Natixis 2006 Frederic Cirou / PhotoAlto. December Investor Relations Department

Transcription

1 Natixis 2006 Frederic Cirou / PhotoAlto December 2006 Investor Relations Department

2 Disclaimer This document does not constitute an offer to buy or sell securities in the United States or any other country. Securities may not be offered or sold in the United States of America without registration or exemption from registration under the U.S. Securities Act of 1933 as amended. The bank and its shareholders do not intend to seek such registration either in full or in part nor to make any kind of public offering of its shares in the United States. This document is provided for information purposes only. Please refer to the information document (document E) registered by the AMF on October 16, 2006 under no. E , which is available free of charge from your usual financial intermediary, from and from attention is drawn to the risk factors described in document E.

3 Contents Principles underlying the project Organization structure Natixis: a new top tier bank in the European arena....with six business lines A combined business mix both complementary and diversified A robust business model based on..(1/2) A robust business model based on..(2/2) A merger that will accelerate growth An experienced team Clear corporate governance structure Conclusion

4 Principles underlying the project Emergence of a first-class banking group Merger of the corporate, investment banking and services activities of Groupe Banque Populaire and Groupe Caisse d Epargne to create Natixis Autonomy of the two retail banking networks and preservation of brands Preservation of the two central bodies: CNCE and BFBP A shared business plan Preservation of the cooperative business model Respect for people, cultures and brands Pooling of business expertise

5 Organization structure At 12/07/06 20 Banques Populaires 28 Caisses d'epargne 20% 100% 100% 20% CCI CCI BFBP (central body) CNCE (central body) 34.5% 34.5% Float (1) : 31% (1) Including DZ Bank (1.13%) and San Paolo IMI (1.68%)

6 Natixis: a new top-tier bank in the European arena... Natixis joins the ranks of those European banks with over 16bn (1) of capital and has total assets of 455bn (1) Natixis is therefore able and ready to play an active role in a changing European banking environment Natixis is the 15 th (2) largest banking group in the euro zone Natixis has multiplied its opportunities with the support of two powerful shareholders (1) Pro forma at June 30, 2006 (2) Source: The Banker, July 2006; ranking based on Tier One capital at December 31, 2005

7 ..with six business lines Retail Banking Corporate and Investment Banking Asset Management Private Equity and Private Banking Services Receivables Management NBI: n/a Net income: 413*m NBI: 2,690m Net income: 667m NBI: 1,238m Net income: 208m NBI: 276m Net income: 109m NBI: 1,096m Net income: 207m NBI: 785m Net income: 134m Banques Populaires CCIs Caisses d Epargne CCIs Structured finance and commodities Finance and services France (Corporate and Institutional Relations) Capital markets International Proprietary activity, credit portfolio management and treasury Financial and real estate asset management Multi-management Multi-distribution platforms Private equity Private banking Custody Electronic banking Insurance Guarantees Employee benefits Consumer finance Credit insurance Factoring Business information Commercial recovery services Securitization and principal finance 2005 adjusted economic data N.B.: Contribution of holding company (65)m to NBI and (30)m to net income group share; excluding CIFG (NBI 2005: 48m, net income group share: 18m) * Only through the CCIs representing 20% of the share capital of the Banques Populaires and 20% of the Caisses d Epargne

8 A combined business mix both complementary and diversified NATEXIS BANQUES POPULAIRES : Corporate, investment banking and markets: Corporate banking France and International, commodities, structured finance and markets, equity derivatives and arbitrage, mergers & acquisitions Private equity and private banking: Private equity: Natexis Private Equity Private banking: Banque privée Saint Dominique Services: Insurance: Natexis Assurances Asset management: : Natexis Asset Management Employee benefits: : Natexis Interépargne Banking services: Natexis Paiements Financial services and investor servicing Receivables management: Trade receivables management: Coface Factoring: Natexis Factorem + Cooperative Certificates of Investment Receivables management Private equity and private banking 4% CIFG 1% Services 13% 18% 20% NBI by segment * 44% Asset management Corporate and investment banking CORPORATE BANKING: Specialized financial services: Cefi, GCE Bail, GCE Affacturage, GCEFS Credit insurance: GCE Garanties Asset management: La Compagnie 1818 Life insurance: Foncier Assurance Retail custody: Gestitres INVESTMENT BANKING: Financing and capital markets: IXIS Corporate & Investment Bank Asset management: IXIS Asset Management Group Financial guarantees: CIFG Institutional custody: CACEIS + Cooperative Certificates of Investment * 2005 adjusted economic data (NBI does not include the CCIs, which are consolidated at pre-tax income level)

