 

1

 

 

 

 

 

 

 

51

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

13

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

12

 

 

 

 

 

 

 

397

0

 

 

 

 

 

 

37

 

 

 

 

 

 

 

103

 

 

 

 

 

 

 

640

 

 

 

 

 

 

 

25

1

 

 

 

 

 

 

17

 

 

 

 

 

 

 

54

 

 

 

 

 

 

 

80

0

 

 

 

 

 

 

18

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

42

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

8

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

36

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

150

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

13

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

39

 

 

 

 

Breakdown by sector - NACE 4 digits level (code and label)

a

b

c

d

Climate change mitigation (CCM)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

[Gross]

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

33

13.96 - Manufacture of other technical and industrial textiles

0

 

 

 

34

14.13 - Manufacture of outerwear

45

 

 

 

35

14.14 - Manufacture of underwear

1

 

 

 

36

14.39 - Manufacture of other knitted articles

5

 

 

 

37

16.10 - Lumber sawing and planning

12

 

 

 

38

16.21 - Manufacture of veneer and wood panels

2

 

 

 

39

16.23 - Manufacture of frames and other joinery products

3

 

 

 

40

16.24 - Manufacture of wooden packaging

36

 

 

 

41

16.29 - Manufacture of miscellaneous wooden articles, manufacture of articles of cork, basketry and straw goods

3

 

 

 

42

17.12 - Manufacture of paper and paperboard

81

0

 

 

43

17.21 - Manufacture of corrugated paper and paperboard and of packaging of paper or paperboard

0

0

 

 

44

17.21 - Manufacture of corrugated paper and paperboard and of packaging of paper or paperboard

1

 

 

 

45

17.22 - Manufacture of paper articles for sanitary and domestic use

0

 

 

 

46

17.23 - Manufacture of stationery products

2

 

 

 

47

17.29 - Manufacture of other paper and paperboard products

1

 

 

 

48

18.12 - Other printing (commercial)

7

 

 

 

49

19.20 - Oil refining

220

1

 

 

50

20.11 - Manufacture of industrial gases

6

 

 

 

51

20.13 - Manufacture of other basic inorganic chemical products

4

 

 

 

52

20.14 - Manufacture of other basic organic chemicals

38

0

 

 

53

20.16 - Manufacture of basic plastics

56

0

 

 

54

20.41 - Manufacture of soaps, detergents and cleaning products

18

 

 

 

55

20.42 - Manufacture of perfumes and toilet preparations

1

 

 

 

56

20.51 - Manufacture of explosives

0

 

 

 

57

20.52 - Manufacture of adhesives

0

0

 

 

58

20.53 - Manufacture of essential oils

3

 

 

 

59

20.59 - Manufacture of other chemical products n.e.c.

88

 

 

 

60

21.10 - Manufacturing of basic pharmaceutical products

22

 

 

 

61

21.20 - Manufacture of pharmaceutical preparations

145

 

 

 

62

22.19 - Manufacture of other rubber products

0

 

 

 

63

22.21 - Manufacture of plastic plates, sheets, tubes and profiles

2

0

 

 

64

22.22 - Manufacture of plastic packaging

2

 

 

 

e

f

g

h

y

z

aa

ab

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

 

 

 

 

0

 

 

 

 

 

 

 

45

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

12

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

36

 

 

 


 

 

 

 

3

 

 

 

 

 

 

 

81

0

 

 


 

 

 

 

0

0

 

 


 

 

 

 

1

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

7

 

 

 

 

 

 

 

220

1

 

 

 

 

 

 

6

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

38

0

 

 

 

 

 

 

56

0

 

 

 

 

 

 

18

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

3

 

 

 

 

 

 

 

88

 

 

 

 

 

 

 

22

 

 

 

 

 

 

 

145

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

2

0

 

 

 

 

 

 

2

 

 

 

 

Breakdown by sector - NACE 4 digits level (code and label)

a

b

c

d

Climate change mitigation (CCM)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

[Gross]

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

65

22.23 - Manufacture of plastic components for construction

6

 

 

 

66

22.29 - Manufacture of other plastic products

1

 

 

 

67

22.29 - Manufacture of other plastic products

0

 

 

 

68

23.14 - Manufacture of glass fibers

0

 

 

 

69

23.51 - Manufacture of cement

35

1

 

 

70

23.61 - Manufacture of concrete products for construction purposes

2

 

 

 

71

23.62 - Manufacture of plaster products for construction purposes

0

 

 

 

72

23.63 - Manufacture of ready-mixed concrete

12

 

 

 

73

23.69 - Manufacture of other articles of concrete, cement or plaster

0

0

 

 

74

23.91 - Manufacture of abrasive products

0

 

 

 

75

23.99 - Manufacture of other non-metallic mineral products

87

1

 

 

76

24.10 - Steel industry

28

 

 

 

77

24.20 - Manufacture of steel tubes, pipes, hollow sections and related fittings

24

4

 

 

78

24.31 - Cold drawing of bars

2

 

 

 

79

24.33 - Cold forming by shaping or bending

0

 

 

 

80

24.42 - Aluminum metallurgy

41

2

 

 

81

24.44 - Copper metallurgy

31

1

 

 

82

24.45 - Metallurgy of other non-ferrous metals

63

 

 

 

83

24.51 - Cast iron

0

 

 

 

84

25.11 - Manufacture of metal structures and parts of structures

0

0

 

 

85

25.50 - Forging, stamping, powder metallurgy

0

 

 

 

86

25.61 - Treatment and coating of metals

0

 

 

 

87

25.62 - Machining

0

 

 

 

88

25.62 - Machining

21

0

 

 

89

25.72 - Manufacture of locks and hardware

0

0

 

 

90

25.92 - Manufacture of light metal packaging

0

 

 

 

91

25.93 - Manufacture of wire products, chain and springs

30

0

 

 

92

25.99 - Manufacture of other metal products n.e.c.

2

 

 

 

93

26.11 - Manufacture of electronic components

35

 

 

 

94

26.12 - Manufacture of assembled electronic boards

5

 

 

 

95

26.20 - Manufacture of computers and peripheral equipment

196

 

 

 

96

26.30 - Manufacture of communication equipment

8

 

 

 

97

26.51 - Manufacture of instruments and appliances for measuring, testing and navigation

6

 

 

 

 

e

f

g

h

y

z

aa

ab

 

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

 

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

 

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

 

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

 

 

 

 

 

6

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

35

1

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

87

1

 

 

 

 

 

 

 

28

 

 

 

 


 

 

 

 

24

4

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

41

2

 

 

 

 

 

 

 

31

1

 

 

 

 

 

 

 

63

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

21

0

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

30

0

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

35

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

196

 

 

 

 

 

 

 

 

8

 

 

 

 


 

 

 

 

6

 

 

 

 

Breakdown by sector - NACE 4 digits level (code and label)

a

b

c

d

Climate change mitigation (CCM)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

[Gross]

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

98

26.51 - Manufacture of instruments and appliances for measuring, testing and navigation

0

 

 

 

99

26.60 - Manufacture of medical irradiation equipment, electromedical and electrotherapeutic equipment

3

 

 

 

100

26.70 - Manufacture of optical and photographic equipment

12

 

 

 

101

26.80 - Manufacture of magnetic and optical media

5

 

 

 

102

27.11 - Manufacture of electric motors, generators and transformers

0

0

 

 

103

27.12 - Manufacture of electrical distribution and control equipment

128

26

 

 

104

27.20 - Manufacture of primary batteries and accumulators

86

 

 

 

105

27.33 - Manufacture of electrical installation equipment

0

 

 

 

106

27.40 - Manufacture of electric lighting equipment

3

 

 

 

107

27.51 - Manufacture of household appliances

36

 

 

 

108

28.11 - Manufacture of engines and turbines, except aircraft and vehicle engines

1

 

 

 

109

28.13 - Manufacture of other pumps and compressors

0

 

 

 

110

28.14 - Manufacture of other valves and fittings

4

 

 

 

111

28.15 - Manufacture of gears and mechanical transmission components

0

 

 

 

112

28.22 - Manufacture of lifting and handling equipment

120

1

 

 

113

28.25 - Manufacture of industrial ventilation and refrigeration equipment

3

0

 

 

114

28.29 - Manufacture of miscellaneous general-purpose machinery

0

 

 

 

115

28.29 - Manufacture of miscellaneous general-purpose machinery

2

 

 

 

116

28.30 - Manufacture of agricultural and forestry machinery

0

 

 

 

117

28.49 - Manufacture of other machinery

0

 

 

 

118

28.93 - Manufacture of machinery for the food industry

28

 

 

 

119

28.94 - Manufacture of machinery for the textile industry

40

 

 

 

120

28.95 - Manufacture of machinery for the paper and paperboard industries

1

 

 

 

121

28.99 - Manufacture of other special-purpose machinery n.e.c.

4

0

 

 

122

29.10 - Manufacture of motor vehicles

255

2

 

 

123

29.20 - Manufacture of coachwork and trailers

0

 

 

 

124

29.32 - Manufacture of other automotive equipment

430

10

 

 

125

30.11 - Construction of ships and floating structures

39

 

 

 

126

30.12 - Construction of pleasure craft

21

2

 

 

127

30.20 - Construction of locomotives and other railway rolling stock

66

1

 

 

128

30.30 - Aeronautical and space construction

161

 

 

 

129

30.92 - Manufacture of bicycles and disabled vehicles

3

 

 

 

e

f

g

h

y

z

aa

ab

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Non-financial companies

(subject to NFRD)

Non-Financial corporates

(Subject to NFRD)

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)


 

 

 

 

0

 

 

 


 

 

 

 

3

 

 

 

 

 

 

 

12

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

128

26

 

 

 

 

 

 

86

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

36

 

 

 


 

 

 

 

1

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

120

1

 

 

 

 

 

 

3

0

 

 

 

 

 

 

0

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

28

 

 

 

 

 

 

 

40

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

4

0

 

 

 

 

 

 

255

2

 

 

 

 

 

 

0

 

 

 

 

 

 

 

430

10

 

 

 

 

 

 

39

 

 

 

 

 

 

 

21

2

 

 

 

 

 

 

66

1

 

 

 

 

 

 

161

 

 

 

 

 

 

 

3

 

 

 

 

Breakdown by sector - NACE 4 digits level (code and label)

a

b

c

d

Climate change mitigation (CCM)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

[Gross]

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

130

31.01 - Manufacture of office and shop furniture

0

 

 

 

131

32.30 - Manufacture of sporting goods

3

 

 

 

132

32.50 - Manufacture of medical and dental instruments and supplies

9

 

 

 

133

32.50 - Manufacture of medical and dental instruments and supplies

10

 

 

 

134

32.99 - Other manufacturing activities n.e.c.

23

 

 

 

135

33.12 - Repair of machinery and equipment

26

0

 

 

136

33.13 - Repair of electronic and optical equipment

0

 

 

 

137

33.20 - Installation of machinery and equipment

5

 

 

 

138

33.20 - Installation of machinery and equipment

1

0

 

 

139

33.20 - Installation of machinery and equipment

0

 

 

 

140

35.11 - Production of electricity

1,868

449

 

 

141

35.13 - Distribution of electricity

103

0

 

 

142

35.14 - Electricity trade

9

0

 

 

143

35.21 - Production of gaseous fuels

66

0

 

 

144

35.22 - Distribution of gaseous fuels through pipelines

53

 

 

 

145

35.23 - Sale of gaseous fuels through pipelines

66

7

 

 

146

35.30 - Steam and air conditioning production and supply

8

1

 

 

147

36.00 - Water collection, treatment and supply

7

0

 

 

148

37.00 - Wastewater collection and treatment

1

0

 

 

149

38.11 - Collection of non-hazardous waste

40

25

 

 

150

38.12 - Collection of hazardous waste

0

0

 

 

151

38.21 - Treatment and disposal of non-hazardous waste

14

8

 

 

152

38.22 - Treatment and disposal of hazardous waste

15

0

 

 

153

38.31 - Dismantling of wrecks

1

0

 

 

154

38.32 - Recovery of sorted waste

74

59

 

 

155

41.10 - Real estate development

290

92

 

 

156

41.10 - Real estate development

90

7

 

 

157

41.10 - Real estate development

222

4

 

 

158

41.10 - Real estate development

327

66

 

 

159

41.20 - Construction of residential and non-residential buildings

16

1

 

 

160

41.20 - Construction of residential and non-residential buildings

59

4

 

 

161

42.11 - Road and motorway construction

32

5

 

 

162

42.12 - Construction of surface and underground railways

21

5

 

 

aa 

ab 

Climate change adaptation (CCA) 

TOTAL (CCM + CCA) 

Non-Financial corporates

(Subject to NFRD) 

SMEs and other NFC

not subject to NFRD 

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD 

Mn EUR 

(Gross)

carrying

amount 

Mn EUR 

(Gross)

carrying

amount 

Mn EUR 

(Gross)

carrying amount 

Mn EUR

(Gross)

carrying

amount 

Of which

environmentally

sustainable

(CCM) 

Of which

environmentally

sustainable

(CCM) 

Of which

environmentally

sustainable

(CCM) 

Of which

environmentally

sustainable

(CCM) 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10 

 

 

 

 

 

 

 

23 

 

 

 

 

 

 

 

26 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,868 

449 

 

 

 

 

 

 

103 

 

 

 

 

 

 

 

 

 

 

 

 

66 

 

 

 

 

 

 

53 

 

 

 

 

 

 

 

66 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40 

25 

 

 

 

 

 

 

 

 

 

 

 

 

14 

 

 

 

 

 

 

15 

 

 

 

 

 

 

 

 

 

 

 

 

74 

59 

 

 

 

 

 

 

290 

92 

 

 

 

 

 

 

90 

 

 

 

 

 

 

222 

 

 

 

 

 

 

327 

66 

 

 

 

 

 

 

16 

 

 

 

 

 

 

59 

 

 

 

 

 

 

32 

 

 

 

 

 

 

21 

 

 

 

Breakdown by sector - NACE 4 digits level (code and label)

a

b

c

d

Climate change mitigation (CCM)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD 

Mn EUR

[Gross]

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

163

42.13 - Construction of bridges and tunnels

7

1

 

 

164

42.13 - Construction of bridges and tunnels

0

0

 

 

165

42.21 - Construction of networks for fluids

3

1

 

 

166

42.22 - Construction of electricity and telecommunications networks

52

2

 

 

167

42.91 - Construction of maritime and river infrastructure

2

0

 

 

168

42.99 - Construction of other civil engineering works n.e.c.

