Baks in France

MarketLine Industry Profile
Banks in France
May 2020
Reference Code: 0164-2013
Publication Date: May 2020
WWW.MARKETLINE.COM
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Banks in France
Industry Profiles
1. Executive Summary
1.1. Market value

The French banks industry grew by 9.1% in 2019 to reach a value of $10,757.8 billion.
1.2. Market value forecast

In 2024, the French banks industry is forecast to have a value of $11,891.7 billion, an increase of 10.5% since 2019.
1.3. Category segmentation

Bank credit is the largest segment of the banks industry in France, accounting for 44.4% of the industry's total value.
1.4. Geography segmentation

France accounts for 19.6% of the European banks industry value.
1.5. Market rivalry

Suppliers in the insurance market include ICT companies, software houses and reinsurers. Many insurance companies
require specialized computer systems, tailored towards their unique range of products and services. Underwriters, for
instance, use computer applications known as "smart systems" to manage risks. These types of systems are complex
and are often linked up to an online database.
1.6. Competitive Landscape

The French banking industry has experienced volatile growth overall since 2016. The industry consists of four top
performers, which are BNP Paribas SA, Credit Agricole SA, Societe Generale S.A. and BPCE SA. All the main players are
based in France, indicating the strong presence of French banks in the industry. There is not much differentiation in
the industry, as all of the main players offer similar financial products to consumers, operating with similar strategies.
The only way a player could get a competitive edge over its peers is if that player were involved in a government
project or financing a low risk endeavor. Most of the industry players are periodically financing their activities in the
form of bonds or issuing equity to investors, or by acquiring different kinds of companies in a number of industries
and markets.

Banks in France
Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................. 2
1.2. Market value forecast ...................................................................................................................2
1.3. Category segmentation ................................................................................................................2
1.4. Geography segmentation .............................................................................................................2
1.5. Market rivalry ................................................................................................................................ 2
1.6. Competitive Landscape ................................................................................................................2
2. Market Overview 8
2.1. Market definition ........................................................................................................................... 8
2.2. Market analysis ............................................................................................................................ 8
3. Market Data 10
3.1. Market value ............................................................................................................................... 10
4. Market Segmentation 11
4.1. Category segmentation ..............................................................................................................11
4.2. Geography segmentation ...........................................................................................................12
5. Market Outlook 13
5.1. Market value forecast .................................................................................................................13
6. Five Forces Analysis 14
6.1. Summary .................................................................................................................................... 14
6.2. Buyer power ............................................................................................................................... 16
6.3. Supplier power ........................................................................................................................... 18
6.4. New entrants .............................................................................................................................. 20
6.5. Threat of substitutes ...................................................................................................................22
6.6. Degree of rivalry ......................................................................................................................... 23
7. Competitive Landscape 26
7.1. Who are the leading players?.....................................................................................................26

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Industry Profiles
7.2. What strategies do the leading players follow? ..........................................................................26
7.3. What has been the recent M&A activity? ...................................................................................27
8. Company Profiles 29
8.1. BPCE SA .................................................................................................................................... 29
8.2. Societe Generale S.A. ................................................................................................................32
8.3. BNP Paribas SA ......................................................................................................................... 39
8.4. Credit Agricole SA ......................................................................................................................43
9. Macroeconomic Indicators 49
9.1. Country data ............................................................................................................................... 49
Appendix 51
Methodology............................................................................................................................................ 51
9.2. Industry associations ..................................................................................................................52
9.3. Related MarketLine research .....................................................................................................52
About MarketLine .................................................................................................................................... 53

Banks in France
Industry Profiles
LIST OF TABLES
Table 1: France banks industry value: $ billion, 2015–19 10
Table 2: France banks industry category segmentation: $ billion, 2019 11
Table 3: France banks industry geography segmentation: $ billion, 2019 12
Table 4: France banks industry value forecast: $ billion, 2019–24 13
Table 5: BPCE SA: key facts 29
Table 6: BPCE SA: Key Employees 30
Table 7: BPCE SA: Key Employees Continued 31
Table 8: Societe Generale S.A.: key facts 32
Table 9: Societe Generale S.A.: Annual Financial Ratios 34
Table 10: Societe Generale S.A.: Key Employees 35
Table 11: Societe Generale S.A.: Key Employees Continued 36
Table 14: BNP Paribas SA: key facts 39
Table 15: BNP Paribas SA: Annual Financial Ratios 40
Table 16: BNP Paribas SA: Key Employees 41
Table 17: BNP Paribas SA: Key Employees Continued 42
Table 18: Credit Agricole SA: key facts 43
Table 19: Credit Agricole SA: Annual Financial Ratios 44
Table 20: Credit Agricole SA: Key Employees 45
Table 21: Credit Agricole SA: Key Employees Continued 46
Table 24: France size of population (million), 2015–19 49
Table 25: France gdp (constant 2005 prices, $ billion), 2015–19 49
Table 26: France gdp (current prices, $ billion), 2015–19 49
Table 27: France inflation, 2015–19 49

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Industry Profiles
Table 28: France consumer price index (absolute), 2015–19 50
Table 29: France exchange rate, 2015–19 50

Banks in France
Industry Profiles
LIST OF FIGURES
Figure 1: France banks industry value: $ billion, 2015–19 10
Figure 2: France banks industry category segmentation: % share, by value, 2019 11
Figure 3: France banks industry geography segmentation: % share, by value, 2019 12
Figure 4: France banks industry value forecast: $ billion, 2019–24 13
Figure 5: Forces driving competition in the banks industry in France, 2019 14
Figure 6: Drivers of buyer power in the banks industry in France, 2019 16
Figure 7: Drivers of supplier power in the banks industry in France, 2019 18
Figure 8: Factors influencing the likelihood of new entrants in the banks industry in France, 2019 20
Figure 9: Factors influencing the threat of substitutes in the banks industry in France, 2019 22
Figure 10: Drivers of degree of rivalry in the banks industry in France, 2019 23

Banks in France
Industry Profiles
2. Market Overview
2.1. Market definition

The banks industry profile comprises activities of banks and similar institutions, offering savings, loans, mortgages,
and related financial services to consumers and businesses.
The data in this report measures the total assets held by these institutions at calendar year-end.
The geographical segmentation measures the total assets held by the commercial banks of the region.
Any currency conversions used in the creation of this report have been calculated using constant 2019 annual average
exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

The French banking industry has experienced volatile growth during the historic period; however, the forecast period
is uncertain due to COVID-19 outbreak.
Growth in the banking industry has been driven by monetary and fiscal policy. These two different governmental
interventions either increase or decrease interest rates, or increase the money supply in the country by issuing more
cash and increasing banks’ cash liquidity. The fluctuation in interest rates affects banks’ lending power and the
profitability of lending money to consumers. Lower interest rates reduce the profits from lending money while higher
interest rates make it more profitable. Banks on the verge of collapse due to cash shortages (due to bad investments,
reduced revenues, or high loan default rates) may receive cash from the government or central bank in the form of an
injection in order to boost their liquidity and make them operational once more. In countries which are under
economic recession this is a common phenomenon, with governments intervening either with fiscal or monetary
policy
The French banks industry group had total assets of $10,757.8bn in 2019, representing a compound annual growth
rate (CAGR) of 4.2% between 2015 and 2019. In comparison, the German and UK industry groups grew with CAGRs of
2.1% and 4.2% respectively, over the same period, to reach respective values of $9,342.0bn and $10,315.8bn in 2019.
In order to improve economic activity in France, the country’s credit supply has increased over the last two years.
Loans for housing and small to medium sized enterprises (SME) have been increasing due to the low-cost of financing
and improved confidence; the low number of SMEs in France means this issue is gaining political attention. A low
interest rate environment in the Eurozone has driven demand, especially since the implementation of the quantitative
easing (asset-purchase program) by the European Central Bank in 2015. The debt, loans and debt securities of French
households’ rose to 58.62% of GDP despite a similar growth trend in household savings according to IMF DataMapper.

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Industry Profiles
This means that French households have increased their financial leverage in an efficient way. Since then corporate
debt has risen by 0.5% of GDP after two years of decline.
The bank credit segment was the industry group's most lucrative in 2019, with total assets of $4,781.5bn, equivalent
to 44.4% of the industry group's overall value. The inter-bank loans segment contributed assets of $3,824.2bn in 2019,
equating to 35.5% of the industry group's aggregate value.
Bank credit was the most profitable segment for the bank industry in 2019, due to it being the most common form of
lending. Bank credit is an agreement between banks and borrowers (individual consumers or big corporations) where
banks make a loan to a borrower based on their assessment of the borrower's creditworthiness. The bank is
essentially trusting a borrower to repay funds plus interest for either a loan, credit card or line of credit at a later date.
This has been the most common and simplest form of lending money to consumers for hundreds of years.
The performance of the industry group is forecast to decelerate, with an anticipated CAGR of 2% for the five-year
period 2019 - 2024, which is expected to drive the industry group to a value of $11,891.7bn by the end of 2024.
Comparatively, the German and UK industry groups will grow with CAGRs of 2.3% and 1.6% respectively, over the
same period, to reach respective values of $10,462.3bn and $11,178.2bn in 2024.
At the time of writing it is extremely difficult to predict how the industry will perform in the coming years due to the
widespread outbreak of COVID-19. This novel coronavirus was declared a pandemic by the WHO in March 2020. While
the true impact of COVID-19 is difficult to assess due to the rapidly changing situation, it will undoubtedly have a
detrimental impact on the industry's performance.

