The consolidated financial statements of the\u00a0BNP Paribas Group\u00a0have been prepared in accordance with international accounting standards (International Financial Reporting Standards \u2013 IFRS), as adopted for use in the European Union(1). Accordingly, certain provisions of IAS\u00a039 on hedge accounting have been excluded.
Information on the nature and extent of risks relating to financial instruments as required by IFRS\u00a07 \u201cFinancial Instruments: Disclosures\u201d along with information on regulatory capital required by IAS\u00a01 \u201cPresentation of financial statements\u201d are presented in chapter\u00a05 of the Universal registration document. This information, which is an integral part of the notes to the consolidated financial statements of the BNP\u00a0Paribas Group at 31\u00a0December 2025, is covered by the opinion of the Statutory Auditors on the consolidated financial statements, and is identified by the word \u201cAudited\u201d within this chapter. Section\u00a04 of chapter\u00a05, paragraph Exposures, provisions and cost of risk provides, in particular, IFRS\u00a07 information on credit risk exposures and related impairment broken down according to whether the underlying loans are performing or non-performing, by geographic area and by industry.
The introduction of other standards, amendments and interpretations that are mandatory as from 1\u00a0January 2025 had no effect on the Group\u2019s financial statements at 31\u00a0December 2025.
The Group did not early apply new standards, amendments and interpretations endorsed by the European Union when the application in 2025 was optional.
The impact assessment of the new standards and amendments not yet applicable by the Group is presented below:
On 30\u00a0May 2024, the IASB published amendments to IFRS\u00a09 and IFRS\u00a07. These amendments approved by the European Commission on 27 May 2025, which will be applicable for annual periods beginning on 1\u00a0January 2026. These amendments:
Based on the analysis conducted, the Group does not expect these amendments to have a significant impact on the Group's consolidated financial statements.
IFRS\u00a018 will be mandatory from 1\u00a0January 2027, with retrospective application.
IFRS\u00a018 includes many of the requirements of IAS\u00a01 without changes and supplements them with new requirements relating to:
The Bank continued to assess the detailed implications of applying IFRS 18 to the Group's consolidated financial statements, and does not expect significant changes to the presentation of its profit and loss account other than those resulting from the reclassification to operating income of items previously classified under \u201cNet gain on non\u2011current assets\u201d and \u201cGoodwill\u201d.
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The consolidated financial statements of BNP\u00a0Paribas include entities that are controlled by the Group, jointly controlled, and under significant influence, with the exception of those entities whose consolidation is regarded as immaterial to the Group. Companies that hold shares in consolidated companies are also consolidated.
Subsidiaries are consolidated from the date on which the Group obtains effective control. Entities under temporary control are included in the consolidated financial statements until the date of disposal.
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Controlled enterprises are fully consolidated. The Group controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
For entities governed by voting rights, the Group generally controls the entity if it holds, directly or indirectly, the majority of the voting rights (and if there are no contractual provisions that alter the power of these voting rights) or if the power to direct the relevant activities of the entity is conferred on it by contractual agreements.
Structured entities are entities established so that they are not governed by voting rights, for instance when those voting rights relate to administrative tasks only, whereas the relevant activities are directed by means of contractual arrangements. They often have the following features or attributes: restricted activities, a narrow and well-defined objective and insufficient equity to permit them to finance their activities without subordinated financial support.
For these entities, the analysis of control shall consider the purpose and design of the entity, the risks to which the entity is designed to be exposed and to what extent the Group absorbs the related variability. The assessment of control shall consider all facts and circumstances able to determine the Group\u2019s practical ability to make decisions that could significantly affect its returns, even if such decisions are contingent on uncertain future events or circumstances.
In assessing whether it has power, the Group considers only substantive rights which it holds or which are held by third parties. For a right to be substantive, the holder must have the practical ability to exercise that right when decisions about the relevant activities of the entity need to be made.
Control is reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control.
Where the Group contractually holds the decision-making power, for instance where the Group acts as fund manager, it shall determine whether it is acting as agent or principal. Indeed, when associated with a certain level of exposure to the variability of returns, this decision-making power may indicate that the Group is acting on its own account and that it thus has control over those entities.
Minority interests are presented separately in the consolidated profit and loss account and balance sheet within consolidated equity. The calculation of minority interests takes into account the outstanding cumulative preferred shares classified as equity instruments issued by subsidiaries, when such shares are held outside the Group.
As regards fully consolidated funds, units held by third-party investors are recognised as debts at fair value through profit or loss, inasmuch as they are redeemable at fair value at the subscriber\u2019s initiative.
For transactions resulting in a loss of control, any equity interest retained by the Group is remeasured at its fair value through profit or loss.
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Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity\u2019s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRS.
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Companies over which the Group exercises significant influence or associates are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of a company without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting rights of a company. Interests of less than 20% can be included in the consolidation scope if the Group effectively exercises significant influence. This is the case for example for entities developed in partnership with other associates, where the BNP\u00a0Paribas Group participates in strategic decisions of the enterprise through representation on the Board of directors or equivalent governing body, or exercises influence over the enterprise\u2019s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise\u2019s development.
Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under \u201cInvestments in equity-method entities\u201d and in the relevant component of shareholders\u2019 equity. Goodwill recorded on associates is also included under \u201cEquity-method investments\u201d.
Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under \u201cShare of earnings of equity-method entities\u201d in the consolidated income statement and can be reversed at a later date.
If the Group\u2019s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has contracted a legal or constructive obligation or has made payments on behalf of this entity.
Where the Group holds an interest in an associate, directly or indirectly through an entity that is a venture capital organisation, a mutual fund, an open-ended investment company or similar entity such as an investment-related insurance fund, it may elect to measure that interest at fair value through profit or loss.
Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under \u201cNet gain on non-current assets\u201d.
The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events occurring in similar circumstances.
For transactions resulting in a loss of significant influence, any equity interest retained by the Group is accounted for in accordance with IFRS 9 principles applicable to financial instruments held.
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Intragroup balances arising from transactions between consolidated enterprises, and the transactions themselves (including income, expenses and dividends), are eliminated. Profits and losses arising from intragroup sales of assets are eliminated, except where there is an indication that the asset sold is impaired. Unrealised gains and losses included in the value of financial instruments at fair value through equity are maintained in the consolidated financial statements.
By way of exception, amendments to IAS\u00a032 and IFRS\u00a09 allow intragroup assets to be retained in the balance sheet if they are held as underlying components of direct participating contracts. These assets are measured at fair value through profit or loss. These are:
These provisions are applied by the Group\u2019s insurance entities that issue direct participating contracts, the underlying elements of which include securities issued by the Group either directly or through consolidated investment entities.
The consolidated financial statements of BNP\u00a0Paribas are prepared in euros.
The financial statements of enterprises whose functional currency is not the euro are translated using the closing rate method. Under this method, all assets and liabilities, both monetary and non-monetary, are translated using the spot exchange rate at the balance sheet date. Income and expense items are translated at the average rate for the period.
Financial statements of the Group\u2019s subsidiaries located in hyperinflationary economies, previously adjusted for inflation by applying a general price index, are translated using the closing rate. This rate applies to the translation of assets and liabilities as well as income and expenses.
Differences arising from the translation of balance sheet items and profit and loss items are recorded in shareholders\u2019 equity under \u201cExchange differences\u201d, and in \u201cMinority interests\u201d for the portion attributable to outside investors. Under the optional treatment permitted by IFRS\u00a01, the Group has reset to zero all translation differences, by booking all cumulative translation differences attributable to shareholders and to minority interests in the opening balance sheet at 1\u00a0January 2004 to retained earnings.
On liquidation or disposal of some or all of an interest held in a foreign enterprise located outside the Eurozone, leading to a change in the nature of the investment (loss of control, loss of significant influence or loss of joint control without keeping a significant influence), the cumulative exchange difference at the date of liquidation or sale is recognised in the profit and loss account.
Should the percentage of interest change without leading to a modification in the nature of the investment, the exchange difference is reallocated between the portion attributable to shareholders and that attributable to minority interests if the entity is fully consolidated; if the entity is consolidated under the equity method, it is recorded in profit or loss for the portion related to the interest sold.
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Business combinations are accounted for using the purchase method.
Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.
The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.
The cost of a business combination is the fair value, at the date of exchange, of assets given by the purchaser, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree.\u00a0
Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.
Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss. Likewise, amounts paid to the seller (or to parties related to the seller) that remunerate transactions separate from the business combination are excluded from the acquisition cost. This includes, for example, amounts paid under commercial contracts entered concurrently with the acquisition and that did not pre-exist within the acquired entity. These amounts are recognised separately in accordance with the applicable IFRS standards.
The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.
Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.
Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.
On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.
Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.
As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.
Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.
The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.
The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.
Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.
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The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value-in-use.
Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.
Value-in-use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.
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The methods used to account for assets and liabilities relating to foreign currency transactions entered into by the Group, and to measure the foreign exchange risk arising on such transactions, depend on whether the asset or liability in question is classified as a monetary or a non-monetary item.
Monetary assets and liabilities expressed in foreign currencies are translated into the functional currency of the relevant Group entity at the closing rate. Foreign exchange differences are recognised in the profit and loss account, except for those arising from financial instruments designated as a cash flow hedge or a net foreign investment hedge, which are recognised in shareholders\u2019 equity.
Non-monetary assets may be measured either at historical cost or at fair value. Non-monetary assets expressed in foreign currencies are translated using the exchange rate at the date of the transaction (i.e. date of initial recognition of the non-monetary asset) if they are measured at historical cost, and at the closing rate if they are measured at fair value.
Foreign exchange differences relating to non-monetary assets denominated in foreign currencies and recognised at fair value (equity instruments) are recognised in profit or loss when the asset is classified in \u201cFinancial assets at fair value through profit or loss\u201d and in equity when the asset is classified under \u201cFinancial assets at fair value through equity\u201d.
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The Group applies IAS\u00a029 to the presentation of the accounts of its consolidated subsidiaries located in countries whose economies are in hyperinflation.
IAS\u00a029 presents a number of quantitative and qualitative criteria to assess whether an economy is hyperinflationary, including a cumulative, three-year inflation rate approaching or exceeding 100%.
IAS 29 standard requires that the balance sheet and the profit or loss amounts not already expressed in terms of the measuring unit current at the end of the reporting period be restated by applying a general price index.
For this purpose:
In a period of inflation, an entity holding an excess of monetary assets over monetary liabilities loses purchasing power and an entity with an excess of monetary liabilities over monetary assets gains purchasing power to the extent the assets and liabilities are not linked to a price level. The gain or loss on the net monetary position, which reflects this gain or loss on purchasing power incurred by the Group during the reporting period, may be derived as the difference resulting from the restatement of non\u2011monetary assets, equity and the profit and loss account and the adjustment of index linked assets and liabilities. This gain or loss is recognised under \u201cNet gain on non-current assets\u201d.
Financial statements of these subsidiaries are then translated into euros at the closing rate.
In accordance with the provisions of the IFRIC\u2019s decision of March\u202f2020 on classifying the effects of indexation and translation of accounts of subsidiaries in hyperinflationary economies, the Group has opted to present these effects (including the net book value effect at the date of the initial application of IAS\u202f29) within changes in assets and liabilities recognised directly through equity related to exchange differences.
Since 1st\u00a0January 2022, the Group has applied IAS\u00a029 to the presentation of the accounts of its consolidated subsidiaries located in T\u00fcrkiye.
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Incomes and expenses relating to debt instruments measured at amortised cost or at fair value through shareholders\u2019 equity, to finance lease contracts, as well as the effect of the financing components of certain commercial contracts, are recognised in the income statement using the effective interest rate method.
The effective interest rate is the rate that ensures that the discounted estimated future cash flows through the expected life of the financial instrument is equal to the carrying amount of the asset or liability in the balance sheet. The effective interest rate measurement takes into account all fees received or paid that are an integral part of the effective interest rate of the contract, transaction costs, and premiums and discounts.
Commissions considered as an additional component of interest are included in the effective interest rate and are recognised in the profit and loss account in \u201cNet interest income\u201d. This category includes notably commissions on financing commitments when it is considered that the setting up of a loan is more likely than unlikely. Commissions received in respect of financing commitments are deferred until they are drawn and then included in the effective interest rate calculation and amortised over the life of the loan. Syndication commissions are also included in this category for the portion of the commission equivalent to the remuneration of other syndication participants.
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Commissions received or paid with regards to banking and similar services provided (except for those that are integral part of the effective interest rate), revenues from property development and revenues from services provided in connection with lease contracts fall within the scope of IFRS\u00a015 \u201cRevenue from Contracts with Customers\u201d.
This standard defines a single model for recognising revenue based on principles set out in five steps. These five steps enable to identify the distinct performance obligations included in the contracts and allocate the transaction price among them. The income related to those performance obligations is recognised as revenue when the latter are satisfied, namely when the control of the promised goods or services has been transferred.
The price of a service may contain a variable component. Variable amounts may be recognised in the income statement only if it is highly probable that the amounts recorded will not result in a significant downward adjustment.
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The Group records commission incomes and expenses in profit or loss either:
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Margins on property development, lease payments received on operating leases, as well as income and expenses from services provided in connection with lease contracts are recorded under \u201cIncome from other activities\u201d in the profit or loss account.
The asset depreciation charge for assets held by the Group for its leasing activity are recognised in \"Expense on other activities\u201d line item.
With regard to the revenues and expenses composing the margins of property development transactions, the Group records them in the profit or loss account:
Provisions and impairment are recognised when the margin above is negative (provisions for onerous contracts and inventories impairment).
Regarding income from services provided in connection with lease contracts, the Group records them in profit or loss as the service is rendered, i.e. in proportion to the costs incurred for maintenance contracts. The corresponding expenses are recognised when the service is rendered. At the same time, provisions are recognised to cover risks mainly related to services provided like risk retention and relay-assistance vehicles.
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Financial assets are classified at amortised cost, at fair value through shareholders\u2019 equity or at fair value through profit or loss depending on the business model and the contractual features of the instruments at initial recognition.
Financial liabilities are classified at amortised cost or at fair value through profit or loss at initial recognition.
Financial assets and liabilities are recognised in the balance sheet when the Group becomes a party to the contractual provisions of the instrument. Purchases and sales of financial assets made within a period established by the regulations or by a convention in the relevant marketplace are recognised in the balance sheet at the settlement date.
Financial assets are classified at amortised cost if the following two criteria are met: the business model objective is to hold the instrument in order to collect the contractual cash flows and the cash flows consist solely of payments relating to principal and interest on the principal.
This category includes, in particular, loans granted by the Group, as well as reverse repurchase agreements and securities held by the Group ALM Treasury in order to collect contractual flows and which meet the cash flow criterion.
Financial assets are managed within a business model whose objective is to hold financial assets in order to collect cash flows through the collection of contractual payments over the life of the instrument.
The realisation of disposals close to the maturity of the instrument and for an amount close to the remaining contractual cash flows, or due to an increase in the counterparty\u2019s credit risk is consistent with a business model whose objective is to collect the contractual cash flows (\u201ccollect\u201d). Sales imposed by regulatory requirements or to manage the concentration of credit risk (without an increase in the asset\u2019s credit risk) are also consistent with this business model when they are infrequent or insignificant in value.
The cash flow criterion is satisfied if the contractual terms of the debt instrument give rise, on specified dates, to cash flows that are solely repayments of principal and interest on the principal amount outstanding.
The criterion is not met in the event of a contractual characteristic that exposes the holder to risks or to the volatility of contractual cash flows that are inconsistent with those of a non-structured or \u201cbasic lending\u201d arrangement. It is also not satisfied in the event of leverage that increases the variability of the contractual cash flows.
Interest consists of consideration for the time value of money, for the credit risk, and for the remuneration of other risks (e.g. liquidity risk), costs (e.g. administration fees), and a profit margin consistent with that of a basic lending arrangement. The existence of negative interest does not call into question the cash flow criterion.
The time value of money is the component of interest - usually referred to as the \u201crate\u201d component - which provides consideration for only the passage of time. The relationship between the interest rate and the passage of time must not be modified by specific characteristics that could call into question the respect of the cash flow criterion.
Thus, when the variable interest rate of the financial asset is periodically reset at a frequency that does not match the duration for which the interest rate is established, the time value of money may be considered as modified and, depending on the significance of that modification, the cash flow criterion may not be met. Some financial assets held by the Group present a mismatch between the interest rate reset frequency and the maturity of the index, or interest rates indexed to an average of benchmark rate. The Group has developed a consistent methodology for analysing this alteration of the time value of money.
Regulated rates meet the cash flow criterion when they provide consideration that is broadly consistent with the passage of time and do not expose to risks or volatility in the contractual cash flows that would be inconsistent with those of a basic lending arrangement (example: loans granted in the context of Livret A savings accounts).
Some contractual clauses may change the timing or the amount of cash flows. Early redemption options do not call into question the cash flow criterion if the prepayment amount substantially represents the principal amount outstanding and the interest thereon, which may include reasonable compensation for the early termination of the contract. For example, as regards loans to retail customers, the compensation limited to 6\u00a0months of interest or 3% of the capital outstanding is considered reasonable. Actuarial penalties, corresponding to the present value of the difference between the residual contractual cash flows of the loan, and their reinvestment in a loan to a similar counterparty or in the interbank market for a similar residual maturity are also considered as reasonable, even when the compensation can be positive or negative (i.e. \u201csymmetric\u201d compensation). An option that permits the issuer or the holder of a financial instrument to change the interest rate from floating to fixed rate does not breach the cash flow criterion if the fixed rate is determined at origination, or if it represents the time value of money for the residual maturity of the instrument at the date of exercise of the option. Clauses included in financing granted to encourage the sustainable development of companies which adjust the interest margin depending on the achievement of environmental, social or governance (ESG) objectives and disclosed in chapter\u00a07 of the Universal registration document, do not call into question the cash flow criterion when such an adjustment is considered to have a de minimis effect. Structured instruments indexed to ESG market indices do not meet the cash flow criterion.
In the particular case of financial assets contractually linked to payments received on a portfolio of underlying assets and which include a priority order for payment of cash flows between investors (\u201ctranches\u201d), thereby creating concentrations of credit risk, a specific analysis is carried out. The contractual characteristics of the tranche and those of the underlying financial instrument portfolios must meet the cash flow criterion and the credit risk exposure of the tranche must be equal to or lower than the exposure to credit risk of the underlying pool of financial instruments.
Certain loans may be \u201cnon-recourse\u201d, either contractually, or in substance when they are granted to a special purpose entity. That is in particular the case of numerous project financing or asset financing loans. The cash flow criterion is met as long as these loans do not represent a direct exposure on the assets acting as collateral. In practice, the sole fact that the financial asset explicitly gives rise to cash flows that are consistent with payments of principal and interest is not sufficient to conclude that the instrument meets the cash flow criterion. In that case, the particular underlying assets to which there is limited recourse shall be analysed using the \u201clook-through\u201d approach. If those assets do not themselves meet the cash flow criterion, the existing credit enhancement is assessed. The following aspects are considered: structuring and sizing of the transaction, own funds level of the structure, expected source of repayment, price volatility of the underlying assets.\u00a0
On initial recognition, financial assets are recognised at fair value, including transaction costs directly attributable to the transaction as well as commissions related to the origination of the loans.
They are subsequently measured at amortised cost, including accrued interest and net of repayments of principal and interest during the past period. These financial assets are also subject from their initial recognition, to the measurement of a loss allowance for expected credit losses (note\u00a01.f.5).
Interest is calculated using the effective interest method determined at inception of the contract.
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Debt instruments are classified at fair value through shareholders\u2019 equity if the following two criteria are met:
The securities held by the Group ALM Treasury in order to collect contractual flows or to be sold and meeting the cash flow criterion are in particular classified in this category.
On initial recognition, financial assets are recognised at their fair value, including transaction costs directly attributable to the transaction. They are subsequently measured at fair value and changes in fair value are recognised, under a specific line of shareholders\u2019 equity entitled \u201cChanges in assets and liabilities recognised directly in equity that may be reclassified to profit or loss\u201d. These financial assets are also subject to the measurement of a loss allowance for expected credit losses on the same approach as for debt instruments at amortised cost. The counterparty of the related impact in cost of risk is recognised in the same specific line of shareholders\u2019 equity. On disposal, changes in fair value previously recognised in shareholders\u2019 equity are reclassified to profit or loss.
In addition, interest is recognised in the income statement using the effective interest method determined at the inception of the contract.
Investments in equity instruments such as shares are classified on option, and on a case-by-case basis, at fair value through shareholders\u2019 equity (under a specific line). On disposal of the shares, changes in fair value previously recognised in equity are not recognised in profit or loss. Only dividends, if they represent remuneration for the investment and not repayment of capital, are recognised in profit or loss. These instruments are not subject to impairment.
Investments in mutual funds puttable to the issuer do not meet the definition of equity instruments. They do not meet the cash flow criterion either, and thus are recognised at fair value through profit or loss.
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Financing and financial guarantee commitments that are not recognised at fair value through profit or loss are presented respectively in notes 6.a and 6.b. The commitments issued by the bank are subject to the measurement of a loss allowance for expected credit losses. These loss allowances are presented under \u201cProvisions for contingencies and charges\u201d.
The Group may issue performance guarantees in conjunction with integral indemnity agreements that provide the Group the right to claim back any amounts paid out from the party whose non-performance would have led to the guarantee being called. This type of commitment exposes the Group to credit risk and therefore results in the recognition of expected credit losses.
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Home savings accounts (Comptes \u00c9pargne-Logement \u2013 \u201cCEL\u201d) and home savings plans (Plans d\u2019\u00c9pargne Logement \u2013 \u201cPEL\u201d) are government-regulated retail products sold in France. They combine a savings phase and a loan phase which are inseparable, with the loan phase contingent upon the savings phase.
These products contain two types of obligations for BNP\u00a0Paribas: an obligation to pay interest on the savings for an indefinite period, at a rate set by the government at the inception of the contract (in the case of PEL products) or at a rate reset every six months using an indexation formula set by law (in the case of CEL products); and an obligation to lend to the customer (at the customer\u2019s option) an amount contingent upon the rights acquired during the savings phase, at a rate set at the inception of the contract (in the case of PEL products) or at a rate contingent upon the savings phase (in the case of CEL products).
The Group\u2019s future obligations with respect to each generation (in the case of PEL products, a generation comprises all products with the same interest rate at inception; in the case of CEL products, all such products constitute a single generation) are measured by discounting potential future earnings from at-risk outstandings for that generation.
At-risk outstandings are estimated on the basis of a historical analysis of customer behaviour, and are equivalent to:
Earnings for future periods from the savings phase are estimated as the difference between the investment rate and the fixed savings interest rate on at-risk savings outstanding for the period in question. Earnings for future periods from the loan phase are estimated as the difference between the refinancing rate and the fixed loan interest rate on at-risk loans outstanding for the period in question.
The investment rate for savings and the refinancing rate for loans are derived from the swap yield curve and from the spreads expected on financial instruments of similar type and maturity. Spreads are determined on the basis of actual spreads on fixed-rate home loans in the case of the loan phase and products offered to individual clients in the case of the savings phase. In order to reflect the uncertainty of future interest rate trends, and the impact of such trends on customer behaviour models and on at-risk outstandings, the obligations are estimated using the Monte-Carlo method.
Where the sum of the Group\u2019s estimated future obligations with respect to the savings and loan phases of any generation of contracts indicates a potentially unfavourable situation for the Group, a provision is recognised (with no offset between generations) in the balance sheet in \u201cProvisions for contingencies and charges\u201d. Movements in this provision are recognised as interest income in the profit and loss account.
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The impairment model for credit risk is based on expected losses.
This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.
The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.
This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).
The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.
As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).
The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.
The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.
A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).
In some cases, financial assets are credit-impaired at initial recognition.
For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.
The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.
The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.
A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.
Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.
There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.
In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. Since 2024, this specificity no longer applies to most exposures in the eurozone.
The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.
Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.
In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. Since 2024, this specificity no longer applies to most exposures in the Eurozone.
For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.
The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.
All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.
Probability of Default is an estimate of the likelihood of default over a given time horizon.
The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.
The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.
1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).
Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.
Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).
The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.
For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.
The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.
Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.
The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.
The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.
A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.
If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.
When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.
Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.
A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.
For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.
The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.
When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.
Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.
The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.
For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.
Cost of risk includes the following items of profit or loss:
\u00a0
The trading portfolio includes instruments held for trading (trading transactions), including derivatives.
Other financial assets measured at fair value through profit or loss include debt instruments that do not meet the \u201ccollect\u201d or \u201ccollect and sale\u201d business model criterion or that do not meet the cash flow criterion, as well as equity instruments for which the fair value through shareholders\u2019 equity option has not been retained. Finally financial assets may be designated as at fair value through profit or loss if this enables the entity to eliminate or significantly reduce a mismatch in the measurement and accounting treatment of assets and liabilities that would otherwise arise if they were to be classified in separate categories.
All those financial instruments are measured at fair value at initial recognition, with transaction costs directly posted in profit or loss. At the reporting date, they are measured at fair value, with changes presented in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d. Income, dividends, and realised gains and losses on disposal related to held-for-trading transactions are accounted for in the same profit or loss account.
Financial liabilities are recognised under option in this category in the two following situations:
Changes in fair value due to the own credit risk are recognised under a specific heading of shareholders\u2019 equity.
\u00a0
A financial instrument issued or its various components are classified as a financial liability or equity instrument, in accordance with the economic substance of the legal contract.
Financial instruments issued by the Group are qualified as debt instruments if the entity in the Group issuing the instruments has a contractual obligation to deliver cash or another financial asset to the holder of the instrument. The same applies if the Group is required to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Group, or to deliver a variable number of the Group\u2019s own equity instruments.
Equity instruments result from contracts evidencing a residual interest in an entity\u2019s assets after deducting all of its liabilities.
Debt securities and subordinated debt are measured at amortised cost unless they are recognised at fair value through profit or loss.
Debt securities are initially recognised at the issue value including transaction costs and are subsequently measured at amortised cost using the effective interest method.
Issued bonds redeemable or convertible into own equity may contain a debt component and an equity component, determined upon initial recognition of the transaction. In this case, they will be qualified as compound financial instruments.
In this respect, the Group has elected to record contingent convertible bonds issued, without maturity, when convertible into a variable number of own shares on the occurrence of a predetermined trigger event (e.g. a decrease in the solvency ratio below a threshold), as compound instruments, to the extent that the coupons on these bonds are paid discretionarily.
The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.
Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.
When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.
Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.
Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.
Own equity instrument derivatives are treated as follows, depending on the method of settlement:
If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.
\u00a0\u00a0\u00a0
The Group retained the option provided by the standard to maintain the hedge accounting requirements of IAS\u00a039 until the future standard on macro-hedging is entered into force. Furthermore, IFRS\u00a09 does not explicitly address the fair value hedge of the interest rate risk on a portfolio of financial assets or liabilities. The provisions in IAS\u00a039 for these portfolio hedges, as adopted by the European Union, continue to apply.
Derivatives contracted as part of a hedging relationship are designated according to the purpose of the hedge.
Fair value hedges are particularly used to hedge interest rate risk on fixed-rate assets and liabilities, both for identified financial instruments (securities, debt issues, loans, borrowings) and for portfolios of financial instruments (in particular, demand deposits and fixed-rate loans).
Cash flow hedges are particularly used to hedge interest rate risk on floating-rate assets and liabilities, including rollovers, and foreign exchange risks on highly probable forecast foreign currency revenues.
At the inception of the hedge, the Group prepares formal documentation which details the hedging relationship, identifying the instrument, or portion of the instrument, or portion of risk that is being hedged, the hedging strategy and the type of risk hedged, the hedging instrument, and the methods used to assess the effectiveness of the hedging relationship.
On inception and at least quarterly, the Group assesses, in consistency with the original documentation, the actual (retrospective) and expected (prospective) effectiveness of the hedging relationship. Retrospective effectiveness tests are designed to assess whether the ratio of actual changes in the fair value or cash flows of the hedging instrument to those in the hedged item is within a range of 80% to 125%. Prospective effectiveness tests are designed to ensure that expected changes in the fair value or cash flows of the derivative over the residual life of the hedge adequately offset those of the hedged item. For highly probable forecast transactions, effectiveness is assessed largely on the basis of historical data for similar transactions.
Under IAS\u00a039 as adopted by the European Union, which excludes certain provisions on portfolio hedging, interest rate risk hedging relationships based on portfolios of assets or liabilities qualify for fair value hedge accounting as follows:
The accounting treatment of derivatives and hedged items depends on the hedging strategy.
In a fair value hedging relationship, the derivative instrument is remeasured at fair value in the balance sheet, with changes in fair value recognised in profit or loss in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d, symmetrically with the remeasurement of the hedged item to reflect the hedged risk. In the balance sheet, the fair value remeasurement of the hedged component is recognised in accordance with the classification of the hedged item in the case of a hedge of identified assets and liabilities, or under \u201cRemeasurement adjustment on interest rate risk hedged portfolios\u201d in the case of a portfolio hedging relationship.
If a hedging relationship ceases or no longer fulfils the effectiveness criteria, the hedging instrument is transferred to the trading book and accounted for using the treatment applied to this category. In the case of identified fixed-income instruments, the remeasurement adjustment recognised in the balance sheet is amortised at the effective interest rate over the remaining life of the instrument. In the case of interest rate risk hedged fixed-income portfolios, the adjustment is amortised on a straight-line basis over the remainder of the original term of the hedge. If the hedged item no longer appears in the balance sheet, in particular due to prepayments, the adjustment is taken to the profit and loss account immediately.
In a cash flow hedging relationship, the derivative is measured at fair value in the balance sheet, with changes in fair value taken to shareholders\u2019 equity on a separate line, \u201cChanges in fair value recognised directly in equity\u201d. The amounts taken to shareholders\u2019 equity over the life of the hedge are transferred to the profit and loss account under \u201cNet interest income\u201d as and when the cash flows from the hedged item impact profit or loss. The hedged items continue to be accounted for using the treatment specific to the category to which they belong.
If the hedging relationship ceases or no longer fulfils the effectiveness criteria, the cumulative amounts recognised in shareholders\u2019 equity as a result of the remeasurement of the hedging instrument remain in equity until the hedged transaction itself impacts profit or loss, or until it becomes clear that the transaction will not occur, at which point they are transferred to the profit and loss account.
If the hedged item ceases to exist, the cumulative amounts recognised in shareholders\u2019 equity are immediately taken to the profit and loss account.
Whatever the hedging strategy used, any ineffective portion of the hedge is recognised in the profit and loss account under \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d.
Hedges of net foreign currency investments in subsidiaries and branches are accounted for in the same way as cash flow hedges. Hedging instruments may be foreign exchange derivatives or any other non-derivative financial instrument.
\u00a0
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or most advantageous market, at the measurement date.
The Group determines the fair value of financial instruments either by using prices obtained directly from external data or by using valuation techniques. These valuation techniques are primarily market and income approaches encompassing generally accepted models (e.g. discounted cash flows, Black-Scholes model, and interpolation techniques). They maximise the use of observable inputs and minimise the use of unobservable inputs. They are calibrated to reflect current market conditions and valuation adjustments are applied as appropriate, when some factors such as model, liquidity and credit risks are not captured by the models or their underlying inputs but are nevertheless considered by market participants when setting the exit price.
The unit of measurement is the individual financial asset or financial liability but a portfolio-based measurement can be elected, subject to certain conditions. Accordingly, the Group retains this portfolio-based measurement exception to determine the fair value when some group of financial assets and financial liabilities and other contracts within the scope of the standard relating to financial instruments with substantially similar and offsetting market risks or credit risks is managed on the basis of a net exposure, in accordance with the documented risk management strategy.
Assets and liabilities measured or disclosed at fair value are categorised into the three following levels of the fair value hierarchy:
The level in the fair value hierarchy within which the asset or liability is categorised in its entirety is based upon the lowest level input that is significant to the entire fair value measurement.
For financial instruments disclosed in Level\u00a03 of the fair value hierarchy, and marginally some instruments disclosed in Level\u00a02, a difference between the transaction price and the fair value may arise at initial recognition. This \u201cDay One Profit\u201d is deferred and released to the profit and loss account over the period during which the valuation parameters are expected to remain non-observable. When parameters that were originally non-observable become observable, or when the valuation can be substantiated in comparison with recent similar transactions in an active market, the unrecognised portion of the day one profit is released to the profit and loss account.
\u00a0
The Group derecognises all or part of a financial asset when the contractual rights to the cash flows of the asset expire, or when the Group transfers the asset \u2013 either on the basis of a transfer of the contractual rights to its cash flows, or by retaining the contractual rights to receive the cash flows of the asset while assuming an obligation to pay the cash flows of the asset under an eligible pass-through arrangement \u2013 as well as substantially all the risks and rewards of the asset.
Where the Group has transferred the cash flows of a financial asset but has neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset and has not in practice retained control of the financial asset, the Group derecognises the financial asset and then records separately, if necessary, an asset or liability representing the rights and obligations created or held as part of the transfer of the asset. If the Group has retained control of the financial asset, it maintains it on its balance sheet to the extent of its continuing involvement in that asset.
Upon the derecognition of a financial asset in its entirety, a gain or loss on disposal is recognised in the profit and loss account for an amount equal to the difference between the carrying amount of the asset and the value of the consideration received, adjusted where appropriate for any unrealised gain or loss previously recognised directly in equity.
If all these conditions are not met, the Group retains the asset in its balance sheet and recognises a liability for the obligations arising on the transfer of the asset.
The Group derecognises all or part of a financial liability when the liability is extinguished, i.e. when the obligation specified in the contract is extinguished, cancelled or expired. A financial liability may also be derecognised in the event of a substantial change in its contractual terms or if exchanged with the lender for an instrument with substantially different contractual terms.
Securities temporarily sold under repurchase agreements continue to be recognised in the Group\u2019s balance sheet in the category of securities to which they belong. The corresponding liability is recognised at amortised cost under the appropriate \u201cFinancial liabilities at amortised cost\u201d category on the balance sheet, except in the case of repurchase agreements contracted for trading purposes, for which the corresponding liability is recognised in \u201cFinancial liabilities at fair value through profit or loss\u201d.
Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group\u2019s balance sheet. The corresponding receivable is recognised at amortised cost under the appropriate \u201cFinancial assets at amortised cost\u201d category in the balance sheet, except in the case of reverse repurchase agreements contracted for trading purposes, for which the corresponding receivable is recognised in \u201cFinancial assets at fair value through profit or loss\u201d.
Securities lending transactions do not result in derecognition of the lent securities, and securities borrowing transactions do not result in recognition of the borrowed securities on the balance sheet. In cases where the borrowed securities are subsequently sold by the Group, the obligation to deliver the borrowed securities on maturity is recognised on the balance sheet under \u201cFinancial liabilities at fair value through profit or loss\u201d.
\u00a0\u00a0
A financial asset and a financial liability are offset and the net amount presented in the balance sheet if, and only if, the Group has a legally enforceable right to set off the recognised amounts, and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Repurchase agreements and derivatives that meet the two criteria set out in the accounting standard are offset in the balance sheet.
\u00a0\u00a0
IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
\u00a0
The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).
The main insurance contracts issued by the Group correspond to:
A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.
Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.
The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.
These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.
When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:
An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.
An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.
The insurance risks covered by Group entities are:
Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.
Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.
Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.
Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered as investment contracts with discretionary participating features, measured using the variable fee approach.
Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.
For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.
For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.
For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.
A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.
A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.
On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.
An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.
The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.
Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.
The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.
If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.
Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.
At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.
The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.
The release of expected fulfilment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.
The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.
The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.
The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.
The risk adjustment is determined using the quantile method.
The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.
Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).
Direct participating contracts are insurance or investment contracts for which:
Compliance with these conditions is monitored on the underwriting date and is not reviewed later.
For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.
At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.
The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).
Changes in the fulfilment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.
Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.
Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.
Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.
The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.
The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).
The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.
The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.
The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.
Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.
The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.
The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.
Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.
Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.
For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.
The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.
Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.
At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.
Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).
Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.
The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.
The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.
In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.
The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.
The reinsurance contracts held are measured by the Group using the simplified approach or the general model.
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The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.
Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.
Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.
The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.
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Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.
Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).
Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).
Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and respectively 10 years and 12 years for the fixtures and fittings of operating properties and the fixtures and fittings of investment properties.
Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset, equals the higher of the two values between the value in use and the fair value less costs of disposal, is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.
Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.
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Group companies may either be the lessee or the lessor in a lease agreement.
Leases contracted by the Group as lessor are categorised as either finance leases or operating leases.
In a finance lease, the lessor transfers substantially all the risks and rewards of ownership of an asset to the lessee. It is treated as a loan made to the lessee to finance the purchase of the asset.
The present value of the lease payments, plus any residual value, is recognised as a receivable. The net income earned from the lease by the lessor is equal to the amount of interest on the loan and is taken to the profit and loss account under \u201cInterest income\u201d. The lease payments are spread over the lease term and are allocated to reduction of the principal and to interest such that the net income reflects a constant rate of return on the net investment outstanding in the lease. The rate of interest used is the rate implicit in the lease.
Impairments of lease receivables are determined using the same principles as applied to financial assets measured at amortised cost.
An operating lease is a contract under which most of the risks and rewards of ownership of the leased asset are not transferred to the lessee.
The leased asset is initially recognised by the lessor as a tangible asset for its acquisition price less residual value and subsequently depreciated on a straight-line basis over its useful life. The asset depreciation charge and lease payments are recognised in profit and loss over the lease term respectively in \"Expense on other activities\u201d and \"Income from other activities\u201d line items.
Vehicles leased by the Group and classified under operating leases are assets with an average lease term of between one and five years. The cost of acquiring these assets includes their purchase price, as well as any directly attributable costs necessary to make the vehicle available to the lessee customers. Residual value is a statistical model estimate of the resale value of the asset and is re-estimated monthly, taking into account, in particular, historical data on the sale of vehicles in the second-hand market and the specific context of each geographical area. In the event of a change in the amount of the residual value of the asset relative to its estimated value, a forward-looking adjustment to the depreciation plan is made vehicle by vehicle.
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Lease contracts concluded by the Group, with the exception of contracts whose term is shorter than or equal to 12-months and low-value contracts, are recognised in the balance-sheet in the form of a right-of-use on the leased asset presented under fixed assets, along with the recognition of a financial liability for the rent and other payments to be made over the leasing period. The right of use assets is amortised on a straight-line basis and the financial liabilities are amortised on an actuarial basis over the lease period. Dismantling costs corresponding to specific and significant fittings and fixtures are included in the initial right-of-use estimation, in counterparty of a provision liability.
The key hypotheses used by the Group for the measurement of rights of use and lease liabilities are the following:
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Where the Group decides to sell assets or a group of assets and liabilities and it is highly probable that the sale will occur within 12\u00a0months, these assets are shown separately in the balance sheet, on the line \u201cAssets held for sale\u201d. Any liabilities associated with these assets are also shown separately in the balance sheet, on the line \u201cLiabilities associated with assets held for sale\u201d. When the Group is committed to a sale plan involving loss of control of a subsidiary and the sale is highly probable within 12\u00a0months, all the assets and liabilities of that subsidiary are classified as held for sale.
Once classified in this category, assets and the group of assets and liabilities are measured at the lower of carrying amount or fair value less costs to sell.
Such assets are no longer depreciated. If an asset or group of assets and liabilities becomes impaired, an impairment loss is recognised in the profit and loss account. Impairment losses may be reversed.
Where a group of assets and liabilities held for sale represents a cash generating unit, it is categorised as a \u201cdiscontinued operation\u201d. Discontinued operations include operations that are held for sale, operations that have been shut down, and subsidiaries acquired exclusively with a view to resell.
In this case, gains and losses related to discontinued operations are shown separately in the profit and loss account, on the line \u201cNet income from discontinued activities\u201d. This line includes after tax profits or losses of discontinued operations, after tax gain or loss arising from remeasurement at fair value less costs to sell, and after tax gain or loss on disposal of the operation.
\u00a0
Employee benefits are classified into four categories:
The Group recognises an expense when it has used services rendered by employees in exchange for employee benefits.
These are benefits, other than short-term benefits, post-employment benefits and termination benefits. This relates, in particular, to compensation deferred for more than 12\u00a0months and not linked to the BNP\u00a0Paribas share price, which is accrued in the financial statements for the period in which this compensation is earned.
The actuarial techniques used are similar to those used for defined-benefit post-employment benefits, except that the revaluation items are recognised in the profit and loss account and not in equity.
Termination benefits are employee benefits payable in exchange for the termination of an employee\u2019s contract as a result of either a decision by the Group to terminate a contract of employment before the legal retirement age, or a decision by an employee to accept voluntary redundancy in exchange for these benefits. Termination benefits due more than 12-months after the balance sheet date are discounted.
In accordance with IFRS, the BNP\u00a0Paribas Group draws a distinction between defined-contribution plans and defined-benefit plans.
Defined-contribution plans do not give rise to an obligation for the Group and do not require a provision. The amount of the employer\u2019s contributions payable during the period is recognised as an expense.
Only defined-benefit schemes give rise to an obligation for the Group. This obligation must be measured and recognised as a liability by means of a provision.
The classification of plans into these two categories is based on the economic substance of the plan, which is reviewed to determine whether the Group has a legal or constructive obligation to pay the agreed benefits to employees.
Post-employment benefit obligations under defined-benefit plans are measured using actuarial techniques that take demographic and financial assumptions into account.
The net liability recognised with respect to post-employment benefit plans is the difference between the present value of the defined-benefit obligation and the fair value of plan assets (if any).
The present value of the defined-benefit obligation is measured on the basis of the actuarial assumptions applied by the Group, using the projected unit credit method. This method takes into account various parameters, specific to each country or Group entity, such as demographic assumptions, the probability that employees will leave before retirement age, salary inflation, a discount rate, and the general inflation rate.
When the value of the plan assets exceeds the amount of the obligation, an asset is recognised if it represents a future economic benefit for the Group in the form of a reduction in future contributions or a future partial refund of amounts paid into the plan.
The annual expense recognised in the profit and loss account under \u201cSalaries and employee benefits\u201d, with respect to defined-benefit plans includes the current service cost (the rights vested by each employee during the period in return for service rendered), the net interests linked to the effect of discounting the net defined-benefit liability (asset), the past service cost arising from plan amendments or curtailments, and the effect of any plan settlements.
Remeasurements of the net defined-benefit liability (asset) are recognised in shareholders\u2019 equity and are never reclassified to profit or loss. They include actuarial gains and losses, the return on plan assets and any change in the effect of the asset ceiling (excluding amounts included in net interest on the defined-benefit liability or asset).
\u00a0
Share-based payment transactions are payments based on shares issued by the Group, whether the transaction is settled in the form of equity or cash of which the amount is based on trends in the value of BNP\u00a0Paribas shares.
The expense related to stock option and share award plans is recognised over the vesting period, if the benefit is conditional upon the grantee\u2019s continued presence at the vesting date.
Stock options and share award expenses are recorded under salary and employee benefits expenses, with a corresponding adjustment to shareholders\u2019 equity. They are calculated on the basis of the overall plan value, determined at the date of grant by the Board of directors.
In the absence of any market for these instruments, financial valuation models are used that take into account any performance conditions related to the BNP\u00a0Paribas share price. The total expense of a plan is determined by multiplying the unit value per option or share awarded by the estimated number of options or shares awarded vested at the end of the vesting period, taking into account the conditions regarding the grantee\u2019s continued employment.
The only assumptions revised during the vesting period, and hence resulting in a remeasurement of the expense, are those relating to the probability that employees will leave the Group and those relating to performance conditions that are not linked to the price value of BNP\u00a0Paribas shares.
The expense related to these plans is recognised in the year during which the employee rendered the corresponding services.
If the payment of share-based variable compensation is explicitly subject to an enforceable condition consisting in the employee\u2019s continued presence at the vesting date, the services are presumed to have been rendered during the vesting period and the corresponding compensation expense is recognised on a pro rata basis over that period. The expense is recognised under salary and employee benefits expenses with a corresponding liability in the balance sheet. It is revised to take into account any non-fulfilment of the continued presence or performance conditions and the change in BNP\u00a0Paribas share price.
If there is no continued presence enforceable condition, the expense is not deferred, but recognised immediately with a corresponding liability in the balance sheet. This is then revised on each reporting date until settlement to take into account any performance conditions and the change in the BNP\u00a0Paribas share price.
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Provisions recorded under liabilities (other than those relating to financial instruments, employee benefits and insurance contracts) mainly relate to restructuring, claims and litigation, fines and penalties.
A provision is recognised when it is more likely than not that an outflow of resources embodying economic benefits will be required to settle a present obligation arising from a past event, and a reliable estimate can be made of the amount of the obligation. The amount of such obligations is discounted, where the impact of discounting is material, in order to determine the amount of the provision.
\u00a0
The current income tax charge is determined on the basis of the tax laws and tax rates in force in each country in which the Group operates during the period in which the income is generated.
Deferred taxes are recognised when temporary differences arise between the carrying amount of an asset or liability in the balance sheet and its tax base.
Deferred tax liabilities are recognised for all taxable temporary differences other than:
Deferred tax assets are recognised for all deductible temporary differences and unused carryforwards of tax losses only to the extent that it is probable that the entity in question will generate future taxable profits against which these temporary differences and tax losses can be offset.
Deferred tax assets and liabilities are measured using the liability method, using the tax rate which is expected to apply to the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been or will have been enacted by the balance sheet date of that period. They are not discounted.
Deferred tax assets and liabilities are offset when they arise within the same tax group, they fall under the jurisdiction of a single tax authority, and there is a legal right to offset.
As regards the assessment of uncertainty over income tax treatments, the Group adopts the following approach:
Current and deferred taxes are recognised as tax income or expenses in the profit and loss account, except for those relating to a transaction or an event directly recognised in shareholders\u2019 equity, which are also recognised in shareholders\u2019 equity. This concerns in particular the tax effect of coupons paid on financial instruments issued by the Group and qualified as equity instruments, such as undated super subordinated notes.
When tax credits on revenues from receivables and securities are used to settle corporate income tax payable for the period, the tax credits are recognised on the same line as the income to which they relate. The corresponding tax expense continues to be carried in the profit and loss account under \u201cCorporate income tax\u201d.
In accordance with the provisions of IAS\u00a012, the Group applies the mandatory and temporary exception not to recognise deferred taxes associated with the additional tax resulting from the minimum income tax applied by international groups.
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The cash and cash equivalents balance is composed of the net balance of cash accounts and accounts with central banks, and the net balance of interbank demand loans and deposits.
Changes in cash and cash equivalents related to operating activities reflect cash flows generated by the Group\u2019s operations, including those relating to financial investments of insurance activities and negotiable certificates of deposit.
Changes in cash and cash equivalents related to investing activities reflect cash flows resulting from acquisitions and disposals of subsidiaries, associates or joint ventures included in the consolidated Group, as well as acquisitions and disposals of property, plant and equipment excluding investment property and property held under operating leases.
Changes in cash and cash equivalents related to financing activities reflect the cash inflows and outflows resulting from transactions with shareholders, cash flows related to bonds and subordinated debt, and debt securities (excluding negotiable certificates of deposit).
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Preparation of the financial statements requires managers of core businesses and corporate functions to make assumptions and estimates that are reflected in the measurement of income and expense in the profit and loss account and of assets and liabilities in the balance sheet, and in the disclosure of information in the notes to the financial statements. This requires the managers in question to exercise their judgement and to make use of information available at the date of the preparation of the financial statements when making their estimates. The actual future results from operations where managers have made use of estimates may in reality differ significantly from those estimates, mainly according to market conditions. This may have a material effect on the financial statements.
This applies in particular to:
the analysis of the cash flow criterion for specific financial assets;the measurement of expected credit losses. This applies in particular to the assessment of significant increase in credit risk, the models and assumptions used to measure expected credit losses, including those relating to climate risks, the determination of the different economic scenarios and their weighting;the analysis of renegotiated loans, in order to assess whether they should be maintained on the balance-sheet or derecognised;the assessment of an active market, and the use of internally developed models for the measurement of the fair value of financial instruments not quoted in an active market classified in \u201cFinancial assets at fair value through equity\u201d, or in \u201cFinancial instruments at fair value through profit or loss\u201d, whether as assets or liabilities, and more generally calculations of the fair value of financial instruments subject to a fair value disclosure requirement;the assumptions applied to assess the sensitivity to each type of market risk of the market value of financial instruments and the sensitivity of these valuations to the main unobservable inputs as disclosed in the notes to the financial statements;the appropriateness of the designation of certain derivative instruments such as cash flow hedges, and the measurement of hedge effectiveness;the valuation of intangible assets recognised in the context of business combinations;the valuation of assets recognised in the context of partnerships and commercial contracts;\u00a0impairment tests performed on intangible assets, notably the goodwill;the estimation of residual assets values under simple lease agreements. These values are used as a basis for the determination of depreciation as well as any impairment, notably in relation to the effect of environmental considerations on the evaluation of future prices of second-hand vehicles;the deferred tax assets;the measurement of insurance liabilities and assets, and investment contracts with discretionary participation, by groups of contracts, on the basis of discounted and probability weighted future fulfilment cash flows, based on assumptions that can be derived from market or entity-specific data, and the recognition of the results of such contracts on the basis of the services rendered over the coverage period;The accounting classification of securitisation positions in the banking book is shown in Table\u00a09: Prudential balance sheet by risk type (EU\u00a0LI1-B).Securitisation positions classified as \u201cFinancial assets at amortised cost\u201d are measured using the method described in note\u00a01.f.1 Financial assets at amortised cost to the consolidated financial statements: the effective interest rate used to recognise interest income is measured on the basis of an expected cash flow model. From the outset, these positions are subject to an impairment calculation for expected credit risk losses (see note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements).
Securitisation positions classified on an accounting basis as \u201cFinancial assets at fair value through equity\u201d are measured using the method described in note\u00a01.f.2 Financial assets at fair value through shareholders\u2019 equity to the consolidated financial statements. Changes in fair value determined according to the principles listed in note\u00a01.f.10 Determination of fair value to the consolidated financial statements (excluding revenue recognised using the effective interest method) are presented in a specific subsection of shareholders\u2019 equity along with expected credit risk losses calculated using the methods described in note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements. Upon disposal, amounts previously recognised in recyclable equity are transferred to the profit and loss account.
Securitisation positions classified on an accounting basis as \u201cFinancial instruments at fair value through profit or loss\u201d are measured using the method described in note\u00a01.f.7 Financial instruments at fair value through profit or loss to the consolidated financial statements.
Proceeds from the sale of securitisation positions are recognised in accordance with rules for the category of origin of positions sold.
Synthetic securitisations in the form of credit derivatives (credit default swaps) or guarantees received follow accounting rules appertaining respectively:
Assets awaiting securitisation are classified as:
Information on the nature and extent of risks relating to financial instruments as required by IFRS\u00a07 \u201cFinancial Instruments: Disclosures\u201d along with information on regulatory capital required by IAS\u00a01 \u201cPresentation of financial statements\u201d are presented in chapter\u00a05 of the Universal registration document. This information, which is an integral part of the notes to the consolidated financial statements of the BNP\u00a0Paribas Group at 31\u00a0December 2025, is covered by the opinion of the Statutory Auditors on the consolidated financial statements, and is identified by the word \u201cAudited\u201d within this chapter. Section\u00a04 of chapter\u00a05, paragraph Exposures, provisions and cost of risk provides, in particular, IFRS\u00a07 information on credit risk exposures and related impairment broken down according to whether the underlying loans are performing or non-performing, by geographic area and by industry.
The introduction of other standards, amendments and interpretations that are mandatory as from 1\u00a0January 2025 had no effect on the Group\u2019s financial statements at 31\u00a0December 2025.
The Group did not early apply new standards, amendments and interpretations endorsed by the European Union when the application in 2025 was optional.
The impact assessment of the new standards and amendments not yet applicable by the Group is presented below:
On 30\u00a0May 2024, the IASB published amendments to IFRS\u00a09 and IFRS\u00a07. These amendments approved by the European Commission on 27 May 2025, which will be applicable for annual periods beginning on 1\u00a0January 2026. These amendments:
Based on the analysis conducted, the Group does not expect these amendments to have a significant impact on the Group's consolidated financial statements.
IFRS\u00a018 will be mandatory from 1\u00a0January 2027, with retrospective application.
IFRS\u00a018 includes many of the requirements of IAS\u00a01 without changes and supplements them with new requirements relating to:
The Bank continued to assess the detailed implications of applying IFRS 18 to the Group's consolidated financial statements, and does not expect significant changes to the presentation of its profit and loss account other than those resulting from the reclassification to operating income of items previously classified under \u201cNet gain on non\u2011current assets\u201d and \u201cGoodwill\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_f2a0f981-2183-47bd-9b80-a2c7afffdd9b": { "value": "Information on the nature and extent of risks relating to financial instruments as required by IFRS\u00a07 \u201cFinancial Instruments: Disclosures\u201d along with information on regulatory capital required by IAS\u00a01 \u201cPresentation of financial statements\u201d are presented in chapter\u00a05 of the Universal registration document. This information, which is an integral part of the notes to the consolidated financial statements of the BNP\u00a0Paribas Group at 31\u00a0December 2025, is covered by the opinion of the Statutory Auditors on the consolidated financial statements, and is identified by the word \u201cAudited\u201d within this chapter. Section\u00a04 of chapter\u00a05, paragraph Exposures, provisions and cost of risk provides, in particular, IFRS\u00a07 information on credit risk exposures and related impairment broken down according to whether the underlying loans are performing or non-performing, by geographic area and by industry.
The introduction of other standards, amendments and interpretations that are mandatory as from 1\u00a0January 2025 had no effect on the Group\u2019s financial statements at 31\u00a0December 2025.
The Group did not early apply new standards, amendments and interpretations endorsed by the European Union when the application in 2025 was optional.
The impact assessment of the new standards and amendments not yet applicable by the Group is presented below:
On 30\u00a0May 2024, the IASB published amendments to IFRS\u00a09 and IFRS\u00a07. These amendments approved by the European Commission on 27 May 2025, which will be applicable for annual periods beginning on 1\u00a0January 2026. These amendments:
Based on the analysis conducted, the Group does not expect these amendments to have a significant impact on the Group's consolidated financial statements.
IFRS\u00a018 will be mandatory from 1\u00a0January 2027, with retrospective application.
IFRS\u00a018 includes many of the requirements of IAS\u00a01 without changes and supplements them with new requirements relating to:
The Bank continued to assess the detailed implications of applying IFRS 18 to the Group's consolidated financial statements, and does not expect significant changes to the presentation of its profit and loss account other than those resulting from the reclassification to operating income of items previously classified under \u201cNet gain on non\u2011current assets\u201d and \u201cGoodwill\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_0838d33a-4c9f-4d8f-9bb6-1cb936bb2594": { "value": "The consolidated financial statements of BNP\u00a0Paribas include entities that are controlled by the Group, jointly controlled, and under significant influence, with the exception of those entities whose consolidation is regarded as immaterial to the Group. Companies that hold shares in consolidated companies are also consolidated.
Subsidiaries are consolidated from the date on which the Group obtains effective control. Entities under temporary control are included in the consolidated financial statements until the date of disposal.
\u00a0\u00a0
Controlled enterprises are fully consolidated. The Group controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
For entities governed by voting rights, the Group generally controls the entity if it holds, directly or indirectly, the majority of the voting rights (and if there are no contractual provisions that alter the power of these voting rights) or if the power to direct the relevant activities of the entity is conferred on it by contractual agreements.
Structured entities are entities established so that they are not governed by voting rights, for instance when those voting rights relate to administrative tasks only, whereas the relevant activities are directed by means of contractual arrangements. They often have the following features or attributes: restricted activities, a narrow and well-defined objective and insufficient equity to permit them to finance their activities without subordinated financial support.
For these entities, the analysis of control shall consider the purpose and design of the entity, the risks to which the entity is designed to be exposed and to what extent the Group absorbs the related variability. The assessment of control shall consider all facts and circumstances able to determine the Group\u2019s practical ability to make decisions that could significantly affect its returns, even if such decisions are contingent on uncertain future events or circumstances.
In assessing whether it has power, the Group considers only substantive rights which it holds or which are held by third parties. For a right to be substantive, the holder must have the practical ability to exercise that right when decisions about the relevant activities of the entity need to be made.
Control is reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control.
Where the Group contractually holds the decision-making power, for instance where the Group acts as fund manager, it shall determine whether it is acting as agent or principal. Indeed, when associated with a certain level of exposure to the variability of returns, this decision-making power may indicate that the Group is acting on its own account and that it thus has control over those entities.
Minority interests are presented separately in the consolidated profit and loss account and balance sheet within consolidated equity. The calculation of minority interests takes into account the outstanding cumulative preferred shares classified as equity instruments issued by subsidiaries, when such shares are held outside the Group.
As regards fully consolidated funds, units held by third-party investors are recognised as debts at fair value through profit or loss, inasmuch as they are redeemable at fair value at the subscriber\u2019s initiative.
For transactions resulting in a loss of control, any equity interest retained by the Group is remeasured at its fair value through profit or loss.
\u00a0
Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity\u2019s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRS.
\u00a0
Companies over which the Group exercises significant influence or associates are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of a company without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting rights of a company. Interests of less than 20% can be included in the consolidation scope if the Group effectively exercises significant influence. This is the case for example for entities developed in partnership with other associates, where the BNP\u00a0Paribas Group participates in strategic decisions of the enterprise through representation on the Board of directors or equivalent governing body, or exercises influence over the enterprise\u2019s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise\u2019s development.
Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under \u201cInvestments in equity-method entities\u201d and in the relevant component of shareholders\u2019 equity. Goodwill recorded on associates is also included under \u201cEquity-method investments\u201d.
Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under \u201cShare of earnings of equity-method entities\u201d in the consolidated income statement and can be reversed at a later date.
If the Group\u2019s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has contracted a legal or constructive obligation or has made payments on behalf of this entity.
Where the Group holds an interest in an associate, directly or indirectly through an entity that is a venture capital organisation, a mutual fund, an open-ended investment company or similar entity such as an investment-related insurance fund, it may elect to measure that interest at fair value through profit or loss.
Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under \u201cNet gain on non-current assets\u201d.
The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events occurring in similar circumstances.
For transactions resulting in a loss of significant influence, any equity interest retained by the Group is accounted for in accordance with IFRS 9 principles applicable to financial instruments held.
\u00a0
Intragroup balances arising from transactions between consolidated enterprises, and the transactions themselves (including income, expenses and dividends), are eliminated. Profits and losses arising from intragroup sales of assets are eliminated, except where there is an indication that the asset sold is impaired. Unrealised gains and losses included in the value of financial instruments at fair value through equity are maintained in the consolidated financial statements.
By way of exception, amendments to IAS\u00a032 and IFRS\u00a09 allow intragroup assets to be retained in the balance sheet if they are held as underlying components of direct participating contracts. These assets are measured at fair value through profit or loss. These are:
These provisions are applied by the Group\u2019s insurance entities that issue direct participating contracts, the underlying elements of which include securities issued by the Group either directly or through consolidated investment entities.
The consolidated financial statements of BNP\u00a0Paribas are prepared in euros.
The financial statements of enterprises whose functional currency is not the euro are translated using the closing rate method. Under this method, all assets and liabilities, both monetary and non-monetary, are translated using the spot exchange rate at the balance sheet date. Income and expense items are translated at the average rate for the period.
Financial statements of the Group\u2019s subsidiaries located in hyperinflationary economies, previously adjusted for inflation by applying a general price index, are translated using the closing rate. This rate applies to the translation of assets and liabilities as well as income and expenses.
Differences arising from the translation of balance sheet items and profit and loss items are recorded in shareholders\u2019 equity under \u201cExchange differences\u201d, and in \u201cMinority interests\u201d for the portion attributable to outside investors. Under the optional treatment permitted by IFRS\u00a01, the Group has reset to zero all translation differences, by booking all cumulative translation differences attributable to shareholders and to minority interests in the opening balance sheet at 1\u00a0January 2004 to retained earnings.
On liquidation or disposal of some or all of an interest held in a foreign enterprise located outside the Eurozone, leading to a change in the nature of the investment (loss of control, loss of significant influence or loss of joint control without keeping a significant influence), the cumulative exchange difference at the date of liquidation or sale is recognised in the profit and loss account.
Should the percentage of interest change without leading to a modification in the nature of the investment, the exchange difference is reallocated between the portion attributable to shareholders and that attributable to minority interests if the entity is fully consolidated; if the entity is consolidated under the equity method, it is recorded in profit or loss for the portion related to the interest sold.
\u00a0
Business combinations are accounted for using the purchase method.
Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.
The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.
The cost of a business combination is the fair value, at the date of exchange, of assets given by the purchaser, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree.\u00a0
Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.
Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss. Likewise, amounts paid to the seller (or to parties related to the seller) that remunerate transactions separate from the business combination are excluded from the acquisition cost. This includes, for example, amounts paid under commercial contracts entered concurrently with the acquisition and that did not pre-exist within the acquired entity. These amounts are recognised separately in accordance with the applicable IFRS standards.
The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.
Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.
Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.
On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.
Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.
As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.
Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.
The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.
The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.
Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.
\u00a0
The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value-in-use.
Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.
Value-in-use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_bc0fe209-6c60-4d68-83b2-205ef0f28b03": { "value": "The consolidated financial statements of BNP\u00a0Paribas include entities that are controlled by the Group, jointly controlled, and under significant influence, with the exception of those entities whose consolidation is regarded as immaterial to the Group. Companies that hold shares in consolidated companies are also consolidated.
Subsidiaries are consolidated from the date on which the Group obtains effective control. Entities under temporary control are included in the consolidated financial statements until the date of disposal.
Controlled enterprises are fully consolidated. The Group controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
For entities governed by voting rights, the Group generally controls the entity if it holds, directly or indirectly, the majority of the voting rights (and if there are no contractual provisions that alter the power of these voting rights) or if the power to direct the relevant activities of the entity is conferred on it by contractual agreements.
Structured entities are entities established so that they are not governed by voting rights, for instance when those voting rights relate to administrative tasks only, whereas the relevant activities are directed by means of contractual arrangements. They often have the following features or attributes: restricted activities, a narrow and well-defined objective and insufficient equity to permit them to finance their activities without subordinated financial support.
For these entities, the analysis of control shall consider the purpose and design of the entity, the risks to which the entity is designed to be exposed and to what extent the Group absorbs the related variability. The assessment of control shall consider all facts and circumstances able to determine the Group\u2019s practical ability to make decisions that could significantly affect its returns, even if such decisions are contingent on uncertain future events or circumstances.
In assessing whether it has power, the Group considers only substantive rights which it holds or which are held by third parties. For a right to be substantive, the holder must have the practical ability to exercise that right when decisions about the relevant activities of the entity need to be made.
Control is reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control.
Where the Group contractually holds the decision-making power, for instance where the Group acts as fund manager, it shall determine whether it is acting as agent or principal. Indeed, when associated with a certain level of exposure to the variability of returns, this decision-making power may indicate that the Group is acting on its own account and that it thus has control over those entities.
Minority interests are presented separately in the consolidated profit and loss account and balance sheet within consolidated equity. The calculation of minority interests takes into account the outstanding cumulative preferred shares classified as equity instruments issued by subsidiaries, when such shares are held outside the Group.
As regards fully consolidated funds, units held by third-party investors are recognised as debts at fair value through profit or loss, inasmuch as they are redeemable at fair value at the subscriber\u2019s initiative.
For transactions resulting in a loss of control, any equity interest retained by the Group is remeasured at its fair value through profit or loss.
Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity\u2019s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRS.
Companies over which the Group exercises significant influence or associates are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of a company without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting rights of a company. Interests of less than 20% can be included in the consolidation scope if the Group effectively exercises significant influence. This is the case for example for entities developed in partnership with other associates, where the BNP\u00a0Paribas Group participates in strategic decisions of the enterprise through representation on the Board of directors or equivalent governing body, or exercises influence over the enterprise\u2019s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise\u2019s development.
Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under \u201cInvestments in equity-method entities\u201d and in the relevant component of shareholders\u2019 equity. Goodwill recorded on associates is also included under \u201cEquity-method investments\u201d.
Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under \u201cShare of earnings of equity-method entities\u201d in the consolidated income statement and can be reversed at a later date.
If the Group\u2019s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has contracted a legal or constructive obligation or has made payments on behalf of this entity.
Where the Group holds an interest in an associate, directly or indirectly through an entity that is a venture capital organisation, a mutual fund, an open-ended investment company or similar entity such as an investment-related insurance fund, it may elect to measure that interest at fair value through profit or loss.
Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under \u201cNet gain on non-current assets\u201d.
The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events occurring in similar circumstances.
For transactions resulting in a loss of significant influence, any equity interest retained by the Group is accounted for in accordance with IFRS 9 principles applicable to financial instruments held.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Gain or loss on investments in consolidated undertakings (note\u00a08.d) | 264 | 133 |
Gain or loss on tangible and intangible assets | 9 | (30) |
Results from net monetary position | (329) | (294) |
Net gain on non-current assets | (56) | (191) |
\u00a0
According to IAS 29 in connection with the hyperinflation situation of the economy in T\u00fcrkiye, the line \u201cResults from net monetary positions\u201d corresponds to the effect of the revaluation of the monetary assets net of the evolution of the consumer price index in T\u00fcrkiye on the valuation of non-monetary assets and liabilities (-\u202fEUR\u202f487\u202fmillion) and on income from the Turkish government bonds portfolio indexed to inflation and held by Turk Ekonomi Bankasi AS (+\u00a0EUR\u202f158\u202fmillion, reclassified from interest margin) in 2025 (respectively -\u202fEUR\u202f549\u202fmillion and +\u00a0EUR\u00a0255\u00a0million in 2024).
Cumulated financial information of associates and joint ventures is presented in the following table:
In millions of euros | Year to 31 Dec. 2025 | 31 December 2025 | Year to 31 Dec. 2024 | 31 December 2024 | ||||
Share of net income | Share of changes in assets and liabilities recognised directly in equity | Share of net income and changes in assets and liabilities recognised directly in equity | Equity- | Share of net income | Share of changes in assets and liabilities recognised directly in equity | Share of net income and changes in assets and liabilities recognised directly in equity | Equity- | |
Joint ventures | 34 | (411) | (377) | 823 | (10) | 225 | 215 | 1,960 |
Associates(1) | 743 | (400) | 343 | 6,127 | 711 | 308 | 1,019 | 5,902 |
Total equity-method entities | 777 | (811) | (34) | 6,950 | 701 | 533 | 1,234 | 7,862 |
(1) | Including controlled but non-material entities consolidated under the equity method. |
\u00a0
Financing and guarantee commitments given by the Group to joint ventures are listed in note\u00a08.j Other related parties.
\u00a0
The carrying amount of the Group\u2019s investment in the main joint ventures and associates is presented in the following table:
In millions of euros, at | Country of registration | Activity | Interest (%) | 31 December 2025 | 31 December 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Joint ventures | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Union de Creditos Inmobiliarios | Spain | Retail mortgage | 50% | 223 | 233 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
BoB Cardif Life Insurance | China | Life Insurance | 50% | 105 | 454 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Genius Auto Finance Co\u00a0Ltd(1) | China | Specialised loans | 25% | \u00a0 | 331 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Pinnacle Pet Holding\u00a0Ltd(2) | United Kingdom | Insurance | \u00a0 | \u00a0 | 407 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
BON BNPP Consumer Finance Co Ltd | China | Specialised loans | 32% | 284 | 256 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
AG Insurance(3) | Belgium | Insurance | 25% | \u00a0 | 593 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Genius Auto Finance Co\u00a0Ltd(1) | China | Specialised loans | 25% | 309 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Bank of Nanjing | China | Retail Banking | 18% | 4,058 | 3,661 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Allfunds Group\u00a0Plc | United Kingdom | Financial Services | 13% | 261 | 283 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
(1) | As of 31 December 2025, the BNP Paribas Group has lost joint control over Genius Auto Finance but retains significant influence over this entity. |
(2) | In 2025, the BNP Paribas Group lost significant influence over the Pinnacle Pet Holding Ltd group (see note 8.d). |
(3) | As of 31 December 2025, BNP Paribas Group has classified AG Insurance as activities held for sale according to IFRS 5 (see note 8.f). |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | |
Derivative financial instruments | 1,202 | \u00a0 | 1,202 | 1,731 | \u00a0 | 1,731 |
Derivatives used for hedging purposes | 190 | \u00a0 | 190 | 74 | \u00a0 | 74 |
Financial assets at fair value through profit or loss | 65,566 | 123,053 | 188,619 | 61,465 | 111,954 | 173,419 |
Financial assets at fair value through equity | 106,485 | \u00a0 | 106,485 | 102,222 | \u00a0 | 102,222 |
Financial assets at amortised cost | 1,368 | \u00a0 | 1,368 | 1,379 | \u00a0 | 1,379 |
Investment properties | 3,830 | 3,012 | 6,842 | 3,868 | 3,178 | 7,046 |
Equity-method investments | 91 | \u00a0 | 91 | 82 | \u00a0 | 82 |
Assets related to insurance activities (note\u00a05.d) | 674 | \u00a0 | 674 | 896 | \u00a0 | 896 |
Investments and other assets related to\u00a0insurance activities | 179,406 | 126,065 | 305,471 | 171,717 | 115,132 | 286,849 |
In millions of euros | Capital and | Changes in assets | Changes in assets | Minority interests |
|---|---|---|---|---|
Balance at 31 December 2023 | 4,974 | 16 | 135 | 5,125 |
Appropriation of net income for 2023 | (364) | \u00a0 | \u00a0 | (364) |
Increases in capital and issues | 5 | \u00a0 | \u00a0 | 5 |
Remuneration on undated super subordinated notes | (8) | \u00a0 | \u00a0 | (8) |
Impact of internal transactions on minority shareholders | \u00a0 | \u00a0 | \u00a0 | - |
Movements in consolidation scope impacting minority shareholders | 258 | \u00a0 | \u00a0 | 258 |
Acquisitions of additional interests or partial sales of interests | 192 | \u00a0 | \u00a0 | 192 |
Change in commitments to repurchase minority shareholders\u2019 interests | 93 | \u00a0 | \u00a0 | 93 |
Other movements | 2 | \u00a0 | \u00a0 | 2 |
Changes in assets and liabilities recognised directly in equity | \u00a0 | 7 | 195 | 202 |
Net income for 2024 | 499 | \u00a0 | \u00a0 | 499 |
Balance at 31 December 2024 | 5,651 | 23 | 330 | 6,004 |
Appropriation of net income for 2024 | (253) | \u00a0 | \u00a0 | (253) |
Increases in capital and issues | 75 | \u00a0 | \u00a0 | 75 |
Remuneration on undated super subordinated notes | (7) | \u00a0 | \u00a0 | (7) |
Impact of internal transactions on minority shareholders | 35 | \u00a0 | \u00a0 | 35 |
Movements in consolidation scope impacting minority shareholders | 3 | \u00a0 | \u00a0 | 3 |
Acquisitions of additional interests or partial sales of interests | 247 | \u00a0 | \u00a0 | 247 |
Change in commitments to repurchase minority shareholders\u2019 interests | (88) | \u00a0 | \u00a0 | (88) |
Other movements | (2) | \u00a0 | \u00a0 | (2) |
Realised gains or losses reclassified to retained earnings | 4 | (4) | \u00a0 | - |
Changes in assets and liabilities recognised directly in equity | \u00a0 | 5 | 8 | 13 |
Net income for 2025 | 633 | \u00a0 | \u00a0 | 633 |
Balance at 31 December 2025 | 6,298 | 24 | 338 | 6,660 |
The assessment of the material nature of minority interests is based on the contribution of the relevant subsidiaries to the Group balance sheet (before elimination of intra-group balances and transactions) and to the Group profit and loss account.
In millions of euros | 31 December 2025 | Year to 31 Dec. 2025 | ||||||
Total assets | Revenues | Net income | Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity | Minority shareholders\u2019 interest (%) | Net income attributable to\u00a0minority | Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity - attributable to\u00a0minority | Dividends paid to\u00a0minority shareholders | |
Contribution of the entities belonging to the BGL BNP\u00a0Paribas Group | 104,153 | 2,090 | 726 | 771 | 34% | 249 | 262 | 148 |
Other minority interests | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 384 | 384 | 112 |
TOTAL | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 633 | 646 | 260 |
\u00a0
In millions of euros | 31 December 2024 | Year to 31 Dec. 2024 | ||||||
Total assets | Revenues | Net income | Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity | Minority shareholders\u2019 interest (%) | Net income attributable to\u00a0minority | Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity - attributable to\u00a0minority | Dividends paid to\u00a0minority shareholders | |
Contribution of the entities belonging to the BGL BNP\u00a0Paribas Group | 100,365 | 2,019 | 670 | 697 | 34% | 243 | 247 | 185 |
Other minority interests | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 256 | 454 | 187 |
TOTAL | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 499 | 701 | 372 |
\u00a0
There are no particular contractual restrictions on the assets of BGL BNP\u00a0Paribas related to the presence of the minority shareholder.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||
Attributable to shareholders | Minority interests | Attributable to shareholders | Minority interests | |
BNP Paribas Asset Management Holding | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Internal sale of 33.33% of BNP Paribas Fortis and BGL BNP Paribas shares to\u00a0BNP Paribas SA, raising the BNP Paribas SA interest rate to 100% | (35) | 35 | \u00a0 | \u00a0 |
Others | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total | (35) | 35 | - | - |
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||
Attributable to shareholders | Minority interests | Attributable to shareholders | Minority interests | |
BNP\u00a0Paribas Bank Polska | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Partial disposal of 6% of the total share, decreasing the Group\u2019s share to 81.26% | \u00a0 | \u00a0 | 7 | 196 |
BNP Paribas Bank Polska | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Partial disposal of 6.23% of the total share, decreasing the Group's share to 75% | 6 | 255 | \u00a0 | \u00a0 |
Other | (4) | (8) | (3) | (4) |
Total | 2 | 247 | 4 | 192 |
\u00a0
In connection with the acquisition of certain entities, the Group granted minority shareholders put options on their holdings.
The total value of these commitments, which are recorded as a reduction in shareholders\u2019 equity, amounted to EUR\u00a0364 million at 31 December 2025, compared with EUR\u00a0369\u00a0million at 31 December 2024.
On 31 March 2025, the shareholders' agreement was amended to reflect the change in the nature of the investment in the Pinnacle Pet Holding (PPH) Group, from an industrial partnership where Cardif's insurance expertise was key to a purely financial investment. Following the modification of the shareholders\u2019 agreement, resulting in a change in BNP Paribas Cardif\u2019s representation in the governance of PPH and its subsidiaries, BNP Paribas Group lost its significant influence over the PPH Group.
In addition, Banca Nazionale del Lavoro SpA excercised significant influence over Worldline Merchant Services Italia SpA (WMSI), consolidated by equity method. As of 30 September 2025, a modification in the Group\u2019s representation in WMSI\u2019s governance resulted in the loss of significant influence over this entity.
The loss of significant influence on those entities led to the recognition of a net gain of EUR 228 million.
On 1st July 2025, BNP Paribas Cardif, a subsidiary of BNP Paribas, acquired 100% of the share capital of AXA Investment Managers (AXA IM) and signed a long-term partnership with the AXA Group to manage a large part of its assets.\u00a0
This operation will enable the BNP Paribas Group to create a leading European asset management platform with over EUR 1.6 trillion in assets under management entrusted by its clients. It allows the Group to become the European leader in long-term savings management for insurers and pension funds with around EUR 850 billion in assets under management, with the ambition to become the European leader in fund collection for private asset investments and positioning itself among the main providers of ETFs in Europe.
By combining the expertise of AXA IM, BNP Paribas Asset Management, and BNP Paribas REIM, this new platform will have a wide range of traditional and alternative assets, an expanded global distribution network, enhanced innovation capabilities, and a more comprehensive offering in responsible investment. It will benefit from AXA IM market position and expertise in private assets, which are key drivers of future growth for institutional and individual clients, as well as AXA IM's know-how in long-term asset management for insurance and retirement. In this context, BNP Paribas Cardif will leverage the capabilities of this platform for the management of a large part of its assets, notably its general funds.
The EUR 5.1 billion transaction price, paid in cash, is composed of:
The exercise of valuation of identifiable assets, liabilities, off-balance-sheet items and contingent liabilities at their fair value or equivalent resulted in the determination of the following goodwill:
In millions of euros, as at | 1st July 2025 |
|---|---|
Transaction price | 3,163 |
Net assets acquired and liabilities taken over of AXA IM entities as at 1st July 2025 | 1,598 |
Goodwill | 1,565 |
\u00a0
The amount of goodwill, allocated to the Asset Management cash-generating unit (see note 4.m), is mainly attributable to expected revenue and cost synergies based on the Group\u2019s integrated model.
On the one hand, revenue synergies will enable leveraging the integrated model to accelerate the Group\u2019s growth through:
On the other hand, cost synergies will enable the deployment of a high-performing industrial platform through:
The AXA IM group has been fully consolidated since 1 July 2025. Its integration in the Group\u2019s balance sheet as at the acquisition date leads to the recognition of:
The table below presents the consolidated balance sheet of AXA IM as at the acquisition date, prepared in accordance with IFRS, considering the adjustments required under IFRS business combination standards and the standards and principles applicable within the BNP Paribas Group:
Consolidated balance sheet of acquired AXA IM entities In millions of euros, as at | 1st July 2025 |
|---|---|
Financial assets at fair value through profit or loss | 669 |
Loans and advances at amortised cost | 681 |
Financial assets at fair value through equity | 21 |
Debt securities at amortised cost | 349 |
Equity-method investments | 174 |
Property, plant and equipment | 156 |
Intangible assets | 193 |
Tax assets | 228 |
Accrued income and other assets | 767 |
TOTAL ASSETS | 3,236 |
Financial liabilities at fair value through profit or loss | 29 |
Liabilities at amortised cost | 915 |
Provisions for contingencies and charges | 212 |
Tax liabilities | 162 |
Accrued expense and other liabilities | 316 |
Minority interests | 4 |
Shareholders\u2019 equity | 1,598 |
TOTAL LIABILITIES | 3,236 |
\u00a0
Furthermore, the 15-year partnership defined with AXA is considered a separate agreement from the acquisition of AXA IM by the BNP Paribas Group, formalising the financial terms of pre-existing service provision between AXA and AXA IM.
The consideration paid is analysed as a payment representing:
These assets are presented in \"Accrued income and other assets\" amounting to EUR 1,880 million determined based on the discounted estimated cash flows of the partnership over its duration.
These assets will be amortised as \u201cCommission income and expense\u201d over 15 years, in line with the recognition of revenues related to these services and the business contributed by AXA and as interest income for its financing component; they will be subject to impairment tests.
The contribution of AXA IM entities to the BNP Paribas Group\u2019s 2025 profit and loss account is reported in note 3 Segment Information.
On 31 December 2025, the legal entities of AXA IM, BNP Paribas Asset Management and BNP Paribas REIM (Real Estate Investment Management) combined their activities to form the new platform owned by BNP Paribas Cardif.
The easing of a number of restrictions previously imposed by the National Bank of Ukraine made it possible to re\u2011establish the conditions for exercising control as defined by IFRS\u202f10, which had the effect of changing the consolidation method from equity method to full consolidation method. This change of consolidation method was reflected in the increase in the Group\u2019s balance sheet of EUR\u202f3\u202fbillion, in particular in financial assets at amortised cost and led to the recognition of badwill of EUR\u202f226\u202fmillion.
On 27 March 2024, BNP Paribas Personal Finance sold 80% of its stake of its Mexican subsidiary Cetelem SA de CV.
The BNP Paribas Group lost exclusive control of this entity but maintained a significant influence.
This partial disposal is accompanied by an agreement for the future disposal of the residual interest, thereby depriving the Group of the return on the shares held, and leading to the recognition of a receivable of EUR 125 million.
The loss of control led to the recognition of a net gain on disposal of EUR\u00a0119 million and to a decrease of the Group\u2019s balance sheet by EUR 3 billion, in particular in financial assets at amortised cost.
On 15 May 2024, BNP Paribas Cardif SA acquired 51% of the capital of BCC Vita SpA, together with a purchase agreement of 19% additional holding.
BNP Paribas Group acquired exclusive control of this entity to the extent of 70% and the entity was fully consolidated.
This transaction resulted in the increase of the Group\u2019s balance sheet at the acquisition date by EUR 4 billion, in particular in investments in insurance activities.
The goodwill related to this operation was EUR 107 million, of which EUR 7 million recognised during the first half of 2025.
On 31 October 2024, BNP Paribas Cardif SA acquired 100% of the capital of Neuflize Vie.
BNP Paribas Group acquired exclusive control and the entity was fully consolidated.
This transaction resulted in the increase of the Group\u2019s balance sheet at the acquisition date by EUR 12 billion, in particular in investments in insurance activities.
The badwill related to this operation was EUR 63 million, including an adjustment of fair value of assets and liabilities of EUR\u00a0 48 million, recognised during the first half of 2025.
The ability of entities to pay dividends or to repay loans and advances depends, inter alia, on local regulatory requirements for capitalisation and legal reserves, as well as the entities' financial and operating performance. During 2025, none of the BNP Paribas Group entities were subject to significant restrictions other than those related to regulatory requirements.
Access to the assets of consolidated structured entities in which third-party investors have invested is limited inasmuch as these entities\u2019 assets are reserved for the holders of units or securities. These assets total EUR\u00a060\u00a0billion at 31\u00a0December 2025 (EUR\u00a048\u00a0billion at 31\u00a0December 2024).
The financial instruments pledged by the BNP\u00a0Paribas Group as collateral or under repurchase agreements are presented in notes\u00a04.p and 6.d.
Significant restrictions related to liquidity reserves correspond to the mandatory deposits placed with central banks presented in chapter\u00a05 of the Universal registration document under Liquidity risk.
Assets representative of unit-linked insurance contracts designated as at fair value through profit or loss, which amount to EUR\u00a0126\u00a0billion at 31\u00a0December 2025 (compared with EUR\u00a0115.1\u00a0billion at 31\u00a0December 2024), are held for the benefit of the holders of these contracts.
The BNP\u00a0Paribas Group is engaged in transactions with sponsored structured entities mainly through its activities of securitisation of financial assets - as either originator or sponsor, fund management and specialised asset financing.
In addition, the BNP\u00a0Paribas Group is also engaged in transactions with structured entities that it has not sponsored, notably in the form of investments in funds or securitisation vehicles.
The method for assessing control for structured entities is detailed in note\u00a01.b.2. Consolidation methods.
The main categories of consolidated structured entities are:
ABCP (Asset-Backed Commercial Paper) conduits: the ABCP securitisation conduits Starbird and Matchpoint fund securitisation transactions managed by the BNP\u00a0Paribas Group on behalf of its customers. Details on how these are financed and the Group\u2019s risk exposure are presented in chapter\u00a05 of the Universal registration document under Securitisation as sponsor on behalf of clients / Short-term refinancing.
Proprietary securitisation: proprietary securitisation positions originated and held by the BNP\u00a0Paribas Group are detailed in chapter\u00a05 of the Universal registration document under Proprietary securitisation activities (originator).
Funds managed by the Group: the BNP\u00a0Paribas Group structures different types of funds for which it may act as fund manager, investor, custodian or guarantor. These funds are consolidated when the Group is both the manager and a significant investor and is therefore exposed to variable returns.
The BNP\u00a0Paribas Group has entered into relations with unconsolidated structured entities in the course of its business activities to meet the needs of its customers.
The main categories of unconsolidated sponsored structured entities are as follows:
Securitisation: the BNP\u00a0Paribas Group structures securitisation vehicles for the purposes of offering customers financing solutions for their assets, either directly or through consolidated ABCP conduits. Each vehicle finances the purchase of customers\u2019 assets (receivables, bonds, etc.) primarily by issuing bonds backed by these assets and whose redemption is linked to their performance.
Funds: the Group structures and manages funds to offer investment opportunities to its customers. Dedicated or public funds are offered to institutional and individual customers and are distributed and commercially monitored by the BNP\u00a0Paribas Group. The entities of the BNP\u00a0Paribas Group responsible for managing these funds may receive management fees and performance commission. The BNP\u00a0Paribas Group may hold units in these funds, as well as units in funds dedicated to the insurance activity not managed by the BNP\u00a0Paribas Group.
Asset financing: the BNP\u00a0Paribas Group establishes and finances structured entities that acquire assets (aircraft, ships, etc.) intended for lease, and the lease payments received by the structured entity are used to repay the financing, which is guaranteed by the asset held by the structured entity.
Other: on behalf of its customers, the Group may also structure entities which invest in assets or are involved in debt restructuring.
An interest in an unconsolidated structured entity is a contractual or non-contractual link that exposes the BNP\u00a0Paribas Group to variable returns from the performance of the entity.
\u00a0
\u00a0
The Group\u2019s assets and liabilities related to the interests held in sponsored structured entities are as follows:
In millions of euros, at 31 December 2025 | Securitisation | Funds | Asset Financing | Others | Total |
|---|---|---|---|---|---|
INTERESTS ON THE GROUP BALANCE SHEET | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial instruments at fair value through profit or loss | \u00a0 | 1,377 | 1 | 227 | 1,605 |
Derivatives used for hedging purposes | 12 | 1,385 | \u00a0 | 76 | 1,473 |
Financial instruments at fair value through equity | 49 | \u00a0 | \u00a0 | \u00a0 | 49 |
Financial assets at amortised cost | 21,872 | 273 | 2,375 | \u00a0 | 24,520 |
Other assets | \u00a0 | 135 | 4 | \u00a0 | 139 |
Investments and other assets related to insurance activities | \u00a0 | 43,786 | \u00a0 | \u00a0 | 43,786 |
TOTAL ASSETS | 21,933 | 46,956 | 2,380 | 303 | 71,572 |
LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial instruments at fair value through profit or loss | \u00a0 | 3,125 | 41 | 195 | 3,361 |
Derivatives used for hedging purposes | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial liabilities at amortised cost | 81 | 17,200 | 135 | 179 | 17,595 |
Other liabilities | \u00a0 | 352 | 10 | 2 | 364 |
TOTAL LIABILITIES | 81 | 20,677 | 186 | 376 | 21,320 |
MAXIMUM EXPOSURE TO LOSS | 32,652 | 47,840 | 2,380 | 438 | 83,310 |
SIZE OF STRUCTURED ENTITIES(1) | 85,813 | 396,822 | 8,131 | 2,309 | 493,075 |
(1) | The size of sponsored structured entities equals the total assets of the structured entity for securitisation vehicles, the net asset value for funds\u00a0 (excluding management mandates) and the structured entity\u2019s total assets or the amount of the BNP Paribas Group\u2019s commitment for asset\u00a0 financing and other structures. |
\u00a0
In millions of euros, at 31 December 2024 | Securitisation | Funds | Asset Financing | Others | Total |
|---|---|---|---|---|---|
INTERESTS ON THE GROUP BALANCE SHEET | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial instruments at fair value through profit or loss | 2 | 1,198 | 1 | 125 | 1,326 |
Derivatives used for hedging purposes | 5 | 1,367 | 6 | 58 | 1,436 |
Financial instruments at fair value through equity | 69 | \u00a0 | \u00a0 | \u00a0 | 69 |
Financial assets at amortised cost | 27,785 | 184 | 2,166 | 7 | 30,142 |
Other assets | \u00a0 | 105 | \u00a0 | 3 | 108 |
Investments and other assets related to insurance activities | \u00a0 | 37,026 | \u00a0 | \u00a0 | 37,026 |
TOTAL ASSETS | 27,861 | 39,880 | 2,173 | 193 | 70,107 |
LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial instruments at fair value through profit or loss | \u00a0 | 2,952 | 64 | 108 | 3,124 |
Derivatives used for hedging purposes | \u00a0 | \u00a0 | \u00a0 | 4 | 4 |
Financial liabilities at amortised cost | 90 | 13,313 | 240 | 210 | 13,853 |
Other liabilities | 2 | 326 | 7 | \u00a0 | 335 |
TOTAL LIABILITIES | 92 | 16,591 | 311 | 322 | 17,316 |
MAXIMUM EXPOSURE TO LOSS | 39,265 | 41,022 | 2,173 | 816 | 83,276 |
SIZE OF STRUCTURED ENTITIES(1) | 91,098 | 367,479 | 7,677 | 4,580 | 470,835 |
(1) | The size of sponsored structured entities equals the total assets of the structured entity for securitisation vehicles, the net asset value for funds\u00a0 (excluding management mandates) and the structured entity\u2019s total assets or the amount of the BNP\u00a0Paribas Group\u2019s commitment for asset\u00a0 financing and other structures. |
The BNP\u00a0Paribas Group\u2019s maximum exposure to losses on sponsored structured entities is the carrying amount of the assets, excluding, for financial assets at fair value through equity, changes in value taken directly to equity, as well as the nominal amount of the financing commitments and guarantee commitments given and the notional amount of credit default swaps (CDS) sold.
The main interests held by the BNP\u00a0Paribas Group when it acts solely as an investor in non-sponsored structured entities are detailed below:
Besides, in the framework of its asset financing activity, the BNP\u00a0Paribas Group provides financing to structured entities that are established by and for its clients and whose purpose is to acquire assets (aircraft, ships, etc.) intended for lease to those same clients. These financings amount to EUR\u00a03\u00a0billion at 31\u00a0December 2025 (EUR\u00a03\u00a0billion at 31\u00a0December 2024).
BNP\u00a0Paribas, a\u00a0soci\u00e9t\u00e9 anonyme\u00a0(Public Limited Company), registered in\u00a0France, is the Group\u2019s lead company, which holds key positions in its three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS).