140

11

 

 

169

43.11 - Demolition work

2

0

 

 

170

43.12 - Site preparation work

114

10

 

 

171

43.12 - Site preparation work

9

1

 

 

172

43.13 - Drilling and test pits

0

 

 

 

173

43.21 - Electrical installation

7

1

 

 

174

43.21 - Electrical installation

4

0

 

 

175

43.22 - Plumbing, heating and air conditioning installation

0

0

 

 

176

43.29 - Other installation work

0

 

 

 

177

43.32 - Joinery work

0

0

 

 

178

43.99 - Other specialized construction work n.e.c.

0

0

 

 

179

43.99 - Other specialized construction work n.e.c.

1

0

 

 

180

45.11 - Sale of cars and light motor vehicles

17

0

 

 

181

45.20 - Maintenance and repair of motor vehicles

0

0

 

 

182

45.20 - Maintenance and repair of motor vehicles

0

 

 

 

183

45.31 - Wholesale trade of automotive equipment

38

9

 

 

184

45.32 - Retail trade of automotive equipment

48

 

 

 

185

45.40 - Sale and repair of motorcycles

7

0

 

 

186

46.11 - Agents involved in the sale of agricultural commodities, live animals, textile commodities, and semi-finished products

269

 

 

 

187

46.12 - Agents involved in the sale of fuels, metals, minerals and chemical products

330

0

 

 

188

46.14 - Agents involved in the sale of machinery, industrial equipment, ships and aircraft

82

 

 

 

189

46.18 - Agents specialized in the sale of other specific products

0

 

 

 

190

46.19 - Agents involved in the sale of miscellaneous goods

17

 

 

 

191

46.19 - Agents involved in the sale of miscellaneous goods

98

0

 

 

192

46.21 - Wholesale of cereals, non-manufactured tobacco, seeds and animal feed

52

 

 

 

193

46.22 - Wholesale of flowers and plants

16

 

 

 

194

46.31 - Wholesale of fruit and vegetables

7

 

 

 

e

f

g

h

y

z

aa

ab

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD 

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD 

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

 

 

 

 

7

1

 

 

 

 

 

 

0

0

 

 

 

 

 

 

3

1

 

 

 

 

 

 

52

2

 

 

 

 

 

 

2

0

 

 

 

 

 

 

140

11

 

 

 

 

 

 

2

0

 

 

 

 

 

 

114

10

 

 

 

 

 

 

9

1

 

 

 

 

 

 

0

 

 

 

 

 

 

 

7

1

 

 

 

 

 

 

4

0

 

 

 

 

 

 

0

0

 

 

 

 

 

 

0

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

0

0

 

 

 

 

 

 

1

0

 

 

 

 

 

 

17

0

 

 

 

 

 

 

0

0

 

 

 

 

 

 

0

 

 

 

 

 

 

 

38

9

 

 

 

 

 

 

48

 

 

 

 

 

 

 

7

0

 

 

 


 

 

 

269

 

 

 

 


 

 

 

330

0

 

 

 


 

 

 

82

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

17

 

 

 

 

 

 

 

98

0

 

 

 


 

 

 

52

 

 

 

 

 

 

 

16

 

 

 

 

 

 

 

7

 

 

 

 

Breakdown by sector - NACE 4 digits level (code and label)

a

b

c

d

Climate change mitigation (CCM)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

[Gross]

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

195

46.33 - Wholesale of dairy products, eggs, edible oils and fats

0

0

 

 

196

46.34 - Wholesale of beverages

61

 

 

 

197

46.35 - Wholesale trade of tobacco products

0

 

 

 

198

46.37 - Wholesale trade of coffee, tea, cocoa and spices

91

 

 

 

199

46.38 - Wholesale trade of other food products, including fish, crustaceans and mollusks

1

0

 

 

200

46.39 - Non-specialized wholesale trade of food, beverages and tobacco

4

0

 

 

201

46.41 - Wholesale trade of textiles

1

 

 

 

202

46.42 - Wholesale trade of clothing and footwear

13

 

 

 

203

46.43 - Wholesale trade of electrical household appliances

8

1

 

 

204

46.44 - Wholesale trade of tableware, glassware and cleaning products

0

0

 

 

205

46.45 - Wholesale trade of perfumes and cosmetics

0

 

 

 

206

46.46 - Wholesale trade of pharmaceutical products

89

 

 

 

207

46.47 - Wholesale trade of furniture, rugs and lighting equipment

0

0

 

 

208

46.49 - Wholesale trade of other household goods

7

 

 

 

209

46.51 - Wholesale trade of computers, computer peripheral equipment and software

21

0

 

 

210

46.52 - Wholesale trade of electronic and telecommunication components and equipment

21

3

 

 

211

46.63 - Wholesale trade of mining, construction and civil engineering machinery

0

0

 

 

212

46.66 - Wholesale trade of other office machinery and equipment

0

 

 

 

213

46.69 - Wholesale trade of other machinery and equipment

23

 

 

 

214

46.69 - Wholesale trade of other machinery and equipment

7

0

 

 

215

46.69 - Wholesale trade of other machinery and equipment

0

 

 

 

216

46.71 - Wholesale of fuel and related products

664

4

 

 

217

46.72 - Wholesale trade of minerals and metals

343

0

 

 

218

46.73 - Wholesale trade of timber, construction materials and sanitary equipment

12

 

 

 

219

46.73 - Wholesale trade of timber, construction materials and sanitary equipment

3

 

 

 

220

46.74 - Wholesale trade of hardware, plumbing and heating supplies

0

 

 

 

221

46.75 - Wholesale trade of chemical products

110

 

 

 

222

46.76 - Wholesale trade of other intermediate products

0

 

 

 

223

46.77 - Wholesale trade of waste and scrap

1

1

 

 

224

46.90 - Non-specialized wholesale trade

32

 

 

 

225

47.11 - Retail trade in non-specialized stores predominantly of foodstuffs

0

 

 

 

226

47.11 - Retail trade in non-specialized stores predominantly of foodstuffs

11

0

 

 

227

47.11 - Retail trade in non-specialized stores predominantly of foodstuffs

124

0

 

 

e

f

g

h

y

z

aa

ab

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

 

 

 

 

0

0

 

 

 

 

 

 

61

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

91

 

 

 

 


 

 

 

1

0

 

 

 

 

 

 

4

0

 

 

 

 

 

 

1

 

 

 

 

 

 

 

13

 

 

 

 

 

 

 

8

1

 

 

 

 

 

 

0

0

 

 

 

 

 

 

0

 

 

 

 

 

 

 

89

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

7

 

 

 

 


 

 

 

21

0

 

 

 


 

 

 

21

3

 

 

 


 

 

 

0

0

 

 

 

 

 

 

0

 

 

 

 

 

 

 

23

 

 

 

 

 

 

 

7

0

 

 

 

 

 

 

0

 

 

 

 

 

 

 

664

4

 

 

 

 

 

 

343

0

 

 

 


 

 

 

12

 

 

 

 


 

 

 

3

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

110

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

1

1

 

 

 

 

 

 

32

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

11

0

 

 

 

 

 

 

124

0

 

 

 

Breakdown by sector - NACE 4 digits level (code and label)

a

b

c

d

Climate change mitigation (CCM)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

[Gross]

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

228

47.19 - Other retail trade in non-specialized stores

92

 

 

 

229

47.19 - Other retail trade in non-specialized stores

44

3

 

 

230

47.30 - Retail trade of fuel in specialized stores

0

0

 

 

231

47.41 - Retail trade of computers, peripheral units and software in specialized stores

0

 

 

 

232

47.52 - Retail trade of hardware, paints and glass in specialized stores

0

 

 

 

233

47.54 - Retail trade of household appliances in specialized stores

3

 

 

 

234

47.59 - Retail trade of furniture, lighting equipment and other household items in specialized stores

5

 

 

 

235

47.59 - Retail trade of furniture, lighting equipment and other household items in specialized stores

1

 

 

 

236

47.61 - Retail trade of books in specialized stores

88

 

 

 

237

47.62 - Retail trade of newspapers and stationery in specialized stores

0

 

 

 

238

47.71 - Retail trade of clothing in specialized stores

1

 

 

 

239

47.72 - Retail trade of footwear and leather goods in specialized stores

0

 

 

 

240

47.74 - Retail trade of medical and orthopedic articles in specialized stores

0

 

 

 

241

47.75 - Retail sale of perfume and beauty products in specialized stores

0

 

 

 

242

47.76 - Retail trade of flowers, plants, seeds, fertilizers, pet animals and pet food in specialized stores

0

 

 

 

243

47.77 - Retail trade of watches and jewelry in specialized stores

67

 

 

 

244

47.78 - Other retail trade of new goods in specialized stores

1

 

 

 

245

47.91 - Distance selling

0

 

 

 

246

47.91 - Distance selling

18

 

 

 

247

49.39 - Other passenger land transport n.e.c.

3

1

 

 

248

49.39 - Other passenger land transport n.e.c.

10

 

 

 

249

49.39 - Other passenger land transport n.e.c.

37

 

 

 

250

49.41 - Freight transport by road

60

0

 

 

251

49.41 - Freight transport by road

0

 

 

 

252

49.41 - Freight transport by road

2

0

 

 

253

49.50 - Transport via pipelines

179

 

 

 

254

50.10 - Maritime and coastal passenger transport

3

1

 

 

255

50.20 - Maritime and coastal freight transport

110

1

 

 

256

51.10 - Passenger air transport

212

 

 

 

257

52.10 - Warehousing and storage

0

 

 

 

258

52.10 - Warehousing and storage

41

2

 

 

259

52.21 - Services incidental to land transport

49

3

 

 

e

f

g

h

y

z

aa

ab

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

 

 

 

 

92

 

 

 

 

 

 

 

44

3

 

 

 

 

 

 

0

0

 

 


 

 

 

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

3

 

 

 


 

 

 

 

5

 

 

 


 

 

 

 

1

 

 

 

 

 

 

 

88

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

0

 

 

 


 

 

 

 

0

 

 

 

 

 

 

 

0

 

 

 


 

 

 

 

0

 

 

 

 

 

 

 

67

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

18

 

 

 

 

 

 

 

3

1

 

 

 

 

 

 

10

 

 

 

 

 

 

 

37

 

 

 

 

 

 

 

60

0

 

 

 

 

 

 

0

 

 

 

 

 

 

 

2

0

 

 

 

 

 

 

179

 

 

 

 

 

 

 

3

1

 

 

 

 

 

 

110

1

 

 

 

 

 

 

212

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

41

2

 

 

 

 

 

 

49

3

 

 

 

Breakdown by sector - NACE 4 digits level (code and label)

a

b

c

d

Climate change mitigation (CCM)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

[Gross]

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

260

52.22 - Services incidental to water transport

2

0

 

 

261

52.23 - Services incidental to air transport

66

11

 

 

262

52.24 - Handling

0

0

 

 

263

52.29 - Other services incidental to transport

12

 

 

 

264

52.29 - Other services incidental to transport

39

1

 

 

265

55.10 - Hotels and similar accommodation

545

0

 

 

266

55.20 - Tourist accommodation and other short-term accommodation

31

2

 

 

267

56.10 - Restaurants and mobile food services

39

 

 

 

268

56.10 - Restaurants and mobile food services

3

 

 

 

269

56.21 - Catering services

0

 

 

 

270

58.11 - Book publishing

 

0

 

 

271

58.14 - Publishing of magazines and periodicals

2

 

 

 

272

58.19 - Other publishing activities

0

 

 

 

273

58.21 - Publishing of electronic games

120

 

 

 

274

58.29 - Publishing of other software

0

0

 

 

275

58.29 - Publishing of other software

34

 

 

 

276

59.11 - Motion picture, video and television program production

26

0

 

 

277

59.11 - Motion picture, video and television program production

0

0

 

 

278

59.11 - Motion picture, video and television program production

18

 

 

 

