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<strong>Annual</strong> Report <strong>2005</strong>product. The principal countries are asfollows:• France, where the Group has a 20% holdingin Crédit du Nord, <strong>Dexia</strong> Banque PrivéeFrance, a private bank held 100% and <strong>Dexia</strong>Epargne Pension, specializing in life insurance,• Switzerland, through <strong>Dexia</strong> Private BankSwitzerland,• Slovakia with <strong>Dexia</strong> banka Slovensko, abank with 52 branches dealing with the localpublic sector and individuals, and• Spain, where <strong>Dexia</strong> has a 40% holding inPopular Banca Privada, a joint venture withBanco Popular in the field of private banking.The scope of private banking activity wasbroadened by the opening, in <strong>2005</strong>, of a newrepresentative office in Bahrain by <strong>Dexia</strong>Private Bank Switzerland.ActivityAt year-end <strong>2005</strong>, total customer assets (retailand private banking) were 7.9% higher thanat the end of 2004, reaching EUR 123.2billion.In <strong>2005</strong>, the maintenance of interest rates ata low level and the favourable evolution ofthe equity markets continued to influenceclient behaviour. Balance-sheet products(savings accounts, savings bonds) amountedto EUR 52.3 billion, down slightly by 1.9%;whilst off-balance-sheet products (mutualfunds or UCI and insurance products)recorded a sustained increase of 16.0%reaching EUR 61.3 billion. These solid resultsvalidate the strategy engaged in this businessline several years ago.As for retail banking, total customer assetsreached EUR 81.5 billion, at the end of <strong>2005</strong>,up 6.8%. The major trends were as follows.• The slight fall of balance-sheet products andin particular savings bonds is partially offsetby the positive evolution of sight accounts andsavings accounts.• Off-balance-sheet products continued toperform well during the year. At the end of<strong>2005</strong>, they represented 41.1% of retail assets,against 37.4% as of December 31, 2004, up17.0%. They outweigh the decrease in savingsbonds.• Life insurance products, notably guaranteedin<strong>com</strong>eproducts (Branch 21), progressedby 32.2% thanks to the successful marketingcampaigns launched for off-balance-sheetproducts during the year and the new taxlegislation applicable to insurance products inBelgium from the beginning of 2006.77
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