CFM INDOSUEZ WEALTH MANAGEMENT WELCOME TO CFM INDOSUEZ Annual Report 2024 Architects of Wealth
NARRATIVES OF WEALTH CONTINUITY Through this annual report, we invite you to discover four narratives of wealth continuity that reflect our values and purpose, showcasing our employees through their expertise and commitments. WELCOME TO CFM INDOSUEZ For more than 100 years, the history of our Bank has resonated with the entrepreneurs and families we have advised around the world. Today, we support our customers, helping them to build, manage, protect and pass on their assets. CFM Indosuez Wealth Management 2
2 INDOSUEZ WEALTH MANAGEMENT 8 Identity card: Our network and our key figures10 General Management Committee 13 Message from the General Management of Indosuez Wealth Management Group 14 2024 review and 2025 outlook for financial markets 16 Continuing and progressing: 2024 highlights 18 Ambitions 2025: the essentials of the new medium-term plan 20 3 CFM INDOSUEZ WEALTH MANAGEMENT ACTIVITY REPORT 22 CFM Indosuez Wealth Management 24 Message from the Directors 24 Message from the Executive Directors 28 The environment in Monaco 30 Wealth Management 31 People Project 32 Corporate governance 34 Key figures 36 Report of the Board of Directors 38 Resolutions for the General Meeting 42 Internal Control 44 Our locations 48 4 CFM INDOSUEZ WEALTH MANAGEMENT ANNUAL FINANCIAL STATEMENTS 50 Statutory Auditors' Reports 52 Consolidated financial statements as at 31 December 2024 56 Individual financial statements as at 31 December 2024 140 1 CRÉDIT AGRICOLE GROUP 4 Table of Contents Annual Report 2024 3
STRATEGIC VISION Through discussions with our mentor, we are deepening our understanding of business strategy. By sharing diverse perspectives, we can align our individual objectives with those of the organisation. LAURENT PEZANIS Senior Banker at CFM Indosuez VIRGINIE AUBRY Executive Director at CFM Indosuez CFM Indosuez Wealth Management 4
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Crédit Agricole Group: rankings & key figures 46 COUNTRIES 54 MILLION CUSTOMERS 8,200 BRANCHES INCLUDING 6,660 IN FRANCE, REGIONAL BANKS AND LCL 12.1 MILLION MUTUAL SHAREHOLDERS PROVIDER OF FINANCING TO THE FRENCH ECONOMY INTERNAL SOURCE: ECO 2024 EUROPEAN ASSET MANAGER SOURCE: IPE “TOP 500 ASSET MANAGERS”, JUNE 2024 INSURER IN FRANCE SOURCE: L’ARGUS DE L’ASSURANCE, 13 DECEMBER 2024 (DATA AT END-2023) RETAIL BANK IN THE EUROPEAN UNION BASED ON NUMBER OF RETAIL BANKING CUSTOMERS LARGEST GLOBAL BANK BY BALANCE SHEET SIZE SOURCE: THE BANKER 2024 COOPERATIVE MUTUAL BANK IN THE WORLD SOURCE: THE 2023 WORLD COOPERATIVE MONITOR, JANUARY 2024 (IN REVENUES) No. 1 No. 1 No. 1 No. 1 No. 1 9th CFM Indosuez Wealth Management 6
HOLDING 62.4% HOLDING 37.6% Group Perimeter Crédit Agricole Group includes Crédit Agricole S.A. as well as all of the regional banks and local banks and their subsidiaries. ASSET GATHERING AND INSURANCE LARGE CUSTOMERS RETAIL BANKING SPECIALISED BUSINESSES AND SUBSIDIARIES SPECIALISED FINANCIAL SERVICES REGIONAL BANKS FLOAT 1. The Regional Bank of Corsica, 99.9% owned by Crédit Agricole S.A., is a shareholder of SACAM Mutualisation. 2. The Fédération nationale du Crédit Agricole (FNCA) acts as a think-tank, a mouthpiece and a representative body for the Regional Banks vis-à-vis their stakeholders. 3. Non-Significant: 0.53%, treasury shares, including buy-backs in 2024 that will be cancelled in 2025. ITALY POLAND, UKRAINE, EGYPT 6.9% INDIVIDUAL SHAREHOLDERS NS(3) TREASURY SHARES 23.6% INSTITUTIONAL INVESTORS 12.1 m MUTUAL SHAREHOLDERS WHO HOLD MUTUAL SHARES IN 2,383 LOCAL BANKS 39 REGIONAL BANKS WHO TOGETHER HOLD THE MAJORITY OF THE SHARE CAPITAL OF CRÉDIT AGRICOLE S.A. VIA SAS RUE LA BOÉTIE1 HOLD 100% OF SACAM MUTUALISATION HOLDING 25% OF THE REGIONAL BANKS POLITICAL LINK FÉDÉRATION NATIONALE DU CRÉDIT AGRICOLE (FNCA)2 6.5% EMPLOYEE SHARE OWNERSHIP PLANS (ESOP) Annual Report 2024 7
SHARING KNOWLEDGE Through mentoring, we encourage the exchange of knowledge and experience. This positive dynamic, both for ourselves and for the team, strengthens our ability to innovate and stand out from the crowd. ELOÏSE MARSHALL Senior Banker at CFM Indosuez LAURENCE CASOLARI Executive Director at CFM Indosuez CFM Indosuez Wealth Management 8
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1875 Founding of Banque de l'Indochine. 1876 First Private Banking office opened in Switzerland (Crédit Lyonnais). 1920 First roots established in Luxembourg (founding of La Luxembourgeoise). 1922 Founding of Crédit Foncier Monaco . 1975 Founding of Banque Indosuez in France from the merger of Banque de l'Indochine and Banque de Suez et de l'Union des Mines. 1996 Banque Indosuez joins Crédit Agricole Group. 2016 Adoption of a single brand: Indosuez Wealth Management. 2017 Acquisition of CIC's private banking operations in Hong Kong SAR and Singapore. 2018 Capgemini buys a 20% stake in Azqore, a subsidiary of Indosuez Wealth Management specialising in the outsourcing of information systems and the processing of banking transactions. Finalisation of the merger between Banca Leonardo and Indosuez Wealth Management. 2021 & 2022 In 2021, the Indosuez Foundation in Europe celebrates its tenth anniversary. A year later, in 2022, the Indosuez Foundation in Switzerland and the rest of the world celebrates its tenth anniversary. 2023 Acquisition of Wealth Dynamix (specialising in customer relations for private banks) and of a stake in AirFund (a digital platform for distributing and investing in private markets). 2024 Acquisition of the Belgian bank Degroof Petercam and the opening of a branch in Portugal. Europe Germany Belgium Spain France Italy Luxembourg Monaco Netherlands Portugal Switzerland Middle East Abu Dhabi Dubai Asia Pacific Hong Kong SAR New Caledonia Singapore North America Canada* Our Identity 4,500 employees 16locat ions Indosuez Wealth Management is the global wealth management brand of the Crédit Agricole Group, ranked the world's ninth largest bank by balance sheet size. Built on more than 150 years of experience supporting families and entrepreneurs in 16 locations, the Indosuez Wealth Management Group offers its clients a tailored approach that enables them to preserve and grow their wealth in close alignment with their individual goals. Its 4,500 employees provide expert advice, exceptional service and a global vision for both private and professional wealth management, while supporting the shift towards more sustainable development and a more responsible economy. * Representative Office CFM Indosuez Wealth Management 10