279

59.12 - Motion picture, video and television post-production

0

 

 

 

280

59.13 - Distribution of motion pictures, video and television programs

0

 

 

 

281

59.20 - Sound recording and music publishing

138

 

 

 

282

60.20 - Television programming and broadcasting

20

1

 

 

283

61.10 - Fixed-line telecommunications

619

0

 

 

284

61.20 - Cordless telecommunications

30

0

 

 

285

61.30 - Satellite telecommunications

265

0

 

 

286

61.90 - Other telecommunications activities

514

0

 

 

287

62.01 - Computer programming

23

0

 

 

288

62.02 - IT consultancy

159

0

 

 

289

62.02 - IT consultancy

1

0

 

 

290

62.03 - IT facilities management

2

1

 

 

291

62.09 - Other IT activities

140

3

 

 

292

63.11 - Data processing, hosting and related activities

85

21

 

 

e

f

g

h

y

z

aa

ab

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

 

 

 

 

2

0

 

 

 

 

 

 

66

11

 

 

 

 

 

 

0

0

 

 

 

 

 

 

12

 

 

 

 

 

 

 

39

1

 

 

 

 

 

 

545

0

 

 

 

 

 

 

31

2

 

 

 

 

 

 

39

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

2

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

120

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

34

 

 

 

 

 

 

 

26

0

 

 

 

 

 

 

0

0

 

 

 

 

 

 

18

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

138

 

 

 

 

 

 

 

20

1

 

 

 

 

 

 

619

0

 

 

 

 

 

 

30

0

 

 

 

 

 

 

265

0

 

 

 

 

 

 

514

0

 

 

 

 

 

 

23

0

 

 

 

 

 

 

159

0

 

 

 

 

 

 

1

0

 

 

 

 

 

 

2

1

 

 

 

 

 

 

140

3

 

 

 

 

 

 

85

21

 

 

 

Breakdown by sector - NACE 4 digits level (code and label)

a

b

c

d

Climate change mitigation (CCM)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

[Gross]

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

293

63.12 - Internet portals

0

 

 

 

294

64.19 - Other monetary intermediation

0

 

 

 

295

64.20 - Holding company activities

731

61

 

 

296

64.30 - Investment funds and similar financial entities

431

1

 

 

297

64.91 - Leasing

0

 

 

 

298

64.92 - Other credit distribution

178

0

 

 

299

64.99 - Other financial service activities, except insurance and pension funding, n.e.c.

919

 

 

 

300

66.12 - Brokerage of securities and commodities

122

 

 

 

301

66.19 - Other activities auxiliary to financial services, except insurance and pension funding

358

86

 

 

302

66.19 - Other activities auxiliary to financial services, except insurance and pension funding

255

0

 

 

303

66.22 - Activities of insurance agents and brokers

2

 

 

 

304

66.30 - Fund management

686

61

 

 

305

68.10 - Activities of real estate dealers

258

21

 

 

306

68.20 - Rental and operation of own or leased real estate

280

7

 

 

307

68.20 - Rental and operation of own or leased real estate

2,836

195

 

 

308

68.31 - Real estate agencies

12

0

 

 

309

68.32 - Property management

103

3

 

 

310

68.32 - Property management

21

5

 

 

311

69.20 - Accounting activities

109

18

 

 

312

70.10 - Activities of head offices

828

25

 

 

313

70.22 - Business and other management advice

575

22

 

 

314

71.11 - Architectural activities

0

0

 

 

315

71.12 - Engineering activities

257

135

 

 

316

71.20 - Technical control and analysis activities

0

0

 

 

317

72.11 - Research and development in biotechnology

52

 

 

 

318

72.19 - Research and development in other physical and natural sciences

109

1

 

 

319

73.11 - Activities of advertising agencies

78

 

 

 

320

73.20 - Market research and opinion polls

0

0

 

 

321

74.10 - Specialized design activities

0

 

 

 

322

74.20 - Photographic activities

2

 

 

 

323

74.90 - Other professional, scientific and technical activities n.e.c.

0

0

 

 

324

74.90 - Other professional, scientific and technical activities n.e.c.

1

0

 

 

e

f

g

h

y

z

aa

ab

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

 

 

 

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

731

61

 

 

 

 

 

 

431

1

 

 

 

 

 

 

0

 

 

 

 

 

 

 

178

0

 

 


 

 

 

 

919

 

 

 

 

 

 

 

122

 

 

 


 

 

 

 

358

86

 

 


 

 

 

 

255

0

 

 

 

 

 

 

2

 

 

 

 

 

 

 

686

61

 

 

 

 

 

 

258

21

 

 

 

 

 

 

280

7

 

 

 

 

 

 

2,836

195

 

 

 

 

 

 

12

0

 

 

 

 

 

 

103

3

 

 

 

 

 

 

21

5

 

 

 

 

 

 

109

18

 

 

 

 

 

 

828

25

 

 

 

 

 

 

575

22

 

 

 

 

 

 

0

0

 

 

 

 

 

 

257

135

 

 

 

 

 

 

0

0

 

 

 

 

 

 

52

 

 

 

 

 

 

 

109

1

 

 

 

 

 

 

78

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

0

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

1

0

 

 

 

Breakdown by sector - NACE 4 digits level (code and label)

a

b

c

d

Climate change mitigation (CCM)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

[Gross]

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

325

77.11 - Rental and leasing of cars and light motor vehicles

189

15

 

 

326

77.11 - Rental and leasing of cars and light motor vehicles

0

 

 

 

327

77.12 - Truck rental and leasing

45

 

 

 

328

77.21 - Rental and leasing of leisure and sporting goods

14

3

 

 

329

77.29 - Rental and leasing of other personal and household goods

84

 

 

 

330

77.34 - Rental and leasing of water transport equipment

3

 

 

 

331

77.35 - Rental and leasing of air transport equipment

765

 

 

 

332

77.39 - Rental and leasing of other machinery, equipment and physical assets n.e.c.

9

0

 

 

333

77.40 - Leasing of intellectual property and similar products, excluding copyrighted works

169

0

 

 

334

78.10 - Employment agency activities

0

 

 

 

335

78.20 - Activities of temporary employment agencies

2

 

 

 

336

78.30 - Other provision of human resources

24

1

 

 

337

79.11 - Travel agency activities

68

 

 

 

338

79.12 - Tour operator activities

0

 

 

 

339

80.10 - Private security activities

0

 

 

 

340

81.21 - General cleaning of buildings

0

0

 

 

341

81.22 - Other building and industrial cleaning activities

1

0

 

 

342

81.29 - Other cleaning activities

0

 

 

 

343

82.11 - Combined office administrative services

19

3

 

 

344

82.30 - Organization of trade shows and conventions

2

0

 

 

345

82.92 - Packaging activities

25

 

 

 

346

82.99 - Other business support activities n.e.c.

167

0

 

 

347

85.20 - Primary education

9

 

 

 

348

85.59 - Miscellaneous education

0

0

 

 

349

85.59 - Miscellaneous education

2

 

 

 

350

86.10 - Hospital activities

20

1

 

 

351

86.21 - Activity of general practitioners

0

 

 

 

352

86.22 - Specialist physician activity

5

 

 

 

353

86.22 - Specialist physician activity

0

 

 

 

354

86.90 - Other human health activities

0

 

 

 

355

87.10 - Residential care

899

0

 

 

356

87.30 - Social housing for the elderly or physically disabled

56

0

 

 

357

88.10 - Social action without housing for the elderly and the disabled

0

 

 

 

e

f

g

h

y

z

aa

ab

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

 

 

 

 

189

15

 

 

 

 

 

 

0

 

 

 

 

 

 

 

45

 

 

 

 

 

 

 

14

3

 

 

 

 

 

 

84

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

765

 

 

 


 

 

 

 

9

0

 

 


 

 

 

 

169

0

 

 

 

 

 

 

0

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

24

1

 

 

 

 

 

 

68

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

1

0

 

 

 

 

 

 

0

 

 

 

 

 

 

 

19

3

 

 

 

 

 

 

2

0

 

 

 

 

 

 

25

 

 

 

 

 

 

 

167

0

 

 

 

 

 

 

9

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

2

 

 

 

 

 

 

 

20

1

 

 

 

 

 

 

0

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

899

0

 

 

 

 

 

 

56

0

 

 

 

 

 

 

0

 

 

 

 

Breakdown by sector - NACE 4 digits level (code and label)

a

b

c

d

Climate change mitigation (CCM)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

[Gross]

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

358

88.91 - Social action without housing for young children

0

0

 

 

359

90.01 - Performing arts

0

 

 

 

360

90.02 - Support activities for performing arts

16

 

 

 

361

90.04 - Management of theaters

0

 

 

 

362

92.00 - Gambling activities

310

 

 

 

363

93.12 - Sports club activities

0

 

 

 

364

93.19 - Other sports-related activities

1

1

 

 

365

93.21 - Activities of amusement parks and theme parks

0

 

 

 

366

93.29 - Other recreational and leisure activities

183

5

 

 

367

94.20 - Activities of trade unions

0

 

 

 

368

95.11 - Repair of computers and peripheral equipment

1

 

 

 

369

95.12 - Repair of communications equipment

2

0

 

 

370

95.22 - Repair of household appliances and household and garden equipment

0

 

 

 

371

96.01 - Laundromat

0

0

 

 

372

96.02 - Hair and beauty treatments

1

 

 

 

373

96.04 - Personal maintenance

1

 

 

 

374

96.09 - Other personal services n.e.c.

0

 

 

 

375

99.00 - Activities of extraterritorial organizations and bodies

5

1

 

 

376

NACE code not identified

2,878

 

 

 

e

f

g

h

y

z

aa

ab

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Non-Financial corporates

(Subject to NFRD)

SMEs and other NFC

not subject to NFRD

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Mn EUR

(Gross)

carrying

amount

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

Of which

environmentally

sustainable

(CCM)

 

 

 

 

0

0

 

 

 

 

 

 

0

 

 

 

 

 

 

 

16

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

310

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

1

1

 

 

 

 

 

 

0

 

 

 

 

 

 

 

183

5

 

 

 

 

 

 

0

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

2

0

 

 


 

 

 

 

0

 

 

 

 

 

 

 

0

0

 

 

 

 

 

 

1

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

5

1

 

 

 

 

 

 

2,878

 

 

 

TEMPLATE 3 - GAR KPI STOCK (TURNOVER BASIS)

% (compared to total assets covered in the denominator)

a

b

c

d

e

Disclosure reference date T

Climate change mitigation (CCM)

 


Proportion of total covered assets funding

taxonomy relevant sectors (Taxonomy-eligible)

 



Proportion of total covered assets funding

taxonomy relevant sectors (Taxonomy-aligned)

Of which use

of proceeds

Of which

transitional

Of which

enabling

GAR - COVERED ASSETS IN BOTH NUMERATOR AND DENOMINATOR

 

 

 

 

 

1

Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation

66.51%

6.83%

 

 

 

2

Financial undertakings

0.10%

0.01%

 

 

 

3

Credit institutions

0.00%

0.00%

 

 

 

4

Loans and advances

0.00%

0.00%

 

 

 

5

Debt securities, including UoP

0.00%

0.00%

 

 

 

6

Equity instruments

 

 

 

 

 

7

Other financial corporations

0.12%

0.02%

 

 

 

8

of which investment firms

 

 

 

 

 

9

Loans and advances

 

 

 

 

 

10

Debt securities, including UoP

 

 

 

 

 

11

Equity instruments

 

 

 

 

 

12

of which management companies

 

 

 

 

 

13

Loans and advances

 

 

 

 

 

14

Debt securities, including UoP

 

 

 

 

 

15

Equity instruments

 

 

 

 

 

16

of which insurance undertakings

0.00%

0.00%

 

 

 

17

Loans and advances

0.00%

0.00%

 

 

 

18

Debt securities, including UoP

0.00%

0.00%

 

 

 

19

Equity instruments

 

 

 

 

 

20

Non-financial undertakings

13.91%

5.15%

 

 

 

21

Loans and advances

15.53%

5.73%

 

 

 

22

Debt securities, including UoP

6.24%

3.32%

 

 

 

23

Equity instruments

 

 

 

 

 

24

Households

81.69%

8.22%

 

 

 

25

of which loans collateralized by residential immovable property

100.00%

10.20%

 

 

 

26

of which building renovation loans

100.00%

0.00%

 

 

 

27

of which motor vehicle loans

67.16%

0.00%

 

 

 

28

Local governments financing

6.82%

0.00%

 

 

 

29

Housing financing

100.00%

0.00%

 

 

 

30

Other local government financing

0.00%

0.00%

 

 

 

31

Collateral obtained by taking possession: residential and commercial immovable properties

0.00%

0.00%

 

 

 

32

TOTAL GAR ASSETS

38.79%

3.98%

 

 

 

f

g

h

i

aa

ab

ac

ad

ae

af

 

Disclosure reference date T

 

 

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

 

 

 

Proportion of total covered assets funding

taxonomy relevant sectors

(Taxonomy-eligible)

 

Proportion of total covered assets funding taxonomy relevant

sectors (Taxonomy-eligible)

Share

of total

assets

covered

 

 

Proportion of total covered

assets funding taxonomy

relevant sectors

(Taxonomy-aligned)

