Banking. Banque Fédérative du Crédit Mutuel Strasbourg, France. Credit Analysis. Moody s Global. Summary Rating Rationale.

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1 Credit Analysis Moody s Global Banking August 2009 Table of Contents: Summary Rating Rationale 1 Group Structure 3 Crédit Mutuel Group 4 Business Activities 6 Distribution Capacity and Market Shares 13 Company History 15 Ownership and Structure 17 Key Issues 18 Analysis of Rating Considerations 19 Discussion of Qualitative Rating Drivers 19 Discussion of Quantitative Rating Drivers 22 Discussion of Support Considerations 26 Company Annual Statistics 29 Moody s Related Research 33 Banque Fédérative du Crédit Mutuel Strasbourg, France Summary Rating Rationale Bank Financial Strength Rating Analyst Contacts: Long-Term Bank Deposit Rating Paris Stéphane Le Priol Vice President - Senior Credit Officer Virginie Merlin Vice President - Senior Analyst Stéphane Herndl Associate Analyst Frankfurt Carola Schuler Team Managing Director Moody's assigns a bank financial strength rating (BFSR) of C to Banque Fédérative du Crédit Mutuel (BFCM), which translates into an A3 baseline credit assessment (BCA). The rating reflects BFCM's strong positioning in banking and insurance through its subsidiaries, Crédit Industriel et Commercial group (CIC group) and Groupe des Assurances du Crédit Mutuel (GACM), respectively, and its role, delegated by the central entity of CM5-CIC (the third-largest domestic bancassurance group in France), in providing liquidity management for the whole CM5-CIC group. The rating also incorporates the deterioration of the bank s financial fundamentals as a result of the increasing cost of risk and high impairments on the bank s financial markets activities. This Credit Analysis provides an in-depth discussion of credit rating(s) for Banque Fédérative du Crédit Mutuel and should be read in conjunction with Moody s most recent Credit Opinion and rating information available on Moody's website. Click here to link.

2 BFCM's long-term global local currency (GLC) deposit rating is Aa3 under Moody's joint default analysis (JDA) methodology based on its BCA of A3 and on a very high probability of support in the event of need from CM5-CIC group. Although BFCM is not part of the group's cross-guarantee and solidarity mechanisms, the role which is to specifically cover the mutualist part of the group, it is fully integrated within CM5-CIC both strategically and operationally and it is core to the group. BFCM's GLC deposit rating also incorporates a very high probability of systemic support in the event of a crisis, through CM5-CIC. The outlook on the BFSR is negative and reflects Moody's view that BFCM s financial markets activities and assets lead to high volatility in its P&L. It also reflects the likely further deterioration of the French retail activities given the challenging macro environment, as well as the addition of potentially more volatile consumer finance activities into BFCM's business mix, following the acquisitions of Citibank Deutschland and Cofidis (both unrated). BFCM's Aa3 long-term debt and deposit ratings carry a stable outlook. Moody's cautions that, given the group's structure and BFCM's specific role within the group, BFCM's BFSR which expresses its financial strength as if it were a standalone entity conveys only part of the information. We do not rate the CM5-CIC group or its central institution, CFCMCEE. The BFSR is unlikely to be upgraded in the foreseeable future as it currently carries a negative outlook. Likewise, the deposit and debt ratings are unlikely to be upgraded in the foreseeable future given the negative outlook on the bank s BFSR and the likelihood that Moody s assessment of the probability of group and systemic support will remain unchanged. Conversely, any further deterioration of the bank s financial fundamentals beyond Moody s expectations, resulting notably from an increase in the cost of risk or higher-than-expected volatility in the bank s earnings, could exert negative pressure on the BFSR. Other factors that could exert downward pressure on the BFSR include any lapse in controls and risk management or our assessment of a higher risk appetite; for instance, if the group were to stop short of de-risking its remaining financial markets activities. The deposit and debt ratings could be downgraded in the event of a severe deterioration of the bank s intrinsic creditworthiness. They could also be downgraded if we were to perceive a decrease in the probability of support from CM5-CIC, which we do not expect given the strategic roles of BFCM as a liquidity provider for the whole of CM5-CIC group and as a holding company for CIC group and GACM. 2 August 2009 Credit Analysis

3 Group Structure Exhibit 1: Simplified structure of CM5-CIC Group (Please refer to the Ownership and Structure section for a more complete chart) CM CEE Federation Local cooperative banks (North-Eastern France) CM SE Federation Local cooperative banks (Lyon area) CM IdF Federation Local cooperative banks (Paris area) CM SMB Federation Local cooperative banks (French Alps) CM MA Federation Local cooperative banks (Toulouse area) CFCMCEE (Central body) "CM5" (mutualist part of CM5-CIC Group) BFCM Funding and treasury operations for CM5-CIC group (and some other CM federations) CIC Group and subsidiaries (retail banking) GACM and subsidiaries (insurance) Other subsidiaries BFCM goup (non-mutualist part of CM5-CIC Group) Source: Moody s (BFCM) is a subsidiary of CM5-CIC group, itself part of the Crédit Mutuel group. In Moody s view, Crédit Mutuel group is a less cohesive and more complex French mutualist network than other such networks. 1 The Crédit Mutuel group comprises 2,017 local co-operative banks, grouped into 18 regional federations. BFCM is the entity that provides refinancing, treasury management and other financial services 2 to the various entities grouped together in five of these federations (CMCEE, CM Ile-de-France, CM du Sud-Est, CM Savoie- Mont Blanc and CM Midi-Atlantique; 3 together with their subsidiaries known as CM5-CIC). 4 (See Exhibit 1 for the organisation chart of the wider Crédit Mutuel Group.) After briefly introducing the Crédit Mutuel group as a whole, the descriptive section of this report will focus on CM5-CIC group (including BFCM), while the analytical section of the report will exclusively focus on BFCM and its affiliates For more information on the traditional group structure of French mutual groups, please refer to Moody s Banking System Outlook on France, last published in July These activities are undertaken on behalf of the Caisse Fédérale du Crédit Mutuel Centre Est Europe (CFCMCEE). CM Midi-Atlantique joined CM4-CIC on 1 January The new grouping became CM5-CIC. CM5-CIC is not a legal entity but refers to the aggregate of the five regional federations, their common central body and their subsidiaries. 3 August 2009 Credit Analysis