During the year, the parent company did not change its name. BNP\u00a0Paribas has its principal place of business in France and its head office is located at\u00a016\u00a0boulevard des Italiens 75009 Paris,\u00a0France.
\u00a0
Business | Name | Country | 31 December 2025 | 31 December 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Method | Voting (%) | Interest (%) | Ref. | Method | Voting (%) | Interest (%) | Ref. | |||||
\u00a0 | BNP\u00a0Paribas\u00a0SA | France | (1) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (1) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP\u00a0SA (Argentina branch) | Argentina | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Australia branch) | Australia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Bahrain branch) | Bahrain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Belgium branch) | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Bulgaria branch) | Bulgaria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Canada branch) | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Czech Republic branch) | Czech Rep. | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Denmark branch) | Denmark | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Finland branch) | Finland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Greece branch) | Greece | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Guernsey branch) | Guernsey | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Hong Kong branch) | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Hungary branch) | Hungary | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (India branch) | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Ireland branch) | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Japan branch) | Japan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Jersey branch) | Jersey | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Kuwait branch) | Kuwait | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Luxembourg branch) | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Malaysia branch) | Malaysia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Monaco branch) | Monaco | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Netherlands branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Norway branch) | Norway | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Philippines branch) | Philippines | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Poland branch) | Poland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Portugal branch) | Portugal | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Qatar branch) | Qatar | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Republic of Korea branch) | Rep. of Korea | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Romania branch) | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Saudi Arabia branch) | Saudi Arabia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Singapore branch) | Singapore | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (South Africa branch) | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Spain branch) | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Switzerland branch) | Switzerland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Taiwan branch) | Taiwan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Thailand branch) | Thailand | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United Arab Emirates branch) | United Arab Emirates | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United Kingdom branch) | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United States branch) | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Viet Nam branch) | Viet Nam | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
CORPORATE & INSTITUTIONAL BANKING | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
EMEA (Europe, Middle East, Africa) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Financial Markets | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Eurotitrisation | France | Equity | \u00a0 | 22.4% | 22.4% | V4 | Equity | \u00a0 | 22.0% | 22.0% | \u00a0 |
\u00a0 | Exane Asset Management | France | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Exane Finance | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | FCT Juice(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Financi\u00e8re du March\u00e9 Saint Honor\u00e9 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Parilease | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Services Logiciels d'Int\u00e9gration Boursi\u00e8re | France | Equity | (3) | 66.6% | 66.6% | \u00a0 | Equity | (3) | 66.6% | 66.6% | \u00a0 |
\u00a0 | Services Logiciels d'Int\u00e9gration Boursi\u00e8re (Portugal branch) | Portugal | Equity | (3) | 66.6% | 66.6% | \u00a0 | Equity | (3) | 66.6% | 66.6% | \u00a0 |
\u00a0 | SNC Taitbout Participation 3 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Orbaisienne de Participations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Uptevia SA | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
Other European countries | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Allfunds Group PLC | UK | Equity | \u00a0 | 12.7% | 12.7% | V1 | Equity | \u00a0 | 12.5% | 12.4% | V4 |
\u00a0 | Aries Capital DAC (f)(s) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AssetMetrix | Germany | Equity | \u00a0 | 23.1% | 23.1% | \u00a0 | Equity | \u00a0 | 23.1% | 23.1% | V4 |
\u00a0 | BNP PUK Holding Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Bank JSC | Russia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Emissions Und Handels GmbH | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Administration Services Ireland Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Ireland Unlimited Co | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Islamic Issuance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Issuance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Net Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Prime Brokerage International Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Suisse SA | Switzerland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Suisse SA (Guernsey branch) | Guernsey | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Technology LLC | Russia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Trust Corp UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Vartry Reinsurance DAC | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Diamante Re SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Exane Solutions Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Expo Atlantico EAII Investimentos Imobiliarios SA(s) | Portugal | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Expo Indico EIII Investimentos Imobiliarios SA(s) | Portugal | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FScholen | Belgium | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | Greenstars BNPP | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox European Union SL | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox Holding Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Madison Arbor Ltd(t) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Matchpoint Finance PLCt | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Ribera Del Loira Arbitrage | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Securasset SA (g)(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Single Platform Investment Repackaging Entity SA (h)(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Volantis SARL(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E1 |
Middle East | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Investment Co KSA | Saudi Arabia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
AMERICAS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Banco BNPP Brasil SA | Brazil | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Capital Services Inc | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Colombia Corporacion Financiera SA | Colombia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP EQD Brazil Fund Fundo de Investmento Multimercado(s) | Brazil | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP Financial Services LLC | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP FS LLC | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP IT Solutions Canada Inc | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Mexico Holding | Mexico | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Mexico SA Institucion de Banca Multiple | Mexico | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Proprietario Fundo de Investimento Multimercado(s) | Brazil | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP RCC Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Corp | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP US Investments Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP US Wholesale Holdings Corp | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP USA Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP VPG Brookline Cre LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG EDMC Holdings LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG Express LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG I LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG II LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG III LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG IV LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG Master LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Corporation BNPP Canada | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Decart Re Ltd | Bermuda | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | FSI Holdings Inc | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Starbird Funding Corpt | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
PACIFIC ASIA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Andalan Multi Guna PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Bank BNPP Indonesia PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Arbitrage Hong Kong Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Center of Expertise Nanjing Co Ltd | China | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP China Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Finance Hong Kong Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Services Australasia Pty Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Services Australasia Pty Ltd (New Zealand branch) | New Zealand | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP India Holding Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP India Solutions Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Malaysia Berhad | Malaysia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities China Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E2 |
\u00a0 | BNPP Securities India Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Korea Co Ltd | Rep. of Korea | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Taiwan Co Ltd | Taiwan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Sekuritas Indonesia PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BPP Holdings Pte Ltd | Singapore | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
COMMERCIAL, PERSONAL BANKING & SERVICES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
COMMERCIAL & PERSONAL BANKING IN\u00a0THE\u00a0EUROZONE | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
Commercial & Personal Banking in France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | 2SF - Soci\u00e9t\u00e9 des Services Fiduciaires | France | Equity | (3) | 33.3% | 33.3% | \u00a0 | Equity | (3) | 33.3% | 33.3% | \u00a0 |
\u00a0 | Banque de Wallis et Futuna | France | Full | (1) | 51.0% | 51.0% | \u00a0 | Full | (1) | 51.0% | 51.0% | \u00a0 |
\u00a0 | BNPP Antilles Guyane | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP D\u00e9veloppement | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP D\u00e9veloppement Oblig | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor (Portugal branch) | Portugal | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor (Spain branch) | Spain | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Nouvelle Cal\u00e9donie | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP R\u00e9union | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Services Mon\u00e9tiques | France | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Compagnie pour le Financement des Loisirs | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Copartis | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Estreem (Ex Partecis) | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | GIE Ocean | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Jivago Holding | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Paylib Services | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Equity | \u00a0 | 14.3% | 14.3% | \u00a0 |
\u00a0 | Portzamparc | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
BNL banca commerciale | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Banca Agevolarti SPA | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Banca Nazionale Del Lavoro SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP BNL Equity Investment SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E1 |
\u00a0 | EMF IT 2008 1 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Era Uno SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Eutimm SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Financit SPA | Italy | Full | \u00a0 | 60.0% | 60.0% | \u00a0 | Full | \u00a0 | 60.0% | 60.0% | \u00a0 |
\u00a0 | Immera SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | International Factors Italia SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | V1 | Full | \u00a0 | 99.9% | 99.9% | V1 |
\u00a0 | Permicro SPA | Italy | Equity | \u00a0 | 21.9% | 21.9% | \u00a0 | Equity | \u00a0 | 21.9% | 21.9% | \u00a0 |
\u00a0 | Servizio Italia SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sviluppo HQ Tiburtina SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Tierre Securitisation SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Vela OBG SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Worldline Merchant Services Italia SPA | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 |
Commercial & Personal Banking in Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Axepta BNPP Benelux | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Bancontact Paytoniq Company | Belgium | Equity | \u00a0 | 22.5% | 22.5% | \u00a0 | Equity | \u00a0 | 22.5% | 22.5% | \u00a0 |
\u00a0 | BASS Master Issuer NV(t) | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Batopin | Belgium | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Belgian Mobile ID | Belgium | Equity | \u00a0 | 12.2% | 12.2% | \u00a0 | Equity | \u00a0 | 12.2% | 12.2% | \u00a0 |
\u00a0 | BNPP Commercial Finance Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Factor AS | Denmark | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Factor GmbH | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | V4 |
\u00a0 | BNPP Factoring Support | Netherlands | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis | Belgium | Full | \u00a0 | 99.9% | 99.9% | \u00a0 | Full | \u00a0 | 99.9% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis (Spain branch) | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Fortis (United States branch) | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 99.9% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Factor NV | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Film Finance | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Funding SA | Luxembourg | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP FPE Belgium | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP FPE Expansion | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP FPE Management | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPPF Credit Brokers | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Bpost Banque | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Credissimo | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Credissimo Hainaut SA | Belgium | Full | \u00a0 | 99.7% | 99.7% | \u00a0 | Full | \u00a0 | 99.7% | 99.7% | \u00a0 |
\u00a0 | Cr\u00e9dit pour Habitations Sociales | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | \u00a0 | 81.7% | 81.6% | \u00a0 |
\u00a0 | Epimedes | Belgium | Equity | \u00a0 | - | - | \u00a0 | Equity | \u00a0 | - | - | \u00a0 |
\u00a0 | Esmee Master Issuert | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Immobili\u00e8re Sauveniere SA | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Isabel SA NV | Belgium | Equity | \u00a0 | 25.3% | 25.3% | \u00a0 | Equity | \u00a0 | 25.3% | 25.3% | \u00a0 |
\u00a0 | Microstart | Belgium | Full | \u00a0 | 43.9% | 77.5% | \u00a0 | Full | \u00a0 | 43.9% | 77.5% | V4 |
\u00a0 | Private Equity Investments (a) | BE/FR/LU | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | Sagip | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sowo Invest SA NV | Belgium | Full | \u00a0 | 87.5% | 87.5% | \u00a0 | Full | \u00a0 | 87.5% | 87.5% | \u00a0 |
Commercial & Personal Banking in Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BGL BNPP | Luxembourg | Full | \u00a0 | 66.0% | 65.9% | \u00a0 | Full | \u00a0 | 66.0% | 65.9% | \u00a0 |
\u00a0 | BGL BNPP (Germany branch) | Germany | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 66.0% | 65.9% | \u00a0 |
\u00a0 | BNPP Lease Group Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 65.9% | \u00a0 | Full | \u00a0 | 100.0% | 65.9% | \u00a0 |
\u00a0 | BNPP SB Re | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Compagnie Financi\u00e8re Ottomane SA | Luxembourg | Full | \u00a0 | 97.4% | 97.4% | \u00a0 | Full | \u00a0 | 97.4% | 97.4% | V4 |
\u00a0 | i Hub SA | Luxembourg | Equity | (3) | 20.0% | 13.2% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Le Sphinx Assurances Luxembourg SA | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Luxhub SA | Luxembourg | Equity | \u00a0 | 28.0% | 18.5% | \u00a0 | Equity | \u00a0 | 28.0% | 18.5% | \u00a0 |
\u00a0 | Visalux | Luxembourg | Equity | \u00a0 | 25.2% | 16.6% | \u00a0 | Equity | \u00a0 | 25.2% | 16.6% | \u00a0 |
COMMERCIAL & PERSONAL BANKING OUTSIDE\u00a0THE\u00a0EUROZONE | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
Europe-Mediterranean | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Bank of Nanjing | China | Equity | \u00a0 | 18.1% | 18.1% | V1 | Equity | \u00a0 | 16.2% | 16.2% | V1/V3 |
\u00a0 | Banque Marocaine pour le Commerce et l'Industrie | Morocco | Full | \u00a0 | 67.0% | 67.0% | D2 | Full | \u00a0 | 67.0% | 67.0% | \u00a0 |
\u00a0 | Banque Marocaine pour le Commerce et l'Industrie Banque Offshore | Morocco | Full | \u00a0 | 100.0% | 67.0% | D2 | Full | \u00a0 | 100.0% | 67.0% | \u00a0 |
\u00a0 | Bantas Nakit AS | T\u00fcrkiye | Equity | (3) | 33.3% | 16.7% | \u00a0 | Equity | (3) | 33.3% | 16.7% | \u00a0 |
\u00a0 | BDSI | Morocco | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 96.4% | \u00a0 |
\u00a0 | BGZ Poland ABS1 DAC(t) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BMCI Leasing | Morocco | Full | \u00a0 | 86.9% | 58.2% | D2 | Full | \u00a0 | 86.9% | 58.2% | \u00a0 |
\u00a0 | BNPP Bank Polska SA | Poland | Full | \u00a0 | 75.0% | 75.0% | V3 | Full | \u00a0 | 81.3% | 81.3% | V2 |
\u00a0 | BNPP El Djazair | Algeria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Faktoring Spolka ZOO | Poland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fortis Yatirimlar Holding AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Group Service Center SA | Poland | Full | \u00a0 | 100.0% | 81.2% | V3 | Full | \u00a0 | 100.0% | 81.3% | V3 |
\u00a0 | BNPP IRB Participations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Yatirimlar Holding AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Dreams Sustainable AB | Sweden | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Joint Stock Company Ukrsibbank | Ukraine | Full | \u00a0 | 60.0% | 60.0% | \u00a0 | Full | \u00a0 | 60.0% | 60.0% | D1 |
\u00a0 | TEB ARF Teknoloji Anonim Sirketi | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Faktoring AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Finansman AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Holding AS | T\u00fcrkiye | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | TEB Portfoy Yonetimi AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | TEB SH A | Kosovo | Full | \u00a0 | 100.0% | 50.0% | \u00a0 | Full | \u00a0 | 100.0% | 50.0% | \u00a0 |
\u00a0 | TEB Yatirim Menkul Degerler AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna | Poland | Full | \u00a0 | 100.0% | 75.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Turk Ekonomi Bankasi AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
SPECIALISED BUSINESSES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Personal Finance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Alpha Cr\u00e9dit SA | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Auto ABS UK Loans PLC(t) | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | AutoFlorence 1 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 2 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 3 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 4 SRL(t) | Italy | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Autonoria 2019(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Autonoria DE 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria DE 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Autonoria Spain 2019t | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2021 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2022 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2023 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2025(t) | Spain | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Banque Financement | France | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Banco Cetelem SA | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BGN Mercantil E Servicos Ltda | Brazil | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Personal Finance | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Czech Republic branch) | Czech Rep. | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Portugal branch) | Portugal | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Romania branch) | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Slovakia branch) | Slovakia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance South Africa Ltd | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BON BNPP Consumer Finance Co Ltd | China | Equity | \u00a0 | 31.7% | 31.7% | \u00a0 | Equity | \u00a0 | 31.7% | 31.7% | V3 |
\u00a0 | Cafineo | France | Full | (1) | 51.0% | 50.8% | \u00a0 | Full | (1) | 51.0% | 50.8% | \u00a0 |
\u00a0 | Carrefour Banque | France | Equity | \u00a0 | 40.0% | 40.0% | \u00a0 | Equity | \u00a0 | 40.0% | 40.0% | \u00a0 |
\u00a0 | Central Europe Technologies SRL | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cetelem America Ltda | Brazil | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Cetelem Business Consulting Shanghai Co Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cetelem Gestion AIE | Spain | Full | \u00a0 | 100.0% | 96.5% | V4 | Full | \u00a0 | 100.0% | 96.0% | \u00a0 |
\u00a0 | Cetelem SA de CV | Mexico | Equity | \u00a0 | 20.0% | 0.0% | \u00a0 | Equity | \u00a0 | 20.0% | 0.0% | S2 |
\u00a0 | Cetelem Servicios Informaticos AIE | Spain | Full | \u00a0 | 100.0% | 81.5% | V4 | Full | \u00a0 | 100.0% | 81.0% | \u00a0 |
\u00a0 | Cetelem Servicos Ltda | Brazil | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cofica Bail | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cofiplan | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Creation Consumer Finance Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Creation Financial Services Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cr\u00e9dit Moderne Antilles Guyane | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cr\u00e9dit Moderne Oc\u00e9an Indien | France | Full | (1) | 97.8% | 97.8% | \u00a0 | Full | (1) | 97.8% | 97.8% | \u00a0 |
\u00a0 | Domofinance | France | Full | (1) | 55.0% | 55.0% | \u00a0 | Full | (1) | 55.0% | 55.0% | \u00a0 |
\u00a0 | E Carat 12 PLC(t) | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Ecarat DE SA(t) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Ekspres Bank AS | Denmark | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Ekspres Bank AS (Norway branch) | Norway | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Ekspres Bank AS (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Eos Aremas Belgium SA NV | Belgium | Equity | \u00a0 | 50.0% | 49.9% | \u00a0 | Equity | \u00a0 | 50.0% | 49.9% | \u00a0 |
\u00a0 | Evollis | France | Equity | \u00a0 | 48.8% | 48.8% | V3 | Equity | \u00a0 | 49.2% | 49.2% | \u00a0 |
\u00a0 | Findomestic Banca SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Florence Real Estate Developments SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Florence SPV SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | GCC Consumo Establecimiento Financiero de Credito SA | Spain | Full | \u00a0 | 51.0% | 51.0% | \u00a0 | Full | \u00a0 | 51.0% | 51.0% | \u00a0 |
\u00a0 | Genius Auto Finance Co Ltd | China | Equity | \u00a0 | 25.0% | 25.0% | D3 | Equity | (3) | 25.0% | 25.0% | \u00a0 |
\u00a0 | International Development Resources AS Services SA | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Loisirs Finance | France | Full | (1) | 51.0% | 51.0% | \u00a0 | Full | (1) | 51.0% | 51.0% | \u00a0 |
\u00a0 | Magyar Cetelem Bank ZRT | Hungary | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Neuilly Contentieux | France | Full | \u00a0 | 95.9% | 95.6% | \u00a0 | Full | \u00a0 | 95.9% | 95.6% | \u00a0 |
\u00a0 | Noria 2021(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Noria 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Noria 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Noria DE 2024(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Noria Spain 2020 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Opel Finance SA | Switzerland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | PBD Germany Auto Lease Master SA(t) | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Personal Finance Location | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | PF Services GmbH | Germany | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Phedina Hypotheken 2010 BV(t) | Netherlands | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | RCS Botswana Pty Ltd | Botswana | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | RCS Cards Pty Ltd | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | RCS Investment Holdings Namibia Pty Ltd | Namibia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Securitisation funds Genius (d)(t) | China | \u00a0 | \u00a0 | \u00a0 | \u00a0 | D3 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Securitisation funds UCI and RMBS Prado (b)(t) | Spain | Equity | (3) | - | - | \u00a0 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Securitisation funds Wisdom (e)(t) | China | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Servicios Financieros Carrefour EFC SA | Spain | Equity | \u00a0 | 37.3% | 40.0% | \u00a0 | Equity | \u00a0 | 37.3% | 40.0% | \u00a0 |
\u00a0 | Stellantis Bank SA | France | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Bank SA (Austria branch) | Austria | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Bank SA (Germany branch) | Germany | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Financial Services UK Ltd | UK | Full | \u00a0 | 100.0% | 50.0% | \u00a0 | Full | \u00a0 | 100.0% | 50.0% | \u00a0 |
\u00a0 | Union de Creditos Inmobiliarios SA | Spain | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | United Partnership | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | Vauxhall Finance Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | XFERA Consumer Finance EFC SA | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 51.0% | 51.0% | \u00a0 |
\u00a0 | Zhejiang Wisdom Puhua Financial Leasing Co Ltd | China | Equity | \u00a0 | 25.0% | 25.0% | S2 | Equity | (3) | 25.0% | 25.0% | \u00a0 |
Arval | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Artel | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Arval AB | Sweden | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval AS | Denmark | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval AS Norway | Norway | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Austria GmbH | Austria | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Belgium NV SA | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Brasil Ltda | Brazil | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval BV | Netherlands | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Colombia SAS (Ex- Arval Relsa Colombia SAS) | Colombia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval CZ SRO | Czech Rep. | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Deutschland GmbH | Germany | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Fleet Services | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Fleet Services (Monaco branch) | Monaco | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Hellas Car Rental SA | Greece | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval LLC | Russia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Magyarorszag KFT | Hungary | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Maroc SA | Morocco | Full | \u00a0 | 100.0% | 89.0% | \u00a0 | Full | \u00a0 | 100.0% | 89.0% | \u00a0 |
\u00a0 | Arval OY | Finland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Relsa SPA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Schweiz AG | Switzerland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Aluger Operational Automoveis SA | Portugal | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Italia SPA | Italy | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Polska SP ZOO | Poland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Romania SRL | Romania | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease SA | Spain | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Slovakia SRO | Slovakia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Trading | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Group Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Leasing Services Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fleet Holdings Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cent ASL | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cofiparc | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Comercializadora de Vehiculos SA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | FCT Pulse France 2022(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Greenval Insurance DAC | Ireland | Full | (2) | 100.0% | 99.9% | \u00a0 | Full | (2) | 100.0% | 99.9% | \u00a0 |
\u00a0 | Locadif | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Louveo | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Public Location Longue Dur\u00e9e | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Pulse UK 2024 PLC(s) | UK | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Rentaequipos Leasing Peru SA | Peru | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Rentaequipos Leasing SA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | TEB Arval Arac Filo Kiralama AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 75.0% | \u00a0 | Full | \u00a0 | 100.0% | 75.0% | \u00a0 |
\u00a0 | Terberg Leasing Justlease Belgium BV | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
Leasing Solutions | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Aprolis Finance | France | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | Artegy | France | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNL Leasing SPA | Italy | Full | \u00a0 | 100.0% | 95.5% | \u00a0 | Full | \u00a0 | 100.0% | 95.5% | \u00a0 |
\u00a0 | BNPP 3 Step IT | France | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Belgium branch) | Belgium | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Germany branch) | Germany | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Italy branch) | Italy | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Netherlands branch) | Netherlands | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Spain branch) | Spain | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (United Kingdom branch) | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP Finansal Kiralama AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 82.5% | \u00a0 | Full | \u00a0 | 100.0% | 82.5% | \u00a0 |
\u00a0 | BNPP Lease Group | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Germany branch) | Germany | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Italy branch) | Italy | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Portugal branch) | Portugal | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Spain branch) | Spain | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group Belgium | Belgium | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group Leasing Solutions SPA | Italy | Full | \u00a0 | 100.0% | 95.5% | \u00a0 | Full | \u00a0 | 100.0% | 95.5% | \u00a0 |
\u00a0 | BNPP Lease Group Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group SP ZOO | Poland | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Services | Poland | Full | \u00a0 | 100.0% | 81.2% | V3 | Full | \u00a0 | 100.0% | 81.3% | V3 |
\u00a0 | BNPP Leasing Solution AS | Norway | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions | Luxembourg | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions AB | Sweden | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions AS | Denmark | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions GmbH | Austria | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions IFN SA | Romania | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions NV | Netherlands | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions Suisse SA | Switzerland | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Rental Solutions SPA | Italy | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Claas Financial Services | France | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Germany branch) | Germany | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Italy branch) | Italy | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Poland branch) | Poland | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Spain branch) | Spain | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services Ltd | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe | France | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | \u00a0 | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Belgium branch) | Belgium | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Germany branch) | Germany | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Italy branch) | Italy | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Poland branch) | Poland | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Spain branch) | Spain | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe BV | Netherlands | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe GmbH | Austria | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | \u00a0 | 100.0% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe Ltd | UK | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | \u00a0 | 100.0% | 41.6% | \u00a0 |
\u00a0 | ES Finance | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | FL Zeebrugge(s) | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Fortis Lease | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Lease Belgium | Belgium | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Lease UK Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Vastgoedlease BV | Netherlands | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Heffiq Heftruck Verhuur BV | Netherlands | Full | \u00a0 | 50.1% | 41.5% | \u00a0 | Full | \u00a0 | 50.1% | 41.5% | \u00a0 |
\u00a0 | JCB Finance | France | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Germany branch) | Germany | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Italy branch) | Italy | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Spain branch) | Spain | Full | \u00a0 | 100.0% | 41.6% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | JCB Finance Holdings Ltd | UK | Full | \u00a0 | 50.1% | 41.6% | \u00a0 | Full | \u00a0 | 50.1% | 41.6% | \u00a0 |
\u00a0 | JFL BNPP Agriculture And Technology Financial Leasing Co Ltd | China | Equity | \u00a0 | 45.0% | 37.3% | \u00a0 | Equity | \u00a0 | 45.0% | 37.3% | E2 |
\u00a0 | Manitou Finance Ltd | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF | France | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF (Germany branch) | Germany | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF (Italy branch) | Italy | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Natio Energie 2 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Natiocredibail | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Pixel 2021(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Same Deutz Fahr Finance | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | SNC Natiocredimurs | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
New Digital Businesses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Financi\u00e8re des Paiements Electroniques | France | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Belgium branch) | Belgium | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Germany branch) | Germany | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Portugal branch) | Portugal | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Spain branch) | Spain | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Floa | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | (1) | 100.0% | \u00a0 |
\u00a0 | Lyf SA | France | Equity | (3) | 46.3% | 46.3% | V1 | Equity | \u00a0 | (3) | 44.8% | V1 |
\u00a0 | Lyf SAS | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | (3) | 50.0% | \u00a0 |
Personal Investors | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Espresso Financial Services Private Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Geojit Technologies Private Ltd | India | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Human Value Developers Private Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Sharekhan BNPP Financial Services Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Sharekhan Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
INVESTMENT & PROTECTION SERVICES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Insurance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | AEW Immocommercials | France | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | AG Insurance | Belgium | Equity | \u00a0 | 25.0% | 25.0% | D2 | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Agathe Retail France | France | FV | \u00a0 | 33.3% | 33.3% | \u00a0 | FV | \u00a0 | 33.3% | 33.3% | \u00a0 |
\u00a0 | AM Select(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Astridplaza | Belgium | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | AXA IM Smart Euro Short Term Return(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Batipart Participations SAS | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | FV | \u00a0 | 29.7% | 29.7% | \u00a0 |
\u00a0 | BCC Vita SPA | Italy | Full | (2) | 70.0% | 70.0% | \u00a0 | Full | (2) | 70.0% | 70.0% | E3 |
\u00a0 | Becquerel(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Croissance ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Euro ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Monde ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Patrimoine ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Actions PME ETI(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Aqua(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Best Selection Actions Euro ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Bond 6M(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Cardif | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif BV | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Compania de Seguros y Reaseguros SA | Peru | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Emeklilik AS | T\u00fcrkiye | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Hayat Sigorta AS | T\u00fcrkiye | Full | (2) | 100.0% | 100.0% | D1 | Equity | * | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB (Denmark branch) | Denmark | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB (Norway branch) | Norway | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Nordic AB (Ex- Cardif Nordic AB) | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Pojistovna AS | Czech Rep. | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Seguros de Vida SA | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Seguros Generales SA | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Services SRO | Czech Rep. | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Servicios y Asistencia Ltda | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Sigorta AS | T\u00fcrkiye | Full | (4) | 100.0% | 100.0% | D1 | Equity | * | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif TCB Life Insurance Co Ltd | Taiwan | Equity | \u00a0 | 49.0% | 49.0% | \u00a0 | Equity | \u00a0 | 49.0% | 49.0% | \u00a0 |
\u00a0 | BNPP Cardif Vita Compagnia di Assicurazione E Riassicurazione SPA | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Convictions(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP CP Cardif Private Debt(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP D\u00e9veloppement Humain(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Diversiflex(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Diversipierre(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | BNPP Euro Climate Aligned(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP France Cr\u00e9dit(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Global Senior Corporate Loans(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Indice Amerique du Nord(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Indice France ESG(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Infrastructure Investments Fund(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Multistrat\u00e9gies Protection 80(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Obliselect Euro Dec 2028(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Select(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP S\u00e9lection Dynamique Monde(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Selection Patrimoine Responsable(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Smallcap Euroland ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Social Business France(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BOB Cardif Life Insurance Co Ltd | China | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | C Sant\u00e9(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | D1 |
\u00a0 | CamGestion Convertibles Europe(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Capital France Hotel | France | Full | (2) | 98.5% | 98.5% | \u00a0 | Full | (2) | 98.5% | 98.5% | \u00a0 |
\u00a0 | Cardif Airstar Property & Casualty Insurance Co Ltd | China | Equity | \u00a0 | 49.0% | 49.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Cardif Alternatives Part I(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Cardif Assurance Vie | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Austria branch) | Austria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Belgium branch) | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Bulgaria branch) | Bulgaria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Germany branch) | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Italy branch) | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Netherlands branch) | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Portugal branch) | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Romania branch) | Romania | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Spain branch) | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Switzerland branch) | Switzerland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Taiwan branch) | Taiwan | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Austria branch) | Austria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Belgium branch) | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Bulgaria branch) | Bulgaria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Germany branch) | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Italy branch) | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Netherlands branch) | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Poland branch) | Poland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Portugal branch) | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Romania branch) | Romania | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Spain branch) | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Switzerland branch) | Switzerland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Taiwan branch) | Taiwan | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Biztosito Magyarorszag ZRT | Hungary | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif BNPP AM Emerging Bond(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP AM Euro Paris Climate Aligned(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP AM Global Environmental Equity(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP AM Sustainable Euro Equity(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP AM Sustainable Europe Equity(s) | France | Full | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP IP Signatures(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP IP Smid Cap Euro(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Colombia Seguros Generales SA | Colombia | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Colombia Servicios SA (Ex- Cardif Servicios de Colombia SAS) | Colombia | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | E1 |
\u00a0 | Cardif CPR Global Return(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | \u00a0 | (2) | - | - | \u00a0 |
\u00a0 | Cardif do Brasil Seguros e Garantias SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif do Brasil Vida e Previdencia SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Edrim Signatures(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Cardif El Djazair | Algeria | Equity | * | 85.0% | 85.0% | \u00a0 | Equity | * | 85.0% | 85.0% | V2 |
\u00a0 | Cardif Forsakring AB | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Forsakring AB (Denmark branch) | Denmark | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Forsakring AB (Norway branch) | Norway | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif IARD | France | Full | (2) | 66.0% | 66.0% | \u00a0 | Full | (2) | 66.0% | 66.0% | \u00a0 |
\u00a0 | Cardif Insurance Holdings PLC | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Life Insurance Co Ltd | Rep. of Korea | Full | (2) | 85.0% | 85.0% | \u00a0 | Full | (2) | 85.0% | 85.0% | \u00a0 |
\u00a0 | Cardif Life Insurance Japan | Japan | Full | (2) | 75.0% | 75.0% | \u00a0 | Full | (2) | 75.0% | 75.0% | \u00a0 |
\u00a0 | Cardif Ltda | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Lux Vie | Luxembourg | Full | (2) | 100.0% | 88.6% | \u00a0 | Full | (2) | 100.0% | 88.6% | \u00a0 |
\u00a0 | Cardif Mexico Seguros de Vida SA de CV | Mexico | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Mexico Seguros Generales SA de CV | Mexico | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Non Life Insurance Japan | Japan | Full | (2) | 100.0% | 75.0% | \u00a0 | Full | (2) | 100.0% | 75.0% | \u00a0 |
\u00a0 | Cardif Polska Towarzystwo Ubezpieczen Na Zycie SA | Poland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Retraite | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Services AEIE | Portugal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Cardif Servicios SAC | Peru | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Support Unipessoal Lda | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardimmo | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Carma Grand Horizon SARL | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Centre Commercial Francilia | France | FV | \u00a0 | 21.7% | 21.7% | \u00a0 | FV | \u00a0 | 21.7% | 21.7% | \u00a0 |
\u00a0 | CFH Alexanderplatz Hotel Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Algonquin Management Partners France Italia | Italy | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy Hotel | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy Interm\u00e9diaire | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Berlin GP GmbH | Germany | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Berlin Holdco SARL | Luxembourg | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Boulogne | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Cap d'Ail | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Hostel Berlin Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Hotel Project Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Milan Holdco SRL | Italy | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Montmartre | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Montparnasse | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | Clariance & Partenaires (Ex- Korian et Partenaires Immobilier 2) | France | FV | \u00a0 | 24.5% | 24.5% | \u00a0 | FV | \u00a0 | 24.5% | 24.5% | \u00a0 |
\u00a0 | Corosa | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Darnell DAC | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | D\u00e9fense CB3 SAS | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Diversipierre DVP 1 | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | V4 |
\u00a0 | Diversipierre Germany GmbH | Germany | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP European Channel | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Green Clover | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Haussmann | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Heron | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | EP L(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | EP1 Grands Moulins(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | D1 |
\u00a0 | Fleur SAS | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Fonci\u00e8re Partenaires(s) | France | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | Fondev | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Fondo BNPP Aqua Protetto(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | E1 |
\u00a0 | Fonds d'Investissements Immobiliers pour le Commerce et la Distribution | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | FP Cardif Convex Fund USD(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Fundamenta(s) | Italy | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | GIE BNPP Cardif | France | Full | (2) | 99.8% | 99.8% | V4 | Full | (2) | 99.7% | 99.7% | \u00a0 |
\u00a0 | GPinvest 10 | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Harewood Helena 2 Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Harmony Prime(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Hemisphere Holding | France | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 |
\u00a0 | Hibernia France | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | Horizon Development GmbH | Germany | FV | \u00a0 | 66.7% | 65.1% | V4 | FV | \u00a0 | 66.7% | 64.9% | V4 |
\u00a0 | Icare | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Icare Assurance | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | ID Cologne A1 GmbH | Germany | Full | (2) | 100.0% | 97.9% | V4 | Full | (2) | 89.2% | 86.8% | D1/V4 |
\u00a0 | ID Cologne A2 GmbH | Germany | Full | (2) | 100.0% | 97.9% | V4 | Full | (2) | 89.2% | 86.8% | D1/V4 |
\u00a0 | Karapass Courtage | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Korian et Partenaires Immobilier 1 | France | FV | \u00a0 | 24.5% | 24.5% | \u00a0 | FV | \u00a0 | 24.5% | 24.5% | \u00a0 |
\u00a0 | Luizaseg Seguros SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Natio Assurance | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Natio Fonds Amp\u00e8re 1(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | NCVP Participacoes Societarias SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Neuflize Vie | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | E3 |
\u00a0 | New Alpha Cardif Incubator Fund(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | OC Health Real Estate GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Op\u00e9ra Rendement(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Paris Management Consultant Co Ltd | Taiwan | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Permal Cardif Co Investment Fund(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Pinnacle Pet Holdings Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | \u00a0 | 24.7% | 24.7% | \u00a0 |
\u00a0 | Poistovna Cardif Slovakia AS | Slovakia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Preim Healthcare SAS(s) | France | FV | (2) | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | PWH | France | FV | (2) | 47.5% | 47.5% | \u00a0 | FV | \u00a0 | 47.5% | 47.5% | \u00a0 |
\u00a0 | Reumal Investissements | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Rubin SARL | Luxembourg | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Rueil Ariane | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sanso Carbon Initiative Trends (Ex- Cedrus Carbon Initiative Trends)(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | SAS HVP | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Schroder European Operating Hotels Fund 1(s) | Luxembourg | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | SCI 68/70 rue de Lagny Montreuil | France | Full | (2) | 99.9% | 99.9% | \u00a0 | Full | (2) | 99.9% | 99.9% | \u00a0 |
\u00a0 | SCI Alpha Park | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | SCI Batipart Chadesrent | France | FV | \u00a0 | 20.0% | 20.0% | \u00a0 | FV | \u00a0 | 20.0% | 20.0% | \u00a0 |
\u00a0 | SCI Biv Malakoff | France | FV | \u00a0 | 23.3% | 23.3% | \u00a0 | FV | \u00a0 | 23.3% | 23.3% | \u00a0 |
\u00a0 | SCI BNPP Pierre I | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI BNPP Pierre II | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full) | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Bobigny Jean Rostand | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Bouleragny | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI Cardif Logements (Ex- SCI Cardif Logement) | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Citylight Boulogne | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Clichy Nuovo | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI D\u00e9fense Etoile | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI D\u00e9fense Vend\u00f4me | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Etoile du Nord | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Fontenay Plaisance | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Imefa Velizy | France | FV | \u00a0 | 21.8% | 21.8% | \u00a0 | FV | \u00a0 | 21.8% | 21.8% | \u00a0 |
\u00a0 | SCI Le Mans Gare | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Nanterre Guilleraies | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Nantes Carnot | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Odyss\u00e9e | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Pantin Les Moulins | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Batignolles | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Cours de Vincennes | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Grande Arm\u00e9e | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Turenne | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Portes de Claye | France | Equity | \u00a0 | 45.0% | 45.0% | \u00a0 | Equity | (2) | 45.0% | 45.0% | \u00a0 |
\u00a0 | SCI Rue Moussorgski | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Rueil Caudron | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint Denis Landy | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint Denis Mitterrand | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint-Denis Jade | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI SCOO | France | FV | \u00a0 | 46.4% | 46.4% | \u00a0 | FV | \u00a0 | 46.4% | 46.4% | \u00a0 |
\u00a0 | SCI Vend\u00f4me Ath\u00e8nes | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI Villeurbanne Stalingrad | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Secar | France | FV | \u00a0 | 55.1% | 55.1% | \u00a0 | FV | \u00a0 | 55.1% | 55.1% | \u00a0 |
\u00a0 | Seniorenzentren Deutschland Holding SARL | Luxembourg | FV | \u00a0 | 20.0% | 17.7% | \u00a0 | FV | \u00a0 | 20.0% | 17.7% | \u00a0 |
\u00a0 | Seniorenzentren Reinbeck Oberursel M\u00fcnchen Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Butzbach Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Heilbronn Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Kassel Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Wolfratshausen Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Services Epargne Entreprise | France | Equity | \u00a0 | 50.0% | 50.0% | V1 | Equity | \u00a0 | 36.8% | 36.8% | V1 |
\u00a0 | SNC Batipart Mermoz | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | SNC Batipart Poncelet | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Francaise d'Assurances sur la Vie | France | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Immobili\u00e8re du Royal Building SA | Luxembourg | Full | (2) | 100.0% | 88.6% | \u00a0 | Full | (2) | 100.0% | 88.6% | \u00a0 |
\u00a0 | Theam Quant Europe Climate Carbon Offset Plan(s) | France | Full | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Tikehau Cardif Loan Europe(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Valeur Pierre Epargne | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Valtitres FCP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Velizy Holding | France | FV | \u00a0 | 33.3% | 33.3% | \u00a0 | FV | \u00a0 | 33.3% | 33.3% | \u00a0 |
Wealth Management | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Wealth Management Monaco | Monaco | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (1) | 100.0% | 100.0% | \u00a0 |
Asset Management | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Alfred Berg Kapitalforvaltning AS | Norway | Full | \u00a0 | 100.0% | 75.0% | V4 | Full | \u00a0 | 100.0% | 73.7% | \u00a0 |
\u00a0 | Alfred Berg Kapitalforvaltning AS (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 75.0% | V4 | Full | \u00a0 | 100.0% | 73.7% | \u00a0 |
\u00a0 | Architas Multi Manager Europe Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Artemid | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (German branch) | Germany | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Italy branch) | Italy | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Netherland branch) | Netherlands | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Spain branch) | Spain | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 1 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 2 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 3 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Architas | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Benelux | Belgium | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Benelux (Netherland branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Paris | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Italy branch) | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Luxembourg branch) | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Netherland branch) | Netherlands | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Prime | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Prime (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Select Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Select Belgium SA And NV | Belgium | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Select France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM US Group Holding LLC | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers Australia Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Deutschland Gmbh | Germany | Full | \u00a0 | 89.9% | 89.9% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Deutschland Gmbh (French branch) | France | Full | \u00a0 | 100.0% | 89.9% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers GS Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers IF | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Private Fund Management Shanghai Ltd | China | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Schweiz AG | Switzerland | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers UK Holdings Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers US Inc | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Real Estate Investment Managers | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers Australia Pty Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers Japan KK | Japan | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa REIM SGP | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM SGP (Italy branch) | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Spdb Investment Managers Company Ltd | China | Equity | \u00a0 | 39.0% | 39.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Bancoestado Administradora General de Fondos SA | Chile | Equity | \u00a0 | 50.0% | 50.0% | V4 | Equity | \u00a0 | 50.0% | 49.1% | \u00a0 |
\u00a0 | Baroda BNPP AMC Private Ltd | India | Equity | (3) | 49.9% | 49.9% | V4 | Equity | (3) | 49.9% | 49.1% | V4 |
\u00a0 | BNPP ABC Wealth Management Co Ltd | China | Equity | (3) | 51.0% | 51.0% | V4 | Equity | (3) | 51.0% | 50.1% | \u00a0 |
\u00a0 | BNPP Agility Fund Equity SLP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Agility Fund Private Debt SLP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP AM Hedged Strategies(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP AM International Hedged Strategies(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Asset Management Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Be Holding | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Brasil Ltda | Brazil | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 99.6% | V4 |
\u00a0 | BNPP Asset Management Europe | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Belgium branch) | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Luxembourg branch) | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management Europe (Netherlands branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Poland branch) | Poland | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | E2 |
\u00a0 | BNPP Asset Management Europe (Spain branch) | Spain | Full | \u00a0 | 100.0% | 100.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management Holding | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V1 |
\u00a0 | BNPP Asset Management Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Luxembourg | Luxembourg | Full | \u00a0 | 99.7% | 99.7% | V4 | Full | \u00a0 | 99.7% | 98.0% | V4 |
\u00a0 | BNPP Asset Management Property Solutions | France | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Taiwan Co Ltd | Taiwan | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management USA Holdings Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Asset Management USA Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP B Institutional II(s) | Belgium | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Dealing Services | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Easy(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Flexi I(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Funds(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management France | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH | Germany | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Italy branch) | Italy | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Portugal branch) | Portugal | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Spain branch) | Spain | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Luxembourg SA (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Capza Transition | France | Full | \u00a0 | 100.0% | 79.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Colisee Gerance | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Drypnir AS | Norway | Full | \u00a0 | 100.0% | 0.1% | \u00a0 | Full | \u00a0 | 100.0% | 0.1% | \u00a0 |
\u00a0 | Dynamic Credit Group BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 75.0% | 73.7% | V4 |
\u00a0 | Gambit Financial Solutions | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | Haitong Fortis Private Equity Fund Management Co Ltd | China | Equity | \u00a0 | 33.0% | 33.0% | V4 | Equity | \u00a0 | 33.0% | 32.4% | \u00a0 |
\u00a0 | Harewood Helena 1 Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | HFT Investment Management Co Ltd | China | Equity | \u00a0 | 49.0% | 49.0% | V4 | Equity | \u00a0 | 49.0% | 48.2% | V4 |
\u00a0 | Impax Asset Management Group PLC | UK | Equity | \u00a0 | 13.8% | 13.8% | V4 | Equity | \u00a0 | 13.8% | 13.5% | \u00a0 |
\u00a0 | Kyobo AXA Investment Managers Company Ltd | Rep. of Korea | Equity | \u00a0 | 50.0% | 50.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Master Seeder Fund(s) | France | Full | (4) | - | - | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | SME Alternative Financing DAC(s) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Theam Quant(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | W Capital Management LLC | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Real Estate | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Allium Investments SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Auguste Thouard Expertise | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Immobilier Promotion | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Immobilier R\u00e9sidences Services | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate (United Arab Emirates branch) | United Arab Emirates | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management Ireland Ltd | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management Luxembourg SA | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory France (Ex- BNPP Real Estate Transaction France) | France | Full | (2) | 97.6% | 97.6% | V1 | Full | (2) | 97.4% | 97.4% | V1 |
\u00a0 | BNPP Real Estate Advisory Italy SPA | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory Netherlands BV | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Belgium SA | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Conseil Habitation & Hospitality | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Consult France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Consult GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Facilities Management Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Financial Partner | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Holding GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Belgium | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Real Estate Investment Management Italy SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Spain SA | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Poland SP ZOO | Poland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Portugal Unipersonal LDA | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Development & Services GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Development UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management France SAS | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management Italy SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Singapore Pte Ltd | Singapore | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Spain SA | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Valuation France | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cariboo Development SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 |
\u00a0 | Construction-Sale Companies (c) | France | Full / Equity | (2) | - | - | \u00a0 | Full / Equity | (2) | - | - | \u00a0 |
\u00a0 | Exeo Aura & Echo Offices Lda | Portugal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Equity | \u00a0 | 31.9% | 31.9% | \u00a0 |
\u00a0 | GIE BNPP Real Estate | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Horti Milano SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Nanterre Arboretum | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Parker Tower Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Partner's & Services | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | REPD Parker Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sviluppo Residenziale Italia SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Wapiti Development SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 |
OTHER BUSINESS UNITS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Property Companies (Property Used In Operations) and Others | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
\u00a0 | Antin Participation 5 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Home Loan SFH | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners for Innovation | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners for Innovation Belgium | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners For Innovation Global Connect | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E1 |
\u00a0 | BNPP Partners for Innovation Italia SRL | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Procurement Tech | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Public Sector SA | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | FCT Capucines 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | FCT Lafayette 2021(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Laffitte 2021(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Opera 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Pyramides 2022(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | GIE Groupement Auxiliaire de Moyens | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | GIE Groupement d'Etudes et de Prestations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Antin Participation 5 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
(a) | At 31 December 2025, 11 Private Equity investment entities versus 13 Private Equity investment entities at 31 December 2024. |
(b) | At 31 December 2025, the securitisation funds UCI and RMBS Prado include 9 funds (FCC UCI 12, 14 to 17, RMBS Prado VIII to XI, et RMBS Belem No 2) versus 13 funds (FCC UCI 11, 12, 14 to 17, RMBS Prado VII to XI, Green Belem I et RMBS Belem No 2) at 31 December 2024. |
(c) | At 31 December 2025, 89 Construction-sale companies (63 Full and 26 Equity) versus 102 Construction-sale companies (71 Full and 31 Equity) at 31 December 2024. |
(d) | At 31 December 2025, Genius Securitization Funds are no longer disclosed within the scope due to the break in the Group's control chain over their holding entity, now consolidated under equity method in the prudential scope. |
(e) | At 31 December 2025, Wisdom Securitization Funds are no longer disclosed within the scope due to the break in the Group's control chain over their holding entity, now consolidated under equity method in the prudential scope. |
(f) | At 31 December 2025, general compartment Aries Capital DAC includes 14 consolidated silos. |
(g) | At 31 December 2025, general compartment Securasset includes 8 consolidated silos. |
(h) | At 31 December 2025, general compartment SPIRE includes 1 consolidated silo. |
\u00a0
As requested by the ANC 2016 regulation, the list of entities that are controlled by the Group, jointly controlled or under significant influence, but excluded from the scope of consolidation since their contribution to the consolidated financial statements would be immaterial to the Group, and the list of equity investments, are available on the \u201cRegulated Information\u201d page of the https://invest.bnpparibas.com website.
\u00a0
\u00a0
\u00a0
Changes in the scope of consolidation | |
|---|---|
New entries (E) in the scope of consolidation | |
E1 | Passing above consolidation thresholds |
E2 | Incorporation |
E3 | Purchase, gain of control or significant influence |
Removals (S) from the scope of consolidation | |
S1 | Cessation of activity (dissolution, liquidation, etc.) |
S2 | Disposal, loss of control or loss of significant influence |
S3 | Passing below consolidation thresholds |
S4 | Merger, Universal transfer of assets and liabilities |
Variance (V) in voting or ownership interest | |
V1 | Additional purchase |
V2 | Partial disposal |
V3 | Dilution |
V4 | Increase in % |
Miscellaneous | |
D1 | Consolidation method change not related to fluctuation in voting or ownership interest |
D2 | Entities of a business held for sale |
D3 | Loss of joint control with no impact on the accounting consolidation method, but resulting in a shift to equity under the prudential perimeter |
\u00a0
Equity* | Controlled but non material entities consolidated under the equity method as associates |
FV | Joint control or investment in associates measured at fair value through profit or loss |
(s) | Structured entities |
(t) | Securitisation funds |
\u00a0 | \u00a0 |
Prudential scope of consolidation | |
(1) | French subsidiaries for which supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP\u00a0Paribas\u00a0SA, in accordance with article\u00a07.1 of Regulation n\u00b0575/2013 of the European Parliament and of the Council |
(2) | Entities consolidated under the equity method in the prudential scope |
(3) | Jointly controlled entities under proportional consolidation in the prudential scope |
(4) | Collective investment undertaking excluded from the prudential scope |
The consolidated financial statements of BNP\u00a0Paribas include entities that are controlled by the Group, jointly controlled, and under significant influence, with the exception of those entities whose consolidation is regarded as immaterial to the Group. Companies that hold shares in consolidated companies are also consolidated.
Subsidiaries are consolidated from the date on which the Group obtains effective control. Entities under temporary control are included in the consolidated financial statements until the date of disposal.
BNP\u00a0Paribas, a\u00a0soci\u00e9t\u00e9 anonyme\u00a0(Public Limited Company), registered in\u00a0France, is the Group\u2019s lead company, which holds key positions in its three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS).
During the year, the parent company did not change its name. BNP\u00a0Paribas has its principal place of business in France and its head office is located at\u00a016\u00a0boulevard des Italiens 75009 Paris,\u00a0France.
\u00a0
Business | Name | Country | 31 December 2025 | 31 December 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Method | Voting (%) | Interest (%) | Ref. | Method | Voting (%) | Interest (%) | Ref. | |||||
\u00a0 | BNP\u00a0Paribas\u00a0SA | France | (1) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (1) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP\u00a0SA (Argentina branch) | Argentina | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Australia branch) | Australia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Bahrain branch) | Bahrain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Belgium branch) | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Bulgaria branch) | Bulgaria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Canada branch) | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Czech Republic branch) | Czech Rep. | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Denmark branch) | Denmark | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Finland branch) | Finland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Greece branch) | Greece | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Guernsey branch) | Guernsey | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Hong Kong branch) | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Hungary branch) | Hungary | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (India branch) | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Ireland branch) | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Japan branch) | Japan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Jersey branch) | Jersey | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Kuwait branch) | Kuwait | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Luxembourg branch) | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Malaysia branch) | Malaysia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Monaco branch) | Monaco | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Netherlands branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Norway branch) | Norway | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Philippines branch) | Philippines | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Poland branch) | Poland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Portugal branch) | Portugal | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Qatar branch) | Qatar | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Republic of Korea branch) | Rep. of Korea | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Romania branch) | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Saudi Arabia branch) | Saudi Arabia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Singapore branch) | Singapore | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (South Africa branch) | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Spain branch) | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Switzerland branch) | Switzerland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Taiwan branch) | Taiwan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Thailand branch) | Thailand | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United Arab Emirates branch) | United Arab Emirates | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United Kingdom branch) | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United States branch) | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Viet Nam branch) | Viet Nam | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
CORPORATE & INSTITUTIONAL BANKING | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
EMEA (Europe, Middle East, Africa) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Financial Markets | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Eurotitrisation | France | Equity | \u00a0 | 22.4% | 22.4% | V4 | Equity | \u00a0 | 22.0% | 22.0% | \u00a0 |
\u00a0 | Exane Asset Management | France | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Exane Finance | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | FCT Juice(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Financi\u00e8re du March\u00e9 Saint Honor\u00e9 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Parilease | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Services Logiciels d'Int\u00e9gration Boursi\u00e8re | France | Equity | (3) | 66.6% | 66.6% | \u00a0 | Equity | (3) | 66.6% | 66.6% | \u00a0 |
\u00a0 | Services Logiciels d'Int\u00e9gration Boursi\u00e8re (Portugal branch) | Portugal | Equity | (3) | 66.6% | 66.6% | \u00a0 | Equity | (3) | 66.6% | 66.6% | \u00a0 |
\u00a0 | SNC Taitbout Participation 3 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Orbaisienne de Participations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Uptevia SA | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
Other European countries | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Allfunds Group PLC | UK | Equity | \u00a0 | 12.7% | 12.7% | V1 | Equity | \u00a0 | 12.5% | 12.4% | V4 |
\u00a0 | Aries Capital DAC (f)(s) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AssetMetrix | Germany | Equity | \u00a0 | 23.1% | 23.1% | \u00a0 | Equity | \u00a0 | 23.1% | 23.1% | V4 |
\u00a0 | BNP PUK Holding Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Bank JSC | Russia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Emissions Und Handels GmbH | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Administration Services Ireland Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Ireland Unlimited Co | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Islamic Issuance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Issuance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Net Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Prime Brokerage International Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Suisse SA | Switzerland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Suisse SA (Guernsey branch) | Guernsey | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Technology LLC | Russia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Trust Corp UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Vartry Reinsurance DAC | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Diamante Re SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Exane Solutions Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Expo Atlantico EAII Investimentos Imobiliarios SA(s) | Portugal | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Expo Indico EIII Investimentos Imobiliarios SA(s) | Portugal | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FScholen | Belgium | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | Greenstars BNPP | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox European Union SL | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox Holding Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Madison Arbor Ltd(t) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Matchpoint Finance PLCt | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Ribera Del Loira Arbitrage | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Securasset SA (g)(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Single Platform Investment Repackaging Entity SA (h)(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Volantis SARL(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E1 |
Middle East | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Investment Co KSA | Saudi Arabia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
AMERICAS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Banco BNPP Brasil SA | Brazil | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Capital Services Inc | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Colombia Corporacion Financiera SA | Colombia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP EQD Brazil Fund Fundo de Investmento Multimercado(s) | Brazil | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP Financial Services LLC | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP FS LLC | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP IT Solutions Canada Inc | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Mexico Holding | Mexico | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Mexico SA Institucion de Banca Multiple | Mexico | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Proprietario Fundo de Investimento Multimercado(s) | Brazil | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP RCC Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Corp | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP US Investments Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP US Wholesale Holdings Corp | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP USA Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP VPG Brookline Cre LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG EDMC Holdings LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG Express LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG I LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG II LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG III LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG IV LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG Master LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Corporation BNPP Canada | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Decart Re Ltd | Bermuda | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | FSI Holdings Inc | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Starbird Funding Corpt | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
PACIFIC ASIA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Andalan Multi Guna PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Bank BNPP Indonesia PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Arbitrage Hong Kong Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Center of Expertise Nanjing Co Ltd | China | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP China Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Finance Hong Kong Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Services Australasia Pty Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Services Australasia Pty Ltd (New Zealand branch) | New Zealand | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP India Holding Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP India Solutions Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Malaysia Berhad | Malaysia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities China Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E2 |
\u00a0 | BNPP Securities India Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Korea Co Ltd | Rep. of Korea | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Taiwan Co Ltd | Taiwan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Sekuritas Indonesia PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BPP Holdings Pte Ltd | Singapore | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
COMMERCIAL, PERSONAL BANKING & SERVICES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
COMMERCIAL & PERSONAL BANKING IN\u00a0THE\u00a0EUROZONE | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
Commercial & Personal Banking in France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | 2SF - Soci\u00e9t\u00e9 des Services Fiduciaires | France | Equity | (3) | 33.3% | 33.3% | \u00a0 | Equity | (3) | 33.3% | 33.3% | \u00a0 |
\u00a0 | Banque de Wallis et Futuna | France | Full | (1) | 51.0% | 51.0% | \u00a0 | Full | (1) | 51.0% | 51.0% | \u00a0 |
\u00a0 | BNPP Antilles Guyane | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP D\u00e9veloppement | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP D\u00e9veloppement Oblig | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor (Portugal branch) | Portugal | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor (Spain branch) | Spain | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Nouvelle Cal\u00e9donie | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP R\u00e9union | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Services Mon\u00e9tiques | France | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Compagnie pour le Financement des Loisirs | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Copartis | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Estreem (Ex Partecis) | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | GIE Ocean | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Jivago Holding | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Paylib Services | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Equity | \u00a0 | 14.3% | 14.3% | \u00a0 |
\u00a0 | Portzamparc | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
BNL banca commerciale | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Banca Agevolarti SPA | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Banca Nazionale Del Lavoro SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP BNL Equity Investment SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E1 |
\u00a0 | EMF IT 2008 1 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Era Uno SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Eutimm SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Financit SPA | Italy | Full | \u00a0 | 60.0% | 60.0% | \u00a0 | Full | \u00a0 | 60.0% | 60.0% | \u00a0 |
\u00a0 | Immera SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | International Factors Italia SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | V1 | Full | \u00a0 | 99.9% | 99.9% | V1 |
\u00a0 | Permicro SPA | Italy | Equity | \u00a0 | 21.9% | 21.9% | \u00a0 | Equity | \u00a0 | 21.9% | 21.9% | \u00a0 |
\u00a0 | Servizio Italia SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sviluppo HQ Tiburtina SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Tierre Securitisation SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Vela OBG SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Worldline Merchant Services Italia SPA | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 |
Commercial & Personal Banking in Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Axepta BNPP Benelux | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Bancontact Paytoniq Company | Belgium | Equity | \u00a0 | 22.5% | 22.5% | \u00a0 | Equity | \u00a0 | 22.5% | 22.5% | \u00a0 |
\u00a0 | BASS Master Issuer NV(t) | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Batopin | Belgium | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Belgian Mobile ID | Belgium | Equity | \u00a0 | 12.2% | 12.2% | \u00a0 | Equity | \u00a0 | 12.2% | 12.2% | \u00a0 |
\u00a0 | BNPP Commercial Finance Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Factor AS | Denmark | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Factor GmbH | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | V4 |
\u00a0 | BNPP Factoring Support | Netherlands | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis | Belgium | Full | \u00a0 | 99.9% | 99.9% | \u00a0 | Full | \u00a0 | 99.9% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis (Spain branch) | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Fortis (United States branch) | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 99.9% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Factor NV | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Film Finance | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Funding SA | Luxembourg | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP FPE Belgium | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP FPE Expansion | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP FPE Management | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPPF Credit Brokers | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Bpost Banque | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Credissimo | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Credissimo Hainaut SA | Belgium | Full | \u00a0 | 99.7% | 99.7% | \u00a0 | Full | \u00a0 | 99.7% | 99.7% | \u00a0 |
\u00a0 | Cr\u00e9dit pour Habitations Sociales | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | \u00a0 | 81.7% | 81.6% | \u00a0 |
\u00a0 | Epimedes | Belgium | Equity | \u00a0 | - | - | \u00a0 | Equity | \u00a0 | - | - | \u00a0 |
\u00a0 | Esmee Master Issuert | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Immobili\u00e8re Sauveniere SA | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Isabel SA NV | Belgium | Equity | \u00a0 | 25.3% | 25.3% | \u00a0 | Equity | \u00a0 | 25.3% | 25.3% | \u00a0 |
\u00a0 | Microstart | Belgium | Full | \u00a0 | 43.9% | 77.5% | \u00a0 | Full | \u00a0 | 43.9% | 77.5% | V4 |
\u00a0 | Private Equity Investments (a) | BE/FR/LU | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | Sagip | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sowo Invest SA NV | Belgium | Full | \u00a0 | 87.5% | 87.5% | \u00a0 | Full | \u00a0 | 87.5% | 87.5% | \u00a0 |
Commercial & Personal Banking in Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BGL BNPP | Luxembourg | Full | \u00a0 | 66.0% | 65.9% | \u00a0 | Full | \u00a0 | 66.0% | 65.9% | \u00a0 |
\u00a0 | BGL BNPP (Germany branch) | Germany | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 66.0% | 65.9% | \u00a0 |
\u00a0 | BNPP Lease Group Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 65.9% | \u00a0 | Full | \u00a0 | 100.0% | 65.9% | \u00a0 |
\u00a0 | BNPP SB Re | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Compagnie Financi\u00e8re Ottomane SA | Luxembourg | Full | \u00a0 | 97.4% | 97.4% | \u00a0 | Full | \u00a0 | 97.4% | 97.4% | V4 |
\u00a0 | i Hub SA | Luxembourg | Equity | (3) | 20.0% | 13.2% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Le Sphinx Assurances Luxembourg SA | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Luxhub SA | Luxembourg | Equity | \u00a0 | 28.0% | 18.5% | \u00a0 | Equity | \u00a0 | 28.0% | 18.5% | \u00a0 |
\u00a0 | Visalux | Luxembourg | Equity | \u00a0 | 25.2% | 16.6% | \u00a0 | Equity | \u00a0 | 25.2% | 16.6% | \u00a0 |
COMMERCIAL & PERSONAL BANKING OUTSIDE\u00a0THE\u00a0EUROZONE | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
Europe-Mediterranean | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Bank of Nanjing | China | Equity | \u00a0 | 18.1% | 18.1% | V1 | Equity | \u00a0 | 16.2% | 16.2% | V1/V3 |
\u00a0 | Banque Marocaine pour le Commerce et l'Industrie | Morocco | Full | \u00a0 | 67.0% | 67.0% | D2 | Full | \u00a0 | 67.0% | 67.0% | \u00a0 |
\u00a0 | Banque Marocaine pour le Commerce et l'Industrie Banque Offshore | Morocco | Full | \u00a0 | 100.0% | 67.0% | D2 | Full | \u00a0 | 100.0% | 67.0% | \u00a0 |
\u00a0 | Bantas Nakit AS | T\u00fcrkiye | Equity | (3) | 33.3% | 16.7% | \u00a0 | Equity | (3) | 33.3% | 16.7% | \u00a0 |
\u00a0 | BDSI | Morocco | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 96.4% | \u00a0 |
\u00a0 | BGZ Poland ABS1 DAC(t) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BMCI Leasing | Morocco | Full | \u00a0 | 86.9% | 58.2% | D2 | Full | \u00a0 | 86.9% | 58.2% | \u00a0 |
\u00a0 | BNPP Bank Polska SA | Poland | Full | \u00a0 | 75.0% | 75.0% | V3 | Full | \u00a0 | 81.3% | 81.3% | V2 |
\u00a0 | BNPP El Djazair | Algeria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Faktoring Spolka ZOO | Poland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fortis Yatirimlar Holding AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Group Service Center SA | Poland | Full | \u00a0 | 100.0% | 81.2% | V3 | Full | \u00a0 | 100.0% | 81.3% | V3 |
\u00a0 | BNPP IRB Participations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Yatirimlar Holding AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Dreams Sustainable AB | Sweden | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Joint Stock Company Ukrsibbank | Ukraine | Full | \u00a0 | 60.0% | 60.0% | \u00a0 | Full | \u00a0 | 60.0% | 60.0% | D1 |
\u00a0 | TEB ARF Teknoloji Anonim Sirketi | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Faktoring AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Finansman AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Holding AS | T\u00fcrkiye | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | TEB Portfoy Yonetimi AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | TEB SH A | Kosovo | Full | \u00a0 | 100.0% | 50.0% | \u00a0 | Full | \u00a0 | 100.0% | 50.0% | \u00a0 |
\u00a0 | TEB Yatirim Menkul Degerler AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna | Poland | Full | \u00a0 | 100.0% | 75.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Turk Ekonomi Bankasi AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
SPECIALISED BUSINESSES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Personal Finance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Alpha Cr\u00e9dit SA | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Auto ABS UK Loans PLC(t) | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | AutoFlorence 1 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 2 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 3 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 4 SRL(t) | Italy | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Autonoria 2019(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Autonoria DE 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria DE 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Autonoria Spain 2019t | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2021 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2022 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2023 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2025(t) | Spain | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Banque Financement | France | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Banco Cetelem SA | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BGN Mercantil E Servicos Ltda | Brazil | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Personal Finance | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Czech Republic branch) | Czech Rep. | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Portugal branch) | Portugal | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Romania branch) | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Slovakia branch) | Slovakia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance South Africa Ltd | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BON BNPP Consumer Finance Co Ltd | China | Equity | \u00a0 | 31.7% | 31.7% | \u00a0 | Equity | \u00a0 | 31.7% | 31.7% | V3 |
\u00a0 | Cafineo | France | Full | (1) | 51.0% | 50.8% | \u00a0 | Full | (1) | 51.0% | 50.8% | \u00a0 |
\u00a0 | Carrefour Banque | France | Equity | \u00a0 | 40.0% | 40.0% | \u00a0 | Equity | \u00a0 | 40.0% | 40.0% | \u00a0 |
\u00a0 | Central Europe Technologies SRL | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cetelem America Ltda | Brazil | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Cetelem Business Consulting Shanghai Co Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cetelem Gestion AIE | Spain | Full | \u00a0 | 100.0% | 96.5% | V4 | Full | \u00a0 | 100.0% | 96.0% | \u00a0 |
\u00a0 | Cetelem SA de CV | Mexico | Equity | \u00a0 | 20.0% | 0.0% | \u00a0 | Equity | \u00a0 | 20.0% | 0.0% | S2 |
\u00a0 | Cetelem Servicios Informaticos AIE | Spain | Full | \u00a0 | 100.0% | 81.5% | V4 | Full | \u00a0 | 100.0% | 81.0% | \u00a0 |
\u00a0 | Cetelem Servicos Ltda | Brazil | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cofica Bail | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cofiplan | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Creation Consumer Finance Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Creation Financial Services Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cr\u00e9dit Moderne Antilles Guyane | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cr\u00e9dit Moderne Oc\u00e9an Indien | France | Full | (1) | 97.8% | 97.8% | \u00a0 | Full | (1) | 97.8% | 97.8% | \u00a0 |
\u00a0 | Domofinance | France | Full | (1) | 55.0% | 55.0% | \u00a0 | Full | (1) | 55.0% | 55.0% | \u00a0 |
\u00a0 | E Carat 12 PLC(t) | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Ecarat DE SA(t) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Ekspres Bank AS | Denmark | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Ekspres Bank AS (Norway branch) | Norway | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Ekspres Bank AS (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Eos Aremas Belgium SA NV | Belgium | Equity | \u00a0 | 50.0% | 49.9% | \u00a0 | Equity | \u00a0 | 50.0% | 49.9% | \u00a0 |
\u00a0 | Evollis | France | Equity | \u00a0 | 48.8% | 48.8% | V3 | Equity | \u00a0 | 49.2% | 49.2% | \u00a0 |
\u00a0 | Findomestic Banca SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Florence Real Estate Developments SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Florence SPV SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | GCC Consumo Establecimiento Financiero de Credito SA | Spain | Full | \u00a0 | 51.0% | 51.0% | \u00a0 | Full | \u00a0 | 51.0% | 51.0% | \u00a0 |
\u00a0 | Genius Auto Finance Co Ltd | China | Equity | \u00a0 | 25.0% | 25.0% | D3 | Equity | (3) | 25.0% | 25.0% | \u00a0 |
\u00a0 | International Development Resources AS Services SA | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Loisirs Finance | France | Full | (1) | 51.0% | 51.0% | \u00a0 | Full | (1) | 51.0% | 51.0% | \u00a0 |
\u00a0 | Magyar Cetelem Bank ZRT | Hungary | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Neuilly Contentieux | France | Full | \u00a0 | 95.9% | 95.6% | \u00a0 | Full | \u00a0 | 95.9% | 95.6% | \u00a0 |
\u00a0 | Noria 2021(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Noria 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Noria 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Noria DE 2024(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Noria Spain 2020 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Opel Finance SA | Switzerland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | PBD Germany Auto Lease Master SA(t) | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Personal Finance Location | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | PF Services GmbH | Germany | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Phedina Hypotheken 2010 BV(t) | Netherlands | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | RCS Botswana Pty Ltd | Botswana | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | RCS Cards Pty Ltd | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | RCS Investment Holdings Namibia Pty Ltd | Namibia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Securitisation funds Genius (d)(t) | China | \u00a0 | \u00a0 | \u00a0 | \u00a0 | D3 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Securitisation funds UCI and RMBS Prado (b)(t) | Spain | Equity | (3) | - | - | \u00a0 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Securitisation funds Wisdom (e)(t) | China | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Servicios Financieros Carrefour EFC SA | Spain | Equity | \u00a0 | 37.3% | 40.0% | \u00a0 | Equity | \u00a0 | 37.3% | 40.0% | \u00a0 |
\u00a0 | Stellantis Bank SA | France | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Bank SA (Austria branch) | Austria | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Bank SA (Germany branch) | Germany | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Financial Services UK Ltd | UK | Full | \u00a0 | 100.0% | 50.0% | \u00a0 | Full | \u00a0 | 100.0% | 50.0% | \u00a0 |
\u00a0 | Union de Creditos Inmobiliarios SA | Spain | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | United Partnership | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | Vauxhall Finance Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | XFERA Consumer Finance EFC SA | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 51.0% | 51.0% | \u00a0 |
\u00a0 | Zhejiang Wisdom Puhua Financial Leasing Co Ltd | China | Equity | \u00a0 | 25.0% | 25.0% | S2 | Equity | (3) | 25.0% | 25.0% | \u00a0 |
Arval | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Artel | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Arval AB | Sweden | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval AS | Denmark | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval AS Norway | Norway | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Austria GmbH | Austria | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Belgium NV SA | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Brasil Ltda | Brazil | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval BV | Netherlands | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Colombia SAS (Ex- Arval Relsa Colombia SAS) | Colombia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval CZ SRO | Czech Rep. | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Deutschland GmbH | Germany | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Fleet Services | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Fleet Services (Monaco branch) | Monaco | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Hellas Car Rental SA | Greece | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval LLC | Russia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Magyarorszag KFT | Hungary | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Maroc SA | Morocco | Full | \u00a0 | 100.0% | 89.0% | \u00a0 | Full | \u00a0 | 100.0% | 89.0% | \u00a0 |
\u00a0 | Arval OY | Finland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Relsa SPA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Schweiz AG | Switzerland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Aluger Operational Automoveis SA | Portugal | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Italia SPA | Italy | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Polska SP ZOO | Poland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Romania SRL | Romania | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease SA | Spain | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Slovakia SRO | Slovakia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Trading | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Group Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Leasing Services Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fleet Holdings Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cent ASL | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cofiparc | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Comercializadora de Vehiculos SA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | FCT Pulse France 2022(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Greenval Insurance DAC | Ireland | Full | (2) | 100.0% | 99.9% | \u00a0 | Full | (2) | 100.0% | 99.9% | \u00a0 |
\u00a0 | Locadif | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Louveo | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Public Location Longue Dur\u00e9e | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Pulse UK 2024 PLC(s) | UK | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Rentaequipos Leasing Peru SA | Peru | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Rentaequipos Leasing SA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | TEB Arval Arac Filo Kiralama AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 75.0% | \u00a0 | Full | \u00a0 | 100.0% | 75.0% | \u00a0 |
\u00a0 | Terberg Leasing Justlease Belgium BV | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
Leasing Solutions | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Aprolis Finance | France | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | Artegy | France | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNL Leasing SPA | Italy | Full | \u00a0 | 100.0% | 95.5% | \u00a0 | Full | \u00a0 | 100.0% | 95.5% | \u00a0 |
\u00a0 | BNPP 3 Step IT | France | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Belgium branch) | Belgium | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Germany branch) | Germany | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Italy branch) | Italy | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Netherlands branch) | Netherlands | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Spain branch) | Spain | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (United Kingdom branch) | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP Finansal Kiralama AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 82.5% | \u00a0 | Full | \u00a0 | 100.0% | 82.5% | \u00a0 |
\u00a0 | BNPP Lease Group | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Germany branch) | Germany | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Italy branch) | Italy | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Portugal branch) | Portugal | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Spain branch) | Spain | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group Belgium | Belgium | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group Leasing Solutions SPA | Italy | Full | \u00a0 | 100.0% | 95.5% | \u00a0 | Full | \u00a0 | 100.0% | 95.5% | \u00a0 |
\u00a0 | BNPP Lease Group Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group SP ZOO | Poland | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Services | Poland | Full | \u00a0 | 100.0% | 81.2% | V3 | Full | \u00a0 | 100.0% | 81.3% | V3 |
\u00a0 | BNPP Leasing Solution AS | Norway | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions | Luxembourg | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions AB | Sweden | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions AS | Denmark | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions GmbH | Austria | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions IFN SA | Romania | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions NV | Netherlands | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions Suisse SA | Switzerland | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Rental Solutions SPA | Italy | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Claas Financial Services | France | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Germany branch) | Germany | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Italy branch) | Italy | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Poland branch) | Poland | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Spain branch) | Spain | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services Ltd | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe | France | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | \u00a0 | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Belgium branch) | Belgium | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Germany branch) | Germany | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Italy branch) | Italy | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Poland branch) | Poland | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Spain branch) | Spain | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe BV | Netherlands | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe GmbH | Austria | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | \u00a0 | 100.0% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe Ltd | UK | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | \u00a0 | 100.0% | 41.6% | \u00a0 |
\u00a0 | ES Finance | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | FL Zeebrugge(s) | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Fortis Lease | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Lease Belgium | Belgium | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Lease UK Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Vastgoedlease BV | Netherlands | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Heffiq Heftruck Verhuur BV | Netherlands | Full | \u00a0 | 50.1% | 41.5% | \u00a0 | Full | \u00a0 | 50.1% | 41.5% | \u00a0 |
\u00a0 | JCB Finance | France | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Germany branch) | Germany | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Italy branch) | Italy | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Spain branch) | Spain | Full | \u00a0 | 100.0% | 41.6% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | JCB Finance Holdings Ltd | UK | Full | \u00a0 | 50.1% | 41.6% | \u00a0 | Full | \u00a0 | 50.1% | 41.6% | \u00a0 |
\u00a0 | JFL BNPP Agriculture And Technology Financial Leasing Co Ltd | China | Equity | \u00a0 | 45.0% | 37.3% | \u00a0 | Equity | \u00a0 | 45.0% | 37.3% | E2 |
\u00a0 | Manitou Finance Ltd | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF | France | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF (Germany branch) | Germany | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF (Italy branch) | Italy | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Natio Energie 2 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Natiocredibail | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Pixel 2021(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Same Deutz Fahr Finance | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | SNC Natiocredimurs | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
New Digital Businesses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Financi\u00e8re des Paiements Electroniques | France | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Belgium branch) | Belgium | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Germany branch) | Germany | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Portugal branch) | Portugal | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Spain branch) | Spain | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Floa | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | (1) | 100.0% | \u00a0 |
\u00a0 | Lyf SA | France | Equity | (3) | 46.3% | 46.3% | V1 | Equity | \u00a0 | (3) | 44.8% | V1 |
\u00a0 | Lyf SAS | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | (3) | 50.0% | \u00a0 |
Personal Investors | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Espresso Financial Services Private Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Geojit Technologies Private Ltd | India | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Human Value Developers Private Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Sharekhan BNPP Financial Services Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Sharekhan Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
INVESTMENT & PROTECTION SERVICES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Insurance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | AEW Immocommercials | France | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | AG Insurance | Belgium | Equity | \u00a0 | 25.0% | 25.0% | D2 | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Agathe Retail France | France | FV | \u00a0 | 33.3% | 33.3% | \u00a0 | FV | \u00a0 | 33.3% | 33.3% | \u00a0 |
\u00a0 | AM Select(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Astridplaza | Belgium | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | AXA IM Smart Euro Short Term Return(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Batipart Participations SAS | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | FV | \u00a0 | 29.7% | 29.7% | \u00a0 |
\u00a0 | BCC Vita SPA | Italy | Full | (2) | 70.0% | 70.0% | \u00a0 | Full | (2) | 70.0% | 70.0% | E3 |
\u00a0 | Becquerel(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Croissance ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Euro ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Monde ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Patrimoine ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Actions PME ETI(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Aqua(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Best Selection Actions Euro ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Bond 6M(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Cardif | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif BV | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Compania de Seguros y Reaseguros SA | Peru | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Emeklilik AS | T\u00fcrkiye | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Hayat Sigorta AS | T\u00fcrkiye | Full | (2) | 100.0% | 100.0% | D1 | Equity | * | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB (Denmark branch) | Denmark | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB (Norway branch) | Norway | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Nordic AB (Ex- Cardif Nordic AB) | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Pojistovna AS | Czech Rep. | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Seguros de Vida SA | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Seguros Generales SA | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Services SRO | Czech Rep. | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Servicios y Asistencia Ltda | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Sigorta AS | T\u00fcrkiye | Full | (4) | 100.0% | 100.0% | D1 | Equity | * | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif TCB Life Insurance Co Ltd | Taiwan | Equity | \u00a0 | 49.0% | 49.0% | \u00a0 | Equity | \u00a0 | 49.0% | 49.0% | \u00a0 |
\u00a0 | BNPP Cardif Vita Compagnia di Assicurazione E Riassicurazione SPA | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Convictions(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP CP Cardif Private Debt(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP D\u00e9veloppement Humain(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Diversiflex(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Diversipierre(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | BNPP Euro Climate Aligned(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP France Cr\u00e9dit(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Global Senior Corporate Loans(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Indice Amerique du Nord(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Indice France ESG(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Infrastructure Investments Fund(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Multistrat\u00e9gies Protection 80(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Obliselect Euro Dec 2028(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Select(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP S\u00e9lection Dynamique Monde(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Selection Patrimoine Responsable(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Smallcap Euroland ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Social Business France(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BOB Cardif Life Insurance Co Ltd | China | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | C Sant\u00e9(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | D1 |
\u00a0 | CamGestion Convertibles Europe(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Capital France Hotel | France | Full | (2) | 98.5% | 98.5% | \u00a0 | Full | (2) | 98.5% | 98.5% | \u00a0 |
\u00a0 | Cardif Airstar Property & Casualty Insurance Co Ltd | China | Equity | \u00a0 | 49.0% | 49.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Cardif Alternatives Part I(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Cardif Assurance Vie | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Austria branch) | Austria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Belgium branch) | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Bulgaria branch) | Bulgaria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Germany branch) | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Italy branch) | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Netherlands branch) | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Portugal branch) | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Romania branch) | Romania | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Spain branch) | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Switzerland branch) | Switzerland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Taiwan branch) | Taiwan | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Austria branch) | Austria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Belgium branch) | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Bulgaria branch) | Bulgaria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Germany branch) | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Italy branch) | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Netherlands branch) | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Poland branch) | Poland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Portugal branch) | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Romania branch) | Romania | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Spain branch) | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Switzerland branch) | Switzerland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Taiwan branch) | Taiwan | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Biztosito Magyarorszag ZRT | Hungary | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif BNPP AM Emerging Bond(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP AM Euro Paris Climate Aligned(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP AM Global Environmental Equity(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP AM Sustainable Euro Equity(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP AM Sustainable Europe Equity(s) | France | Full | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP IP Signatures(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP IP Smid Cap Euro(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Colombia Seguros Generales SA | Colombia | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Colombia Servicios SA (Ex- Cardif Servicios de Colombia SAS) | Colombia | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | E1 |
\u00a0 | Cardif CPR Global Return(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | \u00a0 | (2) | - | - | \u00a0 |
\u00a0 | Cardif do Brasil Seguros e Garantias SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif do Brasil Vida e Previdencia SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Edrim Signatures(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Cardif El Djazair | Algeria | Equity | * | 85.0% | 85.0% | \u00a0 | Equity | * | 85.0% | 85.0% | V2 |
\u00a0 | Cardif Forsakring AB | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Forsakring AB (Denmark branch) | Denmark | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Forsakring AB (Norway branch) | Norway | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif IARD | France | Full | (2) | 66.0% | 66.0% | \u00a0 | Full | (2) | 66.0% | 66.0% | \u00a0 |
\u00a0 | Cardif Insurance Holdings PLC | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Life Insurance Co Ltd | Rep. of Korea | Full | (2) | 85.0% | 85.0% | \u00a0 | Full | (2) | 85.0% | 85.0% | \u00a0 |
\u00a0 | Cardif Life Insurance Japan | Japan | Full | (2) | 75.0% | 75.0% | \u00a0 | Full | (2) | 75.0% | 75.0% | \u00a0 |
\u00a0 | Cardif Ltda | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Lux Vie | Luxembourg | Full | (2) | 100.0% | 88.6% | \u00a0 | Full | (2) | 100.0% | 88.6% | \u00a0 |
\u00a0 | Cardif Mexico Seguros de Vida SA de CV | Mexico | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Mexico Seguros Generales SA de CV | Mexico | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Non Life Insurance Japan | Japan | Full | (2) | 100.0% | 75.0% | \u00a0 | Full | (2) | 100.0% | 75.0% | \u00a0 |
\u00a0 | Cardif Polska Towarzystwo Ubezpieczen Na Zycie SA | Poland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Retraite | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Services AEIE | Portugal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Cardif Servicios SAC | Peru | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Support Unipessoal Lda | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardimmo | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Carma Grand Horizon SARL | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Centre Commercial Francilia | France | FV | \u00a0 | 21.7% | 21.7% | \u00a0 | FV | \u00a0 | 21.7% | 21.7% | \u00a0 |
\u00a0 | CFH Alexanderplatz Hotel Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Algonquin Management Partners France Italia | Italy | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy Hotel | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy Interm\u00e9diaire | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Berlin GP GmbH | Germany | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Berlin Holdco SARL | Luxembourg | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Boulogne | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Cap d'Ail | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Hostel Berlin Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Hotel Project Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Milan Holdco SRL | Italy | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Montmartre | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Montparnasse | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | Clariance & Partenaires (Ex- Korian et Partenaires Immobilier 2) | France | FV | \u00a0 | 24.5% | 24.5% | \u00a0 | FV | \u00a0 | 24.5% | 24.5% | \u00a0 |
\u00a0 | Corosa | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Darnell DAC | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | D\u00e9fense CB3 SAS | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Diversipierre DVP 1 | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | V4 |
\u00a0 | Diversipierre Germany GmbH | Germany | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP European Channel | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Green Clover | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Haussmann | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Heron | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | EP L(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | EP1 Grands Moulins(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | D1 |
\u00a0 | Fleur SAS | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Fonci\u00e8re Partenaires(s) | France | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | Fondev | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Fondo BNPP Aqua Protetto(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | E1 |
\u00a0 | Fonds d'Investissements Immobiliers pour le Commerce et la Distribution | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | FP Cardif Convex Fund USD(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Fundamenta(s) | Italy | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | GIE BNPP Cardif | France | Full | (2) | 99.8% | 99.8% | V4 | Full | (2) | 99.7% | 99.7% | \u00a0 |
\u00a0 | GPinvest 10 | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Harewood Helena 2 Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Harmony Prime(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Hemisphere Holding | France | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 |
\u00a0 | Hibernia France | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | Horizon Development GmbH | Germany | FV | \u00a0 | 66.7% | 65.1% | V4 | FV | \u00a0 | 66.7% | 64.9% | V4 |
\u00a0 | Icare | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Icare Assurance | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | ID Cologne A1 GmbH | Germany | Full | (2) | 100.0% | 97.9% | V4 | Full | (2) | 89.2% | 86.8% | D1/V4 |
\u00a0 | ID Cologne A2 GmbH | Germany | Full | (2) | 100.0% | 97.9% | V4 | Full | (2) | 89.2% | 86.8% | D1/V4 |
\u00a0 | Karapass Courtage | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Korian et Partenaires Immobilier 1 | France | FV | \u00a0 | 24.5% | 24.5% | \u00a0 | FV | \u00a0 | 24.5% | 24.5% | \u00a0 |
\u00a0 | Luizaseg Seguros SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Natio Assurance | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Natio Fonds Amp\u00e8re 1(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | NCVP Participacoes Societarias SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Neuflize Vie | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | E3 |
\u00a0 | New Alpha Cardif Incubator Fund(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | OC Health Real Estate GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Op\u00e9ra Rendement(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Paris Management Consultant Co Ltd | Taiwan | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Permal Cardif Co Investment Fund(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Pinnacle Pet Holdings Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | \u00a0 | 24.7% | 24.7% | \u00a0 |
\u00a0 | Poistovna Cardif Slovakia AS | Slovakia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Preim Healthcare SAS(s) | France | FV | (2) | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | PWH | France | FV | (2) | 47.5% | 47.5% | \u00a0 | FV | \u00a0 | 47.5% | 47.5% | \u00a0 |
\u00a0 | Reumal Investissements | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Rubin SARL | Luxembourg | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Rueil Ariane | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sanso Carbon Initiative Trends (Ex- Cedrus Carbon Initiative Trends)(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | SAS HVP | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Schroder European Operating Hotels Fund 1(s) | Luxembourg | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | SCI 68/70 rue de Lagny Montreuil | France | Full | (2) | 99.9% | 99.9% | \u00a0 | Full | (2) | 99.9% | 99.9% | \u00a0 |
\u00a0 | SCI Alpha Park | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | SCI Batipart Chadesrent | France | FV | \u00a0 | 20.0% | 20.0% | \u00a0 | FV | \u00a0 | 20.0% | 20.0% | \u00a0 |
\u00a0 | SCI Biv Malakoff | France | FV | \u00a0 | 23.3% | 23.3% | \u00a0 | FV | \u00a0 | 23.3% | 23.3% | \u00a0 |
\u00a0 | SCI BNPP Pierre I | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI BNPP Pierre II | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full) | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Bobigny Jean Rostand | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Bouleragny | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI Cardif Logements (Ex- SCI Cardif Logement) | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Citylight Boulogne | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Clichy Nuovo | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI D\u00e9fense Etoile | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI D\u00e9fense Vend\u00f4me | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Etoile du Nord | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Fontenay Plaisance | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Imefa Velizy | France | FV | \u00a0 | 21.8% | 21.8% | \u00a0 | FV | \u00a0 | 21.8% | 21.8% | \u00a0 |
\u00a0 | SCI Le Mans Gare | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Nanterre Guilleraies | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Nantes Carnot | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Odyss\u00e9e | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Pantin Les Moulins | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Batignolles | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Cours de Vincennes | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Grande Arm\u00e9e | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Turenne | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Portes de Claye | France | Equity | \u00a0 | 45.0% | 45.0% | \u00a0 | Equity | (2) | 45.0% | 45.0% | \u00a0 |
\u00a0 | SCI Rue Moussorgski | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Rueil Caudron | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint Denis Landy | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint Denis Mitterrand | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint-Denis Jade | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI SCOO | France | FV | \u00a0 | 46.4% | 46.4% | \u00a0 | FV | \u00a0 | 46.4% | 46.4% | \u00a0 |
\u00a0 | SCI Vend\u00f4me Ath\u00e8nes | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI Villeurbanne Stalingrad | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Secar | France | FV | \u00a0 | 55.1% | 55.1% | \u00a0 | FV | \u00a0 | 55.1% | 55.1% | \u00a0 |
\u00a0 | Seniorenzentren Deutschland Holding SARL | Luxembourg | FV | \u00a0 | 20.0% | 17.7% | \u00a0 | FV | \u00a0 | 20.0% | 17.7% | \u00a0 |
\u00a0 | Seniorenzentren Reinbeck Oberursel M\u00fcnchen Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Butzbach Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Heilbronn Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Kassel Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Wolfratshausen Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Services Epargne Entreprise | France | Equity | \u00a0 | 50.0% | 50.0% | V1 | Equity | \u00a0 | 36.8% | 36.8% | V1 |
\u00a0 | SNC Batipart Mermoz | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | SNC Batipart Poncelet | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Francaise d'Assurances sur la Vie | France | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Immobili\u00e8re du Royal Building SA | Luxembourg | Full | (2) | 100.0% | 88.6% | \u00a0 | Full | (2) | 100.0% | 88.6% | \u00a0 |
\u00a0 | Theam Quant Europe Climate Carbon Offset Plan(s) | France | Full | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Tikehau Cardif Loan Europe(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Valeur Pierre Epargne | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Valtitres FCP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Velizy Holding | France | FV | \u00a0 | 33.3% | 33.3% | \u00a0 | FV | \u00a0 | 33.3% | 33.3% | \u00a0 |
Wealth Management | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Wealth Management Monaco | Monaco | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (1) | 100.0% | 100.0% | \u00a0 |
Asset Management | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Alfred Berg Kapitalforvaltning AS | Norway | Full | \u00a0 | 100.0% | 75.0% | V4 | Full | \u00a0 | 100.0% | 73.7% | \u00a0 |
\u00a0 | Alfred Berg Kapitalforvaltning AS (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 75.0% | V4 | Full | \u00a0 | 100.0% | 73.7% | \u00a0 |
\u00a0 | Architas Multi Manager Europe Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Artemid | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (German branch) | Germany | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Italy branch) | Italy | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Netherland branch) | Netherlands | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Spain branch) | Spain | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 1 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 2 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 3 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Architas | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Benelux | Belgium | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Benelux (Netherland branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Paris | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Italy branch) | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Luxembourg branch) | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Netherland branch) | Netherlands | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Prime | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Prime (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Select Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Select Belgium SA And NV | Belgium | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Select France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM US Group Holding LLC | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers Australia Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Deutschland Gmbh | Germany | Full | \u00a0 | 89.9% | 89.9% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Deutschland Gmbh (French branch) | France | Full | \u00a0 | 100.0% | 89.9% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers GS Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers IF | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Private Fund Management Shanghai Ltd | China | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Schweiz AG | Switzerland | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers UK Holdings Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers US Inc | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Real Estate Investment Managers | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers Australia Pty Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers Japan KK | Japan | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa REIM SGP | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM SGP (Italy branch) | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Spdb Investment Managers Company Ltd | China | Equity | \u00a0 | 39.0% | 39.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Bancoestado Administradora General de Fondos SA | Chile | Equity | \u00a0 | 50.0% | 50.0% | V4 | Equity | \u00a0 | 50.0% | 49.1% | \u00a0 |
\u00a0 | Baroda BNPP AMC Private Ltd | India | Equity | (3) | 49.9% | 49.9% | V4 | Equity | (3) | 49.9% | 49.1% | V4 |
\u00a0 | BNPP ABC Wealth Management Co Ltd | China | Equity | (3) | 51.0% | 51.0% | V4 | Equity | (3) | 51.0% | 50.1% | \u00a0 |
\u00a0 | BNPP Agility Fund Equity SLP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Agility Fund Private Debt SLP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP AM Hedged Strategies(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP AM International Hedged Strategies(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Asset Management Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Be Holding | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Brasil Ltda | Brazil | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 99.6% | V4 |
\u00a0 | BNPP Asset Management Europe | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Belgium branch) | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Luxembourg branch) | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management Europe (Netherlands branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Poland branch) | Poland | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | E2 |
\u00a0 | BNPP Asset Management Europe (Spain branch) | Spain | Full | \u00a0 | 100.0% | 100.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management Holding | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V1 |
\u00a0 | BNPP Asset Management Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Luxembourg | Luxembourg | Full | \u00a0 | 99.7% | 99.7% | V4 | Full | \u00a0 | 99.7% | 98.0% | V4 |
\u00a0 | BNPP Asset Management Property Solutions | France | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Taiwan Co Ltd | Taiwan | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management USA Holdings Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Asset Management USA Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP B Institutional II(s) | Belgium | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Dealing Services | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Easy(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Flexi I(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Funds(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management France | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH | Germany | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Italy branch) | Italy | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Portugal branch) | Portugal | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Spain branch) | Spain | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Luxembourg SA (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Capza Transition | France | Full | \u00a0 | 100.0% | 79.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Colisee Gerance | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Drypnir AS | Norway | Full | \u00a0 | 100.0% | 0.1% | \u00a0 | Full | \u00a0 | 100.0% | 0.1% | \u00a0 |
\u00a0 | Dynamic Credit Group BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 75.0% | 73.7% | V4 |
\u00a0 | Gambit Financial Solutions | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | Haitong Fortis Private Equity Fund Management Co Ltd | China | Equity | \u00a0 | 33.0% | 33.0% | V4 | Equity | \u00a0 | 33.0% | 32.4% | \u00a0 |
\u00a0 | Harewood Helena 1 Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | HFT Investment Management Co Ltd | China | Equity | \u00a0 | 49.0% | 49.0% | V4 | Equity | \u00a0 | 49.0% | 48.2% | V4 |
\u00a0 | Impax Asset Management Group PLC | UK | Equity | \u00a0 | 13.8% | 13.8% | V4 | Equity | \u00a0 | 13.8% | 13.5% | \u00a0 |
\u00a0 | Kyobo AXA Investment Managers Company Ltd | Rep. of Korea | Equity | \u00a0 | 50.0% | 50.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Master Seeder Fund(s) | France | Full | (4) | - | - | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | SME Alternative Financing DAC(s) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Theam Quant(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | W Capital Management LLC | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Real Estate | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Allium Investments SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Auguste Thouard Expertise | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Immobilier Promotion | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Immobilier R\u00e9sidences Services | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate (United Arab Emirates branch) | United Arab Emirates | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management Ireland Ltd | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management Luxembourg SA | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory France (Ex- BNPP Real Estate Transaction France) | France | Full | (2) | 97.6% | 97.6% | V1 | Full | (2) | 97.4% | 97.4% | V1 |
\u00a0 | BNPP Real Estate Advisory Italy SPA | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory Netherlands BV | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Belgium SA | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Conseil Habitation & Hospitality | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Consult France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Consult GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Facilities Management Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Financial Partner | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Holding GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Belgium | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Real Estate Investment Management Italy SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Spain SA | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Poland SP ZOO | Poland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Portugal Unipersonal LDA | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Development & Services GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Development UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management France SAS | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management Italy SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Singapore Pte Ltd | Singapore | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Spain SA | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Valuation France | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cariboo Development SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 |
\u00a0 | Construction-Sale Companies (c) | France | Full / Equity | (2) | - | - | \u00a0 | Full / Equity | (2) | - | - | \u00a0 |
\u00a0 | Exeo Aura & Echo Offices Lda | Portugal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Equity | \u00a0 | 31.9% | 31.9% | \u00a0 |
\u00a0 | GIE BNPP Real Estate | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Horti Milano SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Nanterre Arboretum | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Parker Tower Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Partner's & Services | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | REPD Parker Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sviluppo Residenziale Italia SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Wapiti Development SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 |
OTHER BUSINESS UNITS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Property Companies (Property Used In Operations) and Others | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
\u00a0 | Antin Participation 5 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Home Loan SFH | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners for Innovation | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners for Innovation Belgium | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners For Innovation Global Connect | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E1 |
\u00a0 | BNPP Partners for Innovation Italia SRL | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Procurement Tech | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Public Sector SA | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | FCT Capucines 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | FCT Lafayette 2021(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Laffitte 2021(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Opera 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Pyramides 2022(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | GIE Groupement Auxiliaire de Moyens | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | GIE Groupement d'Etudes et de Prestations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Antin Participation 5 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
(a) | At 31 December 2025, 11 Private Equity investment entities versus 13 Private Equity investment entities at 31 December 2024. |
(b) | At 31 December 2025, the securitisation funds UCI and RMBS Prado include 9 funds (FCC UCI 12, 14 to 17, RMBS Prado VIII to XI, et RMBS Belem No 2) versus 13 funds (FCC UCI 11, 12, 14 to 17, RMBS Prado VII to XI, Green Belem I et RMBS Belem No 2) at 31 December 2024. |
(c) | At 31 December 2025, 89 Construction-sale companies (63 Full and 26 Equity) versus 102 Construction-sale companies (71 Full and 31 Equity) at 31 December 2024. |
(d) | At 31 December 2025, Genius Securitization Funds are no longer disclosed within the scope due to the break in the Group's control chain over their holding entity, now consolidated under equity method in the prudential scope. |
(e) | At 31 December 2025, Wisdom Securitization Funds are no longer disclosed within the scope due to the break in the Group's control chain over their holding entity, now consolidated under equity method in the prudential scope. |
(f) | At 31 December 2025, general compartment Aries Capital DAC includes 14 consolidated silos. |
(g) | At 31 December 2025, general compartment Securasset includes 8 consolidated silos. |
(h) | At 31 December 2025, general compartment SPIRE includes 1 consolidated silo. |
\u00a0
As requested by the ANC 2016 regulation, the list of entities that are controlled by the Group, jointly controlled or under significant influence, but excluded from the scope of consolidation since their contribution to the consolidated financial statements would be immaterial to the Group, and the list of equity investments, are available on the \u201cRegulated Information\u201d page of the https://invest.bnpparibas.com website.
