In all countries in wich we operate, we focused more than ever on customer service and customer relationships.

2011 was no ordinary year. The global economy remained weak, there were major changes in the financial and regulatory environment, share prices fell, and there was the sovereign debt crisis and Greek rescue plan. Against this unusually complex background, BNP Paribas achieved a very strong performance.  


  What were the highlights for BNP Paribas in 2011?

Our retail banking business, which has more than 23 million customers, again performed excellently. Corporate and Investment Banking (CIB) and Investment Solutions (asset management, insurance, private banking, securities services and real-estate services) were both highly resilient in very tough market conditions. Despite major turmoil in financial markets and exceptional losses on Greek bonds, BNP Paribas achieved net income of just over EUR 6 billion. We therefore confirmed that we are a very solid banking group.

You also introduced a new governance structure in 2011.

Yes, we did. As well as welcoming a new Chairman and a new CEO, as announced by Michel Pébereau in the 2011 General Meeting of Shareholders, the Group now has three Chief Operating Officers: Georges Chodron de Courcel, François Villeroy de Galhau and Philippe Bordenave. New members joined the Executive Committee, representing a larger number of operational entities.

Together with the whole BNP Paribas management team, we will continue making adjustments so that we remain a leader in terms of performance and customer satisfaction in a rapidly changing environment.

This objective is shared by our 200,000 employees. In 2011, their unfailing commitment and constant hard work meant that we were once again able to provide our customers with the best possible service, while maintaining discipline in terms of managing risks and costs.

BNP Paribas also confirmed its exceptional integration skills in 2011. We can already say that our efforts to combine BNP Paribas Fortis and BGL BNP Paribas entities with the existing group have been a total success, particularly as regards the synergies we have generated.

How did your Retail Banking division perform in 2011?

In Retail Banking, all businesses achieved very strong commercial results and contributed to earnings, as shown by our growth in deposits and loans. Overall, pre-tax income in our Retail Banking division was 22.8% higher than in 2010.

In our domestic markets–France, Italy, Belgium and Luxembourg–and in all countries in which we operate, we focused more than ever on customer service and customer relationships. For example, we opened 46 small business centres in France and 19 in Italy. BNL also opened a further 27 branches in Italy, taking the total to 180 in four years. Throughout the year, our domestic banks fulfilled their role in financing the economies of the countries in which they operate.

International Retail Banking, the largest of our retail banking operations outside the eurozone, also made a major contribution to the Group's earnings growth and continued its selective development. For example, BancWest took advantage of the gradually improving situation in the USA, while our Turkish business TEB was successfully merged with Fortis' Turkish network.

BNP Paribas Personal Finance also fared very well. Against a rapidly changing commercial and regulatory background, the Personal Finance business continued to adjust its business model, as well as pursuing its selective growth and industrialisation strategy. Initiatives included the signature of a consumer finance partnership in Russia and the development of Cetelem Banque.

Were Investment Solutions and Corporate and Investment Banking (CIB) hit hard by the crisis?

Investment Solutions performed very well. Although equity markets fell sharply in the second half of the year, reducing the value of investment portfolios and prompting further large outflows in asset management, net new money was positive in all the division's other businesses. Private banking and real estate were resilient, and insurance revenue rose by 4.7% year-on-year despite a contraction in the French life insurance market.

Our CIB division achieved pre-tax income of EUR 3.6 billion, despite major turbulence in the markets. This proves the quality of its franchise, the strength of its client-focused business and its continuing high level of operational efficiency. The division continued to respond rapidly to new regulations by adjusting its business, for example by reducing dollar financing requirements and reducing risk-weighted assets. This required a large amount of effort.

What are the main challenges for 2012?

This year, BNP Paribas must continue to make adjustments in all areas—industrial, financial and commercial—since the operating environment remains highly demanding. We have doubled our shareholders' equity in the space of three years, we are continuing to retain most of our earnings in order to bolster our capital further. We have also shrunk our balance sheet, mainly in dollars. As a result, we will achieve a Tier 1 common equity ratio of 9% in 2013, fully in line with Basel 3 requirements.

Retail Banking is seeking to develop ever closer relationships with its customers. Within Investment Solutions, the recovery in asset management is continuing and the division is striving to strengthen its positions in high-growth markets. CIB is more motivated than ever to complete its adjustment plan. BNP Paribas's CIB business is among those best positioned to take advantage of opportunities arising from new Basel 3 regulations, such as the increased appeal of bond financing relative to bank loans for corporate customers.

What about BNP Paribas' image?