4 Crédit Mutuel Group The organisational structure of the Crédit Mutuel Group 5 is less cohesive and more complex than other mutualist networks. At year-end 2008, the group comprised: 2,017 local co-operative banks or Caisses locales. These are at the root of the organisation, and are regulated as credit institutions. They collect deposits, make loans and provide a wide range of financial services to retail customers, professionals and small corporates. These local banks are owned by 7.2 million bank customers or sociétaires, from a pool of around 11.2 million customers. 18 regional groups or federations, each of which has its own central body or Caisse fédérale. Each Caisse locale and its joint subsidiary, the Caisse fédérale, are members of the regional federation. Federations are not financial institutions. They are entrusted by French banking law with responsibility for controlling the Caisses locales, ensuring their solvency, defining the strategy at regional level, designing products and services, and optimising asset and liability management. They are the strategic and control entities representing Crédit Mutuel group at regional level. The Caisses fédérales provide refinancing, treasury management and other financial services to their Caisses locales. Some federations have decided to join forces into super-regional groupings and merge their Caisses fédérales. Five of them are grouped together into CM5 (CMCEE, CM Ile-de-France, CM du Sud-Est, CM Savoie-Mont Blanc and CM Midi-Atlantique), three others into Arkéa (CM de Bretagne, CM du Sud-Ouest and CM Massif Central) and two into Crédit Mutuel Sud Europe Méditerranéen (CM Méditerranéen and CM Dauphiné-Vivarais). Banque Fédérale du Crédit Mutuel (BFCM) and CIC are subsidiaries of CM5 s central body, CFCMCEE. In addition to the 18 regional groups, the Fédération du Crédit Mutuel Agricole et Rural (CMAR) has competence over the domestic agricultural sector nationwide. The National Federation (Confédération Nationale du Crédit Mutuel or CNCM) is the central regulatory body according to French banking law. It represents Crédit Mutuel at the national level and oversees the regional federations. At each level local, regional and national representatives are elected by the sociétaires to supervise the various entities of the network. The central bank of the group, Caisse Centrale du Crédit Mutuel (CCCM), is owned by the Caisses fédérales. It manages their treasury but plays a very limited role in the network. Altogether, Crédit Mutuel group had 18.7 million customers (of which 17.1 million individuals) and approximately 5,600 branches at year-end 2008 (figures including the branches of the Caisses locales of Crédit Mutuel as well as branches of Crédit Industriel et Commercial CIC network. 5 Crédit Mutuel Group is not a legal entity but refers to the aggregate of all 2,017 local cooperative banks and their subsidiaries. 4 August 2009 Credit Analysis

5 Exhibit 2: Organisation chart of Crédit Mutuel Group 7.2 million bank customers or sociétaires mutualist group local cooperative banks 2,017 local "Caisses" regional federations Arkéa (3 federations) CM de Bretagne CM du Sud-Ouest CM Massif Central 18 regional groups or Fédérations + CMAR Confédération Nationale du Crédit Mutuel Sud Europe Méditerranée (SEM) (2 federations) CM Dauphine- Vivarais CM Méditerranéen Centre Est Europe ("CM5") (5 federations) CM Centre Est Europe CM Ile-de-France CM du Sud-Est CM Savoie-Mont Blanc CM Midi Atlantique 8 other separate regional federations + CMAR (CNCM) central bodies CM Arkea * CICMSEM CFCMCEE 8 "Caisses Fédérales" Caisse Centrale du Crédit Mutuel (CCCM) common law subsidiaries outside of the mutualist scope * CM Arkea is the result of the merger of f ormer CICM (central body) w ith former CFCM (common law holding subsidiary) into one single entity Sources: Moody s, Crédit Mutuel Group. 95.0% 5.0% (BFCM) and its subsidiaries CM 5-CIC group While the Crédit Mutuel group boasts nationwide coverage, the size and financial strength of the regional groups are diverse, with two of them CM5-CIC and Arkéa and their relevant subsidiaries accounting for more than 80% of the total group s assets. BFCM is the main refinancing vehicle of CM5-CIC. The five federations, which are collectively referred to as CM5 (i.e. CMCEE, CM du Sud Est, CM Ile de-france, CM Savoie-Mont Blanc and CM Midi-Atlantique), control BFCM through their common Caisse fédérale, Caisse Fédérale du Crédit Mutuel Centre Est Europe (CFCMCEE). BFCM, which does not benefit from mutualist status, also acts as the holding company of CM5- CIC s main affiliates, including Groupe du Crédit Industriel et Commercial (CIC group) and Groupe des Assurances du Crédit Mutuel (GACM). The pooling of resources appears somewhat weaker than within other mutualist banking groups but is increasing within super-regional groupings of federations (which now comprise ten of the 18 federations). Cooperation is also growing in refinancing, asset management and insurance activities. Finally, the central institutions of the network wield much less influence than their counterparts in other mutualist networks as their usual role of acting as a central funding conduit is assumed by the local banks, which also conduct their business strategies largely autonomously. Within each of the 18 regional groups (or their super-regional groupings), cross-guarantee and solidarity schemes ensure that all Caisses locales remain solvent via: 1. A cross-sharing of loan losses; 2. Additional liquidity being provided by each Caisse fédérale to its Caisses locales in case of stress; and 3. A balancing-out of losses and profits between the Caisses locales and the use of regional guarantee funds that must equal 0.50% of total deposits. 5 August 2009 Credit Analysis

6 Furthermore, the solidarity between all Caisses locales and Caisses fédérales is formalised by CNCM at the national level: 1. Under the 1984 Banking Law, CNCM is endowed with supervisory powers to monitor the solvency of the members of the network; 2. Regional groups must satisfy internal liquidity ratios; 3. Regional groups must deposit 2% of their customers deposits at the CCCM; these funds can be used to provide support to an ailing member; and 4. As a last resort, the CNCM is empowered to take decisions allowing it to make advances, grants or provide additional financing in order to rescue a troubled member. For a more detailed discussion on CM5-CIC s structure and the position of BFCM in the CM5-CIC group, please refer to the Ownership and Structure sub-section. Sources: Moody s, Credit Mutuel Group and CM5-CIC. Business Activities This section focuses on CM5-CIC group (including BFCM) CM5-CIC is organised around five business units 6, each of which corresponds to one type of activity, such as retail banking, insurance, corporate and investment banking. These reporting lines are: Exhibit 3: Organisation of CM5-CIC by business CM5-CIC CMCEE CM du Sud Est CM Ile de-france CM Savoie-Mont Blanc CM Midi-Atlantique and subsidiaries Retail Banking Insurance Financing and Private Banking Private Equity Markets Administration and Holding - Retail banking - Specialised activities: consumer finance, leasing, real estate, factoring, fund management - Life - P&C - Reinsurance - Corporate banking - Financial markets - Brokerage and custody - Financial transactions - Specialised financing Sources: Moody s, BFCM. 6 Under CM5-CIC s consolidated accounts, a sixth business unit, named Administration and Holding, groups together the various components that cannot be allocated to the other divisions, along with logistics structures. It includes intermediate holding companies, operating property assets held by specific entities and IT companies. Source: BFCM. 6 August 2009 Credit Analysis