 

Proportion of total covered assets funding

taxonomy relevant sectors

(Taxonomy-aligned)

 

Of which use

of proceeds

Of which

enabling

Of which use

of proceeds

Of which

transitional

Of which

enabling

 


 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

66.51%

6.83%

 

 

 

38.58%

 

 

 

 

 

0.10%

0.01%

 

 

 

2.17%

 

 

 

 

 

0.00%

0.00%

 

 

 

0.42%

 

 

 

 

 

0.00%

0.00%

 

 

 

0.18%

 

 

 

 

 

0.00%

0.00%

 

 

 

0.24%

 

 

 

 

 

 

 

 

 

 

0.00%

 

 

 

 

 

0.12%

0.02%

 

 

 

1.74%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.00%

0.00%

 

 

 

0.56%

 

 

 

 

 

0.00%

0.00%

 

 

 

0.20%

 

 

 

 

 

0.00%

0.00%

 

 

 

0.01%

 

 

 

 

 

 

 

 

 

 

0.35%

 

 

 

 

 

13.91%

5.15%

 

 

 

2.07%

 

 

 

 

 

15.53%

5.73%

 

 

 

1.84%

 

 

 

 

 

6.24%

3.32%

 

 

 

0.04%

 

 

 

 

 

 

 

 

 

 

0.19%

 

 

 

 

 

81.69%

8.22%

 

 

 

30.76%

 

 

 

 

 

100.00%

10.20%

 

 

 

24.78%

 

 

 

 

 

100.00%

0.00%

 

 

 

0.06%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.82%

0.00%

 

 

 

3.58%

 

 

 

 

 

100.00%

0.00%

 

 

 

0.24%

 

 

 

 

 

0.00%

0.00%

 

 

 

3.34%

 


 

 

 

 

0.00%

0.00%

 

 

 

0.00%

 

 

 

 

 

38.79%

3.98%

 

 

 

66.16%

 

TEMPLATE 3 - GAR KPI STOCK (CAPEX BASIS)

% (compared to total covered assets in the denominator)

a

b

c

d

e

Disclosure reference date T

Climate change mitigation (CCM)

 


Proportion of total covered assets funding taxonomy relevant

sectors (Taxonomy-eligible)

 



Proportion of total covered assets funding

taxonomy relevant sectors (Taxonomy-aligned)

Of which use

of proceeds

Of which

transitional

Of which

enabling

GAR - COVERED ASSETS IN BOTH NUMERATOR AND DENOMINATOR

 

 

 

 

 

1

Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation

66.88%

7.03%

 

 

 

2

Financial undertakings

0.10%

0.05%

 

 

 

3

Credit institutions

0.00%

0.00%

 

 

 

4

Loans and advances

0.00%

0.00%

 

 

 

5

Debt securities, including UoP

0.00%

0.00%

 

 

 

6

Equity instruments

 

 

 

 

 

7

Other financial corporations

0.12%

0.06%

 

 

 

8

of which investment firms

 

 

 

 

 

9

Loans and advances

 

 

 

 

 

10

Debt securities, including UoP

 

 

 

 

 

11

Equity instruments

 

 

 

 

 

12

of which management companies

 

 

 

 

 

13

Loans and advances

 

 

 

 

 

14

Debt securities, including UoP

 

 

 

 

 

15

Equity instruments

 

 

 

 

 

16

of which insurance undertakings

0.00%

0.00%

 

 

 

17

Loans and advances

0.00%

0.00%

 

 

 

18

Debt securities, including UoP

0.00%

0.00%

 

 

 

19

Equity instruments

 

 

 

 

 

20

Non-financial undertakings

20.73%

8.92%

 

 

 

21

Loans and advances

22.92%

9.83%

 

 

 

22

Debt securities, including UoP

21.38%

10.72%

 

 

 

23

Equity instruments

 

 

 

 

 

24

Households

81.69%

8.22%

 

 

 

25

of which loans collateralized by residential immovable property

100.00%

10.20%

 

 

 

26

of which building renovation loans

100.00%

0.00%

 

 

 

27

of which motor vehicle loans

67.16%

0.00%

 

 

 

28

Local governments financing

6.82%

0.00%

 

 

 

29

Housing financing

100.00%

0.00%

 

 

 

30

Other local government financing

0.00%

0.00%

 

 

 

31

Collateral obtained by taking possession: residential and commercial immovable properties

0.00%

0.00%

 

 

 

32

TOTAL GAR ASSETS

39.00%

4.10%

 

 

 

f

g

h

i

aa

ab

ac

ad

ae

af

Disclosure reference date T

 

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

 

 

Proportion of total covered assets funding

taxonomy relevant sectors

(Taxonomy-eligible)

 

Proportion of total covered assets funding taxonomy relevant

sectors (Taxonomy-eligible)

Share

of total

assets

covered

 

Proportion of total covered

assets funding taxonomy

relevant sectors

(Taxonomy-aligned)

 

Proportion of total covered assets funding

taxonomy relevant sectors

(Taxonomy-aligned)

 

Of which use

of proceeds

Of which

enabling

Of which use

of proceeds

Of which

transitional

Of which

enabling

 


 

 

 

 

 

 

 

 

 

 


 

 

 

 

66.88%

7.03%

 

 

 

38.58%

 

 

 

 

0.10%

0.05%

 

 

 

2.17%

 

 

 

 

0.00%

0.00%

 

 

 

0.42%

 

 

 

 

0.00%

0.00%

 

 

 

0.18%

 

 

 

 

0.00%

0.00%

 

 

 

0.24%

 

 

 

 

 

 

 

 

 

0.00%

 

 

 

 

0.12%

0.06%

 

 

 

1.74%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.00%

0.00%

 

 

 

0.56%

 

 

 

 

0.00%

0.00%

 

 

 

0.20%

 

 

 

 

0.00%

0.00%

 

 

 

0.01%

 

 

 

 

 

 

 

 

 

0.35%

 

 

 

 

20.73%

8.92%

 

 

 

2.07%

 

 

 

 

22.92%

9.83%

 

 

 

1.84%

 

 

 

 

21.38%

10.72%

 

 

 

0.04%

 

 

 

 

 

 

 

 

 

0.19%

 

 

 

 

81.69%

8.22%

 

 

 

30.76%

 

 

 

 

100.00%

10.20%

 

 

 

24.78%

 

 

 

 

100.00%

0.00%

 

 

 

0.06%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.82%

0.00%

 

 

 

3.58%

 

 

 

 

100.00%

0.00%

 

 

 

0.24%

 

 

 

 

0.00%

0.00%

 

 

 

3.34%


 

 

 

 

0.00%

0.00%

 

 

 

0.00%

 

 

 

 

39.00%

4.10%

 

 

 

66.16%

TEMPLATE 5 - KPI OFF-BALANCE SHEET EXPOSURES (TURNOVER BASIS)

% (compared to total eligible off-balance sheet assets)

a

b

c

d

e

Disclosure reference date T

Climate change mitigation (CCM)

 

Proportion of total covered assets funding taxonomy relevant

sectors (Taxonomy-eligible)

 



Proportion of total covered assets funding

taxonomy relevant sectors (Taxonomy-aligned)

Of which use

of proceeds

Of which

transitional

Of which

enabling

1

Financial guarantees (FinGuar KPI)

1.52%

0.50%

 

 

 

2

Assets under management (AuM KPI)

7.43%

0.65%

 

 

 

TEMPLATE 5 - KPI OFF-BALANCE SHEET EXPOSURES (CAPEX BASIS)

% (relative to total eligible off-balance sheet assets)

a

b

c

d

e

Disclosure reference date T

Climate change mitigation (CCM)

 

Proportion of total covered assets funding taxonomy relevant

sectors (Taxonomy-aligned)

 


Share of total assets covered devoted to

financing taxonomy-relevant sectors

(taxonomy-aligned)

Of which use

of proceeds

Of which

transitional

Of which

enabling

1

Financial guarantees (FinGuar KPI)

2.44%

0.79%

 

 

 

2

Assets under management (AuM KPI)

1.54%

0.59%

 

 

 

f

g

h

i

aa

ab

ac

ad

ae

Disclosure reference date T

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

 

Proportion of total covered assets funding

taxonomy relevant sectors (Taxonomy-eligible)

 

Proportion of total covered assets funding taxonomy relevant

sectors (Taxonomy-eligible)

 

Proportion of total covered

assets funding taxonomy

relevant sectors

(Taxonomy-aligned)

 

Proportion of total covered assets funding

taxonomy relevant sectors (Taxonomy-aligned)

Of which use of

proceeds

Of which

enabling

Of which use of

proceeds

Of which

transitional

Of which

enabling

 

 

 

 

1.52%

0.50%

 

 

 

 

 

 

 

7.43%

0.65%

 

 

 

 

f

g

h

i

aa

ab

ac

ad

ae

 

Disclosure reference date T

 

Climate change adaptation (CCA)

TOTAL (CCM + CCA)

 

 

Proportion of total covered assets funding

taxonomy relevant sectors (Taxonomy-eligible)

 

Proportion of total covered assets funding taxonomy relevant

sectors (Taxonomy-eligible)

 

 

Proportion of total covered

assets funding taxonomy

relevant sectors

(Taxonomy-aligned)

 

Proportion of total covered assets funding

taxonomy relevant sectors (Taxonomy-aligned)

 

Of which use of

proceeds

Of which

enabling

Of which use of

proceeds

Of which

transitional

Of which

enabling

 

 

 

 

 

2.44%

0.79%

 

 

 

 

 

 

 

 

1.54%

0.59%

 

 

 

NUCLEAR AND FOSSIL - TEMPLATE 1 - NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES

Row

Nuclear energy related activities

 

1.

The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.

NO

2.

The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.

YES

3.

The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.

YES

 

Fossil gas related activities

 

4.

The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.

YES

5.

The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.

NO

6.

The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.

NO

NUCLEAR AND FOSSIL – TEMPLATE 2 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (DENOMINATOR) – (TURNOVER BASIS)

Row

Economic activities

Amount and proportion (the information is to be presented

in monetary amounts and as percentages)

CCM + CCA

Climate change mitigation

(CCM)

Climate change adaptation

(CCA)

Amount

%

Amount

%

Amount

%

1.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

2.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

3.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

149

0%

149

0%

-

0%

4.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

5.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

6.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

7.

Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI

38,363

4%

38,363

4%

-

0%

8.

Total applicable KPI

966,912

4%

966,912

4%

 

0%

NUCLEAR AND FOSSIL – TEMPLATE 2 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (DENOMINATOR) – (CAPEX BASIS)

Row

Economic activities

Amount and proportion (the information is to be presented

in monetary amounts and as percentages)

CCM + CCA

Climate change mitigation

(CCM)

Climate change adaptation

(CCA)

Amount

%

Amount

%

Amount

%

1.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

2.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

32

0%

32

0%

-

0%

3.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

245

0%

245

0%

-

0%

4.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

5.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

6.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

7.

Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI

39,384

4%

39,384

4%

-

0%

8.

Total applicable KPI

966,912

4%

966,912

4%

 

0%

NUCLEAR AND FOSSIL - TEMPLATE 3 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (NUMERATOR) – (TURNOVER BASIS)

Row

Economic activities

Amount and proportion (the information is to be presented

in monetary amounts and as percentages)

CCM + CCA

Climate change mitigation

(CCM)

Climate change adaptation

(CCA)

Amount

%

Amount

%

Amount

%

1.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

-

0%

-

0%

-

0%

2.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

-

0%

-

0%

-

0%

3.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

383

1%

383

1%

-

0%

4.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

-

0%

-

0%

-

0%

5.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

-

0%

-

0%

-

0%

6.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

-

0%

-

0%

-

0%

7.

Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI

38,129

99%

38,129

99%

-

0%

8.

Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI

38,512

100%

38,512

100%

 

0%

NUCLEAR AND FOSSIL - TEMPLATE 3 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (NUMERATOR) – (CAPEX BASIS)

Row

Economic activities

Amount and proportion (information must be presented

in monetary amounts and percentages)

CCM + CCA

Climate change mitigation

(CCM)

Climate change adaptation

(CCA)

Amount

%

Amount

%

Amount

%

1.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

-

0%

-

0%

-

0%

2.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

53

0%

53

0%

-

0%

3.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

372

1%

372

1%

-

0%

4.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

-

0%

-

0%

-

0%

5.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPII

-

0%

-

0%

-

0%

6.

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

-

0%

-

0%

-

0%

7.

Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI

39,235

99%

39,235

99%

-

0%

8.

Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI

39,660

100%

39,660

100%

 

0%

NUCLEAR AND FOSSIL - TEMPLATE 4 TAXONOMY-ELIGIBLE BUT NOT TAXONOMY-ALIGNED ECONOMIC ACTIVITIES – (TURNOVER BASIS)

Row

Economic activities

Proportion (the information is to be presented

in monetary amounts and as percentages)

CCM + CCA

Climate change mitigation

(CCM)

Climate change adaptation

(CCA)

Amount

%

Amount

%

Amount

%

1.

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

2.

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

3.

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

4.

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

53

0%

53

0%

-

0%

5.

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

6.

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

7.

Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI

336,499

100%

336,499

100%

-

0%

8.