\u00a0
\u00a0
\u00a0
Changes in the scope of consolidation | |
|---|---|
New entries (E) in the scope of consolidation | |
E1 | Passing above consolidation thresholds |
E2 | Incorporation |
E3 | Purchase, gain of control or significant influence |
Removals (S) from the scope of consolidation | |
S1 | Cessation of activity (dissolution, liquidation, etc.) |
S2 | Disposal, loss of control or loss of significant influence |
S3 | Passing below consolidation thresholds |
S4 | Merger, Universal transfer of assets and liabilities |
Variance (V) in voting or ownership interest | |
V1 | Additional purchase |
V2 | Partial disposal |
V3 | Dilution |
V4 | Increase in % |
Miscellaneous | |
D1 | Consolidation method change not related to fluctuation in voting or ownership interest |
D2 | Entities of a business held for sale |
D3 | Loss of joint control with no impact on the accounting consolidation method, but resulting in a shift to equity under the prudential perimeter |
\u00a0
Equity* | Controlled but non material entities consolidated under the equity method as associates |
FV | Joint control or investment in associates measured at fair value through profit or loss |
(s) | Structured entities |
(t) | Securitisation funds |
\u00a0 | \u00a0 |
Prudential scope of consolidation | |
(1) | French subsidiaries for which supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP\u00a0Paribas\u00a0SA, in accordance with article\u00a07.1 of Regulation n\u00b0575/2013 of the European Parliament and of the Council |
(2) | Entities consolidated under the equity method in the prudential scope |
(3) | Jointly controlled entities under proportional consolidation in the prudential scope |
(4) | Collective investment undertaking excluded from the prudential scope |
Controlled enterprises are fully consolidated. The Group controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
For entities governed by voting rights, the Group generally controls the entity if it holds, directly or indirectly, the majority of the voting rights (and if there are no contractual provisions that alter the power of these voting rights) or if the power to direct the relevant activities of the entity is conferred on it by contractual agreements.
Structured entities are entities established so that they are not governed by voting rights, for instance when those voting rights relate to administrative tasks only, whereas the relevant activities are directed by means of contractual arrangements. They often have the following features or attributes: restricted activities, a narrow and well-defined objective and insufficient equity to permit them to finance their activities without subordinated financial support.
For these entities, the analysis of control shall consider the purpose and design of the entity, the risks to which the entity is designed to be exposed and to what extent the Group absorbs the related variability. The assessment of control shall consider all facts and circumstances able to determine the Group\u2019s practical ability to make decisions that could significantly affect its returns, even if such decisions are contingent on uncertain future events or circumstances.
In assessing whether it has power, the Group considers only substantive rights which it holds or which are held by third parties. For a right to be substantive, the holder must have the practical ability to exercise that right when decisions about the relevant activities of the entity need to be made.
Control is reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control.
Where the Group contractually holds the decision-making power, for instance where the Group acts as fund manager, it shall determine whether it is acting as agent or principal. Indeed, when associated with a certain level of exposure to the variability of returns, this decision-making power may indicate that the Group is acting on its own account and that it thus has control over those entities.
Minority interests are presented separately in the consolidated profit and loss account and balance sheet within consolidated equity. The calculation of minority interests takes into account the outstanding cumulative preferred shares classified as equity instruments issued by subsidiaries, when such shares are held outside the Group.
As regards fully consolidated funds, units held by third-party investors are recognised as debts at fair value through profit or loss, inasmuch as they are redeemable at fair value at the subscriber\u2019s initiative.
For transactions resulting in a loss of control, any equity interest retained by the Group is remeasured at its fair value through profit or loss.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Gain or loss on investments in consolidated undertakings (note\u00a08.d) | 264 | 133 |
Gain or loss on tangible and intangible assets | 9 | (30) |
Results from net monetary position | (329) | (294) |
Net gain on non-current assets | (56) | (191) |
\u00a0
According to IAS 29 in connection with the hyperinflation situation of the economy in T\u00fcrkiye, the line \u201cResults from net monetary positions\u201d corresponds to the effect of the revaluation of the monetary assets net of the evolution of the consumer price index in T\u00fcrkiye on the valuation of non-monetary assets and liabilities (-\u202fEUR\u202f487\u202fmillion) and on income from the Turkish government bonds portfolio indexed to inflation and held by Turk Ekonomi Bankasi AS (+\u00a0EUR\u202f158\u202fmillion, reclassified from interest margin) in 2025 (respectively -\u202fEUR\u202f549\u202fmillion and +\u00a0EUR\u00a0255\u00a0million in 2024).
In millions of euros | Capital and | Changes in assets | Changes in assets | Minority interests |
|---|---|---|---|---|
Balance at 31 December 2023 | 4,974 | 16 | 135 | 5,125 |
Appropriation of net income for 2023 | (364) | \u00a0 | \u00a0 | (364) |
Increases in capital and issues | 5 | \u00a0 | \u00a0 | 5 |
Remuneration on undated super subordinated notes | (8) | \u00a0 | \u00a0 | (8) |
Impact of internal transactions on minority shareholders | \u00a0 | \u00a0 | \u00a0 | - |
Movements in consolidation scope impacting minority shareholders | 258 | \u00a0 | \u00a0 | 258 |
Acquisitions of additional interests or partial sales of interests | 192 | \u00a0 | \u00a0 | 192 |
Change in commitments to repurchase minority shareholders\u2019 interests | 93 | \u00a0 | \u00a0 | 93 |
Other movements | 2 | \u00a0 | \u00a0 | 2 |
Changes in assets and liabilities recognised directly in equity | \u00a0 | 7 | 195 | 202 |
Net income for 2024 | 499 | \u00a0 | \u00a0 | 499 |
Balance at 31 December 2024 | 5,651 | 23 | 330 | 6,004 |
Appropriation of net income for 2024 | (253) | \u00a0 | \u00a0 | (253) |
Increases in capital and issues | 75 | \u00a0 | \u00a0 | 75 |
Remuneration on undated super subordinated notes | (7) | \u00a0 | \u00a0 | (7) |
Impact of internal transactions on minority shareholders | 35 | \u00a0 | \u00a0 | 35 |
Movements in consolidation scope impacting minority shareholders | 3 | \u00a0 | \u00a0 | 3 |
Acquisitions of additional interests or partial sales of interests | 247 | \u00a0 | \u00a0 | 247 |
Change in commitments to repurchase minority shareholders\u2019 interests | (88) | \u00a0 | \u00a0 | (88) |
Other movements | (2) | \u00a0 | \u00a0 | (2) |
Realised gains or losses reclassified to retained earnings | 4 | (4) | \u00a0 | - |
Changes in assets and liabilities recognised directly in equity | \u00a0 | 5 | 8 | 13 |
Net income for 2025 | 633 | \u00a0 | \u00a0 | 633 |
Balance at 31 December 2025 | 6,298 | 24 | 338 | 6,660 |
The assessment of the material nature of minority interests is based on the contribution of the relevant subsidiaries to the Group balance sheet (before elimination of intra-group balances and transactions) and to the Group profit and loss account.
In millions of euros | 31 December 2025 | Year to 31 Dec. 2025 | ||||||
Total assets | Revenues | Net income | Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity | Minority shareholders\u2019 interest (%) | Net income attributable to\u00a0minority | Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity - attributable to\u00a0minority | Dividends paid to\u00a0minority shareholders | |
Contribution of the entities belonging to the BGL BNP\u00a0Paribas Group | 104,153 | 2,090 | 726 | 771 | 34% | 249 | 262 | 148 |
Other minority interests | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 384 | 384 | 112 |
TOTAL | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 633 | 646 | 260 |
\u00a0
In millions of euros | 31 December 2024 | Year to 31 Dec. 2024 | ||||||
Total assets | Revenues | Net income | Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity | Minority shareholders\u2019 interest (%) | Net income attributable to\u00a0minority | Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity - attributable to\u00a0minority | Dividends paid to\u00a0minority shareholders | |
Contribution of the entities belonging to the BGL BNP\u00a0Paribas Group | 100,365 | 2,019 | 670 | 697 | 34% | 243 | 247 | 185 |
Other minority interests | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 256 | 454 | 187 |
TOTAL | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 499 | 701 | 372 |
\u00a0
There are no particular contractual restrictions on the assets of BGL BNP\u00a0Paribas related to the presence of the minority shareholder.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||
Attributable to shareholders | Minority interests | Attributable to shareholders | Minority interests | |
BNP Paribas Asset Management Holding | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Internal sale of 33.33% of BNP Paribas Fortis and BGL BNP Paribas shares to\u00a0BNP Paribas SA, raising the BNP Paribas SA interest rate to 100% | (35) | 35 | \u00a0 | \u00a0 |
Others | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total | (35) | 35 | - | - |
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||
Attributable to shareholders | Minority interests | Attributable to shareholders | Minority interests | |
BNP\u00a0Paribas Bank Polska | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Partial disposal of 6% of the total share, decreasing the Group\u2019s share to 81.26% | \u00a0 | \u00a0 | 7 | 196 |
BNP Paribas Bank Polska | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Partial disposal of 6.23% of the total share, decreasing the Group's share to 75% | 6 | 255 | \u00a0 | \u00a0 |
Other | (4) | (8) | (3) | (4) |
Total | 2 | 247 | 4 | 192 |
\u00a0
In connection with the acquisition of certain entities, the Group granted minority shareholders put options on their holdings.
The total value of these commitments, which are recorded as a reduction in shareholders\u2019 equity, amounted to EUR\u00a0364 million at 31 December 2025, compared with EUR\u00a0369\u00a0million at 31 December 2024.
BNP\u00a0Paribas, a\u00a0soci\u00e9t\u00e9 anonyme\u00a0(Public Limited Company), registered in\u00a0France, is the Group\u2019s lead company, which holds key positions in its three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS).
During the year, the parent company did not change its name. BNP\u00a0Paribas has its principal place of business in France and its head office is located at\u00a016\u00a0boulevard des Italiens 75009 Paris,\u00a0France.
\u00a0
Business | Name | Country | 31 December 2025 | 31 December 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Method | Voting (%) | Interest (%) | Ref. | Method | Voting (%) | Interest (%) | Ref. | |||||
\u00a0 | BNP\u00a0Paribas\u00a0SA | France | (1) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (1) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP\u00a0SA (Argentina branch) | Argentina | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Australia branch) | Australia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Bahrain branch) | Bahrain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Belgium branch) | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Bulgaria branch) | Bulgaria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Canada branch) | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Czech Republic branch) | Czech Rep. | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Denmark branch) | Denmark | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Finland branch) | Finland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Greece branch) | Greece | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Guernsey branch) | Guernsey | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Hong Kong branch) | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Hungary branch) | Hungary | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (India branch) | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Ireland branch) | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Japan branch) | Japan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Jersey branch) | Jersey | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Kuwait branch) | Kuwait | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Luxembourg branch) | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Malaysia branch) | Malaysia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Monaco branch) | Monaco | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Netherlands branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Norway branch) | Norway | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Philippines branch) | Philippines | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Poland branch) | Poland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Portugal branch) | Portugal | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Qatar branch) | Qatar | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Republic of Korea branch) | Rep. of Korea | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Romania branch) | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Saudi Arabia branch) | Saudi Arabia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Singapore branch) | Singapore | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (South Africa branch) | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Spain branch) | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Switzerland branch) | Switzerland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Taiwan branch) | Taiwan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Thailand branch) | Thailand | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United Arab Emirates branch) | United Arab Emirates | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United Kingdom branch) | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United States branch) | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Viet Nam branch) | Viet Nam | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
CORPORATE & INSTITUTIONAL BANKING | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
EMEA (Europe, Middle East, Africa) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Financial Markets | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Eurotitrisation | France | Equity | \u00a0 | 22.4% | 22.4% | V4 | Equity | \u00a0 | 22.0% | 22.0% | \u00a0 |
\u00a0 | Exane Asset Management | France | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Exane Finance | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | FCT Juice(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Financi\u00e8re du March\u00e9 Saint Honor\u00e9 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Parilease | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Services Logiciels d'Int\u00e9gration Boursi\u00e8re | France | Equity | (3) | 66.6% | 66.6% | \u00a0 | Equity | (3) | 66.6% | 66.6% | \u00a0 |
\u00a0 | Services Logiciels d'Int\u00e9gration Boursi\u00e8re (Portugal branch) | Portugal | Equity | (3) | 66.6% | 66.6% | \u00a0 | Equity | (3) | 66.6% | 66.6% | \u00a0 |
\u00a0 | SNC Taitbout Participation 3 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Orbaisienne de Participations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Uptevia SA | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
Other European countries | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Allfunds Group PLC | UK | Equity | \u00a0 | 12.7% | 12.7% | V1 | Equity | \u00a0 | 12.5% | 12.4% | V4 |
\u00a0 | Aries Capital DAC (f)(s) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AssetMetrix | Germany | Equity | \u00a0 | 23.1% | 23.1% | \u00a0 | Equity | \u00a0 | 23.1% | 23.1% | V4 |
\u00a0 | BNP PUK Holding Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Bank JSC | Russia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Emissions Und Handels GmbH | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Administration Services Ireland Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Ireland Unlimited Co | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Islamic Issuance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Issuance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Net Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Prime Brokerage International Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Suisse SA | Switzerland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Suisse SA (Guernsey branch) | Guernsey | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Technology LLC | Russia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Trust Corp UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Vartry Reinsurance DAC | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Diamante Re SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Exane Solutions Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Expo Atlantico EAII Investimentos Imobiliarios SA(s) | Portugal | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Expo Indico EIII Investimentos Imobiliarios SA(s) | Portugal | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FScholen | Belgium | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | Greenstars BNPP | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox European Union SL | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox Holding Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Madison Arbor Ltd(t) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Matchpoint Finance PLCt | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Ribera Del Loira Arbitrage | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Securasset SA (g)(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Single Platform Investment Repackaging Entity SA (h)(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Volantis SARL(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E1 |
Middle East | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Investment Co KSA | Saudi Arabia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
AMERICAS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Banco BNPP Brasil SA | Brazil | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Capital Services Inc | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Colombia Corporacion Financiera SA | Colombia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP EQD Brazil Fund Fundo de Investmento Multimercado(s) | Brazil | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP Financial Services LLC | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP FS LLC | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP IT Solutions Canada Inc | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Mexico Holding | Mexico | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Mexico SA Institucion de Banca Multiple | Mexico | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Proprietario Fundo de Investimento Multimercado(s) | Brazil | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP RCC Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Corp | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP US Investments Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP US Wholesale Holdings Corp | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP USA Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP VPG Brookline Cre LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG EDMC Holdings LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG Express LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG I LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG II LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG III LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG IV LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG Master LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Corporation BNPP Canada | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Decart Re Ltd | Bermuda | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | FSI Holdings Inc | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Starbird Funding Corpt | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
PACIFIC ASIA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Andalan Multi Guna PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Bank BNPP Indonesia PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Arbitrage Hong Kong Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Center of Expertise Nanjing Co Ltd | China | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP China Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Finance Hong Kong Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Services Australasia Pty Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Services Australasia Pty Ltd (New Zealand branch) | New Zealand | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP India Holding Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP India Solutions Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Malaysia Berhad | Malaysia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities China Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E2 |
\u00a0 | BNPP Securities India Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Korea Co Ltd | Rep. of Korea | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Taiwan Co Ltd | Taiwan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Sekuritas Indonesia PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BPP Holdings Pte Ltd | Singapore | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
COMMERCIAL, PERSONAL BANKING & SERVICES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
COMMERCIAL & PERSONAL BANKING IN\u00a0THE\u00a0EUROZONE | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
Commercial & Personal Banking in France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | 2SF - Soci\u00e9t\u00e9 des Services Fiduciaires | France | Equity | (3) | 33.3% | 33.3% | \u00a0 | Equity | (3) | 33.3% | 33.3% | \u00a0 |
\u00a0 | Banque de Wallis et Futuna | France | Full | (1) | 51.0% | 51.0% | \u00a0 | Full | (1) | 51.0% | 51.0% | \u00a0 |
\u00a0 | BNPP Antilles Guyane | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP D\u00e9veloppement | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP D\u00e9veloppement Oblig | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor (Portugal branch) | Portugal | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor (Spain branch) | Spain | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Nouvelle Cal\u00e9donie | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP R\u00e9union | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Services Mon\u00e9tiques | France | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Compagnie pour le Financement des Loisirs | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Copartis | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Estreem (Ex Partecis) | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | GIE Ocean | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Jivago Holding | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Paylib Services | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Equity | \u00a0 | 14.3% | 14.3% | \u00a0 |
\u00a0 | Portzamparc | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
BNL banca commerciale | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Banca Agevolarti SPA | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Banca Nazionale Del Lavoro SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP BNL Equity Investment SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E1 |
\u00a0 | EMF IT 2008 1 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Era Uno SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Eutimm SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Financit SPA | Italy | Full | \u00a0 | 60.0% | 60.0% | \u00a0 | Full | \u00a0 | 60.0% | 60.0% | \u00a0 |
\u00a0 | Immera SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | International Factors Italia SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | V1 | Full | \u00a0 | 99.9% | 99.9% | V1 |
\u00a0 | Permicro SPA | Italy | Equity | \u00a0 | 21.9% | 21.9% | \u00a0 | Equity | \u00a0 | 21.9% | 21.9% | \u00a0 |
\u00a0 | Servizio Italia SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sviluppo HQ Tiburtina SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Tierre Securitisation SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Vela OBG SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Worldline Merchant Services Italia SPA | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 |
Commercial & Personal Banking in Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Axepta BNPP Benelux | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Bancontact Paytoniq Company | Belgium | Equity | \u00a0 | 22.5% | 22.5% | \u00a0 | Equity | \u00a0 | 22.5% | 22.5% | \u00a0 |
\u00a0 | BASS Master Issuer NV(t) | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Batopin | Belgium | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Belgian Mobile ID | Belgium | Equity | \u00a0 | 12.2% | 12.2% | \u00a0 | Equity | \u00a0 | 12.2% | 12.2% | \u00a0 |
\u00a0 | BNPP Commercial Finance Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Factor AS | Denmark | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Factor GmbH | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | V4 |
\u00a0 | BNPP Factoring Support | Netherlands | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis | Belgium | Full | \u00a0 | 99.9% | 99.9% | \u00a0 | Full | \u00a0 | 99.9% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis (Spain branch) | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Fortis (United States branch) | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 99.9% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Factor NV | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Film Finance | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Funding SA | Luxembourg | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP FPE Belgium | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP FPE Expansion | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP FPE Management | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPPF Credit Brokers | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Bpost Banque | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Credissimo | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Credissimo Hainaut SA | Belgium | Full | \u00a0 | 99.7% | 99.7% | \u00a0 | Full | \u00a0 | 99.7% | 99.7% | \u00a0 |
\u00a0 | Cr\u00e9dit pour Habitations Sociales | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | \u00a0 | 81.7% | 81.6% | \u00a0 |
\u00a0 | Epimedes | Belgium | Equity | \u00a0 | - | - | \u00a0 | Equity | \u00a0 | - | - | \u00a0 |
\u00a0 | Esmee Master Issuert | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Immobili\u00e8re Sauveniere SA | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Isabel SA NV | Belgium | Equity | \u00a0 | 25.3% | 25.3% | \u00a0 | Equity | \u00a0 | 25.3% | 25.3% | \u00a0 |
\u00a0 | Microstart | Belgium | Full | \u00a0 | 43.9% | 77.5% | \u00a0 | Full | \u00a0 | 43.9% | 77.5% | V4 |
\u00a0 | Private Equity Investments (a) | BE/FR/LU | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | Sagip | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sowo Invest SA NV | Belgium | Full | \u00a0 | 87.5% | 87.5% | \u00a0 | Full | \u00a0 | 87.5% | 87.5% | \u00a0 |
Commercial & Personal Banking in Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BGL BNPP | Luxembourg | Full | \u00a0 | 66.0% | 65.9% | \u00a0 | Full | \u00a0 | 66.0% | 65.9% | \u00a0 |
\u00a0 | BGL BNPP (Germany branch) | Germany | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 66.0% | 65.9% | \u00a0 |
\u00a0 | BNPP Lease Group Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 65.9% | \u00a0 | Full | \u00a0 | 100.0% | 65.9% | \u00a0 |
\u00a0 | BNPP SB Re | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Compagnie Financi\u00e8re Ottomane SA | Luxembourg | Full | \u00a0 | 97.4% | 97.4% | \u00a0 | Full | \u00a0 | 97.4% | 97.4% | V4 |
\u00a0 | i Hub SA | Luxembourg | Equity | (3) | 20.0% | 13.2% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Le Sphinx Assurances Luxembourg SA | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Luxhub SA | Luxembourg | Equity | \u00a0 | 28.0% | 18.5% | \u00a0 | Equity | \u00a0 | 28.0% | 18.5% | \u00a0 |
\u00a0 | Visalux | Luxembourg | Equity | \u00a0 | 25.2% | 16.6% | \u00a0 | Equity | \u00a0 | 25.2% | 16.6% | \u00a0 |
COMMERCIAL & PERSONAL BANKING OUTSIDE\u00a0THE\u00a0EUROZONE | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
Europe-Mediterranean | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Bank of Nanjing | China | Equity | \u00a0 | 18.1% | 18.1% | V1 | Equity | \u00a0 | 16.2% | 16.2% | V1/V3 |
\u00a0 | Banque Marocaine pour le Commerce et l'Industrie | Morocco | Full | \u00a0 | 67.0% | 67.0% | D2 | Full | \u00a0 | 67.0% | 67.0% | \u00a0 |
\u00a0 | Banque Marocaine pour le Commerce et l'Industrie Banque Offshore | Morocco | Full | \u00a0 | 100.0% | 67.0% | D2 | Full | \u00a0 | 100.0% | 67.0% | \u00a0 |
\u00a0 | Bantas Nakit AS | T\u00fcrkiye | Equity | (3) | 33.3% | 16.7% | \u00a0 | Equity | (3) | 33.3% | 16.7% | \u00a0 |
\u00a0 | BDSI | Morocco | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 96.4% | \u00a0 |
\u00a0 | BGZ Poland ABS1 DAC(t) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BMCI Leasing | Morocco | Full | \u00a0 | 86.9% | 58.2% | D2 | Full | \u00a0 | 86.9% | 58.2% | \u00a0 |
\u00a0 | BNPP Bank Polska SA | Poland | Full | \u00a0 | 75.0% | 75.0% | V3 | Full | \u00a0 | 81.3% | 81.3% | V2 |
\u00a0 | BNPP El Djazair | Algeria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Faktoring Spolka ZOO | Poland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fortis Yatirimlar Holding AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Group Service Center SA | Poland | Full | \u00a0 | 100.0% | 81.2% | V3 | Full | \u00a0 | 100.0% | 81.3% | V3 |
\u00a0 | BNPP IRB Participations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Yatirimlar Holding AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Dreams Sustainable AB | Sweden | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Joint Stock Company Ukrsibbank | Ukraine | Full | \u00a0 | 60.0% | 60.0% | \u00a0 | Full | \u00a0 | 60.0% | 60.0% | D1 |
\u00a0 | TEB ARF Teknoloji Anonim Sirketi | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Faktoring AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Finansman AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Holding AS | T\u00fcrkiye | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | TEB Portfoy Yonetimi AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | TEB SH A | Kosovo | Full | \u00a0 | 100.0% | 50.0% | \u00a0 | Full | \u00a0 | 100.0% | 50.0% | \u00a0 |
\u00a0 | TEB Yatirim Menkul Degerler AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna | Poland | Full | \u00a0 | 100.0% | 75.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Turk Ekonomi Bankasi AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
SPECIALISED BUSINESSES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Personal Finance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Alpha Cr\u00e9dit SA | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Auto ABS UK Loans PLC(t) | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | AutoFlorence 1 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 2 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 3 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 4 SRL(t) | Italy | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Autonoria 2019(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Autonoria DE 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria DE 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Autonoria Spain 2019t | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2021 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2022 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2023 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2025(t) | Spain | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Banque Financement | France | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Banco Cetelem SA | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BGN Mercantil E Servicos Ltda | Brazil | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Personal Finance | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Czech Republic branch) | Czech Rep. | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Portugal branch) | Portugal | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Romania branch) | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Slovakia branch) | Slovakia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance South Africa Ltd | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BON BNPP Consumer Finance Co Ltd | China | Equity | \u00a0 | 31.7% | 31.7% | \u00a0 | Equity | \u00a0 | 31.7% | 31.7% | V3 |
\u00a0 | Cafineo | France | Full | (1) | 51.0% | 50.8% | \u00a0 | Full | (1) | 51.0% | 50.8% | \u00a0 |
\u00a0 | Carrefour Banque | France | Equity | \u00a0 | 40.0% | 40.0% | \u00a0 | Equity | \u00a0 | 40.0% | 40.0% | \u00a0 |
\u00a0 | Central Europe Technologies SRL | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cetelem America Ltda | Brazil | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Cetelem Business Consulting Shanghai Co Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cetelem Gestion AIE | Spain | Full | \u00a0 | 100.0% | 96.5% | V4 | Full | \u00a0 | 100.0% | 96.0% | \u00a0 |
\u00a0 | Cetelem SA de CV | Mexico | Equity | \u00a0 | 20.0% | 0.0% | \u00a0 | Equity | \u00a0 | 20.0% | 0.0% | S2 |
\u00a0 | Cetelem Servicios Informaticos AIE | Spain | Full | \u00a0 | 100.0% | 81.5% | V4 | Full | \u00a0 | 100.0% | 81.0% | \u00a0 |
\u00a0 | Cetelem Servicos Ltda | Brazil | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cofica Bail | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cofiplan | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Creation Consumer Finance Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Creation Financial Services Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cr\u00e9dit Moderne Antilles Guyane | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cr\u00e9dit Moderne Oc\u00e9an Indien | France | Full | (1) | 97.8% | 97.8% | \u00a0 | Full | (1) | 97.8% | 97.8% | \u00a0 |
\u00a0 | Domofinance | France | Full | (1) | 55.0% | 55.0% | \u00a0 | Full | (1) | 55.0% | 55.0% | \u00a0 |
\u00a0 | E Carat 12 PLC(t) | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Ecarat DE SA(t) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Ekspres Bank AS | Denmark | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Ekspres Bank AS (Norway branch) | Norway | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Ekspres Bank AS (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Eos Aremas Belgium SA NV | Belgium | Equity | \u00a0 | 50.0% | 49.9% | \u00a0 | Equity | \u00a0 | 50.0% | 49.9% | \u00a0 |
\u00a0 | Evollis | France | Equity | \u00a0 | 48.8% | 48.8% | V3 | Equity | \u00a0 | 49.2% | 49.2% | \u00a0 |
\u00a0 | Findomestic Banca SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Florence Real Estate Developments SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Florence SPV SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | GCC Consumo Establecimiento Financiero de Credito SA | Spain | Full | \u00a0 | 51.0% | 51.0% | \u00a0 | Full | \u00a0 | 51.0% | 51.0% | \u00a0 |
\u00a0 | Genius Auto Finance Co Ltd | China | Equity | \u00a0 | 25.0% | 25.0% | D3 | Equity | (3) | 25.0% | 25.0% | \u00a0 |
\u00a0 | International Development Resources AS Services SA | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Loisirs Finance | France | Full | (1) | 51.0% | 51.0% | \u00a0 | Full | (1) | 51.0% | 51.0% | \u00a0 |
\u00a0 | Magyar Cetelem Bank ZRT | Hungary | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Neuilly Contentieux | France | Full | \u00a0 | 95.9% | 95.6% | \u00a0 | Full | \u00a0 | 95.9% | 95.6% | \u00a0 |
\u00a0 | Noria 2021(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Noria 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Noria 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Noria DE 2024(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Noria Spain 2020 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Opel Finance SA | Switzerland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | PBD Germany Auto Lease Master SA(t) | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Personal Finance Location | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | PF Services GmbH | Germany | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Phedina Hypotheken 2010 BV(t) | Netherlands | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | RCS Botswana Pty Ltd | Botswana | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | RCS Cards Pty Ltd | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | RCS Investment Holdings Namibia Pty Ltd | Namibia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Securitisation funds Genius (d)(t) | China | \u00a0 | \u00a0 | \u00a0 | \u00a0 | D3 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Securitisation funds UCI and RMBS Prado (b)(t) | Spain | Equity | (3) | - | - | \u00a0 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Securitisation funds Wisdom (e)(t) | China | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Servicios Financieros Carrefour EFC SA | Spain | Equity | \u00a0 | 37.3% | 40.0% | \u00a0 | Equity | \u00a0 | 37.3% | 40.0% | \u00a0 |
\u00a0 | Stellantis Bank SA | France | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Bank SA (Austria branch) | Austria | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Bank SA (Germany branch) | Germany | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Financial Services UK Ltd | UK | Full | \u00a0 | 100.0% | 50.0% | \u00a0 | Full | \u00a0 | 100.0% | 50.0% | \u00a0 |
\u00a0 | Union de Creditos Inmobiliarios SA | Spain | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | United Partnership | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | Vauxhall Finance Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | XFERA Consumer Finance EFC SA | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 51.0% | 51.0% | \u00a0 |
\u00a0 | Zhejiang Wisdom Puhua Financial Leasing Co Ltd | China | Equity | \u00a0 | 25.0% | 25.0% | S2 | Equity | (3) | 25.0% | 25.0% | \u00a0 |
Arval | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Artel | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Arval AB | Sweden | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval AS | Denmark | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval AS Norway | Norway | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Austria GmbH | Austria | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Belgium NV SA | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Brasil Ltda | Brazil | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval BV | Netherlands | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Colombia SAS (Ex- Arval Relsa Colombia SAS) | Colombia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval CZ SRO | Czech Rep. | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Deutschland GmbH | Germany | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Fleet Services | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Fleet Services (Monaco branch) | Monaco | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Hellas Car Rental SA | Greece | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval LLC | Russia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Magyarorszag KFT | Hungary | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Maroc SA | Morocco | Full | \u00a0 | 100.0% | 89.0% | \u00a0 | Full | \u00a0 | 100.0% | 89.0% | \u00a0 |
\u00a0 | Arval OY | Finland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Relsa SPA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Schweiz AG | Switzerland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Aluger Operational Automoveis SA | Portugal | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Italia SPA | Italy | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Polska SP ZOO | Poland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Romania SRL | Romania | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease SA | Spain | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Slovakia SRO | Slovakia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Trading | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Group Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Leasing Services Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fleet Holdings Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cent ASL | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cofiparc | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Comercializadora de Vehiculos SA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | FCT Pulse France 2022(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Greenval Insurance DAC | Ireland | Full | (2) | 100.0% | 99.9% | \u00a0 | Full | (2) | 100.0% | 99.9% | \u00a0 |
\u00a0 | Locadif | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Louveo | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Public Location Longue Dur\u00e9e | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Pulse UK 2024 PLC(s) | UK | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Rentaequipos Leasing Peru SA | Peru | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Rentaequipos Leasing SA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | TEB Arval Arac Filo Kiralama AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 75.0% | \u00a0 | Full | \u00a0 | 100.0% | 75.0% | \u00a0 |
\u00a0 | Terberg Leasing Justlease Belgium BV | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
Leasing Solutions | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Aprolis Finance | France | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | Artegy | France | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNL Leasing SPA | Italy | Full | \u00a0 | 100.0% | 95.5% | \u00a0 | Full | \u00a0 | 100.0% | 95.5% | \u00a0 |
\u00a0 | BNPP 3 Step IT | France | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Belgium branch) | Belgium | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Germany branch) | Germany | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Italy branch) | Italy | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Netherlands branch) | Netherlands | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Spain branch) | Spain | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (United Kingdom branch) | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP Finansal Kiralama AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 82.5% | \u00a0 | Full | \u00a0 | 100.0% | 82.5% | \u00a0 |
\u00a0 | BNPP Lease Group | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Germany branch) | Germany | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Italy branch) | Italy | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Portugal branch) | Portugal | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Spain branch) | Spain | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group Belgium | Belgium | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group Leasing Solutions SPA | Italy | Full | \u00a0 | 100.0% | 95.5% | \u00a0 | Full | \u00a0 | 100.0% | 95.5% | \u00a0 |
\u00a0 | BNPP Lease Group Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group SP ZOO | Poland | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Services | Poland | Full | \u00a0 | 100.0% | 81.2% | V3 | Full | \u00a0 | 100.0% | 81.3% | V3 |
\u00a0 | BNPP Leasing Solution AS | Norway | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions | Luxembourg | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions AB | Sweden | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions AS | Denmark | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions GmbH | Austria | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions IFN SA | Romania | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions NV | Netherlands | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions Suisse SA | Switzerland | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Rental Solutions SPA | Italy | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Claas Financial Services | France | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Germany branch) | Germany | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Italy branch) | Italy | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Poland branch) | Poland | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Spain branch) | Spain | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services Ltd | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe | France | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | \u00a0 | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Belgium branch) | Belgium | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Germany branch) | Germany | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Italy branch) | Italy | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Poland branch) | Poland | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Spain branch) | Spain | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe BV | Netherlands | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe GmbH | Austria | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | \u00a0 | 100.0% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe Ltd | UK | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | \u00a0 | 100.0% | 41.6% | \u00a0 |
\u00a0 | ES Finance | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | FL Zeebrugge(s) | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Fortis Lease | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Lease Belgium | Belgium | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Lease UK Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Vastgoedlease BV | Netherlands | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Heffiq Heftruck Verhuur BV | Netherlands | Full | \u00a0 | 50.1% | 41.5% | \u00a0 | Full | \u00a0 | 50.1% | 41.5% | \u00a0 |
\u00a0 | JCB Finance | France | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Germany branch) | Germany | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Italy branch) | Italy | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Spain branch) | Spain | Full | \u00a0 | 100.0% | 41.6% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | JCB Finance Holdings Ltd | UK | Full | \u00a0 | 50.1% | 41.6% | \u00a0 | Full | \u00a0 | 50.1% | 41.6% | \u00a0 |
\u00a0 | JFL BNPP Agriculture And Technology Financial Leasing Co Ltd | China | Equity | \u00a0 | 45.0% | 37.3% | \u00a0 | Equity | \u00a0 | 45.0% | 37.3% | E2 |
\u00a0 | Manitou Finance Ltd | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF | France | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF (Germany branch) | Germany | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF (Italy branch) | Italy | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Natio Energie 2 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Natiocredibail | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Pixel 2021(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Same Deutz Fahr Finance | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | SNC Natiocredimurs | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
New Digital Businesses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Financi\u00e8re des Paiements Electroniques | France | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Belgium branch) | Belgium | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Germany branch) | Germany | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Portugal branch) | Portugal | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Spain branch) | Spain | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Floa | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | (1) | 100.0% | \u00a0 |
\u00a0 | Lyf SA | France | Equity | (3) | 46.3% | 46.3% | V1 | Equity | \u00a0 | (3) | 44.8% | V1 |
\u00a0 | Lyf SAS | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | (3) | 50.0% | \u00a0 |
Personal Investors | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Espresso Financial Services Private Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Geojit Technologies Private Ltd | India | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Human Value Developers Private Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Sharekhan BNPP Financial Services Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Sharekhan Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
INVESTMENT & PROTECTION SERVICES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Insurance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | AEW Immocommercials | France | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | AG Insurance | Belgium | Equity | \u00a0 | 25.0% | 25.0% | D2 | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Agathe Retail France | France | FV | \u00a0 | 33.3% | 33.3% | \u00a0 | FV | \u00a0 | 33.3% | 33.3% | \u00a0 |
\u00a0 | AM Select(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Astridplaza | Belgium | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | AXA IM Smart Euro Short Term Return(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Batipart Participations SAS | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | FV | \u00a0 | 29.7% | 29.7% | \u00a0 |
\u00a0 | BCC Vita SPA | Italy | Full | (2) | 70.0% | 70.0% | \u00a0 | Full | (2) | 70.0% | 70.0% | E3 |
\u00a0 | Becquerel(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Croissance ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Euro ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Monde ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Patrimoine ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Actions PME ETI(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Aqua(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Best Selection Actions Euro ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Bond 6M(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Cardif | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif BV | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Compania de Seguros y Reaseguros SA | Peru | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Emeklilik AS | T\u00fcrkiye | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Hayat Sigorta AS | T\u00fcrkiye | Full | (2) | 100.0% | 100.0% | D1 | Equity | * | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB (Denmark branch) | Denmark | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB (Norway branch) | Norway | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Nordic AB (Ex- Cardif Nordic AB) | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Pojistovna AS | Czech Rep. | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Seguros de Vida SA | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Seguros Generales SA | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Services SRO | Czech Rep. | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Servicios y Asistencia Ltda | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Sigorta AS | T\u00fcrkiye | Full | (4) | 100.0% | 100.0% | D1 | Equity | * | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif TCB Life Insurance Co Ltd | Taiwan | Equity | \u00a0 | 49.0% | 49.0% | \u00a0 | Equity | \u00a0 | 49.0% | 49.0% | \u00a0 |
\u00a0 | BNPP Cardif Vita Compagnia di Assicurazione E Riassicurazione SPA | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Convictions(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP CP Cardif Private Debt(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP D\u00e9veloppement Humain(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Diversiflex(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Diversipierre(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | BNPP Euro Climate Aligned(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP France Cr\u00e9dit(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Global Senior Corporate Loans(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Indice Amerique du Nord(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Indice France ESG(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Infrastructure Investments Fund(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Multistrat\u00e9gies Protection 80(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Obliselect Euro Dec 2028(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Select(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP S\u00e9lection Dynamique Monde(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Selection Patrimoine Responsable(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Smallcap Euroland ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Social Business France(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BOB Cardif Life Insurance Co Ltd | China | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | C Sant\u00e9(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | D1 |
\u00a0 | CamGestion Convertibles Europe(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Capital France Hotel | France | Full | (2) | 98.5% | 98.5% | \u00a0 | Full | (2) | 98.5% | 98.5% | \u00a0 |
\u00a0 | Cardif Airstar Property & Casualty Insurance Co Ltd | China | Equity | \u00a0 | 49.0% | 49.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Cardif Alternatives Part I(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Cardif Assurance Vie | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Austria branch) | Austria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Belgium branch) | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Bulgaria branch) | Bulgaria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Germany branch) | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Italy branch) | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Netherlands branch) | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Portugal branch) | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Romania branch) | Romania | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Spain branch) | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Switzerland branch) | Switzerland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Taiwan branch) | Taiwan | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Austria branch) | Austria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Belgium branch) | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Bulgaria branch) | Bulgaria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Germany branch) | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Italy branch) | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Netherlands branch) | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Poland branch) | Poland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Portugal branch) | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Romania branch) | Romania | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Spain branch) | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Switzerland branch) | Switzerland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Taiwan branch) | Taiwan | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Biztosito Magyarorszag ZRT | Hungary | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif BNPP AM Emerging Bond(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP AM Euro Paris Climate Aligned(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP AM Global Environmental Equity(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP AM Sustainable Euro Equity(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP AM Sustainable Europe Equity(s) | France | Full | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP IP Signatures(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP IP Smid Cap Euro(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Colombia Seguros Generales SA | Colombia | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Colombia Servicios SA (Ex- Cardif Servicios de Colombia SAS) | Colombia | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | E1 |
\u00a0 | Cardif CPR Global Return(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | \u00a0 | (2) | - | - | \u00a0 |
\u00a0 | Cardif do Brasil Seguros e Garantias SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif do Brasil Vida e Previdencia SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Edrim Signatures(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Cardif El Djazair | Algeria | Equity | * | 85.0% | 85.0% | \u00a0 | Equity | * | 85.0% | 85.0% | V2 |
\u00a0 | Cardif Forsakring AB | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Forsakring AB (Denmark branch) | Denmark | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Forsakring AB (Norway branch) | Norway | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif IARD | France | Full | (2) | 66.0% | 66.0% | \u00a0 | Full | (2) | 66.0% | 66.0% | \u00a0 |
\u00a0 | Cardif Insurance Holdings PLC | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Life Insurance Co Ltd | Rep. of Korea | Full | (2) | 85.0% | 85.0% | \u00a0 | Full | (2) | 85.0% | 85.0% | \u00a0 |
\u00a0 | Cardif Life Insurance Japan | Japan | Full | (2) | 75.0% | 75.0% | \u00a0 | Full | (2) | 75.0% | 75.0% | \u00a0 |
\u00a0 | Cardif Ltda | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Lux Vie | Luxembourg | Full | (2) | 100.0% | 88.6% | \u00a0 | Full | (2) | 100.0% | 88.6% | \u00a0 |
\u00a0 | Cardif Mexico Seguros de Vida SA de CV | Mexico | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Mexico Seguros Generales SA de CV | Mexico | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Non Life Insurance Japan | Japan | Full | (2) | 100.0% | 75.0% | \u00a0 | Full | (2) | 100.0% | 75.0% | \u00a0 |
\u00a0 | Cardif Polska Towarzystwo Ubezpieczen Na Zycie SA | Poland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Retraite | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Services AEIE | Portugal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Cardif Servicios SAC | Peru | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Support Unipessoal Lda | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardimmo | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Carma Grand Horizon SARL | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Centre Commercial Francilia | France | FV | \u00a0 | 21.7% | 21.7% | \u00a0 | FV | \u00a0 | 21.7% | 21.7% | \u00a0 |
\u00a0 | CFH Alexanderplatz Hotel Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Algonquin Management Partners France Italia | Italy | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy Hotel | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy Interm\u00e9diaire | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Berlin GP GmbH | Germany | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Berlin Holdco SARL | Luxembourg | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Boulogne | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Cap d'Ail | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Hostel Berlin Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Hotel Project Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Milan Holdco SRL | Italy | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Montmartre | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Montparnasse | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | Clariance & Partenaires (Ex- Korian et Partenaires Immobilier 2) | France | FV | \u00a0 | 24.5% | 24.5% | \u00a0 | FV | \u00a0 | 24.5% | 24.5% | \u00a0 |
\u00a0 | Corosa | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Darnell DAC | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | D\u00e9fense CB3 SAS | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Diversipierre DVP 1 | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | V4 |
\u00a0 | Diversipierre Germany GmbH | Germany | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP European Channel | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Green Clover | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Haussmann | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Heron | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | EP L(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | EP1 Grands Moulins(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | D1 |
\u00a0 | Fleur SAS | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Fonci\u00e8re Partenaires(s) | France | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | Fondev | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Fondo BNPP Aqua Protetto(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | E1 |
\u00a0 | Fonds d'Investissements Immobiliers pour le Commerce et la Distribution | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | FP Cardif Convex Fund USD(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Fundamenta(s) | Italy | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | GIE BNPP Cardif | France | Full | (2) | 99.8% | 99.8% | V4 | Full | (2) | 99.7% | 99.7% | \u00a0 |
\u00a0 | GPinvest 10 | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Harewood Helena 2 Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Harmony Prime(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Hemisphere Holding | France | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 |
\u00a0 | Hibernia France | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | Horizon Development GmbH | Germany | FV | \u00a0 | 66.7% | 65.1% | V4 | FV | \u00a0 | 66.7% | 64.9% | V4 |
\u00a0 | Icare | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Icare Assurance | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | ID Cologne A1 GmbH | Germany | Full | (2) | 100.0% | 97.9% | V4 | Full | (2) | 89.2% | 86.8% | D1/V4 |
\u00a0 | ID Cologne A2 GmbH | Germany | Full | (2) | 100.0% | 97.9% | V4 | Full | (2) | 89.2% | 86.8% | D1/V4 |
\u00a0 | Karapass Courtage | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Korian et Partenaires Immobilier 1 | France | FV | \u00a0 | 24.5% | 24.5% | \u00a0 | FV | \u00a0 | 24.5% | 24.5% | \u00a0 |
\u00a0 | Luizaseg Seguros SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Natio Assurance | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Natio Fonds Amp\u00e8re 1(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | NCVP Participacoes Societarias SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Neuflize Vie | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | E3 |
\u00a0 | New Alpha Cardif Incubator Fund(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | OC Health Real Estate GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Op\u00e9ra Rendement(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Paris Management Consultant Co Ltd | Taiwan | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Permal Cardif Co Investment Fund(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Pinnacle Pet Holdings Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | \u00a0 | 24.7% | 24.7% | \u00a0 |
\u00a0 | Poistovna Cardif Slovakia AS | Slovakia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Preim Healthcare SAS(s) | France | FV | (2) | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | PWH | France | FV | (2) | 47.5% | 47.5% | \u00a0 | FV | \u00a0 | 47.5% | 47.5% | \u00a0 |
\u00a0 | Reumal Investissements | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Rubin SARL | Luxembourg | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Rueil Ariane | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sanso Carbon Initiative Trends (Ex- Cedrus Carbon Initiative Trends)(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | SAS HVP | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Schroder European Operating Hotels Fund 1(s) | Luxembourg | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | SCI 68/70 rue de Lagny Montreuil | France | Full | (2) | 99.9% | 99.9% | \u00a0 | Full | (2) | 99.9% | 99.9% | \u00a0 |
\u00a0 | SCI Alpha Park | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | SCI Batipart Chadesrent | France | FV | \u00a0 | 20.0% | 20.0% | \u00a0 | FV | \u00a0 | 20.0% | 20.0% | \u00a0 |
\u00a0 | SCI Biv Malakoff | France | FV | \u00a0 | 23.3% | 23.3% | \u00a0 | FV | \u00a0 | 23.3% | 23.3% | \u00a0 |
\u00a0 | SCI BNPP Pierre I | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI BNPP Pierre II | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full) | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Bobigny Jean Rostand | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Bouleragny | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI Cardif Logements (Ex- SCI Cardif Logement) | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Citylight Boulogne | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Clichy Nuovo | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI D\u00e9fense Etoile | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI D\u00e9fense Vend\u00f4me | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Etoile du Nord | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Fontenay Plaisance | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Imefa Velizy | France | FV | \u00a0 | 21.8% | 21.8% | \u00a0 | FV | \u00a0 | 21.8% | 21.8% | \u00a0 |
\u00a0 | SCI Le Mans Gare | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Nanterre Guilleraies | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Nantes Carnot | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Odyss\u00e9e | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Pantin Les Moulins | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Batignolles | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Cours de Vincennes | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Grande Arm\u00e9e | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Turenne | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Portes de Claye | France | Equity | \u00a0 | 45.0% | 45.0% | \u00a0 | Equity | (2) | 45.0% | 45.0% | \u00a0 |
\u00a0 | SCI Rue Moussorgski | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Rueil Caudron | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint Denis Landy | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint Denis Mitterrand | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint-Denis Jade | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI SCOO | France | FV | \u00a0 | 46.4% | 46.4% | \u00a0 | FV | \u00a0 | 46.4% | 46.4% | \u00a0 |
\u00a0 | SCI Vend\u00f4me Ath\u00e8nes | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI Villeurbanne Stalingrad | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Secar | France | FV | \u00a0 | 55.1% | 55.1% | \u00a0 | FV | \u00a0 | 55.1% | 55.1% | \u00a0 |
\u00a0 | Seniorenzentren Deutschland Holding SARL | Luxembourg | FV | \u00a0 | 20.0% | 17.7% | \u00a0 | FV | \u00a0 | 20.0% | 17.7% | \u00a0 |
\u00a0 | Seniorenzentren Reinbeck Oberursel M\u00fcnchen Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Butzbach Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Heilbronn Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Kassel Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Wolfratshausen Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Services Epargne Entreprise | France | Equity | \u00a0 | 50.0% | 50.0% | V1 | Equity | \u00a0 | 36.8% | 36.8% | V1 |
\u00a0 | SNC Batipart Mermoz | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | SNC Batipart Poncelet | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Francaise d'Assurances sur la Vie | France | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Immobili\u00e8re du Royal Building SA | Luxembourg | Full | (2) | 100.0% | 88.6% | \u00a0 | Full | (2) | 100.0% | 88.6% | \u00a0 |
\u00a0 | Theam Quant Europe Climate Carbon Offset Plan(s) | France | Full | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Tikehau Cardif Loan Europe(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Valeur Pierre Epargne | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Valtitres FCP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Velizy Holding | France | FV | \u00a0 | 33.3% | 33.3% | \u00a0 | FV | \u00a0 | 33.3% | 33.3% | \u00a0 |
Wealth Management | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Wealth Management Monaco | Monaco | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (1) | 100.0% | 100.0% | \u00a0 |
Asset Management | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Alfred Berg Kapitalforvaltning AS | Norway | Full | \u00a0 | 100.0% | 75.0% | V4 | Full | \u00a0 | 100.0% | 73.7% | \u00a0 |
\u00a0 | Alfred Berg Kapitalforvaltning AS (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 75.0% | V4 | Full | \u00a0 | 100.0% | 73.7% | \u00a0 |
\u00a0 | Architas Multi Manager Europe Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Artemid | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (German branch) | Germany | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Italy branch) | Italy | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Netherland branch) | Netherlands | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Spain branch) | Spain | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 1 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 2 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 3 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Architas | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Benelux | Belgium | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Benelux (Netherland branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Paris | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Italy branch) | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Luxembourg branch) | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Netherland branch) | Netherlands | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Prime | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Prime (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Select Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Select Belgium SA And NV | Belgium | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Select France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM US Group Holding LLC | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers Australia Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Deutschland Gmbh | Germany | Full | \u00a0 | 89.9% | 89.9% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Deutschland Gmbh (French branch) | France | Full | \u00a0 | 100.0% | 89.9% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers GS Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers IF | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Private Fund Management Shanghai Ltd | China | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Schweiz AG | Switzerland | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers UK Holdings Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers US Inc | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Real Estate Investment Managers | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers Australia Pty Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers Japan KK | Japan | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa REIM SGP | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM SGP (Italy branch) | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Spdb Investment Managers Company Ltd | China | Equity | \u00a0 | 39.0% | 39.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Bancoestado Administradora General de Fondos SA | Chile | Equity | \u00a0 | 50.0% | 50.0% | V4 | Equity | \u00a0 | 50.0% | 49.1% | \u00a0 |
\u00a0 | Baroda BNPP AMC Private Ltd | India | Equity | (3) | 49.9% | 49.9% | V4 | Equity | (3) | 49.9% | 49.1% | V4 |
\u00a0 | BNPP ABC Wealth Management Co Ltd | China | Equity | (3) | 51.0% | 51.0% | V4 | Equity | (3) | 51.0% | 50.1% | \u00a0 |
\u00a0 | BNPP Agility Fund Equity SLP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Agility Fund Private Debt SLP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP AM Hedged Strategies(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP AM International Hedged Strategies(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Asset Management Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Be Holding | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Brasil Ltda | Brazil | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 99.6% | V4 |
\u00a0 | BNPP Asset Management Europe | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Belgium branch) | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Luxembourg branch) | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management Europe (Netherlands branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Poland branch) | Poland | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | E2 |
\u00a0 | BNPP Asset Management Europe (Spain branch) | Spain | Full | \u00a0 | 100.0% | 100.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management Holding | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V1 |
\u00a0 | BNPP Asset Management Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Luxembourg | Luxembourg | Full | \u00a0 | 99.7% | 99.7% | V4 | Full | \u00a0 | 99.7% | 98.0% | V4 |
\u00a0 | BNPP Asset Management Property Solutions | France | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Taiwan Co Ltd | Taiwan | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management USA Holdings Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Asset Management USA Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP B Institutional II(s) | Belgium | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Dealing Services | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Easy(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Flexi I(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Funds(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management France | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH | Germany | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Italy branch) | Italy | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Portugal branch) | Portugal | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Spain branch) | Spain | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Luxembourg SA (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Capza Transition | France | Full | \u00a0 | 100.0% | 79.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Colisee Gerance | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Drypnir AS | Norway | Full | \u00a0 | 100.0% | 0.1% | \u00a0 | Full | \u00a0 | 100.0% | 0.1% | \u00a0 |
\u00a0 | Dynamic Credit Group BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 75.0% | 73.7% | V4 |
\u00a0 | Gambit Financial Solutions | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | Haitong Fortis Private Equity Fund Management Co Ltd | China | Equity | \u00a0 | 33.0% | 33.0% | V4 | Equity | \u00a0 | 33.0% | 32.4% | \u00a0 |
\u00a0 | Harewood Helena 1 Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | HFT Investment Management Co Ltd | China | Equity | \u00a0 | 49.0% | 49.0% | V4 | Equity | \u00a0 | 49.0% | 48.2% | V4 |
\u00a0 | Impax Asset Management Group PLC | UK | Equity | \u00a0 | 13.8% | 13.8% | V4 | Equity | \u00a0 | 13.8% | 13.5% | \u00a0 |
\u00a0 | Kyobo AXA Investment Managers Company Ltd | Rep. of Korea | Equity | \u00a0 | 50.0% | 50.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Master Seeder Fund(s) | France | Full | (4) | - | - | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | SME Alternative Financing DAC(s) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Theam Quant(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | W Capital Management LLC | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Real Estate | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Allium Investments SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Auguste Thouard Expertise | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Immobilier Promotion | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Immobilier R\u00e9sidences Services | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate (United Arab Emirates branch) | United Arab Emirates | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management Ireland Ltd | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management Luxembourg SA | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory France (Ex- BNPP Real Estate Transaction France) | France | Full | (2) | 97.6% | 97.6% | V1 | Full | (2) | 97.4% | 97.4% | V1 |
\u00a0 | BNPP Real Estate Advisory Italy SPA | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory Netherlands BV | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Belgium SA | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Conseil Habitation & Hospitality | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Consult France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Consult GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Facilities Management Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Financial Partner | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Holding GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Belgium | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Real Estate Investment Management Italy SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Spain SA | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Poland SP ZOO | Poland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Portugal Unipersonal LDA | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Development & Services GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Development UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management France SAS | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management Italy SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Singapore Pte Ltd | Singapore | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Spain SA | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Valuation France | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cariboo Development SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 |
\u00a0 | Construction-Sale Companies (c) | France | Full / Equity | (2) | - | - | \u00a0 | Full / Equity | (2) | - | - | \u00a0 |
\u00a0 | Exeo Aura & Echo Offices Lda | Portugal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Equity | \u00a0 | 31.9% | 31.9% | \u00a0 |
\u00a0 | GIE BNPP Real Estate | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Horti Milano SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Nanterre Arboretum | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Parker Tower Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Partner's & Services | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | REPD Parker Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sviluppo Residenziale Italia SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Wapiti Development SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 |
OTHER BUSINESS UNITS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Property Companies (Property Used In Operations) and Others | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
\u00a0 | Antin Participation 5 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Home Loan SFH | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners for Innovation | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners for Innovation Belgium | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners For Innovation Global Connect | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E1 |
\u00a0 | BNPP Partners for Innovation Italia SRL | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Procurement Tech | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Public Sector SA | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | FCT Capucines 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | FCT Lafayette 2021(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Laffitte 2021(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Opera 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Pyramides 2022(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | GIE Groupement Auxiliaire de Moyens | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | GIE Groupement d'Etudes et de Prestations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Antin Participation 5 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
(a) | At 31 December 2025, 11 Private Equity investment entities versus 13 Private Equity investment entities at 31 December 2024. |
(b) | At 31 December 2025, the securitisation funds UCI and RMBS Prado include 9 funds (FCC UCI 12, 14 to 17, RMBS Prado VIII to XI, et RMBS Belem No 2) versus 13 funds (FCC UCI 11, 12, 14 to 17, RMBS Prado VII to XI, Green Belem I et RMBS Belem No 2) at 31 December 2024. |
(c) | At 31 December 2025, 89 Construction-sale companies (63 Full and 26 Equity) versus 102 Construction-sale companies (71 Full and 31 Equity) at 31 December 2024. |
(d) | At 31 December 2025, Genius Securitization Funds are no longer disclosed within the scope due to the break in the Group's control chain over their holding entity, now consolidated under equity method in the prudential scope. |
(e) | At 31 December 2025, Wisdom Securitization Funds are no longer disclosed within the scope due to the break in the Group's control chain over their holding entity, now consolidated under equity method in the prudential scope. |
(f) | At 31 December 2025, general compartment Aries Capital DAC includes 14 consolidated silos. |
(g) | At 31 December 2025, general compartment Securasset includes 8 consolidated silos. |
(h) | At 31 December 2025, general compartment SPIRE includes 1 consolidated silo. |
\u00a0
As requested by the ANC 2016 regulation, the list of entities that are controlled by the Group, jointly controlled or under significant influence, but excluded from the scope of consolidation since their contribution to the consolidated financial statements would be immaterial to the Group, and the list of equity investments, are available on the \u201cRegulated Information\u201d page of the https://invest.bnpparibas.com website.
\u00a0
\u00a0
\u00a0
Changes in the scope of consolidation | |
|---|---|
New entries (E) in the scope of consolidation | |
E1 | Passing above consolidation thresholds |
E2 | Incorporation |
E3 | Purchase, gain of control or significant influence |
Removals (S) from the scope of consolidation | |
S1 | Cessation of activity (dissolution, liquidation, etc.) |
S2 | Disposal, loss of control or loss of significant influence |
S3 | Passing below consolidation thresholds |
S4 | Merger, Universal transfer of assets and liabilities |
Variance (V) in voting or ownership interest | |
V1 | Additional purchase |
V2 | Partial disposal |
V3 | Dilution |
V4 | Increase in % |
Miscellaneous | |
D1 | Consolidation method change not related to fluctuation in voting or ownership interest |
D2 | Entities of a business held for sale |
D3 | Loss of joint control with no impact on the accounting consolidation method, but resulting in a shift to equity under the prudential perimeter |
\u00a0
Equity* | Controlled but non material entities consolidated under the equity method as associates |
FV | Joint control or investment in associates measured at fair value through profit or loss |
(s) | Structured entities |
(t) | Securitisation funds |
\u00a0 | \u00a0 |
Prudential scope of consolidation | |
(1) | French subsidiaries for which supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP\u00a0Paribas\u00a0SA, in accordance with article\u00a07.1 of Regulation n\u00b0575/2013 of the European Parliament and of the Council |
(2) | Entities consolidated under the equity method in the prudential scope |
(3) | Jointly controlled entities under proportional consolidation in the prudential scope |
(4) | Collective investment undertaking excluded from the prudential scope |
Controlled enterprises are fully consolidated. The Group controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
For entities governed by voting rights, the Group generally controls the entity if it holds, directly or indirectly, the majority of the voting rights (and if there are no contractual provisions that alter the power of these voting rights) or if the power to direct the relevant activities of the entity is conferred on it by contractual agreements.
Structured entities are entities established so that they are not governed by voting rights, for instance when those voting rights relate to administrative tasks only, whereas the relevant activities are directed by means of contractual arrangements. They often have the following features or attributes: restricted activities, a narrow and well-defined objective and insufficient equity to permit them to finance their activities without subordinated financial support.
For these entities, the analysis of control shall consider the purpose and design of the entity, the risks to which the entity is designed to be exposed and to what extent the Group absorbs the related variability. The assessment of control shall consider all facts and circumstances able to determine the Group\u2019s practical ability to make decisions that could significantly affect its returns, even if such decisions are contingent on uncertain future events or circumstances.
In assessing whether it has power, the Group considers only substantive rights which it holds or which are held by third parties. For a right to be substantive, the holder must have the practical ability to exercise that right when decisions about the relevant activities of the entity need to be made.
Control is reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control.
Where the Group contractually holds the decision-making power, for instance where the Group acts as fund manager, it shall determine whether it is acting as agent or principal. Indeed, when associated with a certain level of exposure to the variability of returns, this decision-making power may indicate that the Group is acting on its own account and that it thus has control over those entities.
Minority interests are presented separately in the consolidated profit and loss account and balance sheet within consolidated equity. The calculation of minority interests takes into account the outstanding cumulative preferred shares classified as equity instruments issued by subsidiaries, when such shares are held outside the Group.
As regards fully consolidated funds, units held by third-party investors are recognised as debts at fair value through profit or loss, inasmuch as they are redeemable at fair value at the subscriber\u2019s initiative.
For transactions resulting in a loss of control, any equity interest retained by the Group is remeasured at its fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_732b2775-06ef-4b55-a026-1d4172ed25bb": { "value": "Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity\u2019s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRS.
Companies over which the Group exercises significant influence or associates are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of a company without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting rights of a company. Interests of less than 20% can be included in the consolidation scope if the Group effectively exercises significant influence. This is the case for example for entities developed in partnership with other associates, where the BNP\u00a0Paribas Group participates in strategic decisions of the enterprise through representation on the Board of directors or equivalent governing body, or exercises influence over the enterprise\u2019s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise\u2019s development.
Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under \u201cInvestments in equity-method entities\u201d and in the relevant component of shareholders\u2019 equity. Goodwill recorded on associates is also included under \u201cEquity-method investments\u201d.
Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under \u201cShare of earnings of equity-method entities\u201d in the consolidated income statement and can be reversed at a later date.
If the Group\u2019s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has contracted a legal or constructive obligation or has made payments on behalf of this entity.
Where the Group holds an interest in an associate, directly or indirectly through an entity that is a venture capital organisation, a mutual fund, an open-ended investment company or similar entity such as an investment-related insurance fund, it may elect to measure that interest at fair value through profit or loss.
Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under \u201cNet gain on non-current assets\u201d.
The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events occurring in similar circumstances.
For transactions resulting in a loss of significant influence, any equity interest retained by the Group is accounted for in accordance with IFRS 9 principles applicable to financial instruments held.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Gain or loss on investments in consolidated undertakings (note\u00a08.d) | 264 | 133 |
Gain or loss on tangible and intangible assets | 9 | (30) |
Results from net monetary position | (329) | (294) |
Net gain on non-current assets | (56) | (191) |
\u00a0
According to IAS 29 in connection with the hyperinflation situation of the economy in T\u00fcrkiye, the line \u201cResults from net monetary positions\u201d corresponds to the effect of the revaluation of the monetary assets net of the evolution of the consumer price index in T\u00fcrkiye on the valuation of non-monetary assets and liabilities (-\u202fEUR\u202f487\u202fmillion) and on income from the Turkish government bonds portfolio indexed to inflation and held by Turk Ekonomi Bankasi AS (+\u00a0EUR\u202f158\u202fmillion, reclassified from interest margin) in 2025 (respectively -\u202fEUR\u202f549\u202fmillion and +\u00a0EUR\u00a0255\u00a0million in 2024).
Cumulated financial information of associates and joint ventures is presented in the following table:
In millions of euros | Year to 31 Dec. 2025 | 31 December 2025 | Year to 31 Dec. 2024 | 31 December 2024 | ||||
Share of net income | Share of changes in assets and liabilities recognised directly in equity | Share of net income and changes in assets and liabilities recognised directly in equity | Equity- | Share of net income | Share of changes in assets and liabilities recognised directly in equity | Share of net income and changes in assets and liabilities recognised directly in equity | Equity- | |
Joint ventures | 34 | (411) | (377) | 823 | (10) | 225 | 215 | 1,960 |
Associates(1) | 743 | (400) | 343 | 6,127 | 711 | 308 | 1,019 | 5,902 |
Total equity-method entities | 777 | (811) | (34) | 6,950 | 701 | 533 | 1,234 | 7,862 |
(1) | Including controlled but non-material entities consolidated under the equity method. |
\u00a0
Financing and guarantee commitments given by the Group to joint ventures are listed in note\u00a08.j Other related parties.
\u00a0
The carrying amount of the Group\u2019s investment in the main joint ventures and associates is presented in the following table:
In millions of euros, at | Country of registration | Activity | Interest (%) | 31 December 2025 | 31 December 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Joint ventures | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Union de Creditos Inmobiliarios | Spain | Retail mortgage | 50% | 223 | 233 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
BoB Cardif Life Insurance | China | Life Insurance | 50% | 105 | 454 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Genius Auto Finance Co\u00a0Ltd(1) | China | Specialised loans | 25% | \u00a0 | 331 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Pinnacle Pet Holding\u00a0Ltd(2) | United Kingdom | Insurance | \u00a0 | \u00a0 | 407 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
BON BNPP Consumer Finance Co Ltd | China | Specialised loans | 32% | 284 | 256 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
AG Insurance(3) | Belgium | Insurance | 25% | \u00a0 | 593 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Genius Auto Finance Co\u00a0Ltd(1) | China | Specialised loans | 25% | 309 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Bank of Nanjing | China | Retail Banking | 18% | 4,058 | 3,661 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Allfunds Group\u00a0Plc | United Kingdom | Financial Services | 13% | 261 | 283 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
(1) | As of 31 December 2025, the BNP Paribas Group has lost joint control over Genius Auto Finance but retains significant influence over this entity. |
(2) | In 2025, the BNP Paribas Group lost significant influence over the Pinnacle Pet Holding Ltd group (see note 8.d). |
(3) | As of 31 December 2025, BNP Paribas Group has classified AG Insurance as activities held for sale according to IFRS 5 (see note 8.f). |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | |
Derivative financial instruments | 1,202 | \u00a0 | 1,202 | 1,731 | \u00a0 | 1,731 |
Derivatives used for hedging purposes | 190 | \u00a0 | 190 | 74 | \u00a0 | 74 |
Financial assets at fair value through profit or loss | 65,566 | 123,053 | 188,619 | 61,465 | 111,954 | 173,419 |
Financial assets at fair value through equity | 106,485 | \u00a0 | 106,485 | 102,222 | \u00a0 | 102,222 |
Financial assets at amortised cost | 1,368 | \u00a0 | 1,368 | 1,379 | \u00a0 | 1,379 |
Investment properties | 3,830 | 3,012 | 6,842 | 3,868 | 3,178 | 7,046 |
Equity-method investments | 91 | \u00a0 | 91 | 82 | \u00a0 | 82 |
Assets related to insurance activities (note\u00a05.d) | 674 | \u00a0 | 674 | 896 | \u00a0 | 896 |
Investments and other assets related to\u00a0insurance activities | 179,406 | 126,065 | 305,471 | 171,717 | 115,132 | 286,849 |
On 31 March 2025, the shareholders' agreement was amended to reflect the change in the nature of the investment in the Pinnacle Pet Holding (PPH) Group, from an industrial partnership where Cardif's insurance expertise was key to a purely financial investment. Following the modification of the shareholders\u2019 agreement, resulting in a change in BNP Paribas Cardif\u2019s representation in the governance of PPH and its subsidiaries, BNP Paribas Group lost its significant influence over the PPH Group.
In addition, Banca Nazionale del Lavoro SpA excercised significant influence over Worldline Merchant Services Italia SpA (WMSI), consolidated by equity method. As of 30 September 2025, a modification in the Group\u2019s representation in WMSI\u2019s governance resulted in the loss of significant influence over this entity.
The loss of significant influence on those entities led to the recognition of a net gain of EUR 228 million.
On 1st July 2025, BNP Paribas Cardif, a subsidiary of BNP Paribas, acquired 100% of the share capital of AXA Investment Managers (AXA IM) and signed a long-term partnership with the AXA Group to manage a large part of its assets.\u00a0
This operation will enable the BNP Paribas Group to create a leading European asset management platform with over EUR 1.6 trillion in assets under management entrusted by its clients. It allows the Group to become the European leader in long-term savings management for insurers and pension funds with around EUR 850 billion in assets under management, with the ambition to become the European leader in fund collection for private asset investments and positioning itself among the main providers of ETFs in Europe.
By combining the expertise of AXA IM, BNP Paribas Asset Management, and BNP Paribas REIM, this new platform will have a wide range of traditional and alternative assets, an expanded global distribution network, enhanced innovation capabilities, and a more comprehensive offering in responsible investment. It will benefit from AXA IM market position and expertise in private assets, which are key drivers of future growth for institutional and individual clients, as well as AXA IM's know-how in long-term asset management for insurance and retirement. In this context, BNP Paribas Cardif will leverage the capabilities of this platform for the management of a large part of its assets, notably its general funds.
The EUR 5.1 billion transaction price, paid in cash, is composed of:
The exercise of valuation of identifiable assets, liabilities, off-balance-sheet items and contingent liabilities at their fair value or equivalent resulted in the determination of the following goodwill:
In millions of euros, as at | 1st July 2025 |
|---|---|
Transaction price | 3,163 |
Net assets acquired and liabilities taken over of AXA IM entities as at 1st July 2025 | 1,598 |
Goodwill | 1,565 |
\u00a0
The amount of goodwill, allocated to the Asset Management cash-generating unit (see note 4.m), is mainly attributable to expected revenue and cost synergies based on the Group\u2019s integrated model.
On the one hand, revenue synergies will enable leveraging the integrated model to accelerate the Group\u2019s growth through:
On the other hand, cost synergies will enable the deployment of a high-performing industrial platform through:
The AXA IM group has been fully consolidated since 1 July 2025. Its integration in the Group\u2019s balance sheet as at the acquisition date leads to the recognition of:
The table below presents the consolidated balance sheet of AXA IM as at the acquisition date, prepared in accordance with IFRS, considering the adjustments required under IFRS business combination standards and the standards and principles applicable within the BNP Paribas Group:
Consolidated balance sheet of acquired AXA IM entities In millions of euros, as at | 1st July 2025 |
|---|---|
Financial assets at fair value through profit or loss | 669 |
Loans and advances at amortised cost | 681 |
Financial assets at fair value through equity | 21 |
Debt securities at amortised cost | 349 |
Equity-method investments | 174 |
Property, plant and equipment | 156 |
Intangible assets | 193 |
Tax assets | 228 |
Accrued income and other assets | 767 |
TOTAL ASSETS | 3,236 |
Financial liabilities at fair value through profit or loss | 29 |
Liabilities at amortised cost | 915 |
Provisions for contingencies and charges | 212 |
Tax liabilities | 162 |
Accrued expense and other liabilities | 316 |
Minority interests | 4 |
Shareholders\u2019 equity | 1,598 |
TOTAL LIABILITIES | 3,236 |
\u00a0
Furthermore, the 15-year partnership defined with AXA is considered a separate agreement from the acquisition of AXA IM by the BNP Paribas Group, formalising the financial terms of pre-existing service provision between AXA and AXA IM.
The consideration paid is analysed as a payment representing:
These assets are presented in \"Accrued income and other assets\" amounting to EUR 1,880 million determined based on the discounted estimated cash flows of the partnership over its duration.
These assets will be amortised as \u201cCommission income and expense\u201d over 15 years, in line with the recognition of revenues related to these services and the business contributed by AXA and as interest income for its financing component; they will be subject to impairment tests.
The contribution of AXA IM entities to the BNP Paribas Group\u2019s 2025 profit and loss account is reported in note 3 Segment Information.
On 31 December 2025, the legal entities of AXA IM, BNP Paribas Asset Management and BNP Paribas REIM (Real Estate Investment Management) combined their activities to form the new platform owned by BNP Paribas Cardif.
The easing of a number of restrictions previously imposed by the National Bank of Ukraine made it possible to re\u2011establish the conditions for exercising control as defined by IFRS\u202f10, which had the effect of changing the consolidation method from equity method to full consolidation method. This change of consolidation method was reflected in the increase in the Group\u2019s balance sheet of EUR\u202f3\u202fbillion, in particular in financial assets at amortised cost and led to the recognition of badwill of EUR\u202f226\u202fmillion.
On 27 March 2024, BNP Paribas Personal Finance sold 80% of its stake of its Mexican subsidiary Cetelem SA de CV.
The BNP Paribas Group lost exclusive control of this entity but maintained a significant influence.
This partial disposal is accompanied by an agreement for the future disposal of the residual interest, thereby depriving the Group of the return on the shares held, and leading to the recognition of a receivable of EUR 125 million.
The loss of control led to the recognition of a net gain on disposal of EUR\u00a0119 million and to a decrease of the Group\u2019s balance sheet by EUR 3 billion, in particular in financial assets at amortised cost.
On 15 May 2024, BNP Paribas Cardif SA acquired 51% of the capital of BCC Vita SpA, together with a purchase agreement of 19% additional holding.
BNP Paribas Group acquired exclusive control of this entity to the extent of 70% and the entity was fully consolidated.
This transaction resulted in the increase of the Group\u2019s balance sheet at the acquisition date by EUR 4 billion, in particular in investments in insurance activities.
The goodwill related to this operation was EUR 107 million, of which EUR 7 million recognised during the first half of 2025.
On 31 October 2024, BNP Paribas Cardif SA acquired 100% of the capital of Neuflize Vie.
BNP Paribas Group acquired exclusive control and the entity was fully consolidated.
This transaction resulted in the increase of the Group\u2019s balance sheet at the acquisition date by EUR 12 billion, in particular in investments in insurance activities.
The badwill related to this operation was EUR 63 million, including an adjustment of fair value of assets and liabilities of EUR\u00a0 48 million, recognised during the first half of 2025.
BNP\u00a0Paribas, a\u00a0soci\u00e9t\u00e9 anonyme\u00a0(Public Limited Company), registered in\u00a0France, is the Group\u2019s lead company, which holds key positions in its three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS).
During the year, the parent company did not change its name. BNP\u00a0Paribas has its principal place of business in France and its head office is located at\u00a016\u00a0boulevard des Italiens 75009 Paris,\u00a0France.