Banks in France
Industry Profiles
3. Market Data
3.1. Market value

The French banks industry grew by 9.1% in 2019 to reach a value of $10,757.8 billion.
The compound annual growth rate of the industry in the period 2015–19 was 4.2%.
Table 1: France banks industry value: $ billion, 2015–19
Year $ billion € billion % Growth

2015 9,127.7 8,150.0
2016 9,324.7 8,325.9 2.2%
2017 9,460.2 8,446.8 1.5%
2018 9,860.5 8,804.2 4.2%
2019 10,757.8 9,605.4 9.1%
CAGR: 2015–19 4.2%
SOURCE: MARKETLINE MARKETLINE
Figure 1: France banks industry value: $ billion, 2015–19

Banks in France
Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Bank credit is the largest segment of the banks industry in France, accounting for 44.4% of the industry's total value.
The Inter-bank loans segment accounts for a further 35.5% of the industry.
Table 2: France banks industry category segmentation: $ billion, 2019
Category 2019 %
Bank Credit 4,781.5 44.4%
Inter-bank Loans 3,824.2 35.5%
Other Assets 1,005.6 9.3%
Cash Assets 800.9 7.4%
Trading Assets 345.6 3.2%
Total 10,757.8 99.8%
Figure 2: France banks industry category segmentation: % share, by value, 2019

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4.2. Geography segmentation

France accounts for 19.6% of the European banks industry value.
United Kingdom accounts for a further 18.8% of the European industry.
Table 3: France banks industry geography segmentation: $ billion, 2019
Geography 2019 %
France 10,757.8 19.6
United Kingdom 10,315.8 18.8
Germany 9,342.0 17.0
Italy 4,376.9 8.0
Spain 3,074.5 5.6
Rest Of Europe 16,972.3 30.9
Total 54,839.3 99.9%
Figure 3: France banks industry geography segmentation: % share, by value, 2019

Banks in France
Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2024, the French banks industry is forecast to have a value of $11,891.7 billion, an increase of 10.5% since 2019.
The compound annual growth rate of the industry in the period 2019–24 is predicted to be 2%.
Table 4: France banks industry value forecast: $ billion, 2019–24
Year $ billion € billion % Growth

2019 10,757.8 9,605.4 9.1%
2020 10,950.9 9,777.9 1.8%
2021 11,170.5 9,973.9 2.0%
2022 11,392.2 10,171.9 2.0%
2023 11,612.1 10,368.2 1.9%
2024 11,891.7 10,617.9 2.4%
CAGR: 2019–24 2.0%
Figure 4: France banks industry value forecast: $ billion, 2019–24

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Industry Profiles
6. Five Forces Analysis

The banks market will be analyzed taking banks, bank holding companies and financial institutions holding companies
as players. The key buyers will be taken as consumers and businesses, and it providers as the key suppliers.
6.1. Summary
Figure 5: Forces driving competition in the banks industry in France, 2019
Suppliers in the insurance market include ICT companies, software houses and reinsurers. Many insurance companies
require specialized computer systems, tailored towards their unique range of products and services. Underwriters, for
instance, use computer applications known as "smart systems" to manage risks. These types of systems are complex
and are often linked up to an online database.
A secure and reliable ICT infrastructure is essential and companies are often reliant on one supplier – usually a large
and reputable company such as IBM. Such suppliers may have their own unique and patented systems. This creates a
disincentive for insurance companies to switch suppliers as many employers are reluctant to spend money training
staff on new systems, which increases supplier power. Additionally, software houses are able to offer customized
software tailored to meet insurers' specific needs; as a result this degree of differentiation also serves to increase
supplier power.
Despite many insurance companies maintaining their own IT departments, it is extremely unlikely for a market player
to fully backwards integrate into ICT and software; however, it is fairly common for an insurer to offer reinsurance to
other companies. Equally, ICT and software houses are unlikely to forward integrate into insurance, although it is
common for reinsurers to offer insurance products.
Insurers require the services of reinsurance companies, which are usually of large size with augmented bargaining
power, such as Swiss Re and Munich Re, in order to reduce their own exposure to insured risks which are especially
evident in non-life insurance as it tends to be volatile in terms of insured losses. Although an insurance company can
offer reinsurance services and become a supplier itself, it cannot reinsure itself due to a conflict of interests. The
necessity of this level of risk mitigation for market players increases supplier power and by proxy increases the market
player's own supplier power.

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The size of suppliers, such as large-scale ICT companies like IBM and reinsurers like Swiss Re Group, increases supplier
strength due to their strong negotiating position. The moderately limited number of suppliers capable of providing
insurers with the services and equipment necessary also serves to consolidate supplier power to some extent, as does
prohibitive switching costs (the cost of switching an ICT supplier and/or software house can be particularly expensive).
Further strengthening a supplier's position, a general lack of substitutes for reinsurance, ICT and software makes it
difficult for insurers to secure alternative means of carrying out business transactions and mitigating risk.
Although reinsurers depend heavily upon insurers for revenues, ICT companies and software houses have a diverse
range of customers, thus boosting supplier power.
Overall supplier power is assessed as moderate.

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Industry Profiles
6.2. Buyer power

Figure 6: Drivers of buyer power in the banks industry in France, 2019
The banking industry serves a wide range of customer types: from mass-market individual consumers to high net-
worth individuals; and from small, local businesses to major corporates. Due to the large number of buyers, the gain
or loss of an individual customer is not significant, thereby reducing buyer power. This is, however, not the case with
large companies, some of whom generate a large amount of revenue and profit for banks. The effect of gaining or
losing one or more of these ‘key clients’ would be significant.
The economic crisis of 2008-2009 has led to an erosion of customers' trust in banks as safe places to deposit savings,
while the low interest rate environment that still prevails after the end of that crisis has reduced the appeal of these
core banking products for consumers. Nonetheless, banking services are still indispensable for transactions, and their
rate of dispensability is dependent on the financial inclusion of individuals within a country. On the other hand, 2019
negative and close to zero rates have made individual consumers reluctant to deposit savings as it is more expensive,
decreasing their savings in the long-run. However, it has increased lending and borrowing for consumers and big
corporations as it is cheaper to lend money from banks when you are dealing with negative rates. When a consumer
makes a deposit under negative rates, he or she pays the bank to save their money; however, when a consumer or a
company borrows money from the bank under negative rates, then the bank pays those individuals to borrow money
from them.
In France, a bank account is essential in order to receive wages, government transfers or pay utility bills, and Banking
services have been made even less dispensable by progress towards a cashless society. In 2017, there were 178.9 card
transactions per capita in France, while credit (wire) transfers and direct debits amounted to 57.7 and 61 transactions
per capita, respectively, according to the ECB. Moreover, France is characterized by great financial institution depth,
with domestic credit from banks to the private sector equivalent to 101.6% of the country’s GDP in 2017.
A bank's reputation is also vulnerable to corruption scandals and misconduct practices. Issues impacting consumer
confidence persist. Banks across the world have seen regulatory action and punishments for perceived infringements
of regulations, such as money laundering or tax evasion facilitation. The amount paid in fines by institutions across the
globe in recent years runs into the billions. For example, in December 2016, Credit Agricole was fined approximately
$130m for being one of the banking firms which engaged in fixing Euribor rates on which consumer loan products are
based.
The minimal product differentiation in the banking industry enhances switching among consumers who seek high
returns. Customer service, reputation and security against fraud may influence customer loyalty. However, there is
little differentiation between the core services for a given customer type, for example, extending credit, deposit

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Industry Profiles
facilities, and the withdrawal of funds to mass-market individual consumers; or asset management and private
banking for high net-worth individuals and businesses.
Switching costs depend upon the product and customer type. For individual consumers, early exit from a mortgage
usually incurs a fee, while the cost of switching credit cards and bank accounts is minimal. For business customers
with more complex banking needs, the switching process may be more complicated and have a potential impact on
their business operations. As a result, this reduces the buyer power of corporate clients.
Overall, buyer power is assessed as moderate in the banking industry.

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6.3. Supplier power

Figure 7: Drivers of supplier power in the banks industry in France, 2019
Players operating within this industry need reliable and secure information and communication technology (ICT)
infrastructure, increasing the power of such providers. ICT refers to the network infrastructure for all banking
operations, automatic teller machines (ATMs), and online banking systems, along with the security systems that are
applied to them. Providers of these products and services that are capable of fulfilling a large bank’s needs tend to be
large, with the ability to assess the complex ICT needs of major banks and offer appropriate solutions, further
strengthening supplier power.
Moreover, the fundamental aspects of banking systems, the network of card payment transactions and interbank
(ATM) networks, are supplied by distinctive financial service entities such as Visa, MasterCard, and American Express.
The French card payment network is dominated by Visa and MasterCard, with the former accounting for slightly more
than 50% of cardholders. These financial service corporations were initially cooperatives of bank-members, but later
their ownership became distinctive, meaning that they can be considered industry suppliers; these corporations have
selected partnerships with bank issuers of payment cards to operate through their payments-processing network.
Consequently, these interbank network operators have significant supplier power because they are the linking service
which processes consumers' card and electronic transactions within an interbank network.
IT or software providers such as IBM or Bloomberg Terminal tend to have great supplier power. Software companies
are providing banks and financial institutions with cyber security software as well as software needed in order for the
banks to be fully functional in all their segments. This kind of software includes statistical tools, computer operating
software, risk analysis software, information software and many others, which are crucial for a bank’s livability.
As far as the physical infrastructure of banks is concerned, due to the size and appearance of offices required, only a
small number of real estate management and construction companies are able to provide what is needed, thus
strengthening their power as suppliers.
Furthermore, switching costs can be high when employees are trained to use a specific system that is integral to a
bank's operations, meaning that highly skilled employees are also powerful input-suppliers for the industry, especially
in segments such as investment banking and wealth management. There are also office-supplies companies that
provide related raw material to the industry, but as banking operations become increasingly paperless, dependence
on these suppliers is getting weaker.
Finally, banks are unlikely to integrate backwards into the business of suppliers, who can offer their products and
services to a wide range of other industries. As a result, supplier power is further increased.

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Supplier power in this industry is assessed as strong overall.