2024 RESULTS In 2024, Indosuez Wealth Management’s net banking income was €1,397 million, up 36.6% compared to end-December 2023, benefiting in particular from the integration of Degroof Petercam in June 2024. Expenses excluding SRF were up 37.5% due to the scope effect of Degroof Petercam in addition to €26.4 million in integration costs. Adjusted for these factors, 2024 expenses were up slightly by 2.8% compared to 2023. Gross operating income increased by 35% to €264 million. The cost of risk at end-2024 was €15 million, up €11 million compared to endDecember 2023, due to the inclusion of disputes and provisioning for various issues. Net losses on other assets amounted to €23 million, mainly corresponding to acquisition costs for Degroof Petercam, restated for specific items. Net income Group share for 2024 came to €142 million, up 11.1% compared to 2023. Restated before integration and acquisition costs, net income Group share for 2024 amounted to €177 million. NBI (€ MILLIONS) Key figures ASSETS UNDER MANAGEMENT With €215 billion in assets under management at 31 December 2024, the Indosuez Wealth Management Group posted €87 billion (or +68.2%) in growth given the €69 billion scope effect for the acquisition of Degroof Petercam in June 2024. 2022 929 2023 1,029 2024 1,397 €215 bn in AuM +€87 bn in growth +11.1% in net banking income Annual Report 2024 11
Sharing our values Official partner of the Compagnie des Ballets de Monte-Carlo, the Monaco Oceanographic Institute and various associations, CFM Indosuez is associated with Monegasque institutions and events that promote the Principality. These partnerships fully embody our Group's purpose: working every day in the interest of our customers and society. More information about the Compagnie Les Ballets de Monte-Carlo ↓ CFM Indosuez Wealth Management 12
General Management Quentin Barricault* General Secretary, CA Indosuez Pierre Masclet Chief Executive Officer, Azqore Isabelle Denoual Frizzole Head of Compliance, CA Indosuez Jacques Prost Chief Executive Officer, CA Indosuez Charlotte de Chavagnac Head of Communications, CA Indosuez Alexandre Ledouble Chief Financial Officer, CA Indosuez Olivier Carcy Chief Executive Officer, CA Indosuez Wealth (Europe) Olivier Chatain Head of Strategy, Legal and Transformation, CA Indosuez Romain Jérome Chief Digital Officer, CA Indosuez Marie Delesalle Head of Client Service Officers, CA Indosuez Sylvie Huret Chief Executive Officer, DPAS Chrystèle Dagras Head of Risk and Permanent Control, CA Indosuez Peter de Coensel Chief Executive Officer, DPAM Guillaume Rimaud Chief Executive Officer, Business Unit France Marc-André Poirier Chief Executive Officer, CA Indosuez (Switzerland) SA Pierre-Henri Sené* Head of Legal, CA Indosuez Jean-Christophe Droguet* Head of Audit Inspection, CA Indosuez Mathieu Ferragut Chief Executive Officer, CFM Indosuez Wealth Anne-Laure Branellec Head of Human Resources, CA Indosuez *Permanent guest. Annual Report 2024 13
“Indosuez is well placed to strengthen its market share and win new customers.” CFM Indosuez Wealth Management 14
For Indosuez Wealth Management, 2024 will be remembered for the strategic acquisition of Belgian bank Degroof Petercam. This merger has enabled us to change scale: we are now ranked among the top ten private banks in Europe. We are broadening our offering by providing our customers with a comprehensive continuum of services encompassing Advisory, Financing, Investment Solutions, Fund Solutions as well as technology and banking solutions. By joining forces with Crédit Agricole CIB, the new corporate finance teams will enhance the Crédit Agricole Group's support for small and medium-sized businesses. We operate in sixteen territories, mainly in Europe, but also in Asia-Pacific and the Middle East. Net new money reached a record level thanks to the very good sales momentum of all our entities, particularly in Asia. In France, fundraising was sustained thanks to excellent cooperation with the Regional Banks. Our customers have already benefited from our enhanced value proposition. The collaboration between the Indosuez and Degroof Petercam teams has resulted in some initial commercial successes, which have highlighted the power of our combined expertise. For example, the Private Markets offering on unlisted assets, which represents more than ten billion euros in assets on our books, is now available to Degroof Petercam customers. In terms of financing, we saw a sharp increase in lending activity this year. Our range of structured products has beaten all records because it is perfectly adapted to the market environment and investors' expectations. Finally, the success of property club deals, a real asset favoured by our customers seeking to diversify their assets, has demonstrated its relevance. We are continuing to develop our social project, in particular through investment offers that increasingly incorporate ESG (Environmental, Social and Governance) criteria. In this area, the merger with Degroof Petercam, recognised for its expertise in Responsible Finance, will enable us to accelerate and strengthen this area, which is at the heart of our strategy. The integration of Degroof Petercam's 1,500 employees will also serve as an opportunity to forge new links and develop an understanding of each other's culture, so that we can begin to work on defining our shared values. This rapprochement of teams and values is at the heart of the successful integration of the two banks. With a participation rate and score higher than in 2023, the results of the employee satisfaction survey confirm our commitment to this transforming project. Lastly, we are making progress with our digital transformation, making it easier for customers to contact us and receive information, and making the work of our employees more fluid, like our new customer relationship management tool, WDX, which has been rolled out to all our entities outside Asia. It is on the strength of these advances that we enter the year 2025. Thanks to the relevance of our business model and our diversification, even in the face of uncertainty and strong winds, the Indosuez group is well placed to strengthen its market share in its target geographical areas and win new customers. Message from the General Management of Indosuez Wealth Management Jacques Prost Chief Executive Officer CA Indosuez Pierre Fort Chairman CA Indosuez Annual Report 2024 15