\u00a0
Business | Name | Country | 31 December 2025 | 31 December 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Method | Voting (%) | Interest (%) | Ref. | Method | Voting (%) | Interest (%) | Ref. | |||||
\u00a0 | BNP\u00a0Paribas\u00a0SA | France | (1) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (1) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP\u00a0SA (Argentina branch) | Argentina | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Australia branch) | Australia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Bahrain branch) | Bahrain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Belgium branch) | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Bulgaria branch) | Bulgaria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Canada branch) | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Czech Republic branch) | Czech Rep. | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Denmark branch) | Denmark | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Finland branch) | Finland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Greece branch) | Greece | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Guernsey branch) | Guernsey | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Hong Kong branch) | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Hungary branch) | Hungary | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (India branch) | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Ireland branch) | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Japan branch) | Japan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Jersey branch) | Jersey | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Kuwait branch) | Kuwait | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Luxembourg branch) | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Malaysia branch) | Malaysia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Monaco branch) | Monaco | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Netherlands branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Norway branch) | Norway | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Philippines branch) | Philippines | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Poland branch) | Poland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Portugal branch) | Portugal | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Qatar branch) | Qatar | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Republic of Korea branch) | Rep. of Korea | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Romania branch) | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Saudi Arabia branch) | Saudi Arabia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Singapore branch) | Singapore | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (South Africa branch) | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Spain branch) | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Switzerland branch) | Switzerland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Taiwan branch) | Taiwan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Thailand branch) | Thailand | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United Arab Emirates branch) | United Arab Emirates | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United Kingdom branch) | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United States branch) | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Viet Nam branch) | Viet Nam | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
CORPORATE & INSTITUTIONAL BANKING | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
EMEA (Europe, Middle East, Africa) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Financial Markets | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Eurotitrisation | France | Equity | \u00a0 | 22.4% | 22.4% | V4 | Equity | \u00a0 | 22.0% | 22.0% | \u00a0 |
\u00a0 | Exane Asset Management | France | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Exane Finance | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | FCT Juice(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Financi\u00e8re du March\u00e9 Saint Honor\u00e9 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Parilease | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Services Logiciels d'Int\u00e9gration Boursi\u00e8re | France | Equity | (3) | 66.6% | 66.6% | \u00a0 | Equity | (3) | 66.6% | 66.6% | \u00a0 |
\u00a0 | Services Logiciels d'Int\u00e9gration Boursi\u00e8re (Portugal branch) | Portugal | Equity | (3) | 66.6% | 66.6% | \u00a0 | Equity | (3) | 66.6% | 66.6% | \u00a0 |
\u00a0 | SNC Taitbout Participation 3 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Orbaisienne de Participations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Uptevia SA | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
Other European countries | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Allfunds Group PLC | UK | Equity | \u00a0 | 12.7% | 12.7% | V1 | Equity | \u00a0 | 12.5% | 12.4% | V4 |
\u00a0 | Aries Capital DAC (f)(s) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AssetMetrix | Germany | Equity | \u00a0 | 23.1% | 23.1% | \u00a0 | Equity | \u00a0 | 23.1% | 23.1% | V4 |
\u00a0 | BNP PUK Holding Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Bank JSC | Russia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Emissions Und Handels GmbH | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Administration Services Ireland Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Ireland Unlimited Co | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Islamic Issuance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Issuance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Net Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Prime Brokerage International Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Suisse SA | Switzerland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Suisse SA (Guernsey branch) | Guernsey | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Technology LLC | Russia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Trust Corp UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Vartry Reinsurance DAC | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Diamante Re SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Exane Solutions Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Expo Atlantico EAII Investimentos Imobiliarios SA(s) | Portugal | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Expo Indico EIII Investimentos Imobiliarios SA(s) | Portugal | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FScholen | Belgium | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | Greenstars BNPP | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox European Union SL | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox Holding Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Madison Arbor Ltd(t) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Matchpoint Finance PLCt | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Ribera Del Loira Arbitrage | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Securasset SA (g)(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Single Platform Investment Repackaging Entity SA (h)(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Volantis SARL(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E1 |
Middle East | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Investment Co KSA | Saudi Arabia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
AMERICAS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Banco BNPP Brasil SA | Brazil | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Capital Services Inc | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Colombia Corporacion Financiera SA | Colombia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP EQD Brazil Fund Fundo de Investmento Multimercado(s) | Brazil | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP Financial Services LLC | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP FS LLC | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP IT Solutions Canada Inc | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Mexico Holding | Mexico | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Mexico SA Institucion de Banca Multiple | Mexico | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Proprietario Fundo de Investimento Multimercado(s) | Brazil | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP RCC Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Corp | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP US Investments Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP US Wholesale Holdings Corp | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP USA Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP VPG Brookline Cre LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG EDMC Holdings LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG Express LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG I LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG II LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG III LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG IV LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG Master LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Corporation BNPP Canada | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Decart Re Ltd | Bermuda | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | FSI Holdings Inc | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Starbird Funding Corpt | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
PACIFIC ASIA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Andalan Multi Guna PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Bank BNPP Indonesia PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Arbitrage Hong Kong Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Center of Expertise Nanjing Co Ltd | China | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP China Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Finance Hong Kong Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Services Australasia Pty Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Services Australasia Pty Ltd (New Zealand branch) | New Zealand | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP India Holding Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP India Solutions Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Malaysia Berhad | Malaysia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities China Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E2 |
\u00a0 | BNPP Securities India Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Korea Co Ltd | Rep. of Korea | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Taiwan Co Ltd | Taiwan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Sekuritas Indonesia PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BPP Holdings Pte Ltd | Singapore | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
COMMERCIAL, PERSONAL BANKING & SERVICES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
COMMERCIAL & PERSONAL BANKING IN\u00a0THE\u00a0EUROZONE | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
Commercial & Personal Banking in France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | 2SF - Soci\u00e9t\u00e9 des Services Fiduciaires | France | Equity | (3) | 33.3% | 33.3% | \u00a0 | Equity | (3) | 33.3% | 33.3% | \u00a0 |
\u00a0 | Banque de Wallis et Futuna | France | Full | (1) | 51.0% | 51.0% | \u00a0 | Full | (1) | 51.0% | 51.0% | \u00a0 |
\u00a0 | BNPP Antilles Guyane | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP D\u00e9veloppement | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP D\u00e9veloppement Oblig | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor (Portugal branch) | Portugal | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor (Spain branch) | Spain | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Nouvelle Cal\u00e9donie | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP R\u00e9union | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Services Mon\u00e9tiques | France | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Compagnie pour le Financement des Loisirs | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Copartis | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Estreem (Ex Partecis) | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | GIE Ocean | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Jivago Holding | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Paylib Services | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Equity | \u00a0 | 14.3% | 14.3% | \u00a0 |
\u00a0 | Portzamparc | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
BNL banca commerciale | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Banca Agevolarti SPA | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Banca Nazionale Del Lavoro SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP BNL Equity Investment SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E1 |
\u00a0 | EMF IT 2008 1 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Era Uno SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Eutimm SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Financit SPA | Italy | Full | \u00a0 | 60.0% | 60.0% | \u00a0 | Full | \u00a0 | 60.0% | 60.0% | \u00a0 |
\u00a0 | Immera SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | International Factors Italia SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | V1 | Full | \u00a0 | 99.9% | 99.9% | V1 |
\u00a0 | Permicro SPA | Italy | Equity | \u00a0 | 21.9% | 21.9% | \u00a0 | Equity | \u00a0 | 21.9% | 21.9% | \u00a0 |
\u00a0 | Servizio Italia SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sviluppo HQ Tiburtina SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Tierre Securitisation SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Vela OBG SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Worldline Merchant Services Italia SPA | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 |
Commercial & Personal Banking in Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Axepta BNPP Benelux | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Bancontact Paytoniq Company | Belgium | Equity | \u00a0 | 22.5% | 22.5% | \u00a0 | Equity | \u00a0 | 22.5% | 22.5% | \u00a0 |
\u00a0 | BASS Master Issuer NV(t) | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Batopin | Belgium | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Belgian Mobile ID | Belgium | Equity | \u00a0 | 12.2% | 12.2% | \u00a0 | Equity | \u00a0 | 12.2% | 12.2% | \u00a0 |
\u00a0 | BNPP Commercial Finance Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Factor AS | Denmark | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Factor GmbH | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | V4 |
\u00a0 | BNPP Factoring Support | Netherlands | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis | Belgium | Full | \u00a0 | 99.9% | 99.9% | \u00a0 | Full | \u00a0 | 99.9% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis (Spain branch) | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Fortis (United States branch) | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 99.9% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Factor NV | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Film Finance | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Funding SA | Luxembourg | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP FPE Belgium | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP FPE Expansion | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP FPE Management | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPPF Credit Brokers | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Bpost Banque | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Credissimo | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Credissimo Hainaut SA | Belgium | Full | \u00a0 | 99.7% | 99.7% | \u00a0 | Full | \u00a0 | 99.7% | 99.7% | \u00a0 |
\u00a0 | Cr\u00e9dit pour Habitations Sociales | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | \u00a0 | 81.7% | 81.6% | \u00a0 |
\u00a0 | Epimedes | Belgium | Equity | \u00a0 | - | - | \u00a0 | Equity | \u00a0 | - | - | \u00a0 |
\u00a0 | Esmee Master Issuert | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Immobili\u00e8re Sauveniere SA | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Isabel SA NV | Belgium | Equity | \u00a0 | 25.3% | 25.3% | \u00a0 | Equity | \u00a0 | 25.3% | 25.3% | \u00a0 |
\u00a0 | Microstart | Belgium | Full | \u00a0 | 43.9% | 77.5% | \u00a0 | Full | \u00a0 | 43.9% | 77.5% | V4 |
\u00a0 | Private Equity Investments (a) | BE/FR/LU | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | Sagip | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sowo Invest SA NV | Belgium | Full | \u00a0 | 87.5% | 87.5% | \u00a0 | Full | \u00a0 | 87.5% | 87.5% | \u00a0 |
Commercial & Personal Banking in Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BGL BNPP | Luxembourg | Full | \u00a0 | 66.0% | 65.9% | \u00a0 | Full | \u00a0 | 66.0% | 65.9% | \u00a0 |
\u00a0 | BGL BNPP (Germany branch) | Germany | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 66.0% | 65.9% | \u00a0 |
\u00a0 | BNPP Lease Group Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 65.9% | \u00a0 | Full | \u00a0 | 100.0% | 65.9% | \u00a0 |
\u00a0 | BNPP SB Re | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Compagnie Financi\u00e8re Ottomane SA | Luxembourg | Full | \u00a0 | 97.4% | 97.4% | \u00a0 | Full | \u00a0 | 97.4% | 97.4% | V4 |
\u00a0 | i Hub SA | Luxembourg | Equity | (3) | 20.0% | 13.2% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Le Sphinx Assurances Luxembourg SA | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Luxhub SA | Luxembourg | Equity | \u00a0 | 28.0% | 18.5% | \u00a0 | Equity | \u00a0 | 28.0% | 18.5% | \u00a0 |
\u00a0 | Visalux | Luxembourg | Equity | \u00a0 | 25.2% | 16.6% | \u00a0 | Equity | \u00a0 | 25.2% | 16.6% | \u00a0 |
COMMERCIAL & PERSONAL BANKING OUTSIDE\u00a0THE\u00a0EUROZONE | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
Europe-Mediterranean | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Bank of Nanjing | China | Equity | \u00a0 | 18.1% | 18.1% | V1 | Equity | \u00a0 | 16.2% | 16.2% | V1/V3 |
\u00a0 | Banque Marocaine pour le Commerce et l'Industrie | Morocco | Full | \u00a0 | 67.0% | 67.0% | D2 | Full | \u00a0 | 67.0% | 67.0% | \u00a0 |
\u00a0 | Banque Marocaine pour le Commerce et l'Industrie Banque Offshore | Morocco | Full | \u00a0 | 100.0% | 67.0% | D2 | Full | \u00a0 | 100.0% | 67.0% | \u00a0 |
\u00a0 | Bantas Nakit AS | T\u00fcrkiye | Equity | (3) | 33.3% | 16.7% | \u00a0 | Equity | (3) | 33.3% | 16.7% | \u00a0 |
\u00a0 | BDSI | Morocco | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 96.4% | \u00a0 |
\u00a0 | BGZ Poland ABS1 DAC(t) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BMCI Leasing | Morocco | Full | \u00a0 | 86.9% | 58.2% | D2 | Full | \u00a0 | 86.9% | 58.2% | \u00a0 |
\u00a0 | BNPP Bank Polska SA | Poland | Full | \u00a0 | 75.0% | 75.0% | V3 | Full | \u00a0 | 81.3% | 81.3% | V2 |
\u00a0 | BNPP El Djazair | Algeria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Faktoring Spolka ZOO | Poland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fortis Yatirimlar Holding AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Group Service Center SA | Poland | Full | \u00a0 | 100.0% | 81.2% | V3 | Full | \u00a0 | 100.0% | 81.3% | V3 |
\u00a0 | BNPP IRB Participations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Yatirimlar Holding AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Dreams Sustainable AB | Sweden | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Joint Stock Company Ukrsibbank | Ukraine | Full | \u00a0 | 60.0% | 60.0% | \u00a0 | Full | \u00a0 | 60.0% | 60.0% | D1 |
\u00a0 | TEB ARF Teknoloji Anonim Sirketi | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Faktoring AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Finansman AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Holding AS | T\u00fcrkiye | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | TEB Portfoy Yonetimi AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | TEB SH A | Kosovo | Full | \u00a0 | 100.0% | 50.0% | \u00a0 | Full | \u00a0 | 100.0% | 50.0% | \u00a0 |
\u00a0 | TEB Yatirim Menkul Degerler AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna | Poland | Full | \u00a0 | 100.0% | 75.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Turk Ekonomi Bankasi AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
SPECIALISED BUSINESSES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Personal Finance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Alpha Cr\u00e9dit SA | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Auto ABS UK Loans PLC(t) | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | AutoFlorence 1 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 2 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 3 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 4 SRL(t) | Italy | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Autonoria 2019(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Autonoria DE 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria DE 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Autonoria Spain 2019t | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2021 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2022 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2023 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2025(t) | Spain | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Banque Financement | France | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Banco Cetelem SA | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BGN Mercantil E Servicos Ltda | Brazil | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Personal Finance | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Czech Republic branch) | Czech Rep. | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Portugal branch) | Portugal | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Romania branch) | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Slovakia branch) | Slovakia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance South Africa Ltd | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BON BNPP Consumer Finance Co Ltd | China | Equity | \u00a0 | 31.7% | 31.7% | \u00a0 | Equity | \u00a0 | 31.7% | 31.7% | V3 |
\u00a0 | Cafineo | France | Full | (1) | 51.0% | 50.8% | \u00a0 | Full | (1) | 51.0% | 50.8% | \u00a0 |
\u00a0 | Carrefour Banque | France | Equity | \u00a0 | 40.0% | 40.0% | \u00a0 | Equity | \u00a0 | 40.0% | 40.0% | \u00a0 |
\u00a0 | Central Europe Technologies SRL | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cetelem America Ltda | Brazil | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Cetelem Business Consulting Shanghai Co Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cetelem Gestion AIE | Spain | Full | \u00a0 | 100.0% | 96.5% | V4 | Full | \u00a0 | 100.0% | 96.0% | \u00a0 |
\u00a0 | Cetelem SA de CV | Mexico | Equity | \u00a0 | 20.0% | 0.0% | \u00a0 | Equity | \u00a0 | 20.0% | 0.0% | S2 |
\u00a0 | Cetelem Servicios Informaticos AIE | Spain | Full | \u00a0 | 100.0% | 81.5% | V4 | Full | \u00a0 | 100.0% | 81.0% | \u00a0 |
\u00a0 | Cetelem Servicos Ltda | Brazil | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cofica Bail | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cofiplan | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Creation Consumer Finance Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Creation Financial Services Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cr\u00e9dit Moderne Antilles Guyane | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cr\u00e9dit Moderne Oc\u00e9an Indien | France | Full | (1) | 97.8% | 97.8% | \u00a0 | Full | (1) | 97.8% | 97.8% | \u00a0 |
\u00a0 | Domofinance | France | Full | (1) | 55.0% | 55.0% | \u00a0 | Full | (1) | 55.0% | 55.0% | \u00a0 |
\u00a0 | E Carat 12 PLC(t) | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Ecarat DE SA(t) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Ekspres Bank AS | Denmark | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Ekspres Bank AS (Norway branch) | Norway | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Ekspres Bank AS (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Eos Aremas Belgium SA NV | Belgium | Equity | \u00a0 | 50.0% | 49.9% | \u00a0 | Equity | \u00a0 | 50.0% | 49.9% | \u00a0 |
\u00a0 | Evollis | France | Equity | \u00a0 | 48.8% | 48.8% | V3 | Equity | \u00a0 | 49.2% | 49.2% | \u00a0 |
\u00a0 | Findomestic Banca SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Florence Real Estate Developments SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Florence SPV SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | GCC Consumo Establecimiento Financiero de Credito SA | Spain | Full | \u00a0 | 51.0% | 51.0% | \u00a0 | Full | \u00a0 | 51.0% | 51.0% | \u00a0 |
\u00a0 | Genius Auto Finance Co Ltd | China | Equity | \u00a0 | 25.0% | 25.0% | D3 | Equity | (3) | 25.0% | 25.0% | \u00a0 |
\u00a0 | International Development Resources AS Services SA | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Loisirs Finance | France | Full | (1) | 51.0% | 51.0% | \u00a0 | Full | (1) | 51.0% | 51.0% | \u00a0 |
\u00a0 | Magyar Cetelem Bank ZRT | Hungary | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Neuilly Contentieux | France | Full | \u00a0 | 95.9% | 95.6% | \u00a0 | Full | \u00a0 | 95.9% | 95.6% | \u00a0 |
\u00a0 | Noria 2021(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Noria 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Noria 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Noria DE 2024(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Noria Spain 2020 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Opel Finance SA | Switzerland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | PBD Germany Auto Lease Master SA(t) | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Personal Finance Location | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | PF Services GmbH | Germany | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Phedina Hypotheken 2010 BV(t) | Netherlands | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | RCS Botswana Pty Ltd | Botswana | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | RCS Cards Pty Ltd | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | RCS Investment Holdings Namibia Pty Ltd | Namibia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Securitisation funds Genius (d)(t) | China | \u00a0 | \u00a0 | \u00a0 | \u00a0 | D3 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Securitisation funds UCI and RMBS Prado (b)(t) | Spain | Equity | (3) | - | - | \u00a0 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Securitisation funds Wisdom (e)(t) | China | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Servicios Financieros Carrefour EFC SA | Spain | Equity | \u00a0 | 37.3% | 40.0% | \u00a0 | Equity | \u00a0 | 37.3% | 40.0% | \u00a0 |
\u00a0 | Stellantis Bank SA | France | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Bank SA (Austria branch) | Austria | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Bank SA (Germany branch) | Germany | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Financial Services UK Ltd | UK | Full | \u00a0 | 100.0% | 50.0% | \u00a0 | Full | \u00a0 | 100.0% | 50.0% | \u00a0 |
\u00a0 | Union de Creditos Inmobiliarios SA | Spain | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | United Partnership | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | Vauxhall Finance Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | XFERA Consumer Finance EFC SA | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 51.0% | 51.0% | \u00a0 |
\u00a0 | Zhejiang Wisdom Puhua Financial Leasing Co Ltd | China | Equity | \u00a0 | 25.0% | 25.0% | S2 | Equity | (3) | 25.0% | 25.0% | \u00a0 |
Arval | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Artel | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Arval AB | Sweden | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval AS | Denmark | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval AS Norway | Norway | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Austria GmbH | Austria | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Belgium NV SA | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Brasil Ltda | Brazil | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval BV | Netherlands | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Colombia SAS (Ex- Arval Relsa Colombia SAS) | Colombia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval CZ SRO | Czech Rep. | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Deutschland GmbH | Germany | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Fleet Services | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Fleet Services (Monaco branch) | Monaco | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Hellas Car Rental SA | Greece | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval LLC | Russia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Magyarorszag KFT | Hungary | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Maroc SA | Morocco | Full | \u00a0 | 100.0% | 89.0% | \u00a0 | Full | \u00a0 | 100.0% | 89.0% | \u00a0 |
\u00a0 | Arval OY | Finland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Relsa SPA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Schweiz AG | Switzerland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Aluger Operational Automoveis SA | Portugal | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Italia SPA | Italy | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Polska SP ZOO | Poland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Romania SRL | Romania | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease SA | Spain | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Slovakia SRO | Slovakia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Trading | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Group Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Leasing Services Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fleet Holdings Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cent ASL | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cofiparc | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Comercializadora de Vehiculos SA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | FCT Pulse France 2022(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Greenval Insurance DAC | Ireland | Full | (2) | 100.0% | 99.9% | \u00a0 | Full | (2) | 100.0% | 99.9% | \u00a0 |
\u00a0 | Locadif | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Louveo | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Public Location Longue Dur\u00e9e | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Pulse UK 2024 PLC(s) | UK | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Rentaequipos Leasing Peru SA | Peru | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Rentaequipos Leasing SA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | TEB Arval Arac Filo Kiralama AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 75.0% | \u00a0 | Full | \u00a0 | 100.0% | 75.0% | \u00a0 |
\u00a0 | Terberg Leasing Justlease Belgium BV | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
Leasing Solutions | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Aprolis Finance | France | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | Artegy | France | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNL Leasing SPA | Italy | Full | \u00a0 | 100.0% | 95.5% | \u00a0 | Full | \u00a0 | 100.0% | 95.5% | \u00a0 |
\u00a0 | BNPP 3 Step IT | France | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Belgium branch) | Belgium | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Germany branch) | Germany | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Italy branch) | Italy | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Netherlands branch) | Netherlands | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Spain branch) | Spain | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (United Kingdom branch) | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP Finansal Kiralama AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 82.5% | \u00a0 | Full | \u00a0 | 100.0% | 82.5% | \u00a0 |
\u00a0 | BNPP Lease Group | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Germany branch) | Germany | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Italy branch) | Italy | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Portugal branch) | Portugal | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Spain branch) | Spain | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group Belgium | Belgium | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group Leasing Solutions SPA | Italy | Full | \u00a0 | 100.0% | 95.5% | \u00a0 | Full | \u00a0 | 100.0% | 95.5% | \u00a0 |
\u00a0 | BNPP Lease Group Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group SP ZOO | Poland | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Services | Poland | Full | \u00a0 | 100.0% | 81.2% | V3 | Full | \u00a0 | 100.0% | 81.3% | V3 |
\u00a0 | BNPP Leasing Solution AS | Norway | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions | Luxembourg | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions AB | Sweden | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions AS | Denmark | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions GmbH | Austria | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions IFN SA | Romania | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions NV | Netherlands | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions Suisse SA | Switzerland | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Rental Solutions SPA | Italy | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Claas Financial Services | France | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Germany branch) | Germany | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Italy branch) | Italy | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Poland branch) | Poland | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Spain branch) | Spain | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services Ltd | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe | France | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | \u00a0 | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Belgium branch) | Belgium | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Germany branch) | Germany | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Italy branch) | Italy | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Poland branch) | Poland | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Spain branch) | Spain | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe BV | Netherlands | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe GmbH | Austria | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | \u00a0 | 100.0% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe Ltd | UK | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | \u00a0 | 100.0% | 41.6% | \u00a0 |
\u00a0 | ES Finance | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | FL Zeebrugge(s) | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Fortis Lease | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Lease Belgium | Belgium | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Lease UK Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Vastgoedlease BV | Netherlands | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Heffiq Heftruck Verhuur BV | Netherlands | Full | \u00a0 | 50.1% | 41.5% | \u00a0 | Full | \u00a0 | 50.1% | 41.5% | \u00a0 |
\u00a0 | JCB Finance | France | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Germany branch) | Germany | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Italy branch) | Italy | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Spain branch) | Spain | Full | \u00a0 | 100.0% | 41.6% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | JCB Finance Holdings Ltd | UK | Full | \u00a0 | 50.1% | 41.6% | \u00a0 | Full | \u00a0 | 50.1% | 41.6% | \u00a0 |
\u00a0 | JFL BNPP Agriculture And Technology Financial Leasing Co Ltd | China | Equity | \u00a0 | 45.0% | 37.3% | \u00a0 | Equity | \u00a0 | 45.0% | 37.3% | E2 |
\u00a0 | Manitou Finance Ltd | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF | France | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF (Germany branch) | Germany | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF (Italy branch) | Italy | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Natio Energie 2 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Natiocredibail | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Pixel 2021(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Same Deutz Fahr Finance | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | SNC Natiocredimurs | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
New Digital Businesses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Financi\u00e8re des Paiements Electroniques | France | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Belgium branch) | Belgium | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Germany branch) | Germany | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Portugal branch) | Portugal | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Spain branch) | Spain | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Floa | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | (1) | 100.0% | \u00a0 |
\u00a0 | Lyf SA | France | Equity | (3) | 46.3% | 46.3% | V1 | Equity | \u00a0 | (3) | 44.8% | V1 |
\u00a0 | Lyf SAS | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | (3) | 50.0% | \u00a0 |
Personal Investors | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Espresso Financial Services Private Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Geojit Technologies Private Ltd | India | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Human Value Developers Private Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Sharekhan BNPP Financial Services Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Sharekhan Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
INVESTMENT & PROTECTION SERVICES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Insurance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | AEW Immocommercials | France | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | AG Insurance | Belgium | Equity | \u00a0 | 25.0% | 25.0% | D2 | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Agathe Retail France | France | FV | \u00a0 | 33.3% | 33.3% | \u00a0 | FV | \u00a0 | 33.3% | 33.3% | \u00a0 |
\u00a0 | AM Select(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Astridplaza | Belgium | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | AXA IM Smart Euro Short Term Return(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Batipart Participations SAS | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | FV | \u00a0 | 29.7% | 29.7% | \u00a0 |
\u00a0 | BCC Vita SPA | Italy | Full | (2) | 70.0% | 70.0% | \u00a0 | Full | (2) | 70.0% | 70.0% | E3 |
\u00a0 | Becquerel(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Croissance ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Euro ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Monde ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Patrimoine ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Actions PME ETI(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Aqua(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Best Selection Actions Euro ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Bond 6M(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Cardif | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif BV | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Compania de Seguros y Reaseguros SA | Peru | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Emeklilik AS | T\u00fcrkiye | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Hayat Sigorta AS | T\u00fcrkiye | Full | (2) | 100.0% | 100.0% | D1 | Equity | * | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB (Denmark branch) | Denmark | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB (Norway branch) | Norway | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Nordic AB (Ex- Cardif Nordic AB) | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Pojistovna AS | Czech Rep. | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Seguros de Vida SA | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Seguros Generales SA | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Services SRO | Czech Rep. | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Servicios y Asistencia Ltda | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Sigorta AS | T\u00fcrkiye | Full | (4) | 100.0% | 100.0% | D1 | Equity | * | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif TCB Life Insurance Co Ltd | Taiwan | Equity | \u00a0 | 49.0% | 49.0% | \u00a0 | Equity | \u00a0 | 49.0% | 49.0% | \u00a0 |
\u00a0 | BNPP Cardif Vita Compagnia di Assicurazione E Riassicurazione SPA | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Convictions(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP CP Cardif Private Debt(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP D\u00e9veloppement Humain(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Diversiflex(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Diversipierre(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | BNPP Euro Climate Aligned(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP France Cr\u00e9dit(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Global Senior Corporate Loans(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Indice Amerique du Nord(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Indice France ESG(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Infrastructure Investments Fund(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Multistrat\u00e9gies Protection 80(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Obliselect Euro Dec 2028(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Select(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP S\u00e9lection Dynamique Monde(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Selection Patrimoine Responsable(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Smallcap Euroland ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Social Business France(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BOB Cardif Life Insurance Co Ltd | China | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | C Sant\u00e9(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | D1 |
\u00a0 | CamGestion Convertibles Europe(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Capital France Hotel | France | Full | (2) | 98.5% | 98.5% | \u00a0 | Full | (2) | 98.5% | 98.5% | \u00a0 |
\u00a0 | Cardif Airstar Property & Casualty Insurance Co Ltd | China | Equity | \u00a0 | 49.0% | 49.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Cardif Alternatives Part I(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Cardif Assurance Vie | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Austria branch) | Austria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Belgium branch) | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Bulgaria branch) | Bulgaria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Germany branch) | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Italy branch) | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Netherlands branch) | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Portugal branch) | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Romania branch) | Romania | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Spain branch) | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Switzerland branch) | Switzerland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Taiwan branch) | Taiwan | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Austria branch) | Austria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Belgium branch) | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Bulgaria branch) | Bulgaria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Germany branch) | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Italy branch) | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Netherlands branch) | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Poland branch) | Poland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Portugal branch) | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Romania branch) | Romania | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Spain branch) | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Switzerland branch) | Switzerland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Taiwan branch) | Taiwan | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Biztosito Magyarorszag ZRT | Hungary | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif BNPP AM Emerging Bond(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP AM Euro Paris Climate Aligned(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP AM Global Environmental Equity(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP AM Sustainable Euro Equity(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP AM Sustainable Europe Equity(s) | France | Full | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP IP Signatures(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP IP Smid Cap Euro(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Colombia Seguros Generales SA | Colombia | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Colombia Servicios SA (Ex- Cardif Servicios de Colombia SAS) | Colombia | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | E1 |
\u00a0 | Cardif CPR Global Return(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | \u00a0 | (2) | - | - | \u00a0 |
\u00a0 | Cardif do Brasil Seguros e Garantias SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif do Brasil Vida e Previdencia SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Edrim Signatures(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Cardif El Djazair | Algeria | Equity | * | 85.0% | 85.0% | \u00a0 | Equity | * | 85.0% | 85.0% | V2 |
\u00a0 | Cardif Forsakring AB | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Forsakring AB (Denmark branch) | Denmark | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Forsakring AB (Norway branch) | Norway | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif IARD | France | Full | (2) | 66.0% | 66.0% | \u00a0 | Full | (2) | 66.0% | 66.0% | \u00a0 |
\u00a0 | Cardif Insurance Holdings PLC | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Life Insurance Co Ltd | Rep. of Korea | Full | (2) | 85.0% | 85.0% | \u00a0 | Full | (2) | 85.0% | 85.0% | \u00a0 |
\u00a0 | Cardif Life Insurance Japan | Japan | Full | (2) | 75.0% | 75.0% | \u00a0 | Full | (2) | 75.0% | 75.0% | \u00a0 |
\u00a0 | Cardif Ltda | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Lux Vie | Luxembourg | Full | (2) | 100.0% | 88.6% | \u00a0 | Full | (2) | 100.0% | 88.6% | \u00a0 |
\u00a0 | Cardif Mexico Seguros de Vida SA de CV | Mexico | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Mexico Seguros Generales SA de CV | Mexico | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Non Life Insurance Japan | Japan | Full | (2) | 100.0% | 75.0% | \u00a0 | Full | (2) | 100.0% | 75.0% | \u00a0 |
\u00a0 | Cardif Polska Towarzystwo Ubezpieczen Na Zycie SA | Poland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Retraite | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Services AEIE | Portugal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Cardif Servicios SAC | Peru | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Support Unipessoal Lda | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardimmo | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Carma Grand Horizon SARL | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Centre Commercial Francilia | France | FV | \u00a0 | 21.7% | 21.7% | \u00a0 | FV | \u00a0 | 21.7% | 21.7% | \u00a0 |
\u00a0 | CFH Alexanderplatz Hotel Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Algonquin Management Partners France Italia | Italy | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy Hotel | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy Interm\u00e9diaire | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Berlin GP GmbH | Germany | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Berlin Holdco SARL | Luxembourg | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Boulogne | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Cap d'Ail | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Hostel Berlin Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Hotel Project Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Milan Holdco SRL | Italy | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Montmartre | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Montparnasse | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | Clariance & Partenaires (Ex- Korian et Partenaires Immobilier 2) | France | FV | \u00a0 | 24.5% | 24.5% | \u00a0 | FV | \u00a0 | 24.5% | 24.5% | \u00a0 |
\u00a0 | Corosa | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Darnell DAC | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | D\u00e9fense CB3 SAS | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Diversipierre DVP 1 | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | V4 |
\u00a0 | Diversipierre Germany GmbH | Germany | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP European Channel | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Green Clover | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Haussmann | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Heron | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | EP L(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | EP1 Grands Moulins(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | D1 |
\u00a0 | Fleur SAS | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Fonci\u00e8re Partenaires(s) | France | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | Fondev | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Fondo BNPP Aqua Protetto(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | E1 |
\u00a0 | Fonds d'Investissements Immobiliers pour le Commerce et la Distribution | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | FP Cardif Convex Fund USD(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Fundamenta(s) | Italy | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | GIE BNPP Cardif | France | Full | (2) | 99.8% | 99.8% | V4 | Full | (2) | 99.7% | 99.7% | \u00a0 |
\u00a0 | GPinvest 10 | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Harewood Helena 2 Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Harmony Prime(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Hemisphere Holding | France | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 |
\u00a0 | Hibernia France | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | Horizon Development GmbH | Germany | FV | \u00a0 | 66.7% | 65.1% | V4 | FV | \u00a0 | 66.7% | 64.9% | V4 |
\u00a0 | Icare | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Icare Assurance | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | ID Cologne A1 GmbH | Germany | Full | (2) | 100.0% | 97.9% | V4 | Full | (2) | 89.2% | 86.8% | D1/V4 |
\u00a0 | ID Cologne A2 GmbH | Germany | Full | (2) | 100.0% | 97.9% | V4 | Full | (2) | 89.2% | 86.8% | D1/V4 |
\u00a0 | Karapass Courtage | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Korian et Partenaires Immobilier 1 | France | FV | \u00a0 | 24.5% | 24.5% | \u00a0 | FV | \u00a0 | 24.5% | 24.5% | \u00a0 |
\u00a0 | Luizaseg Seguros SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Natio Assurance | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Natio Fonds Amp\u00e8re 1(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | NCVP Participacoes Societarias SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Neuflize Vie | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | E3 |
\u00a0 | New Alpha Cardif Incubator Fund(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | OC Health Real Estate GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Op\u00e9ra Rendement(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Paris Management Consultant Co Ltd | Taiwan | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Permal Cardif Co Investment Fund(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Pinnacle Pet Holdings Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | \u00a0 | 24.7% | 24.7% | \u00a0 |
\u00a0 | Poistovna Cardif Slovakia AS | Slovakia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Preim Healthcare SAS(s) | France | FV | (2) | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | PWH | France | FV | (2) | 47.5% | 47.5% | \u00a0 | FV | \u00a0 | 47.5% | 47.5% | \u00a0 |
\u00a0 | Reumal Investissements | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Rubin SARL | Luxembourg | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Rueil Ariane | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sanso Carbon Initiative Trends (Ex- Cedrus Carbon Initiative Trends)(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | SAS HVP | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Schroder European Operating Hotels Fund 1(s) | Luxembourg | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | SCI 68/70 rue de Lagny Montreuil | France | Full | (2) | 99.9% | 99.9% | \u00a0 | Full | (2) | 99.9% | 99.9% | \u00a0 |
\u00a0 | SCI Alpha Park | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | SCI Batipart Chadesrent | France | FV | \u00a0 | 20.0% | 20.0% | \u00a0 | FV | \u00a0 | 20.0% | 20.0% | \u00a0 |
\u00a0 | SCI Biv Malakoff | France | FV | \u00a0 | 23.3% | 23.3% | \u00a0 | FV | \u00a0 | 23.3% | 23.3% | \u00a0 |
\u00a0 | SCI BNPP Pierre I | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI BNPP Pierre II | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full) | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Bobigny Jean Rostand | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Bouleragny | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI Cardif Logements (Ex- SCI Cardif Logement) | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Citylight Boulogne | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Clichy Nuovo | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI D\u00e9fense Etoile | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI D\u00e9fense Vend\u00f4me | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Etoile du Nord | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Fontenay Plaisance | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Imefa Velizy | France | FV | \u00a0 | 21.8% | 21.8% | \u00a0 | FV | \u00a0 | 21.8% | 21.8% | \u00a0 |
\u00a0 | SCI Le Mans Gare | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Nanterre Guilleraies | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Nantes Carnot | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Odyss\u00e9e | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Pantin Les Moulins | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Batignolles | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Cours de Vincennes | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Grande Arm\u00e9e | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Turenne | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Portes de Claye | France | Equity | \u00a0 | 45.0% | 45.0% | \u00a0 | Equity | (2) | 45.0% | 45.0% | \u00a0 |
\u00a0 | SCI Rue Moussorgski | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Rueil Caudron | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint Denis Landy | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint Denis Mitterrand | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint-Denis Jade | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI SCOO | France | FV | \u00a0 | 46.4% | 46.4% | \u00a0 | FV | \u00a0 | 46.4% | 46.4% | \u00a0 |
\u00a0 | SCI Vend\u00f4me Ath\u00e8nes | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI Villeurbanne Stalingrad | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Secar | France | FV | \u00a0 | 55.1% | 55.1% | \u00a0 | FV | \u00a0 | 55.1% | 55.1% | \u00a0 |
\u00a0 | Seniorenzentren Deutschland Holding SARL | Luxembourg | FV | \u00a0 | 20.0% | 17.7% | \u00a0 | FV | \u00a0 | 20.0% | 17.7% | \u00a0 |
\u00a0 | Seniorenzentren Reinbeck Oberursel M\u00fcnchen Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Butzbach Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Heilbronn Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Kassel Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Wolfratshausen Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Services Epargne Entreprise | France | Equity | \u00a0 | 50.0% | 50.0% | V1 | Equity | \u00a0 | 36.8% | 36.8% | V1 |
\u00a0 | SNC Batipart Mermoz | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | SNC Batipart Poncelet | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Francaise d'Assurances sur la Vie | France | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Immobili\u00e8re du Royal Building SA | Luxembourg | Full | (2) | 100.0% | 88.6% | \u00a0 | Full | (2) | 100.0% | 88.6% | \u00a0 |
\u00a0 | Theam Quant Europe Climate Carbon Offset Plan(s) | France | Full | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Tikehau Cardif Loan Europe(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Valeur Pierre Epargne | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Valtitres FCP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Velizy Holding | France | FV | \u00a0 | 33.3% | 33.3% | \u00a0 | FV | \u00a0 | 33.3% | 33.3% | \u00a0 |
Wealth Management | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Wealth Management Monaco | Monaco | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (1) | 100.0% | 100.0% | \u00a0 |
Asset Management | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Alfred Berg Kapitalforvaltning AS | Norway | Full | \u00a0 | 100.0% | 75.0% | V4 | Full | \u00a0 | 100.0% | 73.7% | \u00a0 |
\u00a0 | Alfred Berg Kapitalforvaltning AS (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 75.0% | V4 | Full | \u00a0 | 100.0% | 73.7% | \u00a0 |
\u00a0 | Architas Multi Manager Europe Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Artemid | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (German branch) | Germany | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Italy branch) | Italy | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Netherland branch) | Netherlands | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Spain branch) | Spain | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 1 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 2 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 3 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Architas | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Benelux | Belgium | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Benelux (Netherland branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Paris | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Italy branch) | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Luxembourg branch) | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Netherland branch) | Netherlands | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Prime | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Prime (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Select Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Select Belgium SA And NV | Belgium | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Select France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM US Group Holding LLC | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers Australia Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Deutschland Gmbh | Germany | Full | \u00a0 | 89.9% | 89.9% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Deutschland Gmbh (French branch) | France | Full | \u00a0 | 100.0% | 89.9% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers GS Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers IF | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Private Fund Management Shanghai Ltd | China | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Schweiz AG | Switzerland | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers UK Holdings Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers US Inc | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Real Estate Investment Managers | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers Australia Pty Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers Japan KK | Japan | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa REIM SGP | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM SGP (Italy branch) | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Spdb Investment Managers Company Ltd | China | Equity | \u00a0 | 39.0% | 39.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Bancoestado Administradora General de Fondos SA | Chile | Equity | \u00a0 | 50.0% | 50.0% | V4 | Equity | \u00a0 | 50.0% | 49.1% | \u00a0 |
\u00a0 | Baroda BNPP AMC Private Ltd | India | Equity | (3) | 49.9% | 49.9% | V4 | Equity | (3) | 49.9% | 49.1% | V4 |
\u00a0 | BNPP ABC Wealth Management Co Ltd | China | Equity | (3) | 51.0% | 51.0% | V4 | Equity | (3) | 51.0% | 50.1% | \u00a0 |
\u00a0 | BNPP Agility Fund Equity SLP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Agility Fund Private Debt SLP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP AM Hedged Strategies(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP AM International Hedged Strategies(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Asset Management Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Be Holding | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Brasil Ltda | Brazil | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 99.6% | V4 |
\u00a0 | BNPP Asset Management Europe | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Belgium branch) | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Luxembourg branch) | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management Europe (Netherlands branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Poland branch) | Poland | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | E2 |
\u00a0 | BNPP Asset Management Europe (Spain branch) | Spain | Full | \u00a0 | 100.0% | 100.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management Holding | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V1 |
\u00a0 | BNPP Asset Management Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Luxembourg | Luxembourg | Full | \u00a0 | 99.7% | 99.7% | V4 | Full | \u00a0 | 99.7% | 98.0% | V4 |
\u00a0 | BNPP Asset Management Property Solutions | France | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Taiwan Co Ltd | Taiwan | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management USA Holdings Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Asset Management USA Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP B Institutional II(s) | Belgium | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Dealing Services | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Easy(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Flexi I(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Funds(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management France | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH | Germany | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Italy branch) | Italy | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Portugal branch) | Portugal | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Spain branch) | Spain | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Luxembourg SA (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Capza Transition | France | Full | \u00a0 | 100.0% | 79.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Colisee Gerance | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Drypnir AS | Norway | Full | \u00a0 | 100.0% | 0.1% | \u00a0 | Full | \u00a0 | 100.0% | 0.1% | \u00a0 |
\u00a0 | Dynamic Credit Group BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 75.0% | 73.7% | V4 |
\u00a0 | Gambit Financial Solutions | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | Haitong Fortis Private Equity Fund Management Co Ltd | China | Equity | \u00a0 | 33.0% | 33.0% | V4 | Equity | \u00a0 | 33.0% | 32.4% | \u00a0 |
\u00a0 | Harewood Helena 1 Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | HFT Investment Management Co Ltd | China | Equity | \u00a0 | 49.0% | 49.0% | V4 | Equity | \u00a0 | 49.0% | 48.2% | V4 |
\u00a0 | Impax Asset Management Group PLC | UK | Equity | \u00a0 | 13.8% | 13.8% | V4 | Equity | \u00a0 | 13.8% | 13.5% | \u00a0 |
\u00a0 | Kyobo AXA Investment Managers Company Ltd | Rep. of Korea | Equity | \u00a0 | 50.0% | 50.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Master Seeder Fund(s) | France | Full | (4) | - | - | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | SME Alternative Financing DAC(s) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Theam Quant(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | W Capital Management LLC | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Real Estate | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Allium Investments SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Auguste Thouard Expertise | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Immobilier Promotion | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Immobilier R\u00e9sidences Services | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate (United Arab Emirates branch) | United Arab Emirates | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management Ireland Ltd | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management Luxembourg SA | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory France (Ex- BNPP Real Estate Transaction France) | France | Full | (2) | 97.6% | 97.6% | V1 | Full | (2) | 97.4% | 97.4% | V1 |
\u00a0 | BNPP Real Estate Advisory Italy SPA | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory Netherlands BV | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Belgium SA | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Conseil Habitation & Hospitality | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Consult France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Consult GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Facilities Management Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Financial Partner | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Holding GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Belgium | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Real Estate Investment Management Italy SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Spain SA | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Poland SP ZOO | Poland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Portugal Unipersonal LDA | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Development & Services GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Development UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management France SAS | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management Italy SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Singapore Pte Ltd | Singapore | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Spain SA | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Valuation France | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cariboo Development SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 |
\u00a0 | Construction-Sale Companies (c) | France | Full / Equity | (2) | - | - | \u00a0 | Full / Equity | (2) | - | - | \u00a0 |
\u00a0 | Exeo Aura & Echo Offices Lda | Portugal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Equity | \u00a0 | 31.9% | 31.9% | \u00a0 |
\u00a0 | GIE BNPP Real Estate | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Horti Milano SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Nanterre Arboretum | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Parker Tower Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Partner's & Services | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | REPD Parker Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sviluppo Residenziale Italia SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Wapiti Development SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 |
OTHER BUSINESS UNITS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Property Companies (Property Used In Operations) and Others | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
\u00a0 | Antin Participation 5 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Home Loan SFH | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners for Innovation | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners for Innovation Belgium | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners For Innovation Global Connect | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E1 |
\u00a0 | BNPP Partners for Innovation Italia SRL | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Procurement Tech | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Public Sector SA | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | FCT Capucines 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | FCT Lafayette 2021(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Laffitte 2021(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Opera 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Pyramides 2022(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | GIE Groupement Auxiliaire de Moyens | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | GIE Groupement d'Etudes et de Prestations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Antin Participation 5 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
(a) | At 31 December 2025, 11 Private Equity investment entities versus 13 Private Equity investment entities at 31 December 2024. |
(b) | At 31 December 2025, the securitisation funds UCI and RMBS Prado include 9 funds (FCC UCI 12, 14 to 17, RMBS Prado VIII to XI, et RMBS Belem No 2) versus 13 funds (FCC UCI 11, 12, 14 to 17, RMBS Prado VII to XI, Green Belem I et RMBS Belem No 2) at 31 December 2024. |
(c) | At 31 December 2025, 89 Construction-sale companies (63 Full and 26 Equity) versus 102 Construction-sale companies (71 Full and 31 Equity) at 31 December 2024. |
(d) | At 31 December 2025, Genius Securitization Funds are no longer disclosed within the scope due to the break in the Group's control chain over their holding entity, now consolidated under equity method in the prudential scope. |
(e) | At 31 December 2025, Wisdom Securitization Funds are no longer disclosed within the scope due to the break in the Group's control chain over their holding entity, now consolidated under equity method in the prudential scope. |
(f) | At 31 December 2025, general compartment Aries Capital DAC includes 14 consolidated silos. |
(g) | At 31 December 2025, general compartment Securasset includes 8 consolidated silos. |
(h) | At 31 December 2025, general compartment SPIRE includes 1 consolidated silo. |
\u00a0
As requested by the ANC 2016 regulation, the list of entities that are controlled by the Group, jointly controlled or under significant influence, but excluded from the scope of consolidation since their contribution to the consolidated financial statements would be immaterial to the Group, and the list of equity investments, are available on the \u201cRegulated Information\u201d page of the https://invest.bnpparibas.com website.
\u00a0
\u00a0
\u00a0
Changes in the scope of consolidation | |
|---|---|
New entries (E) in the scope of consolidation | |
E1 | Passing above consolidation thresholds |
E2 | Incorporation |
E3 | Purchase, gain of control or significant influence |
Removals (S) from the scope of consolidation | |
S1 | Cessation of activity (dissolution, liquidation, etc.) |
S2 | Disposal, loss of control or loss of significant influence |
S3 | Passing below consolidation thresholds |
S4 | Merger, Universal transfer of assets and liabilities |
Variance (V) in voting or ownership interest | |
V1 | Additional purchase |
V2 | Partial disposal |
V3 | Dilution |
V4 | Increase in % |
Miscellaneous | |
D1 | Consolidation method change not related to fluctuation in voting or ownership interest |
D2 | Entities of a business held for sale |
D3 | Loss of joint control with no impact on the accounting consolidation method, but resulting in a shift to equity under the prudential perimeter |
\u00a0
Equity* | Controlled but non material entities consolidated under the equity method as associates |
FV | Joint control or investment in associates measured at fair value through profit or loss |
(s) | Structured entities |
(t) | Securitisation funds |
\u00a0 | \u00a0 |
Prudential scope of consolidation | |
(1) | French subsidiaries for which supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP\u00a0Paribas\u00a0SA, in accordance with article\u00a07.1 of Regulation n\u00b0575/2013 of the European Parliament and of the Council |
(2) | Entities consolidated under the equity method in the prudential scope |
(3) | Jointly controlled entities under proportional consolidation in the prudential scope |
(4) | Collective investment undertaking excluded from the prudential scope |
Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity\u2019s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRS.
Companies over which the Group exercises significant influence or associates are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of a company without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting rights of a company. Interests of less than 20% can be included in the consolidation scope if the Group effectively exercises significant influence. This is the case for example for entities developed in partnership with other associates, where the BNP\u00a0Paribas Group participates in strategic decisions of the enterprise through representation on the Board of directors or equivalent governing body, or exercises influence over the enterprise\u2019s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise\u2019s development.
Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under \u201cInvestments in equity-method entities\u201d and in the relevant component of shareholders\u2019 equity. Goodwill recorded on associates is also included under \u201cEquity-method investments\u201d.
Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under \u201cShare of earnings of equity-method entities\u201d in the consolidated income statement and can be reversed at a later date.
If the Group\u2019s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has contracted a legal or constructive obligation or has made payments on behalf of this entity.
Where the Group holds an interest in an associate, directly or indirectly through an entity that is a venture capital organisation, a mutual fund, an open-ended investment company or similar entity such as an investment-related insurance fund, it may elect to measure that interest at fair value through profit or loss.
Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under \u201cNet gain on non-current assets\u201d.
The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events occurring in similar circumstances.
For transactions resulting in a loss of significant influence, any equity interest retained by the Group is accounted for in accordance with IFRS 9 principles applicable to financial instruments held.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_b488b980-402f-4834-951b-3a54109d186e": { "value": "Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity\u2019s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRS.
Cumulated financial information of associates and joint ventures is presented in the following table:
In millions of euros | Year to 31 Dec. 2025 | 31 December 2025 | Year to 31 Dec. 2024 | 31 December 2024 | ||||
Share of net income | Share of changes in assets and liabilities recognised directly in equity | Share of net income and changes in assets and liabilities recognised directly in equity | Equity- | Share of net income | Share of changes in assets and liabilities recognised directly in equity | Share of net income and changes in assets and liabilities recognised directly in equity | Equity- | |
Joint ventures | 34 | (411) | (377) | 823 | (10) | 225 | 215 | 1,960 |
Associates(1) | 743 | (400) | 343 | 6,127 | 711 | 308 | 1,019 | 5,902 |
Total equity-method entities | 777 | (811) | (34) | 6,950 | 701 | 533 | 1,234 | 7,862 |
(1) | Including controlled but non-material entities consolidated under the equity method. |
\u00a0
Financing and guarantee commitments given by the Group to joint ventures are listed in note\u00a08.j Other related parties.
\u00a0
The carrying amount of the Group\u2019s investment in the main joint ventures and associates is presented in the following table:
In millions of euros, at | Country of registration | Activity | Interest (%) | 31 December 2025 | 31 December 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Joint ventures | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Union de Creditos Inmobiliarios | Spain | Retail mortgage | 50% | 223 | 233 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
BoB Cardif Life Insurance | China | Life Insurance | 50% | 105 | 454 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Genius Auto Finance Co\u00a0Ltd(1) | China | Specialised loans | 25% | \u00a0 | 331 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Pinnacle Pet Holding\u00a0Ltd(2) | United Kingdom | Insurance | \u00a0 | \u00a0 | 407 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
BON BNPP Consumer Finance Co Ltd | China | Specialised loans | 32% | 284 | 256 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
AG Insurance(3) | Belgium | Insurance | 25% | \u00a0 | 593 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Genius Auto Finance Co\u00a0Ltd(1) | China | Specialised loans | 25% | 309 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Bank of Nanjing | China | Retail Banking | 18% | 4,058 | 3,661 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Allfunds Group\u00a0Plc | United Kingdom | Financial Services | 13% | 261 | 283 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
(1) | As of 31 December 2025, the BNP Paribas Group has lost joint control over Genius Auto Finance but retains significant influence over this entity. |
(2) | In 2025, the BNP Paribas Group lost significant influence over the Pinnacle Pet Holding Ltd group (see note 8.d). |
(3) | As of 31 December 2025, BNP Paribas Group has classified AG Insurance as activities held for sale according to IFRS 5 (see note 8.f). |
BNP\u00a0Paribas, a\u00a0soci\u00e9t\u00e9 anonyme\u00a0(Public Limited Company), registered in\u00a0France, is the Group\u2019s lead company, which holds key positions in its three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS).
During the year, the parent company did not change its name. BNP\u00a0Paribas has its principal place of business in France and its head office is located at\u00a016\u00a0boulevard des Italiens 75009 Paris,\u00a0France.
\u00a0
Business | Name | Country | 31 December 2025 | 31 December 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Method | Voting (%) | Interest (%) | Ref. | Method | Voting (%) | Interest (%) | Ref. | |||||
\u00a0 | BNP\u00a0Paribas\u00a0SA | France | (1) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (1) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP\u00a0SA (Argentina branch) | Argentina | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Australia branch) | Australia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Bahrain branch) | Bahrain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Belgium branch) | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Bulgaria branch) | Bulgaria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Canada branch) | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Czech Republic branch) | Czech Rep. | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Denmark branch) | Denmark | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Finland branch) | Finland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Greece branch) | Greece | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Guernsey branch) | Guernsey | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Hong Kong branch) | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Hungary branch) | Hungary | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (India branch) | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Ireland branch) | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Japan branch) | Japan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Jersey branch) | Jersey | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Kuwait branch) | Kuwait | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Luxembourg branch) | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Malaysia branch) | Malaysia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Monaco branch) | Monaco | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Netherlands branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Norway branch) | Norway | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Philippines branch) | Philippines | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Poland branch) | Poland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Portugal branch) | Portugal | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Qatar branch) | Qatar | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Republic of Korea branch) | Rep. of Korea | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Romania branch) | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Saudi Arabia branch) | Saudi Arabia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Singapore branch) | Singapore | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (South Africa branch) | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Spain branch) | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Switzerland branch) | Switzerland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Taiwan branch) | Taiwan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Thailand branch) | Thailand | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United Arab Emirates branch) | United Arab Emirates | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United Kingdom branch) | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United States branch) | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Viet Nam branch) | Viet Nam | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
CORPORATE & INSTITUTIONAL BANKING | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
EMEA (Europe, Middle East, Africa) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Financial Markets | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Eurotitrisation | France | Equity | \u00a0 | 22.4% | 22.4% | V4 | Equity | \u00a0 | 22.0% | 22.0% | \u00a0 |
\u00a0 | Exane Asset Management | France | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Exane Finance | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | FCT Juice(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Financi\u00e8re du March\u00e9 Saint Honor\u00e9 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Parilease | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Services Logiciels d'Int\u00e9gration Boursi\u00e8re | France | Equity | (3) | 66.6% | 66.6% | \u00a0 | Equity | (3) | 66.6% | 66.6% | \u00a0 |
\u00a0 | Services Logiciels d'Int\u00e9gration Boursi\u00e8re (Portugal branch) | Portugal | Equity | (3) | 66.6% | 66.6% | \u00a0 | Equity | (3) | 66.6% | 66.6% | \u00a0 |
\u00a0 | SNC Taitbout Participation 3 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Orbaisienne de Participations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Uptevia SA | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
Other European countries | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Allfunds Group PLC | UK | Equity | \u00a0 | 12.7% | 12.7% | V1 | Equity | \u00a0 | 12.5% | 12.4% | V4 |
\u00a0 | Aries Capital DAC (f)(s) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AssetMetrix | Germany | Equity | \u00a0 | 23.1% | 23.1% | \u00a0 | Equity | \u00a0 | 23.1% | 23.1% | V4 |
\u00a0 | BNP PUK Holding Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Bank JSC | Russia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Emissions Und Handels GmbH | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Administration Services Ireland Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Ireland Unlimited Co | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Islamic Issuance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Issuance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Net Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Prime Brokerage International Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Suisse SA | Switzerland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Suisse SA (Guernsey branch) | Guernsey | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Technology LLC | Russia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Trust Corp UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Vartry Reinsurance DAC | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Diamante Re SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Exane Solutions Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Expo Atlantico EAII Investimentos Imobiliarios SA(s) | Portugal | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Expo Indico EIII Investimentos Imobiliarios SA(s) | Portugal | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FScholen | Belgium | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | Greenstars BNPP | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox European Union SL | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox Holding Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Madison Arbor Ltd(t) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Matchpoint Finance PLCt | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Ribera Del Loira Arbitrage | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Securasset SA (g)(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Single Platform Investment Repackaging Entity SA (h)(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Volantis SARL(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E1 |
Middle East | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Investment Co KSA | Saudi Arabia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
AMERICAS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Banco BNPP Brasil SA | Brazil | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Capital Services Inc | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Colombia Corporacion Financiera SA | Colombia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP EQD Brazil Fund Fundo de Investmento Multimercado(s) | Brazil | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP Financial Services LLC | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP FS LLC | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP IT Solutions Canada Inc | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Mexico Holding | Mexico | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Mexico SA Institucion de Banca Multiple | Mexico | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Proprietario Fundo de Investimento Multimercado(s) | Brazil | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP RCC Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Corp | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP US Investments Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP US Wholesale Holdings Corp | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP USA Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP VPG Brookline Cre LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG EDMC Holdings LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG Express LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG I LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG II LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG III LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG IV LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG Master LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Corporation BNPP Canada | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Decart Re Ltd | Bermuda | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | FSI Holdings Inc | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Starbird Funding Corpt | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
PACIFIC ASIA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Andalan Multi Guna PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Bank BNPP Indonesia PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Arbitrage Hong Kong Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Center of Expertise Nanjing Co Ltd | China | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP China Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Finance Hong Kong Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Services Australasia Pty Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Services Australasia Pty Ltd (New Zealand branch) | New Zealand | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP India Holding Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP India Solutions Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Malaysia Berhad | Malaysia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities China Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E2 |
\u00a0 | BNPP Securities India Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Korea Co Ltd | Rep. of Korea | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Taiwan Co Ltd | Taiwan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Sekuritas Indonesia PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BPP Holdings Pte Ltd | Singapore | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
COMMERCIAL, PERSONAL BANKING & SERVICES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
COMMERCIAL & PERSONAL BANKING IN\u00a0THE\u00a0EUROZONE | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
Commercial & Personal Banking in France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | 2SF - Soci\u00e9t\u00e9 des Services Fiduciaires | France | Equity | (3) | 33.3% | 33.3% | \u00a0 | Equity | (3) | 33.3% | 33.3% | \u00a0 |
\u00a0 | Banque de Wallis et Futuna | France | Full | (1) | 51.0% | 51.0% | \u00a0 | Full | (1) | 51.0% | 51.0% | \u00a0 |
\u00a0 | BNPP Antilles Guyane | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP D\u00e9veloppement | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP D\u00e9veloppement Oblig | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor (Portugal branch) | Portugal | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor (Spain branch) | Spain | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Nouvelle Cal\u00e9donie | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP R\u00e9union | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Services Mon\u00e9tiques | France | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Compagnie pour le Financement des Loisirs | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Copartis | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Estreem (Ex Partecis) | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | GIE Ocean | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Jivago Holding | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Paylib Services | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Equity | \u00a0 | 14.3% | 14.3% | \u00a0 |
\u00a0 | Portzamparc | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
BNL banca commerciale | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Banca Agevolarti SPA | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Banca Nazionale Del Lavoro SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP BNL Equity Investment SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E1 |
\u00a0 | EMF IT 2008 1 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Era Uno SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Eutimm SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Financit SPA | Italy | Full | \u00a0 | 60.0% | 60.0% | \u00a0 | Full | \u00a0 | 60.0% | 60.0% | \u00a0 |
\u00a0 | Immera SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | International Factors Italia SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | V1 | Full | \u00a0 | 99.9% | 99.9% | V1 |
\u00a0 | Permicro SPA | Italy | Equity | \u00a0 | 21.9% | 21.9% | \u00a0 | Equity | \u00a0 | 21.9% | 21.9% | \u00a0 |
\u00a0 | Servizio Italia SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sviluppo HQ Tiburtina SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Tierre Securitisation SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Vela OBG SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Worldline Merchant Services Italia SPA | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 |
Commercial & Personal Banking in Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Axepta BNPP Benelux | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Bancontact Paytoniq Company | Belgium | Equity | \u00a0 | 22.5% | 22.5% | \u00a0 | Equity | \u00a0 | 22.5% | 22.5% | \u00a0 |
\u00a0 | BASS Master Issuer NV(t) | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Batopin | Belgium | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Belgian Mobile ID | Belgium | Equity | \u00a0 | 12.2% | 12.2% | \u00a0 | Equity | \u00a0 | 12.2% | 12.2% | \u00a0 |
\u00a0 | BNPP Commercial Finance Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Factor AS | Denmark | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Factor GmbH | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | V4 |
\u00a0 | BNPP Factoring Support | Netherlands | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis | Belgium | Full | \u00a0 | 99.9% | 99.9% | \u00a0 | Full | \u00a0 | 99.9% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis (Spain branch) | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Fortis (United States branch) | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 99.9% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Factor NV | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Film Finance | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Funding SA | Luxembourg | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP FPE Belgium | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP FPE Expansion | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP FPE Management | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPPF Credit Brokers | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Bpost Banque | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Credissimo | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Credissimo Hainaut SA | Belgium | Full | \u00a0 | 99.7% | 99.7% | \u00a0 | Full | \u00a0 | 99.7% | 99.7% | \u00a0 |
\u00a0 | Cr\u00e9dit pour Habitations Sociales | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | \u00a0 | 81.7% | 81.6% | \u00a0 |
\u00a0 | Epimedes | Belgium | Equity | \u00a0 | - | - | \u00a0 | Equity | \u00a0 | - | - | \u00a0 |
\u00a0 | Esmee Master Issuert | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Immobili\u00e8re Sauveniere SA | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Isabel SA NV | Belgium | Equity | \u00a0 | 25.3% | 25.3% | \u00a0 | Equity | \u00a0 | 25.3% | 25.3% | \u00a0 |
\u00a0 | Microstart | Belgium | Full | \u00a0 | 43.9% | 77.5% | \u00a0 | Full | \u00a0 | 43.9% | 77.5% | V4 |
\u00a0 | Private Equity Investments (a) | BE/FR/LU | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | Sagip | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sowo Invest SA NV | Belgium | Full | \u00a0 | 87.5% | 87.5% | \u00a0 | Full | \u00a0 | 87.5% | 87.5% | \u00a0 |
Commercial & Personal Banking in Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BGL BNPP | Luxembourg | Full | \u00a0 | 66.0% | 65.9% | \u00a0 | Full | \u00a0 | 66.0% | 65.9% | \u00a0 |
\u00a0 | BGL BNPP (Germany branch) | Germany | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 66.0% | 65.9% | \u00a0 |
\u00a0 | BNPP Lease Group Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 65.9% | \u00a0 | Full | \u00a0 | 100.0% | 65.9% | \u00a0 |
\u00a0 | BNPP SB Re | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Compagnie Financi\u00e8re Ottomane SA | Luxembourg | Full | \u00a0 | 97.4% | 97.4% | \u00a0 | Full | \u00a0 | 97.4% | 97.4% | V4 |
\u00a0 | i Hub SA | Luxembourg | Equity | (3) | 20.0% | 13.2% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Le Sphinx Assurances Luxembourg SA | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Luxhub SA | Luxembourg | Equity | \u00a0 | 28.0% | 18.5% | \u00a0 | Equity | \u00a0 | 28.0% | 18.5% | \u00a0 |
\u00a0 | Visalux | Luxembourg | Equity | \u00a0 | 25.2% | 16.6% | \u00a0 | Equity | \u00a0 | 25.2% | 16.6% | \u00a0 |
COMMERCIAL & PERSONAL BANKING OUTSIDE\u00a0THE\u00a0EUROZONE | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
Europe-Mediterranean | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Bank of Nanjing | China | Equity | \u00a0 | 18.1% | 18.1% | V1 | Equity | \u00a0 | 16.2% | 16.2% | V1/V3 |
\u00a0 | Banque Marocaine pour le Commerce et l'Industrie | Morocco | Full | \u00a0 | 67.0% | 67.0% | D2 | Full | \u00a0 | 67.0% | 67.0% | \u00a0 |
\u00a0 | Banque Marocaine pour le Commerce et l'Industrie Banque Offshore | Morocco | Full | \u00a0 | 100.0% | 67.0% | D2 | Full | \u00a0 | 100.0% | 67.0% | \u00a0 |
\u00a0 | Bantas Nakit AS | T\u00fcrkiye | Equity | (3) | 33.3% | 16.7% | \u00a0 | Equity | (3) | 33.3% | 16.7% | \u00a0 |
\u00a0 | BDSI | Morocco | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 96.4% | \u00a0 |
\u00a0 | BGZ Poland ABS1 DAC(t) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BMCI Leasing | Morocco | Full | \u00a0 | 86.9% | 58.2% | D2 | Full | \u00a0 | 86.9% | 58.2% | \u00a0 |
\u00a0 | BNPP Bank Polska SA | Poland | Full | \u00a0 | 75.0% | 75.0% | V3 | Full | \u00a0 | 81.3% | 81.3% | V2 |
\u00a0 | BNPP El Djazair | Algeria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Faktoring Spolka ZOO | Poland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fortis Yatirimlar Holding AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Group Service Center SA | Poland | Full | \u00a0 | 100.0% | 81.2% | V3 | Full | \u00a0 | 100.0% | 81.3% | V3 |
\u00a0 | BNPP IRB Participations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Yatirimlar Holding AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Dreams Sustainable AB | Sweden | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Joint Stock Company Ukrsibbank | Ukraine | Full | \u00a0 | 60.0% | 60.0% | \u00a0 | Full | \u00a0 | 60.0% | 60.0% | D1 |
\u00a0 | TEB ARF Teknoloji Anonim Sirketi | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Faktoring AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Finansman AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Holding AS | T\u00fcrkiye | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | TEB Portfoy Yonetimi AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | TEB SH A | Kosovo | Full | \u00a0 | 100.0% | 50.0% | \u00a0 | Full | \u00a0 | 100.0% | 50.0% | \u00a0 |
\u00a0 | TEB Yatirim Menkul Degerler AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna | Poland | Full | \u00a0 | 100.0% | 75.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Turk Ekonomi Bankasi AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
SPECIALISED BUSINESSES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Personal Finance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Alpha Cr\u00e9dit SA | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Auto ABS UK Loans PLC(t) | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | AutoFlorence 1 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 2 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 3 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 4 SRL(t) | Italy | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Autonoria 2019(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Autonoria DE 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria DE 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Autonoria Spain 2019t | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2021 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2022 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2023 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2025(t) | Spain | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Banque Financement | France | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Banco Cetelem SA | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BGN Mercantil E Servicos Ltda | Brazil | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Personal Finance | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Czech Republic branch) | Czech Rep. | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Portugal branch) | Portugal | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Romania branch) | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Slovakia branch) | Slovakia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance South Africa Ltd | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BON BNPP Consumer Finance Co Ltd | China | Equity | \u00a0 | 31.7% | 31.7% | \u00a0 | Equity | \u00a0 | 31.7% | 31.7% | V3 |
\u00a0 | Cafineo | France | Full | (1) | 51.0% | 50.8% | \u00a0 | Full | (1) | 51.0% | 50.8% | \u00a0 |
\u00a0 | Carrefour Banque | France | Equity | \u00a0 | 40.0% | 40.0% | \u00a0 | Equity | \u00a0 | 40.0% | 40.0% | \u00a0 |
\u00a0 | Central Europe Technologies SRL | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cetelem America Ltda | Brazil | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Cetelem Business Consulting Shanghai Co Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cetelem Gestion AIE | Spain | Full | \u00a0 | 100.0% | 96.5% | V4 | Full | \u00a0 | 100.0% | 96.0% | \u00a0 |
\u00a0 | Cetelem SA de CV | Mexico | Equity | \u00a0 | 20.0% | 0.0% | \u00a0 | Equity | \u00a0 | 20.0% | 0.0% | S2 |
\u00a0 | Cetelem Servicios Informaticos AIE | Spain | Full | \u00a0 | 100.0% | 81.5% | V4 | Full | \u00a0 | 100.0% | 81.0% | \u00a0 |
\u00a0 | Cetelem Servicos Ltda | Brazil | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cofica Bail | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cofiplan | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Creation Consumer Finance Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Creation Financial Services Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cr\u00e9dit Moderne Antilles Guyane | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cr\u00e9dit Moderne Oc\u00e9an Indien | France | Full | (1) | 97.8% | 97.8% | \u00a0 | Full | (1) | 97.8% | 97.8% | \u00a0 |
\u00a0 | Domofinance | France | Full | (1) | 55.0% | 55.0% | \u00a0 | Full | (1) | 55.0% | 55.0% | \u00a0 |
\u00a0 | E Carat 12 PLC(t) | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Ecarat DE SA(t) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Ekspres Bank AS | Denmark | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Ekspres Bank AS (Norway branch) | Norway | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Ekspres Bank AS (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Eos Aremas Belgium SA NV | Belgium | Equity | \u00a0 | 50.0% | 49.9% | \u00a0 | Equity | \u00a0 | 50.0% | 49.9% | \u00a0 |
\u00a0 | Evollis | France | Equity | \u00a0 | 48.8% | 48.8% | V3 | Equity | \u00a0 | 49.2% | 49.2% | \u00a0 |
\u00a0 | Findomestic Banca SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Florence Real Estate Developments SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Florence SPV SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | GCC Consumo Establecimiento Financiero de Credito SA | Spain | Full | \u00a0 | 51.0% | 51.0% | \u00a0 | Full | \u00a0 | 51.0% | 51.0% | \u00a0 |
\u00a0 | Genius Auto Finance Co Ltd | China | Equity | \u00a0 | 25.0% | 25.0% | D3 | Equity | (3) | 25.0% | 25.0% | \u00a0 |
\u00a0 | International Development Resources AS Services SA | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Loisirs Finance | France | Full | (1) | 51.0% | 51.0% | \u00a0 | Full | (1) | 51.0% | 51.0% | \u00a0 |
\u00a0 | Magyar Cetelem Bank ZRT | Hungary | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Neuilly Contentieux | France | Full | \u00a0 | 95.9% | 95.6% | \u00a0 | Full | \u00a0 | 95.9% | 95.6% | \u00a0 |
\u00a0 | Noria 2021(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Noria 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Noria 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Noria DE 2024(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Noria Spain 2020 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Opel Finance SA | Switzerland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | PBD Germany Auto Lease Master SA(t) | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Personal Finance Location | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | PF Services GmbH | Germany | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Phedina Hypotheken 2010 BV(t) | Netherlands | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | RCS Botswana Pty Ltd | Botswana | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | RCS Cards Pty Ltd | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | RCS Investment Holdings Namibia Pty Ltd | Namibia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Securitisation funds Genius (d)(t) | China | \u00a0 | \u00a0 | \u00a0 | \u00a0 | D3 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Securitisation funds UCI and RMBS Prado (b)(t) | Spain | Equity | (3) | - | - | \u00a0 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Securitisation funds Wisdom (e)(t) | China | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Servicios Financieros Carrefour EFC SA | Spain | Equity | \u00a0 | 37.3% | 40.0% | \u00a0 | Equity | \u00a0 | 37.3% | 40.0% | \u00a0 |
\u00a0 | Stellantis Bank SA | France | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Bank SA (Austria branch) | Austria | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Bank SA (Germany branch) | Germany | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Financial Services UK Ltd | UK | Full | \u00a0 | 100.0% | 50.0% | \u00a0 | Full | \u00a0 | 100.0% | 50.0% | \u00a0 |
\u00a0 | Union de Creditos Inmobiliarios SA | Spain | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | United Partnership | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | Vauxhall Finance Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | XFERA Consumer Finance EFC SA | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 51.0% | 51.0% | \u00a0 |
\u00a0 | Zhejiang Wisdom Puhua Financial Leasing Co Ltd | China | Equity | \u00a0 | 25.0% | 25.0% | S2 | Equity | (3) | 25.0% | 25.0% | \u00a0 |
Arval | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Artel | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Arval AB | Sweden | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval AS | Denmark | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval AS Norway | Norway | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Austria GmbH | Austria | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Belgium NV SA | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Brasil Ltda | Brazil | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval BV | Netherlands | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Colombia SAS (Ex- Arval Relsa Colombia SAS) | Colombia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval CZ SRO | Czech Rep. | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Deutschland GmbH | Germany | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Fleet Services | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Fleet Services (Monaco branch) | Monaco | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Hellas Car Rental SA | Greece | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval LLC | Russia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Magyarorszag KFT | Hungary | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Maroc SA | Morocco | Full | \u00a0 | 100.0% | 89.0% | \u00a0 | Full | \u00a0 | 100.0% | 89.0% | \u00a0 |
\u00a0 | Arval OY | Finland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Relsa SPA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Schweiz AG | Switzerland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Aluger Operational Automoveis SA | Portugal | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Italia SPA | Italy | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Polska SP ZOO | Poland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Romania SRL | Romania | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease SA | Spain | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Slovakia SRO | Slovakia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Trading | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Group Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Leasing Services Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fleet Holdings Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cent ASL | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cofiparc | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Comercializadora de Vehiculos SA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | FCT Pulse France 2022(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Greenval Insurance DAC | Ireland | Full | (2) | 100.0% | 99.9% | \u00a0 | Full | (2) | 100.0% | 99.9% | \u00a0 |
\u00a0 | Locadif | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Louveo | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Public Location Longue Dur\u00e9e | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Pulse UK 2024 PLC(s) | UK | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Rentaequipos Leasing Peru SA | Peru | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Rentaequipos Leasing SA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | TEB Arval Arac Filo Kiralama AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 75.0% | \u00a0 | Full | \u00a0 | 100.0% | 75.0% | \u00a0 |
\u00a0 | Terberg Leasing Justlease Belgium BV | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
Leasing Solutions | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Aprolis Finance | France | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | Artegy | France | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNL Leasing SPA | Italy | Full | \u00a0 | 100.0% | 95.5% | \u00a0 | Full | \u00a0 | 100.0% | 95.5% | \u00a0 |
\u00a0 | BNPP 3 Step IT | France | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Belgium branch) | Belgium | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Germany branch) | Germany | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Italy branch) | Italy | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Netherlands branch) | Netherlands | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Spain branch) | Spain | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (United Kingdom branch) | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP Finansal Kiralama AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 82.5% | \u00a0 | Full | \u00a0 | 100.0% | 82.5% | \u00a0 |
\u00a0 | BNPP Lease Group | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Germany branch) | Germany | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Italy branch) | Italy | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Portugal branch) | Portugal | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Spain branch) | Spain | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group Belgium | Belgium | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group Leasing Solutions SPA | Italy | Full | \u00a0 | 100.0% | 95.5% | \u00a0 | Full | \u00a0 | 100.0% | 95.5% | \u00a0 |
\u00a0 | BNPP Lease Group Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group SP ZOO | Poland | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Services | Poland | Full | \u00a0 | 100.0% | 81.2% | V3 | Full | \u00a0 | 100.0% | 81.3% | V3 |
\u00a0 | BNPP Leasing Solution AS | Norway | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions | Luxembourg | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions AB | Sweden | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions AS | Denmark | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions GmbH | Austria | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions IFN SA | Romania | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions NV | Netherlands | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions Suisse SA | Switzerland | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Rental Solutions SPA | Italy | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Claas Financial Services | France | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Germany branch) | Germany | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Italy branch) | Italy | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Poland branch) | Poland | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Spain branch) | Spain | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services Ltd | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe | France | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | \u00a0 | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Belgium branch) | Belgium | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Germany branch) | Germany | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Italy branch) | Italy | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Poland branch) | Poland | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Spain branch) | Spain | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe BV | Netherlands | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe GmbH | Austria | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | \u00a0 | 100.0% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe Ltd | UK | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | \u00a0 | 100.0% | 41.6% | \u00a0 |
\u00a0 | ES Finance | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | FL Zeebrugge(s) | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Fortis Lease | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Lease Belgium | Belgium | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Lease UK Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Vastgoedlease BV | Netherlands | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Heffiq Heftruck Verhuur BV | Netherlands | Full | \u00a0 | 50.1% | 41.5% | \u00a0 | Full | \u00a0 | 50.1% | 41.5% | \u00a0 |
\u00a0 | JCB Finance | France | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Germany branch) | Germany | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Italy branch) | Italy | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Spain branch) | Spain | Full | \u00a0 | 100.0% | 41.6% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | JCB Finance Holdings Ltd | UK | Full | \u00a0 | 50.1% | 41.6% | \u00a0 | Full | \u00a0 | 50.1% | 41.6% | \u00a0 |
\u00a0 | JFL BNPP Agriculture And Technology Financial Leasing Co Ltd | China | Equity | \u00a0 | 45.0% | 37.3% | \u00a0 | Equity | \u00a0 | 45.0% | 37.3% | E2 |
\u00a0 | Manitou Finance Ltd | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF | France | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF (Germany branch) | Germany | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF (Italy branch) | Italy | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Natio Energie 2 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Natiocredibail | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Pixel 2021(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Same Deutz Fahr Finance | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | SNC Natiocredimurs | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
New Digital Businesses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Financi\u00e8re des Paiements Electroniques | France | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Belgium branch) | Belgium | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Germany branch) | Germany | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Portugal branch) | Portugal | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Spain branch) | Spain | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Floa | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | (1) | 100.0% | \u00a0 |
\u00a0 | Lyf SA | France | Equity | (3) | 46.3% | 46.3% | V1 | Equity | \u00a0 | (3) | 44.8% | V1 |
\u00a0 | Lyf SAS | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | (3) | 50.0% | \u00a0 |
Personal Investors | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Espresso Financial Services Private Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Geojit Technologies Private Ltd | India | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Human Value Developers Private Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Sharekhan BNPP Financial Services Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Sharekhan Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
INVESTMENT & PROTECTION SERVICES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Insurance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | AEW Immocommercials | France | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | AG Insurance | Belgium | Equity | \u00a0 | 25.0% | 25.0% | D2 | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Agathe Retail France | France | FV | \u00a0 | 33.3% | 33.3% | \u00a0 | FV | \u00a0 | 33.3% | 33.3% | \u00a0 |
\u00a0 | AM Select(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Astridplaza | Belgium | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | AXA IM Smart Euro Short Term Return(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Batipart Participations SAS | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | FV | \u00a0 | 29.7% | 29.7% | \u00a0 |
\u00a0 | BCC Vita SPA | Italy | Full | (2) | 70.0% | 70.0% | \u00a0 | Full | (2) | 70.0% | 70.0% | E3 |
\u00a0 | Becquerel(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Croissance ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Euro ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Monde ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Patrimoine ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Actions PME ETI(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Aqua(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Best Selection Actions Euro ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Bond 6M(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Cardif | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif BV | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Compania de Seguros y Reaseguros SA | Peru | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Emeklilik AS | T\u00fcrkiye | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Hayat Sigorta AS | T\u00fcrkiye | Full | (2) | 100.0% | 100.0% | D1 | Equity | * | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB (Denmark branch) | Denmark | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB (Norway branch) | Norway | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Nordic AB (Ex- Cardif Nordic AB) | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Pojistovna AS | Czech Rep. | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Seguros de Vida SA | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Seguros Generales SA | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Services SRO | Czech Rep. | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Servicios y Asistencia Ltda | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Sigorta AS | T\u00fcrkiye | Full | (4) | 100.0% | 100.0% | D1 | Equity | * | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif TCB Life Insurance Co Ltd | Taiwan | Equity | \u00a0 | 49.0% | 49.0% | \u00a0 | Equity | \u00a0 | 49.0% | 49.0% | \u00a0 |
\u00a0 | BNPP Cardif Vita Compagnia di Assicurazione E Riassicurazione SPA | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Convictions(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP CP Cardif Private Debt(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP D\u00e9veloppement Humain(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Diversiflex(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Diversipierre(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | BNPP Euro Climate Aligned(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP France Cr\u00e9dit(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Global Senior Corporate Loans(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Indice Amerique du Nord(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Indice France ESG(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Infrastructure Investments Fund(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Multistrat\u00e9gies Protection 80(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Obliselect Euro Dec 2028(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Select(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP S\u00e9lection Dynamique Monde(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Selection Patrimoine Responsable(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Smallcap Euroland ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Social Business France(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BOB Cardif Life Insurance Co Ltd | China | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | C Sant\u00e9(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | D1 |
\u00a0 | CamGestion Convertibles Europe(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Capital France Hotel | France | Full | (2) | 98.5% | 98.5% | \u00a0 | Full | (2) | 98.5% | 98.5% | \u00a0 |
\u00a0 | Cardif Airstar Property & Casualty Insurance Co Ltd | China | Equity | \u00a0 | 49.0% | 49.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Cardif Alternatives Part I(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Cardif Assurance Vie | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Austria branch) | Austria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Belgium branch) | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Bulgaria branch) | Bulgaria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Germany branch) | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Italy branch) | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Netherlands branch) | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Portugal branch) | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Romania branch) | Romania | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Spain branch) | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Switzerland branch) | Switzerland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Taiwan branch) | Taiwan | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Austria branch) | Austria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Belgium branch) | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Bulgaria branch) | Bulgaria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Germany branch) | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Italy branch) | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Netherlands branch) | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Poland branch) | Poland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Portugal branch) | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Romania branch) | Romania | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Spain branch) | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Switzerland branch) | Switzerland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Taiwan branch) | Taiwan | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Biztosito Magyarorszag ZRT | Hungary | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif BNPP AM Emerging Bond(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP AM Euro Paris Climate Aligned(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP AM Global Environmental Equity(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP AM Sustainable Euro Equity(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP AM Sustainable Europe Equity(s) | France | Full | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP IP Signatures(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP IP Smid Cap Euro(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Colombia Seguros Generales SA | Colombia | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Colombia Servicios SA (Ex- Cardif Servicios de Colombia SAS) | Colombia | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | E1 |
\u00a0 | Cardif CPR Global Return(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | \u00a0 | (2) | - | - | \u00a0 |
\u00a0 | Cardif do Brasil Seguros e Garantias SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif do Brasil Vida e Previdencia SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Edrim Signatures(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Cardif El Djazair | Algeria | Equity | * | 85.0% | 85.0% | \u00a0 | Equity | * | 85.0% | 85.0% | V2 |
\u00a0 | Cardif Forsakring AB | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Forsakring AB (Denmark branch) | Denmark | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Forsakring AB (Norway branch) | Norway | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif IARD | France | Full | (2) | 66.0% | 66.0% | \u00a0 | Full | (2) | 66.0% | 66.0% | \u00a0 |
\u00a0 | Cardif Insurance Holdings PLC | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Life Insurance Co Ltd | Rep. of Korea | Full | (2) | 85.0% | 85.0% | \u00a0 | Full | (2) | 85.0% | 85.0% | \u00a0 |
\u00a0 | Cardif Life Insurance Japan | Japan | Full | (2) | 75.0% | 75.0% | \u00a0 | Full | (2) | 75.0% | 75.0% | \u00a0 |
\u00a0 | Cardif Ltda | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Lux Vie | Luxembourg | Full | (2) | 100.0% | 88.6% | \u00a0 | Full | (2) | 100.0% | 88.6% | \u00a0 |
\u00a0 | Cardif Mexico Seguros de Vida SA de CV | Mexico | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Mexico Seguros Generales SA de CV | Mexico | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Non Life Insurance Japan | Japan | Full | (2) | 100.0% | 75.0% | \u00a0 | Full | (2) | 100.0% | 75.0% | \u00a0 |
\u00a0 | Cardif Polska Towarzystwo Ubezpieczen Na Zycie SA | Poland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Retraite | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Services AEIE | Portugal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Cardif Servicios SAC | Peru | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Support Unipessoal Lda | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardimmo | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Carma Grand Horizon SARL | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Centre Commercial Francilia | France | FV | \u00a0 | 21.7% | 21.7% | \u00a0 | FV | \u00a0 | 21.7% | 21.7% | \u00a0 |
\u00a0 | CFH Alexanderplatz Hotel Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Algonquin Management Partners France Italia | Italy | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy Hotel | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy Interm\u00e9diaire | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Berlin GP GmbH | Germany | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Berlin Holdco SARL | Luxembourg | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Boulogne | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Cap d'Ail | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Hostel Berlin Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Hotel Project Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Milan Holdco SRL | Italy | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Montmartre | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Montparnasse | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | Clariance & Partenaires (Ex- Korian et Partenaires Immobilier 2) | France | FV | \u00a0 | 24.5% | 24.5% | \u00a0 | FV | \u00a0 | 24.5% | 24.5% | \u00a0 |
\u00a0 | Corosa | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Darnell DAC | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | D\u00e9fense CB3 SAS | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Diversipierre DVP 1 | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | V4 |
\u00a0 | Diversipierre Germany GmbH | Germany | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP European Channel | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Green Clover | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Haussmann | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Heron | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | EP L(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | EP1 Grands Moulins(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | D1 |
\u00a0 | Fleur SAS | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Fonci\u00e8re Partenaires(s) | France | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | Fondev | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Fondo BNPP Aqua Protetto(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | E1 |
\u00a0 | Fonds d'Investissements Immobiliers pour le Commerce et la Distribution | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | FP Cardif Convex Fund USD(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Fundamenta(s) | Italy | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | GIE BNPP Cardif | France | Full | (2) | 99.8% | 99.8% | V4 | Full | (2) | 99.7% | 99.7% | \u00a0 |
\u00a0 | GPinvest 10 | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Harewood Helena 2 Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Harmony Prime(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Hemisphere Holding | France | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 |
\u00a0 | Hibernia France | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | Horizon Development GmbH | Germany | FV | \u00a0 | 66.7% | 65.1% | V4 | FV | \u00a0 | 66.7% | 64.9% | V4 |
\u00a0 | Icare | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Icare Assurance | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | ID Cologne A1 GmbH | Germany | Full | (2) | 100.0% | 97.9% | V4 | Full | (2) | 89.2% | 86.8% | D1/V4 |
\u00a0 | ID Cologne A2 GmbH | Germany | Full | (2) | 100.0% | 97.9% | V4 | Full | (2) | 89.2% | 86.8% | D1/V4 |
\u00a0 | Karapass Courtage | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Korian et Partenaires Immobilier 1 | France | FV | \u00a0 | 24.5% | 24.5% | \u00a0 | FV | \u00a0 | 24.5% | 24.5% | \u00a0 |
\u00a0 | Luizaseg Seguros SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Natio Assurance | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Natio Fonds Amp\u00e8re 1(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | NCVP Participacoes Societarias SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Neuflize Vie | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | E3 |
\u00a0 | New Alpha Cardif Incubator Fund(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | OC Health Real Estate GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Op\u00e9ra Rendement(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Paris Management Consultant Co Ltd | Taiwan | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Permal Cardif Co Investment Fund(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Pinnacle Pet Holdings Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | \u00a0 | 24.7% | 24.7% | \u00a0 |
\u00a0 | Poistovna Cardif Slovakia AS | Slovakia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Preim Healthcare SAS(s) | France | FV | (2) | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | PWH | France | FV | (2) | 47.5% | 47.5% | \u00a0 | FV | \u00a0 | 47.5% | 47.5% | \u00a0 |
\u00a0 | Reumal Investissements | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Rubin SARL | Luxembourg | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Rueil Ariane | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sanso Carbon Initiative Trends (Ex- Cedrus Carbon Initiative Trends)(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | SAS HVP | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Schroder European Operating Hotels Fund 1(s) | Luxembourg | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | SCI 68/70 rue de Lagny Montreuil | France | Full | (2) | 99.9% | 99.9% | \u00a0 | Full | (2) | 99.9% | 99.9% | \u00a0 |
\u00a0 | SCI Alpha Park | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | SCI Batipart Chadesrent | France | FV | \u00a0 | 20.0% | 20.0% | \u00a0 | FV | \u00a0 | 20.0% | 20.0% | \u00a0 |
\u00a0 | SCI Biv Malakoff | France | FV | \u00a0 | 23.3% | 23.3% | \u00a0 | FV | \u00a0 | 23.3% | 23.3% | \u00a0 |
\u00a0 | SCI BNPP Pierre I | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI BNPP Pierre II | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full) | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Bobigny Jean Rostand | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Bouleragny | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI Cardif Logements (Ex- SCI Cardif Logement) | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Citylight Boulogne | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Clichy Nuovo | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI D\u00e9fense Etoile | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI D\u00e9fense Vend\u00f4me | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Etoile du Nord | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Fontenay Plaisance | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Imefa Velizy | France | FV | \u00a0 | 21.8% | 21.8% | \u00a0 | FV | \u00a0 | 21.8% | 21.8% | \u00a0 |
\u00a0 | SCI Le Mans Gare | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Nanterre Guilleraies | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Nantes Carnot | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Odyss\u00e9e | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Pantin Les Moulins | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Batignolles | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Cours de Vincennes | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Grande Arm\u00e9e | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Turenne | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Portes de Claye | France | Equity | \u00a0 | 45.0% | 45.0% | \u00a0 | Equity | (2) | 45.0% | 45.0% | \u00a0 |
\u00a0 | SCI Rue Moussorgski | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Rueil Caudron | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint Denis Landy | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint Denis Mitterrand | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint-Denis Jade | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI SCOO | France | FV | \u00a0 | 46.4% | 46.4% | \u00a0 | FV | \u00a0 | 46.4% | 46.4% | \u00a0 |
\u00a0 | SCI Vend\u00f4me Ath\u00e8nes | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI Villeurbanne Stalingrad | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Secar | France | FV | \u00a0 | 55.1% | 55.1% | \u00a0 | FV | \u00a0 | 55.1% | 55.1% | \u00a0 |
\u00a0 | Seniorenzentren Deutschland Holding SARL | Luxembourg | FV | \u00a0 | 20.0% | 17.7% | \u00a0 | FV | \u00a0 | 20.0% | 17.7% | \u00a0 |
\u00a0 | Seniorenzentren Reinbeck Oberursel M\u00fcnchen Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Butzbach Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Heilbronn Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Kassel Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Wolfratshausen Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Services Epargne Entreprise | France | Equity | \u00a0 | 50.0% | 50.0% | V1 | Equity | \u00a0 | 36.8% | 36.8% | V1 |
\u00a0 | SNC Batipart Mermoz | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | SNC Batipart Poncelet | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Francaise d'Assurances sur la Vie | France | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Immobili\u00e8re du Royal Building SA | Luxembourg | Full | (2) | 100.0% | 88.6% | \u00a0 | Full | (2) | 100.0% | 88.6% | \u00a0 |
\u00a0 | Theam Quant Europe Climate Carbon Offset Plan(s) | France | Full | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Tikehau Cardif Loan Europe(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Valeur Pierre Epargne | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Valtitres FCP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Velizy Holding | France | FV | \u00a0 | 33.3% | 33.3% | \u00a0 | FV | \u00a0 | 33.3% | 33.3% | \u00a0 |
Wealth Management | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Wealth Management Monaco | Monaco | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (1) | 100.0% | 100.0% | \u00a0 |
Asset Management | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Alfred Berg Kapitalforvaltning AS | Norway | Full | \u00a0 | 100.0% | 75.0% | V4 | Full | \u00a0 | 100.0% | 73.7% | \u00a0 |
\u00a0 | Alfred Berg Kapitalforvaltning AS (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 75.0% | V4 | Full | \u00a0 | 100.0% | 73.7% | \u00a0 |
\u00a0 | Architas Multi Manager Europe Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Artemid | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (German branch) | Germany | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Italy branch) | Italy | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Netherland branch) | Netherlands | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Spain branch) | Spain | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 1 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 2 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 3 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Architas | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Benelux | Belgium | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Benelux (Netherland branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Paris | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Italy branch) | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Luxembourg branch) | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Netherland branch) | Netherlands | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Prime | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Prime (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Select Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Select Belgium SA And NV | Belgium | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Select France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM US Group Holding LLC | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers Australia Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Deutschland Gmbh | Germany | Full | \u00a0 | 89.9% | 89.9% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Deutschland Gmbh (French branch) | France | Full | \u00a0 | 100.0% | 89.9% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers GS Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers IF | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Private Fund Management Shanghai Ltd | China | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Schweiz AG | Switzerland | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers UK Holdings Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers US Inc | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Real Estate Investment Managers | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers Australia Pty Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers Japan KK | Japan | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa REIM SGP | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM SGP (Italy branch) | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Spdb Investment Managers Company Ltd | China | Equity | \u00a0 | 39.0% | 39.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Bancoestado Administradora General de Fondos SA | Chile | Equity | \u00a0 | 50.0% | 50.0% | V4 | Equity | \u00a0 | 50.0% | 49.1% | \u00a0 |
\u00a0 | Baroda BNPP AMC Private Ltd | India | Equity | (3) | 49.9% | 49.9% | V4 | Equity | (3) | 49.9% | 49.1% | V4 |
\u00a0 | BNPP ABC Wealth Management Co Ltd | China | Equity | (3) | 51.0% | 51.0% | V4 | Equity | (3) | 51.0% | 50.1% | \u00a0 |
\u00a0 | BNPP Agility Fund Equity SLP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Agility Fund Private Debt SLP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP AM Hedged Strategies(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP AM International Hedged Strategies(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Asset Management Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Be Holding | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Brasil Ltda | Brazil | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 99.6% | V4 |
\u00a0 | BNPP Asset Management Europe | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Belgium branch) | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Luxembourg branch) | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management Europe (Netherlands branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Poland branch) | Poland | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | E2 |
\u00a0 | BNPP Asset Management Europe (Spain branch) | Spain | Full | \u00a0 | 100.0% | 100.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management Holding | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V1 |
\u00a0 | BNPP Asset Management Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Luxembourg | Luxembourg | Full | \u00a0 | 99.7% | 99.7% | V4 | Full | \u00a0 | 99.7% | 98.0% | V4 |
\u00a0 | BNPP Asset Management Property Solutions | France | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Taiwan Co Ltd | Taiwan | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management USA Holdings Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Asset Management USA Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP B Institutional II(s) | Belgium | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Dealing Services | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Easy(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Flexi I(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Funds(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management France | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH | Germany | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Italy branch) | Italy | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Portugal branch) | Portugal | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Spain branch) | Spain | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Luxembourg SA (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Capza Transition | France | Full | \u00a0 | 100.0% | 79.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Colisee Gerance | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Drypnir AS | Norway | Full | \u00a0 | 100.0% | 0.1% | \u00a0 | Full | \u00a0 | 100.0% | 0.1% | \u00a0 |
\u00a0 | Dynamic Credit Group BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 75.0% | 73.7% | V4 |
\u00a0 | Gambit Financial Solutions | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | Haitong Fortis Private Equity Fund Management Co Ltd | China | Equity | \u00a0 | 33.0% | 33.0% | V4 | Equity | \u00a0 | 33.0% | 32.4% | \u00a0 |
\u00a0 | Harewood Helena 1 Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | HFT Investment Management Co Ltd | China | Equity | \u00a0 | 49.0% | 49.0% | V4 | Equity | \u00a0 | 49.0% | 48.2% | V4 |
\u00a0 | Impax Asset Management Group PLC | UK | Equity | \u00a0 | 13.8% | 13.8% | V4 | Equity | \u00a0 | 13.8% | 13.5% | \u00a0 |
\u00a0 | Kyobo AXA Investment Managers Company Ltd | Rep. of Korea | Equity | \u00a0 | 50.0% | 50.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Master Seeder Fund(s) | France | Full | (4) | - | - | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | SME Alternative Financing DAC(s) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Theam Quant(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | W Capital Management LLC | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Real Estate | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Allium Investments SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Auguste Thouard Expertise | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Immobilier Promotion | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Immobilier R\u00e9sidences Services | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate (United Arab Emirates branch) | United Arab Emirates | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management Ireland Ltd | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management Luxembourg SA | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory France (Ex- BNPP Real Estate Transaction France) | France | Full | (2) | 97.6% | 97.6% | V1 | Full | (2) | 97.4% | 97.4% | V1 |
\u00a0 | BNPP Real Estate Advisory Italy SPA | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory Netherlands BV | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Belgium SA | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Conseil Habitation & Hospitality | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Consult France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Consult GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Facilities Management Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Financial Partner | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Holding GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Belgium | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Real Estate Investment Management Italy SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Spain SA | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Poland SP ZOO | Poland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Portugal Unipersonal LDA | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Development & Services GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Development UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management France SAS | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management Italy SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Singapore Pte Ltd | Singapore | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Spain SA | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Valuation France | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cariboo Development SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 |
\u00a0 | Construction-Sale Companies (c) | France | Full / Equity | (2) | - | - | \u00a0 | Full / Equity | (2) | - | - | \u00a0 |
\u00a0 | Exeo Aura & Echo Offices Lda | Portugal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Equity | \u00a0 | 31.9% | 31.9% | \u00a0 |
\u00a0 | GIE BNPP Real Estate | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Horti Milano SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Nanterre Arboretum | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Parker Tower Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Partner's & Services | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | REPD Parker Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sviluppo Residenziale Italia SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Wapiti Development SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 |
OTHER BUSINESS UNITS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Property Companies (Property Used In Operations) and Others | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
\u00a0 | Antin Participation 5 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Home Loan SFH | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners for Innovation | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners for Innovation Belgium | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners For Innovation Global Connect | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E1 |
\u00a0 | BNPP Partners for Innovation Italia SRL | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Procurement Tech | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Public Sector SA | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | FCT Capucines 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | FCT Lafayette 2021(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Laffitte 2021(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Opera 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Pyramides 2022(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | GIE Groupement Auxiliaire de Moyens | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | GIE Groupement d'Etudes et de Prestations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Antin Participation 5 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
(a) | At 31 December 2025, 11 Private Equity investment entities versus 13 Private Equity investment entities at 31 December 2024. |
(b) | At 31 December 2025, the securitisation funds UCI and RMBS Prado include 9 funds (FCC UCI 12, 14 to 17, RMBS Prado VIII to XI, et RMBS Belem No 2) versus 13 funds (FCC UCI 11, 12, 14 to 17, RMBS Prado VII to XI, Green Belem I et RMBS Belem No 2) at 31 December 2024. |
(c) | At 31 December 2025, 89 Construction-sale companies (63 Full and 26 Equity) versus 102 Construction-sale companies (71 Full and 31 Equity) at 31 December 2024. |
(d) | At 31 December 2025, Genius Securitization Funds are no longer disclosed within the scope due to the break in the Group's control chain over their holding entity, now consolidated under equity method in the prudential scope. |
(e) | At 31 December 2025, Wisdom Securitization Funds are no longer disclosed within the scope due to the break in the Group's control chain over their holding entity, now consolidated under equity method in the prudential scope. |
(f) | At 31 December 2025, general compartment Aries Capital DAC includes 14 consolidated silos. |
(g) | At 31 December 2025, general compartment Securasset includes 8 consolidated silos. |
(h) | At 31 December 2025, general compartment SPIRE includes 1 consolidated silo. |
\u00a0
As requested by the ANC 2016 regulation, the list of entities that are controlled by the Group, jointly controlled or under significant influence, but excluded from the scope of consolidation since their contribution to the consolidated financial statements would be immaterial to the Group, and the list of equity investments, are available on the \u201cRegulated Information\u201d page of the https://invest.bnpparibas.com website.
\u00a0
\u00a0
\u00a0
Changes in the scope of consolidation | |
|---|---|
New entries (E) in the scope of consolidation | |
E1 | Passing above consolidation thresholds |
E2 | Incorporation |
E3 | Purchase, gain of control or significant influence |
Removals (S) from the scope of consolidation | |
S1 | Cessation of activity (dissolution, liquidation, etc.) |
S2 | Disposal, loss of control or loss of significant influence |
S3 | Passing below consolidation thresholds |
S4 | Merger, Universal transfer of assets and liabilities |
Variance (V) in voting or ownership interest | |
V1 | Additional purchase |
V2 | Partial disposal |
V3 | Dilution |
V4 | Increase in % |
Miscellaneous | |
D1 | Consolidation method change not related to fluctuation in voting or ownership interest |
D2 | Entities of a business held for sale |
D3 | Loss of joint control with no impact on the accounting consolidation method, but resulting in a shift to equity under the prudential perimeter |
\u00a0
Equity* | Controlled but non material entities consolidated under the equity method as associates |
FV | Joint control or investment in associates measured at fair value through profit or loss |
(s) | Structured entities |
(t) | Securitisation funds |
\u00a0 | \u00a0 |
Prudential scope of consolidation | |
(1) | French subsidiaries for which supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP\u00a0Paribas\u00a0SA, in accordance with article\u00a07.1 of Regulation n\u00b0575/2013 of the European Parliament and of the Council |
(2) | Entities consolidated under the equity method in the prudential scope |
(3) | Jointly controlled entities under proportional consolidation in the prudential scope |
(4) | Collective investment undertaking excluded from the prudential scope |
Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity\u2019s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRS.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_4c882543-d9cd-48c8-b933-2cac3ee3eb67": { "value": "Companies over which the Group exercises significant influence or associates are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of a company without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting rights of a company. Interests of less than 20% can be included in the consolidation scope if the Group effectively exercises significant influence. This is the case for example for entities developed in partnership with other associates, where the BNP\u00a0Paribas Group participates in strategic decisions of the enterprise through representation on the Board of directors or equivalent governing body, or exercises influence over the enterprise\u2019s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise\u2019s development.
Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under \u201cInvestments in equity-method entities\u201d and in the relevant component of shareholders\u2019 equity. Goodwill recorded on associates is also included under \u201cEquity-method investments\u201d.
Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under \u201cShare of earnings of equity-method entities\u201d in the consolidated income statement and can be reversed at a later date.
If the Group\u2019s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has contracted a legal or constructive obligation or has made payments on behalf of this entity.
Where the Group holds an interest in an associate, directly or indirectly through an entity that is a venture capital organisation, a mutual fund, an open-ended investment company or similar entity such as an investment-related insurance fund, it may elect to measure that interest at fair value through profit or loss.
Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under \u201cNet gain on non-current assets\u201d.
The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events occurring in similar circumstances.
For transactions resulting in a loss of significant influence, any equity interest retained by the Group is accounted for in accordance with IFRS 9 principles applicable to financial instruments held.
Cumulated financial information of associates and joint ventures is presented in the following table:
In millions of euros | Year to 31 Dec. 2025 | 31 December 2025 | Year to 31 Dec. 2024 | 31 December 2024 | ||||
Share of net income | Share of changes in assets and liabilities recognised directly in equity | Share of net income and changes in assets and liabilities recognised directly in equity | Equity- | Share of net income | Share of changes in assets and liabilities recognised directly in equity | Share of net income and changes in assets and liabilities recognised directly in equity | Equity- | |
Joint ventures | 34 | (411) | (377) | 823 | (10) | 225 | 215 | 1,960 |
Associates(1) | 743 | (400) | 343 | 6,127 | 711 | 308 | 1,019 | 5,902 |
Total equity-method entities | 777 | (811) | (34) | 6,950 | 701 | 533 | 1,234 | 7,862 |
(1) | Including controlled but non-material entities consolidated under the equity method. |
\u00a0
Financing and guarantee commitments given by the Group to joint ventures are listed in note\u00a08.j Other related parties.
\u00a0
The carrying amount of the Group\u2019s investment in the main joint ventures and associates is presented in the following table:
In millions of euros, at | Country of registration | Activity | Interest (%) | 31 December 2025 | 31 December 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Joint ventures | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Union de Creditos Inmobiliarios | Spain | Retail mortgage | 50% | 223 | 233 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
BoB Cardif Life Insurance | China | Life Insurance | 50% | 105 | 454 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Genius Auto Finance Co\u00a0Ltd(1) | China | Specialised loans | 25% | \u00a0 | 331 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Pinnacle Pet Holding\u00a0Ltd(2) | United Kingdom | Insurance | \u00a0 | \u00a0 | 407 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
BON BNPP Consumer Finance Co Ltd | China | Specialised loans | 32% | 284 | 256 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
AG Insurance(3) | Belgium | Insurance | 25% | \u00a0 | 593 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Genius Auto Finance Co\u00a0Ltd(1) | China | Specialised loans | 25% | 309 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Bank of Nanjing | China | Retail Banking | 18% | 4,058 | 3,661 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Allfunds Group\u00a0Plc | United Kingdom | Financial Services | 13% | 261 | 283 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
(1) | As of 31 December 2025, the BNP Paribas Group has lost joint control over Genius Auto Finance but retains significant influence over this entity. |
(2) | In 2025, the BNP Paribas Group lost significant influence over the Pinnacle Pet Holding Ltd group (see note 8.d). |
(3) | As of 31 December 2025, BNP Paribas Group has classified AG Insurance as activities held for sale according to IFRS 5 (see note 8.f). |
BNP\u00a0Paribas, a\u00a0soci\u00e9t\u00e9 anonyme\u00a0(Public Limited Company), registered in\u00a0France, is the Group\u2019s lead company, which holds key positions in its three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS).
During the year, the parent company did not change its name. BNP\u00a0Paribas has its principal place of business in France and its head office is located at\u00a016\u00a0boulevard des Italiens 75009 Paris,\u00a0France.
\u00a0
Business | Name | Country | 31 December 2025 | 31 December 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Method | Voting (%) | Interest (%) | Ref. | Method | Voting (%) | Interest (%) | Ref. | |||||
\u00a0 | BNP\u00a0Paribas\u00a0SA | France | (1) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (1) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP\u00a0SA (Argentina branch) | Argentina | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Australia branch) | Australia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Bahrain branch) | Bahrain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Belgium branch) | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Bulgaria branch) | Bulgaria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Canada branch) | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Czech Republic branch) | Czech Rep. | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Denmark branch) | Denmark | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Finland branch) | Finland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Greece branch) | Greece | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Guernsey branch) | Guernsey | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Hong Kong branch) | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Hungary branch) | Hungary | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (India branch) | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Ireland branch) | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Japan branch) | Japan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Jersey branch) | Jersey | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Kuwait branch) | Kuwait | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Luxembourg branch) | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Malaysia branch) | Malaysia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Monaco branch) | Monaco | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Netherlands branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Norway branch) | Norway | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Philippines branch) | Philippines | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Poland branch) | Poland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Portugal branch) | Portugal | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Qatar branch) | Qatar | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Republic of Korea branch) | Rep. of Korea | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Romania branch) | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Saudi Arabia branch) | Saudi Arabia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Singapore branch) | Singapore | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (South Africa branch) | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Spain branch) | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Switzerland branch) | Switzerland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Taiwan branch) | Taiwan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Thailand branch) | Thailand | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United Arab Emirates branch) | United Arab Emirates | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United Kingdom branch) | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (United States branch) | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP\u00a0SA (Viet Nam branch) | Viet Nam | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
CORPORATE & INSTITUTIONAL BANKING | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
EMEA (Europe, Middle East, Africa) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Financial Markets | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Eurotitrisation | France | Equity | \u00a0 | 22.4% | 22.4% | V4 | Equity | \u00a0 | 22.0% | 22.0% | \u00a0 |
\u00a0 | Exane Asset Management | France | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Exane Finance | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | FCT Juice(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Financi\u00e8re du March\u00e9 Saint Honor\u00e9 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Parilease | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Services Logiciels d'Int\u00e9gration Boursi\u00e8re | France | Equity | (3) | 66.6% | 66.6% | \u00a0 | Equity | (3) | 66.6% | 66.6% | \u00a0 |
\u00a0 | Services Logiciels d'Int\u00e9gration Boursi\u00e8re (Portugal branch) | Portugal | Equity | (3) | 66.6% | 66.6% | \u00a0 | Equity | (3) | 66.6% | 66.6% | \u00a0 |
\u00a0 | SNC Taitbout Participation 3 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Orbaisienne de Participations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Uptevia SA | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
Other European countries | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Allfunds Group PLC | UK | Equity | \u00a0 | 12.7% | 12.7% | V1 | Equity | \u00a0 | 12.5% | 12.4% | V4 |
\u00a0 | Aries Capital DAC (f)(s) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AssetMetrix | Germany | Equity | \u00a0 | 23.1% | 23.1% | \u00a0 | Equity | \u00a0 | 23.1% | 23.1% | V4 |
\u00a0 | BNP PUK Holding Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Bank JSC | Russia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Emissions Und Handels GmbH | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Administration Services Ireland Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Ireland Unlimited Co | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Islamic Issuance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Issuance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Net Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Prime Brokerage International Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Suisse SA | Switzerland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Suisse SA (Guernsey branch) | Guernsey | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Technology LLC | Russia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Trust Corp UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Vartry Reinsurance DAC | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Diamante Re SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Exane Solutions Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Expo Atlantico EAII Investimentos Imobiliarios SA(s) | Portugal | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Expo Indico EIII Investimentos Imobiliarios SA(s) | Portugal | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FScholen | Belgium | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | Greenstars BNPP | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox European Union SL | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox Holding Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Kantox Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Madison Arbor Ltd(t) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Matchpoint Finance PLCt | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Ribera Del Loira Arbitrage | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Securasset SA (g)(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Single Platform Investment Repackaging Entity SA (h)(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Volantis SARL(s) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E1 |
Middle East | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Investment Co KSA | Saudi Arabia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
AMERICAS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Banco BNPP Brasil SA | Brazil | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Capital Services Inc | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Colombia Corporacion Financiera SA | Colombia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP EQD Brazil Fund Fundo de Investmento Multimercado(s) | Brazil | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP Financial Services LLC | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP FS LLC | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP IT Solutions Canada Inc | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Mexico Holding | Mexico | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Mexico SA Institucion de Banca Multiple | Mexico | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Proprietario Fundo de Investimento Multimercado(s) | Brazil | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP RCC Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Corp | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP US Investments Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP US Wholesale Holdings Corp | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP USA Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP VPG Brookline Cre LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG EDMC Holdings LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG Express LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG I LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG II LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG III LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG IV LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BNPP VPG Master LLC(s) | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Corporation BNPP Canada | Canada | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Decart Re Ltd | Bermuda | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | FSI Holdings Inc | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Starbird Funding Corpt | USA | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
PACIFIC ASIA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Andalan Multi Guna PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Bank BNPP Indonesia PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Arbitrage Hong Kong Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Center of Expertise Nanjing Co Ltd | China | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP China Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Finance Hong Kong Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Services Australasia Pty Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fund Services Australasia Pty Ltd (New Zealand branch) | New Zealand | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP India Holding Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP India Solutions Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Malaysia Berhad | Malaysia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities China Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E2 |
\u00a0 | BNPP Securities India Private Ltd | India | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Korea Co Ltd | Rep. of Korea | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Securities Taiwan Co Ltd | Taiwan | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Sekuritas Indonesia PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BPP Holdings Pte Ltd | Singapore | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
COMMERCIAL, PERSONAL BANKING & SERVICES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
COMMERCIAL & PERSONAL BANKING IN\u00a0THE\u00a0EUROZONE | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
Commercial & Personal Banking in France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | 2SF - Soci\u00e9t\u00e9 des Services Fiduciaires | France | Equity | (3) | 33.3% | 33.3% | \u00a0 | Equity | (3) | 33.3% | 33.3% | \u00a0 |
\u00a0 | Banque de Wallis et Futuna | France | Full | (1) | 51.0% | 51.0% | \u00a0 | Full | (1) | 51.0% | 51.0% | \u00a0 |
\u00a0 | BNPP Antilles Guyane | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP D\u00e9veloppement | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP D\u00e9veloppement Oblig | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor (Portugal branch) | Portugal | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Factor (Spain branch) | Spain | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Nouvelle Cal\u00e9donie | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP R\u00e9union | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Services Mon\u00e9tiques | France | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Compagnie pour le Financement des Loisirs | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Copartis | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Estreem (Ex Partecis) | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | GIE Ocean | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Jivago Holding | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Paylib Services | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Equity | \u00a0 | 14.3% | 14.3% | \u00a0 |
\u00a0 | Portzamparc | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
BNL banca commerciale | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Banca Agevolarti SPA | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Banca Nazionale Del Lavoro SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP BNL Equity Investment SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E1 |
\u00a0 | EMF IT 2008 1 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Era Uno SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Eutimm SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Financit SPA | Italy | Full | \u00a0 | 60.0% | 60.0% | \u00a0 | Full | \u00a0 | 60.0% | 60.0% | \u00a0 |
\u00a0 | Immera SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | International Factors Italia SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | V1 | Full | \u00a0 | 99.9% | 99.9% | V1 |
\u00a0 | Permicro SPA | Italy | Equity | \u00a0 | 21.9% | 21.9% | \u00a0 | Equity | \u00a0 | 21.9% | 21.9% | \u00a0 |
\u00a0 | Servizio Italia SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sviluppo HQ Tiburtina SRL | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Tierre Securitisation SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Vela OBG SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Worldline Merchant Services Italia SPA | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 |
Commercial & Personal Banking in Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Axepta BNPP Benelux | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Bancontact Paytoniq Company | Belgium | Equity | \u00a0 | 22.5% | 22.5% | \u00a0 | Equity | \u00a0 | 22.5% | 22.5% | \u00a0 |
\u00a0 | BASS Master Issuer NV(t) | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Batopin | Belgium | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Belgian Mobile ID | Belgium | Equity | \u00a0 | 12.2% | 12.2% | \u00a0 | Equity | \u00a0 | 12.2% | 12.2% | \u00a0 |
\u00a0 | BNPP Commercial Finance Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Factor AS | Denmark | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Factor GmbH | Germany | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | V4 |
\u00a0 | BNPP Factoring Support | Netherlands | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis | Belgium | Full | \u00a0 | 99.9% | 99.9% | \u00a0 | Full | \u00a0 | 99.9% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis (Spain branch) | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Fortis (United States branch) | USA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 99.9% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Factor NV | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Film Finance | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fortis Funding SA | Luxembourg | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP FPE Belgium | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP FPE Expansion | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP FPE Management | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPPF Credit Brokers | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Bpost Banque | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Credissimo | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Credissimo Hainaut SA | Belgium | Full | \u00a0 | 99.7% | 99.7% | \u00a0 | Full | \u00a0 | 99.7% | 99.7% | \u00a0 |
\u00a0 | Cr\u00e9dit pour Habitations Sociales | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | \u00a0 | 81.7% | 81.6% | \u00a0 |
\u00a0 | Epimedes | Belgium | Equity | \u00a0 | - | - | \u00a0 | Equity | \u00a0 | - | - | \u00a0 |
\u00a0 | Esmee Master Issuert | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Immobili\u00e8re Sauveniere SA | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Isabel SA NV | Belgium | Equity | \u00a0 | 25.3% | 25.3% | \u00a0 | Equity | \u00a0 | 25.3% | 25.3% | \u00a0 |
\u00a0 | Microstart | Belgium | Full | \u00a0 | 43.9% | 77.5% | \u00a0 | Full | \u00a0 | 43.9% | 77.5% | V4 |
\u00a0 | Private Equity Investments (a) | BE/FR/LU | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | Sagip | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sowo Invest SA NV | Belgium | Full | \u00a0 | 87.5% | 87.5% | \u00a0 | Full | \u00a0 | 87.5% | 87.5% | \u00a0 |
Commercial & Personal Banking in Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BGL BNPP | Luxembourg | Full | \u00a0 | 66.0% | 65.9% | \u00a0 | Full | \u00a0 | 66.0% | 65.9% | \u00a0 |
\u00a0 | BGL BNPP (Germany branch) | Germany | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 66.0% | 65.9% | \u00a0 |
\u00a0 | BNPP Lease Group Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 65.9% | \u00a0 | Full | \u00a0 | 100.0% | 65.9% | \u00a0 |
\u00a0 | BNPP SB Re | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Compagnie Financi\u00e8re Ottomane SA | Luxembourg | Full | \u00a0 | 97.4% | 97.4% | \u00a0 | Full | \u00a0 | 97.4% | 97.4% | V4 |
\u00a0 | i Hub SA | Luxembourg | Equity | (3) | 20.0% | 13.2% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Le Sphinx Assurances Luxembourg SA | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Luxhub SA | Luxembourg | Equity | \u00a0 | 28.0% | 18.5% | \u00a0 | Equity | \u00a0 | 28.0% | 18.5% | \u00a0 |
\u00a0 | Visalux | Luxembourg | Equity | \u00a0 | 25.2% | 16.6% | \u00a0 | Equity | \u00a0 | 25.2% | 16.6% | \u00a0 |
COMMERCIAL & PERSONAL BANKING OUTSIDE\u00a0THE\u00a0EUROZONE | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
Europe-Mediterranean | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Bank of Nanjing | China | Equity | \u00a0 | 18.1% | 18.1% | V1 | Equity | \u00a0 | 16.2% | 16.2% | V1/V3 |
\u00a0 | Banque Marocaine pour le Commerce et l'Industrie | Morocco | Full | \u00a0 | 67.0% | 67.0% | D2 | Full | \u00a0 | 67.0% | 67.0% | \u00a0 |
\u00a0 | Banque Marocaine pour le Commerce et l'Industrie Banque Offshore | Morocco | Full | \u00a0 | 100.0% | 67.0% | D2 | Full | \u00a0 | 100.0% | 67.0% | \u00a0 |
\u00a0 | Bantas Nakit AS | T\u00fcrkiye | Equity | (3) | 33.3% | 16.7% | \u00a0 | Equity | (3) | 33.3% | 16.7% | \u00a0 |
\u00a0 | BDSI | Morocco | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 100.0% | 96.4% | \u00a0 |
\u00a0 | BGZ Poland ABS1 DAC(t) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | BMCI Leasing | Morocco | Full | \u00a0 | 86.9% | 58.2% | D2 | Full | \u00a0 | 86.9% | 58.2% | \u00a0 |
\u00a0 | BNPP Bank Polska SA | Poland | Full | \u00a0 | 75.0% | 75.0% | V3 | Full | \u00a0 | 81.3% | 81.3% | V2 |
\u00a0 | BNPP El Djazair | Algeria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Faktoring Spolka ZOO | Poland | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Fortis Yatirimlar Holding AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Group Service Center SA | Poland | Full | \u00a0 | 100.0% | 81.2% | V3 | Full | \u00a0 | 100.0% | 81.3% | V3 |
\u00a0 | BNPP IRB Participations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Yatirimlar Holding AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Dreams Sustainable AB | Sweden | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Joint Stock Company Ukrsibbank | Ukraine | Full | \u00a0 | 60.0% | 60.0% | \u00a0 | Full | \u00a0 | 60.0% | 60.0% | D1 |
\u00a0 | TEB ARF Teknoloji Anonim Sirketi | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Faktoring AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Finansman AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | TEB Holding AS | T\u00fcrkiye | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | TEB Portfoy Yonetimi AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | TEB SH A | Kosovo | Full | \u00a0 | 100.0% | 50.0% | \u00a0 | Full | \u00a0 | 100.0% | 50.0% | \u00a0 |
\u00a0 | TEB Yatirim Menkul Degerler AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
\u00a0 | Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna | Poland | Full | \u00a0 | 100.0% | 75.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Turk Ekonomi Bankasi AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 72.5% | \u00a0 | Full | \u00a0 | 100.0% | 72.5% | \u00a0 |
SPECIALISED BUSINESSES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Personal Finance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Alpha Cr\u00e9dit SA | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Auto ABS UK Loans PLC(t) | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | AutoFlorence 1 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 2 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 3 SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | AutoFlorence 4 SRL(t) | Italy | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Autonoria 2019(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Autonoria DE 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria DE 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Autonoria Spain 2019t | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2021 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2022 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2023 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Autonoria Spain 2025(t) | Spain | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Banque Financement | France | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Banco Cetelem SA | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BGN Mercantil E Servicos Ltda | Brazil | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Personal Finance | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Czech Republic branch) | Czech Rep. | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Portugal branch) | Portugal | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Romania branch) | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance (Slovakia branch) | Slovakia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Personal Finance South Africa Ltd | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BON BNPP Consumer Finance Co Ltd | China | Equity | \u00a0 | 31.7% | 31.7% | \u00a0 | Equity | \u00a0 | 31.7% | 31.7% | V3 |
\u00a0 | Cafineo | France | Full | (1) | 51.0% | 50.8% | \u00a0 | Full | (1) | 51.0% | 50.8% | \u00a0 |
\u00a0 | Carrefour Banque | France | Equity | \u00a0 | 40.0% | 40.0% | \u00a0 | Equity | \u00a0 | 40.0% | 40.0% | \u00a0 |
\u00a0 | Central Europe Technologies SRL | Romania | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cetelem America Ltda | Brazil | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Cetelem Business Consulting Shanghai Co Ltd | China | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cetelem Gestion AIE | Spain | Full | \u00a0 | 100.0% | 96.5% | V4 | Full | \u00a0 | 100.0% | 96.0% | \u00a0 |
\u00a0 | Cetelem SA de CV | Mexico | Equity | \u00a0 | 20.0% | 0.0% | \u00a0 | Equity | \u00a0 | 20.0% | 0.0% | S2 |
\u00a0 | Cetelem Servicios Informaticos AIE | Spain | Full | \u00a0 | 100.0% | 81.5% | V4 | Full | \u00a0 | 100.0% | 81.0% | \u00a0 |
\u00a0 | Cetelem Servicos Ltda | Brazil | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cofica Bail | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cofiplan | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Creation Consumer Finance Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Creation Financial Services Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cr\u00e9dit Moderne Antilles Guyane | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cr\u00e9dit Moderne Oc\u00e9an Indien | France | Full | (1) | 97.8% | 97.8% | \u00a0 | Full | (1) | 97.8% | 97.8% | \u00a0 |
\u00a0 | Domofinance | France | Full | (1) | 55.0% | 55.0% | \u00a0 | Full | (1) | 55.0% | 55.0% | \u00a0 |
\u00a0 | E Carat 12 PLC(t) | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Ecarat DE SA(t) | Luxembourg | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Ekspres Bank AS | Denmark | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Ekspres Bank AS (Norway branch) | Norway | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Ekspres Bank AS (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Eos Aremas Belgium SA NV | Belgium | Equity | \u00a0 | 50.0% | 49.9% | \u00a0 | Equity | \u00a0 | 50.0% | 49.9% | \u00a0 |
\u00a0 | Evollis | France | Equity | \u00a0 | 48.8% | 48.8% | V3 | Equity | \u00a0 | 49.2% | 49.2% | \u00a0 |
\u00a0 | Findomestic Banca SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Florence Real Estate Developments SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Florence SPV SRL(t) | Italy | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | GCC Consumo Establecimiento Financiero de Credito SA | Spain | Full | \u00a0 | 51.0% | 51.0% | \u00a0 | Full | \u00a0 | 51.0% | 51.0% | \u00a0 |
\u00a0 | Genius Auto Finance Co Ltd | China | Equity | \u00a0 | 25.0% | 25.0% | D3 | Equity | (3) | 25.0% | 25.0% | \u00a0 |
\u00a0 | International Development Resources AS Services SA | Spain | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Loisirs Finance | France | Full | (1) | 51.0% | 51.0% | \u00a0 | Full | (1) | 51.0% | 51.0% | \u00a0 |
\u00a0 | Magyar Cetelem Bank ZRT | Hungary | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Neuilly Contentieux | France | Full | \u00a0 | 95.9% | 95.6% | \u00a0 | Full | \u00a0 | 95.9% | 95.6% | \u00a0 |
\u00a0 | Noria 2021(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Noria 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Noria 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Noria DE 2024(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Noria Spain 2020 FT(t) | Spain | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Opel Finance SA | Switzerland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | PBD Germany Auto Lease Master SA(t) | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Personal Finance Location | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | PF Services GmbH | Germany | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Phedina Hypotheken 2010 BV(t) | Netherlands | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | RCS Botswana Pty Ltd | Botswana | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | RCS Cards Pty Ltd | South Africa | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | RCS Investment Holdings Namibia Pty Ltd | Namibia | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Securitisation funds Genius (d)(t) | China | \u00a0 | \u00a0 | \u00a0 | \u00a0 | D3 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Securitisation funds UCI and RMBS Prado (b)(t) | Spain | Equity | (3) | - | - | \u00a0 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Securitisation funds Wisdom (e)(t) | China | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | (3) | - | - | \u00a0 |
\u00a0 | Servicios Financieros Carrefour EFC SA | Spain | Equity | \u00a0 | 37.3% | 40.0% | \u00a0 | Equity | \u00a0 | 37.3% | 40.0% | \u00a0 |
\u00a0 | Stellantis Bank SA | France | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Bank SA (Austria branch) | Austria | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Bank SA (Germany branch) | Germany | Full | \u00a0 | 50.0% | 50.0% | \u00a0 | Full | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Stellantis Financial Services UK Ltd | UK | Full | \u00a0 | 100.0% | 50.0% | \u00a0 | Full | \u00a0 | 100.0% | 50.0% | \u00a0 |
\u00a0 | Union de Creditos Inmobiliarios SA | Spain | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | United Partnership | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | (3) | 50.0% | 50.0% | \u00a0 |
\u00a0 | Vauxhall Finance Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | XFERA Consumer Finance EFC SA | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | \u00a0 | 51.0% | 51.0% | \u00a0 |
\u00a0 | Zhejiang Wisdom Puhua Financial Leasing Co Ltd | China | Equity | \u00a0 | 25.0% | 25.0% | S2 | Equity | (3) | 25.0% | 25.0% | \u00a0 |
Arval | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Artel | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Arval AB | Sweden | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval AS | Denmark | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval AS Norway | Norway | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Austria GmbH | Austria | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Belgium NV SA | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Brasil Ltda | Brazil | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval BV | Netherlands | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Colombia SAS (Ex- Arval Relsa Colombia SAS) | Colombia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval CZ SRO | Czech Rep. | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Deutschland GmbH | Germany | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Fleet Services | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Fleet Services (Monaco branch) | Monaco | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Hellas Car Rental SA | Greece | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval LLC | Russia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Magyarorszag KFT | Hungary | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Maroc SA | Morocco | Full | \u00a0 | 100.0% | 89.0% | \u00a0 | Full | \u00a0 | 100.0% | 89.0% | \u00a0 |
\u00a0 | Arval OY | Finland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Relsa SPA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Schweiz AG | Switzerland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Aluger Operational Automoveis SA | Portugal | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Italia SPA | Italy | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Polska SP ZOO | Poland | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease Romania SRL | Romania | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Service Lease SA | Spain | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Slovakia SRO | Slovakia | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval Trading | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Group Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Leasing Services Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Arval UK Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | BNPP Fleet Holdings Ltd | UK | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cent ASL | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Cofiparc | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Comercializadora de Vehiculos SA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | FCT Pulse France 2022(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Greenval Insurance DAC | Ireland | Full | (2) | 100.0% | 99.9% | \u00a0 | Full | (2) | 100.0% | 99.9% | \u00a0 |
\u00a0 | Locadif | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Louveo | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Public Location Longue Dur\u00e9e | France | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Pulse UK 2024 PLC(s) | UK | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | E2 |
\u00a0 | Rentaequipos Leasing Peru SA | Peru | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | Rentaequipos Leasing SA | Chile | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | TEB Arval Arac Filo Kiralama AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 75.0% | \u00a0 | Full | \u00a0 | 100.0% | 75.0% | \u00a0 |
\u00a0 | Terberg Leasing Justlease Belgium BV | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
Leasing Solutions | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Aprolis Finance | France | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | Artegy | France | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNL Leasing SPA | Italy | Full | \u00a0 | 100.0% | 95.5% | \u00a0 | Full | \u00a0 | 100.0% | 95.5% | \u00a0 |
\u00a0 | BNPP 3 Step IT | France | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Belgium branch) | Belgium | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Germany branch) | Germany | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Italy branch) | Italy | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Netherlands branch) | Netherlands | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (Spain branch) | Spain | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP 3 Step IT (United Kingdom branch) | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | BNPP Finansal Kiralama AS | T\u00fcrkiye | Full | \u00a0 | 100.0% | 82.5% | \u00a0 | Full | \u00a0 | 100.0% | 82.5% | \u00a0 |
\u00a0 | BNPP Lease Group | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Germany branch) | Germany | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Italy branch) | Italy | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Portugal branch) | Portugal | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group (Spain branch) | Spain | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group Belgium | Belgium | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group Leasing Solutions SPA | Italy | Full | \u00a0 | 100.0% | 95.5% | \u00a0 | Full | \u00a0 | 100.0% | 95.5% | \u00a0 |
\u00a0 | BNPP Lease Group Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Lease Group SP ZOO | Poland | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Services | Poland | Full | \u00a0 | 100.0% | 81.2% | V3 | Full | \u00a0 | 100.0% | 81.3% | V3 |
\u00a0 | BNPP Leasing Solution AS | Norway | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions | Luxembourg | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions AB | Sweden | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions AS | Denmark | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions GmbH | Austria | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions IFN SA | Romania | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions NV | Netherlands | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Leasing Solutions Suisse SA | Switzerland | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | BNPP Rental Solutions SPA | Italy | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Claas Financial Services | France | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Germany branch) | Germany | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Italy branch) | Italy | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Poland branch) | Poland | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services (Spain branch) | Spain | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Claas Financial Services Ltd | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe | France | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | \u00a0 | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Belgium branch) | Belgium | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Germany branch) | Germany | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Italy branch) | Italy | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Poland branch) | Poland | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe (Spain branch) | Spain | Full | (1) | 50.1% | 41.6% | \u00a0 | Full | (1) | 50.1% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe BV | Netherlands | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe GmbH | Austria | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | \u00a0 | 100.0% | 41.6% | \u00a0 |
\u00a0 | CNH Industrial Capital Europe Ltd | UK | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | \u00a0 | 100.0% | 41.6% | \u00a0 |
\u00a0 | ES Finance | Belgium | Full | \u00a0 | 100.0% | 99.9% | \u00a0 | Full | \u00a0 | 100.0% | 99.9% | \u00a0 |
\u00a0 | FL Zeebrugge(s) | Belgium | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Fortis Lease | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Lease Belgium | Belgium | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Lease UK Ltd | UK | Full | \u00a0 | 100.0% | 83.0% | \u00a0 | Full | \u00a0 | 100.0% | 83.0% | \u00a0 |
\u00a0 | Fortis Vastgoedlease BV | Netherlands | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Heffiq Heftruck Verhuur BV | Netherlands | Full | \u00a0 | 50.1% | 41.5% | \u00a0 | Full | \u00a0 | 50.1% | 41.5% | \u00a0 |
\u00a0 | JCB Finance | France | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Germany branch) | Germany | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Italy branch) | Italy | Full | \u00a0 | 100.0% | 41.6% | \u00a0 | Full | (1) | 100.0% | 41.6% | \u00a0 |
\u00a0 | JCB Finance (Spain branch) | Spain | Full | \u00a0 | 100.0% | 41.6% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | JCB Finance Holdings Ltd | UK | Full | \u00a0 | 50.1% | 41.6% | \u00a0 | Full | \u00a0 | 50.1% | 41.6% | \u00a0 |
\u00a0 | JFL BNPP Agriculture And Technology Financial Leasing Co Ltd | China | Equity | \u00a0 | 45.0% | 37.3% | \u00a0 | Equity | \u00a0 | 45.0% | 37.3% | E2 |
\u00a0 | Manitou Finance Ltd | UK | Full | \u00a0 | 51.0% | 42.3% | \u00a0 | Full | \u00a0 | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF | France | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF (Germany branch) | Germany | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | MGF (Italy branch) | Italy | Full | (1) | 51.0% | 42.3% | \u00a0 | Full | (1) | 51.0% | 42.3% | \u00a0 |
\u00a0 | Natio Energie 2 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Natiocredibail | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Pixel 2021(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Same Deutz Fahr Finance | France | Full | (1) | 100.0% | 83.0% | \u00a0 | Full | (1) | 100.0% | 83.0% | \u00a0 |
\u00a0 | SNC Natiocredimurs | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
New Digital Businesses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Financi\u00e8re des Paiements Electroniques | France | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Belgium branch) | Belgium | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Germany branch) | Germany | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Portugal branch) | Portugal | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Financi\u00e8re des Paiements Electroniques (Spain branch) | Spain | Full | \u00a0 | 95.0% | 95.0% | \u00a0 | Full | \u00a0 | 95.0% | 95.0% | \u00a0 |
\u00a0 | Floa | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | (1) | 100.0% | \u00a0 |
\u00a0 | Lyf SA | France | Equity | (3) | 46.3% | 46.3% | V1 | Equity | \u00a0 | (3) | 44.8% | V1 |
\u00a0 | Lyf SAS | France | Equity | (3) | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | (3) | 50.0% | \u00a0 |
Personal Investors | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Espresso Financial Services Private Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Geojit Technologies Private Ltd | India | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 | Equity | \u00a0 | 35.0% | 35.0% | \u00a0 |
\u00a0 | Human Value Developers Private Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Sharekhan BNPP Financial Services Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | Sharekhan Ltd | India | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
INVESTMENT & PROTECTION SERVICES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Insurance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | AEW Immocommercials | France | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | AG Insurance | Belgium | Equity | \u00a0 | 25.0% | 25.0% | D2 | Equity | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Agathe Retail France | France | FV | \u00a0 | 33.3% | 33.3% | \u00a0 | FV | \u00a0 | 33.3% | 33.3% | \u00a0 |
\u00a0 | AM Select(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Astridplaza | Belgium | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | AXA IM Smart Euro Short Term Return(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Batipart Participations SAS | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | FV | \u00a0 | 29.7% | 29.7% | \u00a0 |
\u00a0 | BCC Vita SPA | Italy | Full | (2) | 70.0% | 70.0% | \u00a0 | Full | (2) | 70.0% | 70.0% | E3 |
\u00a0 | Becquerel(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Croissance ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Euro ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Monde ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Actions Patrimoine ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Actions PME ETI(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Aqua(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Best Selection Actions Euro ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Bond 6M(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Cardif | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif BV | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Compania de Seguros y Reaseguros SA | Peru | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Emeklilik AS | T\u00fcrkiye | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Hayat Sigorta AS | T\u00fcrkiye | Full | (2) | 100.0% | 100.0% | D1 | Equity | * | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB (Denmark branch) | Denmark | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Livforsakring AB (Norway branch) | Norway | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Nordic AB (Ex- Cardif Nordic AB) | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Pojistovna AS | Czech Rep. | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Seguros de Vida SA | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Seguros Generales SA | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif Services SRO | Czech Rep. | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Servicios y Asistencia Ltda | Chile | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | BNPP Cardif Sigorta AS | T\u00fcrkiye | Full | (4) | 100.0% | 100.0% | D1 | Equity | * | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Cardif TCB Life Insurance Co Ltd | Taiwan | Equity | \u00a0 | 49.0% | 49.0% | \u00a0 | Equity | \u00a0 | 49.0% | 49.0% | \u00a0 |
\u00a0 | BNPP Cardif Vita Compagnia di Assicurazione E Riassicurazione SPA | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Convictions(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP CP Cardif Private Debt(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP D\u00e9veloppement Humain(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Diversiflex(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | BNPP Diversipierre(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | BNPP Euro Climate Aligned(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP France Cr\u00e9dit(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Global Senior Corporate Loans(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Indice Amerique du Nord(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Indice France ESG(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Infrastructure Investments Fund(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Multistrat\u00e9gies Protection 80(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Obliselect Euro Dec 2028(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Select(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP S\u00e9lection Dynamique Monde(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Selection Patrimoine Responsable(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | E1 |
\u00a0 | BNPP Smallcap Euroland ISR(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Social Business France(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BOB Cardif Life Insurance Co Ltd | China | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | C Sant\u00e9(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | D1 |
\u00a0 | CamGestion Convertibles Europe(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Capital France Hotel | France | Full | (2) | 98.5% | 98.5% | \u00a0 | Full | (2) | 98.5% | 98.5% | \u00a0 |
\u00a0 | Cardif Airstar Property & Casualty Insurance Co Ltd | China | Equity | \u00a0 | 49.0% | 49.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Cardif Alternatives Part I(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Cardif Assurance Vie | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Austria branch) | Austria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Belgium branch) | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Bulgaria branch) | Bulgaria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Germany branch) | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Italy branch) | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Netherlands branch) | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Portugal branch) | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Romania branch) | Romania | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Spain branch) | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Switzerland branch) | Switzerland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurance Vie (Taiwan branch) | Taiwan | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Austria branch) | Austria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Belgium branch) | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Bulgaria branch) | Bulgaria | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Germany branch) | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Italy branch) | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Netherlands branch) | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Poland branch) | Poland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Portugal branch) | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Romania branch) | Romania | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Spain branch) | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Switzerland branch) | Switzerland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Assurances Risques Divers (Taiwan branch) | Taiwan | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Biztosito Magyarorszag ZRT | Hungary | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif BNPP AM Emerging Bond(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP AM Euro Paris Climate Aligned(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP AM Global Environmental Equity(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP AM Sustainable Euro Equity(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP AM Sustainable Europe Equity(s) | France | Full | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | D1 |
\u00a0 | Cardif BNPP IP Signatures(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Cardif BNPP IP Smid Cap Euro(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Colombia Seguros Generales SA | Colombia | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Colombia Servicios SA (Ex- Cardif Servicios de Colombia SAS) | Colombia | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | E1 |
\u00a0 | Cardif CPR Global Return(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | \u00a0 | (2) | - | - | \u00a0 |
\u00a0 | Cardif do Brasil Seguros e Garantias SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif do Brasil Vida e Previdencia SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Edrim Signatures(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Cardif El Djazair | Algeria | Equity | * | 85.0% | 85.0% | \u00a0 | Equity | * | 85.0% | 85.0% | V2 |
\u00a0 | Cardif Forsakring AB | Sweden | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Forsakring AB (Denmark branch) | Denmark | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Forsakring AB (Norway branch) | Norway | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif IARD | France | Full | (2) | 66.0% | 66.0% | \u00a0 | Full | (2) | 66.0% | 66.0% | \u00a0 |
\u00a0 | Cardif Insurance Holdings PLC | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Life Insurance Co Ltd | Rep. of Korea | Full | (2) | 85.0% | 85.0% | \u00a0 | Full | (2) | 85.0% | 85.0% | \u00a0 |
\u00a0 | Cardif Life Insurance Japan | Japan | Full | (2) | 75.0% | 75.0% | \u00a0 | Full | (2) | 75.0% | 75.0% | \u00a0 |
\u00a0 | Cardif Ltda | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Lux Vie | Luxembourg | Full | (2) | 100.0% | 88.6% | \u00a0 | Full | (2) | 100.0% | 88.6% | \u00a0 |
\u00a0 | Cardif Mexico Seguros de Vida SA de CV | Mexico | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Mexico Seguros Generales SA de CV | Mexico | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | D1 |
\u00a0 | Cardif Non Life Insurance Japan | Japan | Full | (2) | 100.0% | 75.0% | \u00a0 | Full | (2) | 100.0% | 75.0% | \u00a0 |
\u00a0 | Cardif Polska Towarzystwo Ubezpieczen Na Zycie SA | Poland | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Retraite | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardif Services AEIE | Portugal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Cardif Servicios SAC | Peru | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Cardif Support Unipessoal Lda | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cardimmo | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Carma Grand Horizon SARL | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Centre Commercial Francilia | France | FV | \u00a0 | 21.7% | 21.7% | \u00a0 | FV | \u00a0 | 21.7% | 21.7% | \u00a0 |
\u00a0 | CFH Alexanderplatz Hotel Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Algonquin Management Partners France Italia | Italy | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy Hotel | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Bercy Interm\u00e9diaire | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Berlin GP GmbH | Germany | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Berlin Holdco SARL | Luxembourg | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Boulogne | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Cap d'Ail | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Hostel Berlin Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Hotel Project Sarl | Luxembourg | Full | (2) | 100.0% | 93.5% | \u00a0 | Full | (2) | 100.0% | 93.5% | \u00a0 |
\u00a0 | CFH Milan Holdco SRL | Italy | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Montmartre | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | CFH Montparnasse | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | Clariance & Partenaires (Ex- Korian et Partenaires Immobilier 2) | France | FV | \u00a0 | 24.5% | 24.5% | \u00a0 | FV | \u00a0 | 24.5% | 24.5% | \u00a0 |
\u00a0 | Corosa | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Darnell DAC | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | D\u00e9fense CB3 SAS | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Diversipierre DVP 1 | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | V4 |
\u00a0 | Diversipierre Germany GmbH | Germany | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP European Channel | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Green Clover | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Haussmann | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | DVP Heron | France | Full | (2) | 100.0% | 95.3% | V4 | Full | (2) | 100.0% | 94.6% | D1/V4 |
\u00a0 | EP L(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | EP1 Grands Moulins(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | D1 |
\u00a0 | Fleur SAS | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 |
\u00a0 | Fonci\u00e8re Partenaires(s) | France | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | Fondev | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Fondo BNPP Aqua Protetto(s) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 | Full | (4) | - | - | E1 |
\u00a0 | Fonds d'Investissements Immobiliers pour le Commerce et la Distribution | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | FP Cardif Convex Fund USD(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Fundamenta(s) | Italy | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | GIE BNPP Cardif | France | Full | (2) | 99.8% | 99.8% | V4 | Full | (2) | 99.7% | 99.7% | \u00a0 |
\u00a0 | GPinvest 10 | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Harewood Helena 2 Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Harmony Prime(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | Hemisphere Holding | France | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 | Equity | \u00a0 | 20.0% | 20.0% | \u00a0 |
\u00a0 | Hibernia France | France | Full | (2) | 100.0% | 98.5% | \u00a0 | Full | (2) | 100.0% | 98.5% | \u00a0 |
\u00a0 | Horizon Development GmbH | Germany | FV | \u00a0 | 66.7% | 65.1% | V4 | FV | \u00a0 | 66.7% | 64.9% | V4 |
\u00a0 | Icare | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Icare Assurance | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | ID Cologne A1 GmbH | Germany | Full | (2) | 100.0% | 97.9% | V4 | Full | (2) | 89.2% | 86.8% | D1/V4 |
\u00a0 | ID Cologne A2 GmbH | Germany | Full | (2) | 100.0% | 97.9% | V4 | Full | (2) | 89.2% | 86.8% | D1/V4 |
\u00a0 | Karapass Courtage | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Korian et Partenaires Immobilier 1 | France | FV | \u00a0 | 24.5% | 24.5% | \u00a0 | FV | \u00a0 | 24.5% | 24.5% | \u00a0 |
\u00a0 | Luizaseg Seguros SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Natio Assurance | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Natio Fonds Amp\u00e8re 1(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | NCVP Participacoes Societarias SA | Brazil | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Neuflize Vie | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | E3 |
\u00a0 | New Alpha Cardif Incubator Fund(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | OC Health Real Estate GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Op\u00e9ra Rendement(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Paris Management Consultant Co Ltd | Taiwan | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Permal Cardif Co Investment Fund(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Pinnacle Pet Holdings Ltd | UK | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Equity | \u00a0 | 24.7% | 24.7% | \u00a0 |
\u00a0 | Poistovna Cardif Slovakia AS | Slovakia | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Preim Healthcare SAS(s) | France | FV | (2) | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | PWH | France | FV | (2) | 47.5% | 47.5% | \u00a0 | FV | \u00a0 | 47.5% | 47.5% | \u00a0 |
\u00a0 | Reumal Investissements | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Rubin SARL | Luxembourg | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Rueil Ariane | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sanso Carbon Initiative Trends (Ex- Cedrus Carbon Initiative Trends)(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | SAS HVP | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Schroder European Operating Hotels Fund 1(s) | Luxembourg | FV | \u00a0 | - | - | \u00a0 | FV | \u00a0 | - | - | \u00a0 |
\u00a0 | SCI 68/70 rue de Lagny Montreuil | France | Full | (2) | 99.9% | 99.9% | \u00a0 | Full | (2) | 99.9% | 99.9% | \u00a0 |
\u00a0 | SCI Alpha Park | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 |
\u00a0 | SCI Batipart Chadesrent | France | FV | \u00a0 | 20.0% | 20.0% | \u00a0 | FV | \u00a0 | 20.0% | 20.0% | \u00a0 |
\u00a0 | SCI Biv Malakoff | France | FV | \u00a0 | 23.3% | 23.3% | \u00a0 | FV | \u00a0 | 23.3% | 23.3% | \u00a0 |
\u00a0 | SCI BNPP Pierre I | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI BNPP Pierre II | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full) | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Bobigny Jean Rostand | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Bouleragny | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI Cardif Logements (Ex- SCI Cardif Logement) | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Citylight Boulogne | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Clichy Nuovo | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI D\u00e9fense Etoile | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI D\u00e9fense Vend\u00f4me | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Etoile du Nord | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Fontenay Plaisance | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Imefa Velizy | France | FV | \u00a0 | 21.8% | 21.8% | \u00a0 | FV | \u00a0 | 21.8% | 21.8% | \u00a0 |
\u00a0 | SCI Le Mans Gare | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Nanterre Guilleraies | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | SCI Nantes Carnot | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Odyss\u00e9e | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Pantin Les Moulins | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Batignolles | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Cours de Vincennes | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Grande Arm\u00e9e | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Paris Turenne | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Portes de Claye | France | Equity | \u00a0 | 45.0% | 45.0% | \u00a0 | Equity | (2) | 45.0% | 45.0% | \u00a0 |
\u00a0 | SCI Rue Moussorgski | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Rueil Caudron | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint Denis Landy | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint Denis Mitterrand | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI Saint-Denis Jade | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | SCI SCOO | France | FV | \u00a0 | 46.4% | 46.4% | \u00a0 | FV | \u00a0 | 46.4% | 46.4% | \u00a0 |
\u00a0 | SCI Vend\u00f4me Ath\u00e8nes | France | FV | \u00a0 | 50.0% | 50.0% | \u00a0 | FV | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | SCI Villeurbanne Stalingrad | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | Secar | France | FV | \u00a0 | 55.1% | 55.1% | \u00a0 | FV | \u00a0 | 55.1% | 55.1% | \u00a0 |
\u00a0 | Seniorenzentren Deutschland Holding SARL | Luxembourg | FV | \u00a0 | 20.0% | 17.7% | \u00a0 | FV | \u00a0 | 20.0% | 17.7% | \u00a0 |
\u00a0 | Seniorenzentren Reinbeck Oberursel M\u00fcnchen Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Butzbach Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Heilbronn Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Kassel Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Seniorenzentrum Wolfratshausen Objekt GmbH | Germany | FV | \u00a0 | 35.0% | 31.0% | \u00a0 | FV | \u00a0 | 35.0% | 31.0% | \u00a0 |
\u00a0 | Services Epargne Entreprise | France | Equity | \u00a0 | 50.0% | 50.0% | V1 | Equity | \u00a0 | 36.8% | 36.8% | V1 |
\u00a0 | SNC Batipart Mermoz | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | SNC Batipart Poncelet | France | FV | \u00a0 | 25.0% | 25.0% | \u00a0 | FV | \u00a0 | 25.0% | 25.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Francaise d'Assurances sur la Vie | France | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 | Equity | \u00a0 | 50.0% | 50.0% | \u00a0 |
\u00a0 | Soci\u00e9t\u00e9 Immobili\u00e8re du Royal Building SA | Luxembourg | Full | (2) | 100.0% | 88.6% | \u00a0 | Full | (2) | 100.0% | 88.6% | \u00a0 |
\u00a0 | Theam Quant Europe Climate Carbon Offset Plan(s) | France | Full | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | Tikehau Cardif Loan Europe(s) | France | Full | (2) | - | - | \u00a0 | Full | (2) | - | - | \u00a0 |
\u00a0 | Valeur Pierre Epargne | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Valtitres FCP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | D1 |
\u00a0 | Velizy Holding | France | FV | \u00a0 | 33.3% | 33.3% | \u00a0 | FV | \u00a0 | 33.3% | 33.3% | \u00a0 |
Wealth Management | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | BNPP Wealth Management Monaco | Monaco | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (1) | 100.0% | 100.0% | \u00a0 |
Asset Management | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Alfred Berg Kapitalforvaltning AS | Norway | Full | \u00a0 | 100.0% | 75.0% | V4 | Full | \u00a0 | 100.0% | 73.7% | \u00a0 |
\u00a0 | Alfred Berg Kapitalforvaltning AS (Sweden branch) | Sweden | Full | \u00a0 | 100.0% | 75.0% | V4 | Full | \u00a0 | 100.0% | 73.7% | \u00a0 |
\u00a0 | Architas Multi Manager Europe Ltd | Ireland | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Artemid | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (German branch) | Germany | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Italy branch) | Italy | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Netherland branch) | Netherlands | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante (Spain branch) | Spain | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 1 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 2 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Atalante Invest 3 | France | Full | \u00a0 | 100.0% | 93.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Architas | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Benelux | Belgium | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Benelux (Netherland branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Paris | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Italy branch) | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Luxembourg branch) | Luxembourg | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Paris (Netherland branch) | Netherlands | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Prime | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Prime (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa IM Select Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Select Belgium SA And NV | Belgium | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM Select France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA IM US Group Holding LLC | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers Australia Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Deutschland Gmbh | Germany | Full | \u00a0 | 89.9% | 89.9% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Deutschland Gmbh (French branch) | France | Full | \u00a0 | 100.0% | 89.9% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers GS Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers IF | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Private Fund Management Shanghai Ltd | China | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers Schweiz AG | Switzerland | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Investment Managers UK Holdings Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Investment Managers US Inc | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Real Estate Investment Managers | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers Australia Pty Ltd | Australia | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers Japan KK | Japan | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa Real Estate Investment Managers UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Axa REIM SGP | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA REIM SGP (Italy branch) | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | E3/S1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | AXA Spdb Investment Managers Company Ltd | China | Equity | \u00a0 | 39.0% | 39.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Bancoestado Administradora General de Fondos SA | Chile | Equity | \u00a0 | 50.0% | 50.0% | V4 | Equity | \u00a0 | 50.0% | 49.1% | \u00a0 |
\u00a0 | Baroda BNPP AMC Private Ltd | India | Equity | (3) | 49.9% | 49.9% | V4 | Equity | (3) | 49.9% | 49.1% | V4 |
\u00a0 | BNPP ABC Wealth Management Co Ltd | China | Equity | (3) | 51.0% | 51.0% | V4 | Equity | (3) | 51.0% | 50.1% | \u00a0 |
\u00a0 | BNPP Agility Fund Equity SLP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Agility Fund Private Debt SLP(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP AM Hedged Strategies(s) | France | Full | (4) | - | - | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP AM International Hedged Strategies(s) | France | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Asset Management Asia Ltd | Hong Kong | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Be Holding | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Brasil Ltda | Brazil | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 99.6% | V4 |
\u00a0 | BNPP Asset Management Europe | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Austria branch) | Austria | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Belgium branch) | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Germany branch) | Germany | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Luxembourg branch) | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management Europe (Netherlands branch) | Netherlands | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Europe (Poland branch) | Poland | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | E2 |
\u00a0 | BNPP Asset Management Europe (Spain branch) | Spain | Full | \u00a0 | 100.0% | 100.0% | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management Holding | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V1 |
\u00a0 | BNPP Asset Management Japan Ltd | Japan | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Luxembourg | Luxembourg | Full | \u00a0 | 99.7% | 99.7% | V4 | Full | \u00a0 | 99.7% | 98.0% | V4 |
\u00a0 | BNPP Asset Management Property Solutions | France | Full | \u00a0 | 100.0% | 100.0% | E1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | BNPP Asset Management PT | Indonesia | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management Taiwan Co Ltd | Taiwan | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management UK Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Asset Management USA Holdings Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Asset Management USA Inc | USA | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP B Institutional II(s) | Belgium | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Dealing Services | France | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | BNPP Easy(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Flexi I(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Funds(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management France | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH | Germany | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Italy branch) | Italy | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Portugal branch) | Portugal | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Germany GmbH (Spain branch) | Spain | Full | \u00a0 | 94.9% | 94.9% | \u00a0 | Full | \u00a0 | 94.9% | 94.9% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Luxembourg SA | Luxembourg | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Luxembourg SA (Italy branch) | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Capza Transition | France | Full | \u00a0 | 100.0% | 79.4% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Colisee Gerance | France | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Drypnir AS | Norway | Full | \u00a0 | 100.0% | 0.1% | \u00a0 | Full | \u00a0 | 100.0% | 0.1% | \u00a0 |
\u00a0 | Dynamic Credit Group BV | Netherlands | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 75.0% | 73.7% | V4 |
\u00a0 | Gambit Financial Solutions | Belgium | Full | \u00a0 | 100.0% | 100.0% | V4 | Full | \u00a0 | 100.0% | 98.3% | V4 |
\u00a0 | Haitong Fortis Private Equity Fund Management Co Ltd | China | Equity | \u00a0 | 33.0% | 33.0% | V4 | Equity | \u00a0 | 33.0% | 32.4% | \u00a0 |
\u00a0 | Harewood Helena 1 Ltd | UK | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | HFT Investment Management Co Ltd | China | Equity | \u00a0 | 49.0% | 49.0% | V4 | Equity | \u00a0 | 49.0% | 48.2% | V4 |
\u00a0 | Impax Asset Management Group PLC | UK | Equity | \u00a0 | 13.8% | 13.8% | V4 | Equity | \u00a0 | 13.8% | 13.5% | \u00a0 |
\u00a0 | Kyobo AXA Investment Managers Company Ltd | Rep. of Korea | Equity | \u00a0 | 50.0% | 50.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Master Seeder Fund(s) | France | Full | (4) | - | - | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | SME Alternative Financing DAC(s) | Ireland | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | Theam Quant(s) | Luxembourg | Full | (4) | - | - | \u00a0 | Full | (4) | - | - | \u00a0 |
\u00a0 | W Capital Management LLC | USA | Full | \u00a0 | 100.0% | 100.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Real Estate | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
\u00a0 | Allium Investments SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | E3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Auguste Thouard Expertise | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Immobilier Promotion | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Immobilier R\u00e9sidences Services | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate (United Arab Emirates branch) | United Arab Emirates | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management Ireland Ltd | Ireland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management Luxembourg SA | Luxembourg | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory & Property Management UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory France (Ex- BNPP Real Estate Transaction France) | France | Full | (2) | 97.6% | 97.6% | V1 | Full | (2) | 97.4% | 97.4% | V1 |
\u00a0 | BNPP Real Estate Advisory Italy SPA | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Advisory Netherlands BV | Netherlands | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Belgium SA | Belgium | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Conseil Habitation & Hospitality | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Consult France | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Consult GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Facilities Management Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Financial Partner | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S2 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Holding GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Belgium | Belgium | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | BNPP Real Estate Investment Management Italy SPA | Italy | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management Spain SA | Spain | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Investment Management UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Poland SP ZOO | Poland | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Portugal Unipersonal LDA | Portugal | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Development & Services GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Development UK Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management France SAS | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management GmbH | Germany | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Property Management Italy SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Singapore Pte Ltd | Singapore | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Spain SA | Spain | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Real Estate Valuation France | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Cariboo Development SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 |
\u00a0 | Construction-Sale Companies (c) | France | Full / Equity | (2) | - | - | \u00a0 | Full / Equity | (2) | - | - | \u00a0 |
\u00a0 | Exeo Aura & Echo Offices Lda | Portugal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Equity | \u00a0 | 31.9% | 31.9% | \u00a0 |
\u00a0 | GIE BNPP Real Estate | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Horti Milano SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Nanterre Arboretum | France | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Parker Tower Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Partner's & Services | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S4 |
\u00a0 | REPD Parker Ltd | UK | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Sviluppo Residenziale Italia SRL | Italy | Full | (2) | 100.0% | 100.0% | \u00a0 | Full | (2) | 100.0% | 100.0% | \u00a0 |
\u00a0 | Wapiti Development SL | Spain | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 | Equity | \u00a0 | 65.0% | 65.0% | \u00a0 |
OTHER BUSINESS UNITS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Property Companies (Property Used In Operations) and Others | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
\u00a0 | Antin Participation 5 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Home Loan SFH | France | Full | (1) | 100.0% | 100.0% | \u00a0 | Full | (1) | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners for Innovation | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners for Innovation Belgium | Belgium | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Partners For Innovation Global Connect | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | E1 |
\u00a0 | BNPP Partners for Innovation Italia SRL | Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S3 |
\u00a0 | BNPP Procurement Tech | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | BNPP Public Sector SA | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | FCT Capucines 2025(t) | France | Full | \u00a0 | - | - | E2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | FCT Lafayette 2021(t) | France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | S1 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Laffitte 2021(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Opera 2023(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | FCT Pyramides 2022(t) | France | Full | \u00a0 | - | - | \u00a0 | Full | \u00a0 | - | - | \u00a0 |
\u00a0 | GIE Groupement Auxiliaire de Moyens | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | GIE Groupement d'Etudes et de Prestations | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
\u00a0 | Antin Participation 5 | France | Full | \u00a0 | 100.0% | 100.0% | \u00a0 | Full | \u00a0 | 100.0% | 100.0% | \u00a0 |
(a) | At 31 December 2025, 11 Private Equity investment entities versus 13 Private Equity investment entities at 31 December 2024. |
(b) | At 31 December 2025, the securitisation funds UCI and RMBS Prado include 9 funds (FCC UCI 12, 14 to 17, RMBS Prado VIII to XI, et RMBS Belem No 2) versus 13 funds (FCC UCI 11, 12, 14 to 17, RMBS Prado VII to XI, Green Belem I et RMBS Belem No 2) at 31 December 2024. |
(c) | At 31 December 2025, 89 Construction-sale companies (63 Full and 26 Equity) versus 102 Construction-sale companies (71 Full and 31 Equity) at 31 December 2024. |
(d) | At 31 December 2025, Genius Securitization Funds are no longer disclosed within the scope due to the break in the Group's control chain over their holding entity, now consolidated under equity method in the prudential scope. |
(e) | At 31 December 2025, Wisdom Securitization Funds are no longer disclosed within the scope due to the break in the Group's control chain over their holding entity, now consolidated under equity method in the prudential scope. |
(f) | At 31 December 2025, general compartment Aries Capital DAC includes 14 consolidated silos. |
(g) | At 31 December 2025, general compartment Securasset includes 8 consolidated silos. |
(h) | At 31 December 2025, general compartment SPIRE includes 1 consolidated silo. |
\u00a0
As requested by the ANC 2016 regulation, the list of entities that are controlled by the Group, jointly controlled or under significant influence, but excluded from the scope of consolidation since their contribution to the consolidated financial statements would be immaterial to the Group, and the list of equity investments, are available on the \u201cRegulated Information\u201d page of the https://invest.bnpparibas.com website.
\u00a0
\u00a0
\u00a0
Changes in the scope of consolidation | |
|---|---|
New entries (E) in the scope of consolidation | |
E1 | Passing above consolidation thresholds |
E2 | Incorporation |
E3 | Purchase, gain of control or significant influence |
Removals (S) from the scope of consolidation | |
S1 | Cessation of activity (dissolution, liquidation, etc.) |
S2 | Disposal, loss of control or loss of significant influence |
S3 | Passing below consolidation thresholds |
S4 | Merger, Universal transfer of assets and liabilities |
Variance (V) in voting or ownership interest | |
V1 | Additional purchase |
V2 | Partial disposal |
V3 | Dilution |
V4 | Increase in % |
Miscellaneous | |
D1 | Consolidation method change not related to fluctuation in voting or ownership interest |
D2 | Entities of a business held for sale |
D3 | Loss of joint control with no impact on the accounting consolidation method, but resulting in a shift to equity under the prudential perimeter |
\u00a0
Equity* | Controlled but non material entities consolidated under the equity method as associates |
FV | Joint control or investment in associates measured at fair value through profit or loss |
(s) | Structured entities |
(t) | Securitisation funds |
\u00a0 | \u00a0 |
Prudential scope of consolidation | |
(1) | French subsidiaries for which supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP\u00a0Paribas\u00a0SA, in accordance with article\u00a07.1 of Regulation n\u00b0575/2013 of the European Parliament and of the Council |
(2) | Entities consolidated under the equity method in the prudential scope |
(3) | Jointly controlled entities under proportional consolidation in the prudential scope |
(4) | Collective investment undertaking excluded from the prudential scope |
Companies over which the Group exercises significant influence or associates are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of a company without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting rights of a company. Interests of less than 20% can be included in the consolidation scope if the Group effectively exercises significant influence. This is the case for example for entities developed in partnership with other associates, where the BNP\u00a0Paribas Group participates in strategic decisions of the enterprise through representation on the Board of directors or equivalent governing body, or exercises influence over the enterprise\u2019s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise\u2019s development.
Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under \u201cInvestments in equity-method entities\u201d and in the relevant component of shareholders\u2019 equity. Goodwill recorded on associates is also included under \u201cEquity-method investments\u201d.
Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under \u201cShare of earnings of equity-method entities\u201d in the consolidated income statement and can be reversed at a later date.
If the Group\u2019s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has contracted a legal or constructive obligation or has made payments on behalf of this entity.
Where the Group holds an interest in an associate, directly or indirectly through an entity that is a venture capital organisation, a mutual fund, an open-ended investment company or similar entity such as an investment-related insurance fund, it may elect to measure that interest at fair value through profit or loss.
Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under \u201cNet gain on non-current assets\u201d.
The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events occurring in similar circumstances.
For transactions resulting in a loss of significant influence, any equity interest retained by the Group is accounted for in accordance with IFRS 9 principles applicable to financial instruments held.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_99d4c82d-957a-4205-a340-33bc6eb0edbd": { "value": "The consolidated financial statements of BNP\u00a0Paribas are prepared in euros.
The financial statements of enterprises whose functional currency is not the euro are translated using the closing rate method. Under this method, all assets and liabilities, both monetary and non-monetary, are translated using the spot exchange rate at the balance sheet date. Income and expense items are translated at the average rate for the period.
Financial statements of the Group\u2019s subsidiaries located in hyperinflationary economies, previously adjusted for inflation by applying a general price index, are translated using the closing rate. This rate applies to the translation of assets and liabilities as well as income and expenses.
Differences arising from the translation of balance sheet items and profit and loss items are recorded in shareholders\u2019 equity under \u201cExchange differences\u201d, and in \u201cMinority interests\u201d for the portion attributable to outside investors. Under the optional treatment permitted by IFRS\u00a01, the Group has reset to zero all translation differences, by booking all cumulative translation differences attributable to shareholders and to minority interests in the opening balance sheet at 1\u00a0January 2004 to retained earnings.
On liquidation or disposal of some or all of an interest held in a foreign enterprise located outside the Eurozone, leading to a change in the nature of the investment (loss of control, loss of significant influence or loss of joint control without keeping a significant influence), the cumulative exchange difference at the date of liquidation or sale is recognised in the profit and loss account.
Should the percentage of interest change without leading to a modification in the nature of the investment, the exchange difference is reallocated between the portion attributable to shareholders and that attributable to minority interests if the entity is fully consolidated; if the entity is consolidated under the equity method, it is recorded in profit or loss for the portion related to the interest sold.
The methods used to account for assets and liabilities relating to foreign currency transactions entered into by the Group, and to measure the foreign exchange risk arising on such transactions, depend on whether the asset or liability in question is classified as a monetary or a non-monetary item.
Monetary assets and liabilities expressed in foreign currencies are translated into the functional currency of the relevant Group entity at the closing rate. Foreign exchange differences are recognised in the profit and loss account, except for those arising from financial instruments designated as a cash flow hedge or a net foreign investment hedge, which are recognised in shareholders\u2019 equity.
Non-monetary assets may be measured either at historical cost or at fair value. Non-monetary assets expressed in foreign currencies are translated using the exchange rate at the date of the transaction (i.e. date of initial recognition of the non-monetary asset) if they are measured at historical cost, and at the closing rate if they are measured at fair value.
Foreign exchange differences relating to non-monetary assets denominated in foreign currencies and recognised at fair value (equity instruments) are recognised in profit or loss when the asset is classified in \u201cFinancial assets at fair value through profit or loss\u201d and in equity when the asset is classified under \u201cFinancial assets at fair value through equity\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_1de40c30-a985-4520-82f8-7c0dc52fd35e": { "value": "The consolidated financial statements of BNP\u00a0Paribas are prepared in euros.
The financial statements of enterprises whose functional currency is not the euro are translated using the closing rate method. Under this method, all assets and liabilities, both monetary and non-monetary, are translated using the spot exchange rate at the balance sheet date. Income and expense items are translated at the average rate for the period.
Financial statements of the Group\u2019s subsidiaries located in hyperinflationary economies, previously adjusted for inflation by applying a general price index, are translated using the closing rate. This rate applies to the translation of assets and liabilities as well as income and expenses.
Differences arising from the translation of balance sheet items and profit and loss items are recorded in shareholders\u2019 equity under \u201cExchange differences\u201d, and in \u201cMinority interests\u201d for the portion attributable to outside investors. Under the optional treatment permitted by IFRS\u00a01, the Group has reset to zero all translation differences, by booking all cumulative translation differences attributable to shareholders and to minority interests in the opening balance sheet at 1\u00a0January 2004 to retained earnings.
On liquidation or disposal of some or all of an interest held in a foreign enterprise located outside the Eurozone, leading to a change in the nature of the investment (loss of control, loss of significant influence or loss of joint control without keeping a significant influence), the cumulative exchange difference at the date of liquidation or sale is recognised in the profit and loss account.
Should the percentage of interest change without leading to a modification in the nature of the investment, the exchange difference is reallocated between the portion attributable to shareholders and that attributable to minority interests if the entity is fully consolidated; if the entity is consolidated under the equity method, it is recorded in profit or loss for the portion related to the interest sold.
The methods used to account for assets and liabilities relating to foreign currency transactions entered into by the Group, and to measure the foreign exchange risk arising on such transactions, depend on whether the asset or liability in question is classified as a monetary or a non-monetary item.
Monetary assets and liabilities expressed in foreign currencies are translated into the functional currency of the relevant Group entity at the closing rate. Foreign exchange differences are recognised in the profit and loss account, except for those arising from financial instruments designated as a cash flow hedge or a net foreign investment hedge, which are recognised in shareholders\u2019 equity.
Non-monetary assets may be measured either at historical cost or at fair value. Non-monetary assets expressed in foreign currencies are translated using the exchange rate at the date of the transaction (i.e. date of initial recognition of the non-monetary asset) if they are measured at historical cost, and at the closing rate if they are measured at fair value.
Foreign exchange differences relating to non-monetary assets denominated in foreign currencies and recognised at fair value (equity instruments) are recognised in profit or loss when the asset is classified in \u201cFinancial assets at fair value through profit or loss\u201d and in equity when the asset is classified under \u201cFinancial assets at fair value through equity\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_c75c7968-5fb1-45f9-9ce8-b63fbf531a2b": { "value": "Business combinations are accounted for using the purchase method.
Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.
The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.
The cost of a business combination is the fair value, at the date of exchange, of assets given by the purchaser, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree.\u00a0
Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.
Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss. Likewise, amounts paid to the seller (or to parties related to the seller) that remunerate transactions separate from the business combination are excluded from the acquisition cost. This includes, for example, amounts paid under commercial contracts entered concurrently with the acquisition and that did not pre-exist within the acquired entity. These amounts are recognised separately in accordance with the applicable IFRS standards.
The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.
Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.
Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.
On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.
Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.
As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.
Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.
The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.
The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.
Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.
\u00a0
The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value-in-use.
Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.
Value-in-use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_84a36150-b770-4f2d-947f-370e34704d37": { "value": "Business combinations are accounted for using the purchase method.
Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.
The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.
The cost of a business combination is the fair value, at the date of exchange, of assets given by the purchaser, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree.\u00a0
Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.
Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss. Likewise, amounts paid to the seller (or to parties related to the seller) that remunerate transactions separate from the business combination are excluded from the acquisition cost. This includes, for example, amounts paid under commercial contracts entered concurrently with the acquisition and that did not pre-exist within the acquired entity. These amounts are recognised separately in accordance with the applicable IFRS standards.
The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.
Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.
Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.
On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.
Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.
As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.
Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.
The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.
The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.
Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.
\u00a0
The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value-in-use.
Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.
Value-in-use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.
On 31 March 2025, the shareholders' agreement was amended to reflect the change in the nature of the investment in the Pinnacle Pet Holding (PPH) Group, from an industrial partnership where Cardif's insurance expertise was key to a purely financial investment. Following the modification of the shareholders\u2019 agreement, resulting in a change in BNP Paribas Cardif\u2019s representation in the governance of PPH and its subsidiaries, BNP Paribas Group lost its significant influence over the PPH Group.
In addition, Banca Nazionale del Lavoro SpA excercised significant influence over Worldline Merchant Services Italia SpA (WMSI), consolidated by equity method. As of 30 September 2025, a modification in the Group\u2019s representation in WMSI\u2019s governance resulted in the loss of significant influence over this entity.
The loss of significant influence on those entities led to the recognition of a net gain of EUR 228 million.
On 1st July 2025, BNP Paribas Cardif, a subsidiary of BNP Paribas, acquired 100% of the share capital of AXA Investment Managers (AXA IM) and signed a long-term partnership with the AXA Group to manage a large part of its assets.\u00a0
This operation will enable the BNP Paribas Group to create a leading European asset management platform with over EUR 1.6 trillion in assets under management entrusted by its clients. It allows the Group to become the European leader in long-term savings management for insurers and pension funds with around EUR 850 billion in assets under management, with the ambition to become the European leader in fund collection for private asset investments and positioning itself among the main providers of ETFs in Europe.
By combining the expertise of AXA IM, BNP Paribas Asset Management, and BNP Paribas REIM, this new platform will have a wide range of traditional and alternative assets, an expanded global distribution network, enhanced innovation capabilities, and a more comprehensive offering in responsible investment. It will benefit from AXA IM market position and expertise in private assets, which are key drivers of future growth for institutional and individual clients, as well as AXA IM's know-how in long-term asset management for insurance and retirement. In this context, BNP Paribas Cardif will leverage the capabilities of this platform for the management of a large part of its assets, notably its general funds.
The EUR 5.1 billion transaction price, paid in cash, is composed of:
The exercise of valuation of identifiable assets, liabilities, off-balance-sheet items and contingent liabilities at their fair value or equivalent resulted in the determination of the following goodwill:
In millions of euros, as at | 1st July 2025 |
|---|---|
Transaction price | 3,163 |
Net assets acquired and liabilities taken over of AXA IM entities as at 1st July 2025 | 1,598 |
Goodwill | 1,565 |
\u00a0
The amount of goodwill, allocated to the Asset Management cash-generating unit (see note 4.m), is mainly attributable to expected revenue and cost synergies based on the Group\u2019s integrated model.
On the one hand, revenue synergies will enable leveraging the integrated model to accelerate the Group\u2019s growth through:
On the other hand, cost synergies will enable the deployment of a high-performing industrial platform through:
The AXA IM group has been fully consolidated since 1 July 2025. Its integration in the Group\u2019s balance sheet as at the acquisition date leads to the recognition of:
The table below presents the consolidated balance sheet of AXA IM as at the acquisition date, prepared in accordance with IFRS, considering the adjustments required under IFRS business combination standards and the standards and principles applicable within the BNP Paribas Group:
Consolidated balance sheet of acquired AXA IM entities In millions of euros, as at | 1st July 2025 |
|---|---|
Financial assets at fair value through profit or loss | 669 |
Loans and advances at amortised cost | 681 |
Financial assets at fair value through equity | 21 |
Debt securities at amortised cost | 349 |
Equity-method investments | 174 |
Property, plant and equipment | 156 |
Intangible assets | 193 |
Tax assets | 228 |
Accrued income and other assets | 767 |
TOTAL ASSETS | 3,236 |
Financial liabilities at fair value through profit or loss | 29 |
Liabilities at amortised cost | 915 |
Provisions for contingencies and charges | 212 |
Tax liabilities | 162 |
Accrued expense and other liabilities | 316 |
Minority interests | 4 |
Shareholders\u2019 equity | 1,598 |
TOTAL LIABILITIES | 3,236 |
\u00a0
Furthermore, the 15-year partnership defined with AXA is considered a separate agreement from the acquisition of AXA IM by the BNP Paribas Group, formalising the financial terms of pre-existing service provision between AXA and AXA IM.
The consideration paid is analysed as a payment representing:
These assets are presented in \"Accrued income and other assets\" amounting to EUR 1,880 million determined based on the discounted estimated cash flows of the partnership over its duration.
These assets will be amortised as \u201cCommission income and expense\u201d over 15 years, in line with the recognition of revenues related to these services and the business contributed by AXA and as interest income for its financing component; they will be subject to impairment tests.
The contribution of AXA IM entities to the BNP Paribas Group\u2019s 2025 profit and loss account is reported in note 3 Segment Information.
On 31 December 2025, the legal entities of AXA IM, BNP Paribas Asset Management and BNP Paribas REIM (Real Estate Investment Management) combined their activities to form the new platform owned by BNP Paribas Cardif.
The easing of a number of restrictions previously imposed by the National Bank of Ukraine made it possible to re\u2011establish the conditions for exercising control as defined by IFRS\u202f10, which had the effect of changing the consolidation method from equity method to full consolidation method. This change of consolidation method was reflected in the increase in the Group\u2019s balance sheet of EUR\u202f3\u202fbillion, in particular in financial assets at amortised cost and led to the recognition of badwill of EUR\u202f226\u202fmillion.
On 27 March 2024, BNP Paribas Personal Finance sold 80% of its stake of its Mexican subsidiary Cetelem SA de CV.
The BNP Paribas Group lost exclusive control of this entity but maintained a significant influence.
This partial disposal is accompanied by an agreement for the future disposal of the residual interest, thereby depriving the Group of the return on the shares held, and leading to the recognition of a receivable of EUR 125 million.
The loss of control led to the recognition of a net gain on disposal of EUR\u00a0119 million and to a decrease of the Group\u2019s balance sheet by EUR 3 billion, in particular in financial assets at amortised cost.
On 15 May 2024, BNP Paribas Cardif SA acquired 51% of the capital of BCC Vita SpA, together with a purchase agreement of 19% additional holding.
BNP Paribas Group acquired exclusive control of this entity to the extent of 70% and the entity was fully consolidated.
This transaction resulted in the increase of the Group\u2019s balance sheet at the acquisition date by EUR 4 billion, in particular in investments in insurance activities.
The goodwill related to this operation was EUR 107 million, of which EUR 7 million recognised during the first half of 2025.
On 31 October 2024, BNP Paribas Cardif SA acquired 100% of the capital of Neuflize Vie.
BNP Paribas Group acquired exclusive control and the entity was fully consolidated.
This transaction resulted in the increase of the Group\u2019s balance sheet at the acquisition date by EUR 12 billion, in particular in investments in insurance activities.
The badwill related to this operation was EUR 63 million, including an adjustment of fair value of assets and liabilities of EUR\u00a0 48 million, recognised during the first half of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_8398de13-5593-47bf-8a5a-e0de6222f2f5": { "value": "Business combinations are accounted for using the purchase method.
Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.
The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.
The cost of a business combination is the fair value, at the date of exchange, of assets given by the purchaser, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree.\u00a0
Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.
Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss. Likewise, amounts paid to the seller (or to parties related to the seller) that remunerate transactions separate from the business combination are excluded from the acquisition cost. This includes, for example, amounts paid under commercial contracts entered concurrently with the acquisition and that did not pre-exist within the acquired entity. These amounts are recognised separately in accordance with the applicable IFRS standards.
The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.
Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.
Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.
On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.
Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.
As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.
Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.
The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.
The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.
Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.
\u00a0
The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value-in-use.
Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.
Value-in-use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_645cfa66-83fb-4e3a-958b-e5fa6b6d8f72": { "value": "Business combinations are accounted for using the purchase method.
Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.
The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.
The cost of a business combination is the fair value, at the date of exchange, of assets given by the purchaser, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree.\u00a0
Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.
Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss. Likewise, amounts paid to the seller (or to parties related to the seller) that remunerate transactions separate from the business combination are excluded from the acquisition cost. This includes, for example, amounts paid under commercial contracts entered concurrently with the acquisition and that did not pre-exist within the acquired entity. These amounts are recognised separately in accordance with the applicable IFRS standards.
The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.
Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.
Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.
On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.
Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.
As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.
Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.
The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.
The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.
Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.
\u00a0
The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value-in-use.
Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.
Value-in-use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.
IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
\u00a0
The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).
The main insurance contracts issued by the Group correspond to:
A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.
Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.
The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.
These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.
When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:
An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.
An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.
The insurance risks covered by Group entities are:
Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.
Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.
Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.
Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered as investment contracts with discretionary participating features, measured using the variable fee approach.
Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.
For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.
For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.
For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.
A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.
A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.
On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.
An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.
The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.
Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.
The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.
If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.
Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.
At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.
The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.
The release of expected fulfilment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.
The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.
The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.
The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.
The risk adjustment is determined using the quantile method.
The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.
Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).
Direct participating contracts are insurance or investment contracts for which:
Compliance with these conditions is monitored on the underwriting date and is not reviewed later.
For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.
At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.
The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).
Changes in the fulfilment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.
Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.
Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.
Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.
The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.
The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).
The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.
The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.
The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.
Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.
The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.
The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.
Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.
Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.
For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.
The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.
Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.
At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.
Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).
Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.
The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.
The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.
In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.
The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.
The reinsurance contracts held are measured by the Group using the simplified approach or the general model.
\u00a0
The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.
Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.
Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.
The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.
Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.
Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).
Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).
Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and respectively 10 years and 12 years for the fixtures and fittings of operating properties and the fixtures and fittings of investment properties.
Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset, equals the higher of the two values between the value in use and the fair value less costs of disposal, is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.
Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Gain or loss on investments in consolidated undertakings (note\u00a08.d) | 264 | 133 |
Gain or loss on tangible and intangible assets | 9 | (30) |
Results from net monetary position | (329) | (294) |
Net gain on non-current assets | (56) | (191) |
\u00a0
According to IAS 29 in connection with the hyperinflation situation of the economy in T\u00fcrkiye, the line \u201cResults from net monetary positions\u201d corresponds to the effect of the revaluation of the monetary assets net of the evolution of the consumer price index in T\u00fcrkiye on the valuation of non-monetary assets and liabilities (-\u202fEUR\u202f487\u202fmillion) and on income from the Turkish government bonds portfolio indexed to inflation and held by Turk Ekonomi Bankasi AS (+\u00a0EUR\u202f158\u202fmillion, reclassified from interest margin) in 2025 (respectively -\u202fEUR\u202f549\u202fmillion and +\u00a0EUR\u00a0255\u00a0million in 2024).
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross value | Accumulated depreciation, amortisation and impairment | Carrying | Gross value | Accumulated depreciation, amortisation and impairment | Carrying | |
Investment property | 617 | (236) | 381 | 855 | (331) | 524 |
Land and buildings | 11,253 | (4,663) | 6,590 | 11,049 | (4,758) | 6,291 |
Equipment, furniture and fixtures | 6,912 | (5,339) | 1,573 | 7,067 | (5,468) | 1,599 |
Plant and equipment leased as lessor under operating leases | 55,928 | (12,322) | 43,606 | 51,333 | (11,021) | 40,312 |
Other property, plant and equipment | 2,781 | (1,330) | 1,451 | 2,924 | (1,336) | 1,588 |
Property, plant and equipment | 76,874 | (23,654) | 53,220 | 72,373 | (22,583) | 49,790 |
Of which right of use | 5,663 | (3,255) | 2,408 | 5,786 | (3,387) | 2,399 |
Purchased software | 4,093 | (3,371) | 722 | 4,135 | (3,407) | 728 |
Internally developed software | 7,218 | (5,590) | 1,628 | 6,752 | (5,137) | 1,615 |
Other intangible assets | 2,971 | (738) | 2,233 | 2,696 | (647) | 2,049 |
Intangible assets | 14,282 | (9,699) | 4,583 | 13,583 | (9,191) | 4,392 |
INVESTMENT PROPERTY AND FIXED ASSETS USED IN OPERATIONS\u00a0 | 91,773 | (33,589) | 58,184 | 86,811 | (32,105) | 54,706 |
\u00a0
In millions of euros, at | 31 December 2024 | Increase | Decrease | Net depreciation and impairment | Other movements | 31 December 2025 |
|---|---|---|---|---|---|---|
Investment property | 524 | 21 | (56) | (1) | (107) | 381 |
Property, plant and equipment | 49,790 | 19,625 | (10,117) | (5,550) | (528) | 53,220 |
Of which Assets leased as lessor under operating leases | 40,312 | 17,229 | (8,179) | (5,450) | (306) | 43,606 |
Intangible assets | 4,392 | 1,728 | (994) | (635) | 92 | 4,583 |
INVESTMENT PROPERTY AND FIXED ASSETS USED IN OPERATIONS | 54,706 | 21,374 | (11,167) | (6,186) | (543) | 58,184 |
Other intangible assets include leasehold rights, goodwill and trademarks acquired by the Group.
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Carrying amount at start of period | 5,550 | 5,549 |
Acquisitions | 1,697 | 130 |
Divestments | \u00a0 | (157) |
Impairment recognised during the period | \u00a0 | \u00a0 |
Transfer to assets held for sale\u00a0(note 8.f) | (30) | \u00a0 |
Exchange rate adjustments | (84) | 28 |
Carrying amount at end of period | 7,133 | 5,550 |
Gross value | 10,208 | 8,636 |
Accumulated impairment recognised at the end of period | (3,075) | (3,086) |
\u00a0
Goodwill by cash-generating unit is as follows:
In millions of euros | Carrying amount | Recognised impairment | Acquisitions | |||
31 December 2025 | 31 December 2024 | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | 31 December 2025 | 31 December 2024 | |
Corporate & Institutional Banking | 1,220 | 1,275 | - | - | - | - |
Global Banking | 275 | 280 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Global Markets | 501 | 534 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Securities Services | 444 | 461 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Commercial, Personal Banking & Services | 2,911 | 2,954 | - | - | 3 | 30 |
Arval | 630 | 641 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Leasing Solutions | 147 | 147 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Personal Finance | 1,359 | 1,360 | \u00a0 | \u00a0 | 3 | 30 |
Personal Investors | 488 | 488 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
New Digital Businesses | 253 | 253 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Commercial Bank in Belgium | 34 | 34 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other | \u00a0 | 31 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Investment & Protection Services | 2,999 | 1,318 | - | - | 1,694 | 100 |
Asset Management(1) | 1,901 | 202 | \u00a0 | \u00a0 | 1,565 | \u00a0 |
Insurance | 404 | 397 | \u00a0 | \u00a0 | 7 | 100 |
Real Estate(1) | 259 | 407 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Wealth Management(2) | 435 | 312 | \u00a0 | \u00a0 | 122 | \u00a0 |
Other Activities | 3 | 3 | - | - | - | - |
Total goodwill | 7,133 | 5,550 | - | - | 1,697 | 130 |
Negative goodwill | \u00a0 | \u00a0 | 48 | 241 | \u00a0 | \u00a0 |
Change in value of goodwill recognised in\u00a0the\u00a0profit and loss account | \u00a0 | \u00a0 | 48 | 241 | - | \u00a0 |
(1) \u00a0 | During the year ended 2025, the goodwill of Axa Investment Managers was allocated to the Asset Management cash-generating unit (see note 8.d). Moreover, the goodwill relating to BNP Paribas Real Estate Investment Management (EUR 144 million) was reclassified from the Real Estate to the Asset Management cash generating unit. |
(2) | The increase in the carrying amount of the goodwill allocated to the Wealth Management cash-generating unit results from the acquisition of private banking activities in Germany. |
The Group carried out a detailed analysis of goodwill to identify whether impairments were necessary in connection with the the current economic situation.
This analysis is based in particular on the assumptions of economic scenarios (see note\u00a02.g).
The cash-generating units (CGU) to which goodwill is allocated are:
Global Banking: Global Banking combines financing solutions to corporates, all transaction banking products, corporate finance advisory services in mergers and acquisitions and primary equity activities.
Global Markets: Global Markets provides investment, hedging, financing and research services across asset classes, to corporate and institutional clients \u2013 as well as private and retail banking networks. The sustainable, long-term business model of Global Markets connects clients to capital markets throughout EMEA (Europe, Middle East & Africa), Asia Pacific and the Americas, with innovative solutions and digital platforms. Global Markets includes FICC (Fixed Income, Currencies and Commodities) activities, including Foreign Exchange, Local Markets, Rates, Options and Commodities, Primary, Credit and Repo Financing, and the EPS (Equity & Prime Services) activities, including Equities Derivatives, Cash Equities and Prime Services.
Securities Services: Securities Services provides integrated solutions for all actors involved in the investment cycle, sell side, buy side and issuers.\u00a0
Arval: specialist in vehicle long-term leasing and mobility, Arval offers corporates (from multinational companies to small and medium companies), employees and individuals tailored solutions that optimise their mobility.
Leasing Solutions: BNP\u00a0Paribas Leasing Solutions uses a multi-channel partnership approach (sales via referrals, partnerships, direct sales and banking networks) to offer corporate and small business clients an array of leasing and rental solutions, ranging from equipment financing to fleet outsourcing.
Personal Finance: BNP Paribas Personal Finance is the Group\u2019s consumer credit specialist. Through its brands and partnerships such as Cetelem, Cofinoga, Findomestic, AlphaCredit or Stellantis Bank, Personal Finance provides a full range of consumer loans at point of sale (retail stores and car dealerships) or through its customer relation centres and websites and mobile applications. The business line, in some countries outside the domestic markets, is integrated into the BNP Paribas group's retail banking.
Personal Investors: BNP\u00a0Paribas Personal Investors is a digital specialist of banking and investment services. Based in Germany, it provides a wide range of banking, savings and long and short-term investment services to individual clients via the internet, and also on the phone and face-to-face. In addition to its activities destined to private clients, Personal Investors offers its services and IT platform to independent financial consultants, asset managers and FinTechs.
New Digital Businesses: they include the account management service \u201cNickel\u201d, 50% of Floa since January 2022 and 50% of Kantox since July 2023. Nickel is open to all, without any conditions regarding income, deposits or personal wealth, and without any overdraft or credit facility. This service, which operates in real time using the latest technology, is available in France, Spain, Belgium, Portugal and Germany. Floa offers consumers split payments, mini-loans and bank cards. The company is a partner of major e-retailers, key players in travel and FinTechs, for which it develops tailor-made services. Already leader in France in payment facilities, Floa is also present abroad mainly in Southern Europe (Italy, Spain and Portugal). Kantox provides currency management automation software, enabling companies to effectively handle the entire currency management stream and unlock growth opportunities.
Asset Management: asset management activities, led by BNP Paribas Asset Management and AXA Investment Managers (AXA IM), offers investment solutions to individual savers, companies and institutional investors, and provides them with specific expertise: high-conviction active strategies, liquidity solutions, emerging markets, multi-asset investments, systematic, quantitative & index investments and alternative assets (real estate investments, private debt, alternative credit, infrastructure, private equity and solutions focused on private markets).
On 1st July 2025, BNP Paribas completed the acquisition of AXA IM. This acquisition aims to create within IPS a leading European asset management platform by combining the expertise of AXA IM, BNP Paribas Asset Management (BNP Paribas AM), and BNP\u00a0Paribas Real Estate Investment Management (BNP Paribas REIM). The consolidation of these activities will form an asset management platform with over EUR 1.6 trillion in assets under management, including EUR 850 billion in long-term savings assets under management.
The new ensemble will be able to offer a very wide range of investment solutions, to consolidate an already strong commitment to sustainability and to strengthen its innovation capacity. The legal entity reorganisation was initiated at 31 December 2025 and is expected to enable a gradual implementation of the target operational model starting from mid-2026.
Insurance: BNP\u00a0Paribas Cardif, a world leader in personal insurance, designs, develops and markets savings and protection products and services to protect individuals, their projects and their assets. BNP\u00a0Paribas Cardif also offers products in damage insurance, health insurance, budget insurance, revenue and means of payment insurance, unexpected event protection (unemployment, accident, death, theft or breakage) or the protection of private digital data to meet the evolution of customers\u2019 needs.
Real Estate: BNP Paribas Real Estate offers a broad range of services corresponding to every step of the real estate life cycle and serves the needs of its clients, whether institutional investors, corporates, public entities or individuals, at all stages of the life cycle of their property (from the conception of a construction project to its daily management). The Group is involved in property development, property management, as well as brokerage, consulting and valuation services.
Wealth Management: Wealth Management encompasses the private banking activities of BNP\u00a0Paribas and serves a clientele of wealthy individuals, shareholder families and entrepreneurs seeking a one-stop shop for all their wealth management and financial needs.
Commercial & Personal Banking In Belgium: Commercial & Personal Banking in Belgium activities comprise banking services to a range of client types, including individual customers, self-employed people and those in the liberal professions, small and medium-sized companies, local businesses, corporate clients and non-profit organisations.
Goodwill impairment tests are based on three different methods: observation of transactions related to comparable businesses, share price data for listed companies with comparable businesses, and discounted future cash flows (DCF).
If one of the two comparables-based methods indicates the need for impairment, the DCF method is used to validate the results and determine the amount of impairment required.
The DCF method is based on a number of assumptions in terms of future revenues, expenses and cost of risk (cash flows) based on medium-term business plans over a period of five years. Cash flow projections beyond the 5-year forecast period are based on a growth rate to perpetuity and are normalised when the short-term environment does not reflect the normal conditions of the economic cycle.
The key parameters which are sensitive to the assumptions made are the cost of capital, the cost/income ratio, the cost of risk and the perpetuity growth rate.
Cost of capital is determined on the basis of a risk-free rate, an observed market risk premium weighted by a risk factor based on comparables specific to each cash-generating unit. The values of these parameters are obtained from external information sources.
Allocated capital is determined for each cash-generating unit based on the \u201cCommon Equity Tier One\u201d regulatory requirements for the main legal entity to which the cash-generating unit belongs, with a minimum of 7%.
The perpetuity growth rate applied is 2%. It is calculated based on data provided by private companies specialised in macroeconomic research and analysis.
The tests carried out as of 31 December 2025, did not lead to any impairment of the recorded goodwill.
Sensitivity tests were conducted to measure the impact of changes in the cost of capital, cost of risk, cost/income ratio and the perpetuity growth rate on the valuation of all CGUs.
\u00a0
More specifically, for the Personal Finance and Asset Management cash-generating units, whose goodwill carrying amounts are the most significant, the sensitivities of their value-in-use are as follows:
\u00a0
\u00a0 | Personal Finance | Asset Management |
|---|---|---|
Cost of capital used in the impairment test | 9.2% | 10.2% |
Sensitivity of +50bp applied to the cost of capital | -7\u00a0% | -6\u00a0% |
Sensitivity of +10% applied to the cost of risk | -8\u00a0% | - |
Sensitivity of +100bp applied to the cost/income ratio | -3\u00a0% | -2\u00a0% |
Sensitivity of -50bp applied to the perpetuity growth rate | -2\u00a0% | -4\u00a0% |
\u00a0
Furthermore, the combined application of these most unfavourable variations shows that there is no reason to impair the goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_28029ffc-6288-49a3-87ed-189d3c0dc065": { "value": "Business combinations are accounted for using the purchase method.
Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.
The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.
The cost of a business combination is the fair value, at the date of exchange, of assets given by the purchaser, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree.\u00a0
Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.
Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss. Likewise, amounts paid to the seller (or to parties related to the seller) that remunerate transactions separate from the business combination are excluded from the acquisition cost. This includes, for example, amounts paid under commercial contracts entered concurrently with the acquisition and that did not pre-exist within the acquired entity. These amounts are recognised separately in accordance with the applicable IFRS standards.
The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.
Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.
Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.
On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.
Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.
As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.
Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.
The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.
The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.
Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.
\u00a0
The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value-in-use.
Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.
Value-in-use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.
IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
\u00a0
The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).
The main insurance contracts issued by the Group correspond to:
A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.
Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.
The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.
These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.
When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:
An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.
An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.
The insurance risks covered by Group entities are:
Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.
Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.
Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.
Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered as investment contracts with discretionary participating features, measured using the variable fee approach.
Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.
For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.
For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.
For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.
A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.
A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.
On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.
An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.
The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.
Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.
The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.
If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.
Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.
At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.
The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.
The release of expected fulfilment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.
The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.
The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.
The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.
The risk adjustment is determined using the quantile method.
The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.
Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).
Direct participating contracts are insurance or investment contracts for which:
Compliance with these conditions is monitored on the underwriting date and is not reviewed later.
For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.
At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.
The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).
Changes in the fulfilment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.
Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.
Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.
Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.
The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.
The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).
The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.
The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.
The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.
Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.
The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.
The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.
Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.
Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.
For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.
The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.
Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.
At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.
Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).
Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.
The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.
The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.
In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.
The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.
The reinsurance contracts held are measured by the Group using the simplified approach or the general model.
\u00a0
The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.
Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.
Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.
The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.
Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.
Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).
Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).
Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and respectively 10 years and 12 years for the fixtures and fittings of operating properties and the fixtures and fittings of investment properties.
Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset, equals the higher of the two values between the value in use and the fair value less costs of disposal, is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.
Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_f612612e-00d0-46d4-bacb-0cfc92b9905c": { "value": "Business combinations are accounted for using the purchase method.
Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.
The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.
The cost of a business combination is the fair value, at the date of exchange, of assets given by the purchaser, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree.\u00a0
Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.
Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss. Likewise, amounts paid to the seller (or to parties related to the seller) that remunerate transactions separate from the business combination are excluded from the acquisition cost. This includes, for example, amounts paid under commercial contracts entered concurrently with the acquisition and that did not pre-exist within the acquired entity. These amounts are recognised separately in accordance with the applicable IFRS standards.
The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.
Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.
Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.
On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.
Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.
As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.
Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.
The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.
The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.
Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.
\u00a0
The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value-in-use.
Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.
Value-in-use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Carrying amount at start of period | 5,550 | 5,549 |
Acquisitions | 1,697 | 130 |
Divestments | \u00a0 | (157) |
Impairment recognised during the period | \u00a0 | \u00a0 |
Transfer to assets held for sale\u00a0(note 8.f) | (30) | \u00a0 |
Exchange rate adjustments | (84) | 28 |
Carrying amount at end of period | 7,133 | 5,550 |
Gross value | 10,208 | 8,636 |
Accumulated impairment recognised at the end of period | (3,075) | (3,086) |
\u00a0
Goodwill by cash-generating unit is as follows:
In millions of euros | Carrying amount | Recognised impairment | Acquisitions | |||
31 December 2025 | 31 December 2024 | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | 31 December 2025 | 31 December 2024 | |
Corporate & Institutional Banking | 1,220 | 1,275 | - | - | - | - |
Global Banking | 275 | 280 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Global Markets | 501 | 534 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Securities Services | 444 | 461 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Commercial, Personal Banking & Services | 2,911 | 2,954 | - | - | 3 | 30 |
Arval | 630 | 641 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Leasing Solutions | 147 | 147 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Personal Finance | 1,359 | 1,360 | \u00a0 | \u00a0 | 3 | 30 |
Personal Investors | 488 | 488 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
New Digital Businesses | 253 | 253 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Commercial Bank in Belgium | 34 | 34 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other | \u00a0 | 31 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Investment & Protection Services | 2,999 | 1,318 | - | - | 1,694 | 100 |
Asset Management(1) | 1,901 | 202 | \u00a0 | \u00a0 | 1,565 | \u00a0 |
Insurance | 404 | 397 | \u00a0 | \u00a0 | 7 | 100 |
Real Estate(1) | 259 | 407 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Wealth Management(2) | 435 | 312 | \u00a0 | \u00a0 | 122 | \u00a0 |
Other Activities | 3 | 3 | - | - | - | - |
Total goodwill | 7,133 | 5,550 | - | - | 1,697 | 130 |
Negative goodwill | \u00a0 | \u00a0 | 48 | 241 | \u00a0 | \u00a0 |
Change in value of goodwill recognised in\u00a0the\u00a0profit and loss account | \u00a0 | \u00a0 | 48 | 241 | - | \u00a0 |
(1) \u00a0 | During the year ended 2025, the goodwill of Axa Investment Managers was allocated to the Asset Management cash-generating unit (see note 8.d). Moreover, the goodwill relating to BNP Paribas Real Estate Investment Management (EUR 144 million) was reclassified from the Real Estate to the Asset Management cash generating unit. |
(2) | The increase in the carrying amount of the goodwill allocated to the Wealth Management cash-generating unit results from the acquisition of private banking activities in Germany. |
The Group carried out a detailed analysis of goodwill to identify whether impairments were necessary in connection with the the current economic situation.
This analysis is based in particular on the assumptions of economic scenarios (see note\u00a02.g).
The cash-generating units (CGU) to which goodwill is allocated are:
Global Banking: Global Banking combines financing solutions to corporates, all transaction banking products, corporate finance advisory services in mergers and acquisitions and primary equity activities.
Global Markets: Global Markets provides investment, hedging, financing and research services across asset classes, to corporate and institutional clients \u2013 as well as private and retail banking networks. The sustainable, long-term business model of Global Markets connects clients to capital markets throughout EMEA (Europe, Middle East & Africa), Asia Pacific and the Americas, with innovative solutions and digital platforms. Global Markets includes FICC (Fixed Income, Currencies and Commodities) activities, including Foreign Exchange, Local Markets, Rates, Options and Commodities, Primary, Credit and Repo Financing, and the EPS (Equity & Prime Services) activities, including Equities Derivatives, Cash Equities and Prime Services.
Securities Services: Securities Services provides integrated solutions for all actors involved in the investment cycle, sell side, buy side and issuers.\u00a0
Arval: specialist in vehicle long-term leasing and mobility, Arval offers corporates (from multinational companies to small and medium companies), employees and individuals tailored solutions that optimise their mobility.
Leasing Solutions: BNP\u00a0Paribas Leasing Solutions uses a multi-channel partnership approach (sales via referrals, partnerships, direct sales and banking networks) to offer corporate and small business clients an array of leasing and rental solutions, ranging from equipment financing to fleet outsourcing.
Personal Finance: BNP Paribas Personal Finance is the Group\u2019s consumer credit specialist. Through its brands and partnerships such as Cetelem, Cofinoga, Findomestic, AlphaCredit or Stellantis Bank, Personal Finance provides a full range of consumer loans at point of sale (retail stores and car dealerships) or through its customer relation centres and websites and mobile applications. The business line, in some countries outside the domestic markets, is integrated into the BNP Paribas group's retail banking.
Personal Investors: BNP\u00a0Paribas Personal Investors is a digital specialist of banking and investment services. Based in Germany, it provides a wide range of banking, savings and long and short-term investment services to individual clients via the internet, and also on the phone and face-to-face. In addition to its activities destined to private clients, Personal Investors offers its services and IT platform to independent financial consultants, asset managers and FinTechs.
New Digital Businesses: they include the account management service \u201cNickel\u201d, 50% of Floa since January 2022 and 50% of Kantox since July 2023. Nickel is open to all, without any conditions regarding income, deposits or personal wealth, and without any overdraft or credit facility. This service, which operates in real time using the latest technology, is available in France, Spain, Belgium, Portugal and Germany. Floa offers consumers split payments, mini-loans and bank cards. The company is a partner of major e-retailers, key players in travel and FinTechs, for which it develops tailor-made services. Already leader in France in payment facilities, Floa is also present abroad mainly in Southern Europe (Italy, Spain and Portugal). Kantox provides currency management automation software, enabling companies to effectively handle the entire currency management stream and unlock growth opportunities.
Asset Management: asset management activities, led by BNP Paribas Asset Management and AXA Investment Managers (AXA IM), offers investment solutions to individual savers, companies and institutional investors, and provides them with specific expertise: high-conviction active strategies, liquidity solutions, emerging markets, multi-asset investments, systematic, quantitative & index investments and alternative assets (real estate investments, private debt, alternative credit, infrastructure, private equity and solutions focused on private markets).
On 1st July 2025, BNP Paribas completed the acquisition of AXA IM. This acquisition aims to create within IPS a leading European asset management platform by combining the expertise of AXA IM, BNP Paribas Asset Management (BNP Paribas AM), and BNP\u00a0Paribas Real Estate Investment Management (BNP Paribas REIM). The consolidation of these activities will form an asset management platform with over EUR 1.6 trillion in assets under management, including EUR 850 billion in long-term savings assets under management.
The new ensemble will be able to offer a very wide range of investment solutions, to consolidate an already strong commitment to sustainability and to strengthen its innovation capacity. The legal entity reorganisation was initiated at 31 December 2025 and is expected to enable a gradual implementation of the target operational model starting from mid-2026.
Insurance: BNP\u00a0Paribas Cardif, a world leader in personal insurance, designs, develops and markets savings and protection products and services to protect individuals, their projects and their assets. BNP\u00a0Paribas Cardif also offers products in damage insurance, health insurance, budget insurance, revenue and means of payment insurance, unexpected event protection (unemployment, accident, death, theft or breakage) or the protection of private digital data to meet the evolution of customers\u2019 needs.
Real Estate: BNP Paribas Real Estate offers a broad range of services corresponding to every step of the real estate life cycle and serves the needs of its clients, whether institutional investors, corporates, public entities or individuals, at all stages of the life cycle of their property (from the conception of a construction project to its daily management). The Group is involved in property development, property management, as well as brokerage, consulting and valuation services.
Wealth Management: Wealth Management encompasses the private banking activities of BNP\u00a0Paribas and serves a clientele of wealthy individuals, shareholder families and entrepreneurs seeking a one-stop shop for all their wealth management and financial needs.
Commercial & Personal Banking In Belgium: Commercial & Personal Banking in Belgium activities comprise banking services to a range of client types, including individual customers, self-employed people and those in the liberal professions, small and medium-sized companies, local businesses, corporate clients and non-profit organisations.
Goodwill impairment tests are based on three different methods: observation of transactions related to comparable businesses, share price data for listed companies with comparable businesses, and discounted future cash flows (DCF).
If one of the two comparables-based methods indicates the need for impairment, the DCF method is used to validate the results and determine the amount of impairment required.
The DCF method is based on a number of assumptions in terms of future revenues, expenses and cost of risk (cash flows) based on medium-term business plans over a period of five years. Cash flow projections beyond the 5-year forecast period are based on a growth rate to perpetuity and are normalised when the short-term environment does not reflect the normal conditions of the economic cycle.
The key parameters which are sensitive to the assumptions made are the cost of capital, the cost/income ratio, the cost of risk and the perpetuity growth rate.
Cost of capital is determined on the basis of a risk-free rate, an observed market risk premium weighted by a risk factor based on comparables specific to each cash-generating unit. The values of these parameters are obtained from external information sources.
Allocated capital is determined for each cash-generating unit based on the \u201cCommon Equity Tier One\u201d regulatory requirements for the main legal entity to which the cash-generating unit belongs, with a minimum of 7%.
The perpetuity growth rate applied is 2%. It is calculated based on data provided by private companies specialised in macroeconomic research and analysis.
The tests carried out as of 31 December 2025, did not lead to any impairment of the recorded goodwill.
Sensitivity tests were conducted to measure the impact of changes in the cost of capital, cost of risk, cost/income ratio and the perpetuity growth rate on the valuation of all CGUs.
\u00a0
More specifically, for the Personal Finance and Asset Management cash-generating units, whose goodwill carrying amounts are the most significant, the sensitivities of their value-in-use are as follows:
\u00a0
\u00a0 | Personal Finance | Asset Management |
|---|---|---|
Cost of capital used in the impairment test | 9.2% | 10.2% |
Sensitivity of +50bp applied to the cost of capital | -7\u00a0% | -6\u00a0% |
Sensitivity of +10% applied to the cost of risk | -8\u00a0% | - |
Sensitivity of +100bp applied to the cost/income ratio | -3\u00a0% | -2\u00a0% |
Sensitivity of -50bp applied to the perpetuity growth rate | -2\u00a0% | -4\u00a0% |
\u00a0
Furthermore, the combined application of these most unfavourable variations shows that there is no reason to impair the goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_13e3c5b1-d461-4e39-b9cd-b76a882c6f85": { "value": "Business combinations are accounted for using the purchase method.
Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.
The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.
The cost of a business combination is the fair value, at the date of exchange, of assets given by the purchaser, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree.\u00a0
Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.
Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss. Likewise, amounts paid to the seller (or to parties related to the seller) that remunerate transactions separate from the business combination are excluded from the acquisition cost. This includes, for example, amounts paid under commercial contracts entered concurrently with the acquisition and that did not pre-exist within the acquired entity. These amounts are recognised separately in accordance with the applicable IFRS standards.
The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.
Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.
Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.
On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.
Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.
As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.
Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.
The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.
The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.
Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.
\u00a0
The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value-in-use.
Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.
Value-in-use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_d353594b-2ec4-4894-96d5-ee8e4870f728": { "value": "Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.
The impairment model for credit risk is based on expected losses.
This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.
The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.
This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).
The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.
As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).
The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.
The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.
A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).
In some cases, financial assets are credit-impaired at initial recognition.
For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.
The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.
The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.
A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.
Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.
There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.
In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. Since 2024, this specificity no longer applies to most exposures in the eurozone.
The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.
Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.
In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. Since 2024, this specificity no longer applies to most exposures in the Eurozone.
For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.
The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.
All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.
Probability of Default is an estimate of the likelihood of default over a given time horizon.
The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.
The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.
1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).
Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.
Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).
The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.
For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.
The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.
Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.
The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.
The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.
A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.
If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.
When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.
Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.
A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.
For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.
The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.
When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.
Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.
The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.
For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.
Cost of risk includes the following items of profit or loss:
IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
\u00a0
The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).
The main insurance contracts issued by the Group correspond to:
A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.
Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.
The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.
These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.
When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:
An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.
An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.
The insurance risks covered by Group entities are:
Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.
Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.
Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.
Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered as investment contracts with discretionary participating features, measured using the variable fee approach.
Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.
For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.
For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.
For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.
A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.
A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.
On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.
An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.
The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.
Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.
The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.
If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.
Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.
At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.
The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.
The release of expected fulfilment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.
The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.
The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.
The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.
The risk adjustment is determined using the quantile method.
The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.
Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).
Direct participating contracts are insurance or investment contracts for which:
Compliance with these conditions is monitored on the underwriting date and is not reviewed later.
For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.
At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.
The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).
Changes in the fulfilment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.
Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.
Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.
Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.
The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.
The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).
The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.
The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.
The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.
Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.
The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.
The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.
Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.
Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.
For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.
The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.
Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.
At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.
Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).
Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.
The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.
The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.
In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.
The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.
The reinsurance contracts held are measured by the Group using the simplified approach or the general model.
\u00a0
The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.
Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.
Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.
The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.
Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.
Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).
Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).
Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and respectively 10 years and 12 years for the fixtures and fittings of operating properties and the fixtures and fittings of investment properties.
Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset, equals the higher of the two values between the value in use and the fair value less costs of disposal, is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.
Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_fdec581c-6916-497d-8921-edeb8c79eade": { "value": "Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.
IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
\u00a0
The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).
The main insurance contracts issued by the Group correspond to:
A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.
Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.
The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.
These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.
When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:
An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.
An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.
The insurance risks covered by Group entities are:
Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.
Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.
Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.
Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered as investment contracts with discretionary participating features, measured using the variable fee approach.
Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.
For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.
For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.
For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.
A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.
A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.
On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.
An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.
The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.
Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.
The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.
If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.
Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.
At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.
The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.
The release of expected fulfilment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.
The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.
The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.
The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.
The risk adjustment is determined using the quantile method.
The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.
Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).
Direct participating contracts are insurance or investment contracts for which:
Compliance with these conditions is monitored on the underwriting date and is not reviewed later.
For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.
At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.
The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).
Changes in the fulfilment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.
Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.
Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.
Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.
The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.
The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).
The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.
The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.
The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.
Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.
The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.
The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.
Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.
Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.
For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.
The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.
Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.
At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.
Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).
Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.
The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.
The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.
In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.
The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.
The reinsurance contracts held are measured by the Group using the simplified approach or the general model.
\u00a0
The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.
Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.
Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.
The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.
Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.
Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).
Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).
Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and respectively 10 years and 12 years for the fixtures and fittings of operating properties and the fixtures and fittings of investment properties.
Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset, equals the higher of the two values between the value in use and the fair value less costs of disposal, is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.
Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_0e4d5a99-00b4-4061-9d90-e538bbbe94d5": { "value": "Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.
IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
\u00a0
The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).
The main insurance contracts issued by the Group correspond to:
A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.
Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.
The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.
These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.
When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:
An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.
An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.
The insurance risks covered by Group entities are:
Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.
Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.
Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.
Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered as investment contracts with discretionary participating features, measured using the variable fee approach.
Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.
For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.
For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.
For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.
A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.
A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.
On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.
An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.
The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.
Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.
The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.
If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.
Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.
At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.
The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.
The release of expected fulfilment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.
The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.
The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.
The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.
The risk adjustment is determined using the quantile method.
The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.
Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).
Direct participating contracts are insurance or investment contracts for which:
Compliance with these conditions is monitored on the underwriting date and is not reviewed later.
For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.
At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.
The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).
Changes in the fulfilment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.
Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.
Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.
Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.
The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.
The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).
The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.
The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.
The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.
Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.
The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.
The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.
Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.
Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.
For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.
The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.
Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.
At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.
Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).
Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.
The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.
The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.
In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.
The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.
The reinsurance contracts held are measured by the Group using the simplified approach or the general model.
\u00a0
The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.
Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.
Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.
The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.
Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.
Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).
Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).
Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and respectively 10 years and 12 years for the fixtures and fittings of operating properties and the fixtures and fittings of investment properties.
Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset, equals the higher of the two values between the value in use and the fair value less costs of disposal, is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.
Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_b617d30f-50e0-4665-b4b6-4d5d2f409316": { "value": "The Group applies IAS\u00a029 to the presentation of the accounts of its consolidated subsidiaries located in countries whose economies are in hyperinflation.
IAS\u00a029 presents a number of quantitative and qualitative criteria to assess whether an economy is hyperinflationary, including a cumulative, three-year inflation rate approaching or exceeding 100%.
IAS 29 standard requires that the balance sheet and the profit or loss amounts not already expressed in terms of the measuring unit current at the end of the reporting period be restated by applying a general price index.
For this purpose:
In a period of inflation, an entity holding an excess of monetary assets over monetary liabilities loses purchasing power and an entity with an excess of monetary liabilities over monetary assets gains purchasing power to the extent the assets and liabilities are not linked to a price level. The gain or loss on the net monetary position, which reflects this gain or loss on purchasing power incurred by the Group during the reporting period, may be derived as the difference resulting from the restatement of non\u2011monetary assets, equity and the profit and loss account and the adjustment of index linked assets and liabilities. This gain or loss is recognised under \u201cNet gain on non-current assets\u201d.
Financial statements of these subsidiaries are then translated into euros at the closing rate.
In accordance with the provisions of the IFRIC\u2019s decision of March\u202f2020 on classifying the effects of indexation and translation of accounts of subsidiaries in hyperinflationary economies, the Group has opted to present these effects (including the net book value effect at the date of the initial application of IAS\u202f29) within changes in assets and liabilities recognised directly through equity related to exchange differences.
Since 1st\u00a0January 2022, the Group has applied IAS\u00a029 to the presentation of the accounts of its consolidated subsidiaries located in T\u00fcrkiye.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Gain or loss on investments in consolidated undertakings (note\u00a08.d) | 264 | 133 |
Gain or loss on tangible and intangible assets | 9 | (30) |
Results from net monetary position | (329) | (294) |
Net gain on non-current assets | (56) | (191) |
\u00a0
According to IAS 29 in connection with the hyperinflation situation of the economy in T\u00fcrkiye, the line \u201cResults from net monetary positions\u201d corresponds to the effect of the revaluation of the monetary assets net of the evolution of the consumer price index in T\u00fcrkiye on the valuation of non-monetary assets and liabilities (-\u202fEUR\u202f487\u202fmillion) and on income from the Turkish government bonds portfolio indexed to inflation and held by Turk Ekonomi Bankasi AS (+\u00a0EUR\u202f158\u202fmillion, reclassified from interest margin) in 2025 (respectively -\u202fEUR\u202f549\u202fmillion and +\u00a0EUR\u00a0255\u00a0million in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_4d967658-cb1a-4792-a384-72b3668159f4": { "value": "Incomes and expenses relating to debt instruments measured at amortised cost or at fair value through shareholders\u2019 equity, to finance lease contracts, as well as the effect of the financing components of certain commercial contracts, are recognised in the income statement using the effective interest rate method.
The effective interest rate is the rate that ensures that the discounted estimated future cash flows through the expected life of the financial instrument is equal to the carrying amount of the asset or liability in the balance sheet. The effective interest rate measurement takes into account all fees received or paid that are an integral part of the effective interest rate of the contract, transaction costs, and premiums and discounts.
Commissions considered as an additional component of interest are included in the effective interest rate and are recognised in the profit and loss account in \u201cNet interest income\u201d. This category includes notably commissions on financing commitments when it is considered that the setting up of a loan is more likely than unlikely. Commissions received in respect of financing commitments are deferred until they are drawn and then included in the effective interest rate calculation and amortised over the life of the loan. Syndication commissions are also included in this category for the portion of the commission equivalent to the remuneration of other syndication participants.
The BNP\u00a0Paribas Group includes in \u201cInterest income\u201d and \u201cInterest expense\u201d all income and expense calculated using the effective interest method (interest, fees and transaction costs) from financial instruments measured at amortised cost and financial instruments measured at fair value through equity.
These items also include the interest income and expense of non-trading financial instruments the characteristics of which do not allow for recognition at amortised cost or at fair value through equity, as well as of financial instruments that the Group has designated as at fair value through profit or loss. The change in fair value on financial instruments at fair value through profit or loss (excluding accrued interest) is recognised under \u201cNet gain on financial instruments at fair value through profit or loss\u201d.
Interest income and expense on derivatives accounted for as fair value hedges are included with the revenues generated by the hedged item. Similarly, interest income and expense arising from derivatives used to hedge transactions designated as at fair value through profit or loss is allocated to the same accounts as the interest income and expense relating to the underlying transactions.
In the case of negative interest rates related to loans and receivables or deposits from customers and credit institutions, they are accounted for in interest expense or interest income respectively.
\u00a0
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||||
Income | Expense | Net | Income | Expense | Net | |
Financial instruments at amortised cost | 62,327 | (42,834) | 19,493 | 69,819 | (52,364) | 17,455 |
Deposits, loans and borrowings | 52,874 | (32,224) | 20,650 | 59,598 | (39,095) | 20,503 |
Repurchase agreements | 645 | (1,246) | (601) | 815 | (1,248) | (433) |
Finance leases | 3,257 | (126) | 3,131 | 3,134 | (118) | 3,016 |
Debt securities | 5,551 | \u00a0 | 5,551 | 6,272 | \u00a0 | 6,272 |
Issued debt securities and subordinated debt | \u00a0 | (9,238) | (9,238) | \u00a0 | (11,903) | (11,903) |
Financial instruments at fair value through equity | 3,280 | -\u00a0 | 3,280 | 2,892 | - | 2,892 |
Financial instruments at fair value through profit or loss (Trading\u00a0securities excluded) | 102 | (1,241) | (1,139) | 305 | (1,595) | (1,290) |
Cash flow hedge instruments | 3,429 | (1,404) | 2,025 | 3,916 | (1,961) | 1,955 |
Interest rate portfolio hedge instruments | 2,394 | (4,769) | (2,375) | 6,088 | (7,497) | (1,409) |
Lease liabilities | - | (81) | (81) | - | (79) | (79) |
Total interest income/(expense) | 71,532 | (50,329) | 21,203 | 83,020 | (63,496) | 19,524 |
\u00a0
The year ended 2024 includes an expense of EUR 36 million due to the adjustment of economic hedges consecutive to the changes in the TLTRO (Targeted Longer-Term Refinancing Operations) terms and conditions.
Net interest income includes funding costs related to Global Markets, whose revenues are mainly accounted for in \u201cNet gain on financial instruments at fair value through profit or loss\u201d (see note\u00a02.c), as well as to Arval, whose income from operating leases is presented in note\u00a02.e.
The evolution of the net interest income is therefore to be analysed in conjunction with those observed for these lines.
Interest income on individually impaired loans amounted to EUR 372 million for the year ended 2025, compared with EUR 338 million for the year ended 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_3098e7df-c76d-4470-a13d-16fec1e8ec68": { "value": "Incomes and expenses relating to debt instruments measured at amortised cost or at fair value through shareholders\u2019 equity, to finance lease contracts, as well as the effect of the financing components of certain commercial contracts, are recognised in the income statement using the effective interest rate method.
The effective interest rate is the rate that ensures that the discounted estimated future cash flows through the expected life of the financial instrument is equal to the carrying amount of the asset or liability in the balance sheet. The effective interest rate measurement takes into account all fees received or paid that are an integral part of the effective interest rate of the contract, transaction costs, and premiums and discounts.
Commissions considered as an additional component of interest are included in the effective interest rate and are recognised in the profit and loss account in \u201cNet interest income\u201d. This category includes notably commissions on financing commitments when it is considered that the setting up of a loan is more likely than unlikely. Commissions received in respect of financing commitments are deferred until they are drawn and then included in the effective interest rate calculation and amortised over the life of the loan. Syndication commissions are also included in this category for the portion of the commission equivalent to the remuneration of other syndication participants.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_20781cf2-5b1f-4741-8798-4d118df12b71": { "value": "Incomes and expenses relating to debt instruments measured at amortised cost or at fair value through shareholders\u2019 equity, to finance lease contracts, as well as the effect of the financing components of certain commercial contracts, are recognised in the income statement using the effective interest rate method.
The effective interest rate is the rate that ensures that the discounted estimated future cash flows through the expected life of the financial instrument is equal to the carrying amount of the asset or liability in the balance sheet. The effective interest rate measurement takes into account all fees received or paid that are an integral part of the effective interest rate of the contract, transaction costs, and premiums and discounts.
Commissions considered as an additional component of interest are included in the effective interest rate and are recognised in the profit and loss account in \u201cNet interest income\u201d. This category includes notably commissions on financing commitments when it is considered that the setting up of a loan is more likely than unlikely. Commissions received in respect of financing commitments are deferred until they are drawn and then included in the effective interest rate calculation and amortised over the life of the loan. Syndication commissions are also included in this category for the portion of the commission equivalent to the remuneration of other syndication participants.
The BNP\u00a0Paribas Group includes in \u201cInterest income\u201d and \u201cInterest expense\u201d all income and expense calculated using the effective interest method (interest, fees and transaction costs) from financial instruments measured at amortised cost and financial instruments measured at fair value through equity.
These items also include the interest income and expense of non-trading financial instruments the characteristics of which do not allow for recognition at amortised cost or at fair value through equity, as well as of financial instruments that the Group has designated as at fair value through profit or loss. The change in fair value on financial instruments at fair value through profit or loss (excluding accrued interest) is recognised under \u201cNet gain on financial instruments at fair value through profit or loss\u201d.
Interest income and expense on derivatives accounted for as fair value hedges are included with the revenues generated by the hedged item. Similarly, interest income and expense arising from derivatives used to hedge transactions designated as at fair value through profit or loss is allocated to the same accounts as the interest income and expense relating to the underlying transactions.
In the case of negative interest rates related to loans and receivables or deposits from customers and credit institutions, they are accounted for in interest expense or interest income respectively.
\u00a0
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||||
Income | Expense | Net | Income | Expense | Net | |
Financial instruments at amortised cost | 62,327 | (42,834) | 19,493 | 69,819 | (52,364) | 17,455 |
Deposits, loans and borrowings | 52,874 | (32,224) | 20,650 | 59,598 | (39,095) | 20,503 |
Repurchase agreements | 645 | (1,246) | (601) | 815 | (1,248) | (433) |
Finance leases | 3,257 | (126) | 3,131 | 3,134 | (118) | 3,016 |
Debt securities | 5,551 | \u00a0 | 5,551 | 6,272 | \u00a0 | 6,272 |
Issued debt securities and subordinated debt | \u00a0 | (9,238) | (9,238) | \u00a0 | (11,903) | (11,903) |
Financial instruments at fair value through equity | 3,280 | -\u00a0 | 3,280 | 2,892 | - | 2,892 |
Financial instruments at fair value through profit or loss (Trading\u00a0securities excluded) | 102 | (1,241) | (1,139) | 305 | (1,595) | (1,290) |
Cash flow hedge instruments | 3,429 | (1,404) | 2,025 | 3,916 | (1,961) | 1,955 |
Interest rate portfolio hedge instruments | 2,394 | (4,769) | (2,375) | 6,088 | (7,497) | (1,409) |
Lease liabilities | - | (81) | (81) | - | (79) | (79) |
Total interest income/(expense) | 71,532 | (50,329) | 21,203 | 83,020 | (63,496) | 19,524 |
\u00a0
The year ended 2024 includes an expense of EUR 36 million due to the adjustment of economic hedges consecutive to the changes in the TLTRO (Targeted Longer-Term Refinancing Operations) terms and conditions.
Net interest income includes funding costs related to Global Markets, whose revenues are mainly accounted for in \u201cNet gain on financial instruments at fair value through profit or loss\u201d (see note\u00a02.c), as well as to Arval, whose income from operating leases is presented in note\u00a02.e.
The evolution of the net interest income is therefore to be analysed in conjunction with those observed for these lines.
Interest income on individually impaired loans amounted to EUR 372 million for the year ended 2025, compared with EUR 338 million for the year ended 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_861c0c3d-0756-4560-9199-1658e6d14677": { "value": "Incomes and expenses relating to debt instruments measured at amortised cost or at fair value through shareholders\u2019 equity, to finance lease contracts, as well as the effect of the financing components of certain commercial contracts, are recognised in the income statement using the effective interest rate method.
The effective interest rate is the rate that ensures that the discounted estimated future cash flows through the expected life of the financial instrument is equal to the carrying amount of the asset or liability in the balance sheet. The effective interest rate measurement takes into account all fees received or paid that are an integral part of the effective interest rate of the contract, transaction costs, and premiums and discounts.
Commissions considered as an additional component of interest are included in the effective interest rate and are recognised in the profit and loss account in \u201cNet interest income\u201d. This category includes notably commissions on financing commitments when it is considered that the setting up of a loan is more likely than unlikely. Commissions received in respect of financing commitments are deferred until they are drawn and then included in the effective interest rate calculation and amortised over the life of the loan. Syndication commissions are also included in this category for the portion of the commission equivalent to the remuneration of other syndication participants.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_c8c9dcaa-5498-4cf6-af3d-4108b9035653": { "value": "Commissions received or paid with regards to banking and similar services provided (except for those that are integral part of the effective interest rate), revenues from property development and revenues from services provided in connection with lease contracts fall within the scope of IFRS\u00a015 \u201cRevenue from Contracts with Customers\u201d.
This standard defines a single model for recognising revenue based on principles set out in five steps. These five steps enable to identify the distinct performance obligations included in the contracts and allocate the transaction price among them. The income related to those performance obligations is recognised as revenue when the latter are satisfied, namely when the control of the promised goods or services has been transferred.
The price of a service may contain a variable component. Variable amounts may be recognised in the income statement only if it is highly probable that the amounts recorded will not result in a significant downward adjustment.
Margins on property development, lease payments received on operating leases, as well as income and expenses from services provided in connection with lease contracts are recorded under \u201cIncome from other activities\u201d in the profit or loss account.
The asset depreciation charge for assets held by the Group for its leasing activity are recognised in \"Expense on other activities\u201d line item.
With regard to the revenues and expenses composing the margins of property development transactions, the Group records them in the profit or loss account:
Provisions and impairment are recognised when the margin above is negative (provisions for onerous contracts and inventories impairment).
Regarding income from services provided in connection with lease contracts, the Group records them in profit or loss as the service is rendered, i.e. in proportion to the costs incurred for maintenance contracts. The corresponding expenses are recognised when the service is rendered. At the same time, provisions are recognised to cover risks mainly related to services provided like risk retention and relay-assistance vehicles.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_2a2836e3-6c73-4ea5-950c-488cd5be3d7e": { "value": "Commissions received or paid with regards to banking and similar services provided (except for those that are integral part of the effective interest rate), revenues from property development and revenues from services provided in connection with lease contracts fall within the scope of IFRS\u00a015 \u201cRevenue from Contracts with Customers\u201d.
This standard defines a single model for recognising revenue based on principles set out in five steps. These five steps enable to identify the distinct performance obligations included in the contracts and allocate the transaction price among them. The income related to those performance obligations is recognised as revenue when the latter are satisfied, namely when the control of the promised goods or services has been transferred.
The price of a service may contain a variable component. Variable amounts may be recognised in the income statement only if it is highly probable that the amounts recorded will not result in a significant downward adjustment.
Margins on property development, lease payments received on operating leases, as well as income and expenses from services provided in connection with lease contracts are recorded under \u201cIncome from other activities\u201d in the profit or loss account.
The asset depreciation charge for assets held by the Group for its leasing activity are recognised in \"Expense on other activities\u201d line item.
With regard to the revenues and expenses composing the margins of property development transactions, the Group records them in the profit or loss account:
Provisions and impairment are recognised when the margin above is negative (provisions for onerous contracts and inventories impairment).
Regarding income from services provided in connection with lease contracts, the Group records them in profit or loss as the service is rendered, i.e. in proportion to the costs incurred for maintenance contracts. The corresponding expenses are recognised when the service is rendered. At the same time, provisions are recognised to cover risks mainly related to services provided like risk retention and relay-assistance vehicles.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_9910357c-eb22-4b7a-99ea-85f54fcca03b": { "value": "The Group records commission incomes and expenses in profit or loss either:
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||||
Income | Expense | Net | Income | Expense | Net | |
Customer transactions | 5,580 | (1,468) | 4,112 | 5,466 | (1,488) | 3,978 |
Securities and derivatives transactions | 2,775 | (2,249) | 526 | 2,619 | (2,004) | 615 |
Financing and guarantee commitments | 1,263 | (159) | 1,104 | 1,267 | (92) | 1,175 |
Asset management and other services | 6,737 | (565) | 6,172 | 5,549 | (431) | 5,118 |
Others | 1,372 | (1,581) | (209) | 1,295 | (1,480) | (185) |
Commission income and expense | 17,727 | (6,022) | 11,705 | 16,196 | (5,495) | 10,701 |
of which net commission income related to trust and similar activities through which the Group holds or invests assets on\u00a0behalf of clients, trusts, pension and\u00a0personal risk funds or\u00a0other institutions | 4,420 | (597) | 3,823 | 3,243 | (410) | 2,833 |
of which commission income and expense on financial instruments not measured at fair value through profit or\u00a0loss | 3,519 | (351) | 3,168 | 3,421 | (311) | 3,110 |
The Group records commission incomes and expenses in profit or loss either:
Margins on property development, lease payments received on operating leases, as well as income and expenses from services provided in connection with lease contracts are recorded under \u201cIncome from other activities\u201d in the profit or loss account.
The asset depreciation charge for assets held by the Group for its leasing activity are recognised in \"Expense on other activities\u201d line item.
With regard to the revenues and expenses composing the margins of property development transactions, the Group records them in the profit or loss account:
Provisions and impairment are recognised when the margin above is negative (provisions for onerous contracts and inventories impairment).
Regarding income from services provided in connection with lease contracts, the Group records them in profit or loss as the service is rendered, i.e. in proportion to the costs incurred for maintenance contracts. The corresponding expenses are recognised when the service is rendered. At the same time, provisions are recognised to cover risks mainly related to services provided like risk retention and relay-assistance vehicles.
", "dimensions": { "concept": "bnpp:DescriptionOfAccountingPolicyForIncomeExpenseFromOtherActivitiesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_411c97a9-dbb5-4b47-b3fa-c37245ef1017": { "value": "Financial assets are classified at amortised cost, at fair value through shareholders\u2019 equity or at fair value through profit or loss depending on the business model and the contractual features of the instruments at initial recognition.
Financial liabilities are classified at amortised cost or at fair value through profit or loss at initial recognition.
Financial assets and liabilities are recognised in the balance sheet when the Group becomes a party to the contractual provisions of the instrument. Purchases and sales of financial assets made within a period established by the regulations or by a convention in the relevant marketplace are recognised in the balance sheet at the settlement date.
Financial assets are classified at amortised cost if the following two criteria are met: the business model objective is to hold the instrument in order to collect the contractual cash flows and the cash flows consist solely of payments relating to principal and interest on the principal.
This category includes, in particular, loans granted by the Group, as well as reverse repurchase agreements and securities held by the Group ALM Treasury in order to collect contractual flows and which meet the cash flow criterion.
Financial assets are managed within a business model whose objective is to hold financial assets in order to collect cash flows through the collection of contractual payments over the life of the instrument.
The realisation of disposals close to the maturity of the instrument and for an amount close to the remaining contractual cash flows, or due to an increase in the counterparty\u2019s credit risk is consistent with a business model whose objective is to collect the contractual cash flows (\u201ccollect\u201d). Sales imposed by regulatory requirements or to manage the concentration of credit risk (without an increase in the asset\u2019s credit risk) are also consistent with this business model when they are infrequent or insignificant in value.
The cash flow criterion is satisfied if the contractual terms of the debt instrument give rise, on specified dates, to cash flows that are solely repayments of principal and interest on the principal amount outstanding.
The criterion is not met in the event of a contractual characteristic that exposes the holder to risks or to the volatility of contractual cash flows that are inconsistent with those of a non-structured or \u201cbasic lending\u201d arrangement. It is also not satisfied in the event of leverage that increases the variability of the contractual cash flows.
Interest consists of consideration for the time value of money, for the credit risk, and for the remuneration of other risks (e.g. liquidity risk), costs (e.g. administration fees), and a profit margin consistent with that of a basic lending arrangement. The existence of negative interest does not call into question the cash flow criterion.
The time value of money is the component of interest - usually referred to as the \u201crate\u201d component - which provides consideration for only the passage of time. The relationship between the interest rate and the passage of time must not be modified by specific characteristics that could call into question the respect of the cash flow criterion.
Thus, when the variable interest rate of the financial asset is periodically reset at a frequency that does not match the duration for which the interest rate is established, the time value of money may be considered as modified and, depending on the significance of that modification, the cash flow criterion may not be met. Some financial assets held by the Group present a mismatch between the interest rate reset frequency and the maturity of the index, or interest rates indexed to an average of benchmark rate. The Group has developed a consistent methodology for analysing this alteration of the time value of money.
Regulated rates meet the cash flow criterion when they provide consideration that is broadly consistent with the passage of time and do not expose to risks or volatility in the contractual cash flows that would be inconsistent with those of a basic lending arrangement (example: loans granted in the context of Livret A savings accounts).
Some contractual clauses may change the timing or the amount of cash flows. Early redemption options do not call into question the cash flow criterion if the prepayment amount substantially represents the principal amount outstanding and the interest thereon, which may include reasonable compensation for the early termination of the contract. For example, as regards loans to retail customers, the compensation limited to 6\u00a0months of interest or 3% of the capital outstanding is considered reasonable. Actuarial penalties, corresponding to the present value of the difference between the residual contractual cash flows of the loan, and their reinvestment in a loan to a similar counterparty or in the interbank market for a similar residual maturity are also considered as reasonable, even when the compensation can be positive or negative (i.e. \u201csymmetric\u201d compensation). An option that permits the issuer or the holder of a financial instrument to change the interest rate from floating to fixed rate does not breach the cash flow criterion if the fixed rate is determined at origination, or if it represents the time value of money for the residual maturity of the instrument at the date of exercise of the option. Clauses included in financing granted to encourage the sustainable development of companies which adjust the interest margin depending on the achievement of environmental, social or governance (ESG) objectives and disclosed in chapter\u00a07 of the Universal registration document, do not call into question the cash flow criterion when such an adjustment is considered to have a de minimis effect. Structured instruments indexed to ESG market indices do not meet the cash flow criterion.
In the particular case of financial assets contractually linked to payments received on a portfolio of underlying assets and which include a priority order for payment of cash flows between investors (\u201ctranches\u201d), thereby creating concentrations of credit risk, a specific analysis is carried out. The contractual characteristics of the tranche and those of the underlying financial instrument portfolios must meet the cash flow criterion and the credit risk exposure of the tranche must be equal to or lower than the exposure to credit risk of the underlying pool of financial instruments.
Certain loans may be \u201cnon-recourse\u201d, either contractually, or in substance when they are granted to a special purpose entity. That is in particular the case of numerous project financing or asset financing loans. The cash flow criterion is met as long as these loans do not represent a direct exposure on the assets acting as collateral. In practice, the sole fact that the financial asset explicitly gives rise to cash flows that are consistent with payments of principal and interest is not sufficient to conclude that the instrument meets the cash flow criterion. In that case, the particular underlying assets to which there is limited recourse shall be analysed using the \u201clook-through\u201d approach. If those assets do not themselves meet the cash flow criterion, the existing credit enhancement is assessed. The following aspects are considered: structuring and sizing of the transaction, own funds level of the structure, expected source of repayment, price volatility of the underlying assets.\u00a0
On initial recognition, financial assets are recognised at fair value, including transaction costs directly attributable to the transaction as well as commissions related to the origination of the loans.
They are subsequently measured at amortised cost, including accrued interest and net of repayments of principal and interest during the past period. These financial assets are also subject from their initial recognition, to the measurement of a loss allowance for expected credit losses (note\u00a01.f.5).
Interest is calculated using the effective interest method determined at inception of the contract.
\u00a0\u00a0
Debt instruments are classified at fair value through shareholders\u2019 equity if the following two criteria are met:
The securities held by the Group ALM Treasury in order to collect contractual flows or to be sold and meeting the cash flow criterion are in particular classified in this category.
On initial recognition, financial assets are recognised at their fair value, including transaction costs directly attributable to the transaction. They are subsequently measured at fair value and changes in fair value are recognised, under a specific line of shareholders\u2019 equity entitled \u201cChanges in assets and liabilities recognised directly in equity that may be reclassified to profit or loss\u201d. These financial assets are also subject to the measurement of a loss allowance for expected credit losses on the same approach as for debt instruments at amortised cost. The counterparty of the related impact in cost of risk is recognised in the same specific line of shareholders\u2019 equity. On disposal, changes in fair value previously recognised in shareholders\u2019 equity are reclassified to profit or loss.
In addition, interest is recognised in the income statement using the effective interest method determined at the inception of the contract.
Investments in equity instruments such as shares are classified on option, and on a case-by-case basis, at fair value through shareholders\u2019 equity (under a specific line). On disposal of the shares, changes in fair value previously recognised in equity are not recognised in profit or loss. Only dividends, if they represent remuneration for the investment and not repayment of capital, are recognised in profit or loss. These instruments are not subject to impairment.
Investments in mutual funds puttable to the issuer do not meet the definition of equity instruments. They do not meet the cash flow criterion either, and thus are recognised at fair value through profit or loss.
\u00a0\u00a0
Financing and financial guarantee commitments that are not recognised at fair value through profit or loss are presented respectively in notes 6.a and 6.b. The commitments issued by the bank are subject to the measurement of a loss allowance for expected credit losses. These loss allowances are presented under \u201cProvisions for contingencies and charges\u201d.
The Group may issue performance guarantees in conjunction with integral indemnity agreements that provide the Group the right to claim back any amounts paid out from the party whose non-performance would have led to the guarantee being called. This type of commitment exposes the Group to credit risk and therefore results in the recognition of expected credit losses.
\u00a0
Home savings accounts (Comptes \u00c9pargne-Logement \u2013 \u201cCEL\u201d) and home savings plans (Plans d\u2019\u00c9pargne Logement \u2013 \u201cPEL\u201d) are government-regulated retail products sold in France. They combine a savings phase and a loan phase which are inseparable, with the loan phase contingent upon the savings phase.
These products contain two types of obligations for BNP\u00a0Paribas: an obligation to pay interest on the savings for an indefinite period, at a rate set by the government at the inception of the contract (in the case of PEL products) or at a rate reset every six months using an indexation formula set by law (in the case of CEL products); and an obligation to lend to the customer (at the customer\u2019s option) an amount contingent upon the rights acquired during the savings phase, at a rate set at the inception of the contract (in the case of PEL products) or at a rate contingent upon the savings phase (in the case of CEL products).
The Group\u2019s future obligations with respect to each generation (in the case of PEL products, a generation comprises all products with the same interest rate at inception; in the case of CEL products, all such products constitute a single generation) are measured by discounting potential future earnings from at-risk outstandings for that generation.
At-risk outstandings are estimated on the basis of a historical analysis of customer behaviour, and are equivalent to:
Earnings for future periods from the savings phase are estimated as the difference between the investment rate and the fixed savings interest rate on at-risk savings outstanding for the period in question. Earnings for future periods from the loan phase are estimated as the difference between the refinancing rate and the fixed loan interest rate on at-risk loans outstanding for the period in question.
The investment rate for savings and the refinancing rate for loans are derived from the swap yield curve and from the spreads expected on financial instruments of similar type and maturity. Spreads are determined on the basis of actual spreads on fixed-rate home loans in the case of the loan phase and products offered to individual clients in the case of the savings phase. In order to reflect the uncertainty of future interest rate trends, and the impact of such trends on customer behaviour models and on at-risk outstandings, the obligations are estimated using the Monte-Carlo method.
Where the sum of the Group\u2019s estimated future obligations with respect to the savings and loan phases of any generation of contracts indicates a potentially unfavourable situation for the Group, a provision is recognised (with no offset between generations) in the balance sheet in \u201cProvisions for contingencies and charges\u201d. Movements in this provision are recognised as interest income in the profit and loss account.
\u00a0
The impairment model for credit risk is based on expected losses.
This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.
The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.
This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).
The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.
As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).
The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.
The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.
A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).
In some cases, financial assets are credit-impaired at initial recognition.
For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.
The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.
The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.
A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.
Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.
There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.
In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. Since 2024, this specificity no longer applies to most exposures in the eurozone.
The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.
Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.
In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. Since 2024, this specificity no longer applies to most exposures in the Eurozone.
For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.
The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.
All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.
Probability of Default is an estimate of the likelihood of default over a given time horizon.
The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.
The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.
1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).
Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.
Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).
The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.
For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.
The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.
Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.
The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.
The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.
A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.
If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.
When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.
Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.
A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.
For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.
The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.
When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.
Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.
The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.
For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.
Cost of risk includes the following items of profit or loss:
\u00a0
The trading portfolio includes instruments held for trading (trading transactions), including derivatives.
Other financial assets measured at fair value through profit or loss include debt instruments that do not meet the \u201ccollect\u201d or \u201ccollect and sale\u201d business model criterion or that do not meet the cash flow criterion, as well as equity instruments for which the fair value through shareholders\u2019 equity option has not been retained. Finally financial assets may be designated as at fair value through profit or loss if this enables the entity to eliminate or significantly reduce a mismatch in the measurement and accounting treatment of assets and liabilities that would otherwise arise if they were to be classified in separate categories.
All those financial instruments are measured at fair value at initial recognition, with transaction costs directly posted in profit or loss. At the reporting date, they are measured at fair value, with changes presented in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d. Income, dividends, and realised gains and losses on disposal related to held-for-trading transactions are accounted for in the same profit or loss account.
Financial liabilities are recognised under option in this category in the two following situations:
Changes in fair value due to the own credit risk are recognised under a specific heading of shareholders\u2019 equity.
\u00a0
A financial instrument issued or its various components are classified as a financial liability or equity instrument, in accordance with the economic substance of the legal contract.
Financial instruments issued by the Group are qualified as debt instruments if the entity in the Group issuing the instruments has a contractual obligation to deliver cash or another financial asset to the holder of the instrument. The same applies if the Group is required to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Group, or to deliver a variable number of the Group\u2019s own equity instruments.
Equity instruments result from contracts evidencing a residual interest in an entity\u2019s assets after deducting all of its liabilities.
Debt securities and subordinated debt are measured at amortised cost unless they are recognised at fair value through profit or loss.
Debt securities are initially recognised at the issue value including transaction costs and are subsequently measured at amortised cost using the effective interest method.
Issued bonds redeemable or convertible into own equity may contain a debt component and an equity component, determined upon initial recognition of the transaction. In this case, they will be qualified as compound financial instruments.
In this respect, the Group has elected to record contingent convertible bonds issued, without maturity, when convertible into a variable number of own shares on the occurrence of a predetermined trigger event (e.g. a decrease in the solvency ratio below a threshold), as compound instruments, to the extent that the coupons on these bonds are paid discretionarily.
The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.
Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.
When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.
Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.
Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.
Own equity instrument derivatives are treated as follows, depending on the method of settlement:
If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.
\u00a0\u00a0\u00a0
The Group retained the option provided by the standard to maintain the hedge accounting requirements of IAS\u00a039 until the future standard on macro-hedging is entered into force. Furthermore, IFRS\u00a09 does not explicitly address the fair value hedge of the interest rate risk on a portfolio of financial assets or liabilities. The provisions in IAS\u00a039 for these portfolio hedges, as adopted by the European Union, continue to apply.
Derivatives contracted as part of a hedging relationship are designated according to the purpose of the hedge.
Fair value hedges are particularly used to hedge interest rate risk on fixed-rate assets and liabilities, both for identified financial instruments (securities, debt issues, loans, borrowings) and for portfolios of financial instruments (in particular, demand deposits and fixed-rate loans).
Cash flow hedges are particularly used to hedge interest rate risk on floating-rate assets and liabilities, including rollovers, and foreign exchange risks on highly probable forecast foreign currency revenues.
At the inception of the hedge, the Group prepares formal documentation which details the hedging relationship, identifying the instrument, or portion of the instrument, or portion of risk that is being hedged, the hedging strategy and the type of risk hedged, the hedging instrument, and the methods used to assess the effectiveness of the hedging relationship.
On inception and at least quarterly, the Group assesses, in consistency with the original documentation, the actual (retrospective) and expected (prospective) effectiveness of the hedging relationship. Retrospective effectiveness tests are designed to assess whether the ratio of actual changes in the fair value or cash flows of the hedging instrument to those in the hedged item is within a range of 80% to 125%. Prospective effectiveness tests are designed to ensure that expected changes in the fair value or cash flows of the derivative over the residual life of the hedge adequately offset those of the hedged item. For highly probable forecast transactions, effectiveness is assessed largely on the basis of historical data for similar transactions.
Under IAS\u00a039 as adopted by the European Union, which excludes certain provisions on portfolio hedging, interest rate risk hedging relationships based on portfolios of assets or liabilities qualify for fair value hedge accounting as follows:
The accounting treatment of derivatives and hedged items depends on the hedging strategy.
In a fair value hedging relationship, the derivative instrument is remeasured at fair value in the balance sheet, with changes in fair value recognised in profit or loss in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d, symmetrically with the remeasurement of the hedged item to reflect the hedged risk. In the balance sheet, the fair value remeasurement of the hedged component is recognised in accordance with the classification of the hedged item in the case of a hedge of identified assets and liabilities, or under \u201cRemeasurement adjustment on interest rate risk hedged portfolios\u201d in the case of a portfolio hedging relationship.
If a hedging relationship ceases or no longer fulfils the effectiveness criteria, the hedging instrument is transferred to the trading book and accounted for using the treatment applied to this category. In the case of identified fixed-income instruments, the remeasurement adjustment recognised in the balance sheet is amortised at the effective interest rate over the remaining life of the instrument. In the case of interest rate risk hedged fixed-income portfolios, the adjustment is amortised on a straight-line basis over the remainder of the original term of the hedge. If the hedged item no longer appears in the balance sheet, in particular due to prepayments, the adjustment is taken to the profit and loss account immediately.
In a cash flow hedging relationship, the derivative is measured at fair value in the balance sheet, with changes in fair value taken to shareholders\u2019 equity on a separate line, \u201cChanges in fair value recognised directly in equity\u201d. The amounts taken to shareholders\u2019 equity over the life of the hedge are transferred to the profit and loss account under \u201cNet interest income\u201d as and when the cash flows from the hedged item impact profit or loss. The hedged items continue to be accounted for using the treatment specific to the category to which they belong.
If the hedging relationship ceases or no longer fulfils the effectiveness criteria, the cumulative amounts recognised in shareholders\u2019 equity as a result of the remeasurement of the hedging instrument remain in equity until the hedged transaction itself impacts profit or loss, or until it becomes clear that the transaction will not occur, at which point they are transferred to the profit and loss account.
If the hedged item ceases to exist, the cumulative amounts recognised in shareholders\u2019 equity are immediately taken to the profit and loss account.
Whatever the hedging strategy used, any ineffective portion of the hedge is recognised in the profit and loss account under \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d.
Hedges of net foreign currency investments in subsidiaries and branches are accounted for in the same way as cash flow hedges. Hedging instruments may be foreign exchange derivatives or any other non-derivative financial instrument.
\u00a0
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or most advantageous market, at the measurement date.
The Group determines the fair value of financial instruments either by using prices obtained directly from external data or by using valuation techniques. These valuation techniques are primarily market and income approaches encompassing generally accepted models (e.g. discounted cash flows, Black-Scholes model, and interpolation techniques). They maximise the use of observable inputs and minimise the use of unobservable inputs. They are calibrated to reflect current market conditions and valuation adjustments are applied as appropriate, when some factors such as model, liquidity and credit risks are not captured by the models or their underlying inputs but are nevertheless considered by market participants when setting the exit price.
The unit of measurement is the individual financial asset or financial liability but a portfolio-based measurement can be elected, subject to certain conditions. Accordingly, the Group retains this portfolio-based measurement exception to determine the fair value when some group of financial assets and financial liabilities and other contracts within the scope of the standard relating to financial instruments with substantially similar and offsetting market risks or credit risks is managed on the basis of a net exposure, in accordance with the documented risk management strategy.
Assets and liabilities measured or disclosed at fair value are categorised into the three following levels of the fair value hierarchy:
The level in the fair value hierarchy within which the asset or liability is categorised in its entirety is based upon the lowest level input that is significant to the entire fair value measurement.
For financial instruments disclosed in Level\u00a03 of the fair value hierarchy, and marginally some instruments disclosed in Level\u00a02, a difference between the transaction price and the fair value may arise at initial recognition. This \u201cDay One Profit\u201d is deferred and released to the profit and loss account over the period during which the valuation parameters are expected to remain non-observable. When parameters that were originally non-observable become observable, or when the valuation can be substantiated in comparison with recent similar transactions in an active market, the unrecognised portion of the day one profit is released to the profit and loss account.
\u00a0
The Group derecognises all or part of a financial asset when the contractual rights to the cash flows of the asset expire, or when the Group transfers the asset \u2013 either on the basis of a transfer of the contractual rights to its cash flows, or by retaining the contractual rights to receive the cash flows of the asset while assuming an obligation to pay the cash flows of the asset under an eligible pass-through arrangement \u2013 as well as substantially all the risks and rewards of the asset.
Where the Group has transferred the cash flows of a financial asset but has neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset and has not in practice retained control of the financial asset, the Group derecognises the financial asset and then records separately, if necessary, an asset or liability representing the rights and obligations created or held as part of the transfer of the asset. If the Group has retained control of the financial asset, it maintains it on its balance sheet to the extent of its continuing involvement in that asset.
Upon the derecognition of a financial asset in its entirety, a gain or loss on disposal is recognised in the profit and loss account for an amount equal to the difference between the carrying amount of the asset and the value of the consideration received, adjusted where appropriate for any unrealised gain or loss previously recognised directly in equity.
If all these conditions are not met, the Group retains the asset in its balance sheet and recognises a liability for the obligations arising on the transfer of the asset.
The Group derecognises all or part of a financial liability when the liability is extinguished, i.e. when the obligation specified in the contract is extinguished, cancelled or expired. A financial liability may also be derecognised in the event of a substantial change in its contractual terms or if exchanged with the lender for an instrument with substantially different contractual terms.
Securities temporarily sold under repurchase agreements continue to be recognised in the Group\u2019s balance sheet in the category of securities to which they belong. The corresponding liability is recognised at amortised cost under the appropriate \u201cFinancial liabilities at amortised cost\u201d category on the balance sheet, except in the case of repurchase agreements contracted for trading purposes, for which the corresponding liability is recognised in \u201cFinancial liabilities at fair value through profit or loss\u201d.
Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group\u2019s balance sheet. The corresponding receivable is recognised at amortised cost under the appropriate \u201cFinancial assets at amortised cost\u201d category in the balance sheet, except in the case of reverse repurchase agreements contracted for trading purposes, for which the corresponding receivable is recognised in \u201cFinancial assets at fair value through profit or loss\u201d.
Securities lending transactions do not result in derecognition of the lent securities, and securities borrowing transactions do not result in recognition of the borrowed securities on the balance sheet. In cases where the borrowed securities are subsequently sold by the Group, the obligation to deliver the borrowed securities on maturity is recognised on the balance sheet under \u201cFinancial liabilities at fair value through profit or loss\u201d.
\u00a0\u00a0
A financial asset and a financial liability are offset and the net amount presented in the balance sheet if, and only if, the Group has a legally enforceable right to set off the recognised amounts, and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Repurchase agreements and derivatives that meet the two criteria set out in the accounting standard are offset in the balance sheet.
IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
\u00a0
Net gain on financial instruments measured at fair value through profit or loss includes all profit and loss items relating to financial instruments held for trading, financial instruments that the Group has designated as at fair value through profit or loss, non-trading equity instruments that the Group did not choose to measure at fair value through equity, as well as debt instruments whose cash flows are not solely repayments of principal and interest on the principal or whose business model is not to collect cash flows nor to collect cash flows and sell the assets.
These income items include dividends on these instruments and exclude interest income and expense from financial instruments designated as at fair value through profit or loss and instruments whose cash flows are not only repayments of principal and interest on the principal or whose business model is not to collect cash flows nor to collect cash flows and sell the assets, which are presented in \u201cNet interest income\u201d (see note\u00a02.a).
\u00a0
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Financial instruments held for trading | 12,721 | 11,633 |
Interest rate and credit instruments | 1,279 | (1,406) |
Equity financial instruments | 11,998 | 12,794 |
Foreign exchange financial instruments | 3,325 | 6,269 |
Loans and repurchase agreements | (4,978) | (6,048) |
Other financial instruments | 1,097 | 24 |
Financial instruments designated as at fair value through profit or loss | (2,474) | (964) |
Other financial instruments at fair value through profit or loss | 995 | 797 |
Impact of hedge accounting | 41 | 103 |
Fair value hedging derivatives | 5,901 | 1,677 |
Hedged items in fair value hedge | (5,860) | (1,574) |
Net gain on financial instruments at fair value through profit or loss | 11,283 | 11,569 |
\u00a0
Gains and losses on financial instruments designated as at fair value through profit or loss are mainly related to instruments for which changes in value may be compensated by changes in the value of economic hedging derivative financial instruments held for trading.
Net gain on financial instruments held for trading in 2025 and 2024 includes a non-material amount related to the ineffective portion of cash flow hedges.
Potential sources of ineffectiveness can be the differences between hedging instruments and hedged items, notably generated by mismatches in the terms of hedged and hedging instruments, such as the frequency and timing of interest rates resetting, the frequency of payments and the discounting factors, or when hedging derivatives have a non-zero fair value at the inception date of the hedging relationship.\u00a0Credit valuation adjustments applied to hedging derivatives are also sources of ineffectiveness.
Cumulated changes in fair value related to discontinued cash flow hedge relationships, previously recognised in equity and included in 2025 and 2024 in profit and loss accounts are not material, whether the hedged item ceased to exist or not.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Net gain on debt instruments | 195 | 145 |
Dividend income on equity instruments | 66 | 64 |
Net gain on financial instruments at fair value through equity | 261 | 209 |
\u00a0
Interest income from debt instruments is included in note\u00a02.a Net interest income, and impairment losses related to potential issuer default are included in note\u00a02.g Cost of risk.
The general model for impairment described in note\u00a01.f.5 used by the Group relies on the following two steps:
Both steps rely on forward-looking information.
Credit risk is assumed to have significantly increased, and the asset is classified in stage\u00a02, if the probability of default to maturity of the instrument has increased at least threefold since its origination. This relative variation criterion is supplemented by an absolute variation criterion of the default probability of 400\u00a0basis points. These criteria are in line with the recommendations issued by the European Banking Authority (EBA) and the European Central Bank (ECB).
Furthermore, for all portfolios (except for the consumer credit specialist business outside the Eurozone):
In the consumer credit specialist business, the existence of a payment incident during the last 12\u00a0months, potentially regularised, is considered to be an indication of significant increase in credit risk and the facility is therefore classified in stage\u00a02. Since 2024, this specificity no longer applies to most exposures in the Eurozone.
Credit risk is assumed to have increased significantly since initial recognition and the asset is classified in stage 2 in the event of late payment of more than 30 days, restructuring due to financial difficulties (as long as the facility is not credit-impaired) or, for corporate clients, when the counterparty is placed on credit watchlist.
In 2022, the internal ratings of the Russian counterparties (including the sovereign rating) were systematically downgraded to take into account the geopolitical situation of the country, thus leading to the transfer of their outstandings to stage\u00a02. However, given the Group\u2019s limited level of exposure to this country, this deterioration had no significant effect on the cost of risk.
The Group considers forward-looking information both when assessing significant increase in credit risk and when measuring Expected Credit Losses (ECL).
Regarding the measurement of expected credit losses, the Group has chosen to use 4 macroeconomic scenarios by geographic area covering a wide range of potential future economic conditions:
The link between the macroeconomic scenarios and the ECL measurement is mainly achieved through a modelling of the probabilities of default and deformation of migration matrices based on internal rating (or risk parameter). The probabilities of default determined according to these scenarios are used to measure expected credit losses in each of these scenarios.
The Group\u2019s setup is broken down by sector to take into account the heterogeneity of sectoral dynamics when assessing the probability of default for corporates.
Forward-looking information is also considered when determining the significant deterioration in credit risk. As a matter of fact, the probabilities of default used as the basis for this assessment include forward-looking multi-scenario information in the same way as for the calculation of the expected losses.
The weight to be attributed to the expected credit losses calculated in each of the scenarios is defined as follows:
When appropriate, the ECL measurement can take into account asset sale scenarios.
The four macroeconomic scenarios are defined over a three-year projection horizon. They correspond to:
The link between the macroeconomic scenarios and the measurement of the ECL is complemented by an approach allowing to take into account anticipation aspects not captured by the models in the generic approach. This is particularly the case when unprecedented events in the historical chronicle taken into account to build the models occur or are anticipated, or when the nature or amplitude of change in macroeconomic parameter calls into question past correlations. Thus, the situation of high inflation and the level of interest rates recorded earlier were not observed in the reference history. In this context, the Group has implemented in 2022 an approach projecting the impact of higher interest rates on customers\u2019 financial ratios, notably considering their level of indebtedness. Since the end of 2024 and the interest rates\u2019 decrease, this mechanism is inactive. This approach has also been used from 2022 to the end of 2025 to anticipate the effect of lower prices of commercial properties. Starting in 2024, this approach is also used to complete the prospective assessment of the potential consequences of climate change (transition and physical risks) on the credit risk of corporate counterparties and mortgages.
In 2025, the expansion of global activity continued at a moderate pace. The economic recovery of the euro area continued, with an acceleration in Gross Domestic Product (GDP) growth between 2024 (+0.8%) and 2025 (+1.4%). This improvement notably reflects the strengthening of domestic demand, supported by a more accommodative monetary policy. In the United States, on the other hand, growth slowed between 2024 (+2.8%) and 2025 (+2%), due in particular to the shocks related to tariffs and domestic uncertainty.
Anticipations do not point to a significant change in the pace of global growth in the coming quarters and years. On the one hand, monetary policies will on average be a little more accommodative; on the other hand, the international context will continue to be marked by trade and geopolitical uncertainties. In the euro area, growth is expected to remain around the pace observed in 2025 over the next three years, supported by relatively favourable monetary and fiscal conditions. In the United States, the ongoing slowdown is expected to lead to annual growth of less than 2% in 2026 and beyond.
After a general decline in 2024, inflation dynamics were more contrasted at the global level in 2025. In a number of advanced economies, notably in the euro area, inflation continued to move closer to the central bank target, around 2%. On the other hand, it remained higher in other regions such as the United States and Japan, while China continued to face the risk of deflation. While inflation in the euro area is expected to remain close to 2% for the foreseeable future, it will continue to stand significantly above this level in the coming quarters in the United States, due in particular to the trade measures put in place, before moderating thereafter.
As a result, major central banks are not at the same stage of their monetary policy cycle. The ECB appears to have completed most of its easing cycle, although it may adjust policy depending on the evolution of inflation and growth. For its part, the US Federal Reserve resumed monetary easing in the third quarter of 2025 to support activity in the face of signs of a slowdown in the labour market, despite a still present inflationary environment, and is expected to continue to do so in the coming quarters.
Long-term interest rates have risen in recent years to levels not seen in more than a decade. They are expected to remain high over the next few years, reflecting in particular the persistent fiscal constraints in several advanced economies. Sovereign bond yields would thus stabilise at 2.55% for the German 10-year and 4% for the US 10-year.
The uncertainty surrounding this scenario remains significant, particularly in relation to trade and geopolitical tensions, as well as the risks weighing on the macroeconomic and financial environment.
The graph below presents a comparison of Eurozone GDP projections used in the baseline scenario for the calculation of ECLs on 31 December 2025 and 31 December 2024.
(annual averages) | 2025 | 2026 | 2027 | 2028 | \u00a0 |
|---|---|---|---|---|---|
GDP growth rate | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Eurozone | 1.4% | 1.3% | 1.4% | 1.4% | \u00a0 |
France | 0.8% | 1.1% | 1.3% | 1.3% | \u00a0 |
Italy | 0.5% | 0.9% | 1.2% | 1.2% | \u00a0 |
Belgium | 1.1% | 1.2% | 1.4% | 1.4% | \u00a0 |
United States | 2.0% | 1.7% | 1.7% | 1.8% | \u00a0 |
Unemployment rate | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Eurozone | 6.4% | 6.4% | 6.2% | 5.9% | \u00a0 |
France | 7.6% | 7.8% | 7.7% | 7.5% | \u00a0 |
Italy | 6.2% | 6.3% | 6.1% | 5.8% | \u00a0 |
Belgium | 6.0% | 5.8% | 5.4% | 4.9% | \u00a0 |
United States | 4.3% | 4.8% | 4.7% | 4.6% | \u00a0 |
Inflation rate | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Eurozone | 2.1% | 1.7% | 1.9% | 2.0% | \u00a0 |
France | 0.9% | 1.4% | 1.8% | 1.9% | \u00a0 |
Italy | 1.7% | 1.2% | 1.9% | 2.0% | \u00a0 |
Belgium | 3.0% | 2.1% | 1.9% | 2.0% | \u00a0 |
United States | 2.8% | 2.9% | 2.4% | 2.4% | \u00a0 |
10-year sovereign bond yields | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Germany | 2.61% | 2.55% | 2.55% | 2.55% | \u00a0 |
France | 3.37% | 3.40% | 3.40% | 3.40% | \u00a0 |
Italy | 3.56% | 3.35% | 3.35% | 3.35% | \u00a0 |
Belgium | 3.17% | 3.10% | 3.10% | 3.10% | \u00a0 |
United States | 4.29% | 4.00% | 4.00% | 4.00% | \u00a0 |
The adverse and severely adverse scenarios assume that some downside risks will materialise, resulting in much less favourable economic paths than in the baseline scenario.
The following main risks are identified:
The adverse and severe scenarios assume the materialisation of these risks starting from the first quarter of 2026. Although the identified risks are present in both scenarios, their repercussions are assumed to be significantly more pronounced in the severe scenario due to more significant direct shocks and the development of a negative spiral among the main factors (activity, public debt, bond yields, stock markets). The deterioration in activity drives unemployment rates to significantly higher levels. Inflation is higher than in the baseline scenario in the first part of the projection horizon, reflecting, in particular, pressure from commodity prices, trade tariffs, and disruptions in supply chains. In a second phase, inflation decreases in most countries, reflecting the impacts of the recession. Given the marked decline in activity, central banks adopt a more accommodative monetary policy. Reflecting these easing measures and the flight to quality, German and American bond yields are lower than in the baseline scenario, while sovereign spreads widen. Stock market indices fall sharply over the first four quarters of the projection horizon.
Among the considered countries, GDP levels in the adverse scenario stand between 7% and 12% lower than in the baseline scenario at the end of the shock period. This deviation reaches 7.4% in the Eurozone and 7.7% in the United States. In the severe scenario, GDP levels stand between 10.3% and 17.5% lower than in the baseline scenario at the end of the shock period. This deviation reaches 11% in the Eurozone and 11.4% in the United States.
At 31 December 2025, the weight of the favourable scenario considered by the Group was 26%, and 21% for the adverse scenario and 2% for the severe scenario. At 31 December 2024, the weight of the favourable scenario was 28%, 17% for the adverse scenario and 5% for the severe scenario.
The sensitivity of the amount of expected credit losses in stage 1 and stage 2 for all financial assets at amortised cost or at fair value through equity and credit commitments is assessed by comparing the estimated expected credit losses resulting from the weighting of the above scenarios with that resulting from each of the two main scenarios:
Post-model adjustments are made when system limitations are identified in a particular context, for instance, in the case of insufficient statistical data to reflect the specific situation in the models. Post-model adjustments are also considered to take into account, where applicable, the consequences of climatic events on expected credit losses.
Notably, additional adjustments were made in 2022 to take into account the effects of inflation and interest rate hikes when this effect is not directly estimated by the models. For example, within the consumer credit specialist business, adjustments were considered for the categories of customers most sensitive to the gradual decline in the level of their net income. Given the evolution of the macroeconomic context between 2023 and 2025, these adjustments have been reassessed and had been gradually reversed or used.
All of these adjustments represent 2.1% of the total amount of expected credit losses in stage 1 and stage 2 at 31 December 2025, compared with 3.7% at 31 December 2024.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Net allowances to impairment | (3,209) | (2,689) |
Recoveries on loans and receivables previously written off | 216 | 250 |
Losses on irrecoverable loans | (357) | (560) |
Total cost of risk for the period | (3,350) | (2,999) |
\u00a0
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Cash and balances at central banks | 1 | 4 |
Financial instruments at fair value through profit or loss | (1) | (98) |
Financial assets at fair value through equity | (2) | (1) |
Financial assets at amortised cost | (3,215) | (3,013) |
Loans and receivables | (3,164) | (2,907) |
Debt securities | (51) | (106) |
Other assets | 3 | 1 |
Financing and guarantee commitments and other items | (136) | 108 |
Total cost of risk for the period | (3,350) | (2,999) |
Cost of risk on unimpaired assets and commitments | 188 | 765 |
of which stage\u00a01 | 85 | 212 |
of which stage\u00a02 | 103 | 553 |
Cost of risk on impaired assets and commitments \u2013 stage\u00a03 | (3,538) | (3,764) |
Changes in impairment by accounting category and asset type during the period
In millions of euros, at | 31 December 2024 | Net allowance to impairment | Impairment provisions used | Changes in scope, exchange rates and other items | Reclassification of assets held for sale(1) | 31 December 2025 |
|---|---|---|---|---|---|---|
Assets impairment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Amounts due from central banks | 15 | (1) | \u00a0 | (2) | \u00a0 | 12 |
Financial instruments at fair value through profit or loss | 90 | 1 | (11) | (5) | \u00a0 | 75 |
Financial assets at fair value through equity | 123 | 2 | \u00a0 | (101) | \u00a0 | 24 |
Financial assets at amortised cost | 17,181 | 3,097 | (3,210) | (150) | (626) | 16,292 |
Loans and receivables | 16,993 | 3,046 | (3,210) | (134) | (625) | 16,070 |
Debt securities | 188 | 51 | \u00a0 | (16) | (1) | 222 |
Other assets | 50 | (3) | (1) | (2) | \u00a0 | 44 |
Total impairment of financial assets | 17,459 | 3,096 | (3,222) | (260) | (626) | 16,447 |
of which stage\u00a01 | 1,813 | (91) | (4) | (15) | (28) | 1,675 |
of which stage\u00a02 | 1,951 | (113) | (2) | (76) | (42) | 1,718 |
of which stage\u00a03 | 13,695 | 3,300 | (3,216) | (169) | (556) | 13,054 |
Provisions recognised as liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Provisions for commitments | 706 | 89 | \u00a0 | (35) | (36) | 724 |
Other provisions | 349 | 24 | (53) | (1) | \u00a0 | 319 |
Total provisions recognised for credit commitments | 1,055 | 113 | (53) | (36) | (36) | 1,043 |
of which stage\u00a01 | 182 | 24 | \u00a0 | (1) | (8) | 197 |
of which stage\u00a02 | 206 | 11 | \u00a0 | (19) | (11) | 187 |
of which stage\u00a03 | 667 | 78 | (53) | (16) | (17) | 659 |
Total impairment and provisions | 18,514 | 3,209 | (3,275) | (296) | (662) | 17,490 |
(1) | This variation is related to the application of IFRS 5 standard on the Banque Marocaine pour le Commerce et l'Industrie and its subsidiaries (see note 8.f). |
Change in impairment by accounting category and asset type during the previous period
In millions of euros, at | 31 December 2023 | Net allowance to impairment | Impairment provisions used | Changes in scope, exchange rates and other items | 31 December 2024 |
|---|---|---|---|---|---|
Assets impairment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Amounts due from central banks | 20 | (4) | \u00a0 | (1) | 15 |
Financial instruments at fair value through profit or loss | 108 | 61 | (87) | 8 | 90 |
Financial assets at fair value through equity | 121 | 2 | \u00a0 | \u00a0 | 123 |
Financial assets at amortised cost | 17,715 | 2,769 | (3,647) | 344 | 17,181 |
Loans and receivables | 17,611 | 2,665 | (3,619) | 336 | 16,993 |
Debt securities | 104 | 104 | (28) | 8 | 188 |
Other assets | 30 | 6 | (1) | 15 | 50 |
Total impairment of financial assets | 17,994 | 2,834 | (3,735) | 366 | 17,459 |
of which stage\u00a01 | 1,966 | (122) | (3) | (28) | 1,813 |
of which stage\u00a02 | 2,429 | (458) | (23) | 3 | 1,951 |
of which stage\u00a03 | 13,599 | 3,414 | (3,709) | 391 | 13,695 |
Provisions recognised as liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Provisions for commitments | 883 | (148) | (1) | (28) | 706 |
Other provisions | 387 | 3 | (38) | (3) | 349 |
Total provisions recognised for credit commitments | 1,270 | (145) | (39) | (31) | 1,055 |
of which stage\u00a01 | 269 | (91) | \u00a0 | 4 | 182 |
of which stage\u00a02 | 301 | (98) | \u00a0 | 3 | 206 |
of which stage\u00a03 | 700 | 44 | (39) | (38) | 667 |
Total impairment and provisions | 19,264 | 2,689 | (3,774) | 335 | 18,514 |
\u00a0
Changes in impairment of financial assets at amortised cost during the period
In millions of euros | Impairment on assets subject to 12-month Expected Credit Losses (Stage 1) | Impairment on assets subject to lifetime Expected Credit Losses (Stage 2) | Impairment on doubtful\u00a0assets (Stage 3) | Total |
|---|---|---|---|---|
At 31 December 2024 | 1,785 | 1,939 | 13,457 | 17,181 |
Net allowance to impairment | (92) | (114) | 3,303 | 3,097 |
Financial assets purchased or originated during the period | 533 | 181 | \u00a0 | 714 |
Financial assets derecognised during the period(1) | (281) | (226) | (767) | (1,274) |
Transfer to stage\u00a02 | (281) | 1,848 | (215) | 1,352 |
Transfer to stage\u00a03 | (36) | (822) | 2,308 | 1,450 |
Transfer to stage\u00a01 | 223 | (922) | (38) | (737) |
Other allowances/reversals without stage transfer(2) | (250) | (173) | 2,015 | 1,592 |
Impairment provisions used | (4) | (2) | (3,204) | (3,210) |
Changes in exchange rates | (14) | (35) | (296) | (345) |
Changes in scope of consolidation and other items | 1 | (39) | 233 | 195 |
Reclassification of assets held for sale (3) | (28) | (42) | (556) | (626) |
At 31 December 2025 | 1,648 | 1,707 | 12,937 | 16,292 |
(1) | Including disposals. |
(2) | Including amortisation. |
(3) | This variation is related to the application of IFRS 5 standard on the Banque Marocaine pour le Commerce et l'Industrie and its subsidiaries (see note 8.f). |
In 2025, the volume of financial assets at amortised cost remained relatively stable compared to previous year and amounted to EUR\u202f1,092\u202fbillion (see note\u202f4.e Financial assets at amortised cost), of which EUR 913 billion in loans and advances to customers.
Loans and advances to customers classified in stage 1 increased by +EUR\u202f2\u202fbillion over the year, while stage\u202f2 outstandings decreased by -EUR\u202f6\u202fbillion.
Within each of these stages, net reversals of provisions were observed, notably following the update of forward-looking information. As a result, the additional provision applied since 2023 to the Commercial Real Estate portfolio was fully reversed following the normalisation of the sector.
In parallel, based on the scenarios established by the end of 2025, the update of macroeconomic prospects also had a positive effect due to generally better forecasts in 2026 compared to the year 2025. On the other hand, the introduction of tariffs in the United States negatively affects the default probabilities of counterparties in the most exposed sectors.
\u00a0
Changes in impairment of financial assets at amortised cost during the previous period
In millions of euros | Impairment on assets subject to 12-month Expected Credit Losses (Stage 1) | Impairment on assets subject to lifetime Expected Credit Losses (Stage 2) | Impairmen on doubtful\u00a0assets (Stage 3) | Total |
|---|---|---|---|---|
At 31 December 2023 | 1,938 | 2,416 | 13,361 | 17,715 |
Net allowance to impairment | (123) | (458) | 3,350 | 2,769 |
Financial assets purchased or originated during the period | 686 | 188 | 3 | 877 |
Financial assets derecognised during the period(1) | (367) | (500) | (724) | (1,591) |
Transfer to stage\u00a02 | (263) | 2,005 | (320) | 1,422 |
Transfer to stage\u00a03 | (72) | (908) | 2,280 | 1,300 |
Transfer to stage\u00a01 | 206 | (914) | (47) | (755) |
Other allowances/reversals without stage transfer(2) | (313) | (329) | 2,158 | 1,516 |
Impairment provisions used | (3) | (23) | (3,621) | (3,647) |
Changes in exchange rates | (1) | 4 | 173 | 176 |
Changes in scope of consolidation and other items | (26) | \u00a0 | 194 | 168 |
At 31 December 2024 | 1,785 | 1,939 | 13,457 | 17,181 |
(1) | Including disposals. |
(2) | Including amortisation. |
Financial assets and financial liabilities at fair value through profit or loss consist of held-for-trading transactions - including derivatives - of certain assets and liabilities designated by the Group as at fair value through profit or loss at the time of issuance and of non-trading instruments whose characteristics prevent their accounting at amortised cost or at fair value through equity.
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||||
Financial instruments held for trading | Financial instruments designated as at fair value through profit or loss | Other financial assets at fair value through profit or loss | Total | Financial instruments held for trading | Financial instruments designated as at fair value through profit or loss | Other financial assets at fair value through profit or loss | Total | |
Securities | 308,994 | \u00a0 | 12,299 | 321,293 | 256,779 | 15 | 10,563 | 267,357 |
Loans and repurchase agreements | 251,979 | \u00a0 | 2,331 | 254,310 | 221,622 | \u00a0 | 4,077 | 225,699 |
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS | 560,973 | - | 14,630 | 575,603 | 478,401 | 15 | 14,640 | 493,056 |
Securities | 98,487 | \u00a0 | \u00a0 | 98,487 | 79,958 | \u00a0 | \u00a0 | 79,958 |
Deposits and repurchase agreements | 354,672 | 3,275 | \u00a0 | 357,947 | 302,488 | 2,329 | \u00a0 | 304,817 |
Issued debt securities and subordinated debt \u00a0(note\u00a04.h) | \u00a0 | 129,279 | \u00a0 | 129,279 | \u00a0 | 104,934 | \u00a0 | 104,934 |
FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS | 453,159 | 132,554 | \u00a0 | 585,713 | 382,446 | 107,263 | \u00a0 | 489,709 |
\u00a0
Detail of these assets and liabilities is provided in note\u00a04.d.
Financial liabilities at fair value through profit or loss mainly consist of issued debt securities, originated and structured on behalf of customers, where the risk exposure is managed in combination with the hedging strategy. These types of issued debt securities contain significant embedded derivatives, which changes in value may be compensated by changes in the value of economic hedging derivatives.
The redemption value of debt issued and designated as at fair value through profit or loss at 31 December 2025 was EUR 134,398 million (EUR 110,823 million at 31 December 2024).
Other financial assets at fair value through profit or loss are financial assets not held for trading:
The majority of derivative financial instruments held for trading are related to transactions initiated for trading purposes. They may result from market-making or arbitrage activities. BNP\u00a0Paribas actively trades in derivatives. Transactions include trades in \u201cordinary\u201d instruments such as credit default swaps, and structured transactions with complex risk profiles tailored to meet the needs of its customers. The net position is in all cases subject to limits.
Some derivative instruments are also contracted to hedge financial assets or financial liabilities for which the Group has not documented a hedging relationship, or which do not qualify for hedge accounting under IFRS.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Positive market value | Negative market value | Positive market value | Negative market value | |
Interest rate derivatives | 124,177 | 93,816 | 121,491 | 95,045 |
Foreign exchange derivatives | 98,749 | 92,760 | 158,085 | 152,269 |
Credit derivatives | 14,373 | 14,157 | 10,767 | 11,085 |
Equity derivatives | 32,683 | 47,026 | 28,065 | 40,185 |
Other derivatives | 4,643 | 4,967 | 4,223 | 3,369 |
Derivative financial instruments | 274,625 | 252,726 | 322,631 | 301,953 |
\u00a0
The table below shows the total notional amount of trading derivatives. The notional amounts of derivative instruments are merely an indication of the volume of the Group\u2019s activities in financial instruments markets, and do not reflect the market risks associated with such instruments.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||||
Exchange- | Over-the- | Over-the- | Total | Exchange- | Over-the- | Over-the- | Total | |
Interest rate derivatives | 907,328 | 15,254,043 | 7,992,014 | 24,153,385 | 983,378 | 15,690,701 | 7,277,395 | 23,951,474 |
Foreign exchange derivatives | 80,381 | 271,460 | 10,093,925 | 10,445,766 | 74,516 | 194,540 | 10,769,644 | 11,038,700 |
Credit derivatives | \u00a0 | 531,312 | 591,596 | 1,122,908 | \u00a0 | 436,041 | 463,565 | 899,606 |
Equity derivatives | 1,493,313 | \u00a0 | 988,686 | 2,481,999 | 1,356,158 | \u00a0 | 798,676 | 2,154,834 |
Other derivatives | 194,078 | \u00a0 | 76,688 | 270,766 | 184,941 | \u00a0 | 93,181 | 278,122 |
Derivative financial instruments | 2,675,100 | 16,056,815 | 19,742,909 | 38,474,824 | 2,598,993 | 16,321,282 | 19,402,461 | 38,322,736 |
\u00a0
As part of its Client Clearing activity, the Group guarantees the risk of default of its clients to central clearing houses. The corresponding notional amount is EUR 1,405 billion at 31 December 2025 (EUR 1,271 billion at 31 December 2024).
The table below shows the notional amounts and the fair value of derivatives used for hedging purposes.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Notional amounts | Positive fair value | Negative fair value | Notional amounts | Positive fair value | Negative fair value | |
Fair value hedges | 1,135,352 | 18,586 | 26,059 | 1,215,184 | 19,489 | 32,610 |
Interest rate derivatives | 1,131,813 | 18,525 | 25,952 | 1,210,173 | 19,305 | 32,391 |
Foreign exchange derivatives | 3,539 | 61 | 107 | 5,011 | 184 | 219 |
Cash flow hedges | 247,644 | 1,340 | 2,375 | 267,840 | 1,297 | 4,196 |
Interest rate derivatives | 51,426 | 526 | 846 | 75,830 | 654 | 1,583 |
Foreign exchange derivatives | 195,315 | 617 | 1,505 | 191,237 | 590 | 2,532 |
Other derivatives | 903 | 197 | 24 | 773 | 53 | 81 |
Net foreign investment hedges | 2,969 | 91 | 59 | 2,885 | 65 | 58 |
Foreign exchange derivatives | 2,969 | 91 | 59 | 2,885 | 65 | 58 |
Derivatives used for hedging purposes | 1,385,965 | 20,017 | 28,493 | 1,485,909 | 20,851 | 36,864 |
Interest rate risk and foreign exchange risk management strategies are described in chapter\u00a05 \u2013 Pillar 3 of the Universal registration document (section\u00a05.7 Market risk \u2013 Market risk related to banking activities). Quantitative information related to foreign currency borrowings used for net investment hedges is also mentioned in this chapter.
The table below presents the detail of fair value hedge relationships for identified financial instruments and portfolios of financial instruments that are continuing at 31\u00a0December 2025:
\u00a0
In millions of euros, at 31 December 2025 | Hedging instruments | Hedged instruments | ||||||
Notional amounts | Positive | Negative | Cumulated changes in fair value used as the basis for recognising ineffectiveness | Carrying amount \u2013 asset | Cumulated changes in fair value \u2013 asset | Carrying amount \u2013 liability | Cumulated changes in fair value \u2013 liability | |
Fair value hedges of identified instruments | 463,030 | 11,118 | 10,796 | 3,429 | 170,280 | (6,431) | 153,802 | (3,069) |
Interest rate derivatives hedging the interest rate risk related to | 460,058 | 11,057 | 10,696 | 3,431 | 168,579 | (6,434) | 152,587 | (3,069) |
Loans and receivables | 12,941 | 155 | 253 | (73) | 10,292 | 74 | \u00a0 | \u00a0 |
Securities | 238,687 | 10,539 | 5,973 | 6,581 | 158,287 | (6,508) | \u00a0 | \u00a0 |
Deposits | 28,464 | 127 | 145 | (22) | \u00a0 | \u00a0 | 23,918 | (23) |
Debt securities | 179,966 | 236 | 4,325 | (3,055) | \u00a0 | \u00a0 | 128,669 | (3,046) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related\u00a0to | 2,972 | 61 | 100 | (2) | 1,701 | 3 | 1,215 | - |
Loans and receivables | 716 | 53 | 30 | (5) | 667 | 5 | \u00a0 | \u00a0 |
Securities | 1,040 | 6 | 3 | 2 | 1,034 | (2) | \u00a0 | \u00a0 |
Deposits | 84 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 84 | \u00a0 |
Debt securities | 1,132 | 2 | 67 | 1 | \u00a0 | \u00a0 | 1,131 | \u00a0 |
Interest rate risk hedged portfolios | 672,322 | 7,468 | 15,263 | (6,600) | 171,576 | (3,167) | 159,798 | (9,735) |
Interest rate derivatives hedging the interest rate risk related to(1) | 671,755 | 7,468 | 15,256 | (6,596) | 171,009 | (3,169) | 159,798 | (9,735) |
Loans and receivables | 289,435 | 4,977 | 2,033 | 3,154 | 171,009 | (3,169) | \u00a0 | \u00a0 |
Deposits | 382,320 | 2,491 | 13,223 | (9,750) | \u00a0 | \u00a0 | 159,798 | (9,735) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to | 567 | - | 7 | (4) | 567 | 2 | - | - |
Loans and receivables | 567 | \u00a0 | 7 | (4) | 567 | 2 | \u00a0 | \u00a0 |
Total fair value hedge | 1,135,352 | 18,586 | 26,059 | (3,171) | 341,856 | (9,598) | 313,600 | (12,804) |
(1) | Are included in this section the notional amounts of hedging derivatives and of swaps that reverse the interest rate positions, thus reducing the hedge\u00a0 relationship, when the hedged item still exists, for respectively EUR 127,283 million for derivatives hedging loans and receivables\u00a0 and EUR 215,351 million for derivatives hedging deposits. |
The table below presents the detail of fair value hedge relationships for identified financial instruments and portfolios of financial instruments that are continuing at 31 December 2024:
\u00a0
In millions of euros, at 31 December 2024 | Hedging instruments | Hedged instruments | ||||||
Notional amounts | Positive | Negative | Cumulated changes in fair value used as the basis for recognising ineffectiveness | Carrying amount \u2013 asset | Cumulated changes in fair value \u2013 asset | Carrying amount \u2013 liability | Cumulated changes in fair value \u2013 liability | |
Fair value hedges of identified instruments | 467,277 | 10,935 | 14,372 | (408) | 171,514 | (4,723) | 149,961 | (5,075) |
Interest rate derivatives hedging the interest rate risk related to | 462,854 | 10,786 | 14,154 | (396) | 169,146 | (4,721) | 148,362 | (5,061) |
Loans and receivables | 21,678 | 459 | 504 | (35) | 17,111 | 34 | \u00a0 | \u00a0 |
Securities | 220,047 | 9,896 | 6,286 | 4,680 | 152,035 | (4,755) | \u00a0 | \u00a0 |
Deposits | 21,350 | 134 | 137 | (9) | \u00a0 | \u00a0 | 16,851 | (11) |
Debt securities | 199,779 | 297 | 7,227 | (5,032) | \u00a0 | \u00a0 | 131,511 | (5,050) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related\u00a0to | 4,423 | 149 | 218 | (12) | 2,368 | (2) | 1,599 | (14) |
Loans and receivables | 1,403 | 137 | 47 | 3 | 1,007 | (3) | \u00a0 | \u00a0 |
Securities | 1,435 | 8 | 5 | \u00a0 | 1,361 | 1 | \u00a0 | \u00a0 |
Deposits | 36 | \u00a0 | 2 | 2 | \u00a0 | \u00a0 | 41 | 2 |
Debt securities | 1,549 | 4 | 164 | (17) | \u00a0 | \u00a0 | 1,558 | (16) |
Interest rate risk hedged portfolios | 747,907 | 8,554 | 18,238 | (8,868) | 200,215 | (1,745) | 151,658 | (10,592) |
Interest rate derivatives hedging the interest rate risk related to(1) | 747,319 | 8,519 | 18,237 | (8,865) | 199,658 | (1,747) | 151,658 | (10,592) |
Loans and receivables | 319,703 | 5,461 | 2,721 | 1,848 | 199,658 | (1,747) | \u00a0 | \u00a0 |
Deposits | 427,616 | 3,058 | 15,516 | (10,713) | \u00a0 | \u00a0 | 151,658 | (10,592) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to | 588 | 35 | 1 | (3) | 557 | 2 | - | - |
Loans and receivables | 588 | 35 | 1 | (3) | 557 | 2 | \u00a0 | \u00a0 |
Total fair value hedge | 1,215,184 | 19,489 | 32,610 | (9,276) | 371,729 | (6,468) | 301,619 | (15,667) |
(1) | Are included in this section the notional amounts of hedging derivatives and of swaps that reverse the interest rate positions, thus reducing the hedge\u00a0 relationship, when the hedged item still exists, for respectively EUR 129,507 million for derivatives hedging loans and receivables\u00a0 and EUR 263,952 million for derivatives hedging deposits. |
\u00a0
An asset or a liability or set of assets and liabilities, can be hedged over several periods of time with different derivative financial instruments. Besides, some hedges are achieved by the combination of two derivative instruments. In this case, the notional amounts add up and their total amount is higher than the hedged amount. The first situation is observed more particularly for interest rate risk hedged portfolios and the second for hedges of issued debt securities.