Total amount and proportion of taxonomy eligible but not taxonomy- aligned economic activities in the denominator of the applicable KPI

336,552

100%

336,552

100%

-

0%

NUCLEAR AND FOSSIL - TEMPLATE 4 TAXONOMY-ELIGIBLE BUT NOT TAXONOMY-ALIGNED ECONOMIC ACTIVITIES – (CAPEX BASIS)

Row

Economic activities

Amount and proportion (information must be presented

in monetary amounts and percentages)

CCM + CCA

Climate change mitigation

(CCM)

Climate change adaptation

(CCA)

Amount

%

Amount

%

Amount

%

1.

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

2.

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

3.

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

4.

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

32

0%

32

0%

-

0%

5.

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

6.

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

-

0%

-

0%

7.

Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI

337,434

100%

337,434

100%

-

0%

8.

Total amount and proportion of taxonomy eligible but not taxonomy- aligned economic activities in the denominator of the applicable KPI

337,467

100%

337,467

100%

-

0%

NUCLEAR AND FOSSIL - TEMPLATE 5 TAXONOMY NON-ELIGIBLE ECONOMIC ACTIVITIES – (TURNOVER BASIS)

Row

Economic activities

Amount

Percentage

1.

Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

2.

Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

3.

Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

32

0%

4.

Amount and proportion of the economic activity referred to in line 4 of Template 1 that is not eligible for taxonomy, in accordance with Section 4.29 of Annexes I and II to Delegated Regulation (EU) 2021/2139, in the denominator of the applicable KPI

-

0%

5.

Amount and proportion of the economic activity referred to in line 5 of Template 1 that is not eligible for taxonomy, in accordance with Section 4.30 of Annexes I and II to Delegated Regulation (EU) 2021/2139, in the denominator of the applicable KPI

-

0%

6.

Amount and proportion of the economic activity referred to in line 6 of Template 1 that is not eligible for taxonomy, in accordance with Section 4.31 of Annexes I and II to Delegated Regulation (EU) 2021/2139, in the denominator of the applicable KPI

-

0%

7.

Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI

591,817

100%

8.

Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of
the applicable KPI

591,848

100%

NUCLEAR AND FOSSIL - TEMPLATE 5 TAXONOMY NON-ELIGIBLE ECONOMIC ACTIVITIES – (CAPEX BASIS)

Row

Economic activities

Amount

Percentage

1.

Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

-

0%

2.

Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

234

0%

3.

Amount and proportion of the economic activity referred to in line 3 of Template 1 that is not eligible for taxonomy, in accordance with Section 4.28 of Annexes I and II to Delegated Regulation (EU) 2021/2139, in the denominator of the applicable KPI

21

0%

4.

Amount and proportion of the economic activity referred to in line 4 of Template 1 that is not eligible for taxonomy, in accordance with Section 4.29 of Annexes I and II to Delegated Regulation (EU) 2021/2139, in the denominator of the applicable KPI

-

0%

5.

Amount and proportion of the economic activity referred to in line 5 of Template 1 that is not eligible for taxonomy, in accordance with Section 4.30 of Annexes I and II to Delegated Regulation (EU) 2021/2139, in the denominator of the applicable KPI

-

0%

6.

Amount and proportion of the economic activity referred to in line 6 of Template 1 that is not eligible for taxonomy, in accordance with Section 4.31 of Annexes I and II to Delegated Regulation (EU) 2021/2139, in the denominator of the applicable KPI

-

0%

7.

Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI

589,530

100%

8.

Total amount and total proportion of economic activities not eligible for taxonomy in the denominator of the applicable KPI

589,785

100%

2.8 CSR reporting methodologies

This section explains the methodology applied by Groupe BPCE in its CSR reporting.

2.8.1 CSR reporting structure

Sustainable development indicators based on the Global Reporting Initiative (GRI) guidelines are used to complete the Non-Financial Performance Statement, in line with the ESG risk analysis performed by the Group in 2023. The indicator guidelines were also updated to incorporate regulatory changes, the expectations of our stakeholders (rating agencies, investors, NGOs: Non-Governmental Organizations etc.), feedback from CSR officers in charge of reporting, and the recommendations of the independent third party for the 2023 fiscal year.

ENVIRONMENTAL INDICATORS

Environmental transition indicators are business line indicators collected from centralized databases by network and by entity. Indicators on outstanding renewable energy loans are collected from the Business lines.

The environmental indicators linked to the carbon audit are collected from the CSR correspondents of the entities, in collaboration with their general resources and IS department correspondents.

The methodological approach adopted for the construction of the carbon audit is that of the ADEME (French Environment and Energy Management Agency). The data is collected annually by the CSR managers of each entity, and is then fed into the carbon audit calculation tool for Groupe BPCE and each of its entities.

Most of the emissions factors are based on those set by the ADEME and are updated annually. In accordance with the general principles of carbon accounting, the integration of emission factors specific to Groupe BPCE is encouraged in the following cases:

to compensate for a lack of appropriate factors;

to replace the ADEME’s emissions factors (or factors from any other public or semi-public source) when they are not relevant or sufficiently detailed.

In 2023, the methods used to calculate the carbon audit have evolved to improve the quality of the indicators monitored since 2019, extend the monitoring of carbon emissions to new Group entities, and integrate the new ADEME method for calculating emissions linked to the impact of waste. As emissions avoided by waste recycling are now presented outside the carbon audit, the 2019 to 2022 data have been recalculated accordingly.

HUMAN RESOURCES INDICATORS

No major changes were made to the human resources indicators so as to ensure stability and to allow for comparison.

Social data, excluding training, are taken from centralized information systems managed by the DATA and HR Analysis service center, namely My Link HR for companies in the Caisse d’Epargne network, GXP Link for companies in the Banque Populaire network and TGRH for GFS.

The data extracted from the two information systems is verified following a regular control process at Group level, according to the human resources indicators published in the universal registration document (URD).

Not all of the Group’s workforce is included in the HR information system. In order to obtain the total workforce for the Group, the HR DATA and Analysis service center collects workforce data from the companies concerned, performs a first-level control based on the files received and carries out a manual consolidation. The headcount excluding Group HR information system represents 5% of the Group’s total headcount. Permanent contracts exclude work-study contracts with an indefinite term. Fixed-term contracts exclude fixed-term work-study contracts (professionalization contracts and apprenticeships). Employees included in the headcount at December 31 of year N include those departing on that date and those whose contracts have been suspended.

New hires data refer to new hires on permanent contracts signed between January 1, and December 31, excluding work-study contracts (professionalization and apprenticeships).

Since the migration of Banques Populaires to the GXP Link information system, the Group HR information system has been unable to count the entry and exit movements of employees on fixed-term contracts who have had several successive contracts. In 2023, around ten Banques Populaires were affected by this anomaly.

In view of this difficulty, indicators relating to new hires and departures are only published for the population of permanent contracts (excluding alternating work-study contracts).

Departures data include staff on permanent contracts leaving between December 31 of year N-1 and December 30 of year N broken down by reason: dismissal, resignation, departure during a trial period, mutually-agreed termination, transfer within the Group, retirement and other reasons. Entries and exits in the context of transfers between different Group companies are taken into account in the new hires and departures totals for the year.

The departure rate corresponds to the number of departures among permanent staff (excluding work-study contracts) in year N divided by the total number of permanent staff at December 31 in year N-1.

The conversion rate for alternating work-study contracts: this is the ratio of alternating work-study contract conversions (i.e. the signing by a work-study student of an open-ended contract or a standard fixed-term contract at the end of his or her work-study period, with no break between the two contracts) to alternating work-study contract departures recorded between December 31 of year A-1 and December 30 of year A.

Absenteeism figures are calculated at December 31 of year N, based on absences recorded at that date and recorded in the HR information system at the time of data extraction for the scope under review.

Absenteeism is calculated as per the Group human resources data. It corresponds to the ratio between the number of days of absence in year N and the number of days due to be worked in the same year.

The severity rate for workplace accidents and commuting accidents is the ratio between the number of days of absence due to workplace accidents and commuting accidents, multiplied by 1,000, and the company’s total annual hours worked.

Diapason indicators are extracted from responses to an online questionnaire of around 50 questions, sent to all employees of participating companies. It is a measure of employee commitment and its levers (management, working “conditions”, collective operations, professional development, etc.). The engagement rate is the average number of positive responses to 11 questions - Ipsos’ production guarantees anonymity and confidentiality in compliance with GDPR standards; (a minimum threshold of 10 respondents for results and 20 respondents for verbatim). Results are disseminated via an IPSOS online reporting platform, with results shared and analyzed by each company’s Management Committee.

Training indicators are extracted from the HR One training information system for GFS and “Click and Learn” for other companies. They concern all the training sessions delivered in year N and validated by the training departments of the companies in the scope in question on the data extraction date. All employees who attended a training session in year N are counted, whether or not they were present on December 31. Employees are counted in the professional category they occupy at the time of training.

SOCIETAL INDICATORS

Societal indicators are mainly indicators related to the funding granted to local authorities, social housing players and the social and solidarity economy. Data are extracted from centralized databases. Their accuracy is regularly verified at Group level. Indicators related to patronage, microloans and cooperative identity are provided by the two networks’ federations and by the Group’s outside partners (ADIE, France Active, Initiative France). Procurement indicators are provided by BPCE Achats.

FINANCING THE ENVIRONMENTAL TRANSITION

The financing of the environmental transition for the Banque Populaire (excluding BRED and CASDEN) and Caisse d’Epargne networks comprises two main categories of assets financed: the transition projects of our customers and the renewal of the French real estate portfolio.

The first category of assets financed, transition projects, focuses on the following areas: energy renovation of housing, green mobility, support for the transition of our corporate customers’ activities (including sustainable agriculture) and renewable energy.

The second category of financing, new real estate, includes real estate loans involved in the acquisition or construction of a new property meeting the latest energy and environmental regulations RT 2012 and RE 2020.

These “green” assets, which contribute to the energy and environmental transition of our individual and corporate customers, are identified by the Finance department as part of the “green arrow” system (see paragraph 2.3.3 Sustainable Refinancing: innovation and active presence on the green or social bond market). This system makes it possible to justify the issuance of green bonds (operation and eligibility criteria audited annually on June 30 by an independent third party) or the collection of “green” balance sheet savings.

The data are expressed in annual average outstandings, annualized average of the daily positions of a credit file, financial data from Information Systems remitting institutions.

BUSINESS MODEL

The Group’s business model is presented in the introductory Chapter of the universal registration document. It presents our main activities, our business model, what sets us apart and our ambitions in line with the BPCE 2024 strategic plan. The business model is updated each year as necessary.

REPORTING STRUCTURE

CSR reporting is organized by the impact division, which coordinates the required tasks each year (updating the guidelines, indicators and user guides; advising the banks on the drafting of their own annual CSR report; etc.).

Like every year, it worked with the Group’s business lines (IT, human resources, Real Estate & Logistics, Purchasing, etc.) and federations (FNBP, FNCE) in order to make better use of centralized databases.

Various actions were carried out in 2023 with the collaboration of the Group’s business lines to support the institutions in the preparation of their non-financial performance statement and to promote the appropriation of this new exercise within the Group’s entities:

training of new CSR correspondents in the regulatory and methodological aspects of the Carbon Footprint;

presentation of the 2023 CSR reporting exercise to the CSR correspondents of the various contributing entities;

organization of two days of seminars for the CSR function;

a meeting to present the results of the previous reporting campaign and the areas for improvement;

a one-day presentation of the updates to the new CSR reporting campaign to the entities’ CSR correspondents and in the presence of the OTI;

three conference calls attended by nearly all of the sustainable development officers to provide advice and answer questions about the non-financial performance statement and the collection of CSR data.

REPORTING TOPICS

The following topics are considered relevant in terms of the bank’s indirect impacts: circular economy, reducing food waste, combating food poverty, improving animal welfare and ensuring responsible, fair, sustainable food supplies.

These topics are not addressed in specific paragraphs in this report but are covered by the bank’s ESG risk analysis procedures. For its lending business, these topics are covered in sector policies. For investment and asset management activities, they are covered by the ESG ratings methodologies for fund management.

Given the nature of its activities, the Group does not detail the theme of actions aimed at promoting the Nation-Army link and supporting commitment in the reserves.

ROLE OF METHODOLOGY TOOLS

RISK ANALYSIS MATRIX

The rating matrix presents 13 major non-financial risks and allows the rating of gross risks according to criteria of frequency and severity over three years.

USER GUIDES

The user guide for all contributors to Group CSR reporting was updated for the 2023 fiscal year. It specifies the following for the universal registration document (URD) and for each entity (annual management report or URD):

the regulatory environment;

the timeline;

the reporting process, including the precise scope, the rules for extrapolating incomplete data, the consolidation rules and the information control process;

a glossary.

This guide also relies on a CSR reporting standard that specifies all of the indicators published, their definitions, their units, the corresponding GRI reference, their sources, how they are calculated and collected, and examples of controls to carry out.