7 Retail Bank This business unit comprises the retail banking activities undertaken essentially in France 7 as well as all of the specialised activities whose products are marketed through the branch network (including consumer finance, the leasing of goods and property, real estate, fund management, employee savings plans and factoring). Retail banking activities are undertaken by CM5 networks and BFCM Group (mainly through CIC) while all other retail finance activities are undertaken by BFCM Group, i.e. BFCM and its subsidiaries. Activities undertaken under the umbrella of BFCM group Retail activities undertaken within the scope of BFCM are purely those of its subsidiaries as BFCM does not undertake itself any retail activity. BFCM s subsidiaries active in the retail business are CIC group, Banque de l Economie, du Commerce et de la Monétique (BECM) and CIC Iberbanco, which are described in more detail below: CIC group is composed of Crédit Industriel et Commercial (CIC) and its subsidiaries. The group s retail activities are undertaken by CIC in the Paris area, and by its five regional banks, which together offer retail coverage nationwide. 8 In 1998, CIC was privatised and BFCM acquired a 67% stake. CIC was previously owned by GAN, a then state-owned insurance company. CIC group s activities are carried out under the CIC brand. 9 While CIC and its regional banks share the same brand and graphic charter, no reference on the linkage with Crédit Mutuel group is made to the customers. In terms of segmentation with private banking, clients serviced by the retail network of CIC are those with a net worth of less than 1 million. Insurance products of the Groupe des Assurances du Crédit Mutuel (GACM) are also cross-sold to retail customers of the retail banking segment (for more details on insurance products and services, please refer to the Insurance sub-section below). BECM is 98.5% owned by BFCM and focuses on three main business activities: Services to large corporates and medium enterprises such as treasury operations, medium-tolong term loans, real estate leases, cash management and payment systems, but also LBOs. For these activities, BECM is largely integrated with CIC Ile-de-France (CIC s subsidiary in the Paris area) for commercial developments, processes and credit risk; Financing real estate companies mainly for real estate promotion. For real estate-related business, BECM acts as a centre of expertise for all CM5-CIC networks; and Wealth management for entrepreneurs, in close co-operation with CIC and CM5 networks. BECM is a niche player with a relatively small size (at year-end 2008, its total assets amounted to 12.5 billion). It benefits from national coverage in France with dedicated branches for each of the activities and relies largely on the CM5 and CIC networks. In addition, BECM also has a local bank in Frankfurt. The activities of BECM are undertaken under its own brand, but the graphic charter and information provided on its Internet site refer to Crédit Mutuel group. CIC Iberbanco was acquired in June 2008 by BFCM from Banco Popular Español. It has a network of 18 branches in France, four businesses centres and a retail promotion branch. Although Banco Popular France was re-branded as CIC Iberbanco in April 2009, it is directly held by BFCM and CIC holds no stake in it The Retail Bank business unit also comprises the foreign activities of Banque de l Economie, du Commerce et de la Monétique in Frankfurt as well as the retail activities of Banque de Tunisie (Tunisia) and Banque Marocaine du Commerce Extérieur (Morocco). Each regional bank is responsible for retail activities for a specific region and there is no overlap between CIC s regional banks. Previously, CIC s regional banks branches used their own brand, which was called CIC followed by the name of the regional bank. The regional banks also used CIC s graphic charter. In 2008, all regional banks switched to the CIC brand. 7 August 2009 Credit Analysis

8 BFCM also consolidates activities 10 undertaken in Tunisia by Banque de Tunisie and in Morocco by Banque Marocaine pour le Commerce Extérieur (BMCE Bank). The stakes in both banks were previously held by CIC Group, which transferred the ownership to BFCM on 5 January BFCM group holds 20% in Banque du Tunisie and in February 2009 it increased its stake in BMCE Bank to 19.94% from 15% previously. In addition, BFCM holds 5% of Banca Popolare de Milano (BPM). Activities undertaken by the rest of the CM5-CIC group Retail activities within the scope of BFCM are complemented by retail banking activities undertaken by the local co-operative banks (Caisses locales) of the five federations of the CM5-CIC group, which conduct operations in separate regions: 11 Caisses locales of the CM Centre Est Europe federation are active in north-eastern France; Caisses locales of the CM du Sud Est federation are active in Lyon area; Caisses locales of the CM Ile-de-France federation are active in the Paris area; Caisses locales of the CM Savoie-Mont Blanc federation are active in the French Alps; and Caisses locales of the CM Midi-Atlantique federation are active in Toulouse area. The retail banking activities serve individuals with a net worth of less than 1 million as well as SMEs. 12 They provide them with a wide variety of products and services, from current accounts to assets under management, savings products (including Livret Bleu, 13 the equivalent of Livret A offered to retail customers of the Crédit Mutuel group s co-operative network). 14 Specialised Activities Activities undertaken under the umbrella of BFCM group This business line comprises the specialised activities of CM5-CIC. All the specialised activities are undertaken by BFCM s subsidiaries and as such appear in BFCM s reporting. Consumer Finance Consumer credit activities are undertaken by Sofémo group (Société Fédérative Européenne de Monétique et de Financement), Citibank Germany and by Cofidis SA, which are described in more detail below: Sofémo is held 66.7% by BFCM and 33.3% by CIC. It provides individuals with consumer loans marketed through four dedicated centres and payment facilities to customers of more than 50,000 stores that have entered into co-operation with Sofémo. This service is also available in the retail networks of CM5-CIC (i.e. of both the Caisses locales of CM5 and of CIC group) and in the retail networks of other CM federations, with the exceptions of Arkéa and CM Nord Europe. Citibank Deutschland was acquired by BFCM in December 2008 from Citibank. Citibank Deutschland is a specialist in consumer finance with more than 3.25 million customers, 6,800 employees and 340 branches at year-end Unlike traditional consumer finance companies, Citibank Germany also collects deposits from its customers and had a deposit base of 9.4 billion at year-end 2008 (versus a total loan portfolio of 10.4 billion at the same point in time). The final agreement valued BFCM s 100% stake in Citibank Deutschland at 4.9 billion. Citibank Deutschland was consolidated on 5 December In accordance with IFRS, the results of Banque de Tunisie are accounted using the equity method (mise en équivalence), as BFCM can exercise significant influence. The results of BMCE are not consolidated in CIC group s results as the group holds less than 20% of the voting rights. The size and the boundaries of each federation are based on the historical consolidation of Caisses locales. For more details, please refer to the Company History section of this report. Corporates not considered to be SMEs are served by CM5-CIC s Financing and Capital Markets business unit. For more details on Livret Bleu and Livret A, please refer to Moody s Banking System Outlook on France, last published in July Until year-end 2008, Livret Bleu savings products could only be sold under the Crédit Mutuel brand. In the case of CM5-CIC group, it could only be provided to retail customers of the Caisses locales of the five Federations of CM5 (CMCEE, CM du Sud Est, CM Ile-de-France, CM Savoie-Mont Blanc and Midi- Atlantique) and not to CIC s customers. From this year, all French banks have been authorised to sell Livrets A. CIC will sell the product as Livret A while the Livret Bleu name will be kept for products sold through the five federations networks. 8 August 2009 Credit Analysis

