BCGE Annual Report 2006

Annual Report
2006

BCGE Group
“made in Geneva” banking solutions
The mission of the Banque Cantonale de Genève is to contribute to the
development of the Canton of Geneva and its region by making banking
services available to all residents, businesses or institutions. As a local
bank, it offers the community the densest network in the canton, with
25 branches and 70 ATMs. BCGE also provides banking services on the
internet (BCGE Netbanking) and by telephone, as well as in the area of
corporate banking, asset management, financial markets and international
trade. BCGE Group employs 843 persons (775.5 full-time equivalents).
In addition to the parent company, it comprises Anker Bank, a subsidiary
specialising in wealth management in Lausanne, Zurich, Lugano and
Geneva; BCGE (France) SA, a bank active in corporate finance and
private asset management in Lyon and Annecy; and Synchrony Asset
Management, a subsidiary specialising in institutional management.
BCGE Group key figures
Balance-sheet in CHF million
Total balance-sheet
Loans to clients
Client deposits and borrowings
Shareholders’ equity
Results in CHF million
Interest income
Commission income
Trading income
Other ordinary income
Total income
Operating expenses
Gross profit
Depreciation, valuation adjustments,
provisions and losses, extraordinary income
Interim profit
Group profit in CHF million
Assets managed and administered in CHF million
Total staff
- in full-time equivalent units
- in number of persons
Ratios in %
Shareholders’ equity / total balance-sheet
Gross profit / shareholders’ equity
Return on equity (ROE)
Expenses / income
Data per bearer share in CHF
Shareholders’ equity
Gross profit
Net profit
Dividend
Stock market data (parent company)
History of bearer share price in CHF
- high
- low
- at year-end
Market capitalisation in CHF million (at 31 December)
Number of shares in thousands
Shareholders’ equity / number of shares
*Proposal to be submitted to the Ordinary General Meeting of Shareholders on 24 April 2007

ating standard & poor’s
Banque Cantonale de Genève: A- / A-2 / Stable
(confirmed February 2007)
BCGE stock exchange reference (symbol)
Stock exchange quotation: Swiss bourse (SWX)
Reuters: BCGE.S
Bloomberg: BCGE SW
Telekurs: BCGE
Stock number: 164268
ISIN number: CH 0001642682
capital structure
Structure of BCGE capital of CHF 360 million:
• ‘A’ registered shares, nominal value CHF 50: 2,651,032
• ‘B’ registered shares, nominal value CHF 50: 1,590,620
• Bearer shares, nominal value CHF 100: 1,479,179
BCGE share ownership
BCGE share ownership
24.87%
16.78%
State of Geneva (registered)
City of Geneva (registered)
Geneva municipalities (registered)
Distribution of voting rights
43.88%
21.12%
State of Geneva (registered)
City of Geneva (registered)
Geneva municipalities (registered)
7.27%
14.96%
21.87%
4.09%
0.16%
State of Geneva (bearer)
City of Geneva (bearer)
Geneva municipalities (bearer)
Private individuals (bearer)
9.14%
9.42%
2.57%
0.10%
13.87%
State of Geneva (bearer)
City of Geneva (bearer)
Geneva municipalities (bearer)
Private individuals (bearer)

information
E-mail: actionnaires@bcge.ch
Groupe Banque Cantonale de Genève
Communication
Nicolas de Saussure
Telephone: +41 (0)22 317 27 27
Fax: +41 (0)22 809 22 11
Postal address:
Case postale 2251
CH - 1211 Geneva 2
the BCGE Group key figures
2006 2005 2004 2003 2002
Balance-sheet in CHF million
Total balance-sheet 12,571 12,783 13,892 14,561 15,450
Loans to clients 10,362 10,996 11,386 12,021 12,857
Client deposits and borrowings 11,175 11,569 12,782 13,254 13,607
Shareholders’ equity 814 705 654 622 624
Results in CHF million
Interest income 192 183 179 171 173
Commission income 95 88 81 73 67
Trading income 17 14 9 18 13
Other ordinary income 19 10 9 14 7
Total income 323 295 278 276 260
Operating expenses 205 195 199 200 190
Gross profit 118 101 79 76 70
Depreciation, valuation adjustments,
provisions and losses, and extraordinary income 57 55 47 69 110
Interim profit in CHF million 106 58 24 –12 –40
Group profit iin CHF million 61 46 32 7 –28
Assets managed and administered in CHF million 13.2 12.5 10.9 10.5 N/A
Total staff
- in full-time equivalent units 775.5 762.7 773.2 829 847
- in number of persons 843 832 845 897 919
Ratios in %
Shareholders’ equity / Total balance-sheet 6.5 5.5 4.7 4.3 4.0
Gross profit / Shareholders’ equity 14.5 14.3 12.1 12.2 11.2
Return on equity (ROE) 7.5 6.5 4.9 1.2 –4.5
Expenses / Income 63.5 65.9 71.6 72.5 73.1
Data per bearer share in CHF
Shareholders’ equity 226 196 182 173 173
Gross profit 33 28 22 21 19
Net profit 17 13 9 2 –8
Dividend 5* 3 1 – –
Stock market data (parent company)
History of bearer share price in CHF
- high 245 197 198 173 170
- low 190 182 174 115 115
- at year-end 240 190 187 172 140
Market capitalisation in CHF million (at 31 December) 864 684 673 619 504
Number of shares in thousands 5,721 5,721 5,721 5,721 5,721
Shareholders’ equity / Number of shares 231 200 187 179 177
*Proposal to be submitted to the Ordinary General Meeting of Shareholders on 24 April 2007

a banking group at the service of the region
contents
key figures
contents 1
message from the Chairman 2
message from the CEO 4
overview of the group 6
organisation chart 12
branch network 14
BCGE in the community 16
business review 2006 18
business units 22
Finance and risk management 25
Retail banking and Branch network 26
Corporate banking 27
Private banking 28
Operations and control 29
Organisation and IT 30
preparing for life’s journey
In 2006, BCGE created a personal and professional pension planning
advice centre, with the aim of advising individual clients and companies
and offering them forms of pension planning that would be perfectly
suited to their circumstances.
The centre applies the innovative BCGE Praevisio concept, based on an
analysis of each situation and the development of personalised solutions.
These solutions are developed to match each client’s situation and specific
objectives. The aim is to provide them and their families with independence
and financial security in the face of the uncertainties associated with
age, illness or accidents.
risk management 32
BCGE, an attractive employer 35
BCGE respects the environment 38
review of the Geneva economy 40
review of financial markets 44
auditor’s report and consolidated financial statements 48
consolidated financial statements 2006 49
corporate governance 73
auditor’s report 86
parent company accounts 87
The concept involves a form of wealth planning that takes into
account financial investments, mortgages, taxation, insurance, and
retirement and estate planning. The pension products that BCGE offers
are selected completely independently, on the basis of performance
and specific features.
The pictures in this Annual Report are by young Geneva photographer
Fred Merz. He chose to depict a number of representative BCGE Pension
Advice Centre clients and so provide a glimpse into their lives.
1
BCGE – ANNUAL REPORT 2006

2
BCGE – ANNUAL REPORT 2006
message from the Chairman
promises are made to be kept
Five consecutive years of double-digit growth! That’s the sign of a
strategy combining determination, courage and originality on the one
hand, and on the other a prudent approach carefully adapted to the
circumstances of a highly competitive market. BCGE does not seek
growth at any cost, particularly for some disputed market segments.
From time to time this means turning down certain businesses to
focus on quality and returns. Quality of service and advice yes, but
also quality of our credit portfolio, a guarantee of lasting quality. The
results of the BCGE Group in 2006 testify to the fact that this prudent
policy does not prevent first-rate performance; quite the contrary.
As at 31 December 2006, the consolidated financial statements of the
Group were excellent: a net profit of CHF 61 million compared to
CHF 46 million the previous year, or a gain of 33.8%. In reality, the profits
of the BCGE Group reached the record figure of CHF 105.8 million in
2006, or an effective gain of 82.4%. In order to further consolidate
the equity base and protect ourselves against general risks not yet
identified, the Board of Directors has decided to allocate CHF 50 million
to the reserves for general banking risks. This will allow the Bank quickly
to reduce its need for subordinated loans, which are rather expensive,
while consolidating its shareholders’ equity above CHF 800 million.
This level is necessary to assume and enhance its role as, among other
things, a support for the regional economy and especially as the
leading bank of Geneva SMEs.
significant repeated increase in dividends
In view of the strong gains of the 2006 results, the Board of Directors
has decided to propose to the general meeting an increase in the
dividend, which will thus rise from 3% to 5% of par value. The payment
of CHF 5 per bearer share corresponds to an overall distribution of
CHF 18 million.
thanks to our shareholders
This is a good time to reveal that the number of private shareholders
with BCGE bearer shares continues to grow strongly. In a single year,
it has risen from 6,154 to 6,859 or nearly two new shareholders a day.
During 2006, our share price rose from CHF 190 to CHF 240, a gain
of 26.3%. That is a remarkable confirmation of investor confidence,
not only in the Bank’s economic value but also in its business
development strategy and risk management.
the Fondation de valorisation fulfills its commitments
In accordance with art. 34 of the BCGE Articles, the Bank will pay the
Canton of Geneva, in addition to the dividend, a sum of CHF 3.6 million
as a refund for the advances made by the Canton to BCGE’s Fondation
de valorisation des actifs.
In this regard we must specify that debts assumed in 2000 by this
Fondation are regularly reduced and amount to CHF 1.6 billion in the
2006 balance-sheet, representing an average annual reduction of
CHF 620 million. Judiciously profiting from a buoyant property market,
the Fondation has managed to sell off a considerable number of
properties at prices significantly higher than the original estimates.
As far as the Bank is concerned, we are happy to see this item, which
is a heritage from the past, gradually disappear from our balancesheet.
The challenge for this institution is to transform the refunded
funds into quality business. It managed to do this in 2006. We also
pay tribute to the dynamism of the Geneva economy, with its glimpses
of excellent prospects, particularly in such sectors as construction,
which have taken a positive direction.
new board of directors
At the general meeting of 15 June 2006, to adapt our Board of Directors to
the new cantonal law and the new Articles, we decreased it to 11 members.
On 1 July 2006, four new directors were nominated to the Board:
Fabienne Knapp, Patrick Mage, Mourad Sekkiou and Ton Schurink.
Eight members reached the end of their appointments or did not
volunteer again. Let me take this opportunity, therefore, to thank all
my colleagues, past and present, for their commitment and their
contribution to the ongoing improvement of our organisation and of
our balance-sheet.
excellent prospects
In order to further improve its results, BCGE continues to invest to
guarantee its future. In 2006, a bold project to replace the IT platform
was initiated and will lead to a migration in 2008. This represents a
major investment of tens of millions of francs. On the other hand, it
offers not only significant savings in the Bank’s second biggest cost
centre but also a qualitative improvement in our services and therefore
in productivity. The choice of the Finnova bankware solution will bring
BCGE closer to a large community of other cantonal banks while
maintaining a strong link to Unicible.
In parallel, major investments will be made in the branch network so
as to further improve service quality to clients. For example, the Ile site
will house a very modern branch in 2008 as well as the department
responsible for advising and financing SMEs and the self-employed.
A new method of customer service is planned, which I am sure will
not fail to appeal.
In the area of customer services, several innovative projects are under way.
As an example, let me mention the dynamism in wealth management
for customers with small and medium-sized net worths, who know
that BCGE provides service quality comparable to that of banks
specialising in high net worths.
So you can see that your Bank is resolutely prepared to meet a
promising future by positioning itself with originality and high service
quality in the Geneva banking environment.

thanks to colleagues and the Executive Board
The excellent results achieved are the result of the committed work of
all of our colleagues. First of all an Executive Board that is highly
cohesive and conscious of its responsibilities, which I sincerely thank,
not only for its impeccable implementation of its tasks, but also for
the transparency and open-mindedness it demonstrates. All this can
seem a bit abstract at first glance, but it is nevertheless a guarantee of
success in sound management, particularly through a careful
distribution of the different management and control functions.
The entire Board of Directors joins me in thanking all our executives
and colleagues. First of all, I would like to emphasise the excellent
working environment. Serenity has returned and enthusiasm has
replaced the anxiety and instability of the early 2000s. This confidence
is indispensable not only to succeed but also to offer customers the
best advice and service. Competition is vigorous, even merciless.
It is precisely in these circumstances that the best managers can make
a difference and win by offering a qualitative difference.
Michel Mattacchini
Chairman
3
BCGE – ANNUAL REPORT 2006

4
BCGE – ANNUAL REPORT 2006
message from the Chief Executive Officer
choosing optimum rather than maximum profit
an ideal world?
2006 was a prosperous year for the global economy. Likewise, in
Switzerland and Geneva we were able to count on an exceptionally
favourable general economic picture: no major geopolitical events, no
great natural catastrophes, global growth at a high level, low inflation
and interest rates favouring abundant liquidity and credit.
In Switzerland and in our geographic sector of operations on the Zurich-
Geneva-Lyon axis, economic optimism reigns. Profits for companies in
manufacturing and services have reached records levels, stock market
performance is excellent and the banking sector is consequently at the
“top of the cycle”.
Well, it is precisely at such historically brief periods of stability and
prosperity that business leaders must achieve a delicate balance between
profit and risk, between a policy of maximising business and a more
defensive and selective profile.
Before commenting on the strategic choices of BCGE in the face of this
dilemma, it may be a good idea to reflect on the real state of the global
economy and its possible development.
On the one hand there is this surge of growth of a rare intensity
sustained by the arrival on the scene of the much spoken of BRIC
countries (Brazil, Russia1 , India and China), and on the other there is the
power and know-how of multinationals which have learned to adapt to
changes in the markets and to make their financial risk profile more
flexible. And finally there has been significant monetary stimulation
as a result of an accommodating attitude of the central banks since
September 2001, added to the mechanism for recycling the US dollar
by emerging countries and oil-producing countries. Paradoxically, this
growth comes with low inflation, the creation of wealth in new “global
centres” and youthful optimism, even “capitalist aggression2 ” of new
players to complete the picture of an almost ideal world.
a strategic imperative: realism
However, this changing world brings with it problems that are unresolved
and that have been put off until tomorrow (the US deficits3 and debt) or
that are of an unknown nature (the emergence of new powers, the
influence of global financial speculation). The 21st century opens
therefore on imbalances or instabilities, whose power can be perceived
without their occurrence being susceptible to forecast. Economists, who
in this are like sleepy European military experts, minimise the dangers of
conflagration. “New Delhi plans to invest 10 billion dollars in equipping
its armed forces in three years” 4 or “The US will not be able to handle a
nuclear power like China with its 1.3 billion inhabitants” 5 are the type of
remarks that attest to the shift in the planet’s balance of power. A serious
military accident remains foreseeable, although every power seeks to
avoid it at all costs.
Major financial mishaps are far more likely, their but it requires a degree
of imagination to be able to predict their nature, their extent and when

they might occur. But economic history has been shaped by such
unforeseeable tectonic shifts. Energy, mineral, water, land and air needs
all create structural tensions in the global economy. And finally, the
international system currently has abundant liquidity and low interest
rates. A change in these two factors would have major effects.
On the basis of this realistic vision, any company, and more especially
a cantonal bank, must be ready to experience a drastic change in
fundamental conditions over a few months. A regional crisis in the
international financial system, a brutal tightening of liquidity following
a crisis of confidence on the financial markets, hectic activity on the
currency markets or affecting interest rates must be simulated and their
impact measured and preventively countered.
invest profitability points in risk management
Risk management is responsible for this “defensive” role, with of course
its restrictions and costs. BCGE is implementing a long-term value
creation strategy with the objective of building a solid basis that can
tackle direct and indirect risks such as those mentioned above.
Some examples must be mentioned. First of all, in the operational field
the Bank and its subsidiaries have continuity plans and a high-level
security system. Continual investments strengthen its ability to handle
energy cuts, hacker attacks or the risk of a global pandemic.
In the financial area, BCGE conducts a prudent balance-sheet management
policy. It maintains considerable liquidity, keeping financial assets within a
strict structure and with limited risks, and a rather conservative sensitivity
level to variations in rates serves as a ceiling for and a limitation on asset
and liability management policy. This protects and diversifies the structure
and pattern of liabilities in an effective manner.
In the commercial area, credit is granted subject to a careful calculation
process. The usual prudent rules in mortgage lending, for example, are
scrupulously applied, which sometimes leads to business being declined;
this in turn has the outward effect of producing only moderate overall
growth in the amount of financing granted. A high historic volatility in
the property market and the current level of prices encourages selectivity
in the interests of the Bank and its clients.
In pensions and investments, too, BCGE aims for a classical and secured
conceptual framework. Clients are encouraged to remain “liquid” and
only to become exposed in line with their real ability to bear risk. This
has led to excellent portfolio performances, but only in the context of
considered strategic allocations and the application of an uncompromising
selection method for high-quality financial products.
All this is supported by a strong culture of supervision. The significant and
highly qualified internal audit, compliance and risk-tracking units protect
the Bank from damaging external activities and reduce its legal and
liability risks.
Finally, the use of profits itself is fully in line with this strategy of solidity
and prevention.
a prudent choice that creates value
This policy of sustainability is expressed in excellent results for 2006. The
specialist observer will note a consistency in the management of balancesheet
assets over the last few years. In 2006, a well balanced balancesheet,
steady growth in quality business, strong productivity increase and
continued investment in the Bank’s future, whether in recruiting highly
qualified talent, improving infrastructures or IT, and a very low level of
provisions reflect the success of the “profit adapted to risk” strategy
implemented to date.
This prudent stance is backed by numerous shareholders and we will
stand by it over the coming years. It will lead to an increase in the asset
value of the Bank, strengthen its credibility and, in the end, enhance its
image as a professional institution.
“The surest method of distinguishing talent from luck is the persistence
of performance.” 6
Blaise Goetschin
Chief Executive Officer
1 Russia and other oil-producing countries became the world’s main source of savings in 2006
2 Cf Mittal vs Arcelor; Tata Steel vs Corus
3 The US trade deficit reached USD 750 billion in 2006
4 In: “The once devoted ‘little Indian brother’ no longer has the same deference to Moscow”, Eléanore Sulzer,
Le Temps, 27 January 2007, page 5
5 In: “Clouds gather over the American anti-missile umbrella”, Pierre Chambonnet, based on a book by
Bernard Lavarini, Le Temps, 27 January 2007, page 6
6 In: “Why poker can beat investment management hands down”, John Kay, Financial Times, 6 February 2007
5
BCGE – ANNUAL REPORT 2006

6
BCGE – ANNUAL REPORT 2006
overview of the Group
an innovative strategy based on high-quality “made in Geneva” banking services
activities and businesses
As the main full-service bank whose centre of decision making is in Geneva,
BCGE offers a complete range of banking services adapted to the needs
of various market segments of the regional economy. The portfolio of
activities is aimed both at individuals residing or working in Geneva and
at public or private companies or institutions.
services to individuals
The Bank offers everyday banking services, such as deposits and
withdrawals, exchange transactions, the renting of safe deposit boxes and
the use of credit cards. It also offers financial services such as leasing and
personal loans. Services to individuals are offered through a dense
network of 25 branches, several 24/7 zones and 70 cash dispensers.
It also supplies its technological expertise through remote banking, by
telephone or online.
A wealth management bank for private and institutional clients, BCGE
offers a complete range of services adapted to each client segment. In the
context of investment objectives defined with the client, portfolios can be
managed via a discretionary management authority or advisory services.
The Bank recommends the adoption of an individual or family financial
model offering security and value, and has made its investment philosophy
a reality through the range of BCGE Best of management authorities.
In savings management, BCGE offers a range of short-, medium- and
long-term investment products, interest-bearing notes, money-market and
bond funds and fiduciary investments with excellent conditions. BCGE is
also one of the leading players in mortgage financing in the canton of
Geneva. It provides financing for principal and secondary residences not
only in Switzerland, but also in the surrounding French départements. It
offers leasing and personal finance for short- or medium-term projects
(purchase of furniture, vehicles, financing of studies etc).
banker to SMEs and large companies
With nearly half of all Geneva companies being clients of BCGE, the Bank
plays an irreplaceable role in the economic life of the canton. Its presence
in the Geneva market constitutes for companies of the region a viable
alternative to the big banks, particularly in terms of conditions and
flexibility of solutions. BCGE is available to all companies in Geneva and
the surrounding region. It provides them with the expertise of experienced
specialists in corporate finance. BCGE facilitates access to credit and
capital markets. It advises on the adoption of solutions characterised by
open architecture, prudence and economy.
It meets the extensive needs of various economic players in the region,
covering a range of services from corporate and property financing to
financial engineering solutions (BCGE Club CFO), via the financial
services of its trading room and international trade finance.
individual clients
area of operations
service/clientele
Daily banking services
Savings management
Home financing
Asset management
Personal finance
e-banking
Salary account
Credit cards
The young
Cross-border commuters
Commuters
Short-, medium- and long-term
interest-bearing notes
Principal residence
Secondary residence
Mandates
Pensions
Small fortunes
Commercial paper
Swiss clients: mandates and advice
International clients: mandates and advice
European clients: mandates and advice
Personal Finance
Self-employed third parties
Credit on securities
Vehicle leasing
Personal credit

area of operations
Corporate finance
Real-estate and
construction finance
Financing and management
of public authorities
Real-estate and Corporate
Financing France
International trade financing
Management consulting
Services and financial markets
Asset management
companies
service/clientele
SMEs
Large companies
The self-employed and professionals
Capital goods leasing
Property investors
Property developers
Commercial property
Construction companies
State and satellite entities
Municipalities and municipal property funds
Para-state institutions and churches
Public property fund
Property investors
Company transfer financing
Trade transaction financing
Structured commodity financing
Financial risk management consulting
Currencies
Equities – investment funds
Bonds
Short-term funds
Financial institutions
Passive mandates – index fund management
Controlled risk active mandates
“Finest of” active mandate
Long-term management of Swiss small caps
Active investment advice
Investment and fund management advice services are offered to
institutions and companies. Finally, the Bank maintains solid relations
with the Geneva public authorities, offering them appropriate financing
and financial management solutions.
articles of association and capital
BCGE is a public limited company pursuant to article 763 of the Code of
Obligations, created according to the constitutional law of 12 March 1993,
which came into effect on 1 January 1994 with the merger of the Caisse
d’épargne de la république et canton de Genève (founded in 1816) and
the Banque hypothécaire du canton de Genève (founded in 1847). Its
principal shareholder is the Canton of Geneva, which holds 49.8% of the
share capital. The City of Geneva and the municipalities of the canton
hold 28.3% of the capital.
Some 7,000 bearer shareholders form the core of private shareholders,
with 21.9% of the capital.
mission
In accordance with article 2 of the Banque Cantonale de Genève Law of
24 June 1993, “the principal aim of the Bank is to contribute to the
economic development of the canton and of the region. As a full-service
bank it shall handle all operations authorised by the Federal Law on Banks
and Savings Institutions of 8 November 1934. It shall be managed
according to tried and tested economic and ethical banking principles.”
partial state guarantee
The Canton of Geneva guarantees in part the refund in principal and
interest of savings deposits and pensions at the Bank. The maximum
guaranteed amount is set by article 4 of the Banque Cantonale de Genève
Law at CHF 500,000 per individual and CHF 3 million per institution.
7
BCGE – ANNUAL REPORT 2006

8
BCGE – ANNUAL REPORT 2006
overview of the Group
contributing to the development of the canton and of the region
BCGE Group is active principally in the Geneva market but also in other Swiss
cantons and in France. It offers banking solutions to private, business and
institutional clients with its four units: the parent company and its three
subsidiaries. In total the Group has 843 employees (775.5 full-time
equivalents).
1816
A full-service regional bank, the Banque Cantonale de Genève (BCGE)
serves the community with the most highly developed banking network
in the canton with 25 branches and 70 ATMs. BCGE also provides its
services via the Internet (BCGE Netbanking) and by telephone. BCGE is
listed on the Swiss Stock Exchange, SWX (BCGE). It has 748 employees
(682.9 full-time equivalents).
1994
With its head office in Lyon and a branch in Annecy, the Banque Cantonale
de Genève (France) SA is a subsidiary of Banque Cantonale de Genève.
It provides corporate and real-estate financing for corporate clients as
well as asset management for its private clients. Banque Cantonale de
Genève (France) SA has 33 employees (33 full-time equivalents).
1996
A subsidiary of Banque Cantonale de Genève, Synchrony Asset
Management SA provides sophisticated asset-management solutions
and services, incorporating quantitative management techniques
intended for institutional clients. Assets under management currently
amount to CHF 4.4 billion. (compared to CHF 4.1 billion as at
31.12.2005). It has 17 staff (15.6 full-time equivalents).
1934
A subsidiary of Banque Cantonale de Genève since 1997,
Anker Bank contributes to the development of BCGE Group’s
private wealth management activities in the Swiss market. Based
in Zurich, it also has branches in Lausanne, Lugano and Geneva.
It has total assets of CHF 223.3 million. The assets managed and
administered by Anker Bank amount to CHF 1.025 billion. It has
45 staff (44 full-time equivalents).

serving a plurality of markets
As a full-service regional bank, BCGE serves a large number of markets
with a great variety of characteristics and requirements. It takes up this
challenge with a portfolio management strategy of operations and
divisions described on pages 6 and 7.
Using its organisational method, knowledge of the terrain, local goodwill,
talents and especially an innovative and dynamic approach, BCGE provides
innovative proposals based on solid Unique Selling Propositions (USP)
in each of its divisions. The Bank manages its portfolio by seeking to
optimise the risk-return ratio of each, ensuring that they are perfectly
fitted to the needs of clients. Understanding the markets and their
development is a priority strategic activity because this strategy focuses
on clients and their needs.
elements of group strategy
Comprising all the business strategies mentioned above, a core series of
strategic principles guides the action of the Group. The major financial
objective is the value of the Bank (shareholder value). This value is based
on the expected incremental value of future cash-flows. Strategic
decisions and operational management aim at the long-term and
sustainable increase of the Bank’s shareholder value.
The Bank has set the objective of a reasonable return on equity, fixed at
10% in the medium term. This is subordinated to the increase in longterm
value of the company and implies strict management of risks and
investments, and a strict observance of the Bank’s social responsibility.
a sound business approach
BCGE offers solutions (financing, management concepts and advice),
which are designed primarily for the benefit of the client, while itself
taking a commercial margin incorporating costs, risks and profit. This
fairness is an essential component of the Bank’s offering and enables
a long-term relationship to be built with the client. In the course of
discussion, BCGE analyses the needs of the client and then, in an
independent and measured way, offers the external and internal
products that best meet these needs.
The Bank considers that dialogue between client and banker is the basis
of customer satisfaction.
BCGE offers solutions in line with its own analysis of markets and financial
instruments, making very selective and prudent choices. It considers that the
long-term performance of a portfolio of assets results from the quality of the
asset allocation, diversification and the careful choice of appropriate solutions.
9
BCGE – ANNUAL REPORT 2006

10
BCGE – ANNUAL REPORT 2006
observing ethical principles
The Bank addresses its task while observing the following ethical
principles: integrity, equity, loyalty, independence and transparency.
These precepts are developed in the Code of Ethics, adopted by the
general meeting of the Bank in May 2003, then by the Grand Council.
The Code of Ethics develops the commitment of the Bank to its clients
and suppliers, as well as its employees and shareholders. It specifies the
orientation of the institution towards sustainable development and
emphasises the openness of its information and communication systems.
In accordance with the commitment made in this charter, a detailed
account of its application appears in the 2005 annual report and an
update appears on page 38 of the present report.
an historical note
Although by the end of the 18th century it was already recognised as a
banking centre, at that time Geneva did not have a bank open to the
general public, as Geneva bankers specialised in wealth management for
a very privileged clientele.
The creation of the Caisse d’Epargne in 1816 resulted from the
dedicated commitment of two men acting in a favourable environment:
Jean-Augustin-Pyrame de Candolle and Charles Richard Tronchin. The
former, newly appointed to membership of the representative council,
tabled a proposal for the creation of such an institution. However, his
dedication and expertise would probably not have sufficed without the
political support of Tronchin, who was a director of the hospital,
councillor of state and a very committed philanthropist.
Following the revolution led by James Fazy in 1846, no fewer than four
banks opened, with varying fortunes: the Caisse Hypothécaire, the
Banque de Genève, the Caisse d’Escompte (Comptoir d’Escompte after
1855) and the Banque Générale Suisse de Crédit International Mobilier et
Foncier. The objective assigned to the Caisse Hypothécaire was to free
agriculture from usury. It seems to have been the first bank to specialise
as a building society in western Europe. From the mid-19th century, after
the failure of the Caisse d’Escompte and then the Banque Générale
Suisse, Geneva found itself again with a cantonal bank of which the
canton was nevertheless only a minority shareholder: the Banque de
Genève. It had a bank specialising as a building society, the Caisse
Hypothécaire, and still had the Caisse d’Epargne.
These banks accompanied Geneva’s economic development in the 20th
century, and experienced the ups and downs of economic cycles. While
the crash of 1929 (as well as a deplorable management style) would be
fatal to the Banque de Genève in 1931, the two other public banks were
to continue their operations side by side throughout the century,
benefiting from the thirty or so years of strong economic growth after
the Second World War, which were interrupted by the first oil crisis.
Approved by a popular vote on 6 June 1993, the creation of Banque
Cantonale de Genève transformed into reality an old project for merging
the Caisse d’Epargne and the Caisse Hypothécaire (which had become
the Banque Hypothécaire du Canton de Genève in 1976), a move that
had first been proposed around sixty years previously. It enabled the work
undertaken separately by the two banks on behalf of the Geneva
economy since the first half of the 19th century to be continued.
The start of the operations for Banque Cantonale de Genève was
unfortunately hampered by the property crisis. Weighed down by an
excessive volume of insufficiently protected loans, the Bank underwent a
profound financial crisis accompanied by a lack of confidence from the
financial markets.
Thanks to political and public support, 2001 went down in the recent
history of BCGE as the starting point of its recovery and a gradual return
to profitability. Since 2003, after completing an in-depth restructuring
initiated by a new Executive Board, the Bank has become profitable
again. With growth prospects once again confirmed by the 2006 results
and the outlook excellent, it has committed itself to its clients, shareholders
and the region.