The Group carbon audit user guide was also updated in 2023. The guide is intended to promote the carbon audit. The purpose of this guide is to:

present the general principles of the method developed by the Group;

review the system’s history and the most recent changes to the system;

offer a uniform presentation of the reporting rules for Groupe BPCE’s greenhouse gas emissions reviews (reporting period, scope, extrapolation rules, etc.);

enable departments to establish action plans for carbon reduction while meeting the requirements of Article 75 of the Grenelle 2 act, which concerns greenhouse gas emissions reviews and the Local Climate-Energy Plan (“PCET”).

REPORTING PERIOD

The published data covers the period from January 1, 2023 to December 31, 2023. Where physical data are not comprehensive for the period, contributors make approximate calculations to estimate the value of the missing data from average ratios provided by Groupe BPCE (in the user guides) based on FTEs and/or the surface area covered. The contributors review the estimates used and send their comments along with the information provided and approved by the Group.

COMPARABILITY

This year, Groupe BPCE has chosen to communicate pro forma figures for the years prior to 2023, taking into account changes in the scope of the entities consolidated in the carbon audit and the ADEME’s change of method for carbon accounting of waste.

CONTROLS

The “Non-financial information quality control framework” defines the organization of the control system for non-financial information within Groupe BPCE and describes the main policies in place on this subject. It applies to all Groupe BPCE entities in the consolidated scope: the central institution, its direct and indirect subsidiaries, all BPCE affiliates and their subsidiaries.

Each entity is responsible for the accuracy of its CSR data. The same applies to Groupe BPCE’s operational divisions.

At Group level, all data collected are verified and subject to a careful review of units and data consistency. Contributors are asked for an explanation where figures appear unjustified.

If any data published in the management report for the year N-1 prove inaccurate, a correction is made with an accompanying explanation on the bottom of the same page.

2.9 Report of one of the Statutory Auditors, appointed as independent third party, on the verification of the consolidated non-financial performance statement

Year ended December 31, 2023

This is a free English translation of the report by one of the Statutory Auditors issued in French and is provided solely for the convenience of English-speaking readers. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.

To the Shareholders’ Meeting,

In our capacity as Statutory Auditor of BPCE SA, appointed as independent third party (“third party”) and accredited by the French Accreditation Committee (available at www.cofrac.fr), we have conducted procedures to express a limited assurance conclusion on the historical information (observed or extrapolated) in the consolidated non-financial statement, prepared in accordance with the Entity’s procedures (hereinafter the “Guidelines”), for the year ended December 31, 2023 (hereinafter the “Information” and the “Statement”, respectively), presented in the Group management report pursuant to the legal and regulatory provisions of Articles L. 225-102-1, R. 225-105 and R. 225-105-1 of the French Commercial Code (code de commerce).

Conclusion

Based on the procedures we have performed as described in the section “Nature and scope of procedures” and the evidence we have obtained, nothing has come to our attention that cause us to believe that the consolidated non-financial statement is not prepared in accordance with the applicable regulatory provisions and that the Information, taken as a whole, is not fairly presented in accordance with the Guidelines, in all material respects.

Comments

Without modifying our conclusion expressed above and in accordance with Article A. 225-3 of the French Commercial Code, we make the following comments:

As specified in the methodological note (Chapter 2.6 ” CSR reporting methodologies”), the reporting perimeters of indicators relating to human resources and the environment (carbon audit) do not cover the exhaustiveness of the Group’s workforce and do not include all entities located outside France.

The formalization of internal controls over the preparation of certain information should be strengthened, with regards to:

The “average outstanding amount of transition financing”;

Exposure to renewable energies by sub-sector and by Groupe BPCE entities;

Exposure to the coal sector.

Preparation of the non-financial performance statement

The absence of a commonly used generally accepted reporting framework or a significant body of established practice on which to draw to evaluate and measure the Information allows for different, but acceptable, measurement techniques that can affect comparability between entities and over time.

Consequently, the Information needs to be read and understood together with the Guidelines, summarized in the Statement and available on the Entity’s website or on request from its headquarters.

Limits inherent in the preparation the Information

As stated in the Statement, the Information may be subject to uncertainty inherent to the state of scientific and economic knowledge and the quality of external data used. Some information is sensitive to the choice of methodology and the assumptions or estimates used for its preparation and presented in the Statement.

Responsibility of the Company

Management of BPCE SA is responsible for:

selecting or establishing suitable criteria for the preparation of the Information;

preparing a Statement pursuant to legal and regulatory provisions, including a presentation of the business model, a description of the main non-financial risks, a presentation of the policies implemented considering those risks and the outcomes of said policies, including key performance indicators and the information set-out in Article 8 of Regulation (EU) 2020/852 (Green taxonomy);

preparing the Statement by applying the Entity’s “Guidelines” as referred above; and

designing, implementing and maintaining internal control over information relevant to the preparation of Information that is free from material misstatement, whether due to fraud or error.

The Statement has been endorsed by the Management Board.

Responsibility of the Statutory Auditor appointed as independent third party

Based on our work, our responsibility is to express a limited assurance conclusion on:

the compliance of the Statement with the requirements of Article R. 225-105 of the French Commercial Code;

the fairness of the information provided pursuant to part 3 of sections I and II of Article R. 225-105 of the French Commercial Code, i.e. the outcomes of policies, including key performance indicators, and measures relating to the main risks, hereinafter the “Information.”

As we are engaged to form an independent conclusion on the Information as prepared by management, we are not permitted to be involved in the preparation of the Information as doing so may compromise our independence.

It is not our responsibility to provide a conclusion on:

the Entity’s compliance with other applicable legal and regulatory provisions (particularly with regard to the information set-out in Article 8 of Regulation (EU) 2020/852 (Green taxonomy), the French duty of care law and against corruption and tax evasion);

the fairness of information set-out in Article 8 of Regulation (EU) 2020/852 (Green taxonomy);

the compliance of products and services with the applicable regulations.

Applicable regulatory provisions and professional guidance

We performed the work described below in accordance with Articles A. 225-1 et seq of the French Commercial Code, with our verification program consisting of our own procedures and with the professional guidance issued by the French Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) applicable to such engagement, in particular the professional guidance issued by the Compagnie Nationale des Commissaires aux Comptes, Intervention du commissaire aux comptes – Intervention de l’OTI – déclaration de performance extra-financière, and acting as the verification programme and with the international standard ISAE 3000 (revised).

Independence and quality control

Our independence is defined by Article L. 821-28 of the French Commercial Code and French Code of Ethics for Statutory Auditors (Code de déontologie). In addition, we have implemented a system of quality control including documented policies and procedures aimed at ensuring compliance with applicable legal and regulatory requirements, ethical requirements and the professional guidance issued by the French Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) relating to this engagement.

Means and resources

Our work engaged the skills of four people between November 2023 and March 2024 and took a total of fifteen weeks.

To assist us in conducting our work, we referred to our corporate social responsibility and sustainable development experts. We conducted around twenty interviews with people responsible for preparing the Statement, representing in particular executive management, administration and finance, risk management, compliance, human resources, health and safety, environmental and purchasing departments.

Nature and scope of procedures

We are required to plan and perform our work to address the areas where we have identified that a material misstatement of the Information is likely to arise.

The procedures we performed were based on our professional judgment. In carrying out our limited assurance engagement on the Information.

We obtained an understanding of the entity’s activity and the description of the main risks associated:

We assessed the suitability of the criteria of the Guidelines with respect to their relevance, completeness, reliability, neutrality, and understandability, taking into account, where appropriate, best practices within the sector.

We verified that the Statement includes each category of social and environmental information set out in section III of Article L. 225-102-1, as well as information regarding compliance with human rights and anticorruption and tax avoidance legislation].

We verified that the Statement provides the information required under Article R.225-105 II of the French Commercial Code where relevant with respect to the main risks, and includes, where applicable, an explanation for the absence of the information required under Article L.225-102-1 III, paragraph 2 of the French Commercial Code.

We verified that the Statement presents the business model and a description of the main risks associated with the Entity’s activity, including where relevant and proportionate, the risks associated with their business relationships, their products or services, as well as their policies, measures and the outcomes thereof, including key performance indicators associated to the main risks.

We referred to documentary sources and conducted interviews to:

assess the process used to identify and confirm the main risks as well as the consistency of the outcomes, including the key performance indicators used, with respect to the main risks and the policies presented; and

corroborate the qualitative information (measures and outcomes) that we considered to be the most Important. Concerning certain risks or information, our work was carried out on the consolidating entity, while for other risks, our work was carried out on the consolidating entity and on a selection of entities.

We verified that the Statement covers the consolidated scope, i.e. all companies within the consolidation scope in accordance with Article L. 233-16 of the French Commercial Code, with the limits specified in the Statement.

We obtained an understanding of internal control and risk management procedures implemented by the Entity and assessed the data collection process aimed at ensuring the completeness and fairness of the Information.

For the key performance indicators and other quantitative outcomes(1) that we considered to be the most Important (2), we implemented:

analytical procedures that consisted in verifying the proper consolidation of collected data as well as the consistency of changes there to;

tests of details, using sampling techniques, in order to verify the proper application of definitions and procedures and reconcile the data with supporting documents. This work was carried out on a selection of contributing entities(3) and covers between x% and y% of the consolidated data relating to the key performance indicators and outcomes selected for these tests;

We assessed the overall consistency of the Statement in relation to our knowledge of the Entity

The procedures performed in a limited assurance review are less in extent than for a reasonable assurance opinion in accordance with the professional guidelines of the French National Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes); a higher level of assurance would have required us to carry out more extensive procedures.

Paris-La Défense, March 21st, 2024

One of the Statutory Auditors,

Deloitte & Associés

Marjorie Blanc-Lourme Julien Rivals
   
Partner, Audit Partner, Sustainability Services

(1)

The following chapters and sub-chapters have been qualitatively reviewed: chapter “2.3.1 Groupe BPCE places climate at the heart of its strategy and integrates ESG criteria into its processes” and the following associated sub-chapters “Exclusion policies in sensitive sectors”, “Integration of ESG criteria in financing activities”, “Integration of ESG criteria in asset management activities” “Integration of ESG criteria in asset management activities” ESG criteria in the insurance business”, Chapter “2.3.6 Taking biodiversity into account in the Group’s environmental strategy”

(2)

Quantitative information selected: Selected quantitative information: Absenteeism rate, sickness (and evolution); Number of accidents at work and commuting (and evolution); Apprentice conversion rate; Annual CO2 emissions; Number of training hours / FTE; % deployment of ESG dialogues with corporate clients; Gross OCF production and annual change in stock (number of customers equipped with OCF); Average outstanding financing of transition projects; Average outstanding financing for the renewal of the building stock; Green Weighting Factor (GWF) color mix; GWF coverage; Amounts arranged by Natixis for renewable energy projects: number of new transactions in 2023 and installed capacity; Amount and share of assets under management under management in Articles 8 and 9 of NIM’s affiliates; Amount and share of labelled assets under management of NIM affiliates; Temperature of BPCE Assurances’ investment portfolios; Exposure to renewable energies by sub-sector and by Groupe BPCE entities; Amount of Groupe BPCE’s gross exposures to the coal sector; Coverage of outstanding financing by the Green Evaluation Methodology

(3)

Natixis Investor Managers (NIM), Natixis Corporate and Investment Banking (CIB), BPCE Assurances, Banque Populaire Aquitaine Centre Atlantique, Caisse d’Epargne Provence Alpes Corse, Caisse Epargne Bretagne Pays de Loire.

   

2.10 Cross-reference table of the main social, environmental and societal information

Major gross ESG risks(1)

GRI 4 equivalent

Global Compact

Sustainable development Goals

Section

Business ethics

G4-56; G4-41; G4-SO4 and FS4

10

16

2.5.1

Data security and confidentiality

G4-PR8

 

 

2.5.2

Sustainability of the customer relationship

FS3; FS5; G4-PR8; G4-24; G4-26

 

 

2.2.4

Financing the environmental transition

G4-EC2; FS1; G4-EN27; FS15

8, 9

6, 7, 8, 9, 11, 12, 13, 14, 15

2.3

Working conditions

G4-LA4; G4-LA5; G4-LA6; G4-LA8; G4-HR4; G4-HR5; G4-HR6

3

3, 4, 8, 16

2.4.4

Employability and transformation of jobs

G4-LA9; G4-LA10

3

4, 8, 13

2.4.2

ESG risks

G4-EC2; G4-EN27; FS1; FS2; FS3; FS11

7, 8

6, 7, 8, 9, 10, 11, 12, 14

2.3.1

Financing for local regions

G4-EN27; G4-EN28; G4-EN29; G4-EN30; G4-EC7; FS8; FS7

 

2, 4, 7, 8, 11, 12, 13, 14, 16

2.2.2

Regional footprint

G4-SO1; G4-SO2; G4-9; FS13; G4-EC1; G4-EC9

 

1, 2, 8, 9

2.2.2

Inclusive finance

FS7; FS14; FS16; G4-9

 

1, 8, 10, 11

2.2.3

Customer protection

G4-PR5

 

 

2.5.2

Diversity among employees

G4-10; G4-LA1; G4-HR3; G4-HR8

1, 2, 3, 4, 5, 6

5, 8, 10

2.4

Voting rights

G4-16; FS5

 

 

2.3.1

(1)

Based on the risk analysis performed in Section 2.1.3 pursuant to directive 2014/95/EU, enacted into French law by Ministerial Order No. 2017-1180 of July 19, 2017 and Decree No. 2017-1265 of August 9, 2017, amending Articles L. 225-102-1 and R. 225-104 to R. 225-105-2 of the French Commercial Code initially established by Article 225 of the Grenelle 2 act of 2010 and its 2012 implementing decree.