9 Cofidis SA provides consumer credit services, such as revolving credit, loans repayable in instalments, and credit cards. It has 11.5 million customers in France, Belgium, Spain, Italy, Portugal, Greece, the Czech Republic and Hungary. In March 2009, BFCM and 3 Suisses International (3SI, a French retailer which previously owned 100% of Cofidis SA through Cofidis Participations), reached a final agreement whereby BFCM took 51% control and a 34.17% economic interest in Cofidis. More specifically, BFCM and 3SI created a joint holding company (held 67% by BFCM and 33% by 3SI), which owns 51% of Cofidis Participations, while the remaining 49% in Cofidis Participations is owned directly by 3SI. Cofidis Participations owns 100% of Cofidis SA, the operating entity. Under the final terms of the acquisition, BFCM will potentially increase its ownership in Cofidis Participations to 67% from 51%, should BFCM and 3SI decide on this by Under the final terms, Cofidis Participations also has the exclusive right to potentially acquire 3SI s 66% stake in Monabanq, an online retail bank with 250,000 individual customers. Leasing In leasing, CM5-CIC operates under CM-CIC Lease for real-estate leasing and under CM-CIC Bail for equipment-leasing activities (e.g. car leasing, industrial equipment leasing). CIC group owns 15 54% of CM- CIC Lease and 99% of CM-CIC Bail. At year-end 2008, CM-CIC Lease s portfolio mainly consisted of warehouses, commercial premises and industrial premises (26% of total portfolio each), retail premises (10%) and offices (12%). Equipment-leasing contracts are generated by the banking networks and specialised financing entities of the CM5-CIC group and also by the networks of other CM federations (except Arkéa and CM Nord Europe). Real Estate Real estate-related activities are undertaken by subsidiaries of CIC group. The activities include: The investment in real-estate development projects in France through CM-CIC Participations Immobilières SA; Real estate investments for the group through CM-CIC Soparim; and Realtor business through CM-CIC Agence Immobilière (AFEDIM), which sells new residential properties on behalf of the Crédit Mutuel and CIC networks (including CIC Banque Privée). Fund Management CM-CIC Asset Management SA (CM-CIC AM) is the entity responsible for asset management for the whole CM5-CIC group, including BFCM. 16 It manages a large number of mutual funds invested in four categories: equity and diversified funds, money market funds, bond funds and formula funds. 17 CM-CIC AM s products are marketed in the two branch networks of CM5 s Caisses locales and of CIC group, but also in the networks of other CM federations (except Arkéa and CM Nord Europe). That said, some products are exclusively marketed in one of the two networks. In addition, CM-CIC AM resorts to external funds for funds invested in international equities. In addition to the mutual funds for the group s customers, CM-CIC AM manages a number of employees mutual investment funds schemes for corporates (referred to as OPCVM). These activities are undertaken by CM-CIC Epargne Salariale, 18 a 100%-owned subsidiary of CIC group Aggregate shareholding through CIC (main shareholder) and its regional banks. BFCM also owns 45.9% of CM-CIC Lease. Source: BFCM. CM-CIC AM was created in 2004 via the merger of Crédit Mutuel Finance and CIC AM. It is now jointly owned by BFCM (51%) and by CIC (23.5%). Source: BFCM. CM-CIC Epargne Salariale was created via the merger of CIC group s subsidiary CIC Epargne Salariale and BFCM s subsidiary Crédit Mutuel Participation in August 2009 Credit Analysis

10 Factoring Factoring activities are undertaken by Factocic and CM-CIC Laviolette Financement. Factocic was created in 1992 as a partnership between CIC, Crédit Mutuel Group and GE FactoFrance, which, respectively, own 51%, 15% and 34% of the voting rights. CM-CIC Laviolette Financement is 100%-owned by CIC group. Both subsidiaries offer factoring services to SME and large corporate customers of the branch networks of the 18 federations of the Crédit Mutuel Group and of CIC. The factoring services include cash advances and the settlement of customers accounts as well as the purchase of assigned business receivables. In 2007, three new partners (CIC Société Bordelaise, a regional bank of CIC group, Crédit Mutuel Nord Europe and Crédit Mutuel de Normandie) entered into business with CM-CIC Laviolette Financement. CM-CIC Covered Bonds CM-CIC Covered Bonds is a subsidiary of BFCM created in June 2007 to issue covered bonds backed with French real-estate mortgage loans and prêts cautionnés 19 originated by the retail networks of CM5- CIC and other CM federations. The entity, which is supervised by the Banque de France, issued covered bonds for the first time in July Insurance Activities undertaken under the umbrella of BFCM group The insurance activities of BFCM are undertaken by GACM, which is ultimately owned 73.3% 21 by BFCM. GACM is the holding company of a number of subsidiaries specialising in specific insurance products and services. Life insurance activities are undertaken by ACM Vie SA, Sérénis Vie, ACM Vie SAM and International Crédit Mutuel Life (ICM LIFE), all 100% subsidiaries of the GACM; Personal and P&C insurance activities are undertaken by ACM IARD SA (owned 96.4% by GACM), Sérénis Assurances SA (owned 99.13% by GACM) and S.A. Partners Assurances. S.A. Partners Assurance was fully acquired by GACM in 2006; Reinsurance activities are undertaken by Crédit Mutuel Reinsurance (ICM RE), a 100% owned subsidiary of GACM. GACM s life insurance, personal risk and P&C policies are provided to the customers of the branch networks of CIC group (including private banking clients), CM5 and to those of other federations of Crédit Mutuel group, with the exception of Arkéa and CM Nord Europe. In addition to selling its own insurance products, GACM is also active in insurance brokerage through its subsidiary Procourtage and in a number of specialised niche insurance services. GACM also owns minority stakes in several foreign insurance companies, including three Canadian non-life insurance companies that are part of Mouvement Desjardins (a 10% stake in each), the Tunisian insurance company Astree (30%), the Moroccan company Royale Marocaine d Assurance-Watanya (20.25%) and the Spanish firms SA Nostra and Serbrok (5% and 10%, respectively). More recently, in October 2008, the Group created a joint venture with the Royal Automobile Club of Catalonia (RACC). The joint company, RACC Seguros, is 51% held by RACC and 49% by GACM. The company offers insurance policies, spanning from car insurance to other P&C products, as well as to life insurance products. Through its 240 branches, the RACC has more than 1 million members, is the fifth-largest insurance broker in Spain with more than 850, Prêts cautionnés are residential housing loans guaranteed by credit institutions such as Crédit Logement or Saccef. For more details on prêts cautionnés, please refer to Crédit Logement on moodys.com. CM-CIC Covered Bonds has established a 15 billion EMTN programme under which it issues its covered bonds. BFCM directly owns 55.96% of the shares of GACM, while 20.52% are owned by ADEPI, a 100%-owned subsidiary of CIC group; 23.52% are owned by the central bodies of Crédit Mutuel federations other than CM5 federations. 10 August 2009 Credit Analysis