Serge, aged 43, is a doctor.
He and his wife, Sylvie,
have just finished building
their new family home
in Plan-les-Ouates.
Very often, home-owners wish to pay off their mortgages while they are still
working, so as to reduce their living expenses when they retire. However,
depreciation has a taxation effect that needs planning, in order to reduce its
impact when salaries stop coming in. Home ownership also brings with it the
need for sound protection against disability or death, so that such events do
not destabilise the family’s economic circumstances. There is also a need for
sufficient savings to provide some ready cash.
This is a typical situation for the BCGE Pension Advice Centre.
11
BCGE – ANNUAL REPORT 2006

12
BCGE – ANNUAL REPORT 2006
organisational chart
1st March 2007
Chief Executive
Officer
Blaise Goetschin
CEO
CEO’s Office and
Communications
Nicolas
de Saussure
Marketing
Fabien Rei
Human
Resources
Elisabeth Ray Tang
Legal
Felice Graziano
Retail banking and
Branch Network
Johan B. A. Kroon
MEB
Central
Sector
Alexandre Scala
Northern
Sector
Giovanni Lo Bué
Western
Sector
André Frossard
Eastern
Sector
Andrew Gilbert
Corporate Lending
SMEs
Alain Voirol
a.i.
Branch
Management
Frédéric Vernet
Corporate Banking
Claude Bagnoud
MEB
Swiss
Corporate Clients
Christian Turbé
French
Corporate Clients
Jérôme Monnier
International
Corporations
Pierre-Olivier
Fragnière
Real-estate and
Construction
Jos von Arx
Financial Institutions and
Public Bodies
Yves Spörri
Business
Development and
Corporate Finance
François Kirchhoff
subsidiaries of the BCGE Group
BCGE (France) SA
Fully-owned BCGE subsidiary
Alain Bochet
President
Eric Wesse
Sales Department
Christian Stampfli
Company Secretary
Marie-Claude
Boulmier
Administration
Private Banking
Alain Spadone
MEB
Swiss
Clients
Franco Furcolo
International
Clients
Amin Khamsi
European
Clients
Dominique Jean
Ducret
Personal
Finance
Misha
Nagelmackers-Voinov
Investment Strategy
and Financial Analysis
Jean-Luc Lederrey
Centralised
Management
Urs Buser
Independent Financial
Advisors, Reporting,
Support and Management
Philippe Bailat
Anker Bank SA
Fully-owned BCGE subsidiary
Gilbert Pfaeffli
Managing Director
Hugues Mottard
Geneva
Racheleano Mecozzi
Lausanne
Armin Wiederkehr
Zurich
Paolo Chiesa
Lugano

Finance and Risk
Management
Eric Bourgeaux
MEB
Financial Markets
and Treasury
Max Baertsch
General
Accounting
Yvan Nicolet
Financial
Control
Marc Doerks
Risk Management
and Compliance
Michel Maignan
Synchrony Asset Management SA
Fully-owned BCGE subsidiary
Constantino Cancela
Managing Director
Pierre Weiss
SRI / Small Caps Management
Marie-José Vuaillat
Chief Investment Officer
David Chambovey
Investment Advice
Philippe-Dominique Rivière
Business Development
Operations and
Control
Emile Rausis
MEB
Debt Recovery
and Workout
Bernard Matthey
Credit
Control
François Grimm
Credit
Administration
Hans-Joerg Frey
Market
Transactions
Catherine Million
Client and Services
Administration
Audrey Rozen
Payment
Transactions
Claude Regamey
Logistics
Christophe Marin
Organisation and
IT
Jean-Marc Joris
MEB
Organisation
Claudia Hurther
Information
Technology
Christian Kemper
Information System
Development
Juerg Isler
Internal
Audit
Monique Seiss Baudry
Member of the Credit Committee
Member of the Investment Strategy Committee
Member of the ALM Committee
Member of the Accrued Credit Risk Committee
Member of the Risk Committee
Member of the Information Technology
Strategy Committee
13
BCGE – ANNUAL REPORT 2006

14
BCGE – ANNUAL REPORT 2006
your Bank at your service and close by
a network of 25 branches and 70 ATMs
1 Bellevue
Route de Lausanne 329
David Bottoli
2 Bernex
Rue de Bernex 284
Bernard Bessire
3 Carouge-Marché
Rue Saint-Victor 39
Jean-Noël Borgognon
4 Carouge-Rondeau
Rue Ancienne 88
André Frossard
5 Champel
Avenue de Champel 45
Vincenzo Castiglia
6 Délices
Rue des Charmilles 1
Claudio D‘Elia
7 Eaux-Vives
Rue Versonnex 13
Robert Tordjeman
8 Florissant
Route de Florissant 66
Maria-José Molla
2
Grand-Lancy
Place du 1er 9
-Août 1
Stéphane Kursner
10 Grand-Saconnex
Route de Ferney 169
Ghezal Hakami
11 Hôpital Cantonal***
Rue Micheli-du-Crest 22
Martial Cruchet
12 Ile
Quai de l‘Ile 17
Alexandre Scala
23
15
16
14
36
20
13 Jonction
Boulevard Saint-Georges 2
Stéphane Bonnin
14 Lancy-Centre
Route de Chancy 67
Christophe Chevassus
15 Meyrin-Cité
Rue De-Livron 19
Jean-Marie Godel
16 Onex
Avenue du Gros-Chêne 14
Christian Hamm
9
26

17
10
6
13
21
3
4
31
34
35
19
12
33
11
28
17 Palexpo**
Palais des Expositions
Ghezal Hakami
18 Pâquis
Place de la Navigation 10
Dominique R. Philippoz
19 Plainpalais
Rue de Carouge 22
Martial Cruchet
20 Plan-les-Ouates
Place des Aviateurs 5
Benjamin Trama
18
5
32 27
8
7
1
21 Servette-Wendt
Avenue Wendt 54
Giovanni Lo Bue
22 Trois-Chêne
Rue de Genève 78
Andrew Gilbert
23 Vernier
Route de Vernier 219
Lorenzo Di Giacomo
24 Versoix
Route de Suisse 37
Jean-Claude Buzzi
24
26
27
Airport*
25
25 Vésenaz
Route de Thonon 45 / 47
Bénédict Burnier
Stand-alone ATMs
Boulevard Helvétique 27
28 Hôpital Beau-séjour*
Avenue Beau-Séjour 26
29 Hôpital de Belle-Idée
Chemin du Petit-Bel-Air 2
30 Hôpital de gériatrie
Route de Mon-Idée 71 / 73
31 Mairie de Troinex
Chemin de la Grand-Cour 2
22
29
32
33
34
30
Parking du Mont-Blanc
Rue de la Corraterie 4
Rue de la Servette 29*
35 Hôtel des Finances
Rue du Stand 26
36 Services Industriels de
Genève SIG
Chemin du Château-Bloch 2
* CHF cash dispenser only
** 24/7 + during events
*** 24/7 + with appointment
www.bcge.ch
15
BCGE – ANNUAL REPORT 2006

16
BCGE – ANNUAL REPORT 2006
BCGE in the community
BCGE is active in a large number of economic organisations, professional bodies and educational institutions at both regional and
national level.
cantonal bank bodies
Union des Banques Cantonales Suisses (Basle)
The defence of common interests and encouragement of cooperation
among the 24 Swiss cantonal banks.
Blaise Goetschin – Member of the Board of Directors
www.ubcs.ch
Centrale de Lettres de Gage (CLG), (Zurich)
Long-term loans for cantonal banks secured by mortgage bonds.
Blaise Goetschin – Deputy Chairman of the Board of Directors
www.pfandbriefzentrale.ch
Finarbit (Zurich)
Brokerage house specialising in the negotiation of money-market
products and derivatives.
Max Baertsch – Member of the Board of Directors
www.finarbit.ch
Swisscanto Holding SA (Berne)
Financial services and employee retirement plan consultancy.
Alain Spadone – Member of the Board of Directors
Swisscanto SA
Advice and management of staff pension institutions (Basle)
Johan Bernard Alexander Kroon – Member of the Board of Directors
Swisscanto Fondation de libre passage (Basle)
Johan Bernard Alexander Kroon – Member of the Board of the Foundation
Swisscanto Supra Fondation collective (Basle)
Johan Bernard Alexander Kroon – Member of the Board of the Foundation
www.swisscanto.ch
professional banking groups
SwissBanking (Swiss Bankers Association)
Development and protection of the interests of Switzerland as a financial
market-place.
Blaise Goetschin – Member of the Board of Directors
www.swissbanking.org
Geneva Financial Centre Foundation
Promotion of Geneva as a financial market-place.
Training programmes.
Blaise Goetschin – Member of the Board of the Foundation
www.geneva-finance.ch
Association pour le développement des compétences bancaires
Alain Privat – Member of the “paper securities” commission.
www.edubank.ch
Geneva economic organisations
Geneva Chamber of Industry and Commerce (GCIG)
Promotion of the Geneva economy and company assistance
Blaise Goetschin – Member of the Board
www.ccig.ch
Fondation du Palais des Expositions
Exhibition and Convention Centre
Claude Bagnoud – Member of the Board of the Foundation
www.geneva-palexpo.ch
Union des Associations Patronales Genevoises (UAPG)
Coordination of the Geneva employers’ associations and representation
of their interests.
Claude Bagnoud – Member of the Technical Committee
www.uapg.ch
Geneva Trading and Shipping Association (GTSA)
Pierre-Olivier Fragnière – Member
www.geneva.ch/GTSA
SMEs and start-ups
Genilem
Partnership and consultative organisation for entrepreneurs.
Narcisse Moix – Member of the Board of the Foundation
www.genilem.ch
Office Genevois de Cautionnement Mutuel (OGCM)
Guarantees for commercial bank loans for new companies.
Luca Bonaiti – Member of the Board of Directors
Tanguy De Jaegere – Member of the Board of the Foundation
www.ogcm.ch
property
Chambre Genevoise Immobilière (CGI)
Representation and defence of property owners’ interests.
Jos von Arx – Committee Member and Treasurer
www.cgionline.ch
Coopérative Romande de Cautionnement Immobilier (CRCI)
The property guarantee cooperative for French-speaking Switzerland.
Jos von Arx – Member of the Board of the Foundation
www.crci-hbw.ch
Fondation Parloca (ex-Locacasa)
Low-cost federal-subsided housing.
Jos von Arx – Member of the Board of the Foundation
training institutions
Institut Supérieur de Formation Bancaire (ISFB)
Professional training specialising in banking and wealth management.
Blaise Goetschin – Vice President
www.isfb.ch
Institut d‘Etudes Immobilières
Postgraduate training in property management.
Jos von Arx – Member of the Board of the Foundation
www.iei-geneve.ch
Société d‘Etudes Economiques et Sociales (Lausanne)
Economic and Social Research.
Liaison office between universities and businesses.
Blaise Goetschin – Member of the Management Committee
www.hec.unil.ch/sees

Eric (aged 54), a multimedia representative,
is married and the father of two
daughters aged 25 and 29.
Education, together with further training, often keeps
people out of regular employment for a number of years,
which can lead to reduced ‘first and second pillar’ pension
benefits. After that, in the hurly-burly of professional, family
and private life, old age does not seem a priority.
Nonetheless, reaching fifty should be a reminder to people
to look ahead to retirement and to ask themselves if they
will be able to maintain their standard of living.
A meeting with a specialist often helps clarify the situation.
17
BCGE – ANNUAL REPORT 2006

18 strong increase in profits and profitability
BCGE – ANNUAL REPORT 2006
summarized financial statements
The Banque Cantonale de Genève recorded a net profit for 2006
of CHF 61.1 million, an increase of 33.4% on the previous year.
Operating profit jumped by 82.4%, exceeding the CHF 100 million
mark, at CHF 105.8 million. Based on these results, the Board of
Directors is proposing to the annual general meeting the payment
of a dividend of 5% of the nominal value of shares (3% in 2005,
1% in 2004), together with an allocation of CHF 35 million to
the general legal reserve, with the aim of increasing equity in
order to support the Bank’s growth.
growth in all the main sectors of activity
in CHF million
295
323
300
10
14
19
17
250
200
88
95
150
100
50
0
Interest income
Commissions
183
31.12.2005 31.12.2006
strong income progress
Total operating income increased by 9.3%, reaching a new record to
stand at CHF 323 million. Revenue sources were very well diversified, as
highlighted by the interest margin which represented 59.4% of revenue.
All the main sectors of activity made progress: +5.0% for interest
income, +8.2% for commission income and +18.2% for securities
trading operations (see graph above).
The increase in commission and service fee income came from the parallel
growth of the two main sources of commission income. Firstly, commission
on portfolio management operations gained 19.5%, at CHF 45.6 million.
Secondly, the dynamism of corporate financing, particularly in favour of
Geneva-based SMEs (+5.9%), together with private mortgage lending, had a
positive impact on credit transaction commissions. Trading transactions
(securities and currencies), progressed satisfactorily in 2006, increasing to
CHF 16.8 million.
192
Trading operations
Other ordinary results
net profit up 33.4%
BCGE Group results for the financial year 2006 attest to an accelerated
strengthening of the Bank’s profit potential. Net profit gained CHF 15.0 million,
totalling CHF 61.1 million, an increase of 33.4% compared to the net profit
figure of CHF 45.8 million recorded during the 2005 financial year.
Operating income (before extraordinary items and taxes) broke through the
CHF 100 million barrier, to stand at CHF 105.8 million, up CHF 47.8 million,
representing a jump of 82.4% compared with 2005 operating income.
net profit shows strong growth
in CHF million
100
80
60
40
20
0
46
58
31.12.2005 31.12.2006
gross profit growth of 17.2%
Gross profit amounted to CHF 118.1 million, an increase of CHF 17.4 million
on the previous period. This result was mainly due to a sharp increase in
operating revenue, whereas expenditure was tightly controlled
(see graph p. 19).
significant gains in productivity
Yet again, the BCGE group recorded a significant improvement in return on
equity, increasing from 6.5% in 2005 to 7.5% in 2006. The cost/income ratio
decreased, falling from 65.9% to 63.5%. This improvement reflects the
results of the modernisation projects and should be ongoing as a result of
several programmes currently in progress in the IT and organisational areas.
106
Net profit Results before extraordinary items and taxes
(CHF 50 million in 2006)
61

improvement in interest productivity
Despite an unfavourable rates environment, interest margins continued
to make ground thanks to sound balance-sheet management, coming in
at 1.52% against 1.32% in 2005. The reorientation of balance-sheet
liabilities and its coverage mechanism, initiated a few years ago, is
generating excellent results and positioning the Bank well to support
long-term development.
gross profit growth sustained
in CHF million
300
250
200
150
100
50
0
101
Operating income
Operating expenses
295
195
31.12.2005 31.12.2006
stability of lending volumes
The increase in private customer mortgage lending was offset by a limited
number of large property deals and major building projects, resulting in total
mortgage lending remaining stable. Customer lending (excluding the
Fondation de valorisation) was level, while the increase in SME lending
was offset by a reduction in financing demands by the public authorities.
The slight concentration of the balance-sheet at CHF 12.6 billion
(CHF 12.8 in 2005) was mainly due to the substantial yet planned
reduction of outstanding lending to the Fondation de valorisation des actifs
de la Banque cantonale de Genève, for an amount of CHF 580.3 million.
As at 31st December 2006, this outstanding loan stood at only
CHF 1.6 billion, less than a third of the initial amount (see graph page 20).
very sound refinancing structure
Customer deposits in the form of savings and investments were stable at
CHF 8.1 billion (+1.33%). The drop in savings (–5.2% to CHF 4.6 billion)
reflected the transfer of customer funds on to alternative forms of
investment proposed by the BCGE in the framework of its portfolio
advisory services and in the light of market rates and securities. Savings
refinanced 36.7% of liabilities and covered 74.5% of mortgage
lending, which constitutes a very good level of cover. Experiencing a
further substantial reduction of CHF 500.3 million to CHF 3.1 billion,
long-term refinancing was reduced at good rate conditions.
323
Gross profit
205
118
success for asset management
The funds managed and administered by the bank showed a marked
increase of 5.7%, to CHF 13.2 billion. Private customer funds under
discretionary management rose by 15.7%, to CHF 1.5 billion. This
growth was linked to the success achieved by the range of BCGE Best
of discretionary mandates. Meanwhile, the institutional customer
amounts under management, administered by the subsidiary
Synchrony Asset Management, increased by 6.1%, to CHF 4.4 billion.
noticeable growth in productivity
70
60
50
40
30
20
10
0
71.6%
65.9% 63.5%
31.12 31.12 31.12
2004 2005 2006
Cost / income ratio
Return on equity (ROE)
7
6
5
4
3
2
1
0
4.9%
6.5%
7.5%
31.12 31.12 31.12
2004 2005 2006
Return on market value
3.0%
6.7% 7.1%
31.12 31.12 31.12
2004 2005 2006
The funds managed and administered by Anker Bank, the portfolio
management subsidiary, topped the billion franc mark, up by
CHF 86 million (+9.1%).
rigorous cost control
Costs increased by 5.2% to CHF 205 million. While operating
expenditure fell by CHF 0.8 million (–1.0%), payroll costs
increased by CHF 10.9 million (+10.1%). Half of this increase
(CHF 5.2 million) was due, in particular, to a non-recurring expense linked
to restructuring the Group’s welfare insurance fund to the new LPP
standards. The balance was due to the increase in personnel numbers
of 12.5 full-time equivalents (+1.6%), mainly to create a department
responsible for preparing the migration of the Group’s IT functions,
scheduled for 30th September 2008 and to bolster Anker Bank’s
commercial team.
19
BCGE – ANNUAL REPORT 2006

20
BCGE – ANNUAL REPORT 2006
business review 2006
strong increase in profits and profitability
financial solidity confirmed
Equity totalled CHF 792.3 million, representing 6.5% of the total
balance-sheet. At 155%, the equity cover ratio shows that BCGE is
today in a solid financial situation. The Banque Cantonale de
Genève’s financial stability is also confirmed by the Standard & Poor’s
rating (A-/A-2/stable), confirmed on 23rd February 2007.
improvement of interest margins
in CHF million
12,000
9,000
6,000
3,000
0
Balance-sheet total
Interest income
183
12,783 12,571
31.12.2005 31.12.2006
7,000 “customer shareholders”
The BCGE is delighted with the continued increase in the number of
private shareholders, which vouches for the strong attachment that
customers and the Geneva community have towards the Bank. As at
31st December 2006, there were 6,859 people who were owners of
BCGE shares, with 73% holding less than 25 shares. This figure does
not include the shares lodged with the bank itself. The 7,000 customer
shareholder mark was reached on 12th February 2007.
The BCGE bearer share price performed satisfactorily throughout
2006. From CHF 190 at the start of the year, it moved up to close the
year at CHF 240, a gain of 26.3%.
payment of an ordinary dividend of 5%
Given the excellent results of 2006, the Board of Directors is proposing
to the annual general meeting the payment of a dividend of 5% of
the nominal value, representing CHF 5 per bearer share for a total
of CHF 18.0 million.
192
200
150
100
50
0
increased financial contribution to the public authorities
The financial contribution to the public authorities (see graph p. 6)
amounted to CHF 24.4 million in 2006, representing an increase of
CHF 6.2 million (+34%). This was mainly due to the performance of the
company and the added value, namely the dividend (CHF 14 million) and
taxation (CHF 2.2 million). In accordance with the laws, a special
allocation of CHF 3.6 million will be paid to the State of Geneva to
refund the advances made by the State to the Fondation de valorisation.
strong support to the regional economy
in CHF million
12,000
9,000
6,000
3,000
0
Balance-sheet total
Fondation de valorisation
12,783
2,160
2,645
6,191
1,579
2,593
6,189
12,571
31.12.2005 31.12.2006
Loans to clients
Mortgages
success for BCGE Group subsidiaries:
Anker Bank meets its growth challenge
After several years of transition, in 2006 Anker Bank confirmed its
return to solidly established growth. From its four centres of Zurich,
Geneva, Lausanne and Lugano, this private wealth management bank
is successfully pursuing its business dynamic. So much so, that at
year-end it was able to expand its front-line teams considerably.
Anker Bank offers a range of private management, mortgage and
savings services in four languages. Its revenue increased 29.6%
year-on-year, while costs fell by 3.6%, giving a gross profit of
CHF 3.7 million and net earnings of CHF 2.5 million.

BCGE (France) – serving the cross-border economy
In its role of advising and financing 550 French companies, as well as
150 Swiss cross-border companies in cooperation with its parent company,
BCGE (France) is an effective contributor to the region’s economy. It is also
recognised as an active player in on-shore wealth management, thanks
especially to BCGE Best of Life portfolios, which combine the advantages of
discretionary portfolios and life insurance. Growth has meant that the
Annecy branch has had to move into new premises. BCGE’s French subsidiary
achieved an excellent result, with a EUR 2.7 million net profit.
growth in funds under discretionary and advisory management
in CHF million
12,000
9,000
6,000
3,000
0
7,079
4,149
1,265
12,493
Private clients – discretionary mandate
Corporate clients
13,199
7,330
4,404
1,464
31.12.2005 31.12.2006
Private clients – advisory mandate
Synchrony Asset Management: an increasingly recognised player
With the benefit of over ten years’ experience of index fund
management, Synchrony is an asset management specialist. The funds
under management grew very satisfactorily in 2006 (+6.1%), in a
fiercely competitive environment where margins were under severe
pressure. In 2006, the company created an institutional umbrella fund,
of which it has opened the first sub-funds (LPP Bonds and Swiss
secondary assets). Two bond funds received Lipper awards for best
five-year and ten-year bond funds. Synchrony closed 2006 with a net
profit of CHF 0.7 million.
positive prospects
For the year 2007, the BCGE is forecasting growth in income, costs being
held at the 2006 level (IT migration, branch investment) and, consequently,
a slight increase in gross profit. The growth in business, rigorous riskmanagement
and level depreciation costs should generate further gains in
net profit during 2007.
increased financial contribution to the public authorities
in CHF million
24.4
20
15
10
5
0
1.5
1.0
2.6
2.8
7.9
2.9
1.0
3.7
2.2
8.4
18.2
2.2
1.0
3.6
3.6
14.0
31.12.2004 31.12.2005 31.12.2006
Dividend Commission for the savings guarantee Special allocation
Taxes Guarantee Fondation de valorisation Fondation de valorisation
21
BCGE – ANNUAL REPORT 2006

22
BCGE – ANNUAL REPORT 2006
business units
seven complementary business units
CEO’s Office
The division is responsible for
providing services across the BCGE
Group as a whole. It supports the
CEO in his leadership, planning and
oversight responsibilities for the
Bank and its subsidiaries. It prepares
and documents his relationships
with senior management and
internal regulatory agencies as well
as with institutions and clients.
It is responsible for marketing, for
internet and telephone banking.
It also includes human resources and
training, in addition to legal affairs,
institutional communications,
corporate affairs and investor relations.
Blaise Goetschin (CEO)
Finance and Risk
Management
The division’s mission is to provide
the financial framework
appropriate for the strategy and
goals of the Bank by seeking
strong and competitive financing.
Basing its decisions on proven
techniques of risk management, it
manages the financial structure in
a dynamic manner. As the Bank
has one of the few trading rooms
in French-speaking Switzerland,
the Finance and Risk Management
Division provides clients with the
best possible service for the full
range of securities and foreignexchange
transactions. BCGE’s
financial engineering offers
innovative solutions to corporate
and institutional clients in the areas
of interest-rate and foreignexchange
risk management.
Page 25
Eric Bourgeaux (CFO)
Retail Banking and
Branch Network
The division serves all the people
of Geneva and the surrounding
area. It meets the financial needs
of individuals, small businesses
and professionals. In these
market segments, the Bank has
a relationship with one out of
every two people in the canton.
Through its network of 25
branches, its 24/7 banking zones
and its 70 ATMs, the division
provides banking services close
to where clients live or work,
offering a complete range of
products and services, as well as
a call centre and a website.
Page 26
Johan Bernard Alexander Kroon

Corporate Banking Private Banking Control operations Organisation and
Information Technology
As a partner of businesses and
public bodies in the canton and
surrounding area, the Corporate
Banking Division is in constant
touch with approximately 10,000
corporate or public-sector clients
and so makes a decisive
contribution to the economic life
of Geneva. With a broad range of
financial products, it provides loans
to corporate clients for their
working capital and development
projects, as well as supporting
clients’ mergers and acquisitions
activities. The division provides
financing for real estate
developments and the construction
industry. It is also active in the
French market through a dedicated
department, in close cooperation
with BCGE France.
Page 27
Claude Bagnoud
The division is responsible for
private banking clients in
Geneva, Switzerland, and
abroad. It offers investment
solutions tailor-made for clients’
particular needs. Approximately
3,500 clients have given the
Bank a BCGE Best of
discretionary mandate, for a
total of CHF 1.1 billion. The
division also offers a dedicated
service for estate planning and
global wealth analysis. It provides
input to the investment strategy
of the Group, which is also
successfully employed by Anker
Bank SA, a subsidiary specialising
in wealth management.
Page 28
Alain Spadone
The division is responsible for the
technical and administrative
management of the Group’s
business to meet the needs of the
front-office divisions. It develops
synergies and makes savings in
administrative processing,
monitors and controls risks
associated with lending, and
handles distressed situations. Its
responsibilities also extend to the
management of bank and BCGE
pension fund properties as well as
non-banking properties for resale,
and to the management of the
Bank’s non-strategic financial
assets. The division also includes
the Bank’s operational activities,
as well as logistics.
Page 29
Emile Rausis
The division manages the Bank’s
information technology
requirements and adapts its
organisation with a view to
improving customer service,
optimising productivity and
modernising equipment. Since
November 2006 the Bank has
contracted to purchase a new
computer system with the
Finnova platform. Unicible IT
Services is in the process of
hosting and integrating the
system. A new department has
been created to arrange the
computer migration, which is
planned for 30 September 2008.
Page 30
Jean-Marc Joris
23
BCGE – ANNUAL REPORT 2006