3 REPORT ON CORPORATE GOVERNANCE

3.1 Introduction

Dear shareholders,

In addition to the management report and in accordance with Article L. 225-68 of the French Commercial Code, this report by the Supervisory Board contains information on:

the composition of the Supervisory Board and implementation of the principle of balanced representation of women and men;

the conditions governing the preparation and organization of the Supervisory Board’s work during the fiscal year ended December 31, 2023;

the principles and rules governing the determination of all types of remuneration and benefits granted to corporate officers.

This report was reviewed by the Appointments Committee and the Remuneration Committee, then approved by the Supervisory Board at its meeting of February 7, 2024.

The external Statutory Auditors will issue a specific report, appended to their report on the annual financial statements, attesting to the provision of other information required by law in the report on corporate governance (Article L. 225-235 of the French Commercial Code).

3.2 Corporate Governance Code

In preparing this report, BPCE referred to the Corporate Governance Code for listed companies published in December 2008 and revised in December 2022 by the French Association of Private Enterprises (Association française des entreprises privées – AFEP) and the Movement of French Enterprises (Mouvement des entreprises de France – MEDEF), hereinafter referred to as the AFEP-MEDEF Code, as set out in Article L. 225-68 of the French Commercial Code.

Only certain provisions were not followed, insofar as they are not deemed to apply to BPCE’s operating procedures as the central institution of a cooperative group and its equal ownership by the Banque Populaire and Caisse d’Epargne networks, which is reflected in the composition of its Board. These provisions were as follows: terms of office, the proportion of independent directors on the Supervisory Board and its committees, Board member ownership of a material number of shares and the publication of the CEO pay ratio.

Regarding terms of office, unlike the maximum four-year term recommended in the AFEP-MEDEF Code, the statutory term of office of the members of the Supervisory Board of BPCE is six years, i.e. the maximum permitted by law. The benefit of a four-year term, as presented by the AFEP-MEDEF Code, is that it gives shareholders sufficiently frequent opportunity to provide an opinion on Board Member performance. However, this is unnecessary for BPCE, as its shareholders are limited to Banques Populaires and Caisses d’Epargne, which are already amply represented on the Supervisory Board, via the Chairmen of the Boards, the Chairmen of the Management Board and the Chief Executive Officers of these institutions, as members or non-voting directors. Indeed, 20 members or non-voting directors of the Supervisory Board come from the 29 Banques Populaires and Caisses d’Epargne shareholders of BPCE. Accordingly, a shorter term of office would not substantially change the composition of the Supervisory Board. In addition, BPCE staggers reappointments, renewing the terms of office of half of the members of the Supervisory Board every three years, in order to avoid mass reappointments and promote a smooth Board member reappointment process. This gives shareholders sufficiently frequent opportunity, every three years, to provide an opinion on the members of the Supervisory Board, as recommended in the AFEP-MEDEF Code.

Regarding Supervisory Board member ownership of a material number of shares, BPCE’s articles of association take into account the fact that, in accordance with act No. 2008-776 of August 4, 2008, members of the Supervisory Board are no longer required to own shares in the company. As a result, members of the Supervisory Board of BPCE do not own a material number of shares and are not shareholders in a personal capacity, but the two categories of shareholders are represented through their appointment, which ensures that the company’s interests are respected.

Concerning the proportion of independent directors on the Board and its committees, BPCE does not follow the recommendation of the AFEP-MEDEF Code, under which independent directors must represent half of the members of the Boards of companies that are not under control, as defined by Article L. 233-3 of the French Commercial Code. In fact, this recommendation is not compatible with Article L. 512-106 of the French Monetary and Financial Code, which stipulates that the representatives of cooperative shareholders proposed by the Chairmen of the Steering and Supervisory Boards of the Caisses d’Epargne and the Chairmen of the Boards of Directors of the Banques Populaires account for a majority of the Supervisory Board of BPCE. In addition to this legal rule, good governance rules result from Groupe BPCE’s unique structure: a balance of power must be maintained, as well as balanced representation of the Banque Populaire and Caisses d’Epargne networks. However, this organizational structure does not compromise the quality of the work and discussions of the Board, an objective of the AFEP-MEDEF Code recommendation.

However, BPCE wishes to demonstrate the independence of the members of its Supervisory Board representing the cooperative shareholders proposed by the Chairmen of the Steering and Supervisory Boards of the Caisses d’Epargne and the Chairmen of the Boards of Directors of the Banques Populaires. The report “Coopératives et mutuelles: un gouvernement d’entreprise original” [Cooperatives and mutual insurance companies: original corporate governance], drafted within the framework of the French Institute of Directors in January 2006, explains why the elected directors of the cooperative companies that are the Banques Populaires and the Caisses d’Epargne fully meet the definition of “independent director”. Thus, the question of “independent directors” concerns a specific type of company, which is the listed company. (...) In cooperative enterprises, the form of government is radically different. (...) The legitimacy and control of a mutual manager, and therefore his independence, depend on the office he holds through his election. Removing a director from the electoral process would dissociate him from the interests of the organization and its cooperative shareholders. From another perspective, it is a fact that the directors of cooperatives and mutual societies commit themselves out of conviction and not out of financial interest. They devote a significant portion of their time and energy to their responsibilities as directors. They are wide open to the local, nonprofit and/or political world. These are all characteristics that make them truly independent directors, an independence that is beyond doubt, but is continually reinforced by an authentic democratic process.”

With regard to Supervisory Board Meetings, BPCE has not formalized, in its institutional agenda, the organization of an annual meeting without the presence of the executive company directors. In addition, it is specified that no internal text of BPCE provides for the mandatory presence of executive corporate officers who attend Supervisory Board Meetings only at the invitation of its Chairman. Sometimes, part of the Supervisory Board Meetings take place without the presence of the executive company directors, in particular when decisions of the Supervisory Board or the opinions of the Board committees concerning the executive company directors are discussed.

In addition, the Fédération Nationale des Banques Populaires and the Fédération Nationale des Caisses d’Epargne, bodies that organize discussions, hear ideas and provide representation, each hold annual meetings bringing together all the Chairmen of the Boards of Directors and the Chief Executive Officers of the Banques Populaires and all the Chairmen of the Steering and Supervisory Boards and Management Board of Caisses d’Epargne without the presence of Statutory Auditors and the company directors of BPCE. These meetings, which guarantee the free expression of all participants, who represent BPCE’s shareholders, promote strategic discussions and, accordingly, protect the interests of the institutions they represent.

Regarding information on company director pay, BPCE does not apply the recommendation that stipulates that information on pay ratios should be published, thereby enabling comparison of company director pay and employee pay. BPCE considers that the main objective pursued by the legislator when drafting this legal provision, which is now included in this recommendation, is to enable shareholders or investors in public companies to assess the remuneration of executives in relation to the company’s performance and the average remuneration of the company’s employees, in accordance with the provisions of paragraph b of 1 of Article 9b Of directive 2017/828 of the European Parliament and of the Council of May 17, 2017 (known as the SRD 2 directive). In this respect, BPCE, whose shares are not listed, considers that the publication of all information relating to the variable pay of executives and the performance of BPCE and the Group is sufficient to enable shareholders and potential investors to assess whether the remuneration rewards long-term performance and to measure the evolution of the performance and remuneration of executives in the medium and long term.

Finally, with the exception of the CEO pay ratio, BPCE formally adheres to and implements the AFEP-MEDEF Code recommendations on executive pay.

Independent directors

Recommendations partly implemented (not followed regarding proportion of independent directors on the Board)

Board Meetings and committee meetings

Recommendations partly implemented (not followed regarding the organization of an annual meeting without the presence of executive company directors)

Directors’ terms of office

Recommendations partly implemented (not followed regarding the six-year term)

Audit Committee

Recommendations partly implemented (not followed regarding the proportion of independent directors on the committee)

Committee responsible for appointments

Recommendations partly implemented (not followed regarding the proportion of independent directors on the committee)

Committee responsible for pay

Recommendations partly implemented (not followed regarding the proportion of independent directors on the committee)

Shareholding obligation of company directors

Recommendations not implemented

Information on pay awarded to company directors

Recommendations partially implemented (not followed with regard to the publication of the equity ratio)

(1)

BPCE has implemented the provisions of the AFEP-MEDEF Code, adapting them to its Management Board/Supervisory Board governance model.

3.3 Composition of the management and supervisory bodies

3.3.1 Groupe BPCE’s governance organization chart

3.4 Role and operating rules of governing bodies

3.4.1 Supervisory Board

The Supervisory Board performs the duties attributed to it by law. At any time, throughout the year, it carries out all checks and controls it deems appropriate and may request any documents it regards as expedient in fulfilling its mission.

To this effect, the Supervisory Board:

receives a report from the Management Board on the company’s business activities once every quarter;

examines and checks the parent company and consolidated financial statements prepared and presented by the Management Board within three months of the end of the fiscal year, along with a written report on the position and activities of the company and its subsidiaries during the past year;

presents to the Ordinary shareholders’ Meeting a report on corporate governance that states the makeup of the managerial and supervisory bodies, the role and operation of the governing bodies, the diversity policy applied to members of the Supervisory Board, the principles and rules for determining remuneration and benefits of any kind given to corporate officers, and including its observations on the management report prepared by the Management Board and the financial statements for the previous fiscal year.

In addition to these powers, the Supervisory Board has the authority to:

appoint the Chairman of the Management Board;

appoint the other members of the Management Board, based on motions by the Chairman of the Management Board;

set the method and amount of pay received by each member of the Management Board;

grant the status of Chief Executive Officer to one or more members of the Management Board, based on a motion by the Chairman of the Management Board, and withdraw said status as applicable;

propose the appointment of the Statutory Auditors at the General shareholders’ Meeting, after they are recommended by the Audit Committee;

decide to move the registered office to another location within the same department or to an adjacent department, subject to ratification of the decision by the next Ordinary shareholders’ Meeting.

The following operations proposed by the Management Board must receive prior authorization from the Supervisory Board, acting by simple majority of its present or represented members:

approval of the policy and strategic guidelines of Groupe BPCE and each of the networks;

authorize:

any proposed Transaction (as defined in BPCE’s articles of association(1) under “Definitions”) for an amount exceeding €100 million,

any proposed Transaction (as defined in BPCE’s articles of association(1) under “Definitions”) carried out by BPCE and not in line with BPCE’s strategic plan, regardless of the amount;

approval of the company’s annual budget and definition of the rules for calculating contributions due from affiliated institutions;

authorization of related-party agreements pursuant to the French Commercial Code;

approval of the Group’s internal solidarity mechanisms;

approval of the national and international agreements involving each of the networks and the Group as a whole;

approval of the general criteria that must be met by the directors of Groupe BPCE’s affiliated institutions, including age limits, which may not exceed:

65 for Chief Executive Officers or members of the Management Board, or

70 for Chairmen of Boards of Directors and Steering and Supervisory Boards, it being stipulated that no individuals may be appointed Chairman of a Board of Directors or a Steering and Supervisory Board if they cannot, on the date of first appointment, complete at least half the term as Chairman before reaching this age limit; however, the age limit remains set at 68 for offices currently held on the date of the Supervisory Board Meeting that approved the age limit set in this section;

authorization of the directors of affiliated institutions as well as the withdrawal of such authorization and all other dismissals as set out in Article L. 512-108 of the French Monetary and Financial Code;

approval of the creation or elimination of a Banque Populaire or Caisse d’Epargne, including through the merger of two or more Banques Populaires or two or more Caisses d’Epargne;

examination and approval of the main risk limits applicable to the Group and each network, as defined by the Management Board; regular examinations and checks on the Group’s risks, any changes therein and the systems and procedures used to control them; examination of Internal Control audits and finding, and the main conclusions of audits performed by the Group Internal Audit;

appointment of BPCE’s representatives to the Natixis Board of Directors. Representatives from the Caisses d’Epargne and from the Banques Populaires will be of identical number and will together hold, at a minimum, the majority of seats on the Board;

(1)

https://groupebpce.com/en/investors/regulated-information/other-information

upon recommendation from the Appointments Committee, examination and assessment of the integrity and skills of candidates for the Supervisory Board and the non-voting directors, Chairman, and other members of the Management Board;

adoption of the Board’s Internal Rules.

The following operations proposed by the Management Board are subject to the prior authorization of the Supervisory Board and a favorable vote from at least 13 of its 19 present or represented members:

any decision to subscribe for or acquire (or any agreement binding the company therein), by any means (including by transfer of assets to the company), securities or rights of any kind whatsoever, be they issued by a company or any other entity and directly or indirectly representing an investment or contribution of more than €1 billion;

any decision to transfer (or any agreement binding the company therein), by any means, securities or rights of any kind whatsoever held by the company and representing a divestment of more than €1 billion for the company;

any decision by the company to issue equity securities or shares giving immediate or eventual access to the company’s capital, without pre-emptive rights;

any decision to submit to the General shareholders’ Meeting any changes to the articles of association with regard to the company that amend the terms of governance;

any merger, demerger, spin-off, or related decision involving the company;

any decision to appoint the Chairman or remove the Chairman of the company’s Management Board from office;

any decision relating to the admission of company shares or shares in any of its main direct or indirect subsidiaries to trading on a regulated market;

any decision to approve the disposal of securities.