11 insurance contracts (all insurance contract types included), but is also the leading car insurance broker in Spain (with 400,000 contracts). Financing and Markets Activities undertaken under the umbrella of BFCM group In addition to providing large corporate customers with banking services and products, the financing and markets business unit groups together all of the group s financial market activities, the financial transactions on the primary market (such as M&A, IPO) as well as project finance. The activities are organised into the two divisions that follow. General banking activities service large corporates as well as customers of the retail and private banking business units who require the expertise of the proprietary trading desks for specific products/services. The products marketed are interest and FX hedges, as well as investment propositions. Financial market activities are undertaken by CM-CIC Marchés, a division within CIC created in 2006 as a merger of BFCM s, CIC s and CIC Banque CIAL s 22 formerly separate trading activities. CM-CIC Marchés activities are twofold: Proprietary trading activities of the CIC group (and thus consolidated in CIC group s accounts). These activities were previously organised into four trading groups (equity trading, hybrids trading, trading of fixed-income securities issued by corporates and financial institutions and trading of sovereign fixedincome securities). In 2009, the group decided to scale down its proprietary trading activities. In addition to reducing the equity allocation to this business segment, it decided to focus on trading activities with potential crosssale opportunities with corporate or private banking customers. In addition, the group also reorganised the proprietary trading activities as follows: Equity and hybrids: On equity trading, the main focus is on cash equity. This business involves taking arbitrage positions on M&A deals, event-driven positions and long/short equity positions (including quantitative trading). In addition to trading cash equity products, this group has also recently started to trade volatility products; Hybrids trading focuses on convertibles and structured products, mostly on convertible bonds; Trading of fixed-income securities issued by financial institutions, mostly from Europe and of correlation; Trading of fixed-income securities issued by corporates, mostly from Europe and of assetbacked securities (ABS). Trading of sovereign fixed-income securities, mostly arbitrage between sovereign securities and the equivalent swap. Treasury, refinancing and ALM for CM5-CIC group, as well as the other federations of Credit Mutuel group, with the exception of Arkéa and CM Nord Europe. These positions are booked directly in BFCM s accounts and do not appear in CIC group s reporting. All activities are undertaken by the same trading floors but are booked either in CIC group s accounts 23 or directly in BFCM s own accounts CIC Banque CIAL, a regional bank of CIC Group headquartered in Strasbourg, France, had its own investment banking department until This department was combined with its parent, CIC, in order to create a single entity, CM-CIC Marchés. Activities booked in CIC group s accounts are also fully accounted for in BFCM s accounts as BFCM ultimately owns 91% of CIC group. 11 August 2009 Credit Analysis

12 Brokerage and custody: CM-CIC Securities, a 100% subsidiary of CIC group, acts as a broker-dealer, clearing agent and custodian. In brokerage, CM-CIC Securities is a member of ESN LLP, a multi-local network of ten brokers in European equity markets and covering 15 European countries. Custodian activities are undertaken by its subsidiary, CM-CIC Titres. Financial transaction activities comprise all businesses involved in the primary market. Specialised financing comprises the services extended to Crédit Mutuel group s clients for the funding of acquisitions, assets or projects. Private Bank Activities undertaken under the umbrella of BFCM group This business unit comprises all of the private banking activities of CM5-CIC. These activities are exclusively undertaken under the umbrella of CIC group by its private banking business unit, CIC Banque Privée 24, both in France and abroad. Private banking customers are defined as customers with a net worth of 1 million and more. The main private banking subsidiaries in France are: CIC Banque Transatlantique (100% owned by CIC); and Dubly-Douilhet (61.9% owned by CIC); The private banking arm of BFCM has established itself in a number of foreign countries with strong private banking markets. Private banking operations are carried out through a number of entities. The major ones are: Banque de Luxembourg and Banque Transatlantique Luxembourg (71.1% and 60% owned by CIC, respectively) in Luxembourg; Banque CIC Suisse and CIC Private Banking-Banque Pasche in Switzerland (both 100% owned by CIC group); and CIC Singapour and CIC Private Limited Hong Kong (both 100% owned by CIC group). Private Equity Activities undertaken under the umbrella of BFCM group This business unit mainly comprises three entities of CIC group, each responsible for private equity activities in a specific region of France. These subsidiaries of CIC group are: CIC Finance (100%-owned), which is active in the Paris region and in north-eastern France. It engages in proprietary transactions and provides M&A advisory services; IPO, which is 76.6%-owned by CIC group, is active in western France; and CIC Banque de Vizille (93.9%-owned) in southern France Administration and Holding Activities undertaken under the umbrella of BFCM group The administration and holding unit comprises the various components that cannot be allocated to the other divisions, along with logistics structures. These components are intermediate holding companies, operating property assets held by specific entities and IT companies of BFCM. 24 CIC Banque Privée is a business unit of CIC group and is not a legal entity. 12 August 2009 Credit Analysis