24
BCGE – ANNUAL REPORT 2006
Eric (aged 59), an architect, and Alexander (39),
a teacher, are about to register their partnership.
With the coming into effect of the Federal Civil
Partnership Act of 1 January 2007, many partners
have been asking themselves what it all means
in terms of social insurance and working
pensions. What is the status of
registered partners regarding the AVS,
and the ‘second and third pillars’? Who
would receive the benefits if the partner died? What happens if the
partnership is dissolved?
These are all questions the BCGE Pension Advice Centre can answer.

eview of the business units
Finance and risk management
highlights of 2006
a solid balance-sheet based on dynamic management
In 2006 the balance-sheet of Banque Cantonale de Genève continued its
transformation with the same objective: measured risk and profitability.
Refinancing was further improved with the refinancing of loans that were
relatively expensive with respect to current market conditions, as well as
by the preferred use of Swiss cantonal bank mortgage-backed bonds.
Repayments from the Fondation de valorisation continued at a regular
pace at CHF 580.3 million in 2006. This development confirms the success
of the mechanism put in place by the canton of Geneva to ensure the
development of the Bank, which must restructure its balance-sheet with
new commercial assets without taking too many risks. The balance- sheet
management and financial parameters or ALM (Asset Liability
Management) continue to enhance the soundness of the balance-sheet
and commercial competitiveness.
satisfactory capital adequacy ratio
The capital adequacy ratio was 155% as at 31 December 2006
(140% at 31 December 2005). This positive development reflects both
the strengthening of basic shareholders’ equity with retained profit
and allocations to the reserve for general banking risk. The changes
supplied by the asset structure and the repayment of subordinated
loans during the year also contributed to this.
Standard and Poor’s rating: A-/A-2/stable
The A-/A-2/stable rating from Standard and Poor’s continued in 2006,
confirming the financial credibility and solidity of the Bank, as well as its
potential for development and the quality of its shareholders. The rating
is interesting from the viewpoint of the application of the new “Basle II”
standards which are to come into force in Switzerland.
trading room: at the service of the Geneva financial centre
BCGE is one of the few cantonal banks – and one of the very few banks in
Geneva – to offer its clients a trading room. It is active in foreign exchange,
bills, bonds, shares and investment funds. Its activities mainly consist of
executing the transactions of clients, subsidiaries and the Bank’s own
operations. Its actions are enhanced by its role as counterparty in domestic
and international interbank markets. The trading room is also involved in
financial engineering at the service of the Bank’s professional clients.
development of assets under management at SAM
Synchrony Asset Management (SAM) experienced an interesting
development of assets under management in an environment of
aggressive competition. Growth was particularly favourable in investment
funds, with an increase of 30% thanks in part to the successful launch of
two new funds in the last quarter of the year. In October, Synchrony Asset
Management launched a fund in Swiss secondary assets managed
according to financial and extra-financial criteria, a method that SAM has
been developing since 2004. This fund has had an excellent performance
since its launch, clearly outperforming its benchmark. In November, SAM
innovated by opening its first Swiss index investment fund which replicates
the global Swiss franc bond index. Also, the BCGE subsidiary has
powerfully contributed to defining and preparing the new BCGE Praeviso
concept put in place at the start of 2007, particularly for everything to do
with individual professional pensions (vested pension and affiliated Epargne 3).
Finally, the efforts made since mid-2005 with regard to asset investment
advice for institutional clients not managed by the Group have started to
bear fruit, as shown by the cooperation with new counterparties and the
increase in assets deployed by BCGE.
continuing close partnership with Swisscanto
BCGE has continued its close cooperation with Swisscanto. This joint
undertaking of Swiss cantonal banks specialises in the development
and marketing of retirement and investment products for private and
institutional clients. It holds a dominant position among investment
fund managers in the Swiss market.
Eric Bourgeaux
Member of the Executive Board
25
BCGE – ANNUAL REPORT 2006

26
BCGE – ANNUAL REPORT 2006
review of the business units
Retail banking and branch network
highlights of 2006
success in mortgage financing
Thanks to the appropriateness of its BCGE Simplissimmo mortgage
solution, which is simpler and less expensive for clients, and to a unique
knowledge of the specific features of the property market in Frenchspeaking
Switzerland and neighbouring France, the Retail Banking and
Branch Network division was able to increase the number of its clients
taking up BCGE mortgages. The acquisition of new clients, attracted by
BCGE Simplissimmo, enabled a considerable net increase of the mortgages
of 9.2%. The division also increased mortgages in neighbouring areas of
France by 16.3%, by supporting its clients in financing their property
projects in this area with a solution appropriate for this market.
spectacular results in BCGE Netbanking
BCGE’s internet solution, which enables clients to manage their accounts
and to undertake their payment operations in Switzerland and abroad
24/7, has been improved. The Bank has organised courses, free for
clients, which have enabled them to familiarise themselves with the use
of BCGE Netbanking. Highly appreciated by clients, BCGE Netbanking
increased its number of users by 38% in 2006.
creation of a pension advisory centre
Founded on a philosophy aiming to guarantee financial independence at
all the significant stages of its clients’ lives, the Retail Banking and Branch
Network division has created a retirement advice centre at the service of
all the Bank’s clients. BCGE thus continues to improve its concept of
“personalised financial advice”, enabling its clients to gain access to the
best retirement solutions according to the open-architecture principle.
The Bank offers an in-depth analysis, using high-quality diagnostic tools
that make it possible to identify individual planning gaps. On the basis of
this analysis, and taking into account the services of the Swiss ‘three pillar’
pension system , BCGE offers tailor-made solutions for optimising
personal retirement, integrating financial investment, mortgage,
insurance, retirement and estate planning.
at the service of small businesses and self-employed professionals
SMEs and self-employed professionals make a significant contribution
to the Geneva economy and BCGE actively supports these customers.
The “SME and Self employed” department is especially dedicated to this
cantonal entrepreneurial structure as a centre of expertise for all
businesses in these business segments. In addition to providing business
finance, it offers the full range of financial services and tools which
company owners and their employees may need.
expansion and modernisation of the ATM network
BCGE has expanded its network of ATMs to include machines that allow
not only withdrawals but also payments in Swiss francs and in euros.
The Eaux-Vives, Pâquis, Servette-Wendt, Meyrin and Trois-Chêne branches
are now equipped with them. The Bank is thus meeting the needs of its
clients, and withdrawal, payment and account checking operations
at ATMs continue to increase. We are pleased to report that ATM cash
withdrawals are still free of charge for our clients.
proximity through specialised seminars
In order to allow its clients to benefit from the expertise of its specialists,
several seminars were organised on subjects such as the property market
and mortgage financing, stock markets, retirement and estate planning.
These events enjoyed an unprecedented success, with more than a
thousand people participating and able to meet with in-house and
external specialists. For the second consecutive year, the “BCGE property
fair” brought together different players in the property buying process; a
marked success for both our clients and our partners, as well as for the Bank.
development of the BCGE Avantage service loyalty programme
The Retail Banking and Branch Network continued harvesting savings with
a modernisation of its range of products and an improvement in its BCGE
Avantage service loyalty programme. The latter is a ‘thank you’ to BCGE
clients for their confidence in the Bank in the form of cash bonus payouts.
The Bank is happy to count among its clients more than 25,000
beneficiaries of BCGE Avantage service premiums. In addition, the
number of new Epargne 3 accounts increased by 15%. This excellent
performance confirms our role as the leading regional savings institution.
widening its range of credit cards
In an environment that is increasingly competitive, and to meet the
challenge of the arrival on the market of low-cost credit cards, BCGE
expanded its range of credit cards and introduced Basic, Prepaid and
Platinum credit card products, thus meeting the needs of each client
segment. The number of BCGE credit cards issued increased by 23.3%
in 2006.
Johan Bernard Alexander Kroon
Member of the Executive Board

Corporate banking
highlights of 2006
selective growth in a highly competitive environment
Overall, the Corporate Banking division recorded growth in its activities with
the acquisition of new clients and the strengthening of relations with
existing clients. Lending and senior debt operations, in the context of equity
finance operations, leveraged buy out (LBO) and other financial engineering
advice, all generated commissions in addition to more traditional corporate
banking activities. On the other hand, the market was very competitive,
without much growth in demand for loans and with margins under
pressure given the favourable economic situation for refinancing companies
and institutions. In this demanding environment, the Bank consolidated its
position, despite several early repayments thanks to the abundant liquidity
which many entities had at their disposal. The division ensured risk quality
while keeping margins at an appreciably high level.
vigorous competition in mortgages
Once again during 2006, the price of flats and houses in Geneva rose. The
increased demand for owner-occupied flats, in part driven by the low level
of interest rates together with a persistent lack of supply, contributed to
maintain price pressure. BCGE remained faithful to its strategy of solid and
productive long-term growth. In particular, order books of construction
companies lengthened, but there also, competition put pressure on
margins. Still often undercapitalised, SMEs in the sector remain exposed to
the risks of insufficient liquidity.
a faithful partner of public-sector bodies
BCGE is the ideal bank for public-sector bodies. Its knowledge of the
special features of municipalities and non-profit organisations, its neutral
discretion and the independence of its advice make it the respected
partner of public-sector financial managers. Moreover, the division
provided technical support to the canton in the daily management of
its cash flow and advised cantonal and municipal bodies regarding
optimised and protected management of their money. The Corporate
Banking division assisted municipalities and municipal housing authorities
in their activities by offering solutions that target the best choices in
financial strategy.
another great year for international trade
2006 was the year of the greatest increase in the industrial commodities
price index, which has grown uninterruptedly for the last five years. The
commodities price level is a significant factor in maintaining the pace of
growth in this business. In this market, the strategic positioning of BCGE
as a niche player is an advantage, because it enables us both to fragment
risks and to be recognised as a respected centre of expertise in service
and advice. Good diversification by type of commodity and regional
block enables us to seize the best opportunities and, as the only purely
Genevan bank, to serve the more than 300 trading companies operating
in the Lake Geneva region.
acceleration of growth for business in France
The French Corporate Clients department grew significantly in 2006.
It also recorded good development in new business in conjunction with
Dixence SA and Compagnie Foncière Franco-Suisse SA, real-estate
investment vehicles held jointly by BCGE with other investors. These
businesses generated a growth in commitments mainly in the second
half of the year. The French Corporate Clients department advised and
financed several economic players undertaking activities on both sides
of the border. Its in-depth knowledge of the regional economic scene,
in the broad sense, and of administrative and tax requirements makes
it a much sought-after and highly regarded partner.
success of ‘BCGE L’essentiel de la finance’ seminars
More than 150 entrepreneurs participated in our BCGE L’essentiel de la
finance seminars, organised in September on the subject “Growth strategy
in a saturated economy”. Other meetings were organised in this series of
seminars with professionals and owners of SMEs, as well as with elected
officials of Geneva municipalities.
growth of Banque Cantonale de Genève (France) SA
BCGE (France) aims to spread the influence and businesses of BCGE Group
in France. Its 2006 results were excellent in all areas. In addition to its
traditional activities of financing companies and their leaders, and financing
property professionals, the French subsidiary developed its private asset
management business, establishing itself more and more as a player in
onshore wealth management, particularly thanks to the BCGE Best of Life
mandates. These combine the advantages of traditional discretionary
mandates with those of life insurance and are particularly attractive in tax
terms for EU residents. BCGE (France) inaugurated new premises in Annecy,
thus marking a milestone in its development. In refinancing, BCGE (France)
has continued to benefit, as in the past, from the support of its parent
company.
new members of the supervisory board
At the general meeting of BCGE (France) SA, Georges Canto, professor
of management at the University of Lyons II and Manuel Riera, a member
of the Thonon-les-Bains bar, were elected to the supervisory board. The
recognised experience and expertise of the two new members significantly
strengthened this body and its prospects of sustained development.
Claude Bagnoud
Member of the Executive Board
27
BCGE – ANNUAL REPORT 2006

28
BCGE – ANNUAL REPORT 2006
review of the business units
Private Banking
highlights of 2006
another flourishing year for the equity markets
The business of the division developed very satisfactorily, sustained by
another flourishing year for the equity markets. However, profits did not
attain levels comparable to those in 2005, which was an exceptional year.
A stock market shock in May and June, as well as the fall in the dollar and
clouds over the Japanese market, darkened the financial horizon. For all
the BCGE Group, more than 3,500 clients placed total reliance on us,
particularly through discretionary BCGE Best of mandates, to manage their
assets in the best way possible. Discretionary funds under management
recorded growth of 15.7%, to reach CHF 1.46 billion.
robust performance by the BCGE Best of mandates
The investment philosophy adopted for BCGE Best of management
mandates managed to ride the sometimes choppy waters described above.
Portfolios recorded honourable results, particularly for mandates
denominated in dollars (from 5.24% to 18.24% depending on the profile).
Paradoxically, diversification of risks was less profitable for investors in 2006.
Performances over three years, between 8.02% and 31.64%, depending
on the reference currency and the risk profile chosen by the investor,
confirm the quality of the strategy of the BCGE Best of management
mandate, whose advised investment horizon remains the long term. In this
regard, the stability and loyalty of existing clients must be emphasised, while
new market share has been gained in Switzerland and abroad.
A wider range of BCGE Best of mandates
The extension of the BCGE Best of range was made a reality in the
spring with, in particular, the new management mandate totally
invested in equities, offered in the four reference currencies: Swiss
franc, euro, US dollar and pound sterling. Banque Cantonale de
Genève (France) SA marketed BCGE Best of life, a life insurance policy
which includes a selection of diversified financial products, particularly
attractive in tax and estate planning terms. The French subsidiary was
very successful in private asset management, with continually
expanding funds under management.
BCGE Rainbow fund: nearly 250 million invested
The Bank continues to offer clients wishing to invest limited sums
the range of its BCGE Rainbow fund investment funds, a particularly
flexible and good-value investment product, offering excellent
diversification in top-quality assets. This investment product has
undergone significant growth: for the first time, the “Saphir”
defensive profile exceeded the CHF 100 million invested mark,
while the net assets of the “Diamant” balanced profile reached more
than CHF 130 million. Since May 2006, the Rainbow range has
been expanded to include a euro balanced profile sub-fund.
creation of a new Europe Clientele department
A Europe Clientele department has been created to respond to the growth
in European clients. It offers the whole range of services linked to wealth
management, particularly portfolio management authorities and
personalised financial advice. Discretion and expertise, as well as the quality
of human relationships, form the essence of its activity. For its part, the
International Clientele department carries out its activities for clients all over
the world. The improvement in its structure allows it to continue to provide
high-level advice to high-net-worth individuals.
recognised success for 2007 economic forecasts
The prospective analysis of the world, Swiss and Geneva economic situations,
undertaken by the Financial Research department together with the CEO’s
Office and Communication department, was presented to the media, where
it had a big impact, and was later published. BCGE completed its analysis with
exclusive data on the economic situation in Geneva, which was commissioned
from the BAK Basel Economics Institute, which calculated the canton’s GDP
from 1980 to 2012. In 2006, it amounted to some CHF 33.4 billion.
new edition of the investment philosophy
A third edition of the “BCGE Group investment philosophy” was published in
2006. This document summarised the values that underlie the discretionary
mandates and which are building the current success of private management
at BCGE. Clients appreciate that the Bank operates with rigour and consistency
according to precisely defined and openly communicated principles.
continued strong participation in ‘Rencontres BCGE’
BCGE continued its series of lectures organised not just in Geneva, but also in
Zurich, Paris and Lyon, to meet investors and present the Group’s investment
strategy, along with an economic and financial panorama. These events were
well attended and participants have showed keen interest. To be noted this
year: the participation of non-Bank speakers such as journalist Jean-Philippe
Rapp, philosopher Jan Marejko and professor Beat Kappeler.
excellent growth by Anker Bank SA
Thanks to a well targeted business policy and a careful monitoring of existing
clients, the private asset management subsidiary, Anker Bank SA, recorded
strong growth in the number of its BCGE Best of discretionary management
mandates. The Bank thus provided a net positive contribution to the BCGE
Group results. With the strength of the centralised management system and
its parent company’s back office behind it, Anker Bank today fulfills its role as
ambassador for the BCGE Best of investment philosophy outside the
cantonal borders, faithful to its motto, “Authentic Swiss private banking”.
Alain Spadone
Member of the Executive Board

Operations and Controls
highlights of 2006
new rules for loan approvals
The new Articles of Association adopted by the ordinary general meeting
of Banque Cantonale de Genève on 15 June 2006 have generated new
management and organisation regulations as well as the re-examination
of loan approval competencies. This new system of competencies is in
perfect harmony with the “instructions relating to the examination,
evaluation and processing of loans guaranteed by mortgage over
property” of the Swiss Bankers Association (SBA) of December 2003.
From now on, all loans with an “exception to policy” (ETP) will be the
subject of a decision process involving high levels of competency and
appropriate reporting.
debt recovery: a positive year
2006 was a good year for the Debt Recovery and Workout Department
as its activities made it possible to achieve a profit margin of some
CHF 33 million. The ongoing efforts to sell non-strategic holdings of the
Bank led to the transfer of five of them, realising a net profit of more than
CHF 9 million. The department also managed to recover CHF 1.4 million
in debt that had been written off, thanks to the active and strict
management of bankruptcy certificates held by the Bank.
five properties sold and twelve bought
In the real-estate sector, the Bank was able to resell five properties. On
the other hand, twelve properties had to be bought at public auction
by the Bank, of which the seven main ones are rented buildings with
good yields. This brought the portfolio of real-estate assets for
non-bank use to CHF 29.7 million.
introduction of IBAN format account numbers
For payment transactions, 2006 was marked by the introduction of IBAN
format account numbers for transfers to the European zone. This step
follows the obligation imposed by the banks of beneficiaries to send
payments with an account number in this format to avoid additional fees.
This operation required delicate adjustments to attain the expected results.
In parallel, the IBAN number has also become important in Switzerland.
Since August, this format has replaced the traditional account number on
Maestro cards. Finally, since November, the personalisation of paying-in
slips supplied to clients has also been done using the account printed in
IBAN format.
development of the LSV direct debit system
The LSV direct debit system has migrated to the new LSV+ structure.
From now on, all debit authorisations will be associated with a right of
complaint vis-à-vis the Bank. For beneficiaries, the accounting of debits
has also been facilitated and automated, since it benefits from the same
configuration as BVR receipts. Finally, for the banks, the risks of return
delays in the old structures have been eliminated, because only debits
that can be honoured are now paid.
transfer of Corporate Banking management contracts
The Credit Administration department assumed management of all
contracts in the Real Estate and Construction department during 2006.
renovation and modernisation of branches
The renovation of client areas like Florissant, Meyrin and Servette-Wendt
in 2005, Vernier, Pâquis and Eaux-Vives in 2006, continued. BCGE
intensified its investments through its “Model Branch” concept in order
that its branches have an optimised banking infrastructure and
equipment to meet the needs and expectations of clients.
Emile Rausis
Member of the Executive Board
29
BCGE – ANNUAL REPORT 2006

30
BCGE – ANNUAL REPORT 2006
review of the business units
Organisation and Information Technology
highlights of 2006
BCGE Group has chosen its future IT platform
After a careful evaluation of the main IT platforms available in Switzerland,
BCGE Group decided in November 2006 to adopt the Finnova IT platform
to develop the IT system of its parent company as well as those of the
Anker Bank (Zurich, Lausanne, Lugano and Geneva) and Synchrony Asset
Management subsidiaries. Unicible IT Services was chosen to host and
integrate the system. This change aims to increase the developmental
capacity and modularity of the computer platform so as to integrate the
development of banking market requirements in an optimal way. It will
also allow us to significantly reduce computer loads. The migration will
occupy the top rank of priorities in the division until the target
implementation date of 30 September 2008.
a global and standardised banking solution
With Finnova the BCGE Group has opted for a global, standardised,
tested and user-friendly banking solution since it has been adopted
by twelve other Swiss cantonal banks and eleven regional banks.
This community of banking establishments will make it possible to
generate synergies and cost savings. The continued collaboration
with Unicible, which remains a recognised centre of expertise in
banking IT in French-speaking Switzerland, will ensure a transition to
the new environment in the best conditions.
new Information System Evolution Department
To successfully conclude its ambitious BCGE IT modernisation projects
and particularly to undertake the migration mentioned above, a new
Information System Evolution Department has been created within the
division. It is headed by Jürg Isler, a recognised personality in the Swiss IT
community. The team of the new department was enhanced with the
hiring of seven people with proven expertise and who are all perfectly
bilingual, given the fact that Finnova mainly operates in Germanspeaking
Switzerland.
several IT modernisation projects
In addition to the major IT migration, the division successfully concluded
several computer modernisation projects in 2006. Internet banking
security was thus enhanced, thanks to the replacement during the
summer of the telecode by a more modern system comprising a reader
and a chip card. Areas that are still not highly automated, such
as management of pension products and trading room derivative
products, were automated and rationalised.
identification and simplification of processes
The Organisation department has mapped all of the Bank processes
thanks to the graphic representation computer tools system known as
Qualigram ® . The intention is to improve the organisation in order to
make colleagues aware of their responsibilities, preserve the Bank from
major risks by an optimum internal control system and to have a
common, coherent documentary repository and a complete control of
the production processes. This interactive tool is easy to use but must
also be used to train and provide colleagues with information. The
processes have been classified into four big areas: everyday banking
services, financial markets, asset management, and financing. This list
of processes constitutes a working basis to make things simpler at the
Bank. The challenge is to reduce the production costs of the services
offered by improving productivity, quality and speed of production.
Jean-Marc Joris
Member of the Executive Board

Anne (aged 36), a pharmaceutical sales
representative, and Stéphane (aged 34),
a wine producer, have been married for six years.
They have three daughters, aged one, four and six.
In addition to the human and personal aspect, marriage implies civic
rights and duties for the husband and wife. The principle of equal
treatment and the legal notion of joint ownership mean that the
couple and their children should enjoy the same standard of living,
irrespective of who has the bigger salary or greater wealth. But it is
difficult to arrange a fair division of the household assets in the long
term, especially bearing in mind a possible worsening of the family’s
economic situation, for example in the event of an accident or any
other of life’s mishaps.
The BCGE Pension Advice Centre was designed to help answer
questions of this kind.
31
BCGE – ANNUAL REPORT 2006

32
BCGE – ANNUAL REPORT 2006
risk management
at the heart of the Bank’s strategy
development and consolidation in 2006
As a full-service bank with a wide variety of operations, BCGE has to
maintain adequate risk management, enabling it to identify, measure
and reduce all categories of risks inherent in this range of activities.
Management and control of risks is intimately linked to each phase of
a transaction and a dedicated department ensures that it is coherent.
BCGE relies on the expertise of its Finance and Risk Management
division to continue and consolidate the implementation and
functioning of a global concept of identification, measurement,
prevention and control of all the varieties of risk to which the Bank
is exposed directly and indirectly.
The Bank constantly maintains an inventory of risks, their level of
importance and their potential impacts. Analyses and synthesis of these
risks as well as their relationships to existing positions and transactions,
are presented at regular intervals in ad hoc reports, whose
recommendations are implemented in the course of business.
BCGE’s risk strategy seeks a balance between optimal profitability and
an acceptable risk level. The risk-averseness that has prevailed for
several years has inspired prudent action and close monitoring. The
continuity of the Bank and the assets of clients are of cardinal
importance, going well beyond short-term profitability. During the
annual review of the strategic and financial plan, threats and their
evolution are analysed. Changes made to them over the years can
lead to adaptations of business or operational strategies.
consolidation of compliance
After the strengthening of compliance operations and their attachment
to the Risk Management department in 2005, 2006 was the year of
consolidation and the obtainment of a high level of control. Additional
staff were recruited to the Risk Management and Compliance
department in 2006 both in respect of credit risk – more specifically
monitoring of international trading risk – and market risk or
compliance.
Identification of economically entitled persons, politically exposed
persons (PEP) and so-called enhanced risks, analysis of unusual
movements and demands for clarification in transactions have been
carried out exhaustively. Several client acceptance committees have
met to achieve complete familiarity with “KYC” (Know Your Customer)
guidelines. The compliance culture is now well established within the
Bank and functions well. This system has also been reinforced in the
Swiss subsidiaries and is the subject of regular committee meetings.
The recruitment of new managers at BCGE and Anker Bank has made
it possible to add to the number of staff in this area. The training
provided in this field has been upgraded after a careful study of needs
and available funds. It has been in force since the beginning of 2007.
Compliance activity has been extended to regulatory monitoring so as
to comply with European laws and regulations.
application of the Basle II standards
Preparation for the new Basle II standards, which enabled implementation
of the Quantitative Impact Statement 5 (QIS 5) at the end of 2005,
continued in 2006, with specific calculations of the consumption of
shareholders’ equity in respect of guarantees on transactions. At the end
of 2006, BCGE finalised the start of production of its calculation of the
consumption of shareholders’ equity for credit risk, market risk and
operational risk, using a high-quality computer programme. The method
used is the standard CH method, as used by the majority of the other
cantonal banks.
The other aspects of Basle II relating to databases of operational losses
and fraud, as well as their typology, were also covered. The advance
made by finalising monitoring of details for Basle II will translate into an
even better and more specific appreciation of risk issues at the level of
each transaction, and so improve the management of positions.
analysis of credit risks
Credit risks are monitored in-depth by the front office and then by the
first-level controls or process controls. Second-level controls constitute
controls of the results of the credit portfolio. The resources put in place
to draw up a monthly risk report have been further added to by more
detailed reports and with a daily monitoring at the second level of
significant limits.
Monthly credit risk reports for residential mortgages, commercial
mortgages and commercial credits did not indicate deterioration in the
portfolio – quite the contrary. If the share of the best ratings (A) was
reduced in all portfolios, this was due to the reduction in outstanding
sums from the Fondation de valorisation.
A significant step was taken with the calculation of default probabilities
on the basis of ratings allocated to companies. Cooperation with a unit
representing several German-speaking Swiss banks has allowed us to
better calibrate the ratings allocated by the basic BCGE models to
analysis of the balance-sheets of client companies and to obtain,
according to a weighted grading based on five ratios, an estimation of
the probability of default. Beyond the directly usable result of a better
understanding of the risk, this approach has allowed us to get closer to
general practice in this area. Ratings for companies are now subdivided
into ten categories, exceeding the minimum number of seven
categories required by the Basle II standards. The probability matrices of
transition from one rating to another thus become more significant.
Analyses of the use of credit according to economic area – in line with
NOGA codes – confirm, for legal entities, the predominant positions of
public bodies and real-estate companies, with some fluctuations, but
without a marked trend towards change. The monthly reports stipulate
in detail future loan renewals according to the type of credit, the due
date and the current duration in the case of a fixed rate so as to plan
loan renewals in the best way possible.

