The financial markets were highly volatile in 2009. Uncertainties regarding the pace of the crisis and its exit scenarios weighed on investor conduct and continue to prevail. In this climate, the Bank maintained its vision as an investor for the long term and decided to pursue its growth strategy without moving away from its core business of asset and wealth management. This development model has proved its worth: assets under management grew by almost 15.5% to €33.9 billion (€11.2 billion for private banking, up 17%, and €22.7 billion for asset management, up 15%).
Private Banking
- €11.2 billion in assets under management
- 8 offices in France and a presence in both Italy and Israel
Asset Management
- €22.7 billion in assets under management
- 7 offices abroad in Belgium, Chile, China, Israel, Italy, Spain and the United Kingdom
- 932 employees, including more than 100 outside France.
Consolidated highlights (in millions euros)
|
2008 |
2009 |
| Net banking income |
335 |
303 |
| Gross operating income |
76 |
25 |
| Net income, Group share* |
51 |
22 |
| Stockholders’ equity |
286 |
301 |
The robustness of the Group’s financial position is reflected in the level of its Tier One ratio, which was 12.7% at end 2009, of which 10.8% was Core Tier One **.
* Excluding net income for the year.
** These ratios are calculated, in accordance with prudential regulations, on the basis of the consolidated shareholders’ equity of CFSH, the Bank’s parent company.
Data as of December 31, 2009