13 Exhibit 4: Breakdown of net banking income (NBI) by BFCM s business units NBI by activity (in %) (1) 16.6% 0.6% 9.2% 2.4% Retail banking Insurance Financing and Markets Private Bank Venture Capital 71.2% Segment Net Banking Income (NBI) H (2) YE 2008 (3) (EUR million) Retail banking 1,636 3,289 Insurance Financing and Markets Private Bank Venture Capital Structure and Holding Intra-Group GROUP 2,144 3,902 (1) Excluding Structured and Holding and Intra-Group. (2) Including full contribution of CIC Iberbanco, Citibank Deutschland and Cofidis. (3) Including contribution of CIC Iberbanco and Citibank Deutschland since the date of acquisitions. Source: Moody's, BFCM. Distribution Capacity and Market Shares Retail Banking Activities undertaken under the umbrella of BFCM group As regards the distribution capacity and the market shares of the business activities carried out solely under the umbrella of BFCM: The CIC retail network comprises five CIC regional commercial banks with more than 2,122 branches (of which 1,702 are retail oriented, 59 geared toward private banking activities and 294 cater services to corporate customers). It has approximately 22,600 employees, catering services and products offered to 3.45 million individual customers (including customers of the private banking business unit) and approximately 691,300 corporates and self-employed professionals; 25 BECM has 26 corporate branches in France, nine real estate branches and three private banking branches. BECM s own distribution capacity is supplemented by that of the CM5 federations and of CIC group. The bank has 330 employees and approximately 15,400 customers; and Banco Popular, rebranded CIC Iberbanco, has 18 branches in France. 25 As disclosed by CIC group, without breakdown between customers of the retail banking business line and those of financing and capital markets. 13 August 2009 Credit Analysis

14 Activities undertaken by the rest of the CM5-CIC group At year-end 2008, the retail network of the Caisses locales of the CM5-CIC group comprised 1,309 branches and boasted more than 4 million customers. More specifically: The CMCEE federation has 900 branches and reports market shares of more than 45% in deposits and loans in the Alsace region, approximately 20% in the Lorraine region and over 15% in the Franche Comté region. Its market shares in the Bourgogne region are lower, at 7.5% for deposits and 13.1% for loans; 26 CM du Sud-Est federation has 134 branches with market shares of 6.0% of deposits and 13.3% of loans in the Rhône-Alpes region; 27 CM Ile-de-France federation has 171 branches and market shares of 1.7% in deposits and 3.2% of loans in the Paris area; 28 CM Savoie-Mont Blanc federation has 64 branches and market shares of 7.1% of deposits and 8.6% of loans in the Savoie-Mont Blanc region; 29 and CM Midi- Atlantique federation has 84 branches and customers and market shares of 4.5% of deposits and 3.5% of loans in the Toulouse area. Specialised Activities In Consumer Finance, Sofémo has four dedicated centres and more than 50,000 points of sale that have entered into partnership with it. The services and products of Sofémo are also available through the retail networks of CM5-CIC. Citibank Deutschland has more than 3.25 million customers serviced through 340 branches. Cofidis SA has 11.5 million customers in France, Belgium, Spain, Italy, Portugal, Greece, the Czech Republic and Hungary. During 2008, CM-CIC Lease SA increased its real estate portfolio by 474 million, with 279 new leasing operations. As regards equipment leasing activities, CM-CIC Bail had 170,000 leasing transactions at year-end 2008 and its equipment portfolio stood at 4.7 billion, up by 12% from YE The real estate investments of CM-CIC Participations Immobilières SA generated 95 million of revenues in 2008 and represented nine new projects (corresponding to approximately 471 housing units). As regards real estate activities in 2008, 2,750 homes worth 480 million were sold by CM-CIC Agence Immobilière AFEDIM, which generated 17.4 million of fees before tax. CM CIC Asset Management has 54.7 of funds under management. CM-CIC Epargne Salariale offered 231 OPCVM 30 to approximately 44,332 corporates and 1.6 million employees at year-end Assets under management stood at approximately 3.8 billion at year-end In factoring, Factocic works with one in ten companies in factoring services in France. In 2008, it reached a market share of 7.5% in receivables purchased; it had active contracts and 214 employees at year-end As regards receivables purchasing, in 2008 CM-CIC Laviolette Financement processed approximately 255,000 invoices, representing inflows of approximately 1.5 billion Source: CM5-CIC. Source: CM5-CIC. Source: CM5-CIC. Source: CM5-CIC. For a definition of OPCVM, Please refer to the description of the fund management business unit in the Business Activities section of this report. 14 August 2009 Credit Analysis

15 Insurance The consolidated income of GACM in 2008 stood at 6.71 billion, down by 13.9% from The IFRS net result stood at 395 million, down by 29% from GACM had 6.5 million customers (in P&C and life insurance together) at year-end, up by 4.8% from 6.2 million customers at year-end 2007, while the number of contracts was up by 9% to million from 8.2 million at year-end GACM distributes its products through the retail banking networks of CM5, CIC and the other federations of Credit Mutuel group, with the exception of Arkéa and CM Nord Europe. GACM is the second-largest bancassurer in France, after Crédit Agricole Assurances. Overall, it is the fourth-largest life insurer in France and one of the leaders in P&C insurance. Financing and Capital Markets As regards financial markets activities, three sales teams cater services and products to the retail networks (including SMEs), the large corporates and the regional and local governments (RLGs) and sovereign investors. Brokerage activities at CM-CIC Securities are undertaken by a team of 50 salespersons, which is supported by a research team of 30 analysts and strategists. Private Bank In France, CIC Banque Privée offers its products through 59 dedicated branches. Abroad, this network is complemented by the group s foreign private banking entities. Private Equity CIC Finance has a team of 55 employees in Paris and in the rest of France and managed a portfolio of 1.3 billion at year-end 2008, of which 629 million was funds managed for third parties (consolidated figures including portfolios held by CIC Finance s subsidiaries). IPO comprised a team of 15 employees and managed 345 million invested in 156 regional corporates at year-end 2008, in which year IPO took part in 27 new deals, managing 82.9 million. CIC Banque de Vizille comprised 42 employees and managed 153 investment portfolio lines and a 465 million invested portfolio at year-end The new investments of the three private equity subsidiaries of CIC group totalled 341 million in2008 and the investment portfolio stood at over 2.1 billion at year-end Company History BFCM was created in 1919 as a member of the Fédération d Alsace-Lorraine (federation of the Alsace- Lorraine region) of the Caisses Locales of Crédit Mutuel. In 1958, Crédit Mutuel was granted legal status as a mutualist group and the Fédération d Alsace-Lorraine was renamed Fédération du Crédit Mutuel d Alsace et de Lorraine. In 1971, the group started its insurance activities under its subsidiary, GACM. In 1972, the Caisses locales of the Franche Comté region joined the federation and were followed by the Caisses Locales of Fédération du Crédit Mutuel Centre-Est in The federation was then renamed Fédération du Crédit Mutuel Centre-Est-Europe (CMCEE). In 1998, Crédit Industriel et Commercial (CIC) was privatised by the state and CMCEE, one of the bidders, was allowed to acquire a 67% stake in CIC. This stake was increased to 90% in CMCEE established a partnership with Fédération du Crédit Mutuel du Sud-Est (CM Sud-Est) in 1993 and with Fédération du Crédit Mutuel Ile-de-France in Fédération du Crédit Mutuel Savoie Mont Blanc joined in 2006.The last partner to join was the Fédération Midi-Atlantique, in January Together, the five Excluding ACM Vie Mutuelle Source: CM5-CIC. 15 August 2009 Credit Analysis