9 A robust business model based on..(1/2)..retail banking related activities supported by two powerful branch networks Strong business momentum Largest customer base in France Customers 6.8 million customers, including 5 million with a demand deposit account Strengths Number one in the SME market Number two in the professionals market Strong position with more affluent customers Active partnerships (SOCAMA, chambers of commerce and ICC, EIF) Number one in business start-ups Resources 2,860 branches 19,000 account managers Outstandings 144bn in savings (inc. demand deposits) 103bn in lending Customers 26 million customers, including 11 million with a demand deposit account Strengths Leader in personal banking Leading bank for young people Number two distributor of banking products (18.6% market share (1) ) Number two in real estate lending (18.2% market share (2) ) Resources 4,330 branches (3) 25,000 sales representatives Outstandings 297bn in savings (inc. demand deposits) 109bn in lending Data at 06/30/06, source: Banque de France, annual reports (1) Market share at 12/31/05 (passbooks, demand deposits and home loan savings) (2) Market share at 12/31/05 inc. CFF (11.1% market share for Caisses d Epargne and 7.1% for CFF) Investor Relations Department (3) December 2006 Caisses d Epargne only

10 A robust business model based on..(2/2)..first-class positions in France and internationally CIB (1) Asset mgt PEPB (1) Services Receivables mgt Structured finance French no. 3 in real estate lending World top 10 in aircraft financing Commodities World top 15 Fixed income French no. 4 in primary market European no. 4 in covered bonds World top 15 No. 1 French bank 534bn under management Private equity Among French leaders in SME market 2.3bn under management Private banking Strong expertise in fixed A first-rate player: income, money market, equities 11.4bn in private banking/ and real estate wealth management assets Custody World no. 11 French no. 1 for assets deposited with Euroclear France Approx. 2,200bn of assets under custody Employee benefits French no. 1 with a base of 2.8 million employees at end June 2006 Payments/electronic banking 1 st platform opened (2) Funds administration No. 1 in France No. 4 in Luxembourg Commercial recovery services French no. 2 World no. 6 Factoring French no. 3 World no. 7 Business information World top 7 French no. 1 Direct presence in 60 countries Credit insurance World no. 3 All sources are given in the information document (document E) (1) CIB: Corporate and Investment Banking, PEPB: Private Equity and Private Banking (2) Customers of Banques Populaires, Crédit du Nord, HSBC France..., + Partecis: JV with BNP Paribas

11 A merger that will accelerate growth Leverage on two growth drivers in retail banking Pursue strong growth momentum Systematically develop cross-selling opportunities Capitalize on the complementary business mix Target of 10% average annual growth in NBI from

12 An experienced team A management team with complementary experience Excellent knowledge of the combined entities and the two shareholder Groups Successful track record in bank combinations Management Board operational as of November 18, 2006: Philippe Dupont (Chairman) Dominique Ferrero (Chief Executive Officer) François Ladam Anthony Orsatelli Limited execution risk due to good fit between businesses, teams and customer bases Similar corporate cultures Spread of best practice on a Group scale

13 Clear corporate governance structure Corporate governance in line with best market practices Supervisory Board chaired by Charles Milhaud, includes 4 independent members and 2 non-voting members: Vincent Bolloré Jean-Charles Naouri Henri Proglio Robert Zolade Audit Committee and Compensation Committee to assist the Board, either chaired or co-chaired by independent members Strategic decisions subject to double majority rule Stable shareholder base created by the two major shareholders Commitment to maintain a direct holding of at least 34% of Natixis for ten years, tacitly renewable Transparent commercial and operational relations Market conditions applied to business between Natixis and the entities of Groupe Caisse d Epargne and Groupe Banque Populaire Ulrich Brixner Alfonso Iozzo Preferential right (1) for Natixis over any acquisition projects falling within its scope of business Non-competition undertaking (1) given to Natixis by the two branch networks and entities of their Groups (1) Subject to certain exceptions set out in the shareholders agreement

14 Conclusion: Natixis, a new era Strong growth potential in all business segments Support of two powerful shareholders Robust starting positions, both commercial and financial Ambitious yet realistic development plan