As regards discontinued fair value hedge relationships where the derivative contract was terminated, the cumulated amount of revaluation remaining to be amortised over the residual life of the hedged instruments amounted to EUR\u00a0831 million in assets at 31 December 2025, and to - EUR\u00a077 million in liabilities, for hedges of portfolios of financial instruments. At 31 December 2024, these amounts were EUR 986 million in assets and - EUR 104 million in liabilities.
Regarding hedges of identified instruments, the cumulated amount of revaluation remaining to be amortised over the residual life of the hedged instruments amounts to EUR 93 million in assets at 31 December 2025. At 31 December 2024, this amount was EUR 99 million in assets.
The notional amount of cash flow hedge derivatives is EUR 247,644 million at 31 December 2025. Changes in assets and liabilities recognised directly in equity amount to EUR\u00a0372 million. At\u00a031 December 2024, the notional amount of cash flow hedge derivatives was EUR\u00a0267,840 million and changes in assets and liabilities recognised directly in equity amounted to EUR\u00a048 million.
The tables below present the notional amounts of hedging derivatives by maturity at 31\u00a0December 2025 and at 31\u00a0December 2024:
\u00a0
In millions of euros, at 31 December 2025 | Maturity date | |||
Less than 1\u00a0year | Between 1 and 5\u00a0years | Over 5\u00a0years | Total | |
Fair value hedges | 300,017 | 491,093 | 344,242 | 1,135,352 |
Interest rate derivatives | 298,329 | 489,343 | 344,141 | 1,131,813 |
Foreign exchange derivatives | 1,688 | 1,750 | 101 | 3,539 |
Cash flow hedges | 181,738 | 51,736 | 14,170 | 247,644 |
Interest rate derivatives | 17,789 | 22,425 | 11,212 | 51,426 |
Foreign exchange derivatives | 163,541 | 28,819 | 2,955 | 195,315 |
Other derivatives | 408 | 492 | 3 | 903 |
Net foreign investment hedges | 2,457 | 348 | 164 | 2,969 |
Foreign exchange derivatives | 2,457 | 348 | 164 | 2,969 |
\u00a0
In millions of euros, at 31 December 2024 | Maturity date | |||
Less than 1\u00a0year | Between 1 and 5\u00a0years | Over 5\u00a0years | Total | |
Fair value hedges | 454,601 | 456,223 | 304,360 | 1,215,184 |
Interest rate derivatives | 452,137 | 454,004 | 304,032 | 1,210,173 |
Foreign exchange derivatives | 2,464 | 2,219 | 328 | 5,011 |
Cash flow hedges | 198,515 | 55,256 | 14,069 | 267,840 |
Interest rate derivatives | 41,299 | 25,253 | 9,278 | 75,830 |
Foreign exchange derivatives | 156,886 | 29,563 | 4,788 | 191,237 |
Other derivatives | 330 | 440 | 3 | 773 |
Net foreign investment hedges | 2,432 | 453 | - | 2,885 |
Foreign exchange derivatives | 2,432 | 453 | \u00a0 | 2,885 |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Fair value | of which changes in value recognised directly to equity | Fair value | of which changes in value recognised directly to equity | |
Debt securities | 77,940 | (327) | 71,430 | (1,285) |
Governments | 43,638 | (155) | 36,128 | (545) |
Other public administrations | 21,220 | (104) | 20,721 | (432) |
Credit institutions | 10,661 | (63) | 11,148 | (306) |
Others | 2,421 | (5) | 3,433 | (2) |
Equity securities | 1,420 | 374 | 1,610 | 489 |
Total financial assets at fair value through equity | 79,360 | 47 | 73,040 | (796) |
\u00a0
Debt securities at fair value through equity include EUR\u00a06\u00a0million classified as stage 3 at 31\u00a0December 2025 (EUR\u00a0106\u00a0million at 31\u00a0December 2024). For these securities, the credit impairment recognised in the profit and loss account has been charged to the negative changes in value recognised in equity amounting to EUR\u00a03 million at 31\u00a0December 2025 (compared with EUR 102\u00a0million at 31\u00a0December 2024).
The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.
During the year ended 31\u00a0December 2025, the Group sold several investments and a net gain of EUR\u00a036\u00a0million was transferred to \u201cretained earnings\u201d (a net gain of EUR\u00a0207\u00a0million for the year ended 31\u00a0December 2024).
BNP\u00a0Paribas has retained the fundamental principle that it should have a unique and integrated processing chain for producing and controlling the valuations of financial instruments that are used for the purpose of daily risk management and financial reporting. All these processes are based on a common economic valuation which is a core component of business decisions and risk management strategies.
Economic value is composed of mid-market value, to which valuation adjustments are made.
Mid-market value is derived from external data or valuation techniques that maximise the use of observable and market-based data. Mid-market value is a theoretical additive value which does not take account of i)\u00a0the direction of the transaction or its impact on the existing risks in the portfolio, ii)\u00a0the nature of the counterparties, and iii)\u00a0the aversion of a market participant to particular risks inherent in the instrument, the market in which it is traded, or the risk management strategy.
Valuation adjustments take into account valuation uncertainty and include market and credit risk premiums to reflect costs that could be incurred in case of an exit transaction in the principal market.
Fair value generally equals the economic value, subject to limited adjustments, such as own credit adjustments, which are specifically required by IFRS standards.
The main valuation adjustments are presented in the section below.
Valuation adjustments retained by BNP\u00a0Paribas for determining fair values are as follows:
Bid/offer adjustments: the bid/offer range reflects the additional exit cost for a price taker and symmetrically the compensation sought by dealers to bear the risk of holding the position or closing it out by accepting another dealer\u2019s price.
BNP\u00a0Paribas assumes that the best estimate of an exit price is the bid or offer price, unless there is evidence that another point in the bid/offer range would provide a more representative exit price.
Input uncertainty adjustments: when the observation of prices or data inputs required by valuation techniques is difficult or irregular, an uncertainty exists on the exit price. There are several ways to gauge the degree of uncertainty on the exit price such as measuring the dispersion of the available price indications or estimating the possible ranges of the inputs to a valuation technique.
Model uncertainty adjustments: these relate to situations where valuation uncertainty is due to the valuation technique used, even though observable inputs might be available. This situation arises when the risks inherent in the instruments are different from those available in the observable data, and therefore the valuation technique involves assumptions that cannot be easily corroborated.
Future Hedging Costs adjustments (FHC): this adjustment applies to positions that require dynamic hedging throughout their lifetime leading to additional bid/offer costs. Calculation methods capture these expected costs in particular based on the optimal hedging frequency.
Credit valuation adjustment (CVA): the CVA adjustment applies to valuations and market quotations whereby the credit worthiness of the counterparty is not reflected. It aims to account for the possibility that the counterparty may default and that BNP\u00a0Paribas may not receive the full fair value of the transactions.
In determining the cost of exiting or transferring counterparty risk exposures, the relevant market is deemed to be an inter-dealer market. However, the determination of CVA remains judgemental due to i)\u00a0the possible absence or lack of price discovery in the inter-dealer market, ii)\u00a0the influence of the regulatory landscape relating to counterparty risk on the market participants\u2019 pricing behaviour and iii)\u00a0the absence of a dominant business model for managing counterparty risk.
The CVA model is grounded on the same exposures as those used for regulatory purposes. The model attempts to estimate the cost of an optimal risk management strategy based on i) implicit incentives and constraints inherent in the regulations in force and their evolutions, ii) market perception of the probability of default, and iii) default parameters used for regulatory purposes.
Funding valuation adjustment (FVA): when valuation techniques are used for the purpose of deriving fair value, funding assumptions related to the future expected cash flows are an integral part of the mid-market valuation, notably through the use of appropriate discount rates. These assumptions reflect what the Bank anticipates as being the effective funding conditions of the instrument that a market participant would consider. This notably takes into account the existence and terms of any collateral agreement. In particular, for non- or imperfectly collateralised derivative instruments, they include an explicit adjustment to the interbank interest rate.
Own-credit valuation adjustment for debts (OCA) and for derivatives (debit valuation adjustment \u2013 DVA): OCA and DVA are adjustments reflecting the effect of credit worthiness of BNP\u00a0Paribas, on respectively the value of debt securities designated as at fair value through profit or loss and derivatives. Both adjustments are based on the expected future liability profiles of such instruments. The own credit worthiness is inferred from the market-based observation of the relevant bond issuance levels. The DVA adjustment is determined after taking into account the Funding Valuation Adjustment (FVA).
Thus, the carrying value of debt securities designated as at fair value though profit or loss increased by EUR 641 million at 31 December 2025, compared with an increase in value of EUR 388 million at 31 December 2024, i.e. a +EUR 253 million variation recognised directly in equity that will not be reclassified to profit or loss.
As explained in the summary of significant accounting policies (note\u00a01.f.10), financial instruments measured at fair value are categorised into a fair value hierarchy consisting of three levels.
\u00a0
In millions of euros, at | 31 December 2025 | |||||||||||
Financial instruments held for trading | Instruments at fair value through profit or | Financial assets at fair value through equity | ||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Securities | 264,725 | 42,613 | 1,656 | 308,994 | 490 | 2,193 | 9,616 | 12,299 | 71,728 | 6,005 | 1,627 | 79,360 |
Governments | 87,517 | 18,234 | 100 | 105,851 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 40,076 | 3,097 | 465 | 43,638 |
Other debt securities | 20,592 | 23,337 | 1,207 | 45,136 | 46 | 317 | 396 | 759 | 30,824 | 2,908 | 570 | 34,302 |
Equities and other equity securities | 156,616 | 1,042 | 349 | 158,007 | 444 | 1,876 | 9,220 | 11,540 | 828 | \u00a0 | 592 | 1,420 |
Loans and repurchase agreements | 191 | 250,715 | 1,073 | 251,979 | \u00a0 | 1,792 | 539 | 2,331 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans | 191 | 10,720 | 1,073 | 11,984 | \u00a0 | 1,792 | 539 | 2,331 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Repurchase agreements | \u00a0 | 239,995 | \u00a0 | 239,995 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
FINANCIAL ASSETS AT FAIR VALUE | 264,916 | 293,328 | 2,729 | 560,973 | 490 | 3,985 | 10,155 | 14,630 | 71,728 | 6,005 | 1,627 | 79,360 |
Securities | 95,813 | 2,214 | 460 | 98,487 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Governments | 54,791 | 440 | 21 | 55,252 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other debt securities | 9,624 | 1,490 | 227 | 11,341 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Equities and other equity securities | 31,398 | 284 | 212 | 31,894 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings and repurchase agreements | \u00a0 | 353,810 | 862 | 354,672 | \u00a0 | 3,110 | 165 | 3,275 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings | \u00a0 | 7,589 | \u00a0 | 7,589 | \u00a0 | 3,110 | 165 | 3,275 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Repurchase agreements | \u00a0 | 346,221 | 862 | 347,083 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Issued debt securities and subordinated debt (note\u00a04.h) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 802 | 83,197 | 45,280 | 129,279 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Issued debt securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 83,178 | 45,280 | 128,458 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Subordinated debt | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 802 | 19 | \u00a0 | 821 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
FINANCIAL LIABILITIES AT\u00a0FAIR\u00a0VALUE | 95,813 | 356,024 | 1,322 | 453,159 | 802 | 86,307 | 45,445 | 132,554 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
In millions of euros, at | 31 December 2024 | |||||||||||
Financial instruments held for trading | Instruments at fair value through profit or | Financial assets at fair value through equity | ||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Securities | 215,211 | 40,417 | 1,151 | 256,779 | 640 | 1,397 | 8,541 | 10,578 | 62,844 | 9,427 | 769 | 73,040 |
Governments | 76,246 | 18,301 | 171 | 94,718 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 32,137 | 3,919 | 72 | 36,128 |
Other debt securities | 18,922 | 21,937 | 781 | 41,640 | 24 | 411 | 378 | 813 | 29,740 | 5,295 | 267 | 35,302 |
Equities and other equity securities | 120,043 | 179 | 199 | 120,421 | 616 | 986 | 8,163 | 9,765 | 967 | 213 | 430 | 1,610 |
Loans and repurchase agreements | \u00a0 | 221,607 | 15 | 221,622 | \u00a0 | 2,874 | 1,203 | 4,077 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans | \u00a0 | 9,324 | \u00a0 | 9,324 | \u00a0 | 2,874 | 1,203 | 4,077 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Repurchase agreements | \u00a0 | 212,283 | 15 | 212,298 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
FINANCIAL ASSETS AT FAIR VALUE | 215,211 | 262,024 | 1,166 | 478,401 | 640 | 4,271 | 9,744 | 14,655 | 62,844 | 9,427 | 769 | 73,040 |
Securities | 77,891 | 1,971 | 96 | 79,958 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Governments | 54,020 | 373 | \u00a0 | 54,393 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other debt securities | 8,648 | 1,576 | 96 | 10,320 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Equities and other equity securities | 15,223 | 22 | \u00a0 | 15,245 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings and repurchase agreements | \u00a0 | 301,036 | 1,452 | 302,488 | \u00a0 | 2,126 | 203 | 2,329 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings | \u00a0 | 6,113 | \u00a0 | 6,113 | \u00a0 | 2,126 | 203 | 2,329 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Repurchase agreements | \u00a0 | 294,923 | 1,452 | 296,375 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Issued debt securities and subordinated debt (note\u00a04.h) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 66,580 | 38,354 | 104,934 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Issued debt securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 65,764 | 38,354 | 104,118 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Subordinated debt | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 816 | \u00a0 | 816 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
FINANCIAL LIABILITIES AT\u00a0FAIR\u00a0VALUE | 77,891 | 303,007 | 1,548 | 382,446 | \u00a0 | 68,706 | 38,557 | 107,263 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0
Fair values of derivatives are broken down by dominant risk factor, namely interest rate, foreign exchange, credit and equity. Derivatives used for hedging purposes are mainly interest rate derivatives.
In millions of euros, at | 31 December 2025 | |||||||
Positive market value | Negative market value | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Interest rate derivatives | 437 | 122,248 | 1,492 | 124,177 | 584 | 92,435 | 797 | 93,816 |
Foreign exchange derivatives | 180 | 98,238 | 331 | 98,749 | 81 | 92,358 | 321 | 92,760 |
Credit derivatives | \u00a0 | 13,308 | 1,065 | 14,373 | \u00a0 | 12,339 | 1,818 | 14,157 |
Equity derivatives | \u00a0 | 29,566 | 3,117 | 32,683 | 35 | 38,324 | 8,667 | 47,026 |
Other derivatives | 1,335 | 3,253 | 55 | 4,643 | 937 | 4,006 | 24 | 4,967 |
Derivative financial instruments not\u00a0used\u00a0for\u00a0hedging purposes | 1,952 | 266,613 | 6,060 | 274,625 | 1,637 | 239,462 | 11,627 | 252,726 |
Derivative financial instruments used\u00a0for\u00a0hedging purposes | \u00a0 | 20,017 | \u00a0 | 20,017 | \u00a0 | 28,493 | \u00a0 | 28,493 |
\u00a0
In millions of euros, at | 31 December 2024 | |||||||
Positive market value | Negative market value | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Interest rate derivatives | 479 | 119,383 | 1,629 | 121,491 | 505 | 92,636 | 1,904 | 95,045 |
Foreign exchange derivatives | 57 | 157,499 | 529 | 158,085 | 53 | 151,964 | 252 | 152,269 |
Credit derivatives | \u00a0 | 10,161 | 606 | 10,767 | \u00a0 | 10,362 | 723 | 11,085 |
Equity derivatives | 9 | 24,977 | 3,079 | 28,065 | 4 | 34,165 | 6,016 | 40,185 |
Other derivatives | 693 | 3,400 | 130 | 4,223 | 851 | 2,466 | 52 | 3,369 |
Derivative financial instruments not\u00a0used\u00a0for\u00a0hedging purposes | 1,238 | 315,420 | 5,973 | 322,631 | 1,413 | 291,593 | 8,947 | 301,953 |
Derivative financial instruments used\u00a0for\u00a0hedging purposes | \u00a0 | 20,851 | \u00a0 | 20,851 | \u00a0 | 36,864 | \u00a0 | 36,864 |
\u00a0
Transfers between levels may occur when an instrument fulfils the criteria defined, which are generally market and product dependent. The main factors influencing transfers are changes in the observation capabilities, passage of time, and events during the transaction lifetime. The timing of recognising transfers is determined at the beginning of the reporting period.
During the year 2025, transfers between Level\u00a01 and Level\u00a02 were not significant.
The following section provides a description of the instruments in each level in the hierarchy. It describes notably instruments classified in Level\u00a03 and the associated valuation methodologies.
For main trading book instruments and derivatives classified in Level\u00a03, further quantitative information is provided about the inputs used to derive fair value.
This level encompasses all derivatives and securities that are quoted continuously in active markets.
Level\u00a01 includes notably equity securities, loans and liquid bonds, shortselling of these instruments, derivative instruments traded on organised markets (futures, options, etc.). It includes shares of funds and UCITS, for which the net asset value is calculated on a daily basis.
The Level\u00a02\u00a0stock of securities is composed of securities which are less liquid than the Level\u00a01 bonds. They are predominantly corporate debt securities, government bonds, mortgage backed securities, fund shares and short-term securities such as certificates of deposit. They are classified in Level\u00a02 notably when external prices for the same security can be regularly observed from a reasonable number of market makers that are active in this security, but these prices do not represent directly tradable prices. This comprises amongst other, consensus pricing services with a reasonable number of contributors that are active market makers as well as indicative runs from active brokers and/or dealers. Other sources, such as primary issuance market, may also be used where relevant.
Loans classified as Level 2 are those traded on the secondary market or on the lending/borrowing market, and whose liquidity, assessed on the basis of external indicators, is lower than that of the Level 1 loans.
Repurchase agreements are classified predominantly in Level\u00a02. The classification is primarily based on the observability and liquidity of the repo market, depending on the underlying collateral and the maturity of the repo transaction.
Debts issued designated as at fair value through profit or loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable.
Derivatives classified in Level\u00a02 comprise mainly the following instruments:
The above derivatives are classified in Level\u00a02 when there is a documented stream of evidence supporting one of the following:
Determining whether an over-the-counter (OTC) derivative is eligible for Level\u00a02 classification involves judgement. Consideration is given to the origin, transparency and reliability of external data used, and the amount of uncertainty associated with the use of models. It follows that the Level\u00a02 classification criteria involve multiple analysis axis within an \u201cobservability zone\u201d whose limits are determined by i)\u00a0a predetermined list of product categories and ii)\u00a0the underlying and maturity bands. These criteria are regularly reviewed and updated, together with the applicable valuation adjustments, so that the classification by level remains consistent with the valuation adjustment policy.
Level\u00a03\u00a0securities of the trading book mainly comprise units of funds and unlisted equity shares measured at fair value through profit or loss or through equity.
Unlisted private equities are systematically classified as Level\u00a03, with the exception of UCITS with a daily net asset value, which are classified in Level\u00a01 of the fair value hierarchy.
Shares and other unlisted variable income securities in Level\u00a03 are valued using one of the following methods: a share of revalued net book value, multiples of comparable companies, future cash flows method, multi-criteria approach.
Loans and fixed-income securities classified as Level 3 are those with the lowest level of liquidity, based on external indicators.
Repurchase agreements, mainly long-term or structured repurchase agreements on corporate bonds and ABS: the valuation of these transactions requires proprietary methodologies given the bespoke nature of the transactions and the lack of activity and price discovery in the long-term repo market. The curves used in the valuation are corroborated using available data such as recent long-term repo trade data and price enquiry data. Valuation adjustments applicable to these exposures are commensurate with the degree of uncertainty inherent in the modelling choices and amount of data available.
Debts issued designated as at fair value through profit or loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable.
Vanilla derivatives are classified in Level\u00a03 when the exposure is beyond the observation zone for rate curves or volatility surfaces, or relates to less liquid markets such as tranches on old credit index series or emerging markets interest rates markets. The main instruments are:
These vanilla derivatives are subject to valuation adjustments linked to uncertainty on liquidity, specialised by nature of underlying and liquidity bands.
Structured derivatives classified in Level\u00a03 predominantly comprise hybrid products (FX/Interest Rates hybrids, Equity hybrids), credit correlation products, prepayment-sensitive products, some stock basket optional products and some interest rate optional instruments. The main exposures are described below, with insight into the related valuation techniques and on the source of uncertainty:
These structured derivatives are subject to specific valuation adjustments to cover uncertainties linked to liquidity, parameters and model risk.
The valuation adjustment for counterparty credit risk (CVA), own-credit risk for derivatives (DVA) and the explicit funding valuation adjustment (FVA) are deemed to be unobservable components of the valuation framework and therefore classified in Level\u00a03. This does not impact, in general cases, the classification of individual transactions into the fair value hierarchy. However, a specific process allows to identify individual deals for which the marginal contribution of these adjustments and related uncertainty is significant and justifies classifying these transactions in Level\u00a03.
The table below provides the range of values of main unobservable inputs for the valuation of Level\u00a03 financial instruments. The ranges displayed correspond to a variety of different underlying instruments and are meaningful only in the context of the valuation technique implemented by BNP\u00a0Paribas. The weighted averages, where relevant and available, are based on fair values, nominal amounts or sensitivities.
The main unobservable parameters used for the valuation of debt issued in Level\u00a03 are equivalent to those of their economic hedge derivative. Information on those derivatives, displayed in the following table, is also applicable to these debts.
Risk classes | Balance Sheet valuation (in millions of euros) | Main product types composing the Level\u00a03\u00a0stock within\u00a0the\u00a0risk class | Valuation technique used\u00a0 | Main unobservable inputs\u00a0 | Range of unobservable input across Level\u00a03 population considered | Weighted average | |
Asset | Liability | ||||||
Repurchase agreements | - | 862 | Long-term repo\u00a0 | Proxy techniques, based amongst other on the funding basis of a benchmark bond pool, that is actively traded and representative of the repo underlying | Long-term repo spread on private bonds (High Yield, High\u00a0Grade) and on ABS | 0 bp to 194 bp | 39 bp (a) |
Interest rate derivatives | 1,492 | 797 | Hybrid Forex / Interest rates derivatives | Hybrid Forex interest rate option pricing model | Correlation between FX rate and interest rates. Main currency pairs are EUR/JPY, USD/JPY, AUD/JPY | 3% to 55% | 36 % (a) |
Hybrid inflation rates / Interest rates derivatives | Hybrid inflation interest rate option pricing model | Correlation between interest rates and inflation rates mainly in Europe. | 13% to 51% | 33%\u00a0 | |||
Floors and caps on inflation rate or on the cumulative inflation (such as redemption floors), predominantly on European and French inflation | Inflation pricing model | Volatility of cumulative inflation | 1.1% to 11.5% | (b) | |||
Volatility of the year-on- | 0.3% to 2.2% | ||||||
Forward Volatility products such as volatility swaps, mainly in euros | Interest rates option pricing model | Forward volatility of interest rates | 0.5% to 0.7% | (b) | |||
Balance-guaranteed fixed rate, basis or cross currency swaps, predominantly indexed on European collateral pools | Prepayment modelling Discounted cash flows | Constant prepayment rates | 0% to 25% | 6.2% (a) | |||
Credit derivatives | 1,065 | 1,818 | Collateralised Debt Obligations and index tranches for inactive index series | Base correlation projection technique and recovery modelling | Base correlation curve for\u00a0bespoke portfolios | 23% to 92% | (b) |
Recovery rate variance for\u00a0single name underlyings | 0% to 25 % | (b) | |||||
N-to-default baskets | Credit default model | Default correlation | 50% to 52% | 50 % (a) | |||
Single name Credit Default Swaps (other than CDS on\u00a0ABs and loans indices) | Stripping, extrapolation and\u00a0interpolation | Credit default spreads beyond observation limit (10\u00a0years) | 9 bp to 885 bp | 80 bp | |||
Illiquid credit default spread curves (across main tenors) | 7 bp to 9,816 bp(1) | 80 bp (c) | |||||
Equity derivatives | 3,117 | 8,667 | Simple and complex derivatives on multi-underlying baskets on stocks | Various volatility option models | Unobservable equity volatility | 0% to 423% (2) | 28 % (d) |
Unobservable equity correlation | 9% to 99% | 58 % (c) |
(1) \u00a0 | The upper bound of the range relates to building, retail and services sector issuers that represent an insignificant portion of the balance sheet (CDS\u00a0with\u00a0illiquid\u00a0underlying\u00a0instruments). |
(2) | The underlyings with implied volatility greater than 50% have a very limited exposure. |
(a) | Weights based on relevant risk axis at portfolio level. |
(b) | No weighting, since no explicit sensitivity is attributed to these inputs. |
(c) | Weighting is not based on risks, but on an alternative methodology in relation with the Level\u00a03 instruments (present value or notional). |
(d) | Simple averaging. |
\u00a0
For Level\u00a03 financial instruments, the following movements occurred during the year ended 2025:
\u00a0
In millions of euros | Financial assets | Financial liabilities | |||||
Financial instruments | Financial instruments | Financial | TOTAL | Financial instruments | Financial instruments designated | TOTAL | |
At 31 December 2024 | 7,139 | 9,744 | 769 | 17,652 | (10,495) | (38,557) | (49,052) |
Purchases | 2,442 | 1,556 | 1,052 | 5,050 | \u00a0 | \u00a0 | \u00a0 |
Issues | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (23,813) | (23,813) |
Sales | (1,542) | (1,600) | (92) | (3,234) | 231 | \u00a0 | 231 |
Settlements(1) | 484 | (23) | (21) | 440 | (2,502) | 18,339 | 15,837 |
Transfers to Level\u00a03 | 1,593 | 139 | 274 | 2,006 | (784) | (1,832) | (2,616) |
Transfers from Level\u00a03 | (1,650) | \u00a0 | (307) | (1,957) | 1,331 | 1,505 | 2,836 |
Gains (or losses) recognised in profit or loss with respect to transactions expired or terminated during the period | 297 | 467 | 6 | 770 | (120) | (173) | (293) |
Gains (or losses) recognised in profit or loss with respect to unexpired instruments at the end of\u00a0the\u00a0period | 76 | \u00a0 | \u00a0 | 76 | (636) | (1,043) | (1,679) |
Items related to exchange rate movements | (50) | (128) | (25) | (203) | 26 | 129 | 155 |
Changes in fair value of assets and\u00a0liabilities recognised in equity | \u00a0 | \u00a0 | (29) | (29) | \u00a0 | \u00a0 | \u00a0 |
At 31 December 2025 | 8,789 | 10,155 | 1,627 | 20,571 | (12,949) | (45,445) | (58,394) |
(1) | For the assets, includes redemptions of principal, interest payments as well as cash inflows and outflows relating to derivatives. For the liabilities,\u00a0 includes principal redemptions, interest payments as well as cash inflows and outflows relating to derivatives the fair value of which is negative. |
\u00a0
Transfers out of Level\u00a03 of derivatives include mainly the update of the observability tenor of certain yield curves, and of market parameters related to repurchase agreements and credit transactions but also the effect of derivatives becoming only or mainly sensitive to observable inputs due to the shortening of their lifetime.
Transfers into Level\u00a03 of instruments at fair value reflect the effect of the regular update of the observability zones.
Transfers have been reflected as if they had taken place at the beginning of the reporting period.
The Level\u00a03 financial instruments may be hedged by other Level\u00a01 and Level\u00a02 instruments, the gains and losses of which are not shown in this table. Consequently, the gains and losses shown in this table are not representative of the gains and losses arising from management of the net risk on all these instruments.
The following table summarise those financial assets and financial liabilities classified as Level\u00a03 for which alternative assumptions in one or more of the unobservable inputs would change fair value significantly.
The amounts disclosed are intended to illustrate the range of possible uncertainty inherent to the judgement applied when estimating Level\u00a03 parameters, or when selecting valuation techniques. These amounts reflect valuation uncertainties that prevail at the measurement date, and even though such uncertainties predominantly derive from the portfolio sensitivities that prevailed at that measurement date, they are not predictive or indicative of future movements in fair value, nor do they represent the effect of market stress on the portfolio value.
In estimating sensitivities, BNP\u00a0Paribas either remeasured the financial instruments using reasonably possible inputs, or applied assumptions based on the valuation adjustment policy.
For the sake of simplicity, the sensitivity on cash instruments that are not relating to securitised instruments was based on a uniform 1% shift in the price. More specific shifts were however calibrated for each class of the Level\u00a03\u00a0securitised exposures, based on the possible ranges of the unobservable inputs.
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Potential impact on income | Potential impact on equity | Potential impact on income | Potential impact on equity | |
Debt securities | +/-\u00a021 | +/-\u00a010 | +/-\u00a010 | +/-\u00a04 |
Equities and other equity securities | +/-\u00a093 | +/-\u00a06 | +/-\u00a084 | +/-\u00a04 |
Loans and repurchase agreements | +/-\u00a025 | \u00a0 | +/-\u00a026 | \u00a0 |
Sensitivity of Level\u00a03 financial instruments | +/-\u00a0139 | +/-\u00a016 | +/-\u00a0120 | +/-\u00a08 |
\u00a0
For derivative exposures, the sensitivity measurement is based on the credit valuation adjustment (CVA), the explicit funding valuation adjustment (FVA) and the parameter and model uncertainty adjustments related to Level\u00a03.
Regarding the credit valuation adjustment (CVA) and the explicit funding valuation adjustment (FVA), the uncertainty was calibrated based on prudent valuation adjustments described in the technical standard \u201cPrudent Valuation\u201d published by the European Banking Authority. For other valuation adjustments, two scenarios were considered: a favourable scenario where all or portion of the valuation adjustment is not considered by market participants, and an unfavourable scenario where market participants would require twice the amount of valuation adjustments considered by BNP\u00a0Paribas for entering into a transaction.
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Potential impact on income | Potential impact on income | |
Interest rate and foreign exchange derivatives | +/-\u00a0211 | +/-\u00a0194 |
Credit derivatives | +/-\u00a095 | +/-\u00a079 |
Equity derivatives | +/-\u00a0301 | +/-\u00a0308 |
Other derivatives | +/-\u00a04 | +/-\u00a03 |
Sensitivity of Level 3 derivative financial instruments | +/-\u00a0611 | +/-\u00a0584 |
\u00a0
Deferred margin on financial instruments (\u201cDay One Profit\u201d) primarily concerns the scope of financial instruments eligible for Level\u00a03 and to a lesser extent some financial instruments eligible for Level\u00a02 where valuation adjustments for uncertainties regarding parameters or models are not negligible compared with the initial margin.
The Day One Profit is calculated after setting aside valuation adjustments for uncertainties as described previously and released to profit or loss over the expected period for which the inputs will be unobservable. The unamortised amount is included under \u201cFinancial instruments at fair value through profit or loss\u201d as a reduction in the fair value of the relevant transactions.
\u00a0
In millions of euros | Deferred margin at 31 December 2024 | Deferred margin on transactions during\u00a0the\u00a0period | Margin taken to the profit and loss account during the period | Deferred margin at 31 December 2025 |
|---|---|---|---|---|
Interest rate and foreign exchange derivatives | 167 | 82 | (66) | 183 |
Credit derivatives | 229 | 148 | (123) | 254 |
Equity derivatives | 373 | 470 | (430) | 413 |
Other instruments | 12 | 30 | (30) | 12 |
Financial instruments | 781 | 730 | (649) | 862 |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross value | Impairment (note\u00a02.g) | Carrying | Gross value | Impairment (note\u00a02.g) | Carrying | |
Loans and advances to credit institutions | 26,437 | (178) | 26,259 | 31,232 | (85) | 31,147 |
On demand accounts | 9,246 | (11) | 9,235 | 8,384 | (4) | 8,380 |
Loans(1) | 8,507 | (167) | 8,340 | 14,447 | (81) | 14,366 |
Repurchase agreements | 8,684 | \u00a0 | 8,684 | 8,401 | \u00a0 | 8,401 |
Loans and advances to customers | 913,251 | (15,892) | 897,359 | 917,049 | (16,908) | 900,141 |
On demand accounts | 59,305 | (2,136) | 57,169 | 59,558 | (2,720) | 56,838 |
Loans to customers(2) | 799,902 | (12,596) | 787,306 | 804,734 | (12,941) | 791,793 |
Finance leases | 52,822 | (1,160) | 51,662 | 52,268 | (1,247) | 51,021 |
Repurchase agreements | 1,222 | \u00a0 | 1,222 | 489 | \u00a0 | 489 |
Total loans and advances at amortised cost | 939,688 | (16,070) | 923,618 | 948,281 | (16,993) | 931,288 |
(1) | Loans and advances to credit institutions include term deposits made with central banks. |
(2) | Of which EUR 230 million discount for mortgage loans in Swiss franc or indexed to the Swiss franc in Poland at 31 December 2025 compared with EUR 352 million at 31 December 2024, as well as EUR 33 million discount for foreign currency loans issued by BNP Paribas Personal Finance at 31 December 2025 compared with EUR 47 million at 31 December 2024. |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Gross investment | 57,755 | 57,602 |
Receivable within 1\u00a0year | 18,124 | 17,772 |
Receivable after 1\u00a0year but within 5\u00a0years | 35,693 | 34,434 |
Receivable beyond 5\u00a0years | 3,938 | 5,396 |
Unearned interest income | (4,933) | (5,334) |
Net investment before impairment | 52,822 | 52,268 |
Receivable within 1\u00a0year | 16,301 | 15,858 |
Receivable after 1\u00a0year but within 5\u00a0years | 33,014 | 31,481 |
Receivable beyond 5\u00a0years | 3,507 | 4,929 |
Impairment provisions | (1,160) | (1,247) |
Net investment after impairment | 51,662 | 51,021 |
\u00a0\u00a0\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross value | Impairment (note\u00a02.g) | Carrying | Gross value | Impairment (note\u00a02.g) | Carrying | |
Governments | 70,821 | (33) | 70,788 | 69,172 | (31) | 69,141 |
Other public administration | 27,106 | (1) | 27,105 | 25,709 | (2) | 25,707 |
Credit institutions | 14,455 | (7) | 14,448 | 14,743 | (2) | 14,741 |
Others | 39,527 | (181) | 39,346 | 37,539 | (153) | 37,386 |
Total debt securities at amortised cost | 151,909 | (222) | 151,687 | 147,163 | (188) | 146,975 |
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross Value | Impairment (note\u00a02.g) | Carrying | Gross Value | Impairment (note\u00a02.g) | Carrying | |
Loans and advances to credit institutions | 26,437 | (178) | 26,259 | 31,232 | (85) | 31,147 |
Stage\u00a01 | 25,879 | (7) | 25,872 | 30,998 | (8) | 30,990 |
Stage\u00a02 | 395 | (10) | 385 | 157 | (6) | 151 |
Stage\u00a03 | 163 | (161) | 2 | 77 | (71) | 6 |
Loans and advances to customers | 913,251 | (15,892) | 897,359 | 917,049 | (16,908) | 900,141 |
Stage\u00a01 | 823,717 | (1,624) | 822,093 | 821,576 | (1,762) | 819,814 |
Stage\u00a02 | 63,281 | (1,665) | 61,616 | 69,649 | (1,904) | 67,745 |
Stage\u00a03 | 26,253 | (12,603) | 13,650 | 25,824 | (13,242) | 12,582 |
\u00a0Debt securities | 151,909 | (222) | 151,687 | 147,163 | (188) | 146,975 |
Stage\u00a01 | 150,151 | (18) | 150,133 | 144,987 | (15) | 144,972 |
Stage\u00a02 | 1,477 | (31) | 1,446 | 1,911 | (28) | 1,883 |
Stage\u00a03 | 281 | (173) | 108 | 265 | (145) | 120 |
Total financial assets at amortised cost | 1,091,597 | (16,292) | 1,075,305 | 1,095,444 | (17,181) | 1,078,263 |
The following tables present the carrying amounts of impaired financial assets carried at amortised cost and of impaired financing and guarantee commitments, as well as related collateral and other guarantees.
The amounts shown for collateral and other guarantees correspond to the lower of the value of the collateral or other guarantee and the value of the secured assets.
\u00a0
In millions of euros, at | 31 December 2025 | |||
Impaired financial assets (Stage\u00a03) | Collateral | |||
Gross value | Impairment | Net | ||
Loans and advances to credit institutions (note\u00a04.e) | 163 | (161) | 2 | \u00a0 |
Loans and advances to customers (note\u00a04.e) | 26,253 | (12,603) | 13,650 | 8,377 |
Debt securities at amortised cost (note\u00a04.e) | 281 | (173) | 108 | \u00a0 |
Total amortised-cost impaired assets (stage\u00a03) | 26,697 | (12,937) | 13,760 | 8,377 |
Financing commitments given | 997 | (74) | 923 | 329 |
Guarantee commitments given | 1,158 | (266) | 892 | 299 |
Total off-balance sheet impaired commitments (stage\u00a03) | 2,155 | (340) | 1,815 | 628 |
In millions of euros, at | 31 December 2024 | |||
Impaired financial assets (Stage\u00a03) | Collateral | |||
Gross value | Impairment | Net | ||
Loans and advances to credit institutions (note\u00a04.e) | 77 | (71) | 6 | \u00a0 |
Loans and advances to customers (note\u00a04.e) | 25,824 | (13,242) | 12,582 | 8,044 |
Debt securities at amortised cost (note\u00a04.e) | 265 | (145) | 120 | \u00a0 |
Total amortised-cost impaired assets (stage\u00a03) | 26,166 | (13,458) | 12,708 | 8,044 |
Financing commitments given | 1,384 | (95) | 1,289 | 554 |
Guarantee commitments given | 1,054 | (223) | 831 | 195 |
Total off-balance sheet impaired commitments (stage\u00a03) | 2,438 | (318) | 2,120 | 749 |
\u00a0
The following table presents the changes in gross exposures of stage\u00a03 assets (EU CR2):
\u00a0
Gross value In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Impaired exposures (stage\u00a03) at opening balance | 26,166 | 25,570 |
Transfer to stage\u00a03 | 8,863 | 9,163 |
Transfer to stage\u00a01 or stage\u00a02 | (1,758) | (2,041) |
Assets written off | (3,536) | (4,101) |
Other changes(1) | (3,038) | (2,425) |
Impaired exposures (stage\u00a03) at closing balance | 26,697 | 26,166 |
|
This note covers all issued debt securities and subordinated debt measured at amortised cost and designated as at fair value through profit or loss.
Issuer/Issue date In millions of euros, at | Currency | Original amount in foreign currency (millions) | Date of call or interest step-up | Interest | Interest rate reset | Conditions precedent for\u00a0coupon payment(1) | 31 December 2025 | 31 December 2024 |
|---|---|---|---|---|---|---|---|---|
ISSUED DEBT SECURITIES AND SUBORDINATED DEBT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 129,279 | 104,934 | ||
Debt securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 128,458 | 104,118 | ||
Subordinated debt | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 821 | 816 | ||
Redeemable subordinated debt | (2) | \u00a0 | \u00a0 | \u00a0 | 19 | 18 | ||
Perpetual subordinated debt | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 802 | 798 | ||
BNP\u00a0Paribas Fortis Dec. 2007(3) | EUR | 3,000 | Dec.-14 | 3-month Euribor +200\u00a0bp | \u00a0 | A | 802 | 798 |
(1) \u00a0 | Conditions precedent for coupon payment: A Coupon payments are halted should the issuer have insufficient capital or the underwriters become insolvent or when the dividend declared\u00a0 for Ageas shares falls below a certain threshold. |
(2) | After agreement from the banking supervisory authority and at the issuer\u2019s initiative, redeemable subordinated debt issues may contain a call provision authorising the Group to redeem the securities prior to maturity by repurchasing them in the stock market, via public tender offers, or in the case of private placements over the counter. Debt issued by BNP\u00a0Paribas\u00a0SA or foreign subsidiaries of the Group via placements in the international markets may be subject to early redemption of the capital and early payment of interest due at maturity at the issuer\u2019s discretion on or after a date stipulated in the issue particulars (call option), or in the event that changes in the applicable tax rules oblige the BNP\u00a0Paribas Group issuer to compensate debt-holders for the consequences of such changes. Redemption may be subject to a notice period of between 15 and 60\u00a0days, and is in all cases subject to approval by the banking supervisory authorities. |
(3) | Convertible And Subordinated Hybrid Equity-linked Securities (CASHES) issued by BNP\u00a0Paribas Fortis (previously Fortis Banque) in December\u00a02007. The CASHES are perpetual securities but may be exchanged for Ageas (previously Fortis\u00a0SA/NV) shares at the holder\u2019s sole discretion at a price of EUR\u00a0239.40. However, as of 19 December 2014, the CASHES will be automatically exchanged into Ageas shares if their price is equal to or higher than EUR\u00a0359.10 for twenty consecutive trading days. The principal amount will never be redeemed in cash. The rights of the CASHES holders are limited to the Ageas shares held by BNP\u00a0Paribas Fortis and pledged to them. Ageas and BNP\u00a0Paribas Fortis have entered into a Relative Performance Note (RPN) contract, the value of which varies contractually so as to offset the impact on BNP\u00a0Paribas Fortis of the relative difference between changes in the value of the CASHES and changes in the value of the Ageas shares. Since 1st January 2022, the liability is no longer eligible to prudential own funds. |
Issuer/Issue date In millions euros, at | Currency | Original amount in foreign currency (millions) | Date of call or interest step-up | Interest rate | Interest rate reset | Conditions precedent for\u00a0coupon payment(1) | 31 December 2025 | 31 December 2024 |
|---|---|---|---|---|---|---|---|---|
Debt securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 173,933 | 198,119 | |
Debt securities in issue with an initial maturity of less than one year | \u00a0 | 54,639 | 82,327 | |||||
Negotiable\u202fdebt\u202fsecurities\u202fand\u202fsaving\u202fcertificates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 54,639 | 82,327 | |
Debt securities in issue with an initial maturity of more than one year | \u00a0 | 119,311 | 115,792 | |||||
Negotiable\u202fdebt\u202fsecurities\u202fand\u202fsaving\u202fcertificates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 32,590 | 31,109 | |
Bonds | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 86,705 | 84,683 |
Subordinated debt | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 34,468 | 31,799 |
Redeemable subordinated debt | (2) | \u00a0 | \u00a0 | \u00a0 | 26,585 | 26,073 | ||
Undated subordinated notes | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 7,662 | 5,460 | ||
Contingent convertible bonds recognised as Tier 1 capital | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 6,169 | 3,851 | ||
BNP Paribas SA Aug. 23 (4) | USD | 1,500 | Aug.-28 | 8.500% | CMT +4.354% | D | 1,278 | 1,449 |
BNP Paribas SA Feb. 24 (4) | USD | 1,500 | Aug.-31 | 8.000% | CMT +3.727% | D | 1,278 | 1,449 |
BNP Paribas SA Sept. 24 (4) | USD | 1,000 | Sept.-34 | 7.375% | CMT +3.535% | D | 852 | 953 |
BNP Paribas SA June 25 (4) | USD | 1,500 | June-35 | 7.450% | CMT +3.134% | D | 1,275 | - |
BNP Paribas SA Dec. 25 (4) | AUD | 750 | June-31 | 7.000% | 3.036% | D | 426 | - |
BNP Paribas SA Dec. 25 (4) | USD | 1,250 | Dec.-33 | 6.875% | 2.853% | D | 1,060 | - |
Other perpetual subordinated notes | \u00a0 | \u00a0 | \u00a0 | 1,493 | 1,609 | |||
BNP SA Oct. 85 (3) | EUR | 305 | - | TMO -0.25% | - | B | 254 | 254 |
BNP Paribas Cardif Nov. 14 | EUR | 1,000 | Nov.-25 | 4.032% | 3-month Euribor +393 bp | C | - | 1,000 |
BMCI Feb. 23 (7) | MAD | 750 | Feb.-28 | 3.900% | 2.5%-2.6% | E | - | 71 |
TEB Sept. 24 | USD | 300 | Sept.-29 | 9.375% | CMT +5.758% | F | 251 | 284 |
BNP Paribas Cardif Nov. 25 | EUR | 1,000 | Nov.-35 | 6.000% | 3.370% | G | 988 | - |
Perpetual participating notes | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 225 | 225 | |
BNP Paribas SA July 84 (3)(5) | EUR | 337 | - | (6) | - | \u00a0 | 219 | 219 |
Others | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 6 | 6 |
Expenses and commission, related debt | \u00a0 | \u00a0 | \u00a0 | (4) | 41 |
(1) | Conditions precedent for coupon payment: B - Payment of the interest is mandatory, unless the Board of directors decides to postpone these payments after the Shareholders\u2019 General\u00a0 Meeting has officially noted that there is no income available for distribution, where this occurs within the 12-month period preceding the due\u00a0 date for payment of the interest. Interest payments are cumulative and are payable in full once dividend payments resume. C - Payment of the interest is mandatory, except for cases of regulatory deficiency, in agreement with the regulator, or of suspension of payments.\u00a0 Interest payments are cumulative and are payable in full, once coupon payments resume, or, if these events occur before, when the issuance\u00a0 is redeemed or when the issuer is liquidated.\u00a0 D - Payment of the interest is at full discretion and could be cancelled in whole or in part if the relevant regulator notifies based on its assessment\u00a0 of the financial and solvency situation of the issuer. Interest Amounts on the Notes will be non-cumulative, once coupon payments resume. E - Payment of interest is made on a discretionary basis and may be fully or partially cancelled with the prior approval of Bank Al-Maghrib\u00a0 for an indefinite period and on a non-cumulative basis to meet its obligations. Interest amounts on bonds will not be cumulative when coupon\u00a0 payments resume. F - Payment of interest is discretionary and may be fully or partially cancelled at any time and for any reason for an indefinite period. Interest\u00a0 amounts on bonds will not be cumulative when coupon payments resume. G - Payment of interest is made on a discretionary basis and may be fully or partially cancelled. The cancellation of the payment of all or part\u00a0 of the interest becomes mandatory in case of regulatory deficiency, at the request of the regulator and based on the applicable regulation,\u00a0 if there is no income available for distribution, or in case of suspension of payments. All cancelled interest payments are non-cumulative. |
(2) | See reference relating to \"Debt securities at fair value through profit or loss\". |
(3) | These securities are no longer eligible to prudential own funds since 31 December 2023. |
(4) | The instruments issued by BNP Paribas SA in 2023, 2024 and 2025 are contingent convertible securities classified as financial liabilities in accounting and eligible to Additional Tier 1 capital (see note 1.f.8). The distribution from these instruments is recognised directly as a reduction from equity. |
(5) | The participating notes issued by BNP Paribas SA may be repurchased as provided for in the law of 3 January 1983. The number of notes in the market is 1,469,554. |
(6) | Depending on net income subject to a minimum of 85% of the TMO rate and a maximum of 130% of the TMO rate. |
(7) | BNP Paribas has entered into exclusive discussions with the Holmarcom group for the sale of 67% of BMCI's capital. In accordance with the provisions of IFRS 5 standard relating to groups of assets and liabilities held for sale, this security is reclassified on a separate line \"Liabilities associated with assets held for sale\". |
The following tables present the amounts of financial assets and liabilities before and after offsetting. This information, required by IFRS\u00a07, aims to enable the comparability with the accounting treatment applicable in accordance with generally accepted accounting principles in the United States (US GAAP), which are less restrictive than IAS\u00a032 as regards offsetting.
\u201cAmounts set off on the balance sheet\u201d have been determined according to IAS\u00a032. Thus, a financial asset and a financial liability are offset and the net amount presented on the balance sheet when, and only when, the Group has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Amounts set off derive mainly from repurchase agreements and derivative instruments traded with clearing houses.
The \u201cimpacts of master netting agreements and similar agreements\u201d are relative to outstanding amounts of transactions within an enforceable agreement, which do not meet the offsetting criteria defined by IAS\u00a032. This is the case of transactions for which offsetting can only be performed in case of default, insolvency or bankruptcy of one of the contracting parties.
\u201cFinancial instruments given or received as collateral\u201d include guarantee deposits and securities collateral recognised at fair value. These guarantees can only be exercised in case of default, insolvency or bankruptcy of one of the contracting parties.
Regarding master netting agreements, the guarantee deposits received or given in compensation for the positive or negative fair values of financial instruments are recognised in the balance sheet in accrued income or expenses and other assets or liabilities.
\u00a0
In millions of euros, at 31 December 2025 | Gross amounts of financial assets | Gross amounts set off on the balance sheet | Net amounts presented on the balance sheet | Impact of Master Netting Agreements (MNA) and similar agreements | Financial instruments received as collateral | Net amounts |
|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial instruments at fair value\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Securities | 321,293 | \u00a0 | 321,293 | \u00a0 | \u00a0 | 321,293 |
Loans and repurchase agreements(1) | 492,943 | (238,633) | 254,310 | (26,370) | (208,955) | 18,985 |
Derivative financial instruments\u00a0 | 957,880 | (663,238) | 294,642 | (195,033) | (61,365) | 38,244 |
Financial assets at amortised cost | 1,076,429 | (1,125) | 1,075,304 | (1,089) | (8,624) | 1,065,591 |
of which repurchase agreements | 11,031 | (1,125) | 9,906 | (1,089) | (8,624) | 193 |
Accrued income and other assets | 167,788 | \u00a0 | 167,788 | \u00a0 | (35,776) | 132,012 |
of which guarantee deposits paid | 115,087 | \u00a0 | 115,087 | \u00a0 | (35,776) | 79,311 |
Other assets not subject to offsetting | 679,644 | \u00a0 | 679,644 | \u00a0 | \u00a0 | 679,644 |
TOTAL ASSETS | 3,695,977 | (902,996) | 2,792,981 | (222,492) | (314,720) | 2,255,769 |
\u00a0
In millions of euros, at 31 December 2025 | Gross amounts of financial liabilities | Gross amounts set off on the balance sheet | Net amounts presented on the balance sheet | Impact of Master Netting Agreements (MNA) and similar agreements | Financial instruments given as collateral | Net amounts |
|---|---|---|---|---|---|---|
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial instruments at fair value\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Securities | 98,487 | \u00a0 | 98,487 | \u00a0 | \u00a0 | 98,487 |
Deposits and repurchase agreements | 596,580 | (238,633) | 357,947 | (24,017) | (317,044) | 16,886 |
Issued debt securities | 129,279 | \u00a0 | 129,279 | \u00a0 | \u00a0 | 129,279 |
Derivative financial instruments\u00a0 | 944,457 | (663,238) | 281,219 | (195,033) | (38,719) | 47,467 |
Financial liabilities at amortised cost | 1,146,627 | (1,125) | 1,145,502 | (3,442) | (45,431) | 1,096,629 |
of which repurchase agreements | 50,861 | (1,125) | 49,736 | (3,442) | (45,431) | 863 |
Accrued expense and other liabilities | 143,059 | \u00a0 | 143,059 | \u00a0 | (51,717) | 91,342 |
of which guarantee deposits received | 91,315 | \u00a0 | 91,315 | \u00a0 | (51,717) | 39,598 |
Other liabilities not subject to\u00a0offsetting | 505,315 | \u00a0 | 505,315 | \u00a0 | \u00a0 | 505,315 |
TOTAL LIABILITIES | 3,563,804 | (902,996) | 2,660,808 | (222,492) | (452,911) | 1,985,405 |
In millions of euros, at 31 December 2024 | Gross | Gross | Net amounts | Impact of Master Netting Agreements (MNA) and similar agreements | Financial | Net amounts |
|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial instruments at fair value through profit or loss | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Securities | 267,357 | \u00a0 | 267,357 | \u00a0 | \u00a0 | 267,357 |
Loans and repurchase agreements | 429,312 | (203,613) | 225,699 | (28,506) | (178,752) | 18,441 |
Derivative financial instruments (including derivatives used for hedging purposes) | 986,171 | (642,689) | 343,482 | (245,188) | (52,223) | 46,071 |
Financial assets at amortised cost | 1,078,804 | (541) | 1,078,263 | (1,194) | (7,485) | 1,069,584 |
of which repurchase agreements | 9,431 | (541) | 8,890 | (1,194) | (7,485) | 211 |
Accrued income and other assets | 174,147 | \u00a0 | 174,147 | \u00a0 | (43,944) | 130,203 |
of which guarantee deposits paid | 125,090 | \u00a0 | 125,090 | \u00a0 | (43,944) | 81,146 |
Other assets not subject to offsetting | 615,960 | \u00a0 | 615,960 | \u00a0 | \u00a0 | 615,960 |
TOTAL ASSETS | 3,551,751 | (846,843) | 2,704,908 | (274,888) | (282,404) | 2,147,616 |
\u00a0
In millions of euros, at 31 December 2024 | Gross | Gross | Net amounts | Impact of Master Netting Agreements (MNA) and similar agreements | Financial | Net amounts |
|---|---|---|---|---|---|---|
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial instruments at fair value through profit or loss | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Securities | 79,958 | \u00a0 | 79,958 | \u00a0 | \u00a0 | 79,958 |
Deposits and repurchase agreements | 508,430 | (203,613) | 304,817 | (27,351) | (262,872) | 14,594 |
Issued debt securities | 104,934 | \u00a0 | 104,934 | \u00a0 | \u00a0 | 104,934 |
Derivative financial instruments (including derivatives used\u00a0 | 981,506 | (642,689) | 338,817 | (245,188) | (46,548) | 47,081 |
Financial liabilities at amortised cost | 1,102,270 | (541) | 1,101,729 | (2,349) | (22,573) | 1,076,807 |
of which repurchase agreements | 25,990 | (541) | 25,449 | (2,349) | (22,573) | 527 |
Accrued expense and other liabilities | 136,955 | \u00a0 | 136,955 | \u00a0 | (44,223) | 92,732 |
of which guarantee deposits received | 86,113 | \u00a0 | 86,113 | \u00a0 | (44,223) | 41,890 |
Other liabilities not subject to\u00a0offsetting | 503,557 | \u00a0 | 503,557 | \u00a0 | \u00a0 | 503,557 |
TOTAL LIABILITIES | 3,417,610 | (846,843) | 2,570,767 | (274,888) | (376,216) | 1,919,663 |
Financial assets that have been transferred but not derecognised by the Group are mainly composed of securities sold temporarily under repurchase agreements or securities lending transactions, as well as securitised assets. The liabilities associated to securities temporarily sold under repurchase agreements consist of debts recognised under the \u201crepurchase agreements\u201d heading. The liabilities associated to securitised assets consist of the securitisation notes purchased by third parties.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Carrying amount of transferred assets | Carrying amount of associated liabilities | Carrying amount of transferred assets | Carrying amount of associated liabilities | |
Securities lending operations | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial instruments at fair value through profit or loss | 9,410 | 11,034 | ||
Financial assets at amortised cost | 2 | 85 | ||
Financial assets at fair value through equity | 118 | \u00a0 | ||
Repurchase agreements | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial instruments at fair value through profit or loss | 79,930 | 79,930 | 59,543 | 59,543 |
Financial assets at amortised cost | 4,345 | 4,345 | 2,009 | 2,009 |
Financial assets at fair value through equity | 4,997 | 4,997 | 1,165 | 1,165 |
Financial investments of insurance activities | 5,662 | 5,618 | 4,163 | 4,194 |
Total | 104,464 | 94,890 | 77,999 | 66,911 |
In millions of euros, | Carrying amount of transferred assets | Carrying amount of associated liabilities | Fair value of transferred assets | Fair value of associated liabilities | Net position |
|---|---|---|---|---|---|
Securitisation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial assets at amortised cost | 27,007 | 23,209 | 27,044 | 23,192 | 3,852 |
Total | 27,007 | 23,209 | 27,044 | 23,192 | 3,852 |
\u00a0
In millions of euros,\u00a0 | Carrying amount of transferred assets | Carrying amount of associated liabilities | Fair value of transferred assets | Fair value of associated liabilities | Net position |
|---|---|---|---|---|---|
Securitisation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial assets at amortised cost | 28,465 | 26,122 | 28,517 | 26,060 | 2,457 |
Total | 28,465 | 26,122 | 28,517 | 26,060 | 2,457 |
\u00a0
There have been no significant transfers leading to partial or full derecognition of the financial assets in which the Bank has a continuing involvement.In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | |
Derivative financial instruments | 1,202 | \u00a0 | 1,202 | 1,731 | \u00a0 | 1,731 |
Derivatives used for hedging purposes | 190 | \u00a0 | 190 | 74 | \u00a0 | 74 |
Financial assets at fair value through profit or loss | 65,566 | 123,053 | 188,619 | 61,465 | 111,954 | 173,419 |
Financial assets at fair value through equity | 106,485 | \u00a0 | 106,485 | 102,222 | \u00a0 | 102,222 |
Financial assets at amortised cost | 1,368 | \u00a0 | 1,368 | 1,379 | \u00a0 | 1,379 |
Investment properties | 3,830 | 3,012 | 6,842 | 3,868 | 3,178 | 7,046 |
Equity-method investments | 91 | \u00a0 | 91 | 82 | \u00a0 | 82 |
Assets related to insurance activities (note\u00a05.d) | 674 | \u00a0 | 674 | 896 | \u00a0 | 896 |
Investments and other assets related to\u00a0insurance activities | 179,406 | 126,065 | 305,471 | 171,717 | 115,132 | 286,849 |
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u201cFinancial liabilities related to insurance activities\u201d includes unit-linked investment contracts without discretionary participating features. Those contracts are measured under IFRS\u00a09 at fair value through profit or loss.
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Derivative financial instruments | 1,011 | 982 |
Derivatives used for hedging purposes | 237 | 238 |
Deposit at fair value through profit or loss | 930 | 960 |
Debt representative of shares of consolidated funds held by third parties | 11,371 | 7,317 |
Investment contracts without discretionary participation feature \u2013 Unit-linked contracts | 7,145 | 8,388 |
Other debts | 806 | 1,922 |
Financial liabilities related to insurance activities | 21,500 | 19,807 |
The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||||
Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | |
Financial assets designated as at fair value through profit or loss | 115,234 | 55,736 | 17,649 | 188,619 | 110,018 | 47,346 | 16,055 | 173,419 |
Equity instruments | 109,732 | 37,721 | 17,326 | 164,779 | 102,824 | 31,996 | 15,772 | 150,592 |
Debt securities | 5,502 | 17,639 | 233 | 23,374 | 7,194 | 14,827 | 218 | 22,239 |
Loans | 376 | 90 | 466 | 523 | 65 | 588 | ||
Financial assets at fair value through equity | 94,292 | 12,193 | - | 106,485 | 89,003 | 13,214 | 5 | 102,222 |
Equity instruments | 2,659 | 2,659 | 1,729 | 1,729 | ||||
Debt securities | 91,633 | 12,193 | \u00a0 | 103,826 | 87,274 | 13,214 | 5 | 100,493 |
Derivative financial instruments | - | 1,288 | 104 | 1,392 | - | 1,772 | 33 | 1,805 |
FINANCIAL ASSETS MEASURED AT FAIR VALUE | 209,526 | 69,217 | 17,753 | 296,496 | 199,021 | 62,332 | 16,093 | 277,446 |
Financial liabilities designated at fair value through profit or loss | 8,380 | 10,273 | 793 | 19,446 | 4,666 | 10,866 | 1,133 | 16,665 |
Deposit at fair value through profit or loss | 930 | 930 | 960 | 960 | ||||
Debt representative of shares of consolidated funds held by third parties | 8,380 | 2,730 | 261 | 11,371 | 4,666 | 2,352 | 299 | 7,317 |
Investment contracts without discretionary participation feature - Unit-linked contracts | 6,613 | 532 | 7,145 | 7,554 | 834 | 8,388 | ||
Derivative financial instruments | - | 1,206 | 42 | 1,248 | - | 1,198 | 22 | 1,220 |
FINANCIAL LIABILITIES MEASURED AT FAIR VALUE | 8,380 | 11,479 | 835 | 20,694 | 4,666 | 12,064 | 1,155 | 17,885 |
\u00a0
Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.
Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.
Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.
\u00a0
For Level\u00a03 financial instruments, the following movements occurred during the period:
In millions of euros | Financial assets | Financial liabilities | |||
Financial instruments at fair value through profit or loss | Financial assets at fair value through equity | Total | Financial instruments at fair value through profit or loss | Total | |
At 31 December 2024 | 16,088 | 5 | 16,093 | (1,155) | (1,155) |
Purchases | 3,068 | 23 | 3,091 | (2) | (2) |
Sales | (2,730) | \u00a0 | (2,730) | \u00a0 | \u00a0 |
Settlements | 13 | (26) | (13) | (20) | (20) |
Transfers to Level\u00a03 | 1,292 | \u00a0 | 1,292 | (2) | (2) |
Transfers from Level\u00a03 | (274) | \u00a0 | (274) | \u00a0 | \u00a0 |
Gains recognised in profit or loss | (147) | \u00a0 | (147) | 340 | 340 |
Items related to exchange rate movement and changes in scope of consolidation | 443 | \u00a0 | 443 | 4 | 4 |
Changes in fair value of assets and liabilities recognised in equity | \u00a0 | (2) | (2) | \u00a0 | \u00a0 |
At 31 December 2025 | 17,753 | - | 17,753 | (835) | (835) |
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Fair value | of which changes in value recognised directly to equity | Fair Value | of which changes in value recognised directly to equity | |
Debt securities | 103,826 | (7,688) | 100,493 | (5,341) |
Equity securities | 2,659 | 613 | 1,729 | 107 |
Total financial assets at fair value through equity | 106,485 | (7,075) | 102,222 | (5,234) |
\u00a0
The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.
During the year ended 31 December 2025, the Group sold several of these investments and a net gain of + EUR 27 million was transferred to \u201cretained earnings\u201d (+ EUR 3 million for the year ended 31 December 2024).
\u00a0\u00a0
The fair value of investment properties amounted to EUR 6.8 billion at 31 December 2025, compared with\u00a0EUR 7.0 billion at 31 December 2024. The value of investment properties classified in Level 3 amounted to EUR\u00a00.5\u00a0billion at 31 December 2025 (stable compared with 31 December 2024). This classification by level depends on the measurement method used which is based on the nature of the assets and their geographical location.
The entire non-listed real estate portfolio is appraised by one or more independent third parties. Experts have professional rules for carrying out these assessments.
For buildings that are directly held, experts use three main measurement methods:
The final value retained by the expert may be a compromise between these three methods.\u00a0
\u00a0\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | \u00a0 | |||||||||||
Estimated fair value | Carrying value | Estimated fair value | Carrying value | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||
Loans and receivables | - | 1,363 | 4 | 1,367 | 1,368 | - | 1,326 | 47 | 1,373 | 1,379 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Qualitative information on the valuation of the carrying amount and fair value of financial instruments is provided in the financial instruments section of note 1.f \u201cFinancial assets and liabilities\u201d. Quantitative information on the carrying value of financial instruments is disclosed in note 5.c \u201cInvestments, other financial assets and liabilities related to insurance activities\u201d.
IFRS 17 defines market risk as the risk that changes in market prices (e.g. interest rates, currency exchange rates, share prices) affect the fulfilment cash flows of insurance and reinsurance contracts and the fair value or future cash flows of financial instruments. Market risk includes:
For its insurance activities, the Group has equipped itself with the necessary management tools to calibrate the strategic asset allocation and to measure asset-liability matching risks. Asset-liability studies enable to project expected flows on both the assets and the liabilities of the various general funds. In particular, they allow to adapt the duration of assets according to the profile of the various liabilities.
The investment policy dictates the framework for asset management. It defines the principles for aligning the structure of asset portfolios with the commitments made to policyholders, while optimising the expected return on investment relative to the risk limit set. Thus, in particular in the case of BNP\u202fParibas\u202fCardif, the implementation of the investment policy, entrusted to the Asset Management Department, is governed for each portfolio by a management agreement that specifies the investment limits according to asset classes. Market risk can also be managed through the use of financial hedging instruments.
Market risk exposure is also monitored through targeted studies such as the review of securities in an unrealised loss position.
In addition, foreign currency exchange risk exposure arises from the funding of the foreign branches, equity investments in foreign currency or investment strategy in foreign currency-denominated assets in general funds. Foreign exchange risk may be hedged by forward financial instruments, such as cross-currency swaps, or by foreign currency borrowings.
For unit-linked commitments, market risk is mainly transferred to policyholders.
The sensitivity on insurance contracts arises from the following effects:
The table below shows the impact gross of taxes on income and shareholders\u2019 equity of reasonably possible changes in interest rates at reporting date. Sensitivities are presented on all financial assets, excluding assets representing unit-linked contracts.
Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.
\u00a0
In millions of euros, at | 31 December 2025 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+50\u00a0bps variation of interest rate risk | (160) | 138 | (22) | (4,282) | 3,961 | (321) |
-50\u00a0bps variation of interest rate risk | 133 | (111) | 22 | 4,279 | (3,961) | 318 |
(1) | Excepted financial assets representing unit-linked contracts. |
\u00a0
In millions of euros, at | 31 December 2024 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+50\u00a0bps variation of interest rate risk | (190) | 178 | (12) | (4,019) | 3,738 | (281) |
-50\u00a0bps variation of interest rate risk | 249 | (237) | 12 | 4,015 | (3,738) | 277 |
(1) | Excepted financial assets representing unit-linked contracts. |
The table below shows the impact gross of taxes on income and equity of reasonably possible changes in market and real estate prices at the reporting date. Sensitivities are presented excluding unit-linked contracts.
Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.
\u00a0
In millions of euros, at | 31 December 2025 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+10% variation of equity market | 1,474 | (1,354) | 120 | 266 | \u00a0 | 266 |
-10% variation of equity market | (1,474) | 1,354 | (120) | (266) | \u00a0 | (266) |
+10% variation of real estate market | 1,253 | (1,220) | 33 | \u00a0 | \u00a0 | \u00a0 |
-10% variation of real estate market | (1,253) | 1,220 | (33) | \u00a0 | \u00a0 | \u00a0 |
(1) | Excepted financial assets representing unit-linked contracts. |
\u00a0
In millions of euros, at | 31 December 2024 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+10% variation of equity market | 1,310 | (1,246) | 64 | 175 | (3) | 172 |
-10% variation of equity market | (1,310) | 1,246 | (64) | (175) | 3 | (172) |
+10% variation of real estate market | 1,183 | (1,153) | 30 | \u00a0 | \u00a0 | \u00a0 |
-10% variation of real estate market | (1,183) | 1,153 | (30) | \u00a0 | \u00a0 | \u00a0 |
(1) | Excepted financial assets representing unit-linked contracts. |
\u00a0
For savings contracts valued using the variable fees approach, the change in the value of the underlying financial assets is largely offset by the change in the value of the liabilities, provided that the contractual service margin remains positive.\u00a0
Potential effects on income and equity are therefore mainly derived from non-participating contracts and assets representing the shareholders\u2019 equity of insurance entities.
IFRS 17 defines credit risk as the risk that a party to a financial instrument, an insurance contract issued which is an asset or a reinsurance contract held, fails to meet one of its obligations and thereby causes the other party to suffer a financial loss.
The credit risk related to contracts in the scope of IFRS 17 relates mainly to reinsurance contracts held (risk of default by a reinsurer that would no longer allow him to assume a share of the amount due to him) and to receivables on the partners to whom the collection of the premiums have been delegated.
Counterparty risk management on reinsurers is achieved through rigorous selection of reinsurers, negotiation of collateral provided and regular monitoring of major exposures. The guarantees required may be real sureties, such as cash deposits and security pledges, or financial guarantees given and letters of guarantee.
The counterparty risk of BNP\u00a0Paribas Cardif\u2019s partners comes under the Partners and Reinsurers credit governance. As with a reinsurer, an exposure to a partner may be subject to real or personal security. Depending on the quality of the counterparty, the following techniques may be used: guarantee of the parent company, first-demand bank guarantee, segregated account of the rest of the assets in the event of bankruptcy, etc.
IFRS 17 defines liquidity risk as the difficulty of honouring commitments related to insurance contracts and financial liabilities that are to be settled through the provision of cash or other financial assets.
Tactical asset management is carried out to release the cash needed to settle insurance benefits, in keeping with the fund's current management framework, while minimising impacts on the rate of return on assets.
Liquidity risk is managed centrally based on studies carried out at intervals appropriate to the risk exposure.
Stress tests are carried out as part of asset-liability management studies. They test the ability to honour its commitments in adverse financial market situations, taking into account the impact of these situations on the behaviour of policyholders. These medium and long-term asset-liability matching analyses are based on a projection of the medium and/or long-term profit and loss account and balance sheet under various economic scenarios. The analysis of the results obtained makes it possible to take, where appropriate, measures to adjust the constraints on asset allocation (strategic allocation, diversification, derivatives, etc.).
\u00a0
The table below details the forward schedule of the present value of the future cash flows of all insurance contracts excluding reinsurance.
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
1\u00a0year | 8,313 | 7,770 |
1 to 2\u00a0years | 9,375 | 8,037 |
2 to 3\u00a0years | 6,961 | 6,685 |
3 to 4\u00a0years | 7,034 | 6,923 |
4 to 5\u00a0years | 7,286 | 7,735 |
5 to 10\u00a0years | 33,531 | 33,032 |
More than 10\u00a0years | 167,082 | 157,419 |
TOTAL | 239,582 | 227,601 |
\u00a0
For participating contracts, amounts payable on demand correspond to surrender values of saving contracts.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Amount payable on demand | Carrying amount | Amount payable on demand | Carrying amount | |
Participating contracts | 243,708 | 254,565 | 227,706 | 241,278 |
Non-participating contracts | 90 | 6,542 | 57 | 6,222 |
TOTAL | 243,798 | 261,107 | 227,763 | 247,500 |
The information supplied in this note must be used and interpreted with the greatest caution for the following reasons:
In millions of euros, at 31 December 2025 | Estimated fair value | Carrying | |||
Level 1 | Level 2 | Level 3 | Total | ||
FINANCIAL ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans and advances to credit institutions and customers(1) | \u00a0 | 111,772 | 750,515 | 862,287 | 871,955 |
Debt securities at amortised cost (note\u00a04.e) | 108,273 | 39,983 | 2,852 | 151,108 | 151,687 |
FINANCIAL LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from credit institutions and customers | \u00a0 | 1,145,569 | \u00a0 | 1,145,569 | 1,145,502 |
Debt securities (note\u00a04.h) | 83,542 | 93,207 | \u00a0 | 176,749 | 173,933 |
Subordinated debt (note\u00a04.h) | 26,259 | 9,036 | \u00a0 | 35,295 | 34,468 |
(1) | Finance leases excluded |
\u00a0
In millions of euros, at 31 December 2024 | Estimated fair value | Carrying | |||
Level 1 | Level 2 | Level 3 | Total | ||
FINANCIAL ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans and advances to credit institutions and customers(1) | \u00a0 | 114,149 | 753,614 | 867,763 | 880,267 |
Debt securities at amortised cost (note\u00a04.e) | 103,780 | 39,122 | 1,423 | 144,325 | 146,975 |
FINANCIAL LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from credit institutions and customers | \u00a0 | 1,101,596 | \u00a0 | 1,101,596 | 1,101,729 |
Debt securities (note\u00a04.h) | 80,401 | 119,429 | \u00a0 | 199,830 | 198,119 |
Subordinated debt (note\u00a04.h) | 23,087 | 8,743 | \u00a0 | 31,830 | 31,799 |
(1) | Finance leases excluded |
\u00a0
The valuation techniques and assumptions used by BNP\u00a0Paribas ensure that the fair value of financial assets and liabilities carried at amortised cost is measured on a consistent basis throughout the Group. Fair value is based on prices quoted in an active market when these are available. In other cases, fair value is determined using valuation techniques such as discounting of estimated future cash flows for loans, liabilities and debt securities at amortised cost, or specific valuation models for other financial instruments as described in note\u00a01, Summary of material accounting policies applied by the BNP\u00a0Paribas Group. The description of the fair value hierarchy levels is also presented in the accounting principles (see note\u00a01.f.10). In the case of loans, liabilities and debt securities at amortised cost that have an initial maturity of less than one year (including demand deposits) or of most regulated savings products, fair value equates to carrying amount. These instruments have been classified in Level\u00a02, except for loans to customers, which are classified in Level\u00a03.
The Bank\u2019s lending activities are governed by the Global Credit Policy. It applies to all Group activities that generate credit or counterparty risk. The Global Credit Policy provides general principles (including the risk assessment and decision-making process, adherence to the highest standards of compliance and ethics) applicable to all credit risk, as well as specific principles applicable to country risk, sector risks, clients selection and the transaction structures. It is supplemented by specific policies tailored to certain type of business or counterparty.
These credit policies are regularly updated in line with developments in the credit environment in which the Group operates.
BNP Paribas takes ESG criteria into account in its credit decision-making processes. For more\u00a0details, see chapter 5.11 Environmental, social and governance risk.
A system of discretionary credit delegations has been established, under which all lending decisions must be approved by managers or representatives of the business teams, with the concurrence of a formally designated RISK representative. Approvals are systematically evidenced in writing, possibly electronically either by means of a signed approval form or in the minutes of formal Credit Committee meetings. Discretionary credit delegations correspond to aggregate commitments by business group and vary according to internal credit ratings and the specific nature of the business concerned. All transactions proposed are subject to a detailed review of the borrower\u2019s current and future position. The review, conducted when granting the transaction and updated at least on an annual basis, is designed to ensure the Group has a comprehensive understanding of the borrower and can monitor any potential changes in its situation. Certain types of lending commitments, such as loans to financial institutions, sovereign loans and loans to customers operating in certain industries that are exposed to cyclical risks or to a rapid pace of change, are subject to specific authorisation procedures and require the sign-off of an industry expert or designated specialist. In Retail Banking, simplified procedures are applied, based on statistical decision-making aids.
Credit applications must comply with the Bank\u2019s Global Credit Policy and any relevant specific policies. Material exceptions undergo a special approval process. Before making any commitments, BNP\u00a0Paribas carries out an in-depth review of any known development plans of the borrower, and ensures that it has thorough knowledge of all the structural aspects of the borrower\u2019s operations and that adequate monitoring will be possible.
The General Management Credit Committee (CCDG) is the highest level Group committee for all decisions related to credit and counterparty risk. It has in particular ultimate decision-making authority for all credit applications notably for amounts in excess of individual discretionary credit delegations or applications that would not comply with the Global Credit Policy.
A comprehensive risk monitoring system is organised around control units, which are responsible for ensuring that lending commitments comply with the credit decision, that credit risk reporting data are reliable and that risks are effectively monitored. Daily irregular exception reports are produced and various early warning tools are used to identify early the deterioration of credit risks. The various monitoring levels are carried out under the supervision of RISK. Non-performing loans or those placed under credit watch (see Exposures, provisions and cost of risk) are overseen more closely via dedicated quarterly committee meetings (see the Governance part of section\u00a05.3 Risk management). To supplement this mechanism, the Doubtful Committee meets on a monthly basis to validate the proposed changes in individual provisions for doubtful loans for which an adjustment is necessary based on expected financial flows.
The responsibilities of the control teams include the monitoring of exposures against approved authorisations, covenants, and guarantees. This allows the identification of any signs of deterioration against the risk profile approved by the Credit Committee. Control teams flag up (to the RISK teams and business units) any cases that fail to comply with Credit Committee decisions and oversee their resolution. In some cases, a specific alert is sent to the senior management of RISK and of the relevant business unit. These are mainly where exceptions remain unresolved and/or where there are serious indications of deterioration in the risk profile compared with that approved by the Credit Committee.
The selection and careful evaluation of individual risks taken are supported by a monitoring and risk control system based on more aggregated portfolio levels in terms of division/business line, regions, industry, business/product.
The overall portfolio management policy, including concentration of risk by single name, industry and country, is based on this monitoring system and Group Risk Committees review all reports and analyses produced:
Lastly, the Group may use credit risk transfer instruments, such as securitisation programmes, credit derivatives or credit insurance, to mitigate individual risks, reduce portfolio concentration or cap potential losses arising from crisis scenarios.
The Group applies the impairment procedures described below for all loans subject to impairment (see note\u00a01.f.5 Impairment of financial assets at amortised cost and of debt instruments at market value through shareholders\u2019 equity to the consolidated financial statements):
Each counterparty is rated internally by the Group using uniform principles, regardless of the approach used to calculate regulatory capital requirements.
The Bank has a comprehensive internal rating system compliant with regulatory requirements regarding capital adequacy. A periodic assessment and control process has been deployed within the Bank to ensure that the system is appropriate and correctly implemented. The system was formally validated by the supervisor in December\u00a02007 and is inspected on a regular basis.
For loans to institutions, corporates, sovereigns and specialised lendings, the system is based on three parameters: the counterparty\u2019s probability of default (PD) expressed via a rating, the Global Recovery Rate (GRR) or its complement, Loss Given Default (LGD), which depends on the structure of the transaction, and the Credit Conversion Factor (CCF), which estimates the off-balance sheet exposure at risk.
There are twelve counterparty ratings. Ten cover performing clients with credit assessments ranging from \u201cexcellent\u201d to \u201cvery concerning\u201d, and two relate to clients classified as in default, as per the definition by the banking supervisor.
Confirmation or amendments to the probability of default parameters and GRR applicable to each transaction are reviewed at least once a year as part of the loan approval process or annual credit review. These are based on the combined expertise of business line staff and, as a second look, the RISK representatives (who have the final say in case of disagreement). It uses appropriate tools including analysis aids and credit scoring systems. The decision to use these tools and the choice of technique depends on the nature of the risk.
For retail counterparties, the system is also based on three parameters: Probability of Default (PD), the Global Recovery Rate (GRR) and the Credit Conversion Factor (CCF). On the other hand, rating methods are applied automatically to determine the loan parameters.
Internal estimates of risk parameters are used in the Bank\u2019s day-to-day management in line with regulation recommendations. Thus, apart from calculating capital requirements, they are used for example when setting delegated limits, granting new loans or reviewing existing loans to measure profitability, determine impairments and for book analyses.
The Group has reviewed its internal credit risk models over the past few years with the aim of improving the measurement of credit risk on its portfolios, strengthening their convergence between entities and ensuring compliance with regulations. In 2025, once approved by the ECB, certain global models (used for exposures to financial institutions) as well as \"retail\" and \"consumer finance\" models (used for exposures in France, Belgium and Luxembourg) were implemented for the calculation of risk weighted assets, leading to changes in the risk parameters applied to exposures. For example, a migration to lower levels of probability of default has been observed following the implementation of a new model on investment funds.
\u00a0 | Internal rating BNP\u00a0Paribas | LT Issuer/ | Average expected PD |
|---|---|---|---|
Investment Grade | 1+ | AAA | 0.01% |
1 | AA+ | 0.01% | |
1- | AA | 0.01% | |
2+ | AA- | 0.02% | |
2 | A+/A | 0.03% | |
2- | A- | 0.04% | |
3+/3/3- | BBB+ | 0.06% to 0.10% | |
4+/4/4- | BBB | 0.13 to 0.21% | |
5+/5/5- | BBB- | 0.26% to 0.48% | |
Non-Investment Grade | 6+ | BB+ | 0.69% |
6/6- | BB | 1.00% to 1.46% | |
7+/7 | BB- | 2.11% to 3.07% | |
7- | B+ | 4.01% | |
8+/8/8- | B | 5.23% to 8.06% | |
9+/9/9- | B- | 9.53% to 13.32% | |
10+ | CCC | 15.75% | |
10 | CC | 18.62% | |
10- | C | 21.81% | |
Default | 11 | D | 100% |
12 | D | 100% |
\u00a0
The Group has developed an indicative equivalence between the Bank\u2019s\u00a0internal ratings and the long-term issuer ratings assigned by the major rating agencies. Nevertheless, the Bank has a much broader clientele than just those counterparties rated by an external rating agency. An indicative equivalence is not relevant in Retail Banking.
It is used when the internal ratings are assigned or reviewed in order to identify any differences between the Bank\u2019s assessment of a borrower\u2019s probability of default and that of one or more of the rating agencies. However, the internal ratings do not aim to reproduce or even approximate the external ratings. There are significant variances in both directions within the portfolio. Some counterparties rated 6 or 7 by BNP\u00a0Paribas could be considered Investment Grade by the rating agencies.
For further details, see the sections Internal rating system \u2013 sovereign, financial institution, corporate and specialised financing portfolios and Internal rating system specific to retail customers.
Impaired exposures (stage\u00a03) related to assets at amortised cost and financing and guarantee commitments given, as well as the guarantees received as collateral, are presented in note\u00a04.f Impaired financial assets (stage 3). The definition of impaired loans (stage\u00a03) is presented in note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity, Definition of default paragraph.
The following table shows the carrying amount of performing and non-performing(8)\u00a0financial assets included in the prudential consolidation scope.
An exposure is deemed to be non-performing when it falls into one of the following categories:
In this part, in accordance with the Implementing Regulation (EU) No.\u00a02024/3172, the scope of the tables in this section includes the following items:
Exposures in default include impaired loans and receivables (stage\u00a03) and doubtful loans and receivables and debt securities at fair value through profit or loss outside the trading book.
The classifications used for exposures shown are taken from financial reports intended for the supervisory authority(9)\u00a0and so differ from the exposure classes usually used within the context of Pillar\u00a03. The classification includes:
\u00a0
\u00a0 | \u00a0 | a | b | c | d | e | f | g | h | i | j | k | l | n | o |
In millions of euros | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 31 December 2025 | ||||||||||
Gross carrying amount | Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions | Collateral and financial guarantees received | |||||||||||||
Performing exposures | Non-performing exposures | Performing exposures | Non-performing exposures | On performing exposures | On non-performing exposures | ||||||||||
\u00a0 | of which stage 1 | of which stage 2 | \u00a0 | of which stage 1 & 2 | of which defaulted | \u00a0 | of which stage 1 | of which stage 2 | \u00a0 | of which stage \u00a01 & 2 | of which defaulted | ||||
005 | Current accounts at central banks and other demand deposits | 218,497 | 217,499 | 997 | \u00a0 | \u00a0 | \u00a0 | (23) | (14) | (9) | \u00a0 | \u00a0 | \u00a0 | 333 | \u00a0 |
010 | Loans and advances | 914,976 | 851,520 | 63,456 | 27,162 | 348 | 26,814 | (3,294) | (1,631) | (1,663) | (12,837) | (9) | (12,828) | 510,364 | 8,814 |
020 | Central banks | 8,287 | 8,287 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 4,796 | \u00a0 |
030 | General governments | 36,488 | 35,040 | 1,448 | 254 | 119 | 136 | (12) | (7) | (5) | (73) | (2) | (71) | 9,170 | 57 |
040 | Credit institutions | 8,878 | 8,719 | 159 | 163 | \u00a0 | 163 | (7) | (5) | (2) | (160) | \u00a0 | (160) | 4,955 | \u00a0 |
050 | Other financial corporations | 114,186 | 112,150 | 2,036 | 1,276 | \u00a0 | 1,276 | (61) | (35) | (26) | (792) | \u00a0 | (792) | 14,859 | 127 |
060 | Non-financial corporations | 419,449 | 376,034 | 43,415 | 15,046 | 205 | 14,840 | (1,315) | (602) | (712) | (6,935) | (6) | (6,929) | 241,228 | 5,885 |
070 | of which SMEs | 128,922 | 113,508 | 15,414 | 6,058 | 98 | 5,960 | (601) | (325) | (276) | (2,418) | (3) | (2,415) | 89,134 | 2,754 |
080 | Households | 327,689 | 311,291 | 16,398 | 10,423 | 24 | 10,399 | (1,899) | (981) | (918) | (4,878) | (1) | (4,876) | 235,356 | 2,746 |
090 | Debt securities | 234,231 | 232,523 | 1,708 | 326 | \u00a0 | 326 | (70) | (27) | (43) | (209) | \u00a0 | (209) | 3,749 | \u00a0 |
100 | Central banks | 5,267 | 4,377 | 890 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
110 | General governments | 162,889 | 162,240 | 649 | \u00a0 | \u00a0 | \u00a0 | (41) | (10) | (31) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
120 | Credit institutions | 25,202 | 25,163 | 39 | 2 | \u00a0 | 2 | (7) | (6) | \u00a0 | (2) | \u00a0 | (2) | 3,749 | \u00a0 |
130 | Other financial corporations | 33,658 | 33,533 | 125 | 199 | \u00a0 | 199 | (18) | (7) | (11) | (134) | \u00a0 | (134) | \u00a0 | \u00a0 |
140 | Non-financial corporations | 7,215 | 7,210 | 5 | 125 | \u00a0 | 125 | (4) | (4) | \u00a0 | (73) | \u00a0 | (73) | \u00a0 | \u00a0 |
\u00a0 | Assets held for sale | 6,304 | 5,528 | 777 | 817 | 6 | 811 | (71) | (29) | (42) | (556) | \u00a0 | (556) | 1,907 | 57 |
150 | Off-balance sheet exposures | 615,359 | 593,604 | 21,754 | 2,261 | 2 | 2,259 | (384) | (197) | (187) | (339) | \u00a0 | (339) | 157,267 | 628 |
160 | Central banks | 73,965 | 73,965 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 73,510 | \u00a0 |
170 | General governments | 7,952 | 6,654 | 1,298 | 3 | \u00a0 | 3 | (2) | (1) | (1) | \u00a0 | \u00a0 | \u00a0 | 766 | \u00a0 |
180 | Credit institutions | 22,396 | 21,257 | 1,139 | \u00a0 | \u00a0 | \u00a0 | (11) | (4) | (7) | \u00a0 | \u00a0 | \u00a0 | 5,368 | \u00a0 |
190 | Other financial corporations | 71,450 | 70,096 | 1,353 | 16 | \u00a0 | 16 | (12) | (7) | (5) | (5) | \u00a0 | (5) | 9,892 | 7 |
200 | Non-financial corporations | 384,457 | 367,789 | 16,668 | 2,071 | \u00a0 | 2,071 | (261) | (115) | (146) | (328) | \u00a0 | (328) | 64,240 | 604 |
210 | Households | 55,139 | 53,844 | 1,295 | 171 | 2 | 169 | (98) | (69) | (29) | (6) | \u00a0 | (6) | 3,490 | 17 |
220 | TOTAL | 1,989,366 | 1,900,675 | 88,691 | 30,566 | 357 | 30,209 | (3,842) | (1,898) | (1,944) | (13,941) | (9) | (13,932) | 673,620 | 9,499 |
\u00a0 | \u00a0 | a | b | c | d | e | f | g | h | i | j | k | l | n | o |
In millions of euros | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 31 December 2024 | ||||||||||
Gross carrying amount | Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions | Collateral and financial guarantees received | |||||||||||||
Performing exposures | Non-performing exposures | Performing exposures | Non-performing exposures | On performing exposures | On non-performing exposures | ||||||||||
\u00a0 | of which stage 1 | of which stage 2 | \u00a0 | of which stage 1 & 2 | of which defaulted | \u00a0 | of which stage 1 | of which stage 2 | \u00a0 | of which stage 1 & 2 | of which defaulted | ||||
005 | Cash balances at central banks and other demand deposits | 188,522 | 187,857 | 665 | 1 | \u00a0 | 1 | (19) | (15) | (4) | \u00a0 | \u00a0 | \u00a0 | 759 | \u00a0 |
010 | Loans and advances | 928,317 | 858,701 | 69,616 | 26,998 | 498 | 26,501 | (3,720) | (1,810) | (1,909) | (13,439) | (8) | (13,431) | 524,030 | 8,646 |
020 | Central banks | 10,646 | 10,646 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 4,270 | \u00a0 |
030 | General governments | 35,523 | 33,951 | 1,573 | 261 | 89 | 171 | (17) | (8) | (9) | (64) | (3) | (61) | 8,954 | 79 |
040 | Credit institutions | 12,242 | 12,143 | 98 | 77 | 1 | 76 | (10) | (6) | (4) | (71) | \u00a0 | (71) | 6,411 | 1 |
050 | Other financial corporations | 114,808 | 111,624 | 3,184 | 1,053 | 3 | 1,050 | (92) | (42) | (51) | (854) | \u00a0 | (854) | 18,314 | 139 |
060 | Non-financial corporations | 422,317 | 375,443 | 46,874 | 14,912 | 394 | 14,518 | (1,406) | (635) | (771) | (7,219) | (4) | (7,214) | 251,579 | 5,683 |
070 | of which SMEs | 126,007 | 110,597 | 15,411 | 6,162 | 107 | 6,056 | (629) | (314) | (315) | (2,537) | (2) | (2,535) | 86,554 | 2,731 |
080 | Households | 332,782 | 314,895 | 17,888 | 10,696 | 11 | 10,685 | (2,195) | (1,120) | (1,075) | (5,232) | (1) | (5,231) | 234,503 | 2,744 |
090 | Debt securities | 223,009 | 220,815 | 2,194 | 422 | \u00a0 | 422 | (64) | (25) | (39) | (288) | \u00a0 | (288) | 3,925 | \u00a0 |
100 | Central banks | 6,056 | 4,847 | 1,209 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
110 | General governments | 151,791 | 151,100 | 691 | \u00a0 | \u00a0 | \u00a0 | (39) | (14) | (26) | \u00a0 | \u00a0 | \u00a0 | 350 | \u00a0 |
120 | Credit institutions | 25,990 | 25,900 | 90 | 101 | \u00a0 | 101 | (9) | (7) | (2) | (101) | \u00a0 | (101) | 3,575 | \u00a0 |
130 | Other financial corporations | 32,275 | 32,105 | 171 | 259 | \u00a0 | 259 | (12) | (1) | (11) | (133) | \u00a0 | (133) | \u00a0 | \u00a0 |
140 | Non-financial corporations | 6,896 | 6,863 | 33 | 62 | \u00a0 | 62 | (3) | (3) | \u00a0 | (54) | \u00a0 | (54) | \u00a0 | \u00a0 |
150 | Off-balance sheet exposures | 596,936 | 573,146 | 23,790 | 2,441 | 2 | 2,439 | (387) | (181) | (206) | (318) | \u00a0 | (318) | 154,322 | 749 |
160 | Central banks | 65,839 | 65,839 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 65,474 | \u00a0 |
170 | General governments | 9,201 | 8,000 | 1,201 | 1 | \u00a0 | 1 | (2) | (1) | (1) | \u00a0 | \u00a0 | \u00a0 | 866 | \u00a0 |
180 | Credit institutions | 22,379 | 21,950 | 429 | \u00a0 | \u00a0 | \u00a0 | (11) | (4) | (7) | \u00a0 | \u00a0 | \u00a0 | 4,744 | \u00a0 |
190 | Other financial corporations | 78,195 | 77,516 | 680 | 22 | \u00a0 | 22 | (18) | (13) | (5) | (4) | \u00a0 | (4) | 11,636 | 2 |
200 | Non-financial corporations | 370,308 | 350,169 | 20,139 | 2,281 | \u00a0 | 2,281 | (286) | (121) | (166) | (309) | \u00a0 | (309) | 67,365 | 729 |
210 | Households | 51,014 | 49,672 | 1,342 | 138 | 2 | 136 | (70) | (42) | (28) | (5) | \u00a0 | (5) | 4,237 | 18 |
220 | TOTAL | 1,936,784 | 1,840,519 | 96,265 | 29,862 | 500 | 29,362 | (4,191) | (2,032) | (2,159) | (14,045) | (8) | (14,037) | 683,036 | 9,395 |
\u00a0
Changes in the stock of non-performing loans and advances (EU CR2) are presented in note\u00a04.f Impaired financial assets (stage\u00a03) to the consolidated financial statements as at 31\u00a0December 2025.