As well as dealing with the commercial challenges that turbulent conditions create for our banking activities, we must not underestimate the image issues that arise from the same conditions. During the crisis, BNP Paribas has been able to show solid management and an ethical approach. We have maintained an excellent image among our business and individual customers worldwide. However, the banking industry is the subject of widespread, indiscriminate criticism. By forging close relationships with customers and providing solutions and information in a responsible, reassuring way, we can lead the way in restoring confidence in the industry. All of our staff are committed to this objective.


2011, good performance in a challenging environment

In 2011, in an economic and regulatory environment undergoing radical changes, the Group had solid operating performances.

The Group managed to withstand the impact of the crisis in the money and financial markets in the second half of the year and has made good progress adapting to the implementation by European banks of the new regulation. BNP Paribas is well positioned to take on the challenges of the new environment and continue to help its clients make their plans for the future a reality.

EUR 42.4

billion revenues

EUR 6.1

Billion net income, group share

8.8 %

return on equity



(in billions of euros)

  •  31 2007
  •  27.4 2008
  •  40.2 2009
  •  43.9 2010
  •  42.4 2011

Net income Group share

(in billions of euros)

  •  7.8 2007
  •  3.0 2008
  •  5.8 2009
  •  7.8 2010
  •  6.1 2011

Return on equity*

(in %)

  •  19.6 2007
  •  6.6 2008
  •  10.8 2009
  •  12.3 2010
  •  8.8 2011

Notations long terme

Standard & Poor’s AA- Negative outlook Outlook revised on 23 January 2012
Moody’s Aa3 On watch with a view to a possible downgrade 15 February 2012
Fitch A+ Stable outlook Rating revised on 15 December 2011

* Return on equity is calculated by dividing net income Group share (adjusted for interest on undated super-subordinated notes deemed equivalent to preferred shares issued by BNP Paribas SA and treated as a dividend for accounting purposes) by average equity attributable to equity holders at 1 January and 31 December of the period concerned (after distribution and excluding undated super-subordinated notes deemed equivalent to preferred shares issued by BNP Paribas SA).

BNP partout dans le monde

With you
around the world

Whether across Europe or around the globe, BNP Paribas provides all its clients with the banking solutions they need to achieve their goals. Our branches and offices in 80 countries deliver tailored services to retail clients, entrepreneurs, SMEs, corporations, institutions, and non-profit organisations.

Map world

BNP Paribas is a leading banking and financial services provider, with strong positions in its 3 core activities: Retail Banking - Investment Solutions - Corporate and Investment Banking.

BNP Paribas is firmly anchored in Europe with operations in four key domestic markets: France, Italy, Belgium, and Luxembourg, and BNP Paribas Personal Finance is the no. 1 in personal finance.

BNP Paribas also provides retail banking services in Mediterranean Europe, in Turkey, in Eastern Europe and via a large network in the western United States. Worldwide, we have 7,200 branches and over 23 million individual, small business and corporate clients.

Its Corporate and Investment Banking (CIB) and Investment Solutions (IS) businesses boast leadership positions in Europe and a solid foothold in the Americas, as well as a robust and rapidly-growing presence in Asia.

Our businesses are all backed up by nine support functions (tax, legal affairs, compliance, finance, risk management, audit, IT, communication and HR).

  • Jean-Laurent Bonnafé

    Jean-Laurent Bonnafé

    Chief Executive Officer

  • Philippe Bordenave

    Philippe Bordenave

    Chief Operating Officer

  • Georges Chodron de Courcel

    Georges Chodron de Courcel

    Chief Operating Officer

  • François Villeroy de Galhau

    François Villeroy
    de Galhau

    Chief Operating Officer

  • Jacques d’Estais

    Jacques d’Estais

    Deputy Chief Operating Officer and Head of Investment Solutions, Personal Finance, and International Retail Banking