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6.4. New entrants

Figure 8: Factors influencing the likelihood of new entrants in the banks industry in France, 2019
Regulatory barriers regarding the vast amount of capital required for a banking firm, and the burden of a strict
operation-framework, are high enough to deter new entrants. Moreover, non-regulatory barriers such as the brand
recognition and extensive branch networks of large incumbents, through which they accumulate a disproportionate
share of assets, further prevent new entrants.
Entering this industry as an entirely new start-up company would require substantial funds to comply with the capital
requirements needed to obtain a banking license. Moreover, the amount of investment in infrastructure, particularly
in distribution networks (e.g. setting up a branch network) and IT systems, as well as the marketing expenditure for
brand-building to compete on the same scale with large incumbents, is significant, even for established international
banking firms entering a country’s industry. Reputation is a key factor in this industry, with a player’s reputation
concerning security and customer service holding particular importance. Thus, huge investments are required in
information systems to improve security, along with expenses for marketing and customer service initiatives.
Smaller-scale entry may be possible through digital channels (digital banks), thanks to the proliferation of online
banking services. However, such a new player would still be competing with similar services offered by larger players
with strong brands. These incumbents have a first-mover advantage based on their established position in terms of
industry assets and distribution channels. In this regard, brand loyalty and switching costs favor customer retention.
On the other hand, the operating model of large incumbents, which is based on significant investments into fixed
assets, entails high fixed costs. Under these terms, that operating model might be challenged by standalone banks,
with legacy banks being less flexible in terms of adopting digital innovation (FinTech) as they would have to abandon
to some extent their current operating model of physical distribution channels, which is one of their competitive
edges. The distribution channel of the French banking industry is 35.86 branches per 100,000 adults, according to the
IMF 2017 Financial Access Survey. However, this figure has been decreasing in recent years, indicating that the
necessity of physical distribution channels has been undermined. This has helped banks to save costs by reducing
employee numbers.
Furthermore, FinTech is going to play a key role in the growth of online distribution channels. For instance, BNP
Paribas has partnered with a Silicon Valley accelerator, Plug and Play, to enhance the growth of small FinTech start-
ups, which would create innovative solutions for its needs in European markets. Similarly, BPCE acquired the
prominent online bank, Fidor Bank, with a presence in the UK and Germany.
The high level of regulation in the banking industry creates high operating costs which are unattractive to new
entrants. Regulatory bodies should make sure that players in this economically vital industry apply moral and

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Industry Profiles
transparent practices that are stimulating for the economy. For this reason, capital adequacy ratios dictated by Basel
Accords are restrictive in terms of a bank's operations. Banks are periodically subjected to stress tests which involve
high costs, in order to limit the possibilities of a systemic risk. In addition, anti-money laundering rules increase
bureaucracy and fixed costs.
In January 2010, the merger of four banking and insurance supervisory authorities led to the establishment of the
Autorité de Contrôle Prudentiel (ACP), which operates as an independent supervisor and is responsible for granting
commercial bank licenses, under the auspices of the Banque de France. The regulation enforced by Banque de France
is subject to the European Central Bank (ECB) regulatory framework as part of the single currency union. The
centralization of regulation to the ECB has been increased after the debt crisis in the Eurozone. The ECB oversees both
monetary policy authority and the supervision of major banking institutions in each country of the Eurozone.
The French banking industry complies with capital adequacy ratios dictated by Basel III, as part of the EU legal
framework (Capital Requirements Directive 2013/36/EU (CRD IV) and Capital Requirements Regulation 575/2013). The
Basel III legislation (a global regulatory standard on bank capital adequacy and liquidity agreed by the members of the
Basel Committee on Banking Supervision) increased the mandatory Tier 1 capital ratio (equity capital to risk-weighted
assets) of banks from 4% to 6%, effective from January 2015, with the minimum common equity capital ratio set at
4.5%. The capital requirements of Basel III were further tightened in 2018. The capital conservation buffer introduced
in the Basel III standards (an additional capital buffer built-up outside periods of stress to be used as a cushion against
losses) is set at 1.875% of risk-weighted assets - increased from 1.25% in 2017 – effective from 2018, and it will be
further raised to 2.5% effective from 2019. This brings the overall common equity Tier I capital ratio requirements to
6.375%. Moreover, the minimum liquidity coverage ratio (the ratio of highly liquid assets to be held by banks in the
total of net cash outflows over 30 days) has also increased to 90% in 2018, from 80% previously in 2017, and is set to
reach 100%, effective from 2019. This makes operating in the industry more capital intensive, and in turn, more
difficult, thus reducing the likelihood of new entrants.
Ultimately, the likelihood of new entrants to this industry is assessed as weak overall.

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6.5. Threat of substitutes

Figure 9: Factors influencing the threat of substitutes in the banks industry in France, 2019
Although gifts and loans from family or friends can serve as a substitute for loans from banks and credit cards, capital
available from this stream is likely to be very limited. Other substitutes include lending through loan sharks or payday
lenders. However, these are not as stringently regulated as banks and do not have a good reputation among
consumers.
The available alternatives to banks only serve as substitutes for certain banking operations and products, as banking
activities cannot be substituted as a whole. For instance, mortgage lending for buying a house might be threatened by
the alternative option of rented accommodation; assessing the true cost of this substitute is difficult, as while monthly
rent may be lower than mortgage repayments for comparable properties, a homeowner ends up with an asset, the
ultimate value of which may be much greater than the cost of the mortgage. Moreover, usual banking activities such
as international money transfers and electronic transactions can be substituted by non-financial institutions, namely
PayPal and other online payment service providers (e-wallets), as well as non-banking financial service providers such
as MoneyGram and Western Union. Notably, the French telecom group Orange launched its own mobile banking
platform, Orange Bank, in November 2017. The value of e-money payments in France stood at EUR0.9bn ($796m) in
2017 according to the European Central Bank, demonstrating an increasing trend over the last years.
There are also multiple investment alternatives such as stocks or other financial products that serve as substitutes for
savings and investment banking products. Currency and deposits accounted for only 27% of financial assets held by
French households in 2017, according to OECD, and that figure has been reducing since 2012 against pension and
insurance funds, equities and other securities. These alternatives, however, cannot be easily assessed as the more
attractive options with greater return-potential are usually associated with higher risks.
Overall, there is a weak threat from substitutes.

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6.6. Degree of rivalry

Figure 10: Drivers of degree of rivalry in the banks industry in France, 2019
There are numerous competitors within the banking industry. Players must compete with other banks, thrifts, credit
unions, investment banking firms, investment advisory firms, brokerage firms, investment companies, mortgage
banking companies, credit card issuers, and mutual fund companies in each of the numerous respective segments and
niches of the industry. However, the banking industry is intrinsically concentrated to a few large players; the strict
capital regulation to secure the stability of the financial system, along with the nature of this business itself – asset
concentration is growth reinforcing through economies of scale – lead to a heavily concentrated industry.
Nevertheless, the limited capacity of differentiating services and products within the banking industry preserves
competition. Product differentiation may exist only in the form of fees, interest rates on loans and deposits, lending
limits, notice periods for withdrawing, and customer convenience, along with the general quality and range of product
and service offerings. Most banks offer a diverse range of products, including retail banking (home, small business,
insurance), card services, investment banking, asset management, cash management, and e-commerce products.
There are only a few banking firms that solely focus on a particular segment or niche market of clients. Moreover,
universal banking is prevalent in most European countries. In France, the universal banking model has prevailed over
the last three decades, based on relaxed regulation on separating bank operations. BNP Paribas, Credit Agricole and
Society General are notable examples of universal banks.
Both product and geographical diversification ease rivalry, as companies are less reliant on a specific market, while
that diversification may also serve as a competitive advantage in terms of robustness against market shocks.
Players can also differ in the method of delivering their products: retail branches, online banking, and telephone
banking are all available distribution channels for players. High fixed costs regarding the development of physical
distribution channels, as well as expenditure for advertising and brand-building, limit the growth potential of smaller
players, favoring concentration. It should be noted that the proliferation of online banking services has changed this
situation, offering less costly growth potential. This has given room to smaller players such as online banks to expand,
inducing competition.
Efficiency is the key aspect of competition in this industry as banking operations are based on the maximum utilization
of capital. All banking firms borrow capital at a similar cost, yielding the margin between borrowing and lending
operations, and achieving return from investment activities. Accordingly, improved efficiency creates greater
competition as those banking institutions that increasingly accumulate capital are able to further increase their share
of assets in the industry (economies of scale), offering competitive lending/savings interest rates. Conversely, a high

Banks in France
Industry Profiles
cost-to-income ratio, poor capital adequacy and bad-quality assets (high portion of non-performing loans) are
impediments for the growth of banking operations.
Rivalry and profitability in the banking industry is also dictated by the macroeconomic environment. The term
structure of interest rates, depicted by the yield curve, which reflects the relationship between the (expected) level of
interest rates (of similar bonds and other financial instruments) and their time to maturity, is an important measure
for the future profitability of banks. For example, an existing term structure of interest rates depicted by an upward-
sloping yield curve, indicating that the level of short-term interest rates is lower than that of long-term interest rates,
is a positive sign for banks’ profitability, since that profitability is based on borrowing in the short-term (mainly
through deposits) and lending on the long-term (through long-term loans and debt securities). In contrast, an inverse
relationship that leads to an inverted yield curve, at times further enhanced by expectations of an economic
recession, signals a negative outlook for banks’ profitability, as higher short-term interest rates over long-term rates is
an unprosperous scenario for banking operations. Under these terms, a steep yield curve on the top credit-rate bonds
of three months to 30 years maturity within the Eurozone is a positive sign for the future profitability of banking
industries within that area.
Moreover, a negative macroeconomic environment can evaporate the assets of banking institutions, reducing
deposits and the value of investments/securities held by them, hence impairing their capital adequacy. As a result, in
times of economic downturn, banking firms with poor capital adequacy may face sustainability issues. In this case, the
consolidation of the banking system is inevitable as past experience has proven. Following the 2008/09 global
economic crisis, the banking industry has become more concentrated, as a result of acquisitions, mergers, and
bankruptcies. Indeed, the number of credit institutions operating in France has been constantly reducing since the
financial crisis of 2008. 258 institutions of commercial banks were operating in the French banking industry by the end
of 2017.
It is widely believed that increasing rivalry in the banking industry may lead to financial instability. This was proven in
the crisis of 2008 when banks invested too much in high-risk financial products and extended subprime lending to
improve their position. On the other hand, it is reasonable to expect that increasing concentration in the industry can
lead to moral hazard problems, or in other words, create players that are too big to fail.
The monetary policy, which is determinant of money supply in the industry, has in theory a neutral role on banks’
competition and financial stability. However, there is evidence in the economic literature supporting that a prolonged
relaxed monetary policy might lead to higher bank risks in the face of competition. On the other hand, it should be
noted that limited bank competition can impair the monetary policy transmission mechanism. The effect of monetary
policy adjustments might not be fully-transmitted through the lending and saving interest rates offered by (large)
banks, as the latter might exploit their market power to increase their margin. Monetary policy transmission effects
can also be asymmetric due to limited competition; lending rates can be more rigid to relaxed monetary policy
adjustments than in the case of monetary policy tightening. As a result, the competition in the banking industry has
substantial impact on the economy, as it shapes the fundamental cost input of funding for all firms.
Overall, there are two main views on the measures-indicators of banking competition. Firstly, the share of assets of
leading firms in the industry defines the structure of the industry and can be indicative of the conduct of these firms.
Secondly, the interest rate spread – the difference between the lending and deposit rate – can be a useful proxy of
firms’ conduct for identifying the level of competition. In a perfect-competition environment this spread would tend
to be equal to zero. In this regard, the lower the net interest margin of banking firms, the more competitive the
industry is.
The big four banking firms (in terms of assets) in France are BNP Paribas, Societe Generale, Credit Aricole and Groupe
BCPE. The five largest credit institutions in France (with Credit Mutuel added to the big four), controlled
approximately 45.38% of total assets in 2017, according to the European Central Bank (ECB). This concentration ratio
is relatively low, especially in comparison to other developed European industries, indicating that this industry is
highly competitive. Moreover, the reducing trend of this ratio since 2014 is indicative of rising competition, as smaller
players increased their shares. Likewise, another competition index, the Herfindahl-Hirschman (HHI) index, also
decreased during this period, (the smaller the index, the more competitive the industry is), confirming that the
dispersion of assets in the industry across banking firms has increased.
Despite increasing competition, profitability in the French banking industry improved, as the net interest rate income
of all leading banks has been under pressure due to low interest rates introduced by the ECB to stimulate lending and
manage inflation. A record-raise in banking charges for consumers in 2017, the highest over the last 20 years
according to INSEE (the National Institute of Statistics and Economic Studies), is a key driver for this. The quality of

