strengthened CFM Indosuez's position as a benchmark for shareholder-managers, particularly during liquidity events. Our Bank has succeeded in reconciling performance and social responsibility. Our initiatives are many and varied, as demonstrated by our innovation in terms of sustainable investment, with CFM Indosuez Blue Initiative, a structured impact and sharing product created for the benefit of the Oceanographic Institute. We have also set up a system for sharing the management costs of our CFM Indosuez Environment and Sustainable Development fund, for the benefit of the World Coral Conservatory (WCC), a collaborative programme between the Monaco Scientific Centre (MSC) and the Oceanographic Institute. CFM Indosuez has introduced the first sustainable impact financing: the bank has taken the strong decision to integrate environmental criteria into all its property financing. In 2023, we have combined responsiveness, excellence and expertise. Our commitment to sustainability has strengthened, and we are determined to continue on this path in 2024. We will be proposing investment solutions with the essential impact to support the Principality's energy transition, while maintaining a first-rate performance. The spectacular rebound in stock market indices, mainly Wealth Management in Western countries, has had a major impact on 2023. Defying the alarmist forecasts, the recession feared at the start of the year did not materialise, demonstrating the robustness of the economic growth trajectory, particularly in the United States, where GDP grew by 2.5%. At the same time, a gradual fall in inflation led to a spike in key rates in the fourth quarter. Against this backdrop, the experts at CFM Indosuez were quick to respond. The implementation of appropriate bond strategies, aimed at capitalising on high interest rates, is an eloquent illustration of this. The opportunities offered by the financial markets were seized with relevance: the advice of our experts enabled our investor clients to protect and develop their assets. They benefited from the significant growth in guaranteed capital products, whose returns outperformed deposit rates. Our highnet-worth clients have particularly appreciated the design and distribution of tailor-made structured products. Capitalising on the recovery in technology stocks, we helped our clients select leading stocks linked to Artificial Intelligence. Private equity also performed remarkably well, notably through our Evergreen quarterly liquidity fund, which has an excellent track record. Our expertise in both equity transactions and wealth management has Sophie Couve de Murville Global Head of Advisory Stéphane Herpe Head of Markets, Marketing and Development Annual Report 2023 31
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