16 federations and their subsidiaries are now known as CM5 (when referring only to the mutualist part of the group) or CM5-CIC (when referring to the overall group, including common law subsidiaries). In 2004, CIC acquired a 10% minority stake in Banque Marocaine du Commerce Extérieur (BMCE). In December 2008, BFCM acquired 100% of Citibank Germany, Citigroup s German retail banking operation and, in March 2009, BFCM acquired 51% ownership (34.17% economic interest) of Cofidis Participations, the parent company of the French consumer finance provider Cofidis SA For more details on the ownership structure of Cofidis S.A., please refer to the Business Activities section of this report. 16 August 2009 Credit Analysis

17 Ownership and Structure BFCM is the entity that provides refinancing, treasury management and other financial services 34 to the entities comprising the five federations (CMCEE, CM Ile-de-France, CM du Sud-Est, CM Savoie-Mont Blanc and CM Midi Atlantique) together referred to as CM5-CIC 35 (see Exhibit 1 for the organisation chart of the wider Crédit Mutuel group), but also to most of the other federations of the Crédit Mutuel group, with the usual exceptions of Arkéa and Crédit Mutuel Nord Europe. Exhibit 5: Structure of CM5-CIC Group CM5-CIC Group CM CEE Federation CM SE Federation CM IdF Federation CM SMB Federation CM MA Federation Local cooperative banks Local cooperative banks Local cooperative banks Local cooperative banks Local cooperative banks 18.98% 78.08% Caisse Fédérale du CM CEE, CM SE, CMIdF, CM SMB et CM MA (CFCMCEE) central body " CM5" (muatualist part of CM5-CIC Group) Ventadour Investissement 100% 94.56% (BFCM) Funding and liquidity management for CM5-CIC group BFCM group (non-mutualist part of CM5-CIC group) 67% Joint holding with 3SI 51% * Cofidis Participations * 20.34% 72% 56% 98.5% 66.7% 51% 100% 100% 100% CIC GACM BECM Sofémo CM-CIC AM Technologies CIC Iberbanco Citibank Germany Cofidis SA Retail & commercial banking in Paris area, CIB Insurance Commercial Banking Consumer Finance in Crédit Mutuel network Asset Management Specialised entities Retail banking in France Consumer finance in Germany Internationel consumer finance 100% 33.3% 23% 90% ADEPI ACM Vie S.A. ACM IARD S.A % NRJ Mobile 100% 100% 100% 100% 100% CIC Banque BSD-CIN CIC Banque CIO-BRO CIC Société Bordelaise CIC Lyonnaise de Banque CIC EST Retail banking in North France Retail banking in West France Retail banking in South West France Retail banking in South East France Retail banking in East France 100% 61.90% 60% 100% 100% 71.1% CIC Banque Transatlanique Private banking Dubly-Douilhet Private banking Banque Transatlantique Luxembourg Private banking CIC Private Banking Banque Pasche Private banking CIC Suisse Private Banking Banque de Luxembourg Private Banking 29% 100% 76.6% / 93.9% 100% 98.9% 54.1% 51% CIC Finance IPO & CM-CIC CM-CIC Bail * Factocic * CM-CIC Lease * CIC Banque de Vizille Securities 45.9 Private equity Private equity Brokerage and custody Leasing Factoring Real-estate leasing * The remainder is held by 3SI (3 Suisse International). For more details, please refer to the Business Activities section of this report. Sources: Moody s, BFCM These activities are undertaken on behalf of Caisse Fédérale du Crédit Mutuel Centre Est Europe (CFCMCEE). CM5-CIC is not a legal entity but relates to the consolidation of the five regional groups and their subsidiaries since they merged their central bodies. 17 August 2009 Credit Analysis

18 Key Issues CM5-CIC: a pole of consolidation within a loose mutualist group In comparison with other French mutualist groups, Crédit Mutuel group appears to be less cohesive, with much looser co-operation at the group level and more independence for the regional federations. The cooperative support mechanisms of Credit Mutuel group are somewhat weaker than those of other French mutualist groups. Each federation also has its own central body, responsible for treasury operations and funding, although those central bodies can and do delegate their operations to designated entities, mainly to BFCM. However, over the past decade, some of the federations within the group have started to develop partnerships in specific businesses to improve efficiency and rationalise their activities. Some have gone further and merged their central bodies while extending their partnerships to all activities, as is the case for CM5-CIC. 36 In Moody s view, the cohesiveness and centralisation within CM5-CIC is at least as strong and in many instances stronger than in the other French mutualist groups. In summary, Credit Mutuel group is probably the least cohesive of the French mutualist groups, but it consists of sub-groups that are, in some cases, among the most cohesive of the French mutualist groups. Moody s notes that most of the federations central bodies have delegated their treasury and funding to CM5- CIC s subsidiary BFCM with the exception of Arkéa and Crédit Mutuel Nord Europe. In addition, the insurance arm of CM5-CIC services its products for the customers of the entire Crédit Mutuel group (with the same exceptions: Arkéa and CM Nord Europe), as do other factories within CM5-CIC (factoring, leasing, etc.]). In the context of high competition and the need for Caisses locales to provide retail and commercial customers with more complex or tailor-made products, it appears likely, in Moody s view, that other federations of the Crédit Mutuel group will decide to join CM5-CIC, as was the case for the Midi-Atlantique federation, which joined CM4-CIC on 1 January 2009, thus forming CM5-CIC. This process is facilitated by the gradual migration of most federations to CM5-CIC s IT platform. Moody s expects the trend of the concentration of Credit Mutuel group around CM5-CIC to continue. Franchise developments under the scope of BFCM BFCM s strong presence throughout France through CIC group and BECM in retail and commercial banking as well as in insurance through GACM is an important rating driver. Alongside the integration of CIC group, BFCM has managed to develop cross-selling opportunities with its insurance arm, GACM. Moody s expects the cross-sales to continue to deliver improved profitability in the medium term. In Moody s view, CM5-CIC and BFCM within CM5-CIC has developed a complete universal banking model in France, which has helped the group to maintain its growth in the past few years. Given the stiff competition in France and the deterioration of the macroeconomic environment, we believe it will be difficult for CM5-CIC to organically improve its market shares. We understand that some of BFCM s businesses activities could, however, benefit in the event that other federations of the Crédit Mutuel group decide to join CM5-CIC. Indeed, although the Caisses locales of CM5-CIC are outside the scope of BFCM, a significant proportion of the services and products they offer to their clients stem from BFCM and its subsidiaries. 37 We note also that BFCM has recently been acquisitive, with the purchase of controlling stakes in CIC Iberbanco (previously Banco Popular France) in June 2008, Citibank Deutschland, a German consumer finance company previously controlled by Citibank, in December 2008, and Cofidis Participations, the parent of the French consumer-lending arm of 3 Suisses retailer (Cofidis SA), in March CM5-CIC group is not a legal structure. For more details of this partnership between the five federations, please refer to the Group Structure of the Crédit Mutuel Group and to the Company History sections of this report. This includes the consumer finance products of Sofémo, the funds from CM-CIC AM and the insurance products from GACM. 18 August 2009 Credit Analysis