Banks in France
Industry Profiles
assets held by banking firms has also improved, with non-performing loans in the total of loans, reaching the lowest
rate in recent years.
Interestingly, leading banking groups such as BNP Paribas, Societe Generale, Credit Agricole and BPCE are striving to
develop their online banking operations in order to dominate the fintech industry which has induced competition
through new low cost online banks such as Orange Bank and N26. This is manifested through a slower increase of
banking charges by leading players for 2018, after a record high in 2017, in order to compete with the ultra-low-cost
services of online banks. Moreover, BNP Paribas announced a $3.3bn investment plan on digital transformation until
2020, in order to yield savings of $3.8bn. Societe Generale and BPCE plan to significantly reduce their branch network
until 2020; Societe Generale revealed plans to reduce its workforce by 15%, as part of its digital transformation.
Similarly, Groupe BPCE has announced a digital transformation plan, investing EUR600m each year up to 2020 to
enhance its online distribution channels. On the other hand, Credit Agricole is set to launch a low-cost online banking
service named EKO, similar to BNP Paribas’ Hello Bank! and Boursorama of Societe Genrale, to compete with fintech
firms.
On 13th December 2018 the ECB announced the end of quantitative easing, almost four years after it was launched.
The program has supported the European banking system and aided Eurozone economies to avoid a deflation and to
achieve growth, but as the recovery of Eurozone economies remains weak, the ending of QE appears likely to place
pressure on the liquidity of banks working in the Eurozone. To date the ECB has ploughed in EUR2.6tn ($2.9tn) but
even though QE is ending will continue to reinvest money from maturing bonds. Despite this, liquidity among
European banks is expected to come under pressure, strengthening rivalry.
Ultimately, the degree of rivalry is assessed as strong.

Banks in France
Industry Profiles
7. Competitive Landscape
The French banking industry has experienced volatile growth overall since 2016. The industry consists of four top
performers, which are BNP Paribas SA, Credit Agricole SA, Societe Generale S.A. and BPCE SA. All the main players are
based in France, indicating the strong presence of French banks in the industry. There is not much differentiation in
the industry, as all of the main players offer similar financial products to consumers, operating with similar strategies.
The only way a player could get a competitive edge over its peers is if that player were involved in a government
project or financing a low risk endeavor. Most of the industry players are periodically financing their activities in the
form of bonds or issuing equity to investors, or by acquiring different kinds of companies in a number of industries
and markets.
7.1. Who are the leading players?

BNP Paribas SA (BNP) is the largest bank in France with a market cap of $56.9bn. The bank is based in Paris, France
and is a diversified financial group that provides retail and corporate and institutional banking solutions. Its retail
banking portfolio comprises digital banking, leasing and financing, long-term corporate vehicle leasing, loans and
insurance solutions, savings and investment products, and deposit services and payment cards. It also offers asset and
wealth management, private banking, real estate services, cash management, and factoring solutions. The group’s
corporate and institutional banking solutions include securities services, capital markets, financing, treasury solutions,
structured finance, derivatives, and risk management solutions, and financial advisory. The group has a presence in
Europe, the Middle East and Africa, Asia-Pacific, and the Americas.
Credit Agricole SA (Credit Agricole) is the second largest bank in France with a market cap of $21.2bn. The bank is
based in Paris, France and is a provider of banking and related financial services. It offers a range of retail and
corporate banking, investment banking, and insurance solutions. Its retail banking portfolio includes savings products,
accounts, debit cards, credit cards; and loans for mortgage, student, vehicle, real estate, agricultural, and personal
needs. The corporate banking comprises business financing, term deposits, treasury management, cash management,
among other services. The company offers investment banking solutions such as asset management, and merger and
acquisition advisory. Credit Agricole also offers insurance for health, death and disability, life, creditor, and property
and casualty risks. It has presence across Europe, the Americas, Africa,
Societe Generale S.A. (Societe Generale or 'the group') is the third largest bank in France with $14.8bn. The bank is
based in Paris, France and involved in the provision of a range of financial services, including international retail
banking, corporate and investment banking, asset management, and securities services. Societe Generale is also a
major player in the businesses of specialized financial services and insurance and private banking, and global
investment management and services. The group has operational presence in Europe, Africa and the Middle-East, Asia
and Oceania, and the Americas.
BPCE SA (BPCE) is the fourth largest bank in France and is based in Paris. The bank offers a range of commercial
banking, insurance, corporate finance, investment management and financial solutions. It provides loans and credits,
demand deposits, savings accounts, regulated home savings products, life and non-life insurance products, debit and
prepaid cards, equities, sureties and guarantees, lease financing and consumer credit to entrepreneurs, local
businesses and business owners. The group offers mergers and acquisition advisory services, strategic and acquisition
finance, investment and risk management services. BPCE also provides online banking contactless payment and
payments processing services. The group’s operations are spanned across Europe, America, Asia-Pacific and Africa.
7.2. What strategies do the leading players follow?

BNP is able to serve a broad customer base and a wider geographic location by having branches around the world
alongside a recognizable brand image. BNP is one of the leading banking service providers in the Eurozone and a

Banks in France
Industry Profiles
major global bank worldwide with operations in over 70 countries. It is the leading private bank in France and has a
leading position in cash management and professional equipment financing in Europe. BNP Paribas Personal Finance
is the leading specialist provider in consumer credit in Europe. In 2018, according to the Bank of Italy, the group’s BNL
Banca Commerciale was the sixth largest bank in Italy, in terms of assets and customer loans, with market share of
6.8% in residential mortgages, 4.4% in corporate loans, and 3.6% in household current accounts, exceeding the market
penetration rate of 3%. In the US, the group’s BancWest was ranked as the seventh largest commercial bank, based on
deposits, in the western US. In Turkey, the group was ranked tenth in retail banking with a market share of about 3%,
through its TEB Holding AS subsidiary. In Luxembourg, BGL BNP Paribas is the second largest bank with 15% market
share in retail banking market and 20% share in the SME market. BGZ BNP Paribas is the sixth largest bank in Poland
with a market share of 6% on the basis of loans and deposits complemented by its acquisition of Raiffeisen Bank
Polska. The group held the third position in Europe in the corporate and institutional banking segment.
Credit Agricole was able to meet regulatory capital requirements with respect to its risk-weighted assets and to
address stress tests conducted by national banking regulators due to its strong capital base. Good capital
management initiatives have enabled the company to strengthen its capital position. In 2018, on fully-loaded basis,
the company reported total capital adequacy ratio of 17.2%, CET1 ratio of 11.5%, tier 1 ratios of 13.1%, and leverage
ratio of 4%; compared to 17.4%, 11.7%, 13.4%, and 4.4%, respectively in 2017, which were well above the Basel III
regulatory requirements of 12.04%, 8.54%, 10.04, and 3%, respectively. The decline in the ratios was due to a higher
increase in risk-weighted assets than increase in the regulatory capitals. During the year, its total capital, CET1 capital,
and tier 1 capital grew by 2%, 1.7%, and 1.3%; whereas, its risk-weighted assets increased 3.5%, over the previous
year. The CET1 ratio was also in line with the company’s medium-term target of 11%.
Societe Generale strong market position enables the group to serve a broad client base. The group is the number two
privately-owned retail bank in Romania and third largest bank in the Czech Republic by balance sheet size. The group’s
consumer finance business ranked number two in France, and Germany, and number three in Russia. Societe
Generale is also a world leader in private banking. Societe Generale operates its securities business through Societe
Generale Securities Services (SGSS). SGSS was ranked number eight among global custodians and number two in
Europe. The group operates its derivatives brokerage business through Newedge. The group is one of the largest and
most powerful financial groups in Europe, present in 67 countries, employing 149,000 staff and servicing over 31
million customers worldwide, as claimed by the group in 2018. The group's leadership in Europe coupled with globally
leading franchises in selective products position it well to sustain business momentum.
BPCE was the second-largest bank in France, with 21.5% market share in on-balance sheet customer deposits and
savings, and 21.1% in customer loans for all non-financial sector customers, at end of the third quarter of 2018. In
factoring business, it held over 19% of market share, in household deposits/savings (22.6%), home loans (26.3%),
secured personal microloans (33%), public-aid loans (35.7 %), employee savings account administration (27.9%). The
group is the top lender in the social and solidarity-based economy, with a market share of 19.37% and was among the
leading distributors of ‘Eco PTZ’ interest-free eco loans in France, with a market share of 23.5%, a shade above its
natural weight. It was the leading issuer of personal microloans to individual customers with over one-third market
share in the domestic market. According to the Kantar TNS 2017 survey, it is the leader in France for SME banking,
with a 51% penetration rate. Its Caisses d’Epargne had 330,000 customers, showcasing a penetration rate of 43% and
a market share of 51%.
7.3. What has been the recent M&A activity?