With global growth expected to reach 3%, exceeding 2024 review and 2025 Outlook for financial markets Delphine Di Pizio-Tiger Global Head of Asset Management, CA Indosuez Alexandre Drabowicz Chief Investment Officer, CA Indosuez 2024: SMOOTH LANDING DESPITE TURBULENCE our already optimistic forecasts, the global economy is demonstrating astonishing resilience. This performance can be explained by three main factors: the robustness of the US consumer, the absence of recession in Europe and the stimulus provided by the Chinese economy. The US continues to enjoy a dynamic economy, underpinned by robust domestic consumption and leading companies in transformative fields such as artificial intelligence. On the other hand, Europe is trying to adapt to a rapidly changing world, while at the same time suffering from political instability in some of its member countries. At the same time, emerging countries are increasing their influence on the international stage, in a context of growing multipolarity. India stands out for the strength of its economy, while China is once again the engine of growth. Global Outlook 2025 - Read online ↓ After a sharp fall in 2023, inflation declined more slowly in 2024. Nonetheless, this fall in prices has enabled central banks to begin cutting their key rates, thereby supporting the economy through lower financing costs for consumers and businesses. This trend is set to continue in 2025, although there is still a great deal of uncertainty about the pace and the terminal rate of central bank intervention. Unfortunately, 2024 was also marked by high geopolitical tensions, notably the conflict in the Middle East and the war in Ukraine. Investors have therefore adjusted their allocations by choosing assets capable of protecting their assets against these growing risks. Gold, for example, has attracted renewed interest from central banks in particular, rising from around $2,000 an ounce at the start of the year to almost $2,800 in October. CFM Indosuez Wealth Management 16
2025 promises to be a year of contrasts. In 2025: A CHANGING WORLD Europe, uncertainty reigns, particularly in France and Germany, due to the absence of a majority in their respective parliaments. This contrast is all the more striking with the United States, where Donald Trump became the 47th President on 20 January, after winning a majority of the popular and electoral votes, as well as majorities in the Senate and House of Representatives. The tone of his mandate for 2025 is set: Donald Trump has surrounded himself with strong personalities such as Elon Musk at the head of the future Department of Government Efficiency and has already threatened his trading partners with higher tariffs on numerous occasions. Nevertheless, this changing world continues to present opportunities for growth. Artificial intelligence, for example, still has a long way to go, with ChatGPT celebrating its second birthday in December 2024. The electric vehicle sector is also undergoing rapid change, with the emergence of new Chinese manufacturers who are set to challenge both the traditional European manufacturers and the American stars of the sector. As a result, electrification is also likely to be a key theme over the next few years, as demand for electricity is set to continue to be driven by the huge needs of data centres and electric vehicles alike. Finally, central banks will continue to influence the markets, but without the synchronisation of monetary policies that characterised previous years. While the European Central Bank is set to continue cutting rates significantly, the Federal Reserve could slow its pace. The Bank of Japan, for its part, could opt for the opposite direction by raising its key rate, while the Swiss National Bank is likely to look quickly at the question of negative rates. These divergences in monetary policy will make bonds a source of investment opportunities and maintain this asset class as a key element in navigating this rapidly changing world. Nevertheless, this changing world continues to present opportunities for growth. Annual Report 2024 17
Continuing and progressing KEY EVENTS IN 2024 February 2024 Opening of a branch in Portugal With a presence already established in Spain, Indosuez Wealth Management is strengthening its presence on the Iberian peninsula by opening a new branch in Portugal, in the heart of Lisbon's financial centre. Its employees (private bankers and advisors) are responsible for strengthening the close relationship with our customers and partners in this market. Indosuez's presence in Portugal also fosters synergies with the Crédit Agricole group, which already has a presence in the country. Indosuez celebrates 130 years in Hong Kong In the 130 years since Banque de l'Indochine opened a branch in Hong Kong in 1894, the Group has strengthened its presence in the region and continues to support its customers by drawing on the expertise of the Crédit Agricole Group present in Asia. Hong Kong acts as a regional hub for the Group, thanks to its role as an international financial centre and gateway to mainland China. March 2024 World Water Day Indosuez is committed to water issues and preserving the oceans through its Foundations in Europe and Switzerland, in particular by supporting the Seven Clean Seas Foundation in Batam, Indonesia, the Cuomo Foundation and the Zeine group in Burkina Faso, and the Water in School programme run by 1001fontaines in Cambodia, all of which are working to protect the rare commodity that is water. April 2024 Launch of two funds classified as Article 8* or Article 9** within the meaning of SFDR · Indosuez Funds - Impact is a solution for investors who want to integrate ESG issues into their choices. Each investment is assessed for its potential to make a positive contribution to achieving at least one of the Sustainable Development Goals defined by the United Nations, whether this involves working to meet health, food and social or financial inclusion needs, supporting the environmental