BPCE - 2020 Universal Registration Document

FINANCIAL REPORT

IFRS CONSOLIDATED FINANCIAL STATEMENTS OF BPCE SA GROUP AS AT DECEMBER 31, 2020

Deconsolidation after they fell below the threshold for consolidation of Société d’Exploitation MAB (SEMAB), the ThematicsMeta Fund, the Thematics AI and Robotics Fund and the Selection Protection 85 fund. MERGERS AND FULL TRANSFERS OF ASSETS AND LIABILITIES Merger of Holassure into BPCE SA on December 14, 2020, making BPCE a direct shareholder in CNP. Absorption of Oney Service, Oney Invest, FR FNP and NAT SEC by Oney Bank, and ID Expert by Oney Trust. Restructuring Natixis Investment Managers (NIM) simplified the organizational structure of its asset management holding companies in the United States. As of January 1, 2020, Natixis US Holdings, Inc. absorbed Natixis Investment Managers LLC, a holding company with a non-material interest (1%) in Natixis InvestmentManagers LP, a company whose remaining capital (99%) was wholly owned by Natixis US Holdings Inc.

As part of this transaction, Natixis US Holdings Inc. was transformed into a Limited Liability Company (LLC) and then renamed Natixis Investment Managers US Holdings LLC. On January 1, 2020, Natixis Investment Managers LP absorbed Natixis Investment Managers Holdings LLC, a holding company with a non-material indirect interest (1% to 2%) in various US affiliates (including Loomis, Harris, AEW Capital Management, Vaughan Nelson). The remaining capital in these affiliates was wholly owned by Natixis Investment Managers LP. As part of this transaction, Natixis InvestmentManagers LP was transformed into a Limited Liability Company (LLC) and renamed Natixis Investment Managers LLC. In the first quarter of 2020, Natixis ASG Holdings Inc. absorbed Alternative Strategies Group LLC, a wholly owned subsidiary. Alternative Strategies Group LLC was previously the holding company of AlphaSimplex Group LLC, of which it held all the capital.

3.4

GOODWILL

VALUE OF GOODWILL

3.4.1

12/31/2020

12/31/2019

in millions of euros

Opening net value

4,088

3,906

Acquisitions (1)

52

233

Disposals (2) Impairment

(282)

(2)

(82)

Translation adjustments CLOSING NET VALUE

(128) 3,730

33

4,088 Acquisition of a 55% stake in La Banque Postale AM following the merger of Natixis IM’s fixed-income and insurance asset management activities with the latter. (1) The Disposals line includes the goodwill booked following the loss of control of Coface (see Note 1.3). (2)

5

At December 31, 2020, gross goodwill stood at €4,041 million and total impairment came to -€311 million. Certain goodwill items recognized in the United States give rise to tax amortization over 15 years leading to a difference

between the carrying amount of the goodwill and its tax base. This difference in treatment generated a deferred tax liability of €321 million at December 31, 2020, comparedwith €347 million

at December 31, 2019.

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UNIVERSAL REGISTRATION DOCUMENT 2020 | GROUPE BPCE