The Internal Rules of the Supervisory Board(1), adopted at the Board Meeting of July 31, 2009 and amended at the Board Meeting of February 7, 2024, form the Supervisory Board’s Governance Charter, which sets out its internal operating procedures, notably for the purpose of ensuring that governing bodies interact efficiently and operate smoothly.

The Internal Rules enhance the quality of the work done by members of the Supervisory Board by promoting the application of corporate governance principles and best practices in the interest of ethics and efficiency.

Their purpose is also to supplement the articles of association, notably by:

specifying the procedures for convening Supervisory Board and Supervisory Board Committee Meetings, as well as the rules under which they are to deliberate;

specifying the general and specific powers of the Board under the law, as set out in Articles 27.1 and 27.2 of the company’s articles of association;

note that the decisions requiring the prior approval of the Board for transactions (as defined by the articles of association under “Definitions”) are set out in Articles 27.3 and 27.4 of the company’s articles of association (https://groupebpce.com/en/investors/regulated-information/other-information);

specifying the rules governing the information of Board members;

specifying the duties of the various committees, for which they serve as the internal rules;

specifying the professional secrecy and confidentiality obligations binding the members of the Supervisory Board and its committees;

defining the penalties that apply in the event members of the Supervisory Board or of a committee fail to comply with any of their obligations.

The Supervisory Board’s rules of procedure are available on the BPCE website: https://groupebpce.com/en/investors/regulated-information/other-information

The Supervisory Board of BPCE adopted an Ethics and Compliance Charter for its members at its meeting of June 22, 2016 and amended at its meeting of February 7, 2024. The Ethics and Compliance Charter is divided into four main Chapters that set out good governance principles, in addition to reiterating several laws and regulations.

Chapter 1 covers the Board members’ professionalism, as expressed in different ways:

the total number of offices held by members of the Supervisory Board and their availability (time spent preparing for meetings and reviewing issues);

expertise, i.e. consolidation of knowledge and understanding of information that may be used in performing their duties;

diligence and effectiveness (active participation);

duty to intervene and raise the alarm, i.e. expressing viewpoints and participating in discussions;

risk culture, i.e. the standards, attitudes, and behaviors of Board members in relation to risk awareness, risk-taking and risk management;

respect for corporate responsibility and good faith.

Chapter 2 covers ethics, as expressed by:

respect for the law and the company’s articles of association;

integrity (lack of a criminal record, incompatibility with certain duties);

good credit history, which is checked by the Risk division of the institution or network in which the member also holds office, under the authority of the BPCE Risk division (except for independent members, whose credit history is checked using any rating either internal or external to the company in which they play a primary role);

gifts or benefits (soliciting or accepting direct or indirect benefits is prohibited).

Chapter 3 covers confidentiality:

banking secrecy and the duty of discretion;

management of inside information (with the understanding that all members are on the list of permanent insiders);

reporting of transactions on financial instruments issued by BPCE and Groupe BPCE companies;

compliance with blackout periods on financial instruments issued by Groupe BPCE companies.

(1)

https://groupebpce.com/en/investors/regulated-information/other-information

Chapter 4 covers conflicts of interest:

independence of judgment;

incompatibility with the duties performed on their own behalf in other investment banks or investment companies outside Groupe BPCE (unless explicitly approved by the Chairman of the Supervisory Board and the Chairman of the Management Board of BPCE);

due diligence in business relationships.

In accordance with Article 25.1 of the articles of association, the Supervisory Board meets as often as the company’s interests, laws and regulations require, and at least once every quarter in order to examine the Management Board’s quarterly report. Board Meetings may be convened by its Chairman, its Vice-Chairman or by one half of its members and take place at the registered office or any other location stated in the notice of meeting.

In accordance with Article L. 823-17 of the French Commercial Code, the Statutory Auditors are invited to Board Meetings examining full-year and half-year financial statements.

The Supervisory Board of BPCE met 10 times between January 1 and December 31, 2023. In 2023, the average attendance rate for members of the Supervisory Board was 97.89%. In addition to the topics regularly discussed – quarterly reports of the Management Board, related-party agreements, approvals of executives, current events, and other matters for information – the main topics discussed during the Board Meetings were as follows:

taking note of the resignation of the members of the Management Board, and appointment of a new Management Board and its Chairman;

determination of the terms and conditions for the remuneration of the Chairman and members of the new Management Board;

determination of the variable pay of members of the Management Board for the 2022 fiscal year and establishment of fixed and the criteria (amount, trigger, qualitative and quantitative criteria) for determining the variable remuneration of members of the Management Board for 2023;

approval of the 2023 remuneration policy for corporate officers;

setting a minimum capital threshold for Groupe BPCE for the allocation of variable portions of Groupe BPCE risk takers for the 2023 fiscal year;

adoption of the revised Group standard on risk-takers;

taking note of the report provided for in Article 266 of the Ministerial Order of November 3, 2014 on internal control concerning the policy and practices for the remuneration of risk takers;

approval of the new remuneration policy for non-executive corporate directors;

presentation of the Supervisory Board’s corporate governance report;

opinion of the Social and Economic Committee on BPCE’s economic and financial position in 2022;

preparation of the Annual General Meeting, deed of the payment of a dividend with the option of payment in cash or securities;

review of information relating to the integrity and skills of key function holders;

monitoring of the regulatory radar set up in order to present to the Board the regulatory changes in progress;

taking note of the resignation of members and non-voting directors of the Supervisory Board;

appointment of members and non-voting directors of the Supervisory Board;

review of the composition of the Supervisory Board Committees;

appointment of the Chairman of the Cooperative and CSR Committee;

review and adoption of the policy for the prevention and management of conflicts of interest for executive management and members of the Supervisory Board;

review and adoption of the policy for the appointment and succession of executive management and members of the Supervisory Board;

review and adoption of the policy for assessing the suitability of executive management and members of the Supervisory Board;

review and adoption of BPCE’s governance framework;

monitoring of the company’s policy on professional and pay equality;

monitoring of the Supervisory Board’s annual assessment process with the involvement of an external firm and review of the report;

appointment of the Secretary of the Supervisory Board;

monitoring of the individual assessment of the suitability of the members of the Supervisory Board and the Management Board;

annual review of independent member status on the Supervisory Board;

review of the dashboard of persons comprising the “regulated population”;

implementation of the 2024 training program for members of the Supervisory Board;

review of the updated Statutory Auditor assignments and of the annual delegation concerning the pre-approval of services other than the certification of the financial statements;

monitoring of ongoing work (framework, roadmap, governance, communication system) in response to the points for attention raised by the Joint Supervisory Team (JST) relating to the adequacy of the monitoring, management and control of the central institution within the Group;

review of the recommendations of the ECB mission on the functioning of the Supervisory Board and the associated BPCE action plan;

amendment of the Supervisory Board’s internal rules;

amendment of the Code of Ethics for the members of the Supervisory Board.

review of proposed strategic operations;

Follow-up on the “BPCE 2024” strategic plan;

monitoring of the implementation of the strategic operations authorized by the Board since the end of 2022;

authorization to increase/decrease the share capital of Group subsidiaries.

presentation of the annual financial statements, as of December 31, 2022, of Groupe BPCE, BPCE SA group and BPCE SA;

presentation of the 2023 quarterly and first-half financial statements of Groupe BPCE, BPCE SA group and BPCE SA;

taking note of the bottom line for 2023 and the 2024 budget of Groupe BPCE, approval of the 2024 budget of BPCE;

monitoring of the report on the assignments and services provided by the Statutory Auditors within Groupe BPCE.

follow-up on the reports and investigations of the Autorité de contrôle prudentiel et de résolution (ACPR), the French prudential supervisory authority for the banking and insurance sector, and the European Central Bank (ECB);

risk monitoring: monitoring of consolidated risks, forward-looking risk management approach, monitoring of the Group’s internal ceilings and limits, monitoring of risk governance and annual review and reconsideration of Groupe BPCE’s risk appetite, modification of operational limits;

official review of the system for monitoring compliance with prudential requirements;

annual review of the system for reporting significant incidents and assessment of the 2022 reports;

review of the Group’s annual report on the operation of internal control (RACI) and risk measurement and monitoring;

annual assessment by the Supervisory Board of the Group’s Internal Control functions;

examination of the annual reports on the organization of internal control systems for the fight against money laundering and terrorist financing and the freezing of assets, on a parent-company and consolidated basis, for the 2022 fiscal year;

monitoring of the recommendations of the Group Internal Audit and of the supervisor;

acknowledgment of the measures taken in 2022 to ensure the control of essential outsourced services, including the monitoring of critical or Important services and review of the 2023 outsourcing policy;

monitoring and annual review of Groupe BPCE’s recovery plan as well as in the USA;

follow-up on the ICAAP (Internal Capital Adequacy Assessment Process) for 2022, the methods used within this framework and the results of internal stress tests used to determine figures for 2023;

follow-up to the 2023 ILAAP (Internal Liquidity Adequacy Assessment Process) report;

review of the summary of BCBS 239 self-assessments by type of risk and current action plans;

acknowledgment of the limitations under BCBS 239;

the minutes of the annual assessment of the Group’s internal control functions;

adoption of the Group’s 2023 recovery plan;

validation of the “Single Resolution” work program drawn up for the year 2024 for the attention of the Single Resolution Board (SRB) for its assessment of Groupe BPCE’s resolvability;

official review of the Supervisory Review and Evaluation Process (SREP) decision letter.

CSR

Monitoring of the work of the Cooperative and CSR Committee relating in particular to:

CSR actions and cooperative guidelines of the Banques Populaires and the Caisses d’Epargne;

monitoring of the environmental challenges of the 2021-2024 strategic plan with monitoring of the work and structuring of the Group’s ESG program, the RB&I Green project, the project to reduce the own footprint of the networks’ institutions, the project to reduce GFS’ own footprint, and the opening of the “contribute to carbon neutrality” project;

update on the notion of “collective for inclusive growth,” assessment and future priorities of the “inclusive purchasing” working group;

review of the Group conduct and ethics reporting;

review of the production of the 2022 Non-Financial Performance Statement and related feedback from the third party;

action plan to coordinate the cooperative model;

presentation Groupe BPCE’s CSR commitments formalized through the “Responsible Employer” project and rolled out across the three scopes: Banques Populaires and Caisses d’Epargne, GFS, and BPCE Community;

presentation of the impact of the new Corporate Sustainability Reporting Directive (CSRD), structuring of the BPCE project and resources implemented.

Depending on the type of matters submitted to the Supervisory Board, discussions were held and decisions made on the basis of the reports presented by the relevant Board Committees.

3.5 Rules and principles governing the determination of remuneration and benefits

3.5.1 Remuneration policy, pay components, benefits in kind, loans, guarantees and remuneration received by members of the Supervisory Board of BPCE

At the meeting on May 19, 2017, the Supervisory Board set the pay for the Chairman and Vice-Chairman of the Supervisory Board as well as the terms for distributing pay for attendance at meetings among the members of the Supervisory Board. These terms and conditions were reviewed by the Supervisory Board at its meetings of March 26, 2020, June 16, 2022 and March 23, 2023.

The remuneration package for the members of the Supervisory Board of BPCE was set at €1,600,000 for the 2023 fiscal year and subsequent years by the Ordinary shareholders’ Meeting of May 25, 2023. This pay is detailed in the statement regarding pay collected by the non-executive corporate officers of BPCE.

With the exception of the Chairman, who receives a fixed annual fee, the members of the Supervisory Board receive remuneration on the basis of their activities.

The Chairman and Vice-Chairman of the Supervisory Board do not receive any additional remuneration for their participation in committees.

annual fixed pay: €450,000;

variable remuneration paid: €0.

Pay granted to the Vice-Chairman of the Supervisory Board:

annual fixed pay: €130,000;

variable remuneration paid for each meeting attended: €3,000.

Other members of the Supervisory Board:

variable remuneration paid for each meeting attended: €3,000.

Audit Committee

Pay granted to the Chairman of the committee:

annual fixed pay: €40,000;

variable remuneration paid for each meeting attended: €1,500.

Other members of the committee:

variable remuneration paid for each meeting attended: €1,500.

Risk Committee

Pay granted to the Chairman of the committee:

annual fixed pay: €40,000;

variable remuneration paid for each meeting attended: €1,500.

Other members of the committee:

variable remuneration paid for each meeting attended: €1,500.

Appointments Committee

Pay granted to the Chairman of the committee:

annual fixed pay: €15,000;

variable remuneration paid for each meeting attended: €1,500.

Other members of the committee:

variable remuneration paid for each meeting attended: €1,500.

Remuneration Committee

Pay granted to the Chairman of the committee:

annual fixed pay: €15,000;

variable remuneration paid for each meeting attended: €1,500.

Other members of the committee:

variable remuneration paid for each meeting attended: €1,500.

Cooperative and CSR Committee

Pay granted to the Chairman of the committee:

annual fixed pay: €15,000;