transition or promoting the circular economy and access to digital technology. - Indosuez Funds - Chronos Green Bonds 2028 allows investors to invest in green bonds in companies whose projects have a positive impact on the environment (renewable energies, green buildings, clean transport, for example). These launches will enable us to take greater account of ESG criteria in our range of offerings: by the end of 2024, 90% of the Group's funds were now classified as Article 8 or Article 9. StartUp Connections Our customers in Belgium, Luxembourg, Monaco and Switzerland now have access to "StartUp Connections", a digital platform that puts our customers in touch with an international network of start-ups looking for investors. Since its launch in France, in six years, more than 250 meetings have led to investments exceeding €11 million in the health, environment, energy transition and sustainable finance sectors. May 2024 Artificial Intelligence Deployment of the first two use cases in Generative Artificial Intelligence. The group uses two tools based on this emerging technology: since February, a multilingual document analyser (Lingua Custodia), and now a marketing and communications content generator assistant (My Content assistant). - Lingua Custodia is a fintech, member of Village by CA, offering an automatic translation solution using NLP (Natural Language Process), Machine Learning and Artificial Intelligence, for professionals in the financial sector on an international scale. - My Content Assistant is the first tool based on Generative AI developed by the Indosuez Group's Innovation Lab. It makes it easy to write content such as articles, emails or social network posts.] *Art. 8: products promoting ESG characteristics **Art. 9: products with a positive ESG impact objective CFM Indosuez Wealth Management 18
June 2024 Acquisition of Degroof Petercam finalised Indosuez holds 76.56% (corresponding to 79.28% of voting rights) of the Belgian bank. This merger will enable Indosuez to change scale, with €215 billion in assets under management by 2024. Indosuez is now positioned as a European leader in wealth management, with a continuum of services and offerings including Advisory, Financing, Investment Solutions, Fund Solutions, Technology and Banking Solutions. September 2024 Launch of Tiera Capital Innovation The Indosuez group is launching Tiera Capital Innovation, a new venture capital fund in partnership with Partech, the leading French tech management company in Europe. This fund will invest in unquoted European technology and digital companies with high growth potential. Tiera Capital has over €10 billion in assets under management or advisory and more than 500 investments since its launch over 20 years ago. LinkedIn Learning Something new for Indosuez employees: Linkedin Learning, a training platform with over 22,000 pieces of content and a tool for mobility within the Crédit Agricole Group, is being deployed internationally. October 2024 Grow. Closer. A new communication campaign was launched, highlighting the merger between Indosuez Wealth Management and Degroof Petercam. December 2024 Sales of discretionary and advisory management mandates were twice as strong in 2023 and excellent in 2024. Our customers' attraction is confirmed by our unlisted asset offering (Private Markets), which stands out as one of the most comprehensive and high-performing on the market. Structured products had an exceptional year, particularly capital-guaranteed products, in a more favourable interest-rate environment. Our funds recorded excellent performances, with 53% of Indosuez funds and 62% of DPAM funds ranked in the first or second quartiles by Morningstar. 28 international awards in 2024 Among the most significant: Indosuez Wealth Management voted "Best Private Bank 2024 at the IPEM Wealth Awards. — In Luxembourg, voted "Best Private Bank in Luxembourg by Global Finance (for the 4th year). — In Italy, elected "Top Wealth Management International Bank" at the Italian Private Banking Awards organised by BFC Media. — In France, voted "Private Bank of the Year" at the Citywire Private Banking Awards. — Monaco voted "Best Bank 2024" by Global Finance magazine (for the 8th year running). — In Switzerland, voted "Best Foreign Bank in Switzerland" by Wealth Briefing and "Best Private Bank for UHNWIs" by Euromoney. Azqore received four awards, including "Best Core Banking Platform for Private Banks" for its innovative approach by the Global Private Banking Innovation Awards 2024. — In Asia, voted "Best Private Bank for UHNWIs", Wealth Briefing Asia - Greater China Awards. — WDX receives the award for "Best CRM Solution" at the WealthBriefing EU Awards 2024. — DPAM voted first in the Responsible Investment Brand Index (RIBITM). — Annual Report 2024 19
Ahead of Ambitions 2025, our medium-term development plan (MTP) Ambitions 2025 sets out Indosuez's objectives for the period 2022 to 2025. It has been designed to enable us to respond to underlying market trends and changing customer needs by focusing on four priority areas: the customer project, the social project, the people project and digital transformation. At the end of December 2024, a number of targets will already have been achieved a year ahead of schedule. CUSTOMER PROJECT The year was marked by record net new money, thanks to a strong sales drive by all our entities. We have continued to develop our offering to support our customers in all their needs, in particular: · Structured products (exceptional year with €6.3bn in 2024); · Property (particularly on commercial property lending (+50% vs 2023) and on "club deals" at +23% vs 2023); more than €3bn in outstanding property lending at the end of 2024; · The Private Markets offering (more than €10bn in assets under management at the end of 2024). The goal of achieving 40% growth in AUM entrusted by our Third-Party Manager customers by the end of 2025 has been surpassed one year ahead of schedule (+50% by the end of 2024, or 11.5 billion AUM) within the scope of Indosuez excluding Degroof Petercam. For our most affluent customers, we have stepped up the deployment across all our entities of dedicated bankers who act as ambassadors for all the Crédit Agricole Group's expertise. We have strengthened our presence with our " NextGen " customers, in particular by helping