  • Alain Papiasse

    Alain Papiasse

    Deputy Chief Operating Officer and Head of Corporate and Investment Banking

  • Jean Clamon

    Jean Clamon

    Managing Director and Head of Compliance and Internal Control

  • Mairie-Claire Capobianco

    Mairie-Claire Capobianco

    Head of French Retail Banking

  • Stefaan Decraene

    Stefaan Decraene

    Head of International Retail Banking

  • Fabio Gallia

    Fabio Gallia

    Chief Executive Officer of BNL bc

  • Yann Gérardin

    Yann Gérardin

    Head of Global Equities & Commodity Derivatives

  • Maxime Jadot

    Maxime Jadot

    Chief Executive Officer of BNP Paribas Fortis

  • Frédéric Janbon

    Frédéric Janbon

    Head of Fixed Income

  • Michel Konczaty

    Michel Konczaty

    Head of Group Risk Management

  • Thierry Laborde

    Thierry Laborde

    Head of BNP Paribas Personal Finance

  • Frédéric Lavenir

    Frédéric Lavenir

    Head of Group Human Resources

  • Éric Lombard

    Éric Lombard

    Chief Executive Officer of BNP Paribas Cardif

  • Éric Raynaud

    Éric Raynaud

    Head of the Asia-Pacific Region


BNP paribas and
its shareholders

BNP Paribas endeavours to provide all shareholders with clear, consistent, high- quality information at regular intervals, in accordance with best market practice and the recommendations of stock market authorities.

The Investor Relations team informs institutional investors and financial analysts of the Group’s strategies, major events concerning the Group’s business and, of course, the Group’s quarterly results.

The Individual Shareholder Relations Department provides information and deals with queries from the Group’s 640,000 or so individual shareholders (source: 30 December 2011 TPI Survey), an increase of almost 10% relative to the end-2010 figure of 585,000.

Investors and Shareholders website

Read the chapter (1.4Mo)

Graph shareholders Legend graph shareholders

BNP Paribas ownership structure
as at 31 december 2011 (voting rights)

Background retail banking

Retail banking

Retail Banking operates branch networks, in Europe and in the world, together with specialised financial services.
In 2012, the organisational structure of Retail Banking activities is set to change as follows:

  • a set of Domestic Markets, grouping together retail banking networks of BNP Paribas in France (FRB), Italy (BNL bc), Belgium (BNP Paribas Fortis) and Luxembourg (BGL BNP Paribas), leasing activities (BNP Paribas Leasing Solutions), automotive fleet leasing with associated services (Arval) and BNP Paribas Personal Investors, online savings and brokerage expert. Lastly, Wealth Management will continue to report functionally to this set;
  • an International Retail Banking entity, encompassing retail banks operating outside the euro zone in five geographical regions, namely the United States, Central & Eastern Europe, Turkey, Mediterranean & Africa and Asia.;
  • a Personal Finance entity, market leader in personal loans, with operations in around 30 countries.

Read the chapter (20.5Mo)

Background investment solutions


Read the chapter (8.5Mo)

Combining BNP Paribas’ activities related to the collection, management, development, protection and administration of client savings and assets, Investment Solutions offers a broad range of high value-added products and services around the world, designed to meet all the requirements of individual, corporate and institutional investors.
Since 1 January 2012, Investment Solutions has had 5 business lines, with complementary expertise:

  • Insurance–BNP Paribas Cardif
  • Securities services–BNP Paribas Securities Services
  • Private banking–BNP Paribas Wealth Management
  • Asset management–BNP Paribas Investment Partners
  • Real estate–BNP Paribas Real Estate

In total, Investment Solutions is present in 61 countries with 25,000 employees.

Background corporate and investment banking

Corporate and
Investment Banking

Our Corporate and Investment Banking (CIB) business has around 20,000 employees in over 50 countries providing personalised financing, advisory and capital markets services.

The main aim of CIB’s teams is to develop and maintain long-term relationships with clients. They provide support for clients’ expansion or investment strategy, as well as handling their other day-to-day transactions, and deliver integrated solutions to meet clients’ financing, advisory and risk management needs.

Read the chapter (10.8Mo)

Background Jean-Laurent Bonnafé

In 2011, the Group posted solid results despite a very complicated environment.

Jean-Laurent Bonnafé,

Chief Executive Officer

Background François Villeroy de Galhau

2011 was a very positive year for the networks and business lines of retail banking in our 4 domestic markets: France, Italy, Belgium and Luxembourg.

François Villeroy de Galhau

Chief Operating Officer

Background Georges chodron de courcel

Investment Solutions businesses recorded growing results despite an unfavourable context, which is remarkable. Our Corporate and Investment Banking activities also posted excellent results compared to our competitors, thanks to our very good clientele franchise and maintained operational excellence.”

Georges chodron de courcel,

Chief Operating Officer

Background Frédéric Lavenir

Last year was a difficult year for many people at BNP Paribas (earthquake and nuclear crisis in Japan, political crises and civil wars in Africa...). The Group’s teams did an extraordinary job. Now, we face a different kind of difficulty, the new financial, economic and regulatory environment.

Frédéric Lavenir,

Head of Group Human Resources


the group's managerial culture

In a group of almost 200,000 employees of 170 different nationalities, working in 80 countries, a sense of belonging and an ability to adapt are crucial. This is why our Human Resources teams are focusing on developing the group's managerial culture and managing our employees' careers in a dynamic way, by making the most of their diverse range of talents.

