Crédit Foncier: further integrating its activities into the group; ● Banque Palatine: providing an offering of high-end services ● focusing ondual banking relationships; Fidor: creating a benchmark European banking community, ● targeting growth primarily in Germany, the UK and France in the banking business, and across Europe for marketplacesolutions and as a provider of B2B solutions; Specialized Financial Services: becoming a payments pure player, ● digitizing all business lines, and increasing synergies between Natixis and the two networks, all with the objective of growing revenues by 6% per year; Insurance: becoming one of the top five French life and personal ● protectioninsurers by 2020, with the target of increasingrevenues by 7% per year; Retail Banking and Insurance: meeting a revenue growth target of ● 2% per year; Asset and Wealth Management: reinforcing the group’s global ● distribution capacities, ramping up revenue synergies with the group, developingfast-growingasset classes,expandingthe group’s presence in the Asia-Pacific region, all with the goal of boosting revenues by 6% per year;

Corporate and InvestmentBanking: becoming a benchmarkin four ● key sectors, furthering international development, strengthening the originate-to-distributemodel and expanding business with insurers and investment funds, all with the target of lifting revenues by 3% per year. This growth will be achieved while strictly respecting the Group’s financial fundamentals, i.e. managing the CET1 ratio to ensure it remains above 15.5% and keeping the TLAC ratio above 21.5% (excluding senior preferred debt) from early 2019, by issuing € 4 billion to € 5 billion in senior non preferred debt per year and keeping cost of risk on outstandings between 20 bp and 30 bp. Groupe BPCE is targeting NBI in excess of € 25 billion by 2020. The target cost/incomeratio is approximately64% for Retail Banking and Insurance, 68% for Asset and Wealth Management, and 60% for Corporate and Investment Banking. To reach these targets, the group can rely on additional revenue synergiesbetweenNatixis,the BanquePopulairebanks and the Caisse d’Epargne (over € 750 million) and a cost-cutting program set to unlock € 1 billion in savingson a full-yearbasis by 2020. A full, detailedpresentationof the TEC 2020 strategyplan is available at www.groupebpce.fr.


Registration document 2017

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