them get in touch with start-up managers from French Tech (more than 110 appointments made in 2024). Finally, we further enhanced our Private Equity offering around start-ups and innovation with the launch of Tiera Capital Innovation, a new venture capital fund in partnership with Partech*, in France as well as Monaco and Luxembourg. *a key player in tech investment in Europe SOCIAL PROJECT We are continuing to develop our sustainable finance offerings to meet our customers' expectations: 90% of our funds are now classified as Art. 8/9 SFDR (Art. 8 funds are products promoting ESG characteristics, Art.9 funds are products with a positive ESG impact objective). We have defined exclusion criteria in our investment portfolios for activities related to coal. We are continuing to reduce our carbon footprint : in one year, we have cut our CO2 emissions by 3% and are working particularly hard to control IT, which accounts for the majority of our emissions. In Switzerland and the Middle East, we have been able to reduce the ecological footprint of our buildings by designing spaces that are adapted to new ways of working. Our foundations have been very active. In 2024, the Fondation Indosuez en Europe* devoted almost €520,000 to social inclusion and education for vulnerable people. The Fondation Indosuez in Switzerland**, for its part, has invested nearly €250,000 in actions linked to the environment, education and the circular economy. * it funds projects in France, Luxembourg, Spain, Italy, Portugal and Belgium. In addition, CFM Indosuez's philanthropic programme in the Principality now falls within the scope of the Foundation's activities in France. ** it also subsidises the projects we support in Hong Kong and Singapore. Two new sponsorship partnerships have been signed in France and Luxembourg: · In Paris, Indosuez is supporting the second edition of the NeurAL programme of L'Institut du Cerveau, which turns research into start-ups. · Indosuez Luxembourg has become the pioneering sponsor of the Climate Foundation, whose mission is to facilitate private philanthropic commitment and is active in the fields of scientific research, the transition to a sustainable future and the preservation of biodiversity. CFM Indosuez Wealth Management 20
PEOPLE PROJECT The results of IMR 2024 (an annual survey that measures the level of satisfaction of our employees) were very satisfactory, with a participation rate of 87% and a high IMR (Accountability Index) score, up 1 point to 78 (including Degroof Petercam employees). We have set up a Diversity & Inclusion action plan in the form of an annual cycle of awarenessraising and openness to diversity (inclusion of people with disabilities, intergenerational, intercultural, etc.) bringing together more than 1,300 employees of the Indosuez Group and Degroof Petercam. We have made progress in diversity, with 43% of our senior management teams made up of women at 31/12/24, a figure that is on the increase (+3 points compared with 2023). As part of the integration of the Degroof Petercam teams, a cultural project was launched to share our common ambition and define our values and our promises to customers and employees. Almost all Indosuez group entities have introduced a system enabling employees to make a donation from their net salary to an association. DIGITAL TRANSFORMATION We have expedited the roll-out of digital tools for our customers: 13,000 new customers now have access to all our financial research and analysis via Spektra. More than 11,000 of them now have the My Indosuez mobile app, representing a 15% increase in adoption rates in one year. Electronic signatures have been deployed at our Spanish branch. At Group level, the number of e-signatures has quadrupled, approaching 10,000 in a single year. Our investments in 2023 in specialist fintechs (Wealth Dynamix for customer relations and AirFund, a platform dedicated to unlisted assets) have enabled us to strengthen our technological expertise for the benefit of our customers. We are successfully continuing to strengthen Azqore's position as a leading provider of integrated, technological, digital and operational solutions for private banks. A total of 4.4 million transactions were processed in 2024 compared with 4 million in 2023, representing a 9% increase in volume. Annual Report 2024 21
CAREER DEVELOPMENT The mentoring programme is a gateway to the banking profession. By learning from the best, employees acquire the essential skills to excel and progress in their careers. STÉPHANE MANNINO Executive Director at CFM Indosuez YLÉNI FRANCO Business Manager at CFM Indosuez CFM Indosuez Wealth Management 22
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SECURITY GUARANTEED BY OUR MEMBERSHIP OF ONE OF THE MOST SOLID BANKING GROUPS IN THE WORLD. | A RANGE OF HIGH ADDED-VALUE PRODUCTS AND SERVICES, AVAILABLE AT ALL LOCATIONS. | A PEOPLE-CENTRED STRUCTURE FOR A PERSONAL APPROACH TO OUR CUSTOMERS. CFM Indosuez Wealth Management CFM Indosuez Wealth Management 24
Annual Report 2024 25 As the number-one bank employer in Monaco, CFM Indosuez Wealth Management offers financial solutions to private investors, businesses, institutions, and professionals. Created in 1922 by some of Monaco’s leading families, some of whom are still stakeholders, CFM Indosuez Wealth Management is a 70%-owned subsidiary of Crédit Agricole Group. This backing by one of the world’s top banking groups, paired with our deep roots in Monaco, is an essential guarantee of strength and sustainability for our customers, shareholders, employees, and partners. Within the group, our Company is fully integrated in the Wealth Management Business, Indosuez Wealth Management. Its 4,500 experts in Wealth Management, 400 of whom are at CFM Indosuez Wealth Management in Monaco, create customised solutions for our customers in a country where we operate or by multibooking. Together, they have a single calling: to help families and entrepreneurs create, cultivate, protect, and pass on their wealth, both in the principality of Monaco and internationally. The partnership with the Institut océanographique de Monaco (Monaco Oceanographic Institute) demonstrates CFM Indosuez's desire to strengthen its commitment to protecting the oceans. CFM Indosuez's aim is to be the leading responsible bank in the financial marketplace.