CIROP internal controls and operational risks
After studies of internal controls of operational risks, conducted in
recent years for the trading room and the accounting services, priority
was given to preparation of the Basle II standards. Thus, analysis of the
shareholders’ equity requirement to cover operational risks was made
at regular intervals, so as to get under way from January 2007 with
differentiated weightings of 12%, 15% and 18%. In addition, the
creation and use of a database of operational losses, meeting the
needs of the new FBC standards, was reactivated.
The MARION (Méthode d’Analyses des Risques Informatiques par
Optimisation de Niveau = Method of Analysis of IT Risks by Level
Optimisation) study was updated to measure this type of risk.
As the Bank has just initiated its IT migration process, it is appropriate
to take a careful look at this aspect.
The introduction of the new FBC 06/06 circular on internal control has
led to some adaptations. Quantitative and qualitative internal risk
control measures have been put in place, dovetailing with the measures
required for Basle II. The sharing of experiences with other cantonal
banks has been very beneficial on all sides.
Operational risks are analysed within the ad hoc committee with other
risks (credit, market, rate etc): the main ones are listed and classified.
Their real occurrence and potential consequences are analysed so as
to prepare prevention and reduction measures.
risk tracking
A new strengthening was introduced in 2006 with the creation of a
“Risk Tracker” function which provides a constant update on risks
according to a well-established methodology. It makes specific analyses
of subjects that could otherwise remain hidden. The “Risk Tracker” is, of
course, concerned with operational risks and setting up fraud-prevention
tools. It is the methodological guarantee of risk analysis, matching threat
scenarios that are set up completely confidentially.
market risks
The accuracy of the reconciliation of positions and the results of various
transactions made for the nostro account have subsequently given rise
to the calculation of market risks, according to standard methods.
interest-rate risk and ALM management
Rate-risk management has again made significant progress with the
technical implementation of the Fund Transfer Price (FTP).
Swiss interest rates have moved in a distinctive manner. The
short-term six-month rate progressed in a linear fashion, with a
constant derivative, from 1% to 2.2% from January to December,
while the medium-term rate stabilised at around 2.6%. The long-term
ten-year swap rate moved in a range from 2.10% to 3.10% without a
marked trend in four years. The result is an increasingly flat Swiss rate
curve, where the rate differential has progressively decreased from
140 basis points to less than 50 basis points between the six-month rate
and the ten-year rate. This flattening of the curve has naturally
produced long-term position-taking by borrowing clients and led the
Bank to extend the duration of liabilities as a consequence. The
sensitivity of the balance-sheet is maintained at a low level and our
position is henceforth very largely composed of (fixed rate) payer swaps.
Control of balance-sheet sensitivity, whether for a revenue effect (short
term) or a value effect (long term) has been maintained at a
low level, less than 2.5%. The economic value of shareholders’ equity,
based on interest revenue alone, has regularly increased for several
years. Detailed bill-books have made it possible to refine the
management of the balance-sheet and of off-balance-sheet items.
The ALM committee, which meets monthly, as well as the commercial
and financial ALM sub-committees, which meet several times a month,
constitute an effective guiding mechanism. Replica models, which
model bank rate movements according to the market rate, have
been re-calibrated.
Indicators show a rather low and improving risk level in most relevant
areas, in line with a favourable economic environment, but the Bank
intends to remain vigilant despite the competitive pressure in some
business areas.
33
BCGE – ANNUAL REPORT 2006

34
BCGE – ANNUAL REPORT 2006
Georgina (aged 50), a nurse, has two children
aged 16 and 22, and is divorced.
The law is there to make sure that divorce does not
excessively damage a separating couple’s finances.
Nonetheless, when the economic unit that was created
at marriage comes to an end, new questions arise
about retirement and individual pension planning.
Will I have enough to live on? Should I put more into
my pension, and what about getting “third pillar” cover
or life assurance? Professional advice is often welcome.
That’s why BCGE started a Pension Advice Centre.

BCGE, an attractive employer
Coming in at number 21 in the league table of employers in the Canton
in terms of size, and at number 8 in the Geneva financial sector, BCGE
aims to be among the most attractive and dynamic companies on the job
market. It wishes to attract the best talents and offer them bright prospects
for development and training. To this end, it has adopted a management
style based on the development and organisation of expertise. So the
training of its staff and trainees is one of its highest priorities.
stable staff levels
As in 2005, the number of employees in BCGE Group remained
virtually unchanged in 2006 (+0.45%) with an end-of-year total of
843 employees, or 775.50 full-time equivalents (FTEs).
The Anker subsidiary saw its staffing level increase by 25.7% (+9 jobs, to
44 FTEs), while Synchrony Asset Management reduced it by 1.4 FTEs to
15.6, and the French subsidiary kept numbers steady at 33 FTEs (+1 FTE).
The parent company slightly reduced its staff level, with the exception of
the department responsible for developing the new IT platform, which
was created in 2006 and recruited six employees for new functions.
supporting the strategy by training in 2006
In 2006, training priorities were oriented towards front-office
functions. In-house training and certification programmes in the areas
of loans and management were the flagship training courses last year.
During the second half of the year, certification training courses in
the field of individual professional retirement planning completed
the programme.
Added to this was a continuous training programme in the different
bank businesses. In total, more than 2,200 days were spent by around
500 employees on courses, of which nearly 80% were in-house. As far
as external courses are concerned, they were mainly provided by the
ISFB (Institut Supérieur de Formation Bancaire), the training centre of
BCL (Banque Cantonales Latines) and Swisscanto.
In addition, specific training programmes have been developed for
management. Recently recruited or appointed members of the
Executive Board undergo specific training on the strategies of BCGE.
Then, during the first years of their appointment, they undergo
management training, spread over around eight months, relating to
all the company management areas.
Once a year, heads of departments participate in a training seminar,
designed as a management championship competition, which takes
place over two days and generally includes theme studies, in another
Swiss cantonal bank. In 2006, it was Banque Cantonale de Lucerne’s turn
to open its doors to our senior executives to discuss business strategy.
training of trainees
BCGE has positioned itself as one of the major players in the
professional training of young people in the canton. To this end, as
at 31 December 2006, 20 interns were being trained within the
Group, which represents 15% of the available places in Geneva in
the banking sector. In most cases, interns with a CFC qualification
carried out their activities within the institution.
male / female ratio
figures as at 31 December 2006
80
60
40
20
51.7% 48.3%
0
BCGE employees Middle management Senior management Board of directors
Men
Women
72.2%
27.8%
87.8%
12.2%
72.7%
27.3%
In addition, the Group offered seven business training places to
holders of the school-leaving certificate or equivalent, and nine
internship places of eighteen months to young university graduates.
Finally, the Group regularly supports students with a commercial
professional school leaving certificate and students of the Higher
Management School in preparing their diploma work on banking
or financial subjects.
the position of women at the Bank
BCGE employs 374 women, forming nearly half of its workforce.
112 of them have a supervisory position and twelve are either members
or associate members of the middle management. The proportion of
women in managerial functions is 27.8%. It is interesting to note that
among the fifteen cantonal banks that share their human resources
statistics, BCGE has the highest proportion of women members of the
executive board (12.2% in 2006).
Equal pay for men and women is the subject of regular checks, which
in 2006 focused in particular on comparable functions in the branch
network business.
35
BCGE – ANNUAL REPORT 2006

36
BCGE – ANNUAL REPORT 2006
profit-sharing and bonuses
Employees at all levels in the Bank take part in a profit-sharing scheme.
After three years of service, they receive annually a number of shares
calculated in accordance with the current scale.
Employees who have received bonuses can acquire bearer shares of
Banque Cantonale de Genève according to a preferential formula.
BCGE sells them, exempt from all costs, one share per tranche of a
CHF 3,000 bonus.
BCGE employees
full-time equivalents
850
800
750
700
847
2002
829
2003
2004
2005
For each share acquired in this scheme, two free shares are offered. In
view of the good results of 2006, employees at all levels have benefited
from an extraordinary profit-sharing plan, allowing them to acquire
two bearer shares and receive four. Under these plans, the shares thus
acquired are blocked for a period of five years and cannot be sold or
pledged except to the Bank within this period. On the other hand,
holders can freely make use of dividends and any preferential
subscription rights associated with new issues.
In 2006, 4,885 shares were distributed free of charge under these schemes.
employees and shareholders
As at 31 December 2006, 73% of employees (592) held BCGE bearer
shares, having acquired them through profit-sharing schemes or
bought them. These employees overall held 26,341 shares.
Taking into account pensioners and other beneficiaries of preferential
conditions, nearly 34,000 shares are held by present and former
company employees.
social support and social partners
BCGE provides its employees going through temporary personal
difficulties with strong and complementary in-house and external
support structures.
773
763
775.5
2006
In 2006, the Inter-Company Social Service (an external body providing
various companies with a team of counsellors) was totally reorganised
to optimise its functioning, particularly by clarifying the expectations of
the various entities that compose and finance it. BCGE has a seat on its
committee and has been heavily involved in the improvement process.
In order to prevent cases of bullying or professional dysfunction, a
mediator can also be contacted by employees in strict confidence. In
2006, the Human Resources department requested the mediator’s help
in respect of some employees undergoing profound personal problems.
employment rate
40
30
20
10
0
Full-time
Part-time
27.9%
20.4%
48.4%
Women Men
3.3%
The action taken was judged very helpful. The mediator also provided
training for personnel managers and the personnel commission. In 2006
the Human Resources department put in place a structured company
support process for cases of long-term absences. This regular monitoring
was received very positively by the relevant employees, who feel
supported and aided at such difficult times in their lives.
a new pension plan on 1st January 2007
In 2006, the Human Resources department devoted itself to arranging
a new pension plan encompassing the three Swiss entities of the
Group, in accordance with the new professional pensions law. The
incorporation committee profited from this restructuring to rethink
and fundamentally reshape its pension plan, which compares well to
other companies.
The principal characteristics of this plan are: mixed defined-benefits /
defined-contributions to the same fund, affiliation of the variable part
(optional for the employer), early retirement possible at 58, risk allowances
based on assured salary.
In order to facilitate the crossover into the new pension plan, the employer
has supported the transition with a one-off contribution of CHF 5.3 million,
which particularly enhances the security of employees close to retirement.
A bridging measure, decided in 2000, makes it possible for around one
hundred employees to benefit until 2010 from a good part of the benefits
offered by the old plan. Other innovations, with no financial effect, have
been included, particularly the option of gradual retirement.

group personnel regulations
In 2006, the three Swiss entities in the group subjected themselves to
the same personnel regulation standard, as had already been the case
for two years for the pension plan.
This harmonisation means improved equality of treatment and
consequent administrative rationalisation, since certain human resource
activities are subcontracted by the subsidiaries to the parent company.
health
BCGE has implemented several measures to contribute to the health
of its employees. For example, it has a no-smoking policy, offers free
vaccination against flu and has established a heat-wave plan in case of
such a necessity.
Moreover, it provides its staff and their families with sports facilities at
the BCGE training centre, which include a pool, tennis courts and a
play area for children. In 2006, the training centre organised a variety
of championships or sports events, a mini triathlon, mountain bike
outings, tennis lessons and tournaments, etc.
internal communications
In addition to internal communications through the hierarchical route, the
Bank has an intranet that links all staff. An essential vector of information,
it is also a fundamental working tool in the sense that it contains all internal
instructions, electronic documents and elements required for the work of
the majority of employees.
Every year, employees are invited by the Executive Board to two information
meetings on the occasion of the annual and half-yearly results
announcements. In addition, annual strategic objectives are set and
presented to all the management. BCGE also publishes a twice-yearly
magazine for employees and their families.
commercial innovations for employees
As Human Resources and the Executive Board wished to associate
employees with the recruitment of new talent, a recruitment bonus was
launched in 2006 for employees who contribute to hiring new colleagues.
The first clients of the Bank are its own employees. In this spirit, the
whole range of client services is offered to them, mostly under
preferential conditions.
37
BCGE – ANNUAL REPORT 2006

38
BCGE – ANNUAL REPORT 2006
BCGE respects the environment
Banque Cantonale de Genève has a Code of Ethics to guide its activities.
Approved by the General Meeting and by the Grand Council of the
Republic and Canton of Geneva, this document is central to the Bank’s
strategy. It particularly provides that BCGE should observe the principle
of sustainable development by reducing the direct environmental
consequences of its activities and offering high-level financial services
while observing ethical and environmental principles.
purchase of paper (excluding Unicible)
60
40
20
0
68.4%
16.9%
14.7%
2003
0%
Non-recycled 100% recycled
50% recycled
52.4%
47.6%
2004
0.8%
53.4%
45.8%
2005
0.8%
41%
2006
58.2%
company ecology
Banque Cantonale de Genève has had, since 2003, an eco-efficiency and
recycling plan for materials (paper, batteries, aluminium, PET). In 2006,
61.3 tonnes of paper, 728 kilos of PET, 30 kilos of aluminium, 20 kilos of
batteries, as well as 1,331 printer, fax and photocopy toner cartridges
were collected under this scheme. At the same time, BCGE bought
74 tonnes of paper, of which 58.2% consisted entirely of recycled paper,
41% of partially recycled paper and only 0.8% of non-recycled paper.
The Bank has continued to develop the BCGE Netbanking Internet
solution and encourages use of it by a policy of reduced charges.
Ecological and economical, the E-Documents function replaces printed
banking advices with documents that can be downloaded from a
secure environment. Thanks to this, the number of printed pages
was reduced by 22%, from 8.1 million pages in 2005 to 7.1 million
in 2006, which also has the same kind of impact on mail deliveries.
The electronic-billing option, which makes it possible to receive supplier
bills electronically rather than by post, aims at the same effect.
Heating, lighting and computer and office equipment account for the
bulk of the Bank’s energy needs. Measures have been defined and
undertaken for several years to reduce consumption.
In 2006 BCGE had a preliminary energy audit subsidised by the
cantonal energy department (ScanE) on its two main buildings. The
engineering office submitted a preliminary report highlighting good
technical management of the buildings, which have few areas of energy
wastage and an average energy performance index. In addition, an
investment of CHF 300,000 has made it possible to replace the receiver
processor units (RPU) of the buildings at the Ile and Lancy sites, in order to
reduce energy costs. In addition, renovation work at branches, undertaken
with environmentally friendly materials, has made it possible to improve the
sound and thermal insulation of premises. New neon signs, which use up
to three times less energy than the old ones, will gradually be introduced.
the impact of paperless bank advices
in millions of pages printed
8
6
4
2
0
8.1%
–22%
7.1%
2005 2006
Personnel regulations provide that business trips must be made as far
as possible using public transport. Since 2006 particular emphasis has
been put on this for business trips within the canton of Geneva.
selection of eco-friendly suppliers
The Bank’s internal guidelines contain general purchase conditions, signed
by the supplier, by which the supplier undertakes to provide services not
only according to quality and value criteria, but also in compliance with
safety, ethical and environmental standards. The guidelines also specify that
preference will be given to suppliers supporting the development and
spread of environmentally-friendly technologies.
bank products and services
BCGE offers a line of services that seek as far as possible to include ethical
and ecological criteria in banking solutions. They enable clients so wishing
to more easily finance a flat or house which has the Minergie label, and
thus meets the most demanding ecological standards, to purchase at
preferential rates an energy-saving vehicle or to build up their assets with
ethical and sustainable development investments.
These products and services have been selected for the conscientiousness
of their management and their contribution to concrete, non-ideological
goals. They are an option intended for clients interested in these issues
and as a complement to traditional BCGE products.

Candice, an interior decorator,
and Steve, a Web designer,
(both aged 25), have been
living together for four years.
A good number of couples choose not to marry,
for personal, financial or tax reasons. However,
people are not covered by their partner’s social
insurance plan if they live together without being
married. So, if one of the partners should die, the
survivor has no legal right to benefit from either
the deceased’s state cover or their working
pension. Agreements between the partners
regarding their common assets are in part left up
to them, and have to be fixed according to a
partnership contract.
Situations of this kind often come up at the
BCGE Pension Advice Centre, which can help sort them out.
39
BCGE – ANNUAL REPORT 2006

40
BCGE – ANNUAL REPORT 2006
review of the Geneva economy
In 2006, global economic growth exceeded forecasts, despite a slight
slowdown in the second half of the year. The same applied for the
Swiss economy, which enjoyed a strong expansion (+2.7%), due in
particular to growth in capital goods investments, which in 2005 grew
only in fits and starts, and to the dazzling jump in exports. The
expected improvement in the job market materialised in the first half
of the year, with a stabilization trend during the second half of the year.
LEA-Pictet leading indicator of the Geneva economy
Index (December 1983 = 100)
106
104
102
100
98
96
94
2000 2001 2002 2003 2004 2005 2006
Annual change
In this dynamic economic context, the Geneva economy was also
characterised in 2006 by sustained growth in all sectors. On the back
of a favourable monetary situation, exports recorded remarkable
advances. Simultaneously, inflation was controlled and the job market
improved significantly.
recovery in population growth
The growth rate of the resident population recovered in 2006
(+1.0% compared to +0.6% in 2005) as a result of the rise in the
total migratory balance, which went from +814 individuals in 2005
to +2,817 in 2006 owing to an increase in the number of foreigners
entering Geneva; but the Swiss migratory deficit still remains
significant this year (–2,952 in 2006). The Swiss population is only
increasing thanks to the high number of new Swiss citizens (a record
of around 6,300). The foreign population is growing rather slowly, as
in 2005 (+591). At the end of December 2006, the canton had
445,306 inhabitants.
increase in job numbers
2006 was a positive year for the job market in the canton of Geneva.
Year on year, the number of jobs increased by 2.1% at the end of the
year (+2.6% if 2004 is compared to 2006, at the end of the fourth
quarter). This growth has benefited manufacturing most of all (+6.8%),
while services grew more slowly (+1.2%).
annual change in number of jobs
in %
2
1
0
-1
-2
-3
-4
2002 2003 2004 2005 2006
Geneva
Switzerland
At the national level, while slower than in the canton of Geneva, growth
was still significant: +1.6% at the end of 2006 compared to 2005.
payroll still on the rise
Payroll growth accelerated in 2006, particularly in the last quarter. It
increased by 6.1% in nominal terms compared to the previous year. As a
comparison, growth was 4.8% in 2005. In real terms, taking into account
the average rise in the Geneva consumer price index, it grew by 5.0% in
2006 compared to 3.4% the previous year.
reduction in the number of unemployed
With the strong performance of the economy in 2006, the job market
situation improved during the year. While still high, the unemployment
rate in the canton of Geneva was 6.8% at the end of the year,
compared to 7.3% a year earlier. Such a reduction, at an annual rate,
had not been recorded since 2000. It should be noted that the
number of registered unemployed was stable in the fourth quarter
also, whereas this period traditionally sees a deterioration.
In one year, the number of registered unemployed went down by almost
1,000 (–6.1%) to settle at 15,060 at the end of December. The drop
was, however, less marked for those seeking work: –4.8% (21,596).
As a comparison, the national unemployment rate went from 3.8%
at the end of 2005 to 3.3% twelve months later.

foreign workforce in the service sector
Out of the 19,123 foreign immigrants (up from 9.5% compared to 2005),
around 57% came to Geneva to take up paid employment: 4,325 working
for international organisations (of whom 28.7% are citizens of the
25 EU countries) and 6,035 hold residence permits (of whom 79.5%
are from the EU). The majority (apart from international civil servants)
work in the service sector.
synthetic indicator of level of industrial activity in Geneva
40
30
20
10
0
10
-20
-30
-40
2000 2001 2002 2003 2004 2005 2006
Geneva
Switzerland
record business growth for manufacturing
Continuously improving after the fourth quarter of 2005, business
growth reached record highs in the second half of 2006, exceeding
the levels of 2000 and featuring an excellent economic climate. The
electrical and electronic equipment sectors, as well as chemicals, were
particular beneficiaries of the good year, but companies with low
export levels also did well, particularly in the last quarter.
The growth in orders in the fourth quarter was, however, less sustained.
Production, which was marked by robust growth in 2005 and right
through 2006, recorded a peak in the fourth quarter.
record exports
Exports, both at the Geneva and national levels, achieved record growth
in 2006. Geneva exports were up 14% compared to the previous year,
at CHF 11.5 billion (not including precious metals, gemstones, objets d’art
and antiquities). Very dynamic in the first half of the year, their growth
dropped in the third quarter, before recovering at the end of the year.
Exports that increased most were those for Europe (+19%), particularly
to France, the UK, Germany and Italy. Exports to Asia also grew strongly
(+15%) while those for the US, the canton’s principal trading partner,
stagnated (+2.6%). The flagship sectors of Geneva industry each
recorded good growth: 44% for machinery and electrical and electronic
equipment, 15% for the chemical industry, 10% for clocks and watches
and 20% for articles of jewellery.
index of Geneva consumer prices
variation in %
2.5
2
1.5
1
0.5
0
-0.5
2000 2001 2002 2003 2004 2005 2006
Annual change
Average annual change
imports of consumer goods up
Imports to Geneva reached CHF 8.9 billion in 2006 (not including
precious metals, gemstones, objets d’art and antiquities, representing
around CHF 2.5 billion).
Growth was particularly vigorous in the first half (14%) before slowing
down a little in the second, taking annual growth to 9.4%. This result,
while less than the previous year, was part of the upward trend evident
since the first half of 2005. The recovery in manufacturing was
expressed by a net increase in imports of intermediate products (+27%)
and machinery and equipment used as capital goods (+23%).
However, most imports consisted of consumer goods, striking both for
their volume (59% of imports to the canton) and their relative growth
(+19% compared to 2005). The most remarkable increase related to
imports from Russia, which quadrupled, raising the country to among
the ten principal trading partners of the canton.
41
BCGE – ANNUAL REPORT 2006

42
BCGE – ANNUAL REPORT 2006
rise in volume and value in construction
At the sector level 2006 was a good year. Both the volume and the
value of total new buildings finished in the year increased. Turnover in
the sector increased year on year in the second quarter of 2006,
particularly owing to an acceleration in price rises (+1.6% in one year in
April 2006; +4.8% in October 2006). According to the assessments of
contractors working in civil engineering and finishing, the situation
became clearly positive from the second quarter of 2006.
foreign trade:
imports into the canton of Geneva
in CHF million
1’600
1’400
1’200
1’000
400
200
0
2002 2003 2004 2005 2006
Consumper goods
Intermediate products
Machinery and equipment
Other
On the other hand, in construction, business went rather well at the
beginning of the year (as in 2005) but the situation sharply deteriorated
in the second half of 2006. However, the annual rise in the value and
volume of building permits granted and housing starts in 2006 seems to
indicate an improvement in 2007.
less new housing
1,205 new housing units, including 245 houses, were put on the
market in 2006. Since 1985, it was one of the weakest years on
record. At the end of 2006 there were 2,380 construction starts for
housing units under construction (+238 compared to the end of
2005): among these, 63% were started during the year. This
proportion was a little greater than at the end of 2004 (60%) and
2005 (54%), which seems to predict a rather more dynamic future,
especially as the number of building permits for housing units,
without being particularly high (1,586), was the highest recorded
since 1998. On the other hand, the number of housing units
anticipated by building permit applications was significantly lower
than that recorded a year earlier (1,525 compared to 1,735 in 2005).
With regard to infrastructure for economic activities, following the
completion of large projects, in 2006 as in 2005 there was a
significant rise in floor area under construction (+12% between 2005
and 2006; +37% compared to the average of the five previous years).
property services: a small increase
Business was good in 2006, particularly for large companies, which
achieved greatly improved operating results. It was essentially in these
companies that employment grew positively. In building management,
for companies of all sizes, commissions and/or fees – whose growth
depends both on their rate and the volume of business handled –
increased without weakening. On the other hand, in property development
and brokerage, levels either remained stable or fell.
foreign trade:
annual change in exports
in %
25
20
15
10
5
0
-5
-10
-15
2003 2004 2005 2006
Switzerland
Geneva
record year for the hotel industry
2006 was a record year for the Geneva hotel industry, which saw a
consistant increase in the number of overnight stays throughout the year.
With more than 2.6 million overnight stays, one would have to go back to
the 1970s for a higher annual total for the canton. Compared to 2005,
the increase was 11.5%. Swiss clients saw the biggest gains, up 29.1% or
nearly 120,000 overnight stays more than in 2005.
In the restaurant industry, the improvement had to wait until the fourth
quarter to appear.
In the retail sector large companies were overall more satisfied than small
ones but the latter still recorded growth in their profits unequalled since 2000.

slight drop in air traffic increase and car registrations
In 2006, Geneva International Airport saw an increase in passenger
numbers of 5.9% compared to 2005 and the threshold of 10 million
passengers was almost reached (9,923,792). However, in relative
terms, the rise was more limited than in the past: 9.5% in 2005,
6.3% in 2004 and 6.1% in 2003.
total payrolls in the canton of Geneva
index
300
250
200
150
100
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Nominal Real
At the end of 2006, 286,684 vehicles were registered in the canton of
Geneva (286,284 in 2005). A slower rise was confirmed: 1.7% in 2003,
1.0% in 2004, 0.2% in 2005 and 0.1 in 2006. With regard to cars,
their number fell slightly for the second consecutive year (registrations
as at 31 December): from 218,299 in 2004 to 217,487 in 2005 and
216,521 in 2006. In two years registrations dropped by 0.8%.
price stability
As in 2005, consumer prices remained almost stable. At the end of
2006, the annual average rise was 1.1%. Over the year, the general
increase in prices never exceeded 2% despite high increases in the
prices of petroleum products (+12.9% annual average for fuel oil,
+7.7% for petrol). In Geneva, as in Switzerland, the economy was still
characterised – as it has been since 1994 – by price stability.
prospects for 2007
Recent developments seem to indicate a progressive stabilisation of
growth on a global basis and the pace of growth of the global
economy could be less sustained in 2007.
exports and imports of the canton of Geneva
in CHF million
3’000
2’500
2’000
1’500
1’000
2001
2002
2003
2004
2005
Value of exports, gross Value of imports, gross
Value of exports, seasonally adjusted Source: OCSTAT
With regard to the Geneva economy, the LEA-Pictet-OCSTAT (LPO)
indicator, which forecasts economic activity in Geneva for the coming
six to nine months, indicates a slight downward trend. This slight fall
seems to indicate a progressive stabilisation in Geneva growth in the
first half rather than an economic reversal.
Source: Cantonal Statistics Office (OCSTAT), “Reflets conjoncturels de l’économie genevoise, March 2007” and
“Reflets conjoncturels de l’économie genevoise, annual supplement 2007”, Geneva, March 2007.
43
BCGE – ANNUAL REPORT 2006

44
BCGE – ANNUAL REPORT 2006
review of financial markets
another good year in 2006
The global economy enjoyed another boom year last year. Economic
growth accelerated more strongly than forecast in Switzerland and
in the euro zone, while holding its high levels in emerging countries
like China. On the other hand, signs of an economic slowdown have
appeared since the end of the first half of 2006 in the US economy as a
result of the severe crisis that the residential property and construction
sectors had been undergoing for several months.
the Swiss stock exchange achieved one of its
best-ever performances in 2006
Index SMI
8’000
7’000
6’000
5’000
4’000
3’000
2’000
1’000
93 94 95 96 97 98 99 00 01 02 03 04 05 06
Source: DATASTREAM
The cooling in the US economy could lead to a slowdown in global
growth in 2007, but economic activity should remain relatively well
positioned in emerging countries, Switzerland and the euro zone.
strong rise in exports
Swiss exports rose by nearly 9% in real terms. Driven by this
spectacular dynamics in foreign trade, in 2006 the Swiss economy
grew by nearly 3%, its best performance for more than five years.
Assisted by the strength of the euro, Switzerland particularly benefited
in 2006 from the economic recovery in Germany, our principal trading
partner. In 2007 Swiss economic growth should return to 2%. A likely
drop in exports linked to a slight slowdown in the global economy will
be partly offset by an expansion in private consumption, which will
benefit from the significant improvement in employment that can
currently be seen in our country. The unemployment rate fell to 3% in
Switzerland, one of the lowest rates in the world.
sharp fluctuations of oil prices
Last year was marked by sharp fluctuations in oil and commodity
prices. The steep rise in the price of oil and certain industrial metals
was interrupted in the second half, when the market started to
anticipate the effects of the slowdown in US growth. As a result of the
strong demand from emerging countries, it must be remembered that
the price of copper has grown fivefold in the last five years, while oil
prices have increased fourfold.
This overheating in commodity prices ended rather brutally, because
between July 2006 and the middle of January 2007 the prices of
copper and oil both dropped by around 35%.
the rise in the oil price was suddenly interrupted in 2006
70
60
50
40
30
20
10
1999 2000 2001 2002 2003 2004 2005 2006
Oil price 2000 – 2006
The prices of energy and raw materials will go up in the decades to
come, owing to the significant rise in global needs. This is especially
the case with oil, the demand for which should rise by 50% in the
next twenty-five years, while global production will become
increasingly difficult to sustain. In the short term, there should be a
certain easing of energy prices in 2007 because global oil production
capacity has increased, while demand will be less strong than during
the last three years.
continued low inflation in Switzerland
A moderate rise in oil prices will contribute to maintaining low inflation in
Switzerland. The average rise should not exceed 1% in our country in
2007, as in 2006. In the low-inflation environment that has reigned for
several years, the Swiss National Bank (SNB) has pursued a prudent
monetary policy. In 2006 the SNB raised its benchmark rate, the Swiss
franc 3-month LIBOR (London Interbank Offered Rate), by twenty-five
basis points on four occasions, taking it from 1% to 2%. The 3-month
LIBOR should rise slightly again in 2007 and could reach 2.50% at the end
of the year.
Other central banks also raised their interest rates last year, particularly the
European Central Bank, which in 2006 raised its key rate from 2.25% to
3.50%. One or two additional rises in European rates are expected in
2007. On the other hand, since July 2006 the U.S. Federal Reserve has
stopped a rising trend that started in June 2004, which in two years took
the Fed funds rate from 1% to 5.25%. A fall in US rates is possible in
2007 if the slowdown in economic growth persists in the US.