19 In addition to bringing some earnings diversification, the acquisition of significant franchises in the consumerlending field has also brought geographic diversification, particularly given that Citibank Deutschland s operations are concentrated in Germany, where BFCM previously had only one branch (through BECM). We note that the group had viewed consumer finance as a strategic development focus for some time, but caution about the timing of the acquisition given the deterioration of the macro-economic environment in France and Germany and our expectation of an increase of the cost of risk, especially in consumer-lending activities, which are more vulnerable to an increase in unemployment rates and individual insolvencies. Analysis of Rating Considerations Discussion of Qualitative Rating Drivers Franchise Value Strong national bancassurance franchise BFCM s franchise is characterised by a strong foothold in retail and commercial banking and insurance in France, resulting in a resilient earnings mix. Its franchise is also growing in the field of consumer finance, although we caution that this activity results in higher earnings volatility, especially in the current macroeconomic environment. Market Share and Sustainability Strong bancassurance franchise and increasing integration within CM5-CIC group BFCM has built strong domestic franchises in banking and insurance. While the banking activities have significantly increased as a result of the acquisition of CIC group, the GACM s insurance activities were developed internally by the group. CM5-CIC group as a whole (i.e. including CM5 s mutualist network and BFCM s networks, but excluding the 13 other Crédit Mutuel federations networks) ranks as the third-largest domestic bank in France, ahead of Société Générale and BNP Paribas. CIC group on its own has attained good national coverage in retail and commercial banking. GACM ranks second in France in bancassurance, fourth overall in life insurance and among the market leaders in P&C insurance. Moody s views positively BFCM s cross-selling opportunities with the mutualist network (Caisses locales) of CM5 s federations. Indeed, although CM5 s retail banking activities are carried out outside the scope of BFCM, the strong and increasing integration within CM5-CIC group enables retail coverage and penetration to be carried out and promoted on a group basis. As such, CIC group s network, like the mutualist network of CM5, has adopted a model of cross-selling products and promotes GACM s insurance policies and CM-CIC Asset Management s products. Moody s also notes that BFCM s franchise extends beyond CM5-CIC group. BFCM, through its subsidiaries, acts as the product factory for most of Crédit Mutuel group s other federations. BFCM s subsidiaries products and services are distributed throughout these federations networks under common brand names. The bank has also recently acquired significant existing franchises in consumer finance in France, through Cofidis, and in Germany, through Citibank Deutschland. While Citibank Deutschland s customer base does not overlap with that of BFCM and while Cofidis s customer base may differ from that of BFCM s retail arm, we believe the group may benefit from the technology and know-how of both firms in the fields of consumer lending in terms of streamlining its own consumer-lending activities and those of CM5-CIC s network (and, more widely, those of the rest of Crédit Mutuel s network). Overall, Moody's views BFCM's franchise as strong and we expect it to improve in the medium term thanks to the increasing cross-selling opportunities within CM5-CIC s networks and those of the other 19 August 2009 Credit Analysis

20 federations. However, we view the successful operational and risk management integration of the new consumer-lending activities as the key to maintaining BFCM s risk profile and earnings volatility level. Geographic Diversification Growing presence abroad, albeit in relatively risky markets BFCM s retail activities remain predominantly focused on the French banking and insurance markets; following the acquisition of Citibank Deutschland, the German consumer-lending market represents BFCM s first significant non-domestic foothold. BFCM s insurance activities have also developed a life and P&C insurance partnership in Spain with the Royal Automobile Club of Catalonia. While the acquisition of consumer-lending activities is a positive driver for the bank s earnings and customer diversification over the medium-to-long term, we caution that the weakening macroeconomic environment in France and in Germany may prove challenging, especially given the rising unemployment rate and greater levels of individual insolvency. Earnings Stability and Earnings Diversification Increasing diversification mitigated by high volatility in financial markets activities BFCM s strong reliance on retail activities including banking and insurance results in a high proportion of relatively stable earnings. Moody s also considers the liquidity management activities undertaken by BFCM for both CIC and CM5 to be stable. 38 In addition to these activities, BFCM also has riskier and more volatile businesses, including proprietary trading activities. Moody s understands that BFCM has decided to scale down some of its financial markets activities, but notes that such activities had a significant adverse effect on the bank s earnings in What is more, BFCM s net result would have been negative had the group not reclassified its assets as permitted under the IAS 39 amendments. We further note that the consumer-lending activities will also bring some extra volatility, at least in the short-to-medium term, given the deteriorating macroeconomic environments in France and Germany. Risk Positioning Controls and Risk Management Improving, yet not sufficiently integrated, controls and risk management Following the losses linked to CIC s structured equity derivatives portfolio in 2005, the group decided to restructure its market activities and beef-up its risk management capacity. A number of projects started after the 2005 losses, including a group-wide effort to put in place a historical VaR and stress-testing models covering the bulk of market-related activities. The models were established in late 2007 and provided a much-needed improvement. Moody s understands that the group has decided to scale down its financial markets activities after losses incurred in the financial turmoil since For more details, please refer to the Market Risk Appetite subsection, below. Another development has been the establishment at group level of an independent risk department with oversight over credit, market and operational risk. However, this department has not been empowered with decision-making or sanction capacities. The risk department's main attributes are to measure and control risks and to validate processes. For all practical and operational purposes, the various business lines have retained control over their various risk departments. 38 CFCMCEE, the central body of CM5 s five federations, delegated its liquidity management activities to BFCM. Moody s does not expect any change in that respect in the foreseeable future. 20 August 2009 Credit Analysis

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