“These results reflect not only the effectiveness of our financial financial strategies, but also the expertise of our teams.” CFM Indosuez Wealth Management 26
Eric Vial President Mathieu Ferragut Chief Executive Officer Message from General Management CFM Indosuez Wealth Management The year 2024 allows CFM Indosuez Wealth Management to once again demonstrate the continued strength of its results and its ability to navigate an uncertain global environment. Geopolitical tensions persisted, notably with the escalation of the conflict in the Middle East and the prolongation of the war in Ukraine, generating increased volatility on the financial markets. Faced with these challenges, our teams have supported our customers by drawing on their expertise and in-depth knowledge of their expectations, to provide them with a high-quality, made-to-measure service. In 2024, CFM Indosuez's consolidated revenues amounted to €199.4 million, up 1.1% on the previous year. Net profit (group share) came to €59.4 million, a very fine performance, despite a slight fall of -2.4% compared with an all-time high in 2023. These results reflect not only the effectiveness of our financial strategies, but also the expertise of our teams. While dynamic transactional activity has contributed to this high level of NBI, our success is based above all on the commitment of our employees. The results of the independent Indice de Mise en Responsabilité (IMR - Accountability Index) survey continue to show a strong sense of pride among our employees. These results underline the effectiveness of our management transformation initiatives. In 2024, we made significant progress in the three pillars of our Ambitions 2025 business plan: the Customer Project, the People Project and the Social Project. The completion of these developments on schedule and within budget demonstrates our ability to deliver on our strategic ambitions with discipline and efficiency. We would like to thank our directors and the Monegasque authorities for their ongoing support and renewed confidence. The history of CFM Indosuez is closely linked to that of the Principality, reflecting more than a century of mutual commitment. Our 25-year partnership with the Compagnie des Ballets de Monte-Carlo, and our collaboration since 2020 with the Oceanographic Institute for the protection of the oceans, illustrate our commitment to contributing to the Principality's cultural influence and environmental sustainability. We are honoured to have been named the best bank in the Principality in 2025 for the 9th year running by Global Finance. This recognition underlines the excellence of our expertise in our two core businesses: Wealth Management and Corporate Finance. The completion of the acquisition of Belgian bank Degroof Petercam by the Indosuez Wealth Management group in 2024 represents a major step in the development of our bank, opening up new prospects and enriching our value proposition for our customers. On the strength of our successes and our vigilance in controlling risks, we look to the future with determination and optimism. We are convinced that our commitment and our strategic vision will enable us to meet the challenges of the future with precision and confidence. Annual Report 2024 27
Message from the Executive Directors Grégoire Faure Deputy Chief Executive Officer Vincent Thomas Deputy Chief Executive Officer In 2024, CFM Indosuez's customer business grew significantly, underpinned by strong new business momentum, a satisfactory performance in market activities and continued robust loan production. These results were achieved despite a reversal of monetary policies favouring lower interest rates and an unstable geopolitical context. For our subsidiary CFM Indosuez Conseil en Investissement, the events in New Caledonia, marked by riots and destruction, had no significant impact on business. Thanks to our local presence, we have been able to find appropriate support solutions for our customers, ensuring the continuity of our services and the safety of our employees. At the same time in Europe, the takeover of Belgian bank Degroof Petercam opened up a new era for the Indosuez group, with beneficial repercussions for CFM Indosuez. This acquisition strengthens our position and enables us to expand our range of services. The roll-out of our Corporate Finance activities has proved promising, both in terms of advising on and financing major property deals, and in advising companies and entrepreneurs on disposals or external growth. As a result, we have consolidated our role as a strategic partner for our customers. CFM Indosuez Wealth Management 28
“The takeover of Belgian bank Degroof Petercam opened up a new era for the Indosuez group, with beneficial repercussions for CFM Indosuez.” We have also continued to improve our operational efficiency in order to enhance the quality of services provided to our customers. The results of these efforts are greater customer satisfaction and better overall performance. CFM Indosuez has also actively pursued its Corporate Social Responsibility (CSR) policy. Health has become a major focus for our CSR commitment and for promoting corporate philanthropy throughout the Indosuez Group. Through this theme, we aim to raise awareness among our employees and partners, while supporting high-impact local and global initiatives. The growing involvement of our employees in CSR initiatives is a strong sign of our commitment. In 2024, 68% of employees took part in a solidarity initiative, representing 1,300 hours of voluntary work for a variety of local associations. Citizen Days continue to inspire other companies and unite teams around essential causes such as helping people in difficulty or environmental projects. In conclusion, 2024 was a year of growth and transformation for CFM Indosuez. We have taken advantage of the opportunities offered by the markets while strengthening our commitment to sustainability. Our CSR initiatives, strategic expansion and adaptation to changing economic conditions have enabled us to consolidate our leadership position. We are determined to continue on this path in 2025, offering impact investment solutions and continuing to innovate to meet our customers' needs. Annual Report 2024 29