BNP Paribas has partnered with Kantox, a UK-based Fintech specialising in FX risk management solutions. The
collaboration, which strengthens BNP Paribas’ foreign exchange service offerings, enables BNP Paribas and Kantox to
offer Kantox’s Dynamic Hedging solution to BNP Paribas’ clients across Europe, the Middle East and Africa. Dynamic
Hedging is a solution developed by Kantox designed to help global companies eliminate FX risk and exposure to
market volatility by automating micro-currency trades. The Dynamic Hedging service will complement the cash
management, trade finance and FX suite of products available on Centric, BNP Paribas’ digital banking platform. It also
reinforces BNP Paribas’ commitment to digital growth and transformation.
Nordea Finans Sverige AB has entered into an agreement to acquire all shares in SG Finans AS, a Norwegian provider
of equipment, vehicles, and machinery leasing, as well as factoring, auction, and sales services, from Societe Generale

Banks in France
Industry Profiles
for consideration of $639.773m. The purchase price will be adjusted for the equity generated up until closing. The
transaction is expected to have a positive impact on total annual income by about $138m and consume about 35-40
bp of the Common Equity Tier 1 ratio for the Nordea Group. SG Finans has 360 employees and operates in Norway,
Denmark and Sweden. Alongside the transaction, Nordea Finance and Societe Generale Equipment Finance have
entered into a commercial partnership agreement. The partnership will combine the strengths of the two companies
to offer a wide range of equipment finance solutions and services to international vendors.
Banque Centrale Populaire SA, a Morocco-based bank engaged in the provision of financial products and services, has
acquired 100% stake in Banque Commerciale Internationale, a Republic of the Congo-based provider of corporate,
personal, institutional, and Internet banking services, from Groupe BPCE. In addition, Banque Centrale Populaire has
acquired stakes of 71%, 68.5%, and 60%, in Banque Malgache De L'Ocean Indien, Banque Internationale du Cameroun
pour l’Epargne et le Credit, and Banque Tuniso-Koweitienne, respectively.

Banks in France
Industry Profiles
8. Company Profiles
8.1. BPCE SA
8.1.1. Company Overview
BPCE SA (BPCE) is bankig group that offers a range of commercial banking, insurance, corporate finance, investment
management and financial solutions. It provides loans and credits, demand deposits, savings accounts, regulated
home savings products, life and non life insurance products, debit and prepaid cards, equities, sureties and
guarantees, lease financing and consumer credit to entrepreneurs, local businesses and business owners. The group
offers mergers and acquisition advisory services, strategic and acquisition finance, investment and risk management
services. BPCE also provides online banking contactless payment and payments processing services. The group’s
operations are spanned across Europe, America, Asia-Pacific and Africa. BPCE is headquartered in Paris, France.
8.1.2. Key Facts
Table 5: BPCE SA: key facts
Head office: 50 Avenue Pierre Mendes Cedex 13 , Paris, Ile-de-France, France

Number of Employees: 106500
Website: www.bpce.fr/en
Financial year-end: December
SOURCE: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
BPCE SA (BPCE) offers a range of commercial banking, insurance, corporate finance, investment management, and
financial solutions. It provides a range of loans and credits, demand deposits, savings accounts, regulated home
savings products, life and non-life insurance products, debit and prepaid cards, equities, sureties and guarantees,
lease financing and consumer credit to entrepreneurs, local businesses and business owners in France. As of
December 31, 2018, it had assets of EUR1,273.9 billion, net customer loans of EUR659.3 billion, and customer deposits
of EUR530.3 billion.
BPCE operates four segments: Retail Banking and Insurance, Asset and Wealth Management, Corporate and
Investment Banking, and Corporate Center.
Had nine million cooperative shareholders and served 30 million customers through bank branches with operations
across Europe, Africa and Mediterranean, North and South America, and Asia/Oceania, as of December 31, 2018.

Banks in France
Industry Profiles
Table 6: BPCE SA: Key Employees
Name Job Title Board

Alain Denizot Director Non Executive Board
Andre Joffre Director Non Executive Board
Anne-Claude Pont Director Non Executive Board
Bernard Dupouy Director Non Executive Board
Catherine Amin-Garde Director Non Executive Board
Catherine Halberstadt Head Human Resources Senior Management
Catherine Mallet Director Non Executive Board
Christine Fabresse Head Retail Banking and Insurance Senior Management
Didier Patault Director Non Executive Board
Dominique Garnier Head SEF, Solutions and Financial Expertise Senior Management
Dominique Goursolle-Nouhaud Director Non Executive Board
Francois Riahi Chief Executive Officer Natixis Senior Management
Francoise Lemalle Director Non Executive Board
Frederic Hassaine Director Non Executive Board
Gerard Bellemon Director Non Executive Board
Geraud Brac de La Perriere Chief Risk Officer Senior Management
Jacques Beyssade Secretary Senior Management
Head Retail Banking Europe and Paris 2024
Jean-Yves Forel Senior Management
Project
Kadidja Sinz Director Non Executive Board
Laurent Benatar Chief Information Officer Senior Management
Laurent Mignon Chief Executive Officer Senior Management
Michel Grass Director Non Executive Board
Nicolas Namias Chief Financial Officer Senior Management
Nicolas Plantrou Director Non Executive Board
Chief Executive Officer BRED Banque
Olivier Klein Executive Board
Populaire
Olivier Klein Director Executive Board
Pierre Valentin Chairman Non Executive Board
Thierry Cahn Vice-Chairman Non Executive Board
Valerie Pancrazi Director Non Executive Board
Vincent Gontier Director Non Executive Board
SOURCE: COMPANY FILINGS MARKETLINE

Banks in France
Industry Profiles
Table 7: BPCE SA: Key Employees Continued

Chief Executive Officer Banque Populaire
Yves Gevin Executive Board
Rives de Paris
Yves Gevin Director Executive Board
Yves Tyrode Chief Digital Officer Senior Management

Banks in France
Industry Profiles
8.2. Societe Generale S.A.
Societe Generale S.A. (Societe Generale or 'the group') is a European financial services groups. The group is involved in
the provision of a range of financial services, including international retail banking, corporate and investment banking,
asset management, and securities services. Societe Generale is also a major player in the businesses of specialized
financial services and insurance and private banking, and global investment management and services. The group has
operational presence in Europe, Africa and the Middle-East, Asia and Oceania, and the Americas. It is headquartered
in Paris, France.
The bank reported interest income of (Euro) EUR22,678 million for the fiscal year ended December 2018 (FY2018), a
decrease of 4.2% over FY2017. The net interest income after loan loss provision of the bank was EUR11,945 million in
FY2018, compared to an operating profit of EUR9,067 million in FY2017. In FY2018, the bank recorded a net margin of
8.3%, compared to a net margin of 4.1% in FY2017.
8.2.2. Key Facts
Table 8: Societe Generale S.A.: key facts
Head office: 29 Boulevard Haussmann, Paris, Ile-de-France, France

Website: www.societegenerale.com
Ticker: GLE
Stock exchange: Euronext Paris
Societe Generale S.A. (Societe Generale or 'the group') is engaged in the provision of a range of financial services,
including retail banking, specialized financial services and insurance, private banking, global investment management
and services, and corporate and investment banking. Societe Generale operates in Europe, Africa, the Middle-East,
Asia, Oceania, and the Americas.
The group operates through four business segments: Global Banking and Investor Solutions, French Retail Banking,
International Retail Banking and Financial Services, and Corporate Centre.
Under the Global Banking and Investor Solutions (GBIS) segment, Societe Generale covers the global activities of
corporate and investment banking, asset and wealth management, and securities services and brokerage. The Societe
Generale Corporate and Investment Banking (SG CIB) has operational presence in Europe, the Middle East, Africa, the
Americas and the Asia-Pacific region. SG CIB offers strategic advisory services to large corporates, financial
institutions, sovereigns, and to the public sector for their development as well as market access to finance this
development. SG CIB also offers services for investors managing savings investments according to set risk/return
targets. SG CIB is further divided into two business lines: global markets, and financing and advisory. The global
market combines the equities and fixed income, currencies and commodities market activities in a single and global
platform, offering a multi-product view and optimized cross-asset solutions. The financing and advisory covers
strategic hedging activities for major customers, mergers and acquisitions advisory services, as well as global finance
activities combining structured financing, vanilla financing, fund-raising (debt or equity), financial engineering and
hedging solutions for issuers. In FY2018, the Global Banking And Investor Solutions segment reported revenues of
EUR8,846 million, which accounted for 35.1% of the company's total revenue.