ecovery of bond yields
After having fallen to their lowest level in a century in the autumn of
2005, the yields on Swiss bonds recovered in 2006 while still staying at a
relatively low historical level. The yield on the Swiss 10-year benchmark
bond had dropped to below 2% in September 2005. It rose to between
2.00% and 2.90% in 2006, closing the year at 2.40%. In 2007, yields on
Swiss bonds should rise to within a range of between 2.30% and 2.80%.
inflation continues to be very low in Switzerland
in % of annual increase
4
3
2
1
0
-1
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06
Yield spreads between long-term bonds and short-term investments in
Swiss francs will remain only slightly affected. The general level of interest
rates should not rise very greatly because of the slowdown in growth and
low inflation.
heavy turbulence on equity markets
2006 was marked by heavy turbulence on equity markets. Stock
market prices dropped sharply between April and June, followed by a
strong rebound, which enabled most indices to end the year
significantly higher than at the end of 2005. The Swiss stock market
had one of the best performances, with the Swiss Market Index (SMI)
rising by 16%. The principal European markets had similar performances.
The DJ Euro Stoxx grew by 20% in euros and 24% in Swiss francs
following the rise of 4% in the European currency against the franc.
On the other hand, for an investor whose reference currency was the
Swiss franc or the euro, the 13.5% rise in the US S&P 500 was partly
eclipsed by the 7% drop in the US dollar against the franc and 11%
against the euro. The Japanese market had a performance close to
zero in local currency in 2006, but the yen fell 9% against the franc.
The fall in the US currency could continue in 2007 because the yield
spread between the dollar and the franc will fall, while fundamentals,
particularly the US current-account deficit, will continue to weigh
against the dollar.
After four consecutive years of an upward trend, the equity markets
could still benefit from favourable events in 2007 despite the slight
deterioration expected in the global macroeconomic environment.
Growth in the profits of listed companies will slow, but global liquidity
is still abundant and interest rates will not rise much. Moreover,
equities are still valued relatively moderately because the growth in
profits has been more rapid than the rise in stock prices.
the strength of the euro benefited Swiss exports
1.7
1.6
1.5
1.4
1.3
1.2
1.1
2002 2003 2004 2005 2006
EUR – CHF
USD – CHF
prudent strategy of BCGE Group
During 2006 the investment strategy of the BCGE Group was
adjusted to take market volatility into account. The share of equities
in portfolios was slightly increased in the second half, at the end
of the correction recorded towards the end of spring. We continued
to overweight Swiss and European markets while underweighting
the US market. We marginally increased the share of emerging
markets. The average maturity of bond portfolios was slightly
reduced in expectation of the recovery in interest rates. Our equity
fund portfolios, selected from among the best on the market
according to the BCGE Best of philosophy, once again exhibited
qualities of robustness and sound performance.
45
BCGE – ANNUAL REPORT 2006

46
BCGE – RAPPORT ANNUEL 2006
Valérie (aged 34), Hervé (aged 36),
Kim (19 months) and Maxime (4), are a lovely family.
They think about the future.
Children grow up faster than we think. Their financial needs
grow as time passes and educational plans get made. Saving
for the children, while also looking after them, their
education and the whole family’s financial security is not
always easy. Especially if you are also thinking ahead to your
retirement. A plan is required, so as to help young families
manage the assets they have today and those they will have
tomorrow, to get the best from each time of life.
Something we at the BCGE Pension Advice Centre are often
asked about.

47
BCGE – ANNUAL REPORT 2006

48
BCGE – ANNUAL REPORT 2006

consolidated financial statements 2006
BCGE Group balance-sheet 50
BCGE Group profit and loss account 51
BCGE Group off-balance-sheet operations 52
BCGE Group cash flow statement 53
BCGE Group statement of shareholders’ equity 54
notes to the consolidated financial statements 2006 55
1. Notes relating to operations and staff 52
2. Agreements with the majority shareholder 52
3. Principles governing the establishment of the consolidated financial statements 52
4. Risk management 54
4.1 Consolidated supervision 54
4.2 Credit risks 54
4.3 Risks associated with international trade finance 55
4.4 Market risks 55
4.5 Risk concentration 55
4.6 Operational risks 55
4.7 Legal risks 55
5. Information relating to the consolidated financial statements 56
5.1 Summary of collateral for loans and off-balance-sheet operations 56
5.2 Trading portfolios 56
5.3 Financial investments 57
5.4 Investments consolidated by the equity method 57
5.5 Scope of consolidation 58
5.6 Fixed assets 59
5.7 Other assets and liabilities 59
5.8 Assets pledged or assigned against the Bank’s commitments and assets sold with retention of title 60
5.9 Liabilities towards own pension plans 61
5.10 Outstanding bond issues 62
5.11 Valuation adjustments and provisions, as well as reserves for general banking risks 63
5.12 Maturity structure of current assets, financial investments and debt 64
5.13 Amounts due to/from affiliates and loans to officers 65
5.14 Assets and liabilities by domestic and foreign origin 65
5.15 Assets by country or group of countries 66
5.16 Balance-sheet by major currencies for the Group 67
5.17 Open derivative instruments at year-end 69
5.18 Interest income 70
5.19 Interest expenses 70
5.20 Trading results 70
5.21 Payroll expenses 70
5.22 Other operating expenses 70
5.23 Depreciation of fixed assets 71
5.24 Valuation adjustments, provisions and losses 71
5.25 Extraordinary income 71
5.26 Extraordinary expenses 71
5.27 Income and expenses of ordinary banking activities 71
49
BCGE – ANNUAL REPORT 2006

50
BCGE – ANNUAL REPORT 2006
the BCGE Group balance-sheet
consolidated
31.12.2006 31.12.2005 Change
Notes in CHF thousand in CHF thousand in CHF thousand
Assets
Cash 5.12 138,937 141,288 –2,351
Money-market instruments 5.12 298,281 313,193 –14,912
Due from banks 5.12 1,052,082 707,009 345,073
Due from clients 5.12 4,172,210 4,804,703 –632,493
of which Fondation de valorisation 1,579,249 2,159,527 –580,278
Mortgages 5.12 6,189,319 6,191,039 –1,720
Trading portfolios 5.2 23,880 13,778 10,102
Financial investments 5.3 380,547 278,374 102,173
Investments consolidated by the equity method 5.4 22,624 19,741 2,883
Fixed assets 5.6 195,470 200,682 –5,212
Intangible assets 5.6 10,397 11,372 –975
Accrued income and prepaid expenses 31,744 34,581 –2,837
including deferred taxes 189 291 –102
Other assets 5.7 55,518 67,326 –11,808
Total assets 12,571,009 12,783,086 –212,077
Total subordinated claims 15,580 22,567 –6,987
Total due from non-consolidated investments
and significant shareholders 211,891 248,866 –36,975
of which total claims on the Canton of Geneva 66,891 178,866 –111,975
Liabilities
Money-market instruments 5.12 464 3,308 –2,844
Due to banks 5.12 433,121 314,049 119,072
Due to clients on savings and deposit accounts 5.12 4,609,930 4,862,215 –252,285
Due to clients, other 5.12 3,384,482 3,032,622 351,860
Medium-term notes 5.12 74,806 67,728 7,078
Bonds and mortgage-backed bonds 5.12 3,105,975 3,606,230 –500,255
Accrued expenses and deferred income 74,054 77,180 –3,126
Including deferred taxes 196 204 –8
Other liabilities 5.7 65,501 88,321 –22,820
Valuation adjustments and provisions 5.11 8,733 26,227 –17,494
Reserve for general banking risks 5.11 60,000 10,000 50,000
Share capital 360,000 360,000 –
Capital reserve 307,883 305,545 2,338
Retained earnings 36,206 3,372 32,834
Treasury shares –12,098 –18,889 6,791
Foreign-exchange differences 860 –616 1,476
Net profit for the year 61,092 45,794 15,298
Total liabilities 12,571,009 12,783,086 –212,077
Total subordinated debt 340,000 440,000 –100,000
Total due to non-consolidated investments
and qualified participants 130,501 203,519 –73,018
of which total due to the Canton of Geneva 102,326 201,954 –99,628

the BCGE Group profit and loss account
consolidated
31.12.2006 31.12.2005 Change
Notes in CHF thousand in CHF thousand in CHF thousand
Interest income and expenses
Interest and discount income 5.18 400,160 391,567 8,593
Interest and dividends from trading portfolios 5.18 806 1,130 –324
Interest and dividends from financial investments 5.18 6,750 13,438 –6,688
Interest expenses 5.19 –215,369 –222,961 7,592
Net interest income 192,347 183,174 9,173
Commission and fee income
Commission income from lending 35,063 35,308 –245
Commission income from trading, securities and deposits 45,561 38,131 7,430
Commission interest from other services 23,221 24,954 –1,733
Commission expenses –8,954 –10,723 1,769
Net commission and fee income 94,891 87,670 7,221
Net result of trading operations 5.20 16,758 14,175 2,583
Other ordinary results
Income from sale of financial investments 9,734 1,415 8,319
Income from investments 3,477 1,774 1,703
of which consolidated by the equity method 3,477 1,774 1,703
Real-estate income 1,974 1,697 277
Other ordinary income 6,195 6,382 –187
Other ordinary expenses –2,371 –789 –1,582
Other ordinary income, net 19,009 10,479 8,530
Net operating income 323,005 295,498 27,507
Operating expenses
Payroll expenses 5.21 –120,110 –109,136 –10,974
Other operating expenses 5.22 –84,841 –85,672 831
Net operating expenses –204,951 –194,808 –10,143
Gross profit 118,054 100,690 17,364
Depreciation of fixed assets 5.23 –12,219 –13,227 1,008
Valuation adjustments, provisions and losses 5.24 – –29,450 29,450
Results before extraordinary items and taxes 105,835 58,013 47,822
Extraordinary income 5.25 8,388 1,671 6,717
Extraordinary expenses 5.26 –51,000 –11,000 –40,000
Taxes –2,131 –2,890 759
including deferred taxes –94 7 –101
Net profit for the year 61,092 45,794 15,298
51
BCGE – ANNUAL REPORT 2006

52
BCGE – ANNUAL REPORT 2006
the BCGE Group off-balance-sheet operations
consolidated
31.12.2006 31.12.2005 Change
Notes in CHF thousand in CHF thousand in CHF thousand
Off-balance-sheet operations
Irrevocable guarantees 137,203 140,921 –3,718
Irrevocable commitments arising from letters of credit 361,041 388,527 –27,486
Contingent liabilities 498,244 529,448 –31,204
Irrevocable commitments 320,307 210,566 109,741
Commitments to subscribe and pay further sums 39,011 39,011 –
Commitments resulting from deferred payments 22,989 7,840 15,149
Loans by acceptances 22,989 7,840 15,149
Fiduciary deposits with third parties 384,605 316,623 67,982
Fiduciary loans 8,033 8,633 –600
Fiduciary operations 392,638 325,256 67,382
Derivative financial instruments
- positive replacement values 5.17 43,685 40,598 3,087
- negative replacement values 5.17 43,068 68,966 –25,898
- underlying amounts 5.17 5,959,565 3,969,664 1,989,901

the BCGE Group cash flow statement
consolidated
2006 2006 2005 2005
Source of funds Use of funds Source of funds Use of funds
in CHF thousand in CHF thousand in CHF thousand in CHF thousand
Cash flow from operating income (internal financing)
- net profit for the year 61,092 – 45,794 –
- depreciation of fixed assets 11,244 – 12,252 –
- depreciation of goodwill 975 – 975 –
- allocation to capital reserve 2,338 – 57 –
- allocation for currency conversion differences 1,476 – 150 –
- valuation adjustments and provisions – 17,494 20,962 –
- reserve for general banking risks 50,000 – 10,000 –
- accrued income and prepaid expenses 2,837 – – 1,011
- accrued expenses and deferred income – 3,126 – 1,244
- other items – 11,012 42,860 –
- dividends from previous financial year – 12,960 – 3,600
Balance 85,370 127,195
Cash flow from investment activities
- other financial interests – 2,883 – 1,473
- fixed assets – 6,032 – 2,888
- intangibles – – – 815
Balance 8,915 5,176
Cash flow from banking activities
Medium and long-term transactions (> 1 year)
- due to banks – 23,399 894 –
- due to clients – 10,293 – 49,975
- medium-term notes 12,399 – – 8,340
- bonds and mortgage-backed bonds – 443,510 – 695,895
- due from banks – – – –
- due from clients 487,519 – 265,677 –
- mortgages – 154,056 – 222,044
- financial investments – 87,570 – 59,204
Short-term transactions
- due to banks 142,471 – 29,846 –
- due to clients 109,868 – – 433,623
- medium-term notes – 5,321 – 2,959
- bonds and mortgage-backed bonds – 56,745 – 21,975
- allocation to treasury shares 6,791 – – 1,353
- due on money-market instruments – 2,844 1,846 –
- due from money-market instruments 14,912 – 336,058 –
- due from banks – 345,073 379,382 –
- due from clients 144,974 – 331,346 –
- mortgages 155,776 – 15,068 –
- financial investments – 14,603 21,048 –
- trading portfolios – 10,102 – 11,856
Liquid resources
- cash 2,351 – 4,040 –
Balance 76,455 122,019
53
BCGE – ANNUAL REPORT 2006

54
BCGE – ANNUAL REPORT 2006
the BCGE Group statement of shareholders’ equity
consolidated
Shareholders’ equity at 1 January 2006
in CHF thousand
Share capital 360,000
Capital reserve 305,545
General banking risk reserves 10,000
Retained earnings/accumulated loss 49,166
Foreign-exchange differences –616
Treasury shares –18,889
Total shareholders’ equity at 1 January 2006 705,206
Dividend and other allocations –12,960
Allocation to the reserve for general banking risks 50,000
Net profit for the year 61,092
Repurchase of treasury shares (at cost) –8,018
Sale of treasury shares (at cost) 14,809
Profit/loss on the sales of treasury shares 2,338
Foreign-exchange differences 1,476
Total shareholders’ equity at 31 December 2006 813,943
Of which:
Share capital 360,000
Capital reserve 307,883
Reserve for general banking risks 60,000
Accumulated profit 36,206
Net profit for the year 61,092
Foreign exchange differences 860
Treasury shares –12,098
Treasury shares (bearer shares) in units
At 1 January 2006 97,528
Purchases 38,959
Sales –75,874
At 31 December 2006 60,613
Average transaction price (average cash value) CHF 199.60
Commitments contingent on the transfer or acquisition of the Bank’s own shares –
Bearer shares held by the Bank’s pension fund 10,000
Treasury shares reserved for a specific purpose –
Stock options held by persons close to the Bank –
Derivates on shares –

notes to the consolidated financial statements 2006
BCGE Group
1. Business activities and staff
The Banque Cantonale de Genève Group provides the services of a local
full-service bank and has the particular role of contributing to the
economic development of the canton and of the region.
Its activities include providing mortgage lending and commercial loans,
both to companies and for international trade. The Group is also active
in asset management and manages public offerings and placements in
the financial markets.
At the end of the year the Bank employed 775.5 persons when
converted to full-time equivalents (762.7 in 2005).
The Bank’s strategy is to outsource its information technology so as to
concentrate on high-value-added business in its own field. The contract
with Unicible Informatique Bancaire SA in Lausanne mainly relates to
accommodating and operating a central IT platform and databank and
printing and sending bank statements. The relationship is governed by
service contracts (SLA) in compliance with the Federal Banking
Commission’s CFB 99/2 circular on outsourcing.
The Bank has decided to adopt the IT platform developed by Finnova SA
Bankware, Lenzbourg. The full migration is planned for the 2nd half of 2008.
2. Agreements with the majority shareholder
The principles governing the transfer of certain assets from BCGE to
the Fondation de valorisation are set out in a tripartite agreement
signed on 27 July 2000 and in a supplementary agreement signed on
19 November 2001 between the canton of Geneva, the Banque
Cantonale de Genève and the Fondation de valorisation.
The agreement stipulates procedures for the disposal of the assets,
their financing and repayments between the Fondation de valorisation
and the Bank.
Pursuant to law number 8194 of 19 May 2000, the Bank must, as part
of the allocation of the annual profit and after making the necessary
provisions and allocations of sums to reserves to meet the
requirements of shareholders’ equity, reimburse the costs incurred by
the Fondation de valorisation immediately after the General Meeting
of Shareholders for the following:
• interest and other financial costs,
• operating costs,
• costs incurred to liquidate its property (other than taxes).
The Bank has signed a Financial Agreement with the State and the
Fondation which requires a tripartite agreement to be concluded
before the eligibility of these costs is recognised.
The State will take the place of the Bank for the part of the above costs
which remains unpaid by the Bank to the Fondation de valorisation. In
accordance with the Articles of Association, the Bank will reimburse
the State and the Fondation pro rata to the dividends distributed to the
shareholders (20% share).
These loans are guaranteed by a simple guarantee of the Republic and
Canton of Geneva up to a maximum sum of CHF 5 billion.
There is a provision for payment for this simple guarantee in the tripartite
Agreement. A remuneration of CHF 1 million was paid in respect of the
2006 financial year (CHF 1 million in 2005).
3. Principles governing the establishment of the consolidated
financial statements
Terms of reference
The accounts of the Banque Cantonale de Genève Group comply
with the Swiss Code of Obligations, the Federal Banking Act and
its executive ordinance and the accounting directives of the Federal
Banking Commission.
The Group accounts have been prepared according to the true and fair
view principle.
Closing date for the consolidated accounts
The accounts are closed on 31 December of each year.
Scope of consolidation
Banks, financial and real-estate firms whose consolidation makes an
important financial difference have been included in these financial
statements as follows:
Balance-sheet total
in CHF thousand
Banque Cantonale de Genève SA, Geneva 12,394,037
Dixence SAS, Puteaux (France) 373,007
Banque Cantonale de Genève (France) SA, Lyon 348,482
Anker Bank, Zurich 223,323
Investissements Fonciers SA, Lausanne 18,597
Compagnie Foncière Franco-Suisse SAS, Lyon 16,754
Synchrony Asset Management SA, Geneva 4,841
Changes to the scope of consolidation
In the year, the scope of consolidation was not changed.
Full consolidation
All Group companies in banking, finance and real estate, held as
permanent assets in which the parent company has a direct or indirect
stake of more than 50%, are fully consolidated.
The equity method
All permanently held Group companies in banking, finance and real
estate, in which the parent company has a direct or indirect stake of
between 20% and 50%, are consolidated under the equity method.
Consolidation process
On the purchase of an equity interest, the net book value of the
equity in the consolidated company is offset against the proportion of
the company’s total net assets these shares represent. Any difference
is recorded either as a valuation adjustment on the consolidated
balance-sheet or as goodwill.
Goodwill is shown on the balance-sheet as “intangible assets”.
Liabilities and receivables, as well as income and expenses from intercompany
transactions, are eliminated.
Profit and loss and balance-sheet items in foreign currencies are
converted into Swiss francs at the rate applying at year-end. Equity
55
BCGE – ANNUAL REPORT 2006

56
BCGE – ANNUAL REPORT 2006
notes to the consolidated financial statements 2006
BCGE Group
capital is converted at historical rates. The difference is accounted for
as a conversion difference.
Valuation methods
The consolidated financial statements are based on the Group
companies’ individual annual financial statements using uniform
accounting principles and valuation methods. Adjustments to
conform to the “true and fair view” are generally made to Treasury
shares and bonds by deducting the corresponding liabilities.
Recording dates
All transactions are recorded on the Group’s books at the date
of transaction.
Currencies, banknotes and precious metals
Positions held in currencies are converted into Swiss francs at the
following year-end rates:
Main currencies Unit Exchange rate Exchange rate
31.12.2006 31.12.2005
US dollar 1 1.2200 1.3123
euro 1 1.6076 1.5566
pound sterling 1 2.3984 2.2652
yen 100 1.0266 1.1171
Income and expenses are converted at the rate applying on the
transaction date.
Gains and losses arising on conversion are reported under the heading
“Results of trading operations”.
Cash and receivables from money-market instruments
Cash is reported on the balance-sheet at its nominal value. Book
receivables are recorded at cost.
Due from banks, customers and mortgage loans
Receivables and liabilities are recorded at their nominal values.
Receivables on the balance-sheet are valued at no more than the value
they represent for the Bank. Provisions made to cover potential losses
known or estimated at the balance-sheet date are booked as a
reduction in the value of the corresponding assets. Interest and
corresponding commissions which are unpaid 90 days from the due
date are considered corresponding assets. In such a case, they are only
shown in the profit and loss account at the time when payment is
actually made.
For consumer-credit portfolios (personal loans and leasing) consisting
of many similar loans, individual provisions are determined on a
portfolio basis using general historical data.
Repurchase and reverse repurchase agreements
Transactions in securities using repurchase and reverse repurchase
agreements (repos) are recorded on the books as follows:
• sums in cash that are transacted are recorded on the balance-sheet;
• the transfer of securities is not recorded on the balance-sheet so long
as the seller retains the rights to them;
• the subsequent transfer of received securities is entered on the
balance-sheet as a non-monetary liability at market value;
Trading portfolios
Securities held in portfolios are recorded on the balance-sheet at their
year-end market values. Results are recorded under “Results from
trading operations”.
In accordance with the Group’s principle of true and fair view, Treasury
bonds are not marked-to-market, but recorded at their nominal values
and reported by reducing the corresponding liability positions.
Treasury shares are recorded at Group level by deducting their
acquisition cost from shareholders’ equity, under a separate position
called “Treasury shares”. Payment of dividends and results of
subsequent transfers are attributed to “Capital reserve”.
Financial investments
Financial investments include securities held for the long term and
companies bought for strategic purposes and which are likely to be
sold in the medium term.
Other debt and equity investments are valued using the principle of the
lowest evaluation, whether at their lowest market value or at cost, less
any necessary adjustment.
Buildings acquired in the course of lending operations and intended for
resale are carried on the balance-sheet at cost, less any adjustments in
value and liquidation costs, on the principle of lowest market value.
Fixed assets
Fixed assets are carried on the balance-sheet at acquisition cost and are
subject to straight-line depreciation over their foreseeable life, but not
exceeding the following periods:
100 years buildings occupied by the Bank
10 years fixtures
8 years furniture and refurbishments
5 years office machines
3 to 5 years IT programmes and equipment
Intangible assets
Intangible assets comprise goodwill arising on first-time consolidation.
They are written down on a straight-line basis over periods of 5 or 20 years.
Twenty-year depreciation is justified by strategy and the value of the asset.
Taxation
An assessment of the taxes due for the year has been entered into the
accounts according to the income earned. The impact of delimiting the
Group’s taxes is shown under deferred taxes. Tax credits (tax losses)
have not been activated on conservatism principles.
Open derivative instruments
Positions in financial instruments open at year-end are reported at their
market values. Adjustments made to replacement values are accounted
for according to the intention underlying the transaction:
• active trading positions, at market price in the profit and loss account,
• hedging positions in accordance with the valuation of the underlying
transaction hedged.
In this last case, the replacement value is recorded in “compensation
accounts” under the heading “Other assets” or “Other liabilities”.

Reserve for general banking risks
The reserves for general banking risks are precautionary reserves
accumulated by making extraordinary charges to cover general
business risks. These reserves are taxed.
Modification of general accounting and valuation principles
Accounting and valuation principles have not been changed to any
great extent.
4. Risk management
Risk policies are approved or revised by the Board of Directors according
to legal requirements. These are consistently applied within the Group.
The Bank has set up different risk committees to assess, monitor and
manage risks.
Basic principles
Risk control is separated from operational units that generate revenue.
The Bank has set up a Risk Management department to strengthen the
front-office and control functions.
All members of the Executive Board are responsible for the revenues
and costs arising from positions of risk in their divisions, and must take
the necessary action to manage and reduce risk.
4.1 Consolidated supervision
The organisation of risk management within the Group is based on
the Bank’s own management principles. The aim is a comprehensive
understanding of risks and their uniform control at consolidated level.
The Risk Management department in the Finance and Risk Management
division consolidates positions and their analyses. It draws up monthly
reports and submits them to the Board of Directors on a quarterly
basis. The circulation of these reports and their systematic review with
the front departments during Risk and ALM committee meetings have
made the overall approach more effective. A single system consolidates
all individual positions and provides an overview. The operational data
from IT systems is reconciled to the accounting data monthly.
4.2 Credit risks
The lending policy determines the framework for all credit operations
and lays down different conditions which are to be applied depending
on the borrower’s financial situation and the type of transaction.
Collateral is assessed every year for commercial loans, at least every
5 years for second mortgages and every 10 years for first mortgages.
Security is further assessed in the event of renegotiation with the borrower.
Authority to grant credit is determined by the weighted value of the
commitment. The different authorities are the managers, the Credit
Committee and the Board of Directors.
Ratings are allocated to loans (A to E and F to I for contracts at risk)
and are updated by a dedicated system which provides information
for risk management.
Ratings are calculated objectively using a program that has been customised
for BCGE by its Administration and Credit Control division. The Risk
Management unit performs statistical analyses of these ratings. A
significant drop in ratings triggers a risk-assessment process, and if
necessary, the setting up of provisions and the transfer of the case to
the workout or the litigation departments.
The Operations and Control division deals with all loans. It reinforces
the formal checks and the information screening performed by the
front-office departments that grant the loans.
This Division monitors any instances of non-compliance with limits,
rating downgrades, risk concentrations by economic sector or
economic groups. The front Divisions (Corporate, Retail Banking and
Branch Network, Private Banking) carry out initial risk assessments
when providing services and granting credit.
The risk controls in place are regularly revised, adapted and enhanced.
A risk committee meets regularly. Overall credit-position reports are
circulated each month for all the credit items.
Each report breaks down the entire credit portfolio by type of loan
(commercial mortgages and residential mortgages at fixed or variable
rates being the main items), field of activity (NOGA codes) and rating
category.
A database compiles information on the amounts at risk in case of
default (EAD – Exposure at Default). Provisions are thus made for the
EAD amounts. A further list of cases handed over to the workout and
litigation departments shows the amount recovered and the amount
effectively lost (LGD – Loss Given Default). Information compiled on
these cases provides statistical data for forecasting.
These elements from the Advanced IRB method and the Basle II
agreements are supplemented by probability matrices on rating charges.
Non-performing and impaired loans are assessed individually and the
reduction in value is recorded in a correction to individual valuations.
Non-performing loans and collateral obtained are valued at liquidation
value taking into account any correction for the debtor’s solvency.
Off-balance-sheet transactions are also included in this assessment.
Major risks (significant risks within the meaning of Article 21 of the
Banking Ordinance) are regularly monitored and are submitted each
quarter to the Board of Directors and the independent auditors.
The Board of Directors reviews banks’ limits annually in the light of
financial fluctuations and geopolitical risks.
4.3 Risks associated with international trade finance
Risks associated with international trade finance are permanently
monitored and analysed. The dedicated IT system connected to the
risk-management system performs situation analyses, which list each
third party with their ratings, limits and outstanding financings.
Commodity analyses complete the picture. Off-balance-sheet positions
and indirect risks have been identified in the system.
4.4 Market risks
Market risks are due to changes in exchange rates, stock market prices and
interest rates.
The policy on interest-rate risks is approved by the Board, which delegates
its implementation to the Executive Board. The ALM (Asset and Liability
Management) Committee meets monthly. The Committee contributes to
decisions on steering the Bank’s balance-sheet in the light of possible
trends in business, the financial-market situation and other parameters. The
results of reports from the Risk Management department are presented
57
BCGE – ANNUAL REPORT 2006

58
BCGE – ANNUAL REPORT 2006
notes to the consolidated financial statements 2006
BCGE Group
and discussed at the ALM Committee. In compliance with legal
requirements, the ALM Committee analyses the effects of rate
fluctuations on income (short-term) and on value (long-term).
All significant trading transactions are tracked on a single system that
allows immediate assessment of risks. Connection to the centralised riskmanagement
computers also offers synchronised reports on capital
requirements for these trading transactions. An independent department
is tasked with permanently monitoring the trading transactions,
compliance with the limits and stop-loss arrangements. In order to meet
internal needs, the reports are supplemented by value-at-risk calculations.
The Risk Management department also monitors trading operations.
4.5 Risk concentration
The integrated IT system for risk management calculates the funding
requirement for each transaction and aggregates these by economic
groups. For the purpose of risk prevention, strict attention is paid to
possible credit bunching. The Fondation de valorisation has received
special dispensation in this regard. These positions are constantly
monitored and the quarterly regulatory report is compiled for internal
circulation.
4.6 Operational risks
Directives and instructions published by the regulatory bodies, in
particular the new anti-money-laundering measures, are analysed by
the Services and Compliance Administration department and the Risk
Management department as soon as they are published. They are
then presented at ad hoc committee meetings and implemented.
Administrative instructions and other internal directives are regularly
updated and made accessible on the Bank’s Intranet. Analysis of IT
vulnerability according to the MARION method (method of risk
analysis by level optimisation) is underway. The implementation of
procedures for operational-risk control established according to the
Basle II directives has started.
4.7 Legal risks
The legal department reports directly to the CEO. Its mission is to
identify legal risks, defend the Bank’s interests and support asset
managers in their client relationships. The legal department gets
involved once a potential risk has been identified. It assesses the
problem and, if appropriate, retains an external lawyer with whom it
handles the case. Potential risks are examined on a case-by-case basis.
Provisions for legal risks are booked as liabilities under “Valuation
adjustments and provisions”.
The Bank is currently involved in legal proceedings related to its past,
acting, depending on the case, as defendant or plaintiff. The outcome
of these proceedings cannot for the time being be predicted.