The year 2024 also marks an important milestone in the fight against money laundering and the financing of terrorism. The Principality's efforts have resulted in the passing of numerous laws and the strengthening of rules of professional conduct, demonstrating strong commitment and determination. The Monaco Government is committed to exiting the FATF "grey" list according to the timetable agreed in Singapore, which runs until January 2026. While Monaco's fundamentals remain solid, competition on the world stage is intensifying. Monaco continues to adapt and innovate in order to maintain its leading international appeal. This is reflected not only in economic activity but also in tourism. The Principality has been named Best European Destination 2025 by European Best Destinations, a leading tourism promotion body and partner of the European Commission. The year 2025 will also be an opportunity for the Principality to demonstrate its commitment to sustainable growth and the preservation of the oceans, through the Blue Economy and Finance Forum which it is organising in early June, in the presence of the Sovereign and the French President. This high-level international event will take place on 7 and 8 June, with the support of CFM Indosuez and the Crédit Agricole Group, ahead of the United Nations Conference on the Oceans to be held in Nice from 9 to 13 June 2025. Sources: IMSEE, Government of Monaco In 2024, the Principality of Monaco continued to demonstrate its resilience in the face of an international context marked by economic and geopolitical uncertainties. This year, Monaco's economy has once again consolidated its status as a dynamic and prosperous hub at the heart of Europe. As a result, the total volume of foreign trade outside France broke the €4 billion barrier for the first time. With 51.9% of transactions, trade with the European Union remains dominant, even if its share is down slightly by 1.8%. Taking all countries together, the United Kingdom is the Principality's second largest trading partner. For its part, the Principality's revenue rose by 1.2% compared with the previous financial year, reaching nearly €21 billion. This growth is underpinned by seven major sectors of activity, including financial and insurance activities, hotels and restaurants, construction, scientific and technical activities, administrative and support services, the latter being driven in particular by the activities of temporary employment agencies. The number of jobs in the private sector rose by 5.5% year-on-year to 65,599. The financial sector is experiencing sustained growth, with an 11.4% increase in the net assets of Monegasque investment funds and an 8.5% rise in the assets under management of banks to over €171 billion, testifying to the confidence of investors in the Principality. On the property market, new-build sales reached a record level in 2024, with 101 transactions worth €3.7 billion, while resales fell slightly in volume but remained relatively stable at €2.2 billion, The Monegasque environment Sophie Armando Finance & Strategy Director Céline Lapaïan Company Secretary CFM Indosuez Wealth Management 30
In 2024, we formed a new alliance with a renowned asset manager, with the acquisition of DPAM, offering in-depth expertise in areas such as generative AI. Helped by rising markets and an easing of bond yields, our clients' portfolios enjoyed sustained increases in value, illustrating the fine performance of our discretionary management mandates. The start of interest-rate cuts in Europe and the United States has created attractive credit conditions for property purchases in Monaco, notably for the MARETERRA project, and on the Côte d'Azur. A €220 million property development project was carried out in a joint venture with CACIB and the Caisse Régionale du Crédit Agricole Provence Côte d'Azur. Faced with falling interest rates, we offered our clients investment opportunities via dated bond funds and Buy & Hold bond mandates. Our support solutions were extended in 2024 with the creation of a merchant bank within CFM Indosuez, designed to handle equity transactions and to collaborate via the Crédit Agricole Leasing & Factoring Group subsidiary for ship and aircraft financing. Sustainable finance remained at the heart of our concerns, with issues of Green Notes and the launch of the first structured product indexed to a DPAM fund, the Newgems fund invested in technology stocks, illustrating a successful synergy with Degroof PETERCAM. In 2024, we have combined responsiveness, excellence and expertise. Our commitment to sustainability has been strengthened, and we will continue to offer high-impact investment solutions to support the Principality's energy transition, while maintaining a first-class performance. The year 2024 was marked by significant economic events, highlighting CFM Indosuez's ability to adapt and offer optimal solutions to its customers. Disinflation on both sides of the Atlantic has enabled seven of the ten main central banks to start cutting rates. The ECB initiated the move in June, followed by the FED three months later. In anticipation of these falls, we offered our customers the chance to “lock in” historically high interest rates through bonds and structured products with capital protection. The US economy continued to grow at a brisk pace, reinforcing the theme of American exceptionalism. US companies reported higher earnings growth, supporting the stock market, particularly AI-related technology stocks. Europe, on the other hand, has experienced a moderate recovery, but we are continuing to invest discerningly in the European leaders. Despite fears of de-dollarisation, we considered these concerns to be exaggerated and took advantage of the volatility on the currency markets, particularly the EURUSD, to the benefit of our customers. Donald Trump's arrival in power has introduced new uncertainty, but we have reacted by adjusting our asset allocations and sector choices, while focusing on themes such as AI and electrification. Wealth Management Sophie Couve de Murville Global Head of Advisory Stéphane Herpe Managing Director - Monaco Markets Annual Report 2024 31
In fact, we achieved an exceptional participation rate of 90% and a record IMR index of 83, up 4 points on 2023. These rates are the highest since the introduction of our surveys in 2016 (IER survey (Engagement and Recommendation Index) which became IMR in 2022). We have seen a marked improvement in cross-functionality between teams and in employee motivation. Questions relating to managerial relations have continued the upward trend seen in 2023, reaching a high score of 87 points. For the first year, we have launched the Capital Confidence Index. This stands at 94%. This is an excellent result that testifies to the confidence employees have in the Crédit Agricole Group and CFM Indosuez. Diversity and inclusion, which are also at the heart of our people project, are a real driver of performance. In addition to the Indosuez action plan, we have organised workshops at CFM Indosuez on various themes such as intergenerational relations and In 2022, we have undertaken a major cultural and managerial transformation to meet contemporary challenges and prepare our organisation for the future. The year 2024 reflected the effectiveness of the actions taken over the last two years. We have finalised the management transformation programme. More than 95% of employees and managers have taken part in a mini-company. This tailor-made team coaching has helped to anchor the changes in operating methods and interactions, and to create a more agile, responsible and efficient corporate culture, capable of meeting the expectations of all our stakeholders. The results of the IMR 2024 (Accountability Index) survey encourage us to continue our actions. They testify to the commitment of our employees and the quality of our People project, illustrated in particular over the last two years by an ambitious managerial transformation programme. Boosting cultural and managerial transformation Ariel Barugel Head of Human Resources CFM Indosuez Wealth Management 32
