2005 Annual Report / CrÃ©dit Agricole (Suisse) SA

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08 – 2005 Annual Report / Crédit Agricole (Suisse) SAMessage from the Chairman andthe Chief Executive OfficerWhile the highlight of the year was the merger, on19 March, of Crédit Agricole Indosuez (Suisse) SA andCrédit Lyonnais (Suisse) SA, 2005 has proved to be arecord year for the new Group entity, Crédit Agricole(Suisse) SA, in terms of both revenues and overall netprofit.Achieved during a merger period, often synonymouswith instability, these good performances reflect thestrong support of the staff who prepared for and implementedthe operation, the good integration of CréditLyonnais (Suisse) SA's staff within the organisation, themanagerial principles of Crédit Agricole (Suisse) SA, andthe implementation of both firms’ best practices withinthe various business lines. This performance demonstratesthe complementary nature and gearing up of theproduct units, the improved geographical coverage andthe synergies realised by the Logistics service centre.After four years of major transformation, this new phasewill enable Crédit Agricole (Suisse) SA to focus henceforthon its creation of value objectives : controlledgrowth outside Switzerland through access to broaderdistribution networks and the development of productplatforms. These projects must be accompanied by adynamic management of human resources so as tomobilise the means needed to ensure their success.The implementation of the merger with Crédit Lyonnais(Suisse) SA also paved the way for realising the firstbenefits from synergies between the two firms.Consolidated net profit after depreciation and amortisation,exceptional income and charges, tax and provisionstotalled CHF 154.5 million, an increase of CHF 49.5 million(up 47.1%) compared with the previous year based onequal consolidation scope.The Bank’s assets under management totalledCHF 47.2 billion at 31 December 2005.The group’s three main business lines – Private Banking,Corporate Banking and Capital Markets – all contributedto this excellent performance.Private Banking had a lacklustre first half due to theUS dollar’s weakness, the hesitancy shown by financialmarkets and merger preparations. However, the secondhalf proved to be far more positive, thanks to the beneficialeffects of the merger, the strengthening of the US dollaragainst the Swiss franc and the euro, and better conditionsin the stock markets in Europe and emerging markets.These developments are taking place in a fast-changingenvironment that, for Crédit Agricole (Suisse) SA, impliesan increased presence in emerging markets (Asia, LatinAmerica and Central and Eastern Europe) and theMiddle East.We note that Crédit Agricole (Suisse) SA's good performancein 2005 was achieved in a climate of uncertaintyfor investors – devastating hurricanes, an inordinate risein oil prices, fears of renewed inflation – although conditionswere generally favourable : good performancesfrom stock markets in Europe and emerging marketsand the strengthening of the US dollar in the secondhalf of the year.
2005 Annual Report / Crédit Agricole (Suisse) SA – 09For Corporate Banking, the highlight of 2005 remainsthe centralisation of the Transactional CommodityFinance business line in Switzerland, with satellite operationsin Hong Kong, Singapore, Paris and Moscow. Thisdevelopment facilitated a more coherent businessapproach and accelerated the development of highertransaction volumes. For Transactional CommodityFinance, 2005 was a record year due to the volatilitydisplayed by commodity prices, especially oil. Attentionfocused on consumer growth in China, then on theconsequences of the hurricanes and finally on oil,transport and refining capacities offered by productionfacilities worldwide. Excluding energy, growth remainedcentred on metals, with copper being the mainstay.The successful integration of the staff of Crédit Lyonnais(Suisse) SA brought new business relations andimproved portfolio diversification. The credit linesof our major clients were increased.We have every reason to look forward to the future withgreat confidence. The far-reaching changes of recentyears, carried out with great success, have enabled usto amass a body of successful experience to face arapidly changing environment. Our staff have shown thatthey can mobilise around the Group’s plans and haveproven their ability to rise to the challenges and adaptto new circumstances.Our knowledge and experience of the business lines inwhich we operate shows that the relationship with ourclients is above all a personal relationship to be cultivatedover the long term. We are convinced that our longhistory – 130 years in 2006 – is a significant factor in theconfidence that our clients place in us. The changes inour Group mean that we are now in a position to offerour clients a range of products and services of the veryhighest level.Commercial Banking also shone : the definition of asales and marketing strategy with Calyon, the qualityof its portfolio and the development of existing clientrelationships paved the way for an improvement inresults compared with the previous year.The revenues of the Capital Markets activities increasedsharply, boosted in particular by Treasury. The distributionof structured products to institutional clients, a new activityin Geneva, began following the relocation of a team tothis city at the end of 2004. Its good results reflect thestrengthening of production teams at Calyon.Jean BOUYSSETChairman of the Boardof DirectorsAlain MASSIERAChief Executive OfficerThese three business lines once again benefited from theprogress made by the Logistics division, whose effortsfocused on three main areas : productivity, transactionprocessing quality – key element for a high-quality serviceoffering – and operational risk control.The merger with Crédit Lyonnais (Suisse) SA enabled usto enter an important new phase in our development,both in terms of critical mass and market share. We nowrank as one of the leading foreign banks in Switzerlandbased on assets under management.
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2005 Annual Report / CrÃ©dit Agricole (Suisse) SA

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