5. Information relating to the consolidated financial statements
5.1 Summary of collateral for loans and off-balance-sheet operations Type of collateral
Other Without
Mortgages collateral collateral Total
in CHF thousand in CHF thousand in CHF thousand in CHF thousand
Loans
Due from clients 398,041 2,564,751 1,209,418 4,172,210
Mortgages, of which: 6,121,264 2,254 65,801 6,189,319
• Residential real estate 4,956,826 2,254 65,801 5,024,881
• Office and business premises 768,093 – – 768,093
• Industrial property 242,514 – – 242,514
• Other 153,831 – – 153,831
Total loans 31.12.2006 6,519,305 2,567,005 1,275,219 10,361,529
Total loans 31.12.2005 6,478,338 2,952,042 1,565,362 10,995,742
Off-balance-sheet items
Contingent liabilities – – 498,244 498,244
• Guarantees / sureties – – 137,203 137,203
• Documentary credits – – 361,041 361,041
Irrevocable commitments 9,160 1,700 309,447 320,307
Commitments to subscribe capital or pay further sums – – 39,011 39,011
Acceptances – – 22,989 22,989
Off-balance-sheet total 31.12.2006 9,160 1,700 869,691 880,551
Off-balance-sheet total 31.12.2005 5,420 3,800 777,645 786,865
Estimated Individual
liquidation value valuation
Gross amount of guarantees Net amount adjustments
Impaired loans in CHF thousand in CHF thousand in CHF thousand in CHF thousand
31.12.2006 292,033 25,370 266,663 266,663
31.12.2005 685,381 114,887 570,494 570,494
5.2 Securities and precious metals held in trading portfolios, 31.12.2006 31.12.2005
financial investments and participations in CHF thousand in CHF thousand
Securities and precious metals held in trading portfolios
• Debt securities
- listed (traded on a recognised securities market) 20,916 9,109
• Equity securities 240 1,610
• Precious metals 2,724 3,059
Total securites and precious metals held in trading portfolios 23,880 13,778
59
BCGE – ANNUAL REPORT 2006

60
BCGE – ANNUAL REPORT 2006
notes to the consolidated financial statements 2006
BCGE Group
5.3 Financial investments Book value Fair value
31.12.2006 31.12.2005 31.12.2006 31.12.2005
in CHF thousand in CHF thousand in CHF thousand in CHF thousand
Financial investments
Debt securities 319,995 231,700 321,575 232,294
of which valued by the accrual method – – – –
of which valued at lowest price 319,995 231,700 321,575 232,294
Investments 29,929 35,920 43,148 48,927
of which significant shareholders* 5,470 10,515 6,617 13,070
Real estate 30,623 10,754 30,623 10,754
Total financial investments 380,547 278,374 395,346 291,975
of which collateral eligible for repos
in accordance with liquidity rules 317,586 160,681
*minimum 10% of capital or of votes
5.4 Investments consolidated by the equity method 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Without quoted value 22,624 19,741
Total investments consolidated by the equity method 22,624 19,741
5.5 Scope of consolidation
Capital
Company, head office Business in thousand % stake
Fully consolidated
Banque Cantonale de Genève (France) SA, Lyon Bank EUR 15,250 100
Anker Bank, Zurich Bank CHF 20,000 100
Synchrony Asset Management SA, Geneva Institutional asset management CHF 2,000 100
Investments consolidated by the equity method
Compagnie Foncière Franco-Suisse SAS, Lyon Real estate EUR 2,088 33.3
Dixence SAS, Puteaux Real estate EUR 12,075 41.4
Investissements Fonciers SA, Lausanne Fund manager CHF 1,000 42.0
The Bank has other insignificant minority holdings.

notes to the consolidated financial statements 2006
5.6 Fixed assets 31.12.2005 31.12.2006
in CHF thousand in CHF thousand
Historical Accumulated Book Investments Disposals Amortisation Book
cost amortisation value value
Investments
Investments consolidated
by equity method 19,741 – 19,741 3,957 –1,074 – 22,624
Total investments 19,741 – 19,741 3,957 –1,074 – 22,624
Real estate
Bank premises 146,542 –14,503 132,039 673 –16 –3,699 128,997
Other premises 78,127 –23,706 54,421 – – –1,172 53,249
Total real estate 224,669 –38,209 186,460 673 –16 –4,871 182,246
Other tangible assets 35,203 –20,981 14,222 5,408 –33 –6,373 13,224
Total tangible assets 259,872 –59,190 200,682 6,081 –49 –11,244 195,470
Intangible assets
(consolidation goodwill) 20,358 –8,986 11,372 – – –975 10,397
Fire insurance value of real estate 513,457 342,154
Fire insurance value of other tangible assets 108,530 111,947
Commitments: future liabilities on operating leases – –
5.7 Other assets and liabilities 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
other other other other
assets liabilities assets liabilities
Replacement values of financial instruments 43,685 43,068 40,598 68,966
Clearing account – 51 12,330 –
Spread of gains on swaps – 1,478 – 2,191
Federal tax 1,059 15,410 3,732 13,280
Securities & coupons 4,447 619 1,842 708
Issue costs/bond issues to be amortised 3,138 – 4,495 –
Other 3,189 4,875 4,329 3,176
Total 55,518 65,501 67,326 88,321
61
BCGE – ANNUAL REPORT 2006

62
BCGE – ANNUAL REPORT 2006
BCGE Group
5.8 Assets pledged or assigned against the Bank’s commitments and assets sold with retention of title
On 31.12.2006
in CHF thousand
Book value of assets pledged Effective
or consigned as collateral commitments
Swiss National Bank
Limit 100,000 –
Nominal value of securities and debts pledged – –
Swiss electronic exchange
Nominal value of pledged securities 24,062 24,600
Mortgage-backed securities
(Centrale d’emission de lettres de gage des banques cantonales suisses)
Nominal value of mortgage securities kept aside 3,466,878 3,439,816
Total borrowings 2,323,000 2,401,000
Securities lending and repo transactions
31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Claims resulting from a cash pledge when borrowing securities
or entering into a repurchase agreement 801,000 415,000
Commitments resulting from cash received in securities lending or repo transactions – –
Securities held for own account, lent or transferred as collateral
for securities lending or repo transactions – –
of which securities with unrestricted rights of subsequent sale or pledge – –
Securities received as collateral in securities lending and borrowing and
in repo transactions, with unrestricted rights of subsequent sale or pledge 801,719 414,760
of which securities sold or remitted to a third-party as collateral – –

5.9 Liabilities towards own pension plans
The BCGE pension plan constitutes the Group’s main pension fund
covering all the Bank’s employees as well as the workforces of some
Swiss affiliated companies.
* The audited annual accounts of the pension fund as at 31 December
2006 are not available.
The pension fund decided on a change of its regulations on
1st January 2007. A one-off additional contribution of
CHF 5.27 million was paid by employers.
.
31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Towards the pension fund – –
As a custodian bank 20,957 17,267
Employer’s contribution reserve
As at 31 December 2005 there was no employer’s contribution reserve in the accounts of the pension fund*.
Economic benefit / obligation and pensions contributions Pension fund
in CHF thousand overestimate of costs
31.12.2006
Amount of overestimate of costs in the pension fund accounts as at 31.12.2005*: 20,413
Economic benefit 490
Change in the economic benefit or obligation 490
Contribution adjusted to the period (including the result of the employer’s contribution reserve) 11,716
Extraordinary contribution in case of application of time-limited measures in order to absorb shortfalls –
Pension contributions with significant influencing factors – as part of payroll costs 16,986
The Bank entered into the books the non-allocated part of the one-off payment under a change in the pension fund regulations.
63
BCGE – ANNUAL REPORT 2006

64
BCGE – ANNUAL REPORT 2006
notes to the consolidated financial statements 2006
BCGE Group
5.10 Outstanding bond issues
5.10.1 Bonds and mortgage-backed bonds 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Bonds 782,975 1,205,230
Mortgage-backed bonds 2,323,000 2,401,000
Total 3,105,975 3,606,230
Average interest at year-end 3.57% 3.50%
5.10.2 Bonds
Nominal Securities held Outstanding Amount
Maturity Year Interest amount only by the bank amount by maturity
at call / final of issue rate % in CHF thousand in CHF thousand in CHF thousand in CHF thousand
2007 1997 4.00 200,000 1,765 198,235
2007 2000 2.08 50,000 – 50,000 **
2007 1997 4.25 100,000 3,000 97,000 * 345,235 2007
2008 1998 4.25 120,000 2,120 117,880 * 117,880 2008
2009 1999 3.25 100,000 140 99,860
2009 1997 4.00 100,000 – 100,000 199,860 2009
2014 2004 3.50 120,000 – 120,000 * 120,000 2014
Total 790,000 7,025 782,975
of which subordinated debt 340,000 5,120 334,880
* = Subordinated
** = Libor-based private placements

5.11 Valuation adjustments and provisions, as well as reserves for general banking risks
Recoveries,
non-performing
Utilisation interest,
Balance at according exchange New Releases of Balance at
end 2005 to purpose differences provisions provisions 31.12.2006
in CHF thousand in CHF thousand in CHF thousand in CHF thousand in CHF thousand in CHF thousand
Valuation adjustments and
provisions for default risks
(collection and country risk) 596,398 –305,738 –5,958 24,839 –15,820 293,721
Valuation adjustments
and provisions on
financial investments 12,516 –4,463 – 3,511 –467 11,097
Valuation adjustments
and provisions for
other operating risks 24,437 –151 –134 5,655 –20,801 9,006
Other provisions 21,382 –19,584 – – –1,798 –
Total valuation adjustments
and provisions 654,733 –329,936 –6,092 34,005 –38,886 313,824
Valuation adjustments directly
netted with assets –628,506 – – – – –305,091
Total valuation adjustments
and provisions as per balance-sheet 26,227 – – – – 8,733
Reserve for general banking risks 10,000 – – 50,000 – 60,000
In the Group accounts and in accordance with legal requirements, the valuation adjustments and provisions are recorded gross.
The change in impaired loans, particularly the progress of collection procedures for old operations justified the use of previously constituted provisions
of CHF 306 million.
65
BCGE – ANNUAL REPORT 2006

66
BCGE – ANNUAL REPORT 2006
notes to the consolidated financial statements 2006
BCGE Group
5.12 Maturity structure of current assets, financial investments and debt
Sight Redeemable Time to maturity Fixed assets Total
at notice
Within 3 to 12 12 months More than
3 months months to 5 years 5 years
Current assets in CHF thousand
Cash 138,937 – – – – – – 138,937
Money-market instruments 10 – 198,963 99,308 – – – 298,281
Due from banks 73,351 – 912,644 66,087 – – – 1,052,082
Due from clients 812,991 839,545 104,638 1,201,706 920,438 292,892 – 4,172,210
Mortgages 52,853 942,809 248,425 774,441 3,033,682 1,137,109 – 6,189,319
Trading portfolios 23,880 – – – – – – 23,880
Financial investments 32,321 – – 19,920 169,557 128,109 30,640 380,547
Total current assets
31.12.2006 1,134,343 1,782,354 1,464,670 2,161,462 4,123,677 1,558,110 30,640 12,255,256
31.12.2005 1,194,607 1,844,638 1,236,148 2,215,671 4,576,144 1,370,757 11,419 12,449,384
Debt
Money-market instruments 464 – – – – – – 464
Due to banks 68,290 – 152,647 115,627 40,190 56,367 – 433,121
Due to clients on savings
and deposit accounts 721,630 3,888,300 – – – – – 4,609,930
Due to clients, other 1,857,662 – 1,313,067 178,889 34,864 – – 3,384,482
Medium-term notes – – 6,231 7,935 55,852 4,788 – 74,806
Mortgage-backed bonds – – 321,095 446,000 1,343,880 995,000 – 3,105,975
Total debt
31.12.2006 2,648,046 3,888,300 1,793,040 748,451 1,474,786 1,056,155 – 11,608,778
31.12.2005 2,627,695 4,122,075 1,365,114 775,524 2,123,652 872,092 – 11,886,152
5.13 Amounts due to/from affiliates and loans to officers 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Due from affiliates 1,940,637 2,516,041
of which Fondation de valorisation 1,579,249 2,159,527
Due to affiliates 73,529 66,047
Loans to officers 4,132 4,471
Due from affiliates (excluding the Fondation de valorisation) are mostly mortgages to property development foundations created under public law of
the Canton of Geneva. Due to affiliates correspond to the current accounts of these foundations created under public law. Operations with the
Fondation de valorisation are carried out in conditions that are in accordance with those applied to public institutions.
Loans to officers of the Bank are mainly mortgage loans granted to directors and members of the Executive Board at conditions identical to those
granted to other Bank employees.
Loans and liabilities in respect of qualifying persons noted at the foot of the balance-sheet result from banking transactions executed at conditions
granted to public bodies.
The Bank paid CHF 4.6 million in fees to the Canton of Geneva for the simple guarantee on the loans to the Fondation de valorisation (CHF 1 million)
and for the guarantee on savings accounts (CHF 3.6 million).

5.14 Assets and liabilities by domestic and foreign origin 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Domestic Foreign Domestic Foreign
Assets
Cash 130,609 8,328 115,313 25,975
Money-market instruments 298,281 – 299,321 13,872
Due from banks 512,219 539,863 506,657 200,352
Due from clients 3,298,707 873,503 3,705,323 1,099,380
Mortgages 6,159,985 29,334 6,166,162 24,877
Trading portfolios 11,840 12,040 13,350 428
Financial investments 133,968 246,579 119,544 158,830
Investments consolidated by the equity method 7,447 15,177 6,886 12,855
Fixed assets 194,901 569 200,391 291
Intangible assets 10,397 – 11,372 –
Accrued income and prepaid expenses 28,498 3,246 31,309 3,272
Other assets 54,550 968 66,767 559
Total assets 10,841,402 1,729,607 11,242,395 1,540,691
Liabilities
Money-market instruments 464 – 3,308 –
Due to banks 318,457 114,664 301,394 12,655
Due to clients on savings and deposit accounts 4,108,575 501,355 4,354,998 507,217
Due to clients, other 3,066,136 318,346 2,702,297 330,325
Medium-term notes 74,806 – 67,728 –
Bonds and mortgage-backed bonds 3,105,975 – 3,606,230 –
Accrued expenses and deferred income 72,794 1,260 75,112 2,068
Other liabilities 65,404 97 86,227 2,094
Valuation adjustments and provisions 8,733 – 26,227 –
Reserve for general banking risks 60,000 – 10,000 –
Share capital 360,000 – 360,000 –
Capital reserve 307,883 – 305,545 –
Retained earnings 36,206 – 3,372 –
Treasury shares –12,098 – –18,889 –
Foreign-exchange differences 860 – –616 –
Net profit for the year 61,092 – 45,794 –
Total liabilities 11,635,287 935,722 11,928,727 854,359
5.15 Total assets by country or group of countries 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Amount % Amount %
Europe
France 627,986 5.0 853,581 6.6
Germany 237,331 1.9 22,560 0.2
United Kingdom 170,272 1.4 126,582 1.0
Austria 122,544 1.0 2,238 0.0
Other 276,103 2.2 265,496 2.4
United States 71,096 0.6 63,752 0.5
Other 224,275 1.7 206,482 1.5
Assets abroad 1,729,607 13.8 1,540,691 12.2
Domestic 10,841,402 86.2 11,242,395 87.8
Total assets 12,571,009 100.0 12,783,086 100.0
67
BCGE – ANNUAL REPORT 2006

68
BCGE – ANNUAL REPORT 2006
notes to the consolidated financial statements 2006
BCGE Group
5.16 Balance-sheet by currency 31.12.2006
Currencies
in CHF thousand
CHF USD EUR OTHER METALS
Assets
Cash 98,502 1,799 36,282 2,354 –
Money-market instruments 298,271 10 – – –
Due from banks 853,646 100,344 49,298 39,397 9,397
Due from clients 2,852,811 557,428 758,944 3,027 –
Mortgages 6,186,209 195 2,915 – –
Trading portfolios 21,156 – – – 2,724
Financial investments 380,071 269 207 – –
Investments consolidated by the equity method 15,765 – 6,859 – –
Fixed assets 194,901 – 569 – –
Intangible assets 10,397 – – – –
Accrued income and prepaid expenses 29,585 – 2,154 5 –
Other assets 54,550 – 968 – –
Total asset positions 10,995,864 660,045 858,196 44,783 12,121
Delivery claims from spot exchange deals, forward
exchange deals and currency option transactions 738,938 251,110 319,252 4,869 –
Total assets 11,734,802 911,155 1,177,448 49,652 12,121
Liabilities
Money-market instruments 415 21 28 – –
Due to banks 73,189 95,188 244,243 20,501 –
Due to clients on savings and deposit accounts 4,571,861 – 38,069 – –
Due to clients, other 2,907,414 161,801 284,018 19,929 11,320
Medium-term notes 74,806 – – – –
Bonds and mortgage-backed bonds 3,105,975 – – – –
Accrued expenses and deferred income 71,513 63 2,422 56 –
Other liabilities 60,685 – 4,816 – –
Valuation adjustments and provisions 6,903 1,830 – – –
Reserve for general banking risks 60,000 – – – –
Share capital 360,000 – – – –
Capital reserve 307,883 – – – –
Retained earnings/accumulated deficit 36,206 – – – –
Treasury shares –12,098 – – – –
Foreign exchange differences 860 – – – –
Net profit for the year 61,092 – – – –
Total liability positions 11,686,704 258,903 573,596 40,486 11,320
Delivery claims from spot exchange deals, forward
exchange deals and currency option transactions 85,911 659,211 560,844 7,949 –
Total liabilities 11,772,615 918,114 1,134,440 48,435 11,320
Net position by currency –37,813 –6,959 43,008 1,217 801

5.17 Open derivative instruments at year-end TRADING INSTRUMENTS HEDGING INSTRUMENTS
Positive Negative Contract Positive Negative Contract
replacement replacement volume replacement replacement volume
value value in CHF value value in CHF
in CHF thousand in CHF thousand thousand in CHF thousand in CHF thousand thousand
Interest-rate instruments
Forward contracts inc. FRAs – 155 1,200,000 4 14 500,000
Swaps – – – 21,956 22,193 2,412,861
Futures – 50 3,732 – – –
Options (OTC) – – – 3,769 2,219 508,271
Total interest-rate instruments – 205 1,203,732 25,729 24,426 3,421,132
Currencies /precious metals
Forward contracts inc. FRAs 12,359 12,543 944,351 – – –
Combined interest rate and currency swaps 4,634 4,956 326,492 – – –
Options (OTC) 355 330 43,326 – – –
Total currencies /precious metals 17,348 17,829 1,314,169 – – –
Equity securities/indices
Futures 3 3 2,060 – – –
Exchange-traded options 605 605 18,472 – – –
Total equity securities/indices 608 608 20,532 – – –
Total at 31.12.2006 17,956 18,642 2,538,433 25,729 24,426 3,421,132
Total at 31.12.2005 4,603 27,566 1,236,291 35,995 41,400 2,733,373
The Bank did not enter into any specific netting contracts
5.18 Interest income 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Loans to banks and clients 396,018 387,719
Bills of exchange and money-market instruments 4,142 3,848
Interest and dividends earned on financial investments 6,750 13,438
Interest and dividends earned on trading portfolios 806 1,130
Total 407,716 406,135
5.19 Interest expenses 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Banks 6,886 8,888
Clients 62,962 59,742
Debts 106,345 116,612
Subordinated debts 14,409 23,104
Other 24,767 14,615
Total 215,369 222,961
69
BCGE – ANNUAL REPORT 2006

70
BCGE – ANNUAL REPORT 2006
notes to the consolidated financial statements 2006
BCGE Group
5.20 Trading results 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Currency and banknote trading, including derivatives 15,935 12,729
Precious-metal trading 464 963
Securities trading 359 483
Total 16,758 14,175
5.21 Payroll expenses 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Salaries and bonus payments 90,200 85,622
Social security benefits 7,509 8,309
Contributions to the pension fund 16,986 11,181
Other staff expenses 5,415 4,024
Total 120,110 109,136
5.22 Other operating expenses 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Occupancy expenses 10,652 10,262
IT expenses 37,275 37,272
Office equipment, furniture, vehicles 485 247
Other operating expenses 36,429 37,891
Total 84,841 85,672

5.23 Depreciation of fixed assets 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Permanent installations 4,871 4,757
Appliances, fixtures and telecommunications, IT programs and equipment 4,638 5,639
Office equipment, furniture and vehicles 1,735 1,856
Intangibles 975 975
Total 12,219 13,227
5.24 Valuation adjustments, provisions and losses 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Valuation adjustments and provisions for recovery risks on loans – 5,407
Valuation adjustments and provisions for other operating risks – 21,806
Other provisions – 2,237
Total – 29,450
5.25 Extraordinary income 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Valuation adjustments and provisions for recovery risks on loans –9,019 –
Transfer of provisions for other operating risks (operational) 15,146 –
Other provisions 1,798 –
Sale of fixed assets 9 750
Other 454 921
Total 8,388 1,671
5.26 Extraordinary expenses 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Commission for the Canton of Geneva’s simple guarantee
on the loan to the Fondation de valorisation 1,000 1,000
Reserve for general banking risks 50,000 10,000
Other extraordinary expenses – –
Total 51,000 11,000
5.27 Income and expenses of ordinary banking activities 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Domestic Foreign Domestic Foreign
Income from interest-rate operations 183,859 8,488 175,671 7,503
Income from commissions and services 91,017 3,874 84,991 2,679
Income from trading 16,758 – 13,927 248
Other ordinary income 18,090 919 7,439 3,040
Operating expenses –198,339 –6,612 –189,153 –5,655
Gross profit 111,385 6,669 92,875 7,815
71
BCGE – ANNUAL REPORT 2006

72
BCGE – ANNUAL REPORT 2006

corporate governance
1. Group and shareholder structure 74
2. Capital structure 75
3. Board of Directors 76
4. Executive Board 80
5. Remuneration, holdings and loans 82
6. Shareholders’ participation rights 83
7. Opting-out and defensive measures 83
8. Independent auditor 83
9. Information policy 84
The report below describes the management and supervisory principles of the BCGE Group. It is structured according to the Corporate Governance
directive of the SWX Swiss Exchange (hereafter SWX) which applies to the year at 31 December 2006 and is numbered according to it. Gaps in the
numbering indicate that the corresponding paragraphs of the directive do not apply to BCGE.
73
BCGE – ANNUAL REPORT 2006

74
BCGE – ANNUAL REPORT 2006
corporate governance
1. Group and shareholder structure
1.1 Group structure
1.1.1 Operational structure
The Banque Cantonale de Genève (hereafter BCGE) is a limited company
established by public law according to Article 763 of the Swiss Code of
Obligations. It has the status of a cantonal bank as defined by the
Federal Banking Act. It was registered in the Geneva Trade Register on
17 December 1993 and conducts its business under the registered name
of “Banque Cantonale de Genève SA”. The registered office and
management of the Bank are in Geneva. The Bank is listed on the SWX.
Stock number 164268
ISN number CH0001642682
Stock market capitalisation (31.12.2006) CHF 355,001,760
(1,479,174 at
CHF 240 closing price)
The organisation chart of the BCGE Group is on page 12. The underlying
principles of this organisation are as follows:
• BCGE is organised in six divisions, run by members of the Executive
Board of which the composition and responsibilities are described
on page 22 of this report.
• Coordination of the divisions and benefits from synergies
applicable across all divisions are ensured on the one hand by a
matrix operating structure and on the other hand by the CEO
and his office.
• The underlying operation of the above is reinforced by various
committees which have been allocated major responsibilities or
controls by the Executive Board. The principal committees are
described in the table below:
Principal committees
Credit Committee
Strategy Committee
Asset and Liability
Management Committee
Risk Committee
IT Strategy Committee
Credit Risk Commission
Responsibilities
Decisions linked to credit business
Placement and investment strategy
Analyses and monitors the financial policy and monitors the
balance-sheet and rate risks
Analyses strategic risks and monitors related activities
IT strategy and monitoring of its implementation
Decisions linked to specific credit businesses (litigation, workout)
as well as non-strategic financial investments
1.1.2 Scope of consolidation
The scope of consolidation is shown on page 55.
It particularly includes the following companies (fully-owned subsidiaries):
• Anker Bank (www.ankerbank.ch), Zurich,
share capital of CHF 20 mio;
• Banque Cantonale de Genève (France) SA (www.bcgef.fr), Lyon,
share capital of EUR 15,250,000;
• Synchrony Asset Management SA (www.synchrony.ch), Geneva,
share capital of CHF 2 mio.
Chairman
Claude Bagnoud
Alain Spadone
Blaise Goetschin
Eric Bourgeaux
Blaise Goetschin
Emile Rausis
Deputy Chairman
Blaise Goetschin
Jean-Luc Lederrey
Eric Bourgeaux
Emile Rausis
Jean-Marc Joris
Bernard Matthey