disability. We have paid particular attention to the gender mix of our teams, which, over and above the gender issue, offers a diversity of viewpoints, backgrounds and skills. The above-mentioned results and actions illustrate the progress of our People Project, based on responsibility, trust and autonomy, and bear witness to the momentum generated by our People Project, which we must pursue with determination, in full consistency with our Social Project and our Customer Project. The integration of Degroof Petercam was an opportunity to strengthen our People Project. As part of our Roadmap 2025, we have included a culture programme that will enable us to define a common culture, with shared values and promises for customers and employees. "The results of the IMR 2024 survey testify to the commitment of our employees and the quality of the People project, illustrated by an ambitious programme of managerial transformation.” Annual Report 2024 33
1. GROUP STRUCTURE CFM Indosuez and its subsidiaries are part of Crédit Agricole Group 2. SHAREHOLDERS CFM Indosuez Wealth is 70.15% owned by Crédit Agricole SA with the remaining 29.85% owned by various individuals and legal entities (none of whom own more than 10% of the shares). 2.1. OPERATIONAL STRUCTURE CFM Indosuez Wealth SAM is a company incorporated under Monegasque law. Its company objects are, in the Principality of Monaco and abroad, both for itself, for third parties and jointly, to perform any and all banking and financial transactions and, from a more general standpoint, any transactions liable to be carried out by credit institutions under Monegasque law, including insurance brokerage activities, in accordance with applicable laws and regulations. 2.2. CONSOLIDATION SCOPE CFM Indosuez Wealth Group includes the following active companies: • CFM Indosuez Gestion • CFM Indosuez Wealth • CFM Indosuez Conseil en Investissement The management of these entities’ activities and their organisational structure are based on the strategy, policies, decisions and general authorisations, rules of operation and best practices set by Crédit Agricole Group and CFM Indosuez Wealth, in accordance with the applicable legal and regulatory requirements. Corporate governance Crédit Agricole SA CACIB CA Indosuez Wealth (Group) Monaco shareholders CFM Indosuez Wealth 97.37% 100% 70.15% 29.85% CFM INDOSUEZ WEALTH Principality of Monaco CFM INDOSUEZ GESTION Principality of Monaco CFM INDOSUEZ CONSEIL EN INVESTISSEMENT France 100% 100% CFM Indosuez Wealth Management 34
3. BOARD OF DIRECTORS 3.1, GENERAL INFORMATION As at 31 December 2024, the Board of Directors of CFM Indosuez Wealth had eight members, appointed by the Ordinary Annual General Meeting for a period of three years. No board members sit on CFM Indosuez Wealth’s Executive Committee. Board members are appointed for their integrity and expertise. which are assessed based on their background, knowledge and experience. They are assessed on the basis of their training, knowledge and experience. As a whole, the Board of Directors must possess the necessary skills in its key areas of responsibility. Membership requirements follow the rules set by the ACPR (French Prudential Supervision and Resolution Authority). The Board of Directors has three specialised Committees: the Audit and Risk Committee, the Appointments Committee and the Remuneration Committee. On their appointment, new directors receive a welcome pack including documents on the governance of corporate bodies, the Bank’s charter and the audit and risk control scope. Directors receive regular training and updates. 3.2. MEMBERS • Eric Vial, Chairman of the Board since 19 May 2022 and Director since 12 March 2020, • Pascal Brouard, Director since 15 March 2024 and Chairman of the Audit and Risk Committees • Bastien Charpentier, director since 13 December 2017, member of the Audit and Risk Committee • Meriem Echcherfi, director since 19 May 2022, • Véronique Faujour, director appointed on 1 October 2024 • Benoit Fayol, director since 15 March 2022, member of the Audit and Risk Committee • Hervé Husson, director since 07 October 2016 • Guilhem Nouvel-Alaux, director since 19 May 2022 • Marc Oppenheim, director appointed on 19 December 2023 3.3. ORGANISATION 3.3.1. Operation As a general rule, the Board of Directors meets four times per year and, if necessary, holds special meetings. The work of the Board is based on files prepared by its Secretary. Its meetings follow a pre-established agenda and are subject to minutes signed by the Chairman and one other director.F The Board functions in accordance with the company’s articles of association and its internal rules. The internal rules set out principles and best practices of corporate governance designed to ensure the quality of Board’s work, such as obligations of confidentiality, independence, loyalty and duties in respect of inside information and conflicts of interest. Directors with a conflict of interest must report the conflict and abstain from taking part in decisions. The Board of Directors met five times in 2024. 3.3.2. Remit The Board of Directors is the administrative body in charge of senior management, high-level risk monitoring and the adequacy of the Bank's management control system. Accordingly, it deals with major issues relating to strategy, general policy, management and the oversight of activities and risks. The Board approves the resources, organisation and planning needed to implement the strategy and general policy, based on proposals made by the Executive Committee, as appropriate. It is also responsible for finance, methods of accounting and financial control based on fixed objectives, the preparation of the annual activity report, the approval of the annual budget and the setting of financial objectives for the year, including equity planning and liquidity risk tolerance. In addition, the Board is responsible for ensuring the adequacy of resources, governance and oversight and that standards are observed (compliance). It makes decisions on matters related to the Bank’s administration referred to it by members of the Executive Committee and other issues brought before it by the specialised committees. Among other things, it decides on changes to the Bank’s activities, structures and strategic or property investments, such as the creation, acquisition or disposal of subsidiaries and ownership interests, the opening or closing of branches and representative offices, the acquisition or disposal of new businesses and the sale or purchase of buildings. It also makes the necessary decisions regarding legal and regulatory provisions, specifically in the areas of corporate governance, human resources, risk management and internal control. The Board of Directors delegates some of its tasks to its specialised committees, to the extent allowed by laws and regulations. These Specialised Committees meet 1 to 4 times a year, depending on the matters at hand and the opinions requested by the Board. Their members are appointed by the Board of Directors. Annual Report 2024 35
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