Banks in France
Industry Profiles
The French Retail Banking segment is formed from the alliance of three complementary brands: Societe Generale, a
leading national bank; Credit du Nord, a group of regional banks; and Boursorama, France’s leading online bank. The
three brands offer products and services suited to the needs of a diversified base of over 11 million individual
customers and more than 810,000 businesses and professional customers. The French networks distribute insurance
products from Sogecap and Sogessur, subsidiaries operating within the International Retail Banking and Financial
Services segment. In FY2017, the French Retail Banking segment reported revenues of EUR7,860 million, which
accounted for 31.2% of the company's total revenue.
The International Retail Banking and Financial Services (IBFS) segment includes the international retail banking
segment and specialized financial services and insurance segment. It comprises of the banking networks and the
consumer finance activities in specialized business lines including insurance; operational vehicle leasing and fleet
management; and vendor and equipment finance. This segment serves individual and business customers in Europe;
Russia; and Africa, Asia, the Mediterranean Basin and Overseas. The international retail banking combines the
international banking networks and consumer finance activities. The international retail banking offers multi-product
financing solutions for individual customers and partner businesses such as car loans available at dealerships and in-
store financing, direct financial solutions for individual customers (via point-of-sale networks, business introducers or
by using customer prospect databases). It operates in Europe, Russia, the Mediterranean Basin, and Sub-Saharan
Africa. Financial services to corporates and insurance comprises of a set of business lines able to meet the specific
needs of individual, professional and business customers in France and abroad. It offers insurance solutions (Societe
Generale Insurance), financing and management solutions for automobile fleets (ALD Automotive), and vendor and
equipment financing solutions for professionals (Societe Generale Equipment Finance). In FY2018, the International
Retail Banking and Financial Services segment reported revenues of EUR8,317 million, which accounted for 33% of the
company's total revenue.
Corporate Centre segment includes the income and expenses that do not relate directly to the activity of the core
businesses. It includes the management of the registered office’s property portfolio; the group’s equity investment
portfolio; and the Treasury function for the group; certain costs related to cross-functional projects and certain costs
incurred by the group and not re-invoiced. It also includes any difference with respect to the group’s tax rate. In
FY2018, the Corporate Centre segment reported revenues of EUR182 million, which accounted for 0.7% of the
company's total revenue.

Banks in France
Industry Profiles
Table 9: Societe Generale S.A.: Annual Financial Ratios
Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % -32.64 5.63 5.44 -28.14 2.52
EBITDA Growth % 25.31 -8.46 -22.76 9.79 -8.90
Net Income Growth % 49.35 -3.17 -27.57 46.86 -21.18
EPS Growth % 34.46 5.93 -33.99 42.44 -25.52
Equity Ratios
EPS (Earnings per Share) EUR 4.49 4.26 3.24 4.24 3.06
Dividend per Share EUR 2.00 2.20 2.20 2.20
Dividend Cover Absolute 2.42 2.25 1.94 1.47 1.93
Book Value per Share EUR 74.39 77.79 73.43 77.36 75.17
Profitability Ratios
Net Profit Margin % 6.46 5.92 4.07 8.32 6.39
PBT Margin (Profit Before Tax) % 9.87 9.65 7.45 12.35 10.26
Return on Equity % 6.78 6.25 4.80 6.75 5.11
Return on Assets % 0.30 0.29 0.21 0.32 0.24
Operating Costs (% of Sales) % 85.18 87.16 90.59 85.63 87.23
Administration Costs (% of Sales) % 59.13 63.92 71.35 65.99 66.69
Leverage Ratios
Debt to Equity Ratio Absolute 10.13 10.05 10.74 10.70 10.70
Net Debt to Equity Absolute 7.99 7.74 8.15 8.42 8.49
Debt to Capital Ratio Absolute 0.91 0.91 0.91 0.91 0.91
Efficiency Ratios
Efficiency Ratio Absolute 79.96 83.27 88.35 82.11 83.93

Banks in France
Industry Profiles
Table 10: Societe Generale S.A.: Key Employees

Laetitia Maurel Deputy Head- Communications Senior Management
Alain Bozzi Head, Group Compliance Senior Management
Alexandra Schaapveld Director Non Executive Board
Head Global Transaction and Payment
Alexandre Maymat Senior Management
Services
Alvaro Huete Deputy Head – Global Banking and Advisory Senior Management
Anne Marion-Bouchacourt Chief Country Officer- Switzerland Senior Management
Anne Marion-Bouchacourt Chief Executive Officer SG Zurich Senior Management
Anthony Woolley head of UK innovation Operational Management
Antoine Broquereau Head Global markets UK Senior Management
Antoine Creux Chief Security Officer Senior Management
Chief Executive Officer Societe General Bank
Arnaud Jacquemin Senior Management
and Trust
Arnaud Jacquemin Country Head - Luxembourg Senior Management
Benoit Grisoni Chief Executive Officer Boursorama Senior Management
Deputy Chief Executive Officer, Retail
Bernardo Sanchez Incera Banking, International Retail Banking and Senior Management
Financial Services and Insurance
Bruno Delas Chief Operating Officer French Networks Senior Management
Manager-Service Unit Innovation, Technology
Bruno Delas Senior Management
& IT
Carlos Goncalves Head Global Technology Services Senior Management
Caroline Guillaumin Chief Communications Officer Senior Management
Caroline Guillaumin Chief Human Resources Officer Senior Management
Chief Operating Officer Global Banking and
Cecile Bartenieff Senior Management
Investor Solutions
Head Corporate Resources and Digital
Christophe Leblanc Senior Management
Transformation
Claire Calmejane Chief Innovation Officer Senior Management
Claire Dumas Deputy-Chief Financial Officer Senior Management
Daniel Fields Senior Advisor Senior Management
David Abitbol Head Societe Generale Securities Services Senior Management
David Leroux Director Non Executive Board
Head, Investor Relations and Financial
Delphine Garcin-Meunier Senior Management
Communication
Diana Cote Director Non Executive Board
Diony Lebot Deputy Chief Executive Officer Senior Management
Donato Gonzalez-Sanchez Country Head-Spain and Portugal Senior Management

Banks in France
Industry Profiles
Table 11: Societe Generale S.A.: Key Employees Continued

Head Corporate and Investment Banking,
Donato Gonzalez-Sanchez Private Banking, Asset Management, and Senior Management
Securities Services
Edouard-Malo Henry Group Head - Compliance Senior Management
Head Real Estate Division Retail Banking
Eric Groven Senior Management
France
France Houssaye Director Non Executive Board
Chief Executive Officer Societe Generale
Franck Bonin Senior Management
Private Banking, Switzerland
Francois Bloch Chief Executive Officer BRD Senior Management
Francoise Guillaume Group Head, Sourcing Senior Management
Francoise Mercadal-Delasalles Chief Executive Officer Credit du Nord Senior Management
Frederic Oudea Chief Executive Officer Executive Board
Frederic Oudea Director Executive Board
Chief Executive Officer Societe Generale Asia
Gaelle Olivier Senior Management
Pacific
Gerard Mestrallet Director Non Executive Board
Gianluca Soma Group Country Head, Russia Senior Management
Gilles Briatta Group Chief Compliance Officer Senior Management
Gilles Briatta Secretary Senior Management
Giovanni-Luca Soma Country Head - Russia Senior Management
Giovanni-Luca Soma Head International Banking, Europe Senior Management
Gregoire Simon-Barboux Deputy Chief Risk Officer Senior Management
Guido Zoeller Country Head-Germany Senior Management
Head Corporate and Investment Banking
Guido Zoeller Senior Management
Activities Germany
Herve Audren de Kerdrel Deputy Chief Compliance Officer Senior Management
Ilya Polyakov Chairman - Rosbank Senior Management
Ilya Polyakov Chief Executive Officer Rosbank Senior Management
Jan Juchelka Chairman - Komercni Bank Senior Management
Jan Juchelka Chief Executive Officer Komercni Bank Senior Management
Jan Juchelka Country Head-Czech Republic and Slovakia Senior Management
Jean-Bernard Levy Director Non Executive Board
Jean-Francois Gregoire Head Global Markets Senior Management
Jean-Francois Mazaud Head Transformation Senior Management
Deputy Chief Executive Officer – Credit du
Jean-Louis Klein Senior Management
Nord

Banks in France
Industry Profiles

Jerome Contamine Director Non Executive Board
Jochen Jehmlich Chief Executive Officer GEFA Bank Senior Management
Jochen Jehmlich Head Equipment Finance businesses Senior Management
Jochen Jehmlich Manager-Business Unit Equipment Finance Senior Management
Juan Maria Nin Genova Director Non Executive Board
Kyra Hazou Director Non Executive Board
Head International Retail Banking for Africa,
Laurent Goutard Senior Management
the Mediterranean Basin and Overseas
Lorenzo Bini Smaghi Chairman Executive Board
Lubomira Rochet Director Non Executive Board
Head Societe Generale Retail Banking,
Marie-Christine Ducholet Senior Management
France
Head Societe Generale Private Banking
Mathieu Vedrenne Senior Management
France
Michala Marcussen Chief Economist Officer Senior Management
Michala Marcussen Head Economic and Sector Research Senior Management
Mike Masterson Chief Executive Officer-ALD Automotive Senior Management
Nathalie Rachou Director Non Executive Board
Pascal Auge Head Inspection and Audit division Senior Management
Patrick Follea Head Private Banking France Senior Management
Patrick Follea Supervisor - Lyxor Senior Management
Chief Operating Officer, International Banking
Pavel Cejka Senior Management
and Financial Services
Philippe Amestoy Head Retail Banking France Senior Management
Deputy Chief Executive Officer - French Retail
Philippe Aymerich Senior Management
Banking, IT, Real Estate and Sourcing
Deputy Chief Executive Officer - International
Philippe Heim Retail Banking Financial Services and Senior Management
Insurance
Chief Executive Officer Societe General
Philippe Perret Senior Management
Assurances
Pierre Palmieri Head Global Banking and Advisory Senior Management
Pierre-Yves Demoures Deputy Head, Human Resources Department Senior Management
Sadia Ricke Deputy Chief Risk Officer Senior Management
Sebastien Proto Chief Strategy Officer Senior Management
Deputy Chief Executive Officer - Global
Severin Cabannes Senior Management
Banking and Investor Solutions
Chief Executive Officer, Societe Generale
Slawomir Krupa Senior Management
Americas
Sylvain Cartier Head Fixed Income and Currencies Senior Management

Banks in France
Industry Profiles

Sylvie Prea Director, Corporate Social Responsibility Senior Management
Sylvie Remond Chief Risk Officer Senior Management
Thierry d’Argent Deputy Head – Global Banking and Advisory Senior Management
Head Corporate Accounts, Societe Generale
Veronique Loctin Senior Management
Retail Banking, France
Vincent Tricon Head, Mid Cap Investment Banking Senior Management
William Connelly Director Non Executive Board
William Kadouch-Chassaing Chief Financial Officer Senior Management
Xavier Lofficial Deputy Chief Financial Officer Senior Management