Read the chapter (2.7Mo)

Graphic shareholders Breakdown by geographic area

Breakdown by geographic area

Graphic shareholders LBreakdown by business line

Breakdown by business line

* Figures at 31 December 2011

Edito Edito 2 BNP

The role of a bank in today’s environment

The shape of the banking industry was transformed during 2011. In this special supplement, we take a look back at the key events that shaped 2011–the sovereign debt crisis that completely wrongfooted Europe, the role of the rating agencies and the market jitters that shook banking stocks, and the new Basel Committee banking regulations adopted in mid-crisis.
Going beyond these observations, we also wanted to share our vision of what a banker’s job actually is, given that public opinion has turned against bankers–and in many cases unjustifiably so. And we wanted to reassert our commitment to act as a responsible bank vis-à-vis our employees, our customers and our shareholders.
Once again, we managed to weather the storm in 2011, but this has not prevented us from conducting a far-reaching review of our role and adapting to the new realities that we face. In this supplement, we have also attempted to present the key factors at the heart of these developments.

Jean-Laurent Bonnafé,

Chief Executive Officer

Baudouin Prot,


Read the Special Issue (17.2Mo)

Economic and financial trends

Economic and financial trends

After something of a lull during 2010, the economic and financial crisis abruptly took centre stage again in 2011, fuelled by market jitters about European governments’ and in particular Greece’s sovereign debt. The banking sector bore the brunt of this loss of confidence, with share prices plunging sharply over the summer months, before the situation stabilised late on in the year.

>Read the Special Issue (17.2Mo)

Interview with BAUDOUIN PROT, Chairman

Regulatory framework BNP

Interview with
Philippe Bordenave

Chief Operating Officer

Interview with
Georges Chodron de Courcel

Chief Operating Officer

A new regulatory framework

In a bid to prevent as far as possible a new crisis on the same scale as that seen since 2008, the Basel Committee, which represents the regulators of 27 countries, drew up a new set of banking regulations known as the “Basel III” framework.
For banks, this reform means significantly more demanding capital and liquidity requirements, leading to numerous restrictions curtailing their activities. In spite of the still challenging economic environment, the Basel III regulations are due to be introduced in the European Union between 2013 and 2019.

>Read the Special Issue (17.2Mo)


A responsible bank

The distrust that has been shown towards banks since the 2008 crisis and that intensified in 2011 is not confined to the markets. Civil society, public opinion and thus certain of our customers currently look upon financial institutions with mistrust and sometimes even hostility. To win back public opinion, it is crucial for us to fulfil our economic role as bankers and also to help people to understand that we can be a profitable bank, while also displaying good ethics and a strong sense of responsibility, in tune with the social challenges of our times.

>Read the Special Issue (17.2Mo)

Interview with JEAN-LAURENT BONNAFÉ, Chief Executive Officer

François Villeroy de Galhau BNP

We have identified four pillars that underpin our CSR policy: an economic pillar, a social pillar, a civic pillar and an environmental pillar.

François Villeroy de Galhau

Chief Operating Officer

Background retail banking

Partner of enterprises

What are the challenges facing enterprises during this crisis?

Broadly speaking, enterprises have been heavily affected by the economic crisis, but their senior managers have generally displayed a truly remarkable ability to adapt and take the appropriate measures. This has helped to reduce the number of bankruptcies. There is no doubt that enterprises have a key role to play in the recovery. They and they alone hold the keys to job creation. They will prompt the economy and growth to pick up again. By its very nature, a bank such as BNP Paribas partners with and stands firmly behind those in its environment. Enterprises thus represent a priority for us.

>Read the Special Issue (17.2Mo)

Order paper documents

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Share with a friend the BNP Paribas 2011 Annual Report


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Design and Publishing

Brand, Communications and Quality – BNP Paribas

Original Creation

Logo : Terre de Sienne Terre de Sienne

Online adapted version

Logo : Steaw STEAW

Web hosting

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Logo : La company La company – Pascal Dolémieux, Grégoire Korganow, Jean-Erick Pasquier, Stéphane Rémael, Stéphanie Tétu et Gérard Uféras.
Philippe Castaño. Peter Marlow / Magnum Photos. Pavel Hejny.
©Dominique Rault.

2012 Video

Logo : Terre de Sienne Terre de Sienne

Video Interviews

Elephant at Work




The group video


Interview with Philippe Bordenave


Interview with Georges Chodron de Courcel



Investor Relations and Financial Information

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