1.2 Major shareholders
Information on the major shareholders known to BCGE as at 31 December 2006 is set out in the following table:
A and B Par Par Total
Shareholders Bearer registered Total bearer share reg. share nominal % %
shares shares votes value in CHF value in CHF value votes capital
Canton of Geneva 538,636 2,510,443 3,049,079 53,863,600 125,522,150 179,385,750 53.30 49.83
City of Geneva 147,270 1,208,106 1,355,376 14,727,000 60,405,300 75,132,300 23.69 20.87
Municipalities 5,963 523,103 529,066 596,300 26,155,150 26,751,450 9.25 7.43
Shares or votes of
public authorities 691,869 4,241,652 4,933,521 69,186,900 212,082,600 281,269,500 86.24 78.13
Total votes and capital 1,479,174 4,241,652 5,720,826 147,917,400 212,082,600 360,000,000
1.3 Cross holdings
The BCGE is not aware of the existence of any cross holdings
exceeding 5% of the capital or of the totality of shares with voting rights.
2. Capital structure
2.1 Capital
The capital of the Bank currently amounts to CHF 360,000,000.
2.2 Authorised or conditional capital increases
There are at present no provisions in the Articles authorising the Board
of Directors to increase the capital (authorised increase) or to permit a
conditional capital increase (conversion or option rights).
2.3 Changes in the share capital
No changes have been made to the share capital over the last three years.
2.4 Shares and participation certificates
The capital is composed of “A” and “B” registered shares and bearer
shares making a total of 5,720,826 shares, all fully paid-up:
• 2,651,032 “A” registered shares, each with a par value of CHF 50
• 1,590,620 “B” registered shares, each with a par value of CHF 50
• 1,479,174 bearer shares, each with a par value of CHF 100
The bearer shares are listed on the Swiss SWX stock exchange. The
registered shares are exclusively held by public authorities of Geneva
and are not listed.
Each share grants the right to one vote (one share – one vote) as well
as a proportional part of the net profits of a company.
There is no capital participation.
* Articles of Association of the Banque Cantonale de Genève: http://www.bcge.ch/statuts
** Law on the Banque Cantonale de Genève: http://www.bcge.ch/loi-bcge
2.5 Dividend certificate
There is no dividend certificate.
2.6 Transfer restrictions and registration of nominees
Registered shares are only transferable between public authorities.
Additionally, each municipality is obliged to keep at least 2,010
“A” registered shares of a par value of CHF 50 each (Articles of
Association*, art. 4).
Restrictions on transfer can only be lifted by a change in the Law on
the Banque Cantonale de Genève (hereafter BCGE**), subject to a
referendum.
With regard to the registration of nominees, this clause does not apply
to Banque Cantonale de Genève.
2.7 Convertible bonds and options
The BCGE has not issued any convertible bonds or options.
75
BCGE – ANNUAL REPORT 2006

76
BCGE – ANNUAL REPORT 2006
corporate governance
3 à 3.2 Board of Directors
The Board of Directors is composed of 11 non-executive members,
chaired by Mr Michel Mattacchini.
Mattacchini Michel
Chairman
born 20 February 1946
Swiss
He was elected to the Board of Directors at the 2001 General Meeting by
the bearer shareholders. He has been Chairman of the Board of Directors
since 1 June 2002.
Professional career:
His banking career has been with Société de Banque Suisse in Geneva and
Basle and later in New York. He was subsequently placed in charge of the
business division (multinationals), Swiss companies, real-estate, networks,
branches, Rhône-Alpes and institutional investors. From 1999 to 2001 he
was responsible for recovery management at UBS in French-speaking
Switzerland. He retired from UBS in 2001 and continued working as an
independent director and consultant.
Other activities:
Director and deputy chairman of Parking de la Place de Cornavin SA,
Geneva. Director and chairman (since April 2006) of BISA, Boulangerie
Industrielle SA. Director of Parking Plaine de PlainPalais SA and Parking de
Villereuse SA. Director since February 2006 of TV Léman Bleu SA. Member
since November 2006 of the Transport-Handicap Foundation Council.
Rivollet Jean-Claude
Board Member
born 12 August 1941
Swiss
A member of the Board of Directors since 2002, he was elected at the
General Meeting by the bearer shareholders.
Professional career:
He has held a federal diploma as a chartered accountant since 1970.
Until 1982 he worked with the audit company Bourquin Frères et
Béran SA. From 1982 to 1988 he worked as a self-employed chartered
accountant in Geneva. Since 1989 he has been a managing director of
Fiduciaire d’Expertise et de Révision SA in Geneva.
Other activities:
He is a member of the council of the pension fund at Banque
Cantonale de Genève and a director of TV Léman Bleu SA.
Note: No Director
• has any operational position within BCGE or any BCGE Group
company
• is or has been a member of the Executive Board of BCGE or of a
BCGE Group company during the last three financial years
preceding the period under review
• has any close relationships with BCGE or a BCGE Group company
Terrier Michel
Secretary of the Board
born 22 July 1944
Swiss
He was appointed to the Board of Directors in June 2000 by the
Association of Geneva Municipalities.
Professional career:
After training with Banque Pasche SA in Geneva, he joined the
Banque Scandinave en Suisse in 1965, which subsequently became
Banque Edouard Constant SA. He left that institution in 1999 after
being head of the treasury department (stock market, foreign
exchange, bank listings). He is also active as a financial consultant.
Other activities:
–
Bals Ion
Board member
born 24 June 1942
Swiss
He was elected to the Board at the 2001 General Meeting by the
bearer shareholders. He is also a member of the Bank Committe.
Professional career:
After studying electronic engineering at the Ecole Polytechnique he was
Managing Director of Orbisphère from 1985 to 1999 and Chairman of
the Board of Directors of Orbisphère from 1992 to 1999.
Other activities:
Member of the Fondation immobilière Patrimoine. Member of the
board of D.H. Wright Foundation for Science in Geneva. He is also a
member of the Board of Directors of Omnisens, a start-up company
operating on the site of the Federal Polytechnic in Lausanne.
Benelmouffok Asma
Board member
born 1 February 1966
Swiss
She has been a member of the Board of Directors since April 2004
when she was appointed by the State Council to represent the
canton’s registered shareholders.
Professional career:
She holds a law degree from the University of Geneva and passed the
Geneva bar exam in 1991. She has practised import-export law
abroad and was appointed legal consultant to UEB, a subsidiary of
BNP, in 1993. From 1998 onwards she was Director of the Legal and
Recovery (workout) departments and created a unit to combat money
laundering. She also played an active role in the merger of BNP and
Paribas and has been a member of the Board of BNP Paribas (Suisse)
SA since 2001, where she is Director of Legal Affairs and Workout.
Since April 2004 she has run her own business negotiation and
mediation company.
Other activities:
–

Clerc Bernard
Board member
born 27 February 1946
Swiss
He was appointed to the Board of Directors by the Geneva City Council
in May 2002.
Professional career:
A civil servant, he trained as a social worker at the Social Studies Institute
in Geneva, where he worked for various Geneva social services. He is
currently in charge of research at the Hospice Générale de Genève.
Other activities:
He is a member of the board of the pension fund at Banque
Cantonale de Genève and a member of the Association for Taxation
of Financial Transactions for the Assistance of Citizens (ATTAC-Geneva).
Grobet-Wellner Mariane
Board Member
born 22 May 1947
Swiss and Swedish
She was appointed to the Board of Directors by the Geneva State Council
in October 2000. She has also been a member of the Bank Committee
since her appointment to the Board.
Professional career:
She has a degree in economics and works as a freelance economist.
A colleague of Mr Joseph Ziegler, a FIR trustee from 1976 to 1992,
a member of the ICC (later FID) cantonal commission for matters
regarding imports from 1981 to 2001, a member of the cantonal
commission of experts determining levels of funding for rental
properties (LIPP III) since 2002.
Other activities:
A member of the Executive Committee of Asloca-Geneva since 1980.
She was elected to the Geneva Grand Council in 1997 and re-elected
in 2001 and 2005 on the Socialist party ticket. President of the tax
commission and vice president of the Finance Board commission.
A member of the Emile Gourd Foundation board since 2001. President
of the UOG (Université ouvrière de Genève – Geneva Workers’ University).
Knapp Fabienne
Board Member
born 9 February 1965
Swiss
Appointed to the Board of Directors by the State Council in 2006, she
is also a member of the Control Committee.
Professional career:
She holds a diploma in computer engineering from EPFL as well as a
masters in banking and financial sciences from HEC in Lausanne. She
has worked as a computer engineer and financial consultant in banking
organisation and strategy and in risk management, particularly for
Sherwood Alliance, Reuters, André & Cie and Darier Hentsch.
Other activities:
–
Mage Patrick
Board member
born 31 July 1949
Swiss
He was appointed to the Board by the State Council in 2006 and is also
chairman of the Control Committee.
Professional career:
Following training in business and banking he was an intern in Geneva,
Zurich, London and in the US. He has studied at business schools in the US
and Switzerland. From 1982 to 2004 he was a manager in Geneva banks:
until 1995 in the commercial department of Union des Banques Suisses, in
1996 as general manager of Banque Populaire Suisse and from 1997 at
Credit Suisse in various departments of the bank where he was on the
regional management committee.
Other activities:
Between 1997 and 2001 he was treasurer of the committee of the
Chambre Genevoise Immobilière. Since retiring from the Credit Suisse
Group (Switzerland) in 2004 he has been a consultant.
Schurink Ton
Board Member
born 12 May 1946
Swiss and Dutch
He was appointed to the Board of Directors in 2006 at the General
Meeting by bearer shareholders and is also a member of the
“Appointments and Remuneration” Committee
Professional career:
A specialist in the trading of raw materials, financial products, maritime
transport and financial arrangements linked to commercial and
international financial operations. For more than 30 years he worked
for the international trading multinational Cargill in Amsterdam, Paris
and Geneva. In 2001 he founded CFT Advisory Services, a management
consultancy for risks in the area of international trading.
Other activities:
He is a director of Cefetra B.V., Rotterdam, Navemar SA, Fribourg and
Oceana SA, Coire and SJB Suisse SA, Carouge and was a director of
Farnair Switzerland AG, Basle until 21.12.2006.
Sekkiou Mourad
Board Member
born 5 October 1957
Swiss
He was appointed to the Board of Directors in 2006 by the Municipal
Council of Geneva.
Professional career:
Has held a diploma as a lawyer in Geneva since 1987, a masters in
banking and finance law from Boston University as well as in Swiss and
French law obtained from Geneva and Lausanne Universities. A lawyer
at the Geneva bar and associate in chambers in Geneva, he is mainly
active in the fields of banking and commercial law and in litigation.
Other activities:
–
77
BCGE – ANNUAL REPORT 2006

78
BCGE – ANNUAL REPORT 2006
corporate governance
3.3 Interdependencies
The members of the Board of Directors do not sit on the boards of
other listed companies.
3.4 Election and duration of appointment
The eleven directors are elected or appointed as follows:
• Registered shareholders:
- five members appointed by the State Council
- two members appointed by the city of Geneva
- one member appointed by the other Geneva municipalities
• Bearer shareholders:
- three members elected by the bearer shareholders at the
General Meeting
The duration of a director’s appointment is four years and can be
renewed twice. In case of being appointed during the administrative
period, the duration of the appointment is limited to the duration of
this period. The appointment ends on the day of the General Meeting
following the date on which a director has reached his/her seventieth
birthday at the latest. The procedures for appointing and putting
forward candidates are governed by article 11 of the Articles of
Association* and article 12 of the LBCGE**.
Director Year first appointed Current term ends Number of times reappointed Eligible for reappointment
Mattacchini Michel 2001 2010 2 no
Bals Ion 2001 2010 2 no
Benelmouffok Asma 2004 2010 1 yes
Clerc Bernard 2002 2010 1 yes
Grobet-Wellner Mariane 2000 2010 2 no
Knapp Fabienne 2006 2010 0 yes
Mage Patrick 2006 2010 0 yes
Rivollet Jean-Claude 2002 2010 1 yes
Schurink Ton 2006 2010 0 yes
Sekkiou Mourad 2006 2010 0 yes
Terrier Michel 2000 2010 2 no
3.5 Internal organisation
3.5.1 Allocation of tasks within the Board of Directors
• Chairman: Michel Mattacchini
• Deputy chairman: Jean-Claude Rivollet
• Secretary: Michel Terrier
3.5.2 Committees of the Board of Directors
The Board of Directors can appoint permanent committees responsible
for examining the various activities of the Bank and reporting to it.
Currently, only one committee has been appointed, named
“Appointments and remuneration”. Its role is to give notice of the
appointment of members of the Management and Executive Boards
as well as the remuneration of the members of the Executive Board,
the Board of Directors and the Head of Internal Audit. It is made up of
three members of the Board of Directors.
3.5.3 Working methods
The Board of Directors meets at least fifteen times a year. In 2006 it
met 23 times at meetings that lasted an average of 3.75 hours. It is
chaired by the Chairman of the Board of Directors or, in his/her
absence, by the Vice Chairman or Secretary. It may hold
extraordinary meetings if business so requires or at the request of
four of its members or of the auditors. The Board can only take
decisions if the majority of its members are present. Decisions are
taken by simple majority of the members present and the Chairman
casts the deciding vote if there is a tie. Minutes are taken of each
meeting, signed by the Chairman of the meeting and the Secretary
and approved at the next meeting. The members of the Board of
Directors must be able to consult files relating to the points placed
on the agenda twenty-four hours before the meeting starts at the
latest. The Chief Executive Officer or his replacement participates
with a consultative vote in the meetings of the Board of Directors
but does not take part in the votes or the elections. He/she may
require the presence of other members of the Executive Board or
third parties if he/she thinks it necessary. In 2006 this was the case
at each meeting of the Board of Directors. Should there be conflicts
of interest, the members of the Board of Directors must decline to
make any comment whenever they are directly or indirectly involved.

The Board of Directors can set up permanent or ad hoc committees
to study particular subjects. These committees have no decisional
power and are responsible for reporting to the Board of Directors.
The permanent “Appointments and Remuneration” committee is
composed of the following members: Asma Benelmouffok, Chair,
Ion Bals and Ton Schurink, members. It meets when an appointment
requires it at least once a year to decide on the remuneration
pertaining to it. In 2006 it met 5 times. The permanent committee
presents its reports at meetings of the Board of Directors.
3.6 Powers
The powers and duties of the Board of Directors are defined under
article 12 of the LBCGE** and 16 of the Articles of Association*.
Additionally, the management and organisational regulations provide
that the Board of Directors decides on:
1. strategic and financial plans
2. the annual budget on the proposal of the Executive Board
3. approval with the Control Committee of a three-year plan of the
tasks to be accomplished by internal audit to cover all the
controls considered necessary, the opinion of the Board of
Directors being decisive
4. the general framework of the limits of risks
5. granting large sums of risk-credits and credits for which it is
responsible
6. risk policies, particularly with regard to credit, rates, countries
and insurance, on the proposal of the Executive Board. It reviews
these policies when necessary
7. the information to be received in the area of risk control
8. the strategic framework of operation of the Executive Board in
setting credit and savings rates
9. the strategic framework of operation of the Executive Board in
relation to treasury, exchange operations, investment and
custody accounts as well as other stocks
10. the policy of the Bank in relation to real-estate assets
11. approving any purchase or transfer of holdings on a permanent basis
12. the purchase and transfer of capital goods for the Bank, of
financial investment holdings as well as of real-estate subject to
the responsibilities of the Executive Board under art. 18 ch. 3 of
the present regulations
13. cancellation of debts, observance of out-of-court settlements,
postponing debts or transfers of debts for amounts higher than
CHF 2,000,000 or if the commitment was the subject of a
decision of the Board of Directors
14. the appointment within it of two directors as members of the
Control Committee and the appointment of its Chairman
15. the appointment of the members of the Executive Board after prior
notification by the “Appointment and Remuneration” committee
16. the appointment, in the form of ratification, of the members of the
management and deputy members of the management after prior
notification by the “Appointments and Remuneration” committee
17. the general policy relating to salaries and social welfare
18. the salaries of the members of the Executive Board and members
of the internal audit on prior notification by the “Appointment
and Remunerations” committee
19. periods of prohibition on the purchase and sale of shares in the
Bank or other sensitive shares for staff and units during closed
periods
* Articles of BCGE: http://www.bcge.ch/statuts
** Law on BCGE: http://www.bcge.ch/loi-bcge
20. ratifying proposals for appointments of representatives of the
Bank as directors with holdings included in the scope of
consolidation
21. the appointment of representatives of the employer with the
council of the staff pension fund on the proposal of the
Executive Board
The powers and duties of the Executive Board are defined in
article 22 of the Articles of Association*. Additionally, management and
organisational regulations provide for the following duties and powers:
a) duties
1. to prepare and submit the strategic and financial plans of the
Bank to the Board of Directors
2. to draw up the necessary documents and proposals for the
senior management of the Bank to take decisions
3. to prepare the annual budget and submit it to the Board of
Directors
4. to ensure that the structures and organisation of the Bank comply
with legal obligations and the best practises of the profession
5. to ensure that the Bank has a sufficiently high profile in
economic circles
6. to guarantee that the decisions of the Bank’s senior management
are correctly implemented
7. to take decisions for which other units of the Bank are not
responsible for by law, the Articles of Association or internal
regulations
8. to propose for ratification the appointment of representatives of
the Bank as directors for holdings included in the scope of
consolidation
9. to appoint representatives of the Bank as directors for holdings
not included in the scope of consolidation
b) powers to decide on:
1. setting interest rates in the strategic framework provided by the
Board of Directors
2. loans, treasury investments and exchange operations
3. the purchase and transfer of capital goods for the Bank, of
financial investment holdings, as well as real estate which is not
intended for use by the Bank for an amount not exceeding CHF
5,000,000. This ceiling does not apply to negotiable securities,
which are authorised in the general framework of risk limits
4. the maintenance and renewal of real estate for CHF 3,000,000
at the most per building
5. the appointment of executives and commercial agents
6. setting the salaries of all the Bank’s staff except itself and the
internal auditor
7. internal regulations on Bank operations, where they are not
governed by law, the Articles of Association or the present
regulations
8. supervising compliance with regulations on liquidity,
shareholders’ equity and risk sharing
9. determining the necessary rules for the application of risk
management policy and submitting these for approval by the
Board of Directors
10. setting limits for country and interest-rate risks, bank and market risks
and submitting these limits to the Board of Directors for approval
11. regularly submitting to the Board of Directors reports on business
development (financial statements, analyses, major transactions
and events, etc) and any other reports that may be requested by
the Board
79
BCGE – ANNUAL REPORT 2006

80
BCGE – ANNUAL REPORT 2006
corporate governance
12. establishing a quarterly list of all the major risks defined by Article
21 par. 1 of the Federal Banking Ordinance on the form drawn
up by the Federal Banking Commission for the attention of the
Board of Directors.
3.7 Information and control mechanisms
The Board of Directors periodically evaluates information resources, their
content and their adequacy to its needs. It sets up an information system
among the Bank units of which the Chairman of the Board is the
guarantor. The Executive Board informs the Board of Directors of the
progress of the Bank’s business at each meeting and reports on the issues
that require it. The Chairman of the Board of Directors, the Executive
Board, the control committee, internal audit and the independent auditor
must provide the Board of Directors with any information that would
enable it to perform its supervisory function, particularly on the progress
of business and operations in various sectors, including subsidiaries. This
becomes a reality in the following ways among others:
• The Chairman of the Board of Directors is provided with weekly
reports of the Executive Board’s meetings
• Report from the Chairman of the Executive Board at each
meeting of the Board of Directors on the progress of business
• Quarterly reports on risk control and major risks by the risk
management and compliance manager
• Monthly report of results by the CFO
• Reports on control tasks carried out within the Group by the
internal audit manager and quarterly monitoring of the resulting
recommendations
• Oral report on the activity of the control committee at each
meeting, by its Chairman
• Half-yearly presentation of Balanced Scorecards of the divisions
by their managers (MDG)
• Half-yearly report of the independent auditor
The Control Committee
Among other things the Control Committee aims to supervise compliance
with the legal, statutory and regulatory provisions applicable to the Bank,
as well as bank usages, and to ensure liaison and coordination between the
Board of Directors, internal audit and the independent auditor. It is made
up of three members, two directors appointed by the Board of Directors
and the third member appointed by the State Council. The member of the
Control Committee appointed by the State Council cannot be a civil
servant. He/she is subject to banking secrecy. Its current members are
Patrick Mage and Fabienne Knapp, both directors, and Jean-Blaise Conne,
a chartered accountant and a partner in PricewaterhouseCoopers,
appointed by the State Council. Its powers and responsibilities are
governed by art. 24 ff of the Articles*. In 2006 the Control Committee met
for 24 ordinary meetings.
Internal audit
Internal audit is an independent unit attached to the Board of
Directors, with particular responsibility for evaluating the effectiveness
of the Bank’s current risk management and internal control process. It
may make proposals to improve their efficiency and regularly submits
the audit reports it prepares and its progress reports to the Board of
Directors. Its duties are governed by article 30 of the Articles*. As at
31 December 2006 the department had a staff of 8 equivalent full-time
auditors. The Head of Internal Audit is Mrs Monique Seiss Baudry who
holds a diploma in economics.
* Articles of BCGE: http://www.bcge.ch/statuts
** Law on BCGE: http://www.bcge.ch/loi-bcge
4 to 4.2Executive Board
The Executive Board is made up of 7 members, chaired by Mr Blaise
Goetschin. It is appointed for an indefinite period but its members are
obliged to resign at the latest at the end of the calendar year during
which they have reached the age of sixty-five.
Goetschin Blaise
Chief Executive Officer
born 1 September 1957
Swiss
Professional career:
He holds a degree from the HEC at Lausanne University and began his
professional career in 1982 as an auditor with PriceWaterhouse in
Geneva. In 1985 he joined Crédit Suisse, first in Zurich as deputy vice
president, capital markets, and then in New York as an executive in the
corporate banking department. In 1990 he became a member of the
Executive Board in charge of corporate-finance operations in Frenchspeaking
Switzerland, Berne and Basle. In 1993 he was given
responsibility for corporate finance/private companies for the whole of
Switzerland. In 1995 he was appointed by the State Council of the
Canton of Vaud to take charge of the cantonal finance department.
From 1998 to 2000 he was general manager of the Fiduciary Trust
Bank, private and institutional management, the Swiss subsidiary of
this New York-based group. He has been chief executive officer of
Banque Cantonale de Genève since 1 October 2000.
Other activities:
Blaise Goetschin is Chairman of Anker Bank SA and of Synchrony Asset
Management SA, Chairman of the Supervisory Board at Banque
Cantonale de Genève (France) SA, Chairman of the Board of Centrale
de Lettres de Gage of the Swiss cantonal banks, Director of La Foncière,
Investissements SA, member of the board of the Banque Cantonal de
Genève staff pension fund, committee member of the board of the
Union of Swiss Cantonal Banks, member of the board of the Swiss
Bankers Association, member of the board of the Geneva Financial
Center Foundation, member of the board of the Geneva Chamber of
Commerce and Industry, deputy chairman of the Higher Institute for
Training in Banking in Geneva, member of the committee of the
Society for Economic and Social Studies in Lausanne and of the
committee of the Centre for Military History and Forecasting in Pully.

Bourgeaux Eric
Head of the Finance and Risk Management
Division (CFO)
Deputy to the Chairman of the Executive Board
born 31 May 1956
Swiss and French
Professional career:
He is a graduate of the Higher Commercial School of Paris and holds a
DECS degree. He began his professional career with KPMG Paris as an
auditor and consultant. From 1982 to 1986 he was an auditor with
PriceWaterhouse in Geneva. From 1986 to 1988 he was manager of
Asea Capital, which subsequently became the ABB World Treasury
Centre in Geneva and from 1988 to 1996, manager and late-general
manager of Nokia Finance International BV, Geneva. From 1998 to
2000, he was a director of Clariden Bank and from 1997 to 2000
manager of André & Cie, Lausanne. He has been Head of the Finance
and Risk Management Division and a Member of the BCGE Executive
Board since 1 December 2000.
Other activities:
He is a member of Supervisory Board of Banque Cantonale de Genève
(France) SA, member of the Board of Synchrony Asset Management
SA, member of the Supervisory Board of Compagnie Foncière Franco-
Suisse, board member of Asia Pacific Performance, Luxembourg and
member of the Supervisory Board of Dixence SAS, Puteaux.
Bagnoud Claude
Head of Corporate Division
born 1 January 1964
Swiss
Professional career:
He is a graduate of the Higher School of Business in Geneva and holds
a diploma from IMD Lausanne, Executive Development Programme
(1999). Claude Bagnoud began his professional career as an
accountant with the Geneva Industrial Services. In 1990 he joined the
commercial credits department of the Banque Hypothécaire du
Canton de Genève. He was manager in 1991 and became head of the
commercial-credit department from 1994 to 1995. From 1996 to
1999 he was in charge of the real-estate and commercial-credit
section for the general market. In 1996 he was appointed to the
management. In 1999 he did a training course in London. In 2000, he
was section head in the industries, trade and services department. In
May 2001 he was appointed to the Executive Board with responsibility
for the Corporate Division.
Other activities:
A director of Synchrony Asset Management SA, member of the
Supervisory Board of Banque Cantonale de Genève (France) SA,
member of the board of the La Gravière Industrial Foundation,
member of the Supervisory Board of Compagnie Foncière Franco-
Suisse, member of the board of the Palais des Expositions Foundation
and the Hall 6 Foundation, member of the Supervisory Board of
Dixence SAS, Puteaux and member of the Technical Commission of
the Union of Geneva Employers’ Association (UAPG).
Kroon Johan Bernard Alexander
Head of the Retail Banking and
Branch Network Division
born 28 May 1963
Dutch
Professional career:
With an MBA and a Master of International Management from
Thunderbird University (Arizona, USA) he began his professional career
in 1987 with Citibank in Dusseldorf. From 1991 to 1994 he gained
further experience in Germany with Citicorp Diners Club Deutschland
in Frankfurt. From 1995 to 1997 he was Marketing Manager with the
Citibank US & Europe Consumer Bank in Brussels, and from 1997 to
1999, Marketing and Strategic Planning Manager at the Citibank
Private Bank in Geneva. He was Marketing Manager for Deutsche Bank
International Private Banking in Geneva from 1999 to 2000. He then
went on to become Head of Strategy and Marketing with JP Morgan
Private Bank in Geneva. In May 2002 he became a member of the
BCGE Executive Board responsible for the Retail Banking and Branch
Network Division.
Other activities:
He is Chairman of the Board of the Transferable Pension Fund
Foundation of BCGE and of the Savings Foundation Epargne 3,
member of the Boards of the Swisscanto Transferable Pension Fund
Foundation, of the Swisscanto Collective Foundation and of the
Swisscanto Supra Collective Foundation.
Rausis Emile
Head of the Operations and Control Division
born 31 August 1957
Swiss
Professional career:
He holds a federal banking diploma (CFC) and began his career in
1977 with Société de Banque Suisse in Monthey. From 1978 to 1984
he worked in the credit department of SBS in Geneva and was
appointed junior manager on 1 April 1982. From 1984 to 1985 he
worked as credit manager with the Executive Board in the credit
department in Basle, responsible for the branches in French-speaking
Switzerland. From 1985 to 1986 he was back in Geneva as head of a
customer credit group. From 1 April 1986 to 1988 he was a company
officer at Société de Banque Suisse in charge of SME customers. He
joined Banque Hypothécaire du Canton de Genève in 1989 as deputy
manager and pursued his career in the credit field. In 1991 he was
appointed deputy manager responsible for a loans department and
substitute for the head of the commercial division. In 1996 he took
charge of finance and support for the SME department. In April
2001 he was appointed a member of the Executive Board and is now
Head of the Operations and Control division.
Other activities:
–
Note: No member of the Executive Board
• has previously held any other position with BCGE or a BCGE
Group company
• has a permanent executive or advisory position with major Swiss
or foreign lobbies
• has any official functions or serves any political term
81
BCGE – ANNUAL REPORT 2006

