Key points of the Crédit Mutuel Group _ cohesion and confidence within the responsible for ensuring consistency technology must serve people and not the Crédit Mutuel group, by offering services throughout the network, the smooth other way around. The challenge facing us adapted to each entity. Crédit Mutuel operation of the federations and local is to give our advisors more time so that is a strong and diversified group, with a banks and the group’s financial and they can fully understand our customers’ Joint interview CRÉDIT MUTUEL’S well-known brand name that reflects the economic stability. CNCM will continue needs. The customer relationship is the constantly renewed trust of our customers to fulfill its role as guarantor of cornerstone of our business and, thanks to RESULTS REFLECT and members. A response has been Crédit Mutuel’s collective interests - those technology, the advisors can dedicate their _ provided to each of the criticisms of the local banks, members, customers, time entirely to their customers and build THE SUCCESS addressed to Confédération Nationale duCrédit Mutuel (CNCM) in 2014. The subjectemployees and investors, particularly withclose ties with the people they support on OF ITS BUSINESS regard tothe serious consequences that a daily basis. At Crédit Mutuel, technology is now closed. We have now gained fresh could arise from the decision to disaffiliate. will always be used to help people. NICOLAS THÉRY, MODEL. momentum through a modernized model. It is precisely because CNCM has this duty Chairman, Confédération Nationale du Crédit Mutuel We are ready to face te ftrehuuwith a to protect that, in February, it adopted a Is the mutual banking model still a PIERRE-ÉDOUARD BATARD, mutual model that that has retained its ‘general decision’ defining the terms and valid response to the challenges of hallmark strengths while being updated conditions of disaffiliation. The thest21 century? Chief Executive Officer to meet the challenges of the present day. disaffiliation procedure has now been clarified and the banks that wish to leave Pierre-Édouard Batard: The basis How would you describe the Crédit Mutuel must comply with it to of the mutual movement is to give Crédit Mutuel group’s 2018 results? the letter and fully assume all their individuals or groups of individuals greater responsibilities in terms of protecting power to act on the social, economic, It is this cohesion that enables investment Pierre-Édouard Batard: The Crédit Mutuel members, customers, employees and the political or environmental conditions they and development. group achieved recordresults this year, collective solidarity of Crédit Mutuel that face. It has therefore never been more with net income of €3.5 billion that has enabled the local banks to develop. relevant and seems an obvious response confirms the value of our business model Ultimately, the decision can only be taken to French society’s present need for Financial and economic circles are and local roots. With 5,700 points of sale by the members of each of the local banks greater proximity. At a time when French worried by the possibility of another nationwide, our workforce increased by with full knowledge of the issues at stake people are seeking to make their voice majorfinancial crisis. Howis more than 1,500 jobs this year. We are and related consequences. heard and demanding greater social Crédit Mutuel preparing itself? therefore part ofa group that is doing justice, a mutual model guarantees local Pierre-Édouard Batard: Tensions have particularly well, whose model is Crédit Mutuel is responding to roots and solidarity among individuals. always existed at economic and financial sustainable and growing. Lastly, Crédit the challenges of the in-depth Crédit Mutuel is and will continue to be a Mutuel’s results prove the success of its transformation undergone by decentralized banking group that entrusts levels. We are of course vigilant, but we are diversification strategy - and we shall maximum decision-making powers to the unworried as the Crédit Mutuel group is continue to redefine our business well economic and financial agents neighborhood entities that are the local solid. Crédit Mutuel came top of the French outside the limits of its traditional through multiple investments. banks. In a globalized world, the best banks in the most recent stress test frontiers. It is the culmination of a number How does the group make response is to be a strong player with performed by the European Union. This of years of major transformations at all innovation part of thedaily work national and European reach, while result reflects the solidity of our mutual the federations - reflecting the genuine of its employees? remaining very close to its local regions. bank business model, which involves commitment of all the people working at Nicolas Théry: In 2018 we stepped up reinvesting almost all our profit. The group every level nationwide. We must not the transformation of our business model provides on the one hand the necessary forget that it is unity and solidarity based on a strategy of diversification in all strength to ensure each federation’s that set our group apart. our businesses. We strengthened our development, and on the other hand position as a multi-service neighborhood solidarity between the various regions. 2018 saw two federations reaffirm bank and our technological transformation their desire to leave the Crédit Mutuel designed to achieve ongoing improvement Confédération Nationale du group. Where do things stand now in the customer relationship and customer France is experiencing unprecedented contract. A bank’s role is more important Crédit Mutuel embarked on a major on this matter? and advisor experiences. This draws in social tensions How has Crédit Mutuel, than ever at such moments. We must reorganization of its governance in particular on deployment of artificial a deeply committed player at the local fight against social fragmentation. We 2016. Howis this progressing? Pierre-Édouard Batard: CNCM has intelligence and constant enhancement level, responded to this crisis? must give all our customers the capacity to always been committed above all to unity of the functions of websites and mobile develop projects and thereforehaefaitv h Nicolas Théry: Crédit Mutuel has just and to protecting members. It is applications. We are firmly convinced that Nicolas Théry: The purpose of a bank, completed the reorganization of its particularly a cooperative bank such as in themselves and in their future. Our role, governance. I would once again like to Crédit Mutuel, is to stay as close as especially at such a time, is both to protect thank Pascal Durand, who worked hard possible to its customers and give them what has already beenachieved and help for three years to modernize the THE PURPOSE OF A BANK... SUCH AS support atevery stage in their lives. make the future possible. At Crédit Mutuel, Confédération’s governance. Our CRÉDIT MUTUEL IS TO STAY AS CLOSE AS We are by no means indifferent to the our aim is very simple: we want to be the organization can congratulate itself on discontent expressed by part of the French bank for everyone. This determination is a successful combination of unity and POSSIBLE TO ITS CUSTOMERS AND GIVE THEM population; indeed, the scale and the expressed through our local presence on subsidiarity. The Confédération is nature of this crisis has revealed a rise in the ground; it is our group’s greatest effectively at the service of the federations SUPPORT AT EVERY STAGE IN THEIR LIVES. inequality that endangers our social strength. and local banks to ensure consistency, 08 09 elcnonleeyB okcD nearniF o: tontAo :h po ttiodhérPC