Banks in France
Industry Profiles
8.3. BNP Paribas SA
BNP Paribas SA (BNP) is a diversified financial group that provides retail and corporate and institutional banking
solutions. Its retail banking portfolio comprises digital banking, leasing and financing, long-term corporate vehicle
leasing, loans and insurance solutions, savings and investment products, and deposit services and payment cards. It
also offers asset and wealth management, private banking, real estate services, cash management, and factoring
solutions. The group’s corporate and institutional banking solutions include securities services, capital markets,
financing, treasury solutions, structured finance, derivatives, and risk management solutions, and financial advisory.
The group has a presence in Europe, the Middle East and Africa, Asia-Pacific, and the Americas. BNP is headquartered
in Paris, France.
The bank reported interest income of (Euro) EUR35,723 million for the fiscal year ended December 2018 (FY2018), an
increase of 6.4% over FY2017. The net interest income after loan loss provision of the bank was EUR18,298 million in
FY2018, compared to net interest income after loan loss provision of EUR18,284 million in FY2017. In FY2018, the
bank recorded a net margin of 10.2%, compared to a net margin of 10.8% in FY2017.
8.3.2. Key Facts
Table 14: BNP Paribas SA: key facts
Head office: 16 boulevard des ItaliensParis, Ile-de-France, France

Website: group.bnpparibas
Ticker: BNP
BNP Paribas SA (BNP) is a diversified financial services provider offering retail and corporate banking, private and
investment banking, and investment solutions. As of December 31, 2018, it had assets of EUR2,044.2 billion, net loans
of EUR765.8 billion, and deposits of EUR876.8 billion.
BNP classifies its operations into three segments: Retail Banking and Services, Corporate and Institutional Banking,
and Other Activities.
As of December 31, 2018, it operated in 72 countries across the Americas, Europe, Africa, the Middle East, and Asia
Pacific.

Banks in France
Industry Profiles
Table 15: BNP Paribas SA: Annual Financial Ratios
Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % 8.42 -2.58 -27.75 2.17 13.18
EBITDA Growth % 11.06 1.37 -1.76 -8.76 12.53
Net Income Growth % 4163.69 15.06 0.74 -3.00 8.60
EPS Growth % 19.47 -8.04 -10.37 21.83
Equity Ratios
Dividend Cover Absolute -0.04 2.22 2.22 2.00 1.90
Return on Equity % 6.95 7.65 7.80 7.42 7.61
Return on Assets % 0.33 0.38 0.39 0.38 0.39
Leverage Ratios
Efficiency Ratios

Banks in France
Industry Profiles
Table 16: BNP Paribas SA: Key Employees

Chairman - Corporate and Institutional
Alain Papiasse Senior Management
Banking, North America and the UK
Andrea Munari Chief Executive Officer BNL SpA Senior Management
Andrea Munari General Manager BNL SpA Senior Management
Antoine Sire Director Company Engagement department Senior Management
Head Rental Solutions BNP Paribas Leasing
Benoit Laflamme Senior Management
Solutions, UK
Christian Noyer Director Non Executive Board
Daniela Schwarzer Director Non Executive Board
Denis Kessler Director Non Executive Board
Head Private Banking and Wealth
Elena Goitini Senior Management
Management Italy
Eric Raynaud Head Asia Pacific Region Senior Management
Frank Roncey Chief Risk Officer Senior Management
Hugues Epaillard Director Executive Board
Hugues Epaillard Director Business Manager Real Estate Executive Board
Jacques Aschenbroich Director Non Executive Board
Jacques d'Estais Deputy Chief Operating Officer Senior Management
Jacques d'Estais Head International Financial Services Senior Management
Jane Fields Wicker-Miurin Director Non Executive Board
Jean Lemierre Chairman Executive Board
Jean-Laurent Bonnafe Chief Executive Officer Executive Board
Jean-Laurent Bonnafe Director Executive Board
Karine Delvallee General Manager BNP Paribas Australia Senior Management
Karine Delvallee Head Australia and New Zealand Senior Management
Lars Machenil Chief Financial Officer Senior Management
Chief Executive Officer BNP Paribas Personal
Laurent David Senior Management
Finance
Chief Information Officer French Retail
Luc Rondot Senior Management
Banking
Marguerite Berard Head French Retail Banking Senior Management
Director Growth Development and Corporate
Marie-Claire Capobianco Senior Management
Coverage
Marion Guillou Director Non Executive Board
Marjo Liukkonen Lazaro Head Finland Senior Management
Maxime Jadot Chairman- BNP Paribas Fortis Senior Management

Banks in France
Industry Profiles
Table 17: BNP Paribas SA: Key Employees Continued

Maxime Jadot Chief Executive Officer BNP Paribas Fortis Senior Management
Chief Executive Officer BNP Paribas Wealth
Michael Arends Senior Management
Management Germany
Michel Konczaty Deputy Chief Operating Officer Senior Management
Michel Tilmant Director Non Executive Board
Monique Cohen Director Non Executive Board
Head Asset Management Sales Nordic
Morten Bentsen Senior Management
Region
Nathalie Hartmann Head Compliance Senior Management
Philippe Bordenave Chief Operating Officer Senior Management
Pierre-Andre de Chalendar Director Non Executive Board
President Director, BNP Paribas Asset
Priyo Santoso Senior Management
Management
Rajna Gibson Brandon Director Non Executive Board
Renaud Dumora Chief Executive Officer BNP Paribas Cardif Senior Management
Head Private equity and Private debt
Richard Clarke Jervoise investments (BNP Paribas Wealth Senior Management
Management)
Sandrine Verrier Director Non Executive Board
Stefaan Decraene Head International Retail Banking Senior Management
Thierry Laborde Deputy Chief Operating Officer Senior Management
Thierry Laborde Head Domestic Market Senior Management
Thierry Varene Head Large Clients Senior Management
Chief Investment Officer BNP Paribas REIM
Vincenzo Nocerino Senior Management
Italy SGR
Wouter De Ploey Director Non Executive Board
Yann Gerardin Deputy Chief Operating Officer Senior Management
Yann Gerardin Head Corporate and Institutional Banking Senior Management
Yves Martrenchar Head Group Human Resources Senior Management

Banks in France
Industry Profiles
8.4. Credit Agricole SA
Credit Agricole SA (Credit Agricole) is a provider of banking and related financial services. It offers a range of retail and
corporate banking, investment banking, and insurance solutions. Its retail banking portfolio includes savings products,
accounts, debit cards, credit cards; and loans for mortgage, student, vehicle, real estate, agricultural, and personal
needs. The corporate banking comprises business financing, term deposits, treasury management, cash management,
among other services. The company offers investment banking solutions such as asset management, and merger and
acquisition advisory. Credit Agricole also offers insurance for health, death and disability, life, creditor, and property
and casualty risks. It has presence across Europe, the Americas, Africa, the Middle East, and Asia. Credit Agricole is
headquartered in Paris, France.
The bank reported interest income of (Euro) EUR24,817 million for the fiscal year ended December 2018 (FY2018), an
increase of 0.5% over FY2017. The net interest income after loan loss provision of the bank was EUR10,489 million in
FY2018, compared to an operating profit of EUR10,854 million in FY2017. In FY2018, the bank recorded a net margin
of 5.4%, compared to a net margin of 4.8% in FY2017.
8.4.2. Key Facts
Table 18: Credit Agricole SA: key facts
Head office: 12 place des Etats-Unis Montrouge cedex, Paris, Ile-de-France, France
Website: www.credit-agricole.fr
Ticker: ACA
Credit Agricole SA (Credit Agricole) is a provider of banking and financial services. It offers retail, corporate and
investment banking; insurance; brokerage; structured finance; and private banking. As of December 31, 2018, it had
total assets of EUR1,624.4 billion, total deposits of EUR739.7 billion, and net loans of EUR366.3 billion.
Credit Agricole operates under six segments: Large Customers, Asset Gathering, French Retail Banking-LCL, Specialized
Financial Services, International Retail Banking, and Corporate Centre.
It serves about 51 million customers and has presence in 47 countries in Europe, the Americas, Africa, the Middle East
and Asia. It operated through 10,700 branches including 6,800 branches in France through regional banks, as of
December 31, 2018.

Banks in France
Industry Profiles
Table 19: Credit Agricole SA: Annual Financial Ratios
Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % -5.24 -4.06 2.67 7.76 15.59
EBITDA Growth % 12.23 -15.89 43.18 3.07 -4.87
Net Income Growth % 50.00 0.68 3.08 20.58 10.09
EPS Growth % -3.88 1.16 33.53 25.04 24.36
Equity Ratios
Dividend Cover Absolute 2.39 1.34 1.07 1.77 2.01
Return on Equity % 6.53 6.07 6.39 7.48 7.70
Return on Assets % 0.23 0.23 0.24 0.28 0.29
Leverage Ratios
Efficiency Ratios

Banks in France
Industry Profiles
Table 20: Credit Agricole SA: Key Employees

Alban Aucoin Head Group Public Affairs Senior Management
Baldomero Valverde Senior Country Officer-Morocco Senior Management
Benedicte Chretien Head Human Resources Senior Management
Bernard de Dree Director Non Executive Board
Bernard de Wit Chief Operating Officer Amundi Senior Management
Bertrand Chevallier Head Payments Systems Senior Management
Bertrand Corbeau Deputy General Manager Senior Management
Head Development, Customer and Innovation
Bertrand Corbeau Senior Management
Division
Caroline Catoire Director Non Executive Board
Catherine Pourre Director Non Executive Board
Christian Moueza Director Non Executive Board
Christian Streiff Director Non Executive Board
Christiane Lambert Director Non Executive Board
Clotilde L’angevin Head Strategy Senior Management
Daniel Epron Director Non Executive Board
Denis Marquet Head Group Communications Senior Management
Head Global Coverage and Investment
Didier Gaffinel Senior Management
Banking
Head Institutional and Corporate Clients
Dominique Carrel-Billiard Senior Management
Division of Amundi
Dominique Lefebvre Chairman Executive Board
Dominique Pasquier Chief Executive Officer Agos Ducato (Italy) Senior Management
Eric Baudson Head Group Information Systems Senior Management
Fathi Jerfel Global Head of the Retail Division of Amundi Senior Management
Francois Heyman Director Non Executive Board
Francois Mace Director Non Executive Board
Deputy Chief Executive Officer of Crédit
Francois Marion Senior Management
Agricole CIB
Francois Thibault Director Non Executive Board
Francoise Gri Director Non Executive Board
Head International Retail and Commercial
François-Edouard DRION Senior Management
Banking
Chief Executive Officer Crédit Agricole
Frederic Thomas Senior Management
Assurances
Gerard Ouvrier-Buffet Director Non Executive Board