82
BCGE – ANNUAL REPORT 2006
corporate governance
Spadone Alain
Head of the Private Banking Division
born 23 April 1949
Swiss and French
Professional career:
He holds a degree from the Panthéon Sorbonne University in Paris and
began his professional career as the headmaster of a private school
from 1974 to 1986. From 1987 to 1991 he was a financial analyst
with Fransad Finance in Geneva. He was also employed in a similar
capacity by the Canadian Imperial Bank in Geneva from 1991 to 1992.
From 1992 to 1996 he was a financial analyst and asset manager with
the Union Bancaire Privée in Geneva. He served as a financial analyst
and institutional manager with the Société Fiduciaire Suisse in Geneva
from 1997 to 2000 when he was appointed Head of the Investment
Strategy and Financial Analysis department at BCGE. He was
appointed to the Executive Board of BCGE in 2002 with responsibility
for private banking.
Other activities:
He is a member of the Board of Anker Bank SA Zurich, a member of
the Supervisory Board BCGE (France) SA, Lyon and a member of the
Board of Swissca Holding SA, Berne.
Joris Jean-Marc
Head of the Operations and Information Technology
Division
born 10 september 1968
Belgian
Professional career:
He holds a degree in business and finance from the ICHEC, Brussels
and in 1993 worked in the capital markets department of Dexia
Luxembourg. From September 1993 to June 1997 he was a project
manager in the Information Risk Management department of KPMG.
From June 1997 to March 2002, he was deputy manager, head of
business development at the ING Baring Private Bank in Geneva.
Jean-Marc Joris joined BCGE in April 2002 as a member of the
management in charge of the logistics department and as interim
manager of the IT department. On 1 July 2003 he was appointed
member of the Executive Board, heading the Operations and IT division.
Other activities:
He is a member of the board of the Fondation Immobilière Patrimoine,
Geneva and a member of the BCGE pension fund council.
4.3 Management Contracts
BCGE outsources its main IT operations to Unicible SA (Prilly), a
company that is fully owned by Banque Cantonale Vaudoise. A
collaboration framework agreement with detailed appendices in
accordance with the CFB 99/2 circular on outsourcing governs
relations between the Bank and Unicible. Hence, Unicible provides
the Bank with its essential IT services such as operation, maintenance
and hosting of banking systems, management of its PC stock and
Windows servers, user support, etc. Most service contracts were
renewed in December 2004 for 3 years. All the service contracts
linked to the implementation of the new IT system were renewed in
November 2006 for a minimum period of 3 years starting from
30.09.08. The Unicible SA IT services were costed at CHF 29,781,106
in 2006, consisting of CHF 27,878,379 operating, support and
maintenance costs and CHF 1,902,727 in development costs.
5. Remuneration, holdings and loans
5.1 Setting remuneration
On the proposal of the “Appointments and Remuneration” committee,
the Board of Directors sets the director’s fees and indemnities of its
members, the Chairman and, if need be, directors who have been made
responsible for particular, regular or occasional tasks. The members of
the Board of Directors do not benefit from a profit-sharing scheme.
On prior notification of “Appointments and Remuneration”, the Board
of Directors annually sets the salaries of the members of the Executive
Board with regard to both fixed and variable amounts. Fixed
remuneration is set within the context of a comprehensive sum
allocated to the bank and decided by the Board of Directors. It takes
into account the job, individual expertise and the market rate. The
variable part takes into account the bank’s overall profit margin and is
linked to the level of quantitative and qualitative objectives reached by
each division. Additionally, each member of the Executive Board enjoys
the same profit-sharing scheme as the other colleagues (see page 36).
5.2 Remuneration to members of management bodies
5.2.1 Board of Directors and Executive Board
The BCGE Board of Directors was reduced to 11 members on 15 June
2006. The remuneration below indicates the amounts paid to
members of the Executive Board, the members of the serving Board of
Directors and members whose appointment ended during the year.
Total remuneration of the Board of Directors and the Executive Board
in 2006: CHF 4,836,591
5.2.2 Distribution by unit
a) Total remuneration of the serving Board of Directors as at
31 December 2006: CHF 721,027
of which
Fixed fees: CHF 466,027
Attendance fees: CHF 225,000
Entertainment allowance: CHF 30,000
b) Overall remuneration of the Executive Board in 2006:
CHF 3,946,654
5.2.3 Departure pay
150 shares were allocated to the eight members of the Board of
Directors who had reached the end of their appointment on 15 June 2006.
5.3 Remuneration to former members of the Board of Directors
Total remuneration of the members of the Board of Directors whose
appointments ended on 15 June 2006: CHF 168,910
of which
Fixed fees: CHF 84,000
Attendance fees: CHF 53,680
Number of shares granted CHF 31,230
5.4 Grant of shares during the financial year
The following numbers of shares were granted to members of the
management bodies during the 2006 financial year under the various
shareholding and stock option schemes:
Number of bearer shares:
members of the Executive Board 982
members of the Board of Directors –

5.5 Holdings
The total number of shares as at 31 December 2006 (including shares
held during the financial year) by the members of the management
bodies:
Number of bearer shares:
members of the Executive Board (and relatives) 4,420
members of the Board of Directors (and relatives) 680
5.7 Additional payments and fees
No such payments were made in 2006.
5.8 Loans to company units
Average Amount Duration Number of
interest rate people
Board of
Directors
+ relatives
1,636,400 7
Mortgages 3.20% 1,636,400 54.75 months 7
EB + relatives 2,314,300 8
Mortgages 1.71% 2,194,300 19.75 months 7
Guaranteed 3.50% 120,000 undefined 2
5.9 Highest remuneration of the Board of Directors in 2006:
CHF 256,009
of which
Fixed fees: CHF 194,009
Attendance fees: CHF 32,000
Entertainment allowance: CHF 30,000
6 Shareholders’ participation rights
6.1 Limitation and representation of voting rights
No limits exist on voting rights.
6.2 Quorum
The General Meeting is validly constituted irrespective of the number
of shares represented. Decisions and elections are by an absolute
majority of the votes allocated to the shares represented. Decisions
concerning the adoption and amendment of the Articles of Association,
such as notice of a merger, takeover or dissolution of the Bank, require
a two-thirds majority of the share capital. For a second round of
voting in elections, a simple majority suffices. In the case of a tie, the
Chairman of the General Meeting has the casting vote. Elections are
by secret ballot. At the request of 30% of the voters present, other
decisions can also be taken by secret ballot.
6.3 Convening of the General Meeting
The ordinary General Meeting is held annually within six months of the
end of the financial year. An extraordinary General Meeting may be
convened as often as necessary, particularly by one or more shareholders
representing at least one-tenth of the share capital by indicating their
objective. If necessary, the independent auditors may also convene an
extraordinary General Meeting. The General Meeting must be convened
by the Board of Directors at least 20 days in advance by placing a notice in
the Feuille d’avis officielle de la République et canton de Genève and in the
Feuille officielle Suisse du commerce.
6.4 Agenda items
The Board of Directors is required to place on the agenda individual
proposals, which are subject to a vote, provided that they are presented in
writing by shareholders at least 20 days before the General Meeting. No
decision can be taken on matters that are not on the agenda, except for a
decision to convene an extraordinary General Meeting.
7. Taking control and defensive measures
There is no statutory opting-out, opting-up clause, or provisions for
taking control.
8. Independent auditor
At the ordinary General Meeting of 15 June 2006 the brief of the
Bank’s auditor, Deloitte SA, was renewed for the year 2006.
8.1 Duration of the audit brief and of the brief of the
auditor-in-charge
The brief of the independent auditor, which started on 1 January 2001,
is renewed each year by the General Meeting of Shareholders. Since
1 January 2006 the auditor-in-charge according to the legal provisions
applicable to banks has been Mr Alexandre Buga.
8.2 Independent auditors’ basic fees
31.12.2006 31.12.2005
Audit of the BCGE Group 927,500 909,000
of which BCGE only 740,000 710,000
8.3 Additional fees
Additional audit fees essentially consist of the cost of a brief
examination of the half-yearly consolidated accounts, as well as various
other certifications required according to specific legal requirements.
31.12.2006 31.12.2005
Audit of the BCGE Group 169,500 194,000
of which BCGE only 160,000 180,000
In 2006 additional fees of CHF 191,325 not linked to auditing were paid
to Deloitte SA in Switzerland (CHF 264,410 in 2005).
8.4 Information on independent auditors
In 2006 the auditor was asked to participate in 4 meetings with the
entire Board of Directors and 4 meetings with the control committee.
These meetings related to the planning and recovery of work linked to
auditing the BCGE Group.
The Board of Directors, Control Committee and internal audit receive
reports from the auditor.
83
BCGE – ANNUAL REPORT 2006

84
BCGE – ANNUAL REPORT 2006
corporate governance
9. Information policy
The Board of Directors expresses its views through its Chairman.
The Chief Executive Officer is the official spokesperson of the Bank.
He/she delegates the management of information to the Office and
Communications department. The head of this department is directly
subordinate to him / her.
Media Language Form / addressee URL Calendar
Annual Report F/GB Printed / Internet http://www.bcge.ch/rapport-annuel 15 April 2007
General Meeting F 24 April 2007
Link push and pull F/GB Internet or written request http://www.bcge.ch/contact-investisseur permanent
Annual and half-yearly results F/GB Press conference / printed / Internet http://www.bcge.ch/resultats March & August
Press releases F/D/GB Swiss written and electronic media http://www.bcge.ch/communiques March & August
Dialogue Magazine F Printed / Internet http://www.bcge.ch/dialogue 3x per year
Institutional publications F/GB Printed / Internet http://www.bcge.ch/publications regularly
Information for shareholders
Press releases are distributed according to news events and needs. They
are available from www.bcge.ch. The Group publishes its investment
philosophy and other strategic information in the form of brochures
which can also be obtained from the Internet. The Group addresses
itself to French- and German-speakers as well as to financial analysts so
as to inform them of business developments and their prospects
at press and telephone conferences, particularly on publication of
annual and half-yearly results. The Group maintains regular relations
with the Geneva public authorities, particularly through presentations
and seminars organised at its premises or theirs. Shareholders are
invited to address their questions to the Board of Directors or the
Executive Board particularly via actionnaires@bcge.ch. Documents
published by Banque Cantonale de Genève are available at BCGE
branches, subsidiaries and on the parent company website. Some of
them are available in English and / or German.
Contact persons
Investor relations and institutional communications
Nicolas de Saussure
Tel: +41 (0)22 317 27 27
Fax: +41 (0)22 809 22 11
actionnaires@bcge.ch
Financial institutions
Yves Spörri
Tel: +41 (0)22 317 27 27
Fax: +41 (0)22 809 34 77
yves.spoerri@bcge.ch
Office of the CFO
Claire Ackermann
Tel: +41 (0)22 317 27 27
Fax: +41 (0)22 809 24 63
claire.ackermann@bcge.ch

Gilbert (aged 62), a self-employed
civil engineer, is married,
with two grown-up children.
When you run your own business or are self-employed, you
need to pay particular attention to your retirement plan. As you
are not obligated to make pension contributions and do not
receive the employer’s contributions, self-employed persons
have to arrange their retirement plans themselves. You also
have to guard yourself against loss of income in case of illness or
disability, and also protect your company and family against the
risks of bankruptcy or death. Finally, you need to make sure you
are ready to hand over your business, when the time comes, in
the best possible circumstances.
A complex situation, on which the BCGE Pension Advice Centre
can shed some useful light.
85
BCGE – ANNUAL REPORT 2006

86
BCGE – RAPPORT ANNUEL 2006

parent company accounts 2006
parent company
balance-sheet before allocation 88
profit and loss account 89
statement of shareholders’ equity 90
notes to the financial statements 91
1. Notes on activity and staff 91
2. Accounting and valuation principles adopted in the annual accounts 91
3. Risk management 91
4. Notes to the parent company accounts 91
4.1 Assets pledged or assigned against the Bank’s commitments and assets with retention of ownership 91
4.2 Liabilities pledged to the Bank’s pension and retirement fund 92
4.3 Amounts due to/from affiliates and loans to officers 92
4.4 Depreciation of fixed assets 92
4.5 Extraordinary income 92
4.6 Extraordinary expenses 92
4.7 Share capital 92
4.8 Major shareholders and groups of shareholders bound by voting agreements 92
4.9 Valuation adjustments and provisions, as well as reserves for general banking risks 92
4.10 Off-balance-sheet transactions 93
4.11 Trading results according to sector 93
4.12 Other assets and liabilities 93
proposal for the allocation of the profit 95
87
BCGE – RAPPORT ANNUEL 2006

88 parent company
BCGE – ANNUAL REPORT 2006
balance-sheet before allocation
31.12.2006 31.12.2005 Change
Notes in CHF thousand in CHF thousand in CHF thousand
Assets
Cash 128,370 112,523 15,847
Money-market instruments 298,281 313,193 –14,912
Due from banks 1,275,338 939,515 335,823
Due from clients 3,797,426 4,445,761 –648,335
of which Fondation de valorisation 1,579,249 2,159,527 –580,278
Mortgages 6,117,732 6,136,022 –18,290
Trading portfolios 43,073 51,980 –8,907
Financial investments 378,254 277,709 100,545
Investments in Group companies 91,947 91,478 469
Fixed assets 183,469 187,897 –4,428
Accrued income and prepaid expenses 29,037 31,846 –2,809
Other assets 4.12 51,110 66,061 –14,951
Total assets 12,394,037 12,653,985 –259,948
Total subordinated loans 30,370 36,888 –6,518
Total due from Group companies and qualified participants 468,011 581,363 –113,352
of which total claims on the Canton of Geneva 66,891 178,866 –111,975
Liabilities
Money-market instruments 415 3,308 –2,893
Due to banks 445,031 377,823 67,208
Due to clients on savings and deposit accounts 4,584,020 4,830,408 –246,388
Due to clients, other 3,222,773 2,841,590 381,183
Medium-term notes 74,710 67,614 7,096
Bonds and mortgage-backed bonds 3,113,000 3,631,000 –518,000
Accrued expenses and deferred income 70,037 73,144 –3,107
Other liabilities 4.12 60,054 85,167 –25,113
Valuation adjustments and provisions 4.9 7,667 25,280 –17,613
Reserve for general banking risks 4.9 60,000 10,000 50,000
Share capital 4.7 360,000 360,000 –
General legal reserve 334,851 304,851 30,000
Retained earnings 840 543 297
Net profit for the year 60,639 43,257 17,382
Total liabilities 12,394,037 12,653,985 –259,948
Total subordinated debt 340,000 440,000 –100,000
Total due to Group companies and qualified participants 261,429 346,291 –84,862
of which total due to the Canton of Geneva 102,326 201,954 –99,628
Off-balance-sheet operations
Contingent liabilities 487,947 489,595 –1,648
Irrevocable commitments 319,747 213,740 106,007
Commitments to subscribe capital or pay further sums 39,011 39,011 –
Loans by acceptances 22,990 7,840 15,150
Financial derivatives:
- underlying amounts 5,959,832 3,984,388 1,975,444
- positive replacement values 43,406 40,725 2,681
- negative replacement values 43,258 69,308 –26,050
Fiduciary transactions 4.10 180,976 141,727 39,249

profit and loss account
parent company
31.12.2006 31.12.2005 Change
Notes in CHF thousand in CHF thousand in CHF thousand
Interest income and expenses
Interest and discount income 385,043 379,960 5,083
Interest and dividends from trading portfolios 1,315 1,085 230
Interest and dividends from financial investments 7,037 13,417 –6,380
Interest expenses –216,260 –223,532 7,272
Net interest income 177,135 170,930 6,205
Commission and fee income
Commission income from loan transactions 33,328 33,356 –28
Commission income from trading, securities and deposits 36,337 30,481 5,856
Commission income from other services 15,720 19,117 –3,397
Commission expenses –8,511 –9,910 1,399
Net commission and fee income 76,874 73,044 3,830
Net result of trading operations 4.11 18,825 12,586 6,239
Other ordinary income
Income from the sale of financial investments 9,734 1,415 8,319
Income from investments 1,289 1,455 –166
Real-estate income 1,831 1,695 136
Other ordinary income 7,005 6,904 101
Other ordinary expenses –2,875 –815 –2,060
Other ordinary income, net 16,984 10,654 6,330
Total operating income 289,818 267,214 22,604
Operating expenses
Payroll expenses –106,207 –96,656 –9,551
Other operating expenses –75,253 –77,311 2,058
Net operating expenses –181,460 –173,967 –7,493
Gross profit 108,358 93,247 15,111
Depreciation of fixed assets 4.4 –9,406 –10,038 632
Valuation adjustments, provisions and losses –660 –29,184 28,524
Result before extraordinary items and taxes 98,292 54,025 44,267
Extraordinary income 4.5 58 1,732 –1,674
Extraordinary expenses 4.6 –36,000 –11,000 –25,000
Taxes –1,711 –1,500 –211
Net profit for the year 60,639 43,257 17,382
89
BCGE – ANNUAL REPORT 2006

90
BCGE – ANNUAL REPORT 2006
statement of shareholders’ equity
parent company
in CHF thousand
Shareholders’ equity at 1 January 2006
Share capital 360,000
General legal reserve 304,851
Reserve for general banking risks 10,000
Profit 43,800
Total shareholders’ equity at 1 January 2006 718,651
Allocation to the general legal reserve from the previous year’s profit –30,000
Dividends –12,960
Other allocations 30,000
Allocation to reserve for general banking risks 50,000
Profit for the year ended 31.12.2006 60,639
Total shareholders’ equity at 31 December 2006 816,330
of which
Share capital 360,000
General legal reserve 334,851
Reserve for general banking risks 60,000
Profit 61,479

notes to the financial statements
parent company
1. Notes on business and staff
The Bank’s business and the outsourcing of its IT system are described in the notes to the consolidated accounts.
Staff numbers 31.12.2006 31.12.2005
- Full-time equivalents 682.90 687
- Number of employees 748 747
2. Accounting and valuation principles adopted in the annual accounts
The financial statements of the parent company are drawn up according to Group principles with the exception of the restatement of certain items
to present a true and fair representation of the consolidated accounts, principally the treatment of Treasury bonds and shares. In addition,
companies within the scope of consolidation and presented in note 3 to the consolidated accounts are valued at the acquisition cost less
depreciation where judged appropriate.
3. Risk management
Please refer to paragraph 4 of the notes to the consolidated accounts for our statements on risk management (page 57).
4. Notes to the parent company accounts
4.1 Assets pledged or assigned against the Bank’s commitments Book value of assets
and assets with retention of ownership pledged or assigned Commitments
in CHF thousand in CHF thousand
Swiss National Bank
Limit 100,000 –
Nominal value of securities and claims pledged – –
Swiss Electronic Exchange
Nominal value of blocked securities 24,062 24,600
Mortgage-backed securities
Nominal value of mortgage-backed securities 3,466,878 3,439,816
Total borrowings 2,323,000 2,401,000
Securities lending and repo transactions 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Claims resulting from a cash pledge when borrowing securities or entering into a
repurchase agreement 801,000 415,000
Commitments resulting from cash received in securities lending or repo transactions – –
Securities held on own account, loaned or transferred as collateral in securities lending
or repo transactions – –
of which securities with unrestricted rights of subsequent transfer or pledge – –
Securities received as collateral in securities lending and borrowing,
and repo transactions, with unrestricted rights of subsequent sale or pledge 801,719 414,760
of which securities transferred or remitted to a third party as collateral – –
4.2 Liabilities towards the Bank’s pension and retirement fund 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Liabilities towards the pension fund – –
Liabilities towards the pension fund as a custodian bank 20,957 17,267
Please refer to item 5.9 (page 64) in “Notes to the Consolidated Financial Statements 2006”.
91
BCGE – ANNUAL REPORT 2006

92
BCGE – ANNUAL REPORT 2006
notes to the financial statements
parent company
4.3 Amounts due to/from affiliates and loans to officers 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Due from affiliates 1,940,637 2,516,041
of which Fondation de valorisation 1,579,249 2,159,527
Due to affiliates 73,529 66,047
Loans to officers 3,751 4,078
Please refer to item 5.13 of the “Notes to the Consolidated Financial Statements 2006” (page 66).
4.4 Depreciation of fixed assets 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Fixtures 4,691 4,577
Installations, fittings, security and telecommunications equipment,
IT plant and equipment and programmes 3,619 4,211
Plant and equipment, furniture, vehicles, intangible assets 1,096 1,250
Total 9,406 10,038
4.5 Extraordinary income 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Sale of fixed assets 9 750
Disposals – 155
Various agreed funds 84 601
Reversal of provisions –35 131
Other – 95
Total 58 1,732
4.6 Extraordinary expenses 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Commissions arising from the Canton of Geneva’s simple guarantee
on the loan to the Fondation de valorisation 1,000 1,000
Allocation to reserve for general banking risks 35,000 10,000
Other – –
Total 36,000 11,000
4.7 Share capital 31.12.2006 31.12.2005
Total Capital Total Capital
par Number eligible for par Number eligible for
value of shares dividends value of shares dividends
in CHF in CHF in CHF in CHF
Share capital
Class “A” registered shares 132,551,600 2,651,032 132,551,600 132,551,600 2,651,032 132,551,600
Class “B” registered shares 79,531,000 1,590,620 79,531,000 79,531,000 1,590,620 79,531,000
Bearer shares 147,917,400 1,479,174 147,917,400 147,917,400 1,479,174 147,917,400
Total share capital 360,000,000 5,720,826 360,000,000 360,000,000 5,720,826 360,000,000

4.8 Major shareholders and groups of shareholders 31.12.2006 31.12.2005
bound by voting agreements Par value Par value
in CHF % in CHF %
Registered shares with voting rights
Canton of Geneva 125,522,150 34.87 125,522,150 34.87
City of Geneva 60,405,300 16.78 60,405,300 16.78
44 municipalities of Geneva 26,155,150 7.27 26,155,150 7.27
Bearer shares with voting rights
Canton of Geneva 53,863,600 14.96 53,863,600 14.96
City of Geneva 14,727,000 4.09 14,727,000 4.09
Other shareholders 79,326,800 22.03 79,326,800 22.03
On 31 December 2006, the Canton of Geneva held 49.83% of the Bank’s shares (bearer and registered) and held 53.3% of the voting rights.
4.9 Valuation adjustments and provisions, as well as reserves for general banking risks
Recoveries, non-
Changes to performing
Utilisation allocation interest,
Balance according to (new exchange New Releases of Balance
at end 2005 purpose allocation) differences provisions provisions at end 2006
in CHF thousand in CHF thousand in CHF thousand in CHF thousand in CHF thousand in CHF thousand in CHF thousand
Valuation adjustments and
provisions for default risks
(collection and country risks) 584,112 –302,141 – –6,238 2,603 – 278,336
Valuation adjustments and
provisions for financial investments 12,516 –4,463 – – 3,044 – 11,097
Valuation adjustments and
provisions for other operating risks 23,530 –311 –15,000 –134 – –145 7,940
Other provisions 21,337 –19,539 – – – –1,798 –
Total valuation adjustments
and provisions 641,495 –326,454 –15,000 –6,372 5,647 –1,943 297,373
Less valuation adjustments
directly netted with assets –616,215 – – – – – –289,706
Total valuation adjustments and
provisions as per the balance-sheet 25,280 – – – – – 7,667
Reserve for general
banking risks 10,000 – 15,000 – 35,000 – 60,000
The above changes in the valuation adjustments in the parent company accounts are presented net as required by law.
During the year, valuation adjustments and provisions that were no longer necessary for operations were allocated to the constitution of reserves for
general banking risks (new allocation).
The change in impaired loans, particularly the progress of collection procedures on old operations justified the use of previously constituted provisions
of CHF 302 million.
93
BCGE – ANNUAL REPORT 2006

94
BCGE – ANNUAL REPORT 2006
notes to the financial statements
parent company
4.10 Off-balance-sheet transactions 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Fiduciary transactions
Fiduciary deposits with third parties 172,943 133,094
Fiduciary loans 8,033 8,633
Total fiduciary transactions 180,976 141,727
4.11 Trading results according to sector 31.12.2006 31.12.2005
in CHF thousand in CHF thousand
Foreign exchange trading / banknote trading, including derivatives 14,123 11,505
Precious metals trading 455 956
Securities trading 4,247 125
Total trading operations 18,825 12,586
4.12 Other assets and liabilities 31.12.2006 31.12.2005
other assets other liabilities other assets other liabilities
in CHF thousand in CHF thousand in CHF thousand in CHF thousand
Replacement value of financial instruments 43,406 43,259 40,725 69,308
Compensation account – 51 12,330 –
Allocation of profits on swaps – 1,478 – 2,191
Federal tax administration 991 14,611 3,689 12,908
Securities and coupons 1,355 601 1,494 708
Issuing costs / bonds 3,138 – 4,487 –
Other 2,220 54 3,336 52
Total 51,110 60,054 66,061 85,167

Proposal for the allocation of the profit
The Board of Directors will propose at the Ordinary General Meeting, 31.12.2006 31.12.2005
to be held on 24 April 2007, that the profit be allocated as follows: in CHF thousand in CHF thousand
Net profit for the year 60,639 43,257
Retained profit from earlier years 840 543
Profit available for distribution 61,479 43,800
Allocation to general legal reserve –35,000 –30,000
Dividend of 5% to holders of registered shares (A and B) and bearer shares –18,000 –10,800
Special allocation to the State of Geneva (20% of the dividend paid) –3,600 –2,160
Profit carried forward 4,879 840
95
BCGE – ANNUAL REPORT 2006

preparing for life’s journey
In 2006, BCGE created a personal and professional pension
planning advice centre, with the aim of advising individual clients
and companies and offering them forms of pension planning that
would be perfectly suited to their circumstances.
The centre applies the innovative BCGE PraevisioTM concept, based
on an analysis of each situation and the development of personalised
solutions. These solutions are developed to match each client’s
situation and specific objectives. The aim is to provide them and their
families with independence and financial security in the face of the
uncertainties associated with age, illness or accidents.
The concept involves a form of wealth planning that takes into
account financial investments, mortgages, taxation, insurance, and
retirement and estate planning. The pension products that BCGE
offers are selected completely independently, on the basis of
performance and specific features.
The pictures in this Annual Report are by young Geneva
photographer Fred Merz. He chose to depict a number of
representative BCGE Pension Advice Centre clients and so provide a
glimpse into their lives.

impressum
concept, design and photolitho
The Magic Pencil SA
photography
Fred Merz
photos pages 4, 5, 22 and 23
Philippe Schiller
photos pages 14 and 15
Image courtesy of the Image Science & Analysis Laboratory,
NASA Johnson Space Center, http://eol.jsc.nasa.gov
printing
ATAR Roto Presse SA
printed on recycled paper

Companies of the
Group Banque Cantonale de Genève:
Banque Cantonale de Genève SA
Quai de l’Ile 17
CH - 1204 Geneva
Telephone: +41 (0)22 317 27 27
www.bcge.ch
Synchrony Asset Management SA
Rue du Mont-Blanc 7
CH - 1201 Geneva
Telephone : +41 (0)22 909 75 75
www.synchrony.ch
Anker Bank
Lintheschergasse 19
CH - 8023 Zurich
Telephone : +41 (0)44 224 65 65
www.ankerbank.ch
Banque Cantonale de Genève (France) SA
Place Louis-Pradel 20
F - 69001 Lyon
Telephone : +33 (0)4 72 07 31 50
www.bcgef.fr
Avenue de la Gare 50
CH - 1001 Lausanne
Telephone : +41 (0)21 321 07 07
Avenue Gambetta 46
F - 74000 Annecy
Telephone : +33 (0)4 50 66 03 06
Tour de l’Ile 4
CH - 1211 Geneva 11
Telephone : +41 (0)22 312 03 12
Piazza Rezzonico 6
CH - 6900 Lugano
Telephone : +41 (0)91 985 90 50
281 FR