Banks in France
Industry Profiles
Table 21: Credit Agricole SA: Key Employees Continued

Giampiero Maioli Head Italy Operations Senior Management
Guillaume Lesage Chief Operating Officer Amundi Senior Management
Henri Le Bihan Chief Executive Officer CACI Senior Management
Hubert Reynier Chief Risk Officer Senior Management
Isabelle Job-Bazille Chief Economist Senior Management
Jacques Prost Senior Management
Agricole CIB
Jean Pierre Paviet Director Non Executive Board
Jean-Francois Abadie Chief Executive Officer CACEIS Senior Management
Jean-Paul Kerrien Director Non Executive Board
Jean-Pierre Gaillard Director Non Executive Board
Jean-Pierre Tremenbert Head Compliance Senior Management
Jean-Yves Hocher Deputy General Manager Senior Management
Jean-Yves Hocher Head Major Clients Senior Management
Jerome Brunel Corporate Secretary Senior Management
Jerome Grivet Chief Financial Officer Senior Management
Jerome Grivet Deputy General Manager Senior Management
Laurence Dors Director Non Executive Board
Head Agriculture, Agrifood and Specialised
Laurent Bennet Senior Management
Markets
Global Head of International Trade and
Laurent Chenain Senior Management
Transaction Banking
Louis Tercinier Director Non Executive Board
Marc Oppenheim Senior Management
Immobilier
Senior Regional Officer Americas of Crédit
Marc-Andre Poirier Senior Management
Agricole CIB
Michel LE Masson Head Internal Audit Senior Management
Michel Mathieu Deputy General Manager Senior Management
Michel Mathieu Head Retail Banking Subsidiaries Senior Management
Senior Regional Officer Asia-Pacific of Crédit
Michel Roy Senior Management
Agricole CIB
Head Customer Relationship Multi channel
Michele Guibert Retail Banking, Relational Commitments and Senior Management
Innovation
Michele Jardin Head Regional Banks Relations Senior Management
Monica Mondardini Director Non Executive Board
Olivier Constantin Group Senior Country Officer, Poland Senior Management

Banks in France
Industry Profiles

Pascal Blanque Head Institutional Division Senior Management
Pascal Celerier Deputy General Manager Senior Management
Pascal Celerier Head Operations and Transformation Division Senior Management
Pascale Berger Director Non Executive Board
Paul de Leusse Head Private Banking Senior Management
Philippe Boujut Director Non Executive Board
Philippe Brassac Chief Executive Officer Senior Management
Philippe Carayol Senior Management
Leasing and Factoring
Philippe De Waal Director Non Executive Board
Philippe Dumont Senior Management
Consumer Finance
Philippe Dumont Deputy Managing Director Senior Management
Pierre Finas Senior Country Officer- Egypt Senior Management
Pierre Gay Global Head of Global Markets Senior Management
Chief Executive Officer Deputy, Indosuez
Pierre Masclet Senior Management
Wealth Management
Pierre Minor Head Legal Affairs Senior Management
Raphael Appert Deputy Chairman Executive Board
Regis Monfront Senior Management
Agricole CIB
Renee Talamona Director Non Executive Board
Serge Magdeleine Head Digital Journey Senior Management
Stanislas Pottier Head Sustainable Development Senior Management
Chief Executive Officer France of CA
Stephane Priami Senior Management
Consumer Finance
Sylvie Robin-Romet Head Group Purchasing Senior Management
Thierry Langreney Chief Executive Officer Pacifica Senior Management
Veronique Faujour Head Marketing and Communication Senior Management
Veronique Flachaire Director Non Executive Board
Xavier Musca Deputy Chief Executive Officer Senior Management
Yves Perrier Deputy General Manager Senior Management
Yves Perrier Head Savings, Insurance and Property Senior Management

Banks in France
Industry Profiles

Banks in France
Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 24: France size of population (million), 2015–19
Year Population (million) % Growth

2015 66.3 0.8%
2016 66.6 0.5%
2017 66.9 0.4%
2018 67.2 0.4%
2019 67.5 0.4%
Table 25: France gdp (constant 2005 prices, $ billion), 2015–19
Year Constant 2005 Prices, $ billion % Growth

2015 2,390.1 1.0%
2016 2,430.5 1.7%
2017 2,472.1 1.7%
2018 2,516.9 1.8%
2019 2,565.0 1.9%
Table 26: France gdp (current prices, $ billion), 2015–19
Year Current Prices, $ billion % Growth

2015 2,959.5 2.0%
2016 3,039.7 2.7%
2017 3,126.6 2.9%
2018 3,222.4 3.1%
2019 3,327.4 3.3%
Table 27: France inflation, 2015–19

Banks in France
Industry Profiles
Year Inflation Rate (%)

2015 0.7%
2016 1.0%
2017 1.2%
2018 1.3%
2019 1.4%
Table 28: France consumer price index (absolute), 2015–19
Year Consumer Price Index (2005 = 100)

2015 116.3
2016 117.5
2017 118.8
2018 120.3
2019 122.0
Table 29: France exchange rate, 2015–19
Year Exchange rate ($/€)

2015 0.9013
2016 0.9040
2017 0.8855
2018 0.8475
2019 0.8929

Banks in France
Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of
each definition are carefully reviewed at the start of the research process to ensure they match the requirements of
both the market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data
to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which
can then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Banks in France
Industry Profiles
9.2. Industry associations
9.2.1. International Banking Federation
Pinners Hall, 105-108 Old Broad Street, London EC2N1EX, GBR

www.ibfed.org
9.2.2. European Banking Federation
56 avenue des Arts, B-1000 Brussels, BEL

Tel.: 32 2 508 3711
Fax: 32 2 511 2328
www.ebf-fbe.eu
9.2.3. French Bankers Association
Association Française des Banques, 18, rue La Fayette, F - 75009 Paris, FRA
Tel.: 33 1 4800 5037
Fax: 33 1 4800 5041
www.afb.fr
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Banks
Banks in Asia-Pacific
Banks in Europe
Banks in Germany
Banks in the United Kingdom

Banks in France
Industry Profiles
About MarketLine
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We make it our job to sort through the data and deliver accurate, up-to-date information on companies, industries
and countries across the world. No other business information company comes close to matching our sheer breadth
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And unlike many of our competitors, we cut the ‘data padding’ and present information in easy-to-digest formats, so
you can absorb key facts in minutes, not hours.
What we do
Profiling all major companies, industries and geographies, MarketLine is one of the most prolific publishers of business
information today.
Our dedicated research professionals aggregate, analyze, and cross-check facts in line with our strict research
methodology, ensuring a constant stream of new and accurate information is added to MarketLine every day.
With stringent checks and controls to capture and validate the accuracy of our data, you can be confident in
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MarketLine Industry Profile

Reference Code: 0164-2013

Publication Date: May 2020

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

1.1. Market value

1.2. Market value forecast

1.3. Category segmentation

1.4. Geography segmentation

1.5. Market rivalry

1.6. Competitive Landscape

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

1.1. Market value ................................................................................................................................. 2

1.2. Market value forecast ...................................................................................................................2

1.3. Category segmentation ................................................................................................................2

1.4. Geography segmentation .............................................................................................................2

1.5. Market rivalry ................................................................................................................................ 2

1.6. Competitive Landscape ................................................................................................................2

2.1. Market definition ........................................................................................................................... 8

2.2. Market analysis ............................................................................................................................ 8

3.1. Market value ............................................................................................................................... 10

4.1. Category segmentation ..............................................................................................................11

4.2. Geography segmentation ...........................................................................................................12

5.1. Market value forecast .................................................................................................................13

6. Five Forces Analysis 14

6.1. Summary .................................................................................................................................... 14

6.2. Buyer power ............................................................................................................................... 16

6.3. Supplier power ........................................................................................................................... 18

6.4. New entrants .............................................................................................................................. 20

6.5. Threat of substitutes ...................................................................................................................22

6.6. Degree of rivalry ......................................................................................................................... 23

7.1. Who are the leading players?.....................................................................................................26

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

7.2. What strategies do the leading players follow? ..........................................................................26

7.3. What has been the recent M&A activity? ...................................................................................27

8.1. BPCE SA .................................................................................................................................... 29

8.2. Societe Generale S.A. ................................................................................................................32

8.3. BNP Paribas SA ......................................................................................................................... 39

8.4. Credit Agricole SA ......................................................................................................................43

9.1. Country data ............................................................................................................................... 49

9.2. Industry associations ..................................................................................................................52

9.3. Related MarketLine research .....................................................................................................52

About MarketLine .................................................................................................................................... 53

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

Table 2: France banks industry category segmentation: $ billion, 2019 11

Table 3: France banks industry geography segmentation: $ billion, 2019 12

Table 4: France banks industry value forecast: $ billion, 2019–24 13

Table 5: BPCE SA: key facts 29

Table 6: BPCE SA: Key Employees 30

Table 7: BPCE SA: Key Employees Continued 31

Table 8: Societe Generale S.A.: key facts 32

Table 9: Societe Generale S.A.: Annual Financial Ratios 34

Table 10: Societe Generale S.A.: Key Employees 35

Table 11: Societe Generale S.A.: Key Employees Continued 36

Table 12: Societe Generale S.A.: Key Employees Continued 37

Table 13: Societe Generale S.A.: Key Employees Continued 38

Table 14: BNP Paribas SA: key facts 39

Table 15: BNP Paribas SA: Annual Financial Ratios 40

Table 16: BNP Paribas SA: Key Employees 41

Table 17: BNP Paribas SA: Key Employees Continued 42

Table 18: Credit Agricole SA: key facts 43