\u00a0 | \u00a0 | a | b | c | d | e | f | g | h | i | j | k | l |
In millions of euros | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 31 December 2025 | ||||||||
Performing exposures | Non-performing exposures | ||||||||||||
\u00a0 | Not past due or\u00a0 | > 30 days \u2264 90 days | \u00a0 | Unlikely to pay that are not past due or are past due\u00a0 | > 90 days \u2264 180 days | > 180 days \u2264 1 year | > 1 year\u00a0 | > 2 years\u00a0 | > 5 years\u00a0 | > 7 years | of which defaulted | ||
005 | Cash balances at central banks and other demand deposits | 218,497 | 218,497 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
010 | Loans and advances | 914,976 | 910,616 | 4,360 | 27,162 | 10,700 | 2,254 | 2,087 | 3,535 | 4,020 | 1,688 | 2,879 | 26,814 |
020 | Central banks | 8,287 | 8,287 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
030 | General governments | 36,488 | 36,384 | 104 | 254 | 54 | 53 | 32 | 8 | 61 | 26 | 20 | 136 |
040 | Credit institutions | 8,878 | 8,875 | 2 | 163 | \u00a0 | \u00a0 | \u00a0 | 2 | \u00a0 | \u00a0 | 160 | 163 |
050 | Other financial corporations | 114,186 | 114,152 | 34 | 1,276 | 654 | 223 | 3 | 171 | 19 | 76 | 131 | 1,276 |
060 | Non-financial corporations | 419,449 | 416,695 | 2,754 | 15,046 | 6,556 | 764 | 941 | 1,966 | 1,853 | 1,208 | 1,757 | 14,840 |
070 | of which SMEs | 128,922 | 127,982 | 940 | 6,058 | 1,869 | 445 | 712 | 1,047 | 1,268 | 282 | 435 | 5,960 |
080 | Households | 327,689 | 326,223 | 1,465 | 10,423 | 3,435 | 1,213 | 1,112 | 1,388 | 2,087 | 377 | 811 | 10,399 |
090 | Debt securities | 234,231 | 234,231 | \u00a0 | 326 | 57 | \u00a0 | \u00a0 | 139 | 80 | 5 | 45 | 326 |
100 | Central banks | 5,267 | 5,267 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
110 | General governments | 162,889 | 162,889 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
120 | Credit institutions | 25,202 | 25,202 | \u00a0 | 2 | 2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2 |
130 | Other financial corporations | 33,658 | 33,658 | \u00a0 | 199 | 27 | \u00a0 | \u00a0 | 139 | 28 | \u00a0 | 5 | 199 |
140 | Non-financial corporations | 7,215 | 7,215 | \u00a0 | 125 | 28 | \u00a0 | \u00a0 | \u00a0 | 52 | 5 | 40 | 125 |
\u00a0 | Assets held for sale | 6,304 | 6,304 | \u00a0 | 817 | 110 | 13 | 21 | 1 | 76 | 209 | 387 | 811 |
150 | Off-balance sheet exposures | 615,359 | \u00a0 | \u00a0 | 2,261 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,259 |
160 | Central banks | 73,965 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
170 | General governments | 7,952 | \u00a0 | \u00a0 | 3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 3 |
180 | Credit institutions | 22,396 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
190 | Other financial corporations | 71,450 | \u00a0 | \u00a0 | 16 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 16 |
200 | Non-financial corporations | 384,457 | \u00a0 | \u00a0 | 2,071 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,071 |
210 | Households | 55,139 | \u00a0 | \u00a0 | 171 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 169 |
220 | TOTAL | 1,989,366 | 1,369,648 | 4,360 | 30,566 | 10,867 | 2,266 | 2,108 | 3,676 | 4,176 | 1,901 | 3,311 | 30,209 |
\u00a0 | \u00a0 | a | b | c | d | e | f | g | h | i | j | k | l |
In millions of euros | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 31 December 2024 | ||||||||
Performing exposures | Non-performing exposures | ||||||||||||
\u00a0 | Not past due or \u2264\u00a030\u00a0days | >\u00a030\u00a0days \u2264\u00a090\u00a0days | \u00a0 | Unlikely to pay that are not past due or are past due \u2264\u00a090\u00a0days | >\u00a090\u00a0days \u2264\u00a0180\u00a0days | >\u00a0180\u00a0days \u2264\u00a01\u00a0year | >\u00a01\u00a0year \u2264\u00a02\u00a0years | >\u00a02\u00a0years \u2264\u00a05\u00a0years | >\u00a01\u00a0year \u2264\u00a02\u00a0years | >\u00a05\u00a0years | of which defaulted | ||
005 | Cash balances at central banks and other demand deposits | 188,522 | 188,522 | \u00a0- | 1 | 1 | - | - | - | -\u00a0 | - | -\u00a0 | 1 |
010 | Loans and advances | 928,317 | 923,500 | 4,818 | 26,998 | 9,307 | 1,910 | 2,574 | 3,032 | 4,925 | 1,697 | 3,553 | 26,501 |
020 | Central banks | 10,646 | 10,646 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
030 | General governments | 35,523 | 35,458 | 66 | 261 | 67 | 34 | 28 | 10 | 76 | 26 | 21 | 171 |
040 | Credit institutions | 12,242 | 12,239 | 2 | 77 | 2 | \u00a0 | \u00a0 | 2 | \u00a0 | \u00a0 | 72 | 76 |
050 | Other financial corporations | 114,808 | 114,759 | 48 | 1,053 | 523 | 13 | 23 | 17 | 88 | 175 | 215 | 1,050 |
060 | Non-financial corporations | 422,317 | 418,949 | 3,368 | 14,912 | 5,864 | 864 | 1,350 | 1,507 | 2,062 | 990 | 2,275 | 14,518 |
070 | of which SMEs | 126,007 | 125,278 | 729 | 6,162 | 2,050 | 474 | 693 | 929 | 1,068 | 413 | 534 | 6,056 |
080 | Households | 332,782 | 331,449 | 1,333 | 10,696 | 2,852 | 999 | 1,173 | 1,496 | 2,699 | 506 | 971 | 10,685 |
090 | Debt securities | 223,009 | 223,009 | - | 422 | 309 | - | - | - | 5 | - | 108 | 422 |
100 | Central banks | 6,056 | 6,056 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
110 | General governments | 151,791 | 151,791 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
120 | Credit institutions | 25,990 | 25,990 | \u00a0 | 101 | 2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 99 | 101 |
130 | Other financial corporations | 32,275 | 32,275 | \u00a0 | 259 | 250 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 8 | 259 |
140 | Non-financial corporations | 6,896 | 6,896 | \u00a0 | 62 | 57 | \u00a0 | \u00a0 | \u00a0 | 5 | \u00a0 | \u00a0 | 62 |
150 | Off-balance sheet exposures | 596,936 | \u00a0 | \u00a0 | 2,441 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,439 |
160 | Central banks | 65,839 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
170 | General governments | 9,201 | \u00a0 | \u00a0 | 1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 1 |
180 | Credit institutions | 22,379 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
190 | Other financial corporations | 78,195 | \u00a0 | \u00a0 | 22 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 22 |
200 | Non-financial corporations | 370,308 | \u00a0 | \u00a0 | 2,281 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,281 |
210 | Households | 51,014 | \u00a0 | \u00a0 | 138 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 136 |
220 | TOTAL | 1,936,784 | 1,335,030 | 4,818 | 29,862 | 9,617 | 1,910 | 2,574 | 3,032 | 4,930 | 1,697 | 3,661 | 29,362 |
\u00a0
Table\u00a049 (EU CQ4) below shows the on- and off-balance sheet exposures.
\u00a0 | \u00a0 | a | \u00a0 | b | c | d | e | \u00a0 | \u00a0 | f | g |
|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2025 | ||||||||||
Gross carrying amount/Nominal amount | \u00a0 | \u00a0 | Accumulated impairment | Provisions on off-balance sheet commitments and financial guarantees given | Accumulated | ||||||
\u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage\u00a02) | Of which non-performing | Of which loans and advances subject to impairment | \u00a0 \u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage\u00a02) | Of which defaulted | |||||
\u00a0 | Of which defaulted | ||||||||||
010 | On balance sheet exposures | 1,402,313 | 67,245 | 28,306 | 27,951 | 1,398,506 | (17,024) | (1,765) | (13,557) | - | (36) |
\u00a0 | of which exposures in the balance sheet of continuing activities | 1,395,192 | 66,462 | 27,488 | 27,140 | 1,391,384 | (16,397) | (1,723) | (13,001) | \u00a0 | (36) |
\u00a0 | Europe(1) | 1,049,368 | 55,209 | 23,332 | 23,041 | 1,045,916 | (13,874) | (1,509) | (10,842) | \u00a0 | (36) |
\u00a0 | France | 417,630 | 19,471 | 10,399 | 10,218 | 416,657 | (5,679) | (615) | (4,573) | \u00a0 | (7) |
\u00a0 | Belgium | 186,337 | 8,167 | 3,204 | 3,203 | 186,306 | (1,512) | (115) | (1,266) | \u00a0 | \u00a0 |
\u00a0 | Luxembourg | 46,760 | 2,028 | 823 | 820 | 46,569 | (206) | (27) | (163) | \u00a0 | (2) |
\u00a0 | Italy | 128,821 | 6,830 | 3,296 | 3,291 | 128,569 | (2,638) | (306) | (1,961) | \u00a0 | (19) |
\u00a0 | United Kingdom | 63,759 | 3,047 | 833 | 826 | 63,511 | (672) | (57) | (517) | \u00a0 | (5) |
\u00a0 | Germany | 58,952 | 6,454 | 1,838 | 1,824 | 58,038 | (1,299) | (163) | (1,022) | \u00a0 | \u00a0 |
\u00a0 | Netherlands | 22,056 | 956 | 344 | 343 | 22,051 | (80) | (8) | (60) | \u00a0 | \u00a0 |
\u00a0 | Other European countries | 125,053 | 8,256 | 2,595 | 2,515 | 124,213 | (1,789) | (218) | (1,279) | \u00a0 | (3) |
\u00a0 | North America | 135,776 | 3,236 | 1,576 | 1,557 | 135,654 | (453) | (47) | (392) | \u00a0 | \u00a0 |
\u00a0 | Asia Pacific | 97,465 | 1,957 | 315 | 312 | 97,442 | (125) | (22) | (83) | \u00a0 | \u00a0 |
\u00a0 | Japan | 40,405 | 479 | 1 | \u00a0 | 40,381 | (6) | (4) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | North Asia | 20,427 | 590 | 239 | 238 | 20,427 | (49) | (11) | (30) | \u00a0 | \u00a0 |
\u00a0 | South-East Asia (ASEAN) | 16,838 | 311 | 52 | 52 | 16,838 | (52) | (1) | (44) | \u00a0 | \u00a0 |
\u00a0 | Indian peninsula &\u00a0Pacific | 19,796 | 578 | 23 | 22 | 19,796 | (18) | (5) | (8) | \u00a0 | \u00a0 |
070 | Rest of the World | 112,583 | 6,061 | 2,266 | 2,230 | 112,373 | (1,944) | (146) | (1,685) | \u00a0 | \u00a0 |
\u00a0 | T\u00fcrkiye | 16,507 | 936 | 386 | 386 | 16,507 | (295) | (33) | (208) | \u00a0 | \u00a0 |
\u00a0 | Mediterranean | 2,897 | 462 | 127 | 127 | 2,897 | (130) | (13) | (114) | \u00a0 | \u00a0 |
\u00a0 | Gulf States & Africa | 10,033 | 286 | 1,265 | 1,265 | 10,033 | (1,125) | (30) | (1,067) | \u00a0 | \u00a0 |
\u00a0 | Latin America | 12,437 | 1,148 | 73 | 72 | 12,227 | (65) | (15) | (44) | \u00a0 | \u00a0 |
\u00a0 | Other countries | 70,709 | 3,230 | 414 | 380 | 70,709 | (329) | (55) | (251) | \u00a0 | \u00a0 |
\u00a0 | of which exposures on the balance sheet of activities intended to be sold | 7,122 | 783 | 817 | 811 | 7,122 | (626) | (42) | (556) | \u00a0 | \u00a0 |
080 | Off-balance sheet\u00a0 | 532,749 | 21,756 | 2,261 | 2,259 | 532,749 | (724) | (187) | (339) | (724) | \u00a0 |
\u00a0 | Europe(1) | 342,060 | 11,010 | 1,672 | 1,670 | 342,060 | (530) | (119) | (253) | (530) | \u00a0 |
\u00a0 | France | 92,684 | 3,521 | 558 | 558 | 92,684 | (155) | (48) | (52) | (155) | \u00a0 |
\u00a0 | Belgium | 38,428 | 1,403 | 218 | 218 | 38,428 | (73) | (5) | (53) | (73) | \u00a0 |
\u00a0 | Luxembourg | 16,622 | 559 | 110 | 110 | 16,622 | (21) | (9) | (7) | (21) | \u00a0 |
\u00a0 | Italy | 39,220 | 1,130 | 356 | 356 | 39,220 | (112) | (16) | (68) | (112) | \u00a0 |
\u00a0 | United Kingdom | 41,834 | 1,433 | 47 | 47 | 41,834 | (18) | (6) | \u00a0 | (18) | \u00a0 |
\u00a0 | Germany | 36,923 | 805 | 158 | 158 | 36,923 | (74) | (8) | (50) | (74) | \u00a0 |
\u00a0 | Netherlands | 17,211 | 374 | 100 | 100 | 17,211 | (7) | (1) | (3) | (7) | \u00a0 |
\u00a0 | Other European countries | 59,136 | 1,785 | 125 | 123 | 59,136 | (71) | (25) | (19) | (71) | \u00a0 |
\u00a0 | North America | 132,764 | 7,139 | 354 | 354 | 132,764 | (84) | (34) | (36) | (84) | \u00a0 |
\u00a0 | Asia Pacific | 25,507 | 606 | 34 | 34 | 25,507 | (13) | (2) | (6) | (13) | \u00a0 |
\u00a0 | Japan | 3,701 | 3 | \u00a0 | \u00a0 | 3,701 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | North Asia | 9,241 | 279 | 24 | 24 | 9,241 | (8) | \u00a0 | (6) | (8) | \u00a0 |
\u00a0 | South-East Asia (ASEAN) | 6,275 | 159 | \u00a0 | \u00a0 | 6,275 | (1) | \u00a0 | \u00a0 | (1) | \u00a0 |
\u00a0 | Indian peninsula &\u00a0Pacific | 6,290 | 164 | 10 | 10 | 6,290 | (3) | (1) | \u00a0 | (3) | \u00a0 |
140 | Rest of the World | 32,418 | 3,002 | 201 | 201 | 32,418 | (97) | (32) | (43) | (97) | \u00a0 |
\u00a0 | T\u00fcrkiye | 7,704 | 261 | 15 | 15 | 7,704 | (23) | (5) | (5) | (23) | \u00a0 |
\u00a0 | Mediterranean | 5,114 | 726 | 134 | 134 | 5,114 | (31) | (4) | (25) | (31) | \u00a0 |
\u00a0 | Gulf States & Africa | 5,937 | 145 | 49 | 49 | 5,937 | (21) | (5) | (13) | (21) | \u00a0 |
\u00a0 | Latin America | 6,253 | 638 | 3 | 3 | 6,253 | (18) | (17) | \u00a0 | (18) | \u00a0 |
\u00a0 | Other countries | 7,410 | 1,231 | 1 | 1 | 7,410 | (4) | (2) | \u00a0 | (4) | \u00a0 |
150 | TOTAL | 1,935,062 | 89,001 | 30,566 | 30,209 | 1,931,255 | (17,747) | (1,952) | (13,896) | (724) | (36) |
(1) | Within the European Union, the European Free Trade Association (EFTA) and the United Kingdom |
(2) | The residual risk, net of collateral received, on agency securities lending transactions is negligible and is not broken down by\u00a0 geographical areas. These exposures represent a guarantee commitment given to the lenders of securities that amounts to EUR 84.9 billion as of 31 December 2025, before taking into consideration the collateral received. |
\u00a0 | \u00a0 | a | \u00a0 | b | c | d | e | \u00a0 | \u00a0 | f | g |
|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2024 | ||||||||||
Gross carrying amount/Nominal amount | Accumulated impairment | Provisions on off-balance sheet commitments and financial guarantees given | Accumulated | ||||||||
\u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage\u00a02) | Of which non-performing | Of which loans and advances subject to impairment | \u00a0 \u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage\u00a02) | Of which defaulted | |||||
\u00a0 | Of which defaulted | ||||||||||
010 | On balance sheet exposures | 1,367,269 | 72,927 | 27,421 | 26,923 | 1,362,026 | (17,478) | (1,956) | (13,667) | \u00a0 | (52) |
\u00a0 | Europe(1) | 1,010,510 | 58,127 | 23,040 | 22,792 | 1,006,345 | (14,298) | (1,684) | (10,982) | \u00a0 | (52) |
\u00a0 | France | 402,055 | 22,190 | 9,441 | 9,278 | 400,100 | (5,707) | (736) | (4,452) | \u00a0 | (15) |
\u00a0 | Belgium | 171,333 | 8,076 | 3,100 | 3,098 | 171,297 | (1,512) | (130) | (1,246) | \u00a0 | \u00a0 |
\u00a0 | Luxembourg | 43,921 | 2,266 | 581 | 572 | 43,705 | (167) | (33) | (114) | \u00a0 | (2) |
\u00a0 | Italy | 126,360 | 7,329 | 3,929 | 3,926 | 126,250 | (3,032) | (304) | (2,353) | \u00a0 | (30) |
\u00a0 | United Kingdom | 62,681 | 3,423 | 1,221 | 1,215 | 62,262 | (828) | (75) | (642) | \u00a0 | (3) |
\u00a0 | Germany | 58,412 | 5,613 | 1,641 | 1,622 | 57,329 | (1,059) | (118) | (805) | \u00a0 | \u00a0 |
\u00a0 | Netherlands | 22,577 | 1,125 | 144 | 144 | 22,571 | (78) | (11) | (54) | \u00a0 | \u00a0 |
\u00a0 | Other European countries | 123,172 | 8,105 | 2,984 | 2,937 | 122,830 | (1,915) | (277) | (1,314) | \u00a0 | (3) |
\u00a0 | North America | 139,856 | 4,894 | 858 | 658 | 139,194 | (204) | (60) | (126) | \u00a0 | - |
\u00a0 | Asia Pacific | 102,374 | 2,127 | 372 | 369 | 102,312 | (232) | (16) | (156) | \u00a0 | \u00a0 |
\u00a0 | Japan | 34,252 | 380 | 11 | 11 | 34,222 | (11) | (9) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | North Asia | 28,533 | 893 | 216 | 214 | 28,533 | (79) | (2) | (31) | \u00a0 | \u00a0 |
\u00a0 | South-East Asia (ASEAN) | 19,730 | 558 | 121 | 121 | 19,713 | (129) | (3) | (117) | \u00a0 | \u00a0 |
\u00a0 | Indian peninsula &\u00a0Pacific | 19,858 | 296 | 24 | 22 | 19,843 | (13) | (2) | (7) | \u00a0 | \u00a0 |
070 | Rest of the World | 114,529 | 7,780 | 3,151 | 3,104 | 114,176 | (2,744) | (196) | (2,403) | \u00a0 | \u00a0 |
\u00a0 | T\u00fcrkiye | 18,381 | 981 | 167 | 167 | 18,381 | (220) | (48) | (114) | \u00a0 | \u00a0 |
\u00a0 | Mediterranean | 9,909 | 2,018 | 973 | 969 | 9,909 | (796) | (52) | (706) | \u00a0 | \u00a0 |
\u00a0 | Gulf States & Africa | 9,996 | 396 | 1,431 | 1,431 | 9,996 | (1,255) | (40) | (1,188) | \u00a0 | \u00a0 |
\u00a0 | Latin America | 13,689 | 477 | 168 | 167 | 13,335 | (131) | (4) | (120) | \u00a0 | \u00a0 |
\u00a0 | Other countries | 62,554 | 3,908 | 412 | 371 | 62,554 | (342) | (52) | (275) | \u00a0 | \u00a0 |
080 | Off-balance sheet\u00a0 | 522,499 | 23,792 | 2,441 | 2,439 | 522,499 | (706) | (206) | (318) | (706) | \u00a0 |
\u00a0 | Europe(1) | 343,933 | 12,951 | 1,940 | 1,938 | 343,933 | (492) | (116) | (240) | (492) | \u00a0 |
\u00a0 | France | 97,345 | 4,124 | 735 | 735 | 97,345 | (166) | (52) | (62) | (166) | \u00a0 |
\u00a0 | Belgium | 40,546 | 2,195 | 263 | 263 | 40,546 | (87) | (10) | (61) | (87) | \u00a0 |
\u00a0 | Luxembourg | 17,157 | 424 | 134 | 134 | 17,157 | (22) | (4) | (14) | (22) | \u00a0 |
\u00a0 | Italy | 36,610 | 1,459 | 401 | 401 | 36,610 | (96) | (13) | (65) | (96) | \u00a0 |
\u00a0 | United Kingdom | 40,702 | 1,635 | 113 | 113 | 40,702 | (22) | (6) | \u00a0 | (22) | \u00a0 |
\u00a0 | Germany | 33,162 | 896 | 164 | 164 | 33,162 | (40) | (5) | (26) | (40) | \u00a0 |
\u00a0 | Netherlands | 18,139 | 295 | 20 | 20 | 18,139 | (4) | (1) | \u00a0 | (4) | \u00a0 |
\u00a0 | Other European countries | 60,272 | 1,923 | 111 | 109 | 60,272 | (55) | (24) | (13) | (55) | \u00a0 |
\u00a0 | North America | 122,575 | 7,625 | 280 | 280 | 122,575 | (85) | (55) | (14) | (85) | \u00a0 |
\u00a0 | Asia Pacific | 24,348 | 366 | 43 | 43 | 24,348 | (6) | (2) | (1) | (6) | \u00a0 |
\u00a0 | Japan | 2,836 | 4 | \u00a0 | \u00a0 | 2,836 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | North Asia | 8,935 | 146 | 30 | 30 | 8,935 | (3) | (1) | \u00a0 | (3) | \u00a0 |
\u00a0 | South-East Asia (ASEAN) | 6,063 | 108 | \u00a0 | \u00a0 | 6,063 | (1) | \u00a0 | \u00a0 | (1) | \u00a0 |
\u00a0 | Indian peninsula &\u00a0Pacific | 6,514 | 110 | 13 | 13 | 6,514 | (2) | (1) | (1) | (2) | \u00a0 |
140 | Rest of the World | 31,643 | 2,849 | 179 | 179 | 31,643 | (122) | (33) | (63) | (122) | \u00a0 |
\u00a0 | T\u00fcrkiye | 6,897 | 328 | 27 | 27 | 6,897 | (31) | (10) | (10) | (31) | \u00a0 |
\u00a0 | Mediterranean | 2,524 | 670 | 94 | 94 | 2,524 | (59) | (10) | (41) | (59) | \u00a0 |
\u00a0 | Gulf States & Africa | 6,152 | 120 | 54 | 54 | 6,152 | (20) | (4) | (12) | (20) | \u00a0 |
\u00a0 | Latin America | 5,356 | 408 | 3 | 3 | 5,356 | (8) | (7) | \u00a0 | (8) | \u00a0 |
\u00a0 | Other countries | 10,714 | 1,323 | 1 | 1 | 10,714 | (4) | (2) | \u00a0 | (4) | \u00a0 |
150 | TOTAL | 1,889,768 | 96,719 | 29,862 | 29,362 | 1,884,525 | (18,183) | (2,162) | (13,985) | (706) | (52) |
(1) | Within the European Union, the European Free Trade Association (EFTA) and the United Kingdom |
(2) | The exposures to agency securities lending transactions represent a guarantee commitment given to the lenders of securities that amounts to EUR 76.9 billion as of 31 December 2024, before taking into consideration the collateral received. |
\u00a0
In accordance with Implementing Regulation (EU) No.\u00a02024/3172, the table below (EU CQ5) shows the breakdown of loans and receivables with the scope of non-financial corporations. It does not take into account all exposures to central governments and central banks, credit institutions, financial companies and households. These on-balance sheet and off-balance sheet exposures contribute to all Group risks, mainly credit risk. The breakdown by sector \u2013 as defined by European Regulation No.\u00a01893/2006 establishing the statistical classification of economic activities NACE rev. 2 \u2013 is based on the borrower\u2019s declaration.These same balance sheet exposures of continuing activities, broken down by sector, are included in Table\u00a0113: Credit quality of exposures by sector and residual maturities of section\u00a05.11\u00a0Environmental, social and governance risks of this chapter. In the latter, exposures include, however, debt securities and equity instruments not held for trading.
\u00a0 | \u00a0 | a | \u00a0 | b | c | d | e | \u00a0 | \u00a0 | f |
|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2025 | |||||||||
Gross carrying amount/Nominal amount | Accumulated impairment | Accumulated negative changes in fair value due to credit risk on non-performing exposures | ||||||||
\u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage 2) | Of which non-performing | \u00a0 | \u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage2) | Of which defaulted | ||||
\u00a0 | Of which defaulted | Of which loans and advances subject to impairment | ||||||||
\u00a0 | On balance sheet exposures | 434,494 | 43,582 | 15,046 | 14,840 | 432,554 | (8,249) | (718) | (6,929) | \u00a0 |
010 | Agriculture, forestry and\u00a0fishing | 10,421 | 755 | 391 | 389 | 10,363 | (194) | (24) | (131) | \u00a0 |
020 | Mining and quarrying | 4,190 | 532 | 70 | 70 | 4,081 | (70) | (8) | (60) | \u00a0 |
030 | Manufacturing | 88,204 | 10,577 | 2,098 | 2,067 | 87,931 | (1,319) | (110) | (1,098) | \u00a0 |
040 | Electricity, gas, steam and air conditioning supply | 18,563 | 2,492 | 260 | 243 | 17,830 | (151) | (66) | (73) | \u00a0 |
050 | Water supply | 3,154 | 471 | 85 | 82 | 3,154 | (63) | (6) | (52) | \u00a0 |
060 | Construction | 24,408 | 2,982 | 2,338 | 2,332 | 24,407 | (1,349) | (36) | (1,276) | \u00a0 |
070 | Wholesale and retail trade | 74,217 | 7,749 | 3,115 | 3,064 | 73,560 | (1,955) | (106) | (1,721) | \u00a0 |
080 | Transport and storage | 26,860 | 2,348 | 621 | 579 | 26,823 | (378) | (34) | (316) | \u00a0 |
090 | Accommodation and food service activities | 7,525 | 591 | 522 | 500 | 7,525 | (258) | (18) | (221) | \u00a0 |
100 | Information and communication | 21,365 | 1,759 | 959 | 955 | 21,334 | (266) | (62) | (185) | \u00a0 |
110 | Financial and insurance activities | 23,877 | 1,549 | 362 | 361 | 23,872 | (340) | (28) | (281) | \u00a0 |
120 | Real estate activities | 62,864 | 5,778 | 2,191 | 2,188 | 62,864 | (690) | (90) | (529) | \u00a0 |
130 | Professional, scientific and technical activities | 26,385 | 1,594 | 860 | 851 | 26,351 | (505) | (47) | (414) | \u00a0 |
140 | Administrative and support service activities | 25,242 | 1,733 | 421 | 415 | 25,241 | (346) | (33) | (285) | \u00a0 |
150 | Public administration and defence, compulsory social security | 250 | 93 | 17 | 17 | 249 | (5) | (1) | (3) | \u00a0 |
160 | Education | 968 | 98 | 45 | 44 | 968 | (30) | (3) | (24) | \u00a0 |
170 | Human health services and social work activities | 5,908 | 860 | 184 | 183 | 5,908 | (129) | (13) | (104) | \u00a0 |
180 | Arts, entertainment and recreation | 2,474 | 444 | 124 | 124 | 2,474 | (62) | (13) | (45) | \u00a0 |
190 | Other services | 7,620 | 1,177 | 381 | 376 | 7,619 | (141) | (20) | (110) | \u00a0 |
200 | Off-balance sheet exposures | 386,528 | 16,668 | 2,071 | 2,071 | 386,528 | (589) | (146) | (328) | \u00a0 |
\u00a0 | Agriculture, forestry and fishing | 1,234 | 99 | 5 | 5 | 1,234 | (2) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Mining and quarrying | 7,171 | 349 | 6 | 6 | 7,171 | (3) | (1) | \u00a0 | \u00a0 |
\u00a0 | Manufacturing | 125,108 | 6,302 | 463 | 463 | 125,108 | (135) | (36) | (63) | \u00a0 |
\u00a0 | Electricity, gas, steam and air conditioning supply | 33,955 | 1,350 | 126 | 126 | 33,955 | (78) | (32) | (40) | \u00a0 |
\u00a0 | Water supply | 3,644 | 301 | 4 | 4 | 3,644 | (2) | (1) | \u00a0 | \u00a0 |
\u00a0 | Construction | 26,477 | 1,426 | 481 | 481 | 26,477 | (88) | (10) | (69) | \u00a0 |
\u00a0 | Wholesale and retail trade | 36,684 | 1,929 | 357 | 357 | 36,684 | (102) | (18) | (64) | \u00a0 |
\u00a0 | Transport and storage | 20,164 | 1,063 | 68 | 68 | 20,164 | (10) | (2) | (4) | \u00a0 |
\u00a0 | Accommodation and food service activities | 3,964 | 202 | 9 | 9 | 3,964 | (6) | (2) | (2) | \u00a0 |
\u00a0 | Information and communication | 40,145 | 645 | 120 | 120 | 40,145 | (33) | (8) | (20) | \u00a0 |
\u00a0 | Financial and insurance activities | 20,628 | 866 | 24 | 24 | 20,628 | (35) | (9) | (20) | \u00a0 |
\u00a0 | Real estate activities | 14,065 | 669 | 165 | 165 | 14,065 | (33) | (11) | (17) | \u00a0 |
\u00a0 | Professional, scientific and technical activities | 32,043 | 656 | 123 | 123 | 32,043 | (25) | (8) | (10) | \u00a0 |
\u00a0 | Administrative and support service activities | 13,457 | 486 | 111 | 111 | 13,457 | (24) | (5) | (16) | \u00a0 |
\u00a0 | Public administration and defence, compulsory social security | 248 | 5 | \u00a0 | \u00a0 | 248 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Education | 179 | 13 | 1 | 1 | 179 | (1) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Human health services and social work activities | 1,770 | 75 | 3 | 3 | 1,770 | (2) | \u00a0 | (1) | \u00a0 |
\u00a0 | Arts, entertainment and recreation | 1,597 | 158 | 2 | 2 | 1,597 | (1) | (1) | \u00a0 | \u00a0 |
\u00a0 | Other services | 3,995 | 72 | \u00a0 | \u00a0 | 3,995 | (7) | (2) | \u00a0 | \u00a0 |
\u00a0 | TOTAL | 821,022 | 60,250 | 17,116 | 16,911 | 819,082 | (8,839) | (864) | (7,257) | \u00a0 |
\u00a0 | \u00a0 | a | \u00a0 | b | c | d | e | \u00a0 | \u00a0 | f |
|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2024 | |||||||||
Gross carrying amount\\Nominal amount | Accumulated impairment | Accumulated negative changes in fair value due to credit risk on non-performing exposures | ||||||||
\u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage2) | Of which non-performing | \u00a0 | \u00a0 \u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage2) | Of which Defaulted | ||||
\u00a0 | Of which Defaulted | Of which loans and advances subject to impairment | ||||||||
\u00a0 | On balance sheet exposures | 437,229 | 47,227 | 14,912 | 14,518 | 433,809 | (8,613) | (775) | (7,203) | (11) |
010 | Agriculture, forestry and fishing | 11,331 | 810 | 396 | 395 | 11,226 | (224) | (35) | (139) | \u00a0 |
020 | Mining and quarrying | 5,073 | 277 | 70 | 70 | 4,787 | (67) | (4) | (60) | \u00a0 |
030 | Manufacturing | 93,308 | 11,654 | 3,326 | 3,286 | 93,170 | (2,189) | (120) | (1,959) | \u00a0 |
040 | Electricity, gas, steam and air conditioning supply | 19,562 | 1,689 | 259 | 258 | 18,582 | (133) | (34) | (85) | \u00a0 |
050 | Water supply | 3,397 | 368 | 138 | 136 | 3,397 | (118) | (4) | (109) | \u00a0 |
060 | Construction | 25,065 | 2,815 | 1,889 | 1,882 | 24,937 | (985) | (48) | (888) | (11) |
070 | Wholesale and retail trade | 76,759 | 8,354 | 2,798 | 2,743 | 75,999 | (1,768) | (116) | (1,535) | \u00a0 |
080 | Transport and storage | 26,790 | 2,912 | 614 | 577 | 26,734 | (377) | (36) | (310) | \u00a0 |
090 | Accommodation and food service activities | 7,630 | 1,250 | 571 | 551 | 7,626 | (276) | (16) | (247) | \u00a0 |
100 | Information and communication | 18,396 | 2,090 | 634 | 631 | 18,269 | (206) | (45) | (144) | \u00a0 |
110 | Financial and insurance activities | 24,350 | 1,517 | 450 | 448 | 24,292 | (293) | (38) | (223) | \u00a0 |
120 | Real estate activities | 60,216 | 6,995 | 1,890 | 1,889 | 60,216 | (929) | (126) | (708) | \u00a0 |
130 | Professional, scientific and technical activities | 24,330 | 1,551 | 708 | 691 | 23,561 | (428) | (34) | (348) | \u00a0 |
140 | Administrative and support service activities | 25,461 | 2,158 | 383 | 379 | 25,453 | (293) | (68) | (194) | \u00a0 |
150 | Public administration and defence, compulsory social security | 205 | 64 | 12 | 11 | 205 | (6) | (1) | (5) | \u00a0 |
160 | Education | 966 | 145 | 35 | 35 | 966 | (20) | (1) | (17) | \u00a0 |
170 | Human health services and social work activities | 5,409 | 639 | 128 | 127 | 5,409 | (80) | (13) | (54) | \u00a0 |
180 | Arts, entertainment and recreation | 2,099 | 641 | 136 | 136 | 2,099 | (70) | (7) | (60) | \u00a0 |
190 | Other services | 6,883 | 1,297 | 474 | 274 | 6,882 | (151) | (26) | (117) | \u00a0 |
200 | Off-balance sheet exposures | 372,589 | 20,139 | 2,281 | 2,281 | 372,589 | (595) | (166) | (309) | - |
\u00a0 | Agriculture, forestry and fishing | 988 | 48 | 3 | 3 | 988 | (2) | (1) | \u00a0 | \u00a0 |
\u00a0 | Mining and quarrying | 10,038 | 116 | 6 | 6 | 10,038 | (2) | (1) | \u00a0 | \u00a0 |
\u00a0 | Manufacturing | 117,538 | 5,630 | 420 | 420 | 117,538 | (164) | (53) | (77) | \u00a0 |
\u00a0 | Electricity, gas, steam and air conditioning supply | 34,247 | 1,525 | 60 | 60 | 34,247 | (21) | (13) | (1) | \u00a0 |
\u00a0 | Water supply | 3,418 | 108 | 81 | 81 | 3,418 | (1) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Construction | 28,290 | 2,526 | 555 | 555 | 28,290 | (125) | (19) | (91) | \u00a0 |
\u00a0 | Wholesale and retail trade | 35,525 | 1,928 | 603 | 603 | 35,525 | (123) | (16) | (87) | \u00a0 |
\u00a0 | Transport and storage | 20,471 | 1,876 | 26 | 26 | 20,471 | (12) | (3) | (5) | \u00a0 |
\u00a0 | Accommodation and food service activities | 2,839 | 276 | 9 | 9 | 2,839 | (6) | (3) | (2) | \u00a0 |
\u00a0 | Information and communication | 26,357 | 1,222 | 247 | 247 | 26,357 | (21) | (12) | (4) | \u00a0 |
\u00a0 | Financial and insurance activities | 18,958 | 759 | 40 | 40 | 18,958 | (23) | (6) | (9) | \u00a0 |
\u00a0 | Real estate activities | 16,492 | 660 | 143 | 143 | 16,492 | (40) | (13) | (19) | \u00a0 |
\u00a0 | Professional, scientific and technical activities | 32,359 | 1,384 | 43 | 43 | 32,359 | (20) | (12) | (1) | \u00a0 |
\u00a0 | Administrative and support service activities | 16,220 | 1,206 | 22 | 22 | 16,220 | (20) | (10) | (5) | \u00a0 |
\u00a0 | Public administration and defence, compulsory social security | 125 | 0 | 1 | 1 | 125 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Education | 188 | 29 | 1 | 1 | 188 | (1) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Human health services and social work activities | 1,474 | 67 | 1 | 1 | 1,474 | (1) | (1) | \u00a0 | \u00a0 |
\u00a0 | Arts, entertainment and recreation | 1,638 | 288 | 5 | 5 | 1,638 | (2) | (2) | \u00a0 | \u00a0 |
\u00a0 | Other services | 5,423 | 491 | 14 | 14 | 5,423 | (10) | (2) | (6) | \u00a0 |
\u00a0 | TOTAL | 809,818 | 67,366 | 17,193 | 16,799 | 806,398 | (9,208) | (941) | (7,512) | (11) |
\u00a0
Industry risks are monitored in terms of gross exposure(10)\u00a0and risk-weighted assets. Certain sectors, defined in line with the principles of the Group\u2019s Risk Appetite Statement, are subject to enhanced monitoring and specific reviews. Their monitoring is carried out on a wider scope, taking into account all the exposures of the Business Groups and entities relating to these sectors as defined by the monitoring and the internal risk management nomenclature.
As at 31 December 2025, the Group\u2019s exposure to Leverage Buy-Out transactions with financial sponsors (\u201cLBO\u201d) amounted to EUR\u00a013.2\u00a0billion, or 0.7% of the Group\u2019s gross on-balance sheet and off-balance sheet commitments, compared with EUR\u00a013.0\u00a0billion, or 0.7% as at 31\u00a0December 2024. The market context was more dynamic than in 2024, in particular in EMEA, but it remains dominated by refinancing operations rather than the recovery of the M&A market.
These exposures are very granular with an average amount of EUR\u00a011\u00a0million per loan (EUR\u00a020\u00a0million taking into account all exposures related to the business groups). This portfolio has proven resilient in the current economic environment, with a slight increase in defaulted assets (EUR\u00a01 332\u00a0million compared to EUR\u00a01 179\u00a0million in 2024) and stage\u00a03 provisions amounting to EUR\u00a0254\u00a0million (compared to EUR\u00a0211\u00a0million at end 2024).
The shipping sector covers a set of segments with very different dynamics: bulk, oil and gas tankers, container carriers, oil services and cruises. Since 2024, these different segments were affected in very heterogeneous ways by the evolution of the macro-economic environment, without this impact being major for any of the subsectors. The cruise segment benefitted from a progressive recovery of demand. The slowdown in maritime container transport continued in 2025 with a normalisation of freight rates however this segment is still doing very well. The dry bulk and tanker segments remain subject to high market volatility linked to the consequences of the invasion of Ukraine and the Middle East conflict. Lastly, the tanker segment benefited from the volatility of oil flows due to geopolitical sanctions in a context of strong demand \u00a0
The shipping industry has to face new environmental constraints (International Maritime Organisation (IMO) standards) involving investment efforts, as well as tariff constraints. A growing number of new orders concern hybrid LNG (Liquefied Natural Gas) propulsion or other technologies with a reduced impact on the environment.
At 31 December 2025, gross exposure of the shipping finance sector was EUR\u00a018.2\u00a0billion, i.e. 0.9% of the Group\u2019s gross on-balance sheet and off-balance sheet credit exposures, compared to EUR\u00a020.0\u00a0billion or 1.1% at 31\u00a0December 2024. Most of this exposure is borne by Corporate &\u00a0Institutional\u00a0Banking (more than 90%, like last year), with good geographical diversification of the client base. Doubtful loans accounted for 0.7% of the Group\u2019s exposure to the shipping finance segment (compared to 0.8% of doubtful loans at 31\u00a0December 2024) and stage\u00a03 provisions were EUR\u00a083\u00a0million (compared to EUR\u00a0117\u00a0million in provisions at 31\u00a0December 2024).
Business activity in this sector is split between airlines and aircraft leasing companies, whose share has stabilised. The gross exposure is EUR\u00a013.4\u00a0billion at 31 December 2025, i.e. 0.7% of the Group\u2019s total gross on- and off-balance sheet commitments, versus EUR\u00a015.8 billion, i.e. 0.9% of the Group\u2019s total gross commitments at 31\u00a0December 2024. Origination continues to be concentrated on leading airlines and lessors as well as the latest technology narrow bodies aircrafts with lower environmental impact and greater economic efficiency. The direct and indirect consequences of the current geopolitical context have not had a visible impact on the cost of risk of this improving portfolio. Thus, the amount of doubtful loans remains low at 31 December 2025 representing 0.5% of the sector\u2019s outstandings (versus 0.7% in 2024). Stage\u00a03 provisions are very limited and represented EUR\u00a010\u00a0million at 31 December 2025, compared to EUR\u00a08\u00a0million at 31\u00a0December 2024.
The commercial real estate sector covers a set of segments with very different dynamics: logistics, office real estate, residential, hotels, shopping centres, but all segments have been affected by rising rates and change of usage in the office sector that are driving down valuations. The Group expects a stabilization of valuations initiated in 2024, and a gradual recovery, without valuations from 2022 necessarily appearing predictable across all segments. More specifically, the office sector is undergoing a change in use following the widespread adoption of work-from-home and some assets in secondary location are experiencing higher vacancy rate.
At 31 December 2025, the gross exposure to the commercial real estate sector was EUR\u00a065.2\u00a0billion, (EUR\u00a067.3\u00a0billion at 31\u00a0December 2024), i.e. 3.4% of the Group\u2019s total gross on- and off-balance sheet commitments (3.7% of total commitments in 2024). This exposure is mainly in Europe and highly diversified between the various market segments, countries and entities of the Group. Defaulted assets represented 4.0% of the sector\u2019s total gross exposure (compared to 3.6% in 2024). On commercial real estate, stage\u00a03 provisions amounted to EUR\u00a0716\u00a0million as at 31 December 2025 (EUR\u00a0730 million as at 31\u00a0December 2024).
The activity of this sector includes the generation, transportation, and distribution of electricity.\u00a0
Electricity demand growth in the coming years will notably be driven by electrification of transport, industry, buildings and AI/data centers.\u00a0
The Group remains diversified, with no sector accounting for more than 10% of corporate lending exposure and more than 4.0% of total credit exposure as at 31\u00a0December 2025.
Doubtful loans increased compared with 2024, resulting from a combined effect of the deterioration of few corporate loans in Americas, in France and CRE activity, offset by a decrease in the doubtful exposures under specialised businesses, in Italy and Asia.
The main effects explaining changes in the amount of doubtful outstandings in 2025 (EU CR2-B) are presented in note\u00a04.f Impaired financial assets (stage\u00a03) to the consolidated financial statments.
The cost of risk and the change in impairment in respect of credit risk are presented in note\u00a02.g Cost of risk to the consolidated financial statements.
The following table shows the carrying amounts of the financial assets and commitments at amortised cost and fair value through equity subject to impairment provisions for credit risk (i.e. excluding instruments at fair value through profit and loss) broken down by impairment stage and by BNP\u00a0Paribas internal rating in the prudential scope. Financial assets subject to impairment are recognised in the following accounting categories:
In millions of euros | 31 December 2025 | |||||||
Gross carrying value | Impairments | Net carrying value | ||||||
BNP Paribas rating or equivalent | TOTAL | |||||||
1 to 3 | 4 to 5 | 6 to 8 | 9 to 10 | Defaulted | ||||
Central Banks | 204,513 | 580 | 3,365 | 749 | \u00a0 | 209,206 | (12) | 209,193 |
Stage\u00a01 | 204,513 | 574 | 3,359 | \u00a0 | \u00a0 | 208,446 | (12) | 208,434 |
Stage\u00a02 | \u00a0 | 5 | 6 | 749 | \u00a0 | 760 | \u00a0 | 760 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt securities at fair value through\u00a0equity | 76,308 | 2,877 | 2,194 | 21 | 6 | 81,407 | (24) | 81,383 |
Stage\u00a01 | 76,308 | 2,773 | 2,067 | 21 | \u00a0 | 81,170 | (9) | 81,160 |
Stage\u00a02 | \u00a0 | 104 | 127 | \u00a0 | \u00a0 | 231 | (12) | 220 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 6 | 6 | (3) | 3 |
Loans and advances at amortised cost | 284,125 | 247,846 | 367,157 | 22,981 | 26,809 | 948,918 | (16,139) | 932,779 |
Stage\u00a01 | 282,307 | 244,076 | 325,321 | 6,412 | \u00a0 | 858,116 | (1,633) | 856,483 |
Stage\u00a02 | 1,818 | 3,770 | 41,836 | 16,569 | \u00a0 | 63,994 | (1,681) | 62,313 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 26,809 | 26,809 | (12,826) | 13,983 |
Debt securities at amortised cost | 138,554 | 8,107 | 3,445 | 1,465 | 281 | 151,852 | (222) | 151,630 |
Stage\u00a01 | 138,554 | 8,068 | 3,428 | 44 | \u00a0 | 150,094 | (18) | 150,076 |
Stage\u00a02 | \u00a0 | 39 | 16 | 1,421 | \u00a0 | 1,477 | (31) | 1,446 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 281 | 281 | (173) | 108 |
Assets held for sale | 129 | 2,171 | 3,829 | 181 | 811 | 7,122 | (626) | 6,495 |
Stage\u00a01 | 129 | 2,112 | 3,242 | 45 | \u00a0 | 5,528 | (29) | 5,499 |
Stage\u00a02 | \u00a0 | 59 | 587 | 136 | \u00a0 | 783 | (42) | 741 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 811 | 811 | (556) | 255 |
Financing and guarantee commitments | 356,922 | 119,492 | 134,509 | 4,437 | 2,259 | 617,619 | (410) | 617,209 |
Stage\u00a01 | 353,277 | 118,177 | 121,341 | 809 | \u00a0 | 593,604 | (174) | 593,431 |
Stage\u00a02 | 3,645 | 1,315 | 13,168 | 3,627 | \u00a0 | 21,756 | (140) | 21,616 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,259 | 2,259 | (97) | 2,162 |
TOTAL | 1,060,552 | 381,074 | 514,499 | 29,834 | 30,167 | 2,016,125 | (17,434) | 1,998,691 |
\u00a0
Financial assets subject to impairment are up by EUR\u202f55\u202fbillion compared to 31\u202fDecember\u202f2024. This increase, which mainly concerns central banks deposits and financing and guarantee commitments, primarily leads to an increase in financial assets and commitments rated 1 to 3 (+\u202fEUR\u202f56\u202fbillion), while financial assets and commitments rated 4 to 5 slightly declined (-EUR\u202f14\u202fbillion, a decrease of -3% compared to 31\u202fDecember\u202f2024).
Loans and receivables at amortised cost classified in Stage 1 and Stage 2 decreased by EUR\u202f5\u202fbillion and EUR\u202f6\u202fbillion respectively, notably as a result of the reclassification of loans and receivables granted by the entity Banque Marocaine pour le Commerce et l\u2019Industrie and its subsidiaries to the aggregate \u201cAssets held for sale\u201d (application of IFRS\u202f5).
In millions of euros | 31 December 2024 | |||||||
Gross carrying value | Impairments | Net carrying value | ||||||
BNP Paribas rating or equivalent | TOTAL | |||||||
1 to 3 | 4 to 5 | 6 to 8 | 9 to 10 | Defaulted | ||||
Central Banks | 174,299 | 1,294 | 3,786 | 597 | \u00a0 | 179,975 | (15) | 179,961 |
Stage\u00a01 | 174,299 | 1,293 | 3,780 | \u00a0 | \u00a0 | 179,371 | (14) | 179,357 |
Stage\u00a02 | \u00a0 | 1 | 6 | 597 | \u00a0 | 604 | (1) | 603 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt securities at fair value through equity | 69,567 | 3,071 | 2,251 | 1 | 106 | 74,997 | (123) | 74,874 |
Stage\u00a01 | 69,567 | 2,956 | 2,084 | 1 | \u00a0 | 74,608 | (10) | 74,598 |
Stage\u00a02 | \u00a0 | 116 | 167 | \u00a0 | \u00a0 | 283 | (11) | 272 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 106 | 106 | (102) | 4 |
Loans and advances at amortised cost | 295,916 | 247,221 | 369,980 | 20,438 | 26,479 | 960,034 | (17,152) | 942,882 |
Stage\u00a01 | 294,095 | 241,379 | 322,731 | 5,221 | \u00a0 | 863,426 | (1,812) | 861,614 |
Stage\u00a02 | 1,821 | 5,842 | 47,250 | 15,217 | \u00a0 | 70,129 | (1,920) | 68,209 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 26,479 | 26,479 | (13,420) | 13,059 |
Debt securities at amortised cost | 127,268 | 12,838 | 5,118 | 1,529 | 265 | 147,019 | (188) | 146,830 |
Stage\u00a01 | 127,268 | 12,508 | 5,068 | \u00a0 | \u00a0 | 144,843 | (16) | 144,827 |
Stage\u00a02 | \u00a0 | 330 | 50 | 1,529 | \u00a0 | 1,911 | (28) | 1,883 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 265 | 265 | (145) | 120 |
Financing and guarantee commitments | 337,114 | 131,476 | 124,485 | 3,863 | 2,439 | 599,377 | (496) | 598,881 |
Stage\u00a01 | 335,261 | 128,219 | 109,042 | 623 | \u00a0 | 573,146 | (163) | 572,983 |
Stage\u00a02 | 1,853 | 3,257 | 15,443 | 3,240 | \u00a0 | 23,792 | (173) | 23,619 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,439 | 2,439 | (160) | 2,279 |
TOTAL | 1,004,164 | 395,900 | 505,620 | 26,429 | 29,290 | 1,961,403 | (17,974) | 1,943,429 |
\u00a0
When a borrower is bordering on or is in financial difficulties, he may receive a concession from the Bank that would otherwise not have been granted if the borrower had not met with financial difficulties. The concession may be:
The loan is then said to be \u201crestructured\u201d. It must retain the status of \u201crestructured\u201d during a period of observation, known as a probation period, for at least two years. The concept of restructuring is described in the accounting principles (note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements as at 31\u00a0December 2025) and is aligned with article\u00a047 of CRR Regulation.
According to the principles for identifying the restructured exposure amounts for the Group as a whole, for the non-retail business, exposures are identified individually during the loan process, notably during committees. As for restructured exposures for retail customers, they are usually identified via a systematic process requiring the use of algorithms whose parameters are validated by the RISK and Finance & Strategy Functions.
Information on restructured loans is reported to the supervisory authority on a quarterly basis.
The following table shows the gross value and impairment amounts of performing and non-performing loans that have been restructured.
\u00a0
\u00a0 | \u00a0 | a | b | c | e | f | g | h |
In millions of euros | \u00a0 | \u00a0 | \u00a0 | 31 December 2025 | ||||
Gross carrying amount | Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions | Collaterals received and financial guarantees received | ||||||
Performing exposures | Non-performing exposures | On performing exposures | On non-performing exposures | \u00a0 | Of which Collateral and financial guarantees received on non-performing exposures | |||
\u00a0 | Of which defaulted | |||||||
010 | Loans and advances | 7,598 | 8,960 | 8,959 | (292) | (3,522) | 8,125 | 3,241 |
030 | General governments | 33 | 48 | 48 | \u00a0 | (35) | 21 | \u00a0 |
040 | Credit institutions | \u00a0 | 5 | 5 | \u00a0 | (5) | \u00a0 | \u00a0 |
050 | Other financial corporations | 103 | 228 | 228 | (3) | (137) | 138 | 89 |
060 | Non-financial corporations | 5,664 | 5,141 | 5,140 | (139) | (1,938) | 6,501 | 2,441 |
070 | Households | 1,798 | 3,539 | 3,538 | (150) | (1,407) | 1,465 | 711 |
080 | Debt securities | \u00a0 | 20 | 20 | - | (20) | - | - |
\u00a0 | Assets held for sale | 16 | 16 | 16 | - | (13) | - | - |
090 | Loan commitments given | 1,766 | 456 | 454 | (16) | (21) | 1,164 | 148 |
100 | Total | 9,380 | 9,452 | 9,449 | (309) | (3,577) | 9,289 | 3,389 |
\u00a0 | \u00a0 | a | b | c | e | f | g | h |
In millions of euros | \u00a0 | \u00a0 | \u00a0 | 31 December 2024 | ||||
Gross carrying amount | Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions | Collaterals received and financial guarantees received | ||||||
Performing exposures | Non-performing exposures | On performing exposures | On non-performing exposures | \u00a0 | Of which Collateral and financial guarantees received on non-performing exposures | |||
\u00a0 | Of which defaulted | |||||||
010 | Loans and advances | 8,328 | 7,985 | 7,984 | (289) | (3,260) | 8,500 | 2,850 |
030 | General governments | 14 | 3 | 3 | \u00a0 | (2) | \u00a0 | \u00a0 |
040 | Credit institutions | \u00a0 | 5 | 5 | \u00a0 | (5) | \u00a0 | \u00a0 |
050 | Other financial corporations | 111 | 386 | 386 | (2) | (258) | 162 | 114 |
060 | Non-financial corporations | 6,281 | 4,255 | 4,253 | (145) | (1,725) | 6,766 | 2,006 |
070 | Households | 1,923 | 3,336 | 3,336 | (141) | (1,270) | 1,572 | 730 |
080 | Debt securities | - | 22 | 22 | - | (22) | - | - |
090 | Loan commitments given | 2,209 | 433 | 431 | (11) | (34) | 1,323 | 245 |
100 | Total | 10,537 | 8,440 | 8,437 | (300) | (3,316) | 9,823 | 3,095 |
\u00a0 | \u00a0 | \u00a0 | a | b | c | d | e |
In millions of euros | \u00a0 | \u00a0 | 31 December 2025 | ||||
Gross carrying amount | Unsecured net carrying amount | Secured net carrying amount | |||||
\u00a0 | Secured by\u00a0 | Secured by personal guarantees | |||||
\u00a0 | Secured by credit derivatives | ||||||
1 | Loans and advances | 1,160,635 | 625,302 | 519,178 | 316,695 | 202,484 | \u00a0 |
2 | Debt securities | 234,557 | 230,529 | 3,749 | 1,865 | 1,884 | \u00a0 |
3 | Total | 1,395,192 | 855,831 | 522,928 | 318,560 | 204,368 | \u00a0 |
4 | of which non-performing exposures | 27,488 | 5,628 | 8,814 | 5,623 | 3,191 | \u00a0 |
EU-5 | of which defaulted | 27,140 | 5,464 | 8,701 | 5,596 | 3,105 | \u00a0 |
\u00a0 | Debt instruments held for sale | 7,122 | 4,531 | 1,964 | 1,906 | 58 | - |
\u00a0
\u00a0 | \u00a0 | \u00a0 | a | b | c | d | e |
In millions of euros | \u00a0 | \u00a0 | 31 December 2024 | ||||
Gross carrying amount | Unsecured net carrying amount | Secured net carrying amount | |||||
\u00a0 | Secured by physical collateral | Secured by personal guarantees | |||||
\u00a0 | Secured by credit derivatives | ||||||
1 | Loans and advances | 1,143,839 | 593,984 | 532,676 | 320,793 | 211,883 | \u00a0 |
2 | Debt securities | 223,430 | 219,153 | 3,925 | 2,035 | 1,890 | \u00a0 |
3 | Total | 1,367,269 | 813,137 | 536,601 | 322,828 | 213,773 | - |
4 | of which non-performing exposures | 27,421 | 5,048 | 8,646 | 5,435 | 3,211 | \u00a0 |
EU-5 | of which defaulted | 26,923 | 4,785 | 8,506 | 5,420 | 3,086 | \u00a0 |
\u00a0 | \u00a0 | a | b | a | b |
In millions of euros | \u00a0 | 31 December 2025 | 31 December 2024 | ||
Collateral obtained by taking possession accumulated | Collateral obtained by taking possession accumulated | ||||
Value at initial recognition | Accumulated negative changes | Value at initial recognition | Accumulated negative changes | ||
010 | Property Plant and Equipment (PP&E) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
020 | Other than Property Plant and Equipment | 165 | (18) | 191 | (23) |
030 | Residential immovable property | 143 | (17) | 167 | (23) |
040 | Commercial immovable property | 5 | \u00a0 | 6 | \u00a0 |
050 | Movable property (auto, shipping, etc.) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
060 | Equity and debt instruments | 17 | \u00a0 | 19 | \u00a0 |
070 | Other collateral | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
080 | TOTAL | 165 | (18) | 191 | (23) |
\u00a0
Collateral obtained by taking possession includes assets obtained in exchange for cancellation of the receivable, whether on a voluntary basis or on the basis of legal proceedings.
The accounting classification of securitisation positions in the banking book is shown in Table\u00a09: Prudential balance sheet by risk type (EU\u00a0LI1-B).Securitisation positions classified as \u201cFinancial assets at amortised cost\u201d are measured using the method described in note\u00a01.f.1 Financial assets at amortised cost to the consolidated financial statements: the effective interest rate used to recognise interest income is measured on the basis of an expected cash flow model. From the outset, these positions are subject to an impairment calculation for expected credit risk losses (see note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements).
Securitisation positions classified on an accounting basis as \u201cFinancial assets at fair value through equity\u201d are measured using the method described in note\u00a01.f.2 Financial assets at fair value through shareholders\u2019 equity to the consolidated financial statements. Changes in fair value determined according to the principles listed in note\u00a01.f.10 Determination of fair value to the consolidated financial statements (excluding revenue recognised using the effective interest method) are presented in a specific subsection of shareholders\u2019 equity along with expected credit risk losses calculated using the methods described in note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements. Upon disposal, amounts previously recognised in recyclable equity are transferred to the profit and loss account.
Securitisation positions classified on an accounting basis as \u201cFinancial instruments at fair value through profit or loss\u201d are measured using the method described in note\u00a01.f.7 Financial instruments at fair value through profit or loss to the consolidated financial statements.
Proceeds from the sale of securitisation positions are recognised in accordance with rules for the category of origin of positions sold.
Synthetic securitisations in the form of credit derivatives (credit default swaps) or guarantees received follow accounting rules appertaining respectively:
Assets awaiting securitisation are classified as:
The VaR is a statistical measure indicating the worst loss expected for a given portfolio over a given time horizon and within a given confidence interval under normal market movements. It is not a maximum loss and it can potentially be exceeded in some cases, for example in the event of abnormal market conditions.
The BNP\u00a0Paribas VaR calculation uses an internal model which has been approved by the banking supervisor. The BNP\u00a0Paribas VaR methodology aims to accurately compute a one-day Value at Risk at the 99% confidence level.
The VaR calculation is based on a Monte-Carlo approach, which not only performs normal or log-normal simulations but also accounts for the non-normality often observed in financial markets as well as correlation between risk factors. An equally weighted one-year rolling window of historical market data (updated fortnightly) is used to calibrate the Monte-Carlo simulation.
The principal groups of simulated factors include: interest rates, credit spreads, exchange rates, equity prices, commodities prices, and associated volatilities. Changes in risk factors are proportional (share prices, volatility, CDS spreads) or absolute (rates excluding OIS, spreads, repo rates, correlations).
The valuation method used varies depending not upon the product but upon the type of risk we are capturing. To generalise, the methods used are either sensitivity based or full revaluation based on grid interpolation to incorporate both linear and, especially for derivatives, non-linear effects. In both cases, BNP\u00a0Paribas calculates the general and specific risk as a whole, taking into account the diversification effect by correlating market parameters.
The algorithms, methodologies and sets of indicators are reviewed and improved regularly to take into account the capital market evolution.
VaR is a statistical measure that does not take into account losses outside a given confidence interval and does not apply to losses related to intraday market movements. Other risk measures, such as Stressed VaR (SVaR), IRC and CRM, complement the BNP\u00a0Paribas Group\u2019s market risk monitoring and management system.
The VaR set out below are calculated from an internal model, which uses parameters that comply with regulations in place. They correspond to measurements taken into account within the framework of monitoring market limits. They are based on a one-day time horizon and a 99% confidence interval.
In 2025, total average VaR for BNP\u00a0Paribas was EUR\u00a034\u00a0million (with a minimum of EUR\u00a026\u00a0million and a maximum of EUR\u00a050\u00a0million), after taking into account the -EUR\u00a036\u00a0million netting effect between the different types of risks. These amounts break down as follows:
\u00a0
In millions of euros | Year to 2025 | Year to 2024 | ||||
Minimum(1) | Average | Maximum(1) | Last measure | Average | Last measure | |
Interest rate risk | 16 | 23 | 38 | 18 | 26 | 25 |
Credit risk | 6 | 9 | 12 | 9 | 11 | 10 |
Foreign exchange risk | 4 | 7 | 14 | 7 | 9 | 9 |
Equity price risk | 18 | 24 | 46 | 22 | 16 | 25 |
Commodity price risk | 3 | 7 | 14 | 6 | 8 | 10 |
Netting effect(1) |
| (36) |
| (32) | (38) | (45) |
TOTAL VALUE AT RISK | 26 | 34 | 50 | 31 | 32 | 33 |
(1) | Note that the minimum and maximum figures shown above for the various risk types are computed on a standalone basis (i.e. independently from\u00a0 each other as well as the total VaR). While the minimum or maximum for each risk type may not necessarily be observed on the same date,\u00a0 minimum/maximum netting effects are not considered relevant. |
So-called \u201coperating\u201d foreign exchange risk exposure relates to net earnings generated by activities conducted in currencies other than the functional currency of the entity concerned. The Group\u2019s policy is to hedge the variability of its net income due to currency movements. To this end, earnings generated in a currency other than the functional currency of a given entity of the Group are hedged locally.
The so-called \u201cstructural\u201d foreign exchange position of an entity relates to investments in currencies other than the functional currency. This position mainly results from the capital endowment of the branches and equity investments in foreign currencies financed by buying the investment currency. This structural foreign exchange position, adjusted for any intangibles, constitutes patrimonial exposure.
The Group\u2019s policy is to hedge portfolio exposure to liquid currencies, while at the same time maintaining the solvency ratio\u2019s limited sensitivity to exchange rate fluctuations. For this, borrowings in the same currency as the investment are used as an alternative to financing by purchasing the currency in question. Borrowings are recognised as hedges of investments.
Interest rate risk in the banking book, or global interest rate risk, is the risk of variability in results as a result of mismatches in interest rates, maturities and nature between assets and liabilities in the banking book. This risk arises in non-trading portfolios.
\u00a0
The Board of directors is informed quarterly on the principles governing interest rate policy and the Group\u2019s position through the Internal Control, Risk Management and Compliance Committee (CCIRC).
The Chief Executive Officer delegates management responsibility to the Group ALM Treasury Committee (Asset and Liability Management Committee). The permanent members of the Group ALM Treasury Committee are the Group Senior Executive Advisor (Chairman), the Delegate Deputy Chief Operating Officers, the Group Chief Risk Officer, the Group Chief Financial Officer, the Group ALM Treasury Head. The Head of Inspection G\u00e9n\u00e9rale and the Head of Compliance are also invited. This committee is responsible for tracking interest rate risk monitoring indicators, proposing the Group\u2019s interest rate risk profile and assigning limits.
ALM Treasury is responsible for the analysis of the management proposals and operational implementation of decisions related to managing the interest rate risk of the banking book as part of its delegated management.
The RISK Function participates in the Group ALM Treasury Committee and the local ALM Treasury Committees (ALCo) and oversees implementation by ALM Treasury of the relevant decisions made by these committees. It also provides second-line control by reviewing the models and risk indicators, monitoring the level of risk indicators and ensuring compliance with the limits assigned.
The banking book consists of the Group\u2019s total bank balance sheet, excluding trading book transactions. This includes intermediation transactions (deposits, loans, etc.), non-commercial balance sheet items (equity, fixed assets, etc.) and banking book risk management activities, including derivatives used for the management of interest rate risk on the banking book (notably when they are ineligible for hedge accounting under IFRS).
Banking book interest rate risk in each BNP\u00a0Paribas entity is systematically transferred to ALM Treasury, through internal analytic contracts or lending/borrowing transactions. For the Group as a whole, ALM Treasury is responsible for managing the interest rate risk transferred in this way.
Decisions concerning the management of interest rate risk are made and monitored during monthly or quarterly committee meetings by entity or group of entities, attended by representatives of local ALM Treasury, Group ALM Treasury, FINANCE & STRATEGY and RISK Functions and senior management of the entities and/or businesses.
Rate positions are measured taking into account the specific features of the risks managed. Hence, the Group has defined the concepts of standard rate risks and structural rate risks. The standard rate risk corresponds to the general case, namely when it is possible to define uniquely the most appropriate hedging strategy for a given transaction. The structural rate risk is the interest rate risk for equity and non-interest-bearing current accounts: the investment of these balance sheet items generates regular revenues but are sensitive to interest rate levels. However, it is not possible to define a single hedging strategy to fully neutralise this sensitivity. In this case, the Group included all the possible so-called \u201cneutral\u201d management strategies in terms of interest rate risk.
Interest rate risks are analysed in terms of interest rate gaps that measure for each future period the potential rate characteristic mismatches between assets and liabilities (fixed rate and indexation type). In the interest rate gaps, the optional effects, in particular linked to behavioural options, are embedded and translated into their delta equivalent. Value indicators are also used.
The maturity split is determined on the basis of the contractual terms of the transactions and observations of customer behaviour. For Retail\u00a0Banking products, behavioural models are based on historical or forward data and econometric studies. These possible management strategies notably relate to early redemption and savings accounts. Moreover, the maturities of non-interest-bearing current accounts and of equity are calculated according to a more conventional approach defining a range of investments taking into account the objective of stabilising results and stability of deposits. For current accounts, average maturities are less than five\u00a0years and the proportion invested beyond 10\u00a0years is negligible.
Incorporating dynamic changes in balance sheet items, the interest rate risk is measured through indicators of the sensitivity of revenues to interest rate changes on a going concern basis. This enables the partial or zero correlation between customer interest rates and market interest rates to be taken into account on the one hand, and the volume sensitivities to interest rates on the other hand, which create a risk to future revenues.
The choice of indicators and risk modelling are reviewed by RISK. The results and the adjustments following these reviews are presented and monitored to the committees on a regular basis.
The interest rate risk measurement indicators are consistently presented to the ALCos and serve as the basis for operating risk management decisions.
Interest rate risk indicators span the entire banking book as at 31\u00a0December 2025.
The interest rate gaps are subject to interest rate risk limits across all time horizons. These limits are calibrated based on the nature of the risks (standard or structural) at Group and entity level. They are reviewed annually.
The Group\u2019s revenue sensitivity indicator is subject to limits and a warning threshold relative to the overall sensitivity level, also broken down by division and the main entities. Moreover, the Group regularly monitors the impact of stress scenarios on its revenues.
Net interest income sensitivities are calculated on the total banking book, over one-, two- and three-year rolling timeframes notably, for a parallel, instantaneous and definitive increase and decrease in market rates on all currencies over all the terms of \u00b150 basis points (\u00b10.5%). These sensitivities are measured as deviations from the NII projection for the central rate scenario corresponding to future interest rates expected by the markets at estimation date (e.g. forward rates seen at the end of December\u00a02025 for sensitivities at the end of 2025). Other scenarios are also used to measure NII sensitivities, including instantaneous, parallel and definitive shocks of \u00b1200 basis points.
The sensitivities include the direct impacts of market rates and business trends. Indirect effects on commercial activity linked to changes in outstandings and customer rates, are also taken into account. Thus, increases in sight non\u2011interest\u2011bearing current account balances, observed during the period of low or negative interest rates, are considered as situational to the low interest rates environment, and are assumed to decrease gradually when short\u2011term rates return to sufficiently positive levels.\u00a0
In millions of euros | 31 December 2025 | |
For +50\u00a0bps shock | For -50\u00a0bps shock | |
Year 1 | (104) | 18 |
Year 2 | 125 | (269) |
Year 3 | 345 | (434) |
\u00a0
In millions of euros | 31 December 2024 | |
For +50\u00a0bps shock | For -50\u00a0bps shock | |
Year 1 | 147 | (134) |
Year 2 | 313 | (266) |
Year 3 | 574 | (516) |
Currency hedges are contracted by the ALM Treasury in relation to the Group\u2019s investments in foreign currencies and its future foreign currency revenues. Each hedging relationship is formally documented at inception. The documentation describes the hedging strategy, identifies the hedged item and the hedging instrument, and the nature of the hedged risk and describes the methodology used to test the expected (prospective) and actual (retrospective) effectiveness of the hedge.
A hedging relationship is applied and documented for investments in subsidiaries and branches financed by foreign currency loans so as to record movements in exchange rates symmetrically and avoid impacts on the profit and loss account. In this context, these instruments are designated as net investment hedges. The amount of these loans stood at EUR\u00a016.3\u00a0billion at 31\u00a0December 2025, compared with EUR\u00a014\u00a0billion at 31\u00a0December 2024. The changes in value related to exchange differences recognised directly in equity with respect to these hedges amounted to +EUR\u00a01 021\u00a0million in 2025, compared with -EUR\u00a0964\u00a0million at 31\u00a0December 2024.
During the 2025 financial year, no net investment hedging relationships were disqualified.
The amount recorded in the profit and loss account for 2025 with respect to the ineffective portion of hedges of net investments is immaterial.
Period to realisation In millions of euros | 31 December 2025 | 31 December 2024 | ||||||
Less than 1\u00a0year | 1 to 5\u00a0years | More than 5\u00a0years | Total | Less than 1\u00a0year | 1 to 5\u00a0years | More than 5\u00a0years | Total | |
Hedged cash flows | 2,201 | 5,478 | 1,326 | 9,005 | 2,617 | 6,720 | 1,779 | 11,115 |
\u00a0
In 2025, no cash flow hedges were declassified on the grounds that achieving these future earnings would no longer be highly probable.The objectives of the Group\u2019s liquidity management policy are to\u00a0secure a balanced financing structure for the development of\u00a0BNP\u00a0Paribas business activities, and to ensure it is sufficiently robust to cope with crisis situations.
The liquidity risk management framework relies on:
The Group\u2019s liquidity policy defines the management principles that\u00a0apply across all Group entities and businesses and across all\u00a0time\u00a0horizons.
By delegation of the Group Director and Chief Executive Officer, the Group Senior Executive Advisor chairs the Group ALM Treasury Committee (ALCo), which oversees the risks managed by the ALM Treasury (liquidity, IRRBB and FXBB).
The Internal Control, Risk Management and Compliance Committee (CCIRC) reports quarterly to the Board of directors on liquidity policy principles and the Group\u2019s liquidity position.
The Group ALM Treasury Committee is responsible for:
In particular, the Group ALM Treasury Committee is informed about funding programmes and programmes to build up liquidity reserves, simulations in crisis conditions (stress tests), and about all events that may arise in crisis situations.
The Group ALM Treasury Committee is tasked with defining the\u00a0management approach in periods of crisis (emergency plan). This\u00a0framework is based on:
The Group ALM Treasury Committee meets every month under normal conditions and more often in stressed conditions or to deal with specific issues.
The permanent members of the Group ALM Treasury Committee are the Group Senior Executive Advisor (Chairman), the Delegate Deputy Chief Operating Officers, the Chief Risk Officer, the Group Chief Financial Officer and the Group ALM Treasury Head. Other members represent the RISK Function, Finance & Strategy Function and ALM Treasury. The Head of Inspection G\u00e9n\u00e9rale and the Head of Compliance are also invited.
Across the Group, ALM Treasury is responsible for the operational implementation of the Group ALM Treasury Committee\u2019s liquidity management decisions. The ALM Treasury Committees in entities or groups of entities are responsible for local implementation of the strategy decided by the Group ALM Treasury Committee to manage the Bank\u2019s liquidity risk.
ALM Treasury is responsible for managing liquidity for the entire Group across all maturities. In particular, it is responsible for funding and short-term issuance (certificates of deposit, commercial paper, etc.), for senior and subordinated debt issuance (MTNs, bonds, medium/long\u2011term deposits, covered bonds, etc.), preferred share issuance, and loan securitisation programmes for the Group. ALM Treasury is tasked with providing internal funding to the Group\u2019s divisions, operating entities and business lines, and investing their surplus cash. It is also responsible for building up and managing liquidity reserves, which comprise assets that can be easily sold in the event of a liquidity squeeze.
RISK participates in the Group and local ALM Treasury Committees and oversees implementation by ALM Treasury of the relevant decisions made by these committees. It provides second-line control by reviewing the models and risk indicators (including liquidity stress tests), monitoring risk indicators and ensuring compliance with the limits assigned.
Finance & Strategy is responsible for producing the regulatory liquidity indicators, as well as the internal monitoring indicators. Finance & Strategy oversees the consistency of the internal monitoring indicators with the objectives defined by the Group ALM Treasury Committee. Finance & Strategy takes also part in the Group and local ALM Committees.
The management indicators relate to funding needs of Group\u2019s business lines under normal and stressed conditions. These indicators are part of the Group\u2019s budget management framework, with targets and regular (monthly) monitoring of the deviations from the projections set.
The funding needs associated with the activity of the Group\u2019s businesses are managed in particular by measuring the difference between commercial funding needs (customer loans and overdrafts, trading assets, etc.) and commercial funding resources (customer deposits, sale of the Group\u2019s debt securities to customers, trading liabilities, etc.). This indicator makes it possible to measure the\u00a0business lines\u2019 liquidity consumption under a normal business\u00a0scenario.
It is supplemented by indicators to measure the funding needs of the business lines in one month and one year depending on the assumptions defined by European regulations in force: the Liquidity Coverage Ratio and the Net Stable Funding Ratio.
In addition to this commercial funding need indicators, the Group closely monitors the liquidity reserves and the refinancing provided by ALM Treasury, as well as the Group\u2019s structural resources (i.e.\u00a0net\u00a0own\u00a0funds).
The overall management of the business funding needs, the Group\u2019s structural resources, funding and liquidity reserves made by the ALM Treasury allows the Group to achieve a structurally robust liquidity situation able to resist severe liquidity stresses.
Business lines\u2019 consumption of liquidity is thus integrated in the Group\u2019s budget process, wherein each business line estimates its future liquidity needs or its future liquidity contribution, in keeping with projections of the business needs and contributions are compared with the funding provided by the ALM Treasury and the structural resources, in order to assess whether the Group's consolidated liquidity situation is satisfactory. During the iterative budget process, liquidity consumption objectives are allotted to the business lines, taking into account the funding provided by ALM Treasury and structural resources, in line with the Group\u2019s overall target. This process is regularly renewed, monitored and adjusted as appropriate throughout the year by the Group ALM Treasury Committee.
All of the Group\u2019s assets and liabilities are subject to internal liquidity pricing, the principles of which are decided by the Group ALM Treasury Committee and aim to take account of trends in the cost of market liquidity and the balance between assets and liabilities within the Group\u2019s development strategy.
At end-2025, the businesses had a net liquidity surplus, asthe last year (deposits higher than loans). Group\u2019s net equity is added to this surplus leading to an overall liquidity surplus.
In this context, the funding provided by ALM Treasury is used to finance the liquidity reserve, while also correcting the structural differences between assets and liabilities (by maturity term) and covering TLAC (Total Loss-Absorbing Capacity) requirements, as\u00a0well\u00a0as future Minimum Requirement for own funds and Eligible Liabilities (MREL).
The Group maintains a large surplus in liquidity.
The medium-to long-term liquidity positions are measured regularly at Group level by entity and by currency to evaluate the medium-to long-term resources and uses. To this end, each balance sheet item is given a maturity in an economic approach using models and conventions offered by ALM Treasury and reviewed by the RISK Function, or a regulatory approach by applying standardised weightings of the Net Stable Funding Ratio (NSFR). For example, despite their immediate availability, the current accounts of retail customers and those linked with corporates\u2019 cash management activities always remain highly stable, even through the most severe financial crises, thus constituting stable medium- to long-term funding sources in both an economic and a regulatory approach.
Liquidity stress tests are performed regularly on various maturities (one day to twelve months) based on market factors and/or factors specific to the Group and using different scenarios: idiosyncratic (i.e. specific to BNP\u00a0Paribas), systemic crisis (affecting financial institutions), and combined crisis scenarios.
For each crisis scenario considered, borrowings and liabilities are expected to only partially renew, while loan amortisations are expected to be replaced by new loans to protect the commercial franchise, off-balance sheet financing commitments are expected to be used, and market assets are expected to lose their market liquidity. Commitment renewal and utilisation are differentiated in intensity and in time, based on client type (individuals, small and medium enterprises, corporates, financial institutions, etc.) and/or the type of underlying for secured borrowings and loans (repos/reverse repos). Stress scenarios also cover calls for additional collateral (e.g. increased margin calls for collateralised derivatives, impact of \u201crating trigger\u201d clauses).
The liquidity reserve consists of Group assets held by ALM Treasury and the capital market businesses. The liquidity reserve comprises:
In millions of euros | 31 December 2025 | |||||||
Not determined | Overnight or demand | Up to 1\u00a0month (excl. Overnight) | 1 to 3\u00a0months | 3\u00a0months\u00a0 | 1 to 5\u00a0years | More than 5\u00a0years | TOTAL | |
ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash and amounts due from central banks | \u00a0 | 211,581 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 211,581 |
Financial instruments at fair value through profit and loss | 596,829 | 52,344 | 123,655 | 22,618 | 23,182 | 26,566 | 6,540 | 851,735 |
Securities | 321,719 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 321,719 |
Loans and repurchase agreements | \u00a0 | 52,344 | 123,655 | 22,618 | 23,182 | 26,566 | 6,540 | 254,905 |
Derivative financial instruments | 275,110 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 275,110 |
Derivatives used for hedging purposes | 20,040 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 20,040 |
Financial assets at fair value through equity | 1,476 | \u00a0 | 1,541 | 1,734 | 4,951 | 35,135 | 37,968 | 82,805 |
Debt securities | 55 | \u00a0 | 1,541 | 1,734 | 4,951 | 35,135 | 37,968 | 81,384 |
Equity securities | 1,420 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 1,420 |
Financial assets at amortised cost | 422 | 40,732 | 75,184 | 85,411 | 150,036 | 410,176 | 322,449 | 1,084,410 |
Loans and advances to credit institutions | \u00a0 | 7,667 | 12,863 | 2,465 | 2,313 | 685 | 411 | 26,405 |
Loans and advances to customers | \u00a0 | 32,875 | 58,317 | 78,064 | 130,149 | 349,008 | 257,963 | 906,374 |
Debt securities | 422 | 190 | 4,004 | 4,882 | 17,574 | 60,483 | 64,075 | 151,630 |
Remeasurement adjustment on interest rate risk hedged portfolios | (2,335) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (2,335) |
Financial assets | 616,432 | 304,657 | 200,381 | 109,763 | 178,169 | 471,877 | 366,956 | 2,248,234 |
Other non-financial assets | 173,978 | 8,132 | 8,696 | 7,209 | 12,568 | 28,580 | 4,970 | 244,133 |
Assets held for sale | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 7,805 | \u00a0 | \u00a0 | 7,805 |
TOTAL ASSETS | 790,410 | 312,789 | 209,077 | 116,971 | 198,543 | 500,457 | 371,926 | 2,500,172 |
of which Loans and advances | \u00a0 | 83,606 | 194,835 | 103,146 | 155,644 | 376,260 | 264,914 | 1,178,405 |
of which Debt securities | 152,740 | 190 | 5,546 | 6,616 | 22,525 | 95,617 | 102,042 | 385,277 |
LIABILITIES |
|
|
|
|
|
|
|
|
Deposit from central banks | \u00a0 | 4,401 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 4,401 |
Financial instruments at fair value through profit and loss | 351,566 | 27,932 | 265,200 | 47,491 | 44,895 | 71,795 | 29,723 | 838,603 |
Securities | 98,487 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 98,487 |
Deposits and repurchase agreements | \u00a0 | 27,620 | 256,527 | 38,664 | 20,839 | 11,901 | 2,655 | 358,206 |
Issued debt securities | \u00a0 | 312 | 8,674 | 8,827 | 24,056 | 59,894 | 27,068 | 128,830 |
Derivative financial instruments | 253,079 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 253,079 |
Derivatives used for hedging purposes | 28,445 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 28,445 |
Financial liabilities at amortised cost | \u00a0 | 748,320 | 207,641 | 151,655 | 100,236 | 77,825 | 64,131 | 1,349,809 |
Deposits from credit institutions | \u00a0 | 11,059 | 30,091 | 7,771 | 13,071 | 2,019 | 55 | 64,067 |
Deposits from customers | \u00a0 | 737,200 | 162,185 | 113,775 | 56,141 | 5,810 | 2,301 | 1,077,412 |
Debt securities | \u00a0 | 61 | 14,598 | 30,110 | 28,787 | 66,382 | 34,949 | 174,886 |
Subordinated debt | \u00a0 | \u00a0 | 767 | \u00a0 | 2,237 | 3,613 | 26,826 | 33,444 |
Remeasurement adjustment on interest rate risk hedged portfolios | (9,811) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (9,811) |
Financial liabilities | 370,200 | 780,653 | 472,841 | 199,146 | 145,132 | 149,620 | 93,855 | 2,211,447 |
Other non-financial liabilities | 239,342 | 5,926 | 13,430 | 3,832 | 2,655 | 1,112 | 16,356 | 282,654 |
Liabilities associated with assets held for sale | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 6,072 | \u00a0 | \u00a0 | 6,072 |
TOTAL LIABILITIES AND EQUITY | 609,542 | 786,579 | 486,271 | 202,979 | 153,858 | 150,732 | 110,211 | 2,500,172 |
In millions of euros | 31 December 2024 | |||||||
Not determined | Overnight or demand | Up to 1\u00a0month (excl. Overnight) | 1 to 3\u00a0months | 3\u00a0months\u00a0 | 1 to 5\u00a0years | More than 5\u00a0years | TOTAL | |
ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash and amounts due from central banks | \u00a0 | 182,504 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 182,504 |
Financial instruments at fair value through profit and loss | 591,250 | 42,333 | 97,130 | 30,911 | 28,187 | 23,440 | 4,768 | 818,022 |
Securities | 267,920 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 267,920 |
Loans and repurchase agreements | \u00a0 | 42,333 | 97,130 | 30,911 | 28,187 | 23,440 | 4,768 | 226,771 |
Derivative financial instruments | 323,331 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 323,331 |
Derivatives used for hedging purposes | 20,930 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 20,930 |
Financial assets at fair value through equity | 1,637 | 140 | 1,800 | 1,304 | 3,728 | 28,932 | 38,943 | 76,484 |
Debt securities | 27 | 140 | 1,800 | 1,304 | 3,728 | 28,932 | 38,943 | 74,874 |
Equity securities | 1,610 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 1,610 |
Financial assets at amortised cost | 146 | 42,076 | 80,712 | 88,862 | 156,057 | 408,647 | 313,213 | 1,089,713 |
Loans and advances to credit institutions | \u00a0 | 7,455 | 11,806 | 5,173 | 4,772 | 1,539 | 648 | 31,393 |
Loans and advances to customers | \u00a0 | 34,472 | 65,560 | 78,389 | 130,328 | 344,865 | 257,875 | 911,489 |
Debt securities | 146 | 148 | 3,347 | 5,301 | 20,957 | 62,242 | 54,690 | 146,830 |
Remeasurement adjustment on interest rate risk hedged portfolios | (758) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (758) |
Financial assets | 613,205 | 267,054 | 179,643 | 121,078 | 187,972 | 461,019 | 356,924 | 2,186,895 |
Other assets | 178,054 | 8,916 | 9,421 | 5,503 | 11,061 | 27,537 | 5,435 | 245,928 |
TOTAL ASSETS | 791,259 | 275,970 | 189,064 | 126,581 | 199,032 | 488,556 | 362,359 | 2,432,823 |
of which Loans and advances | \u00a0 | 75,718 | 174,496 | 114,473 | 163,287 | 369,845 | 263,292 | 1,161,111 |
of which Debt securities | 137,902 | 289 | 5,147 | 6,605 | 24,684 | 91,174 | 93,632 | 359,434 |
LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposit from central banks | \u00a0 | 3,366 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 3,366 |
Financial instruments at fair value through profit and loss | 382,202 | 36,489 | 194,996 | 50,812 | 45,095 | 59,779 | 22,299 | 791,671 |
Securities | 79,958 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 79,958 |
Deposits and repurchase agreements | \u00a0 | 36,489 | 189,196 | 43,873 | 21,992 | 11,236 | 2,091 | 304,877 |
Issued debt securities | \u00a0 | \u00a0 | 5,800 | 6,939 | 23,102 | 48,543 | 20,207 | 104,592 |
Derivative financial instruments | 302,243 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 302,243 |
Derivatives used for hedging purposes | 36,823 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 36,823 |
Financial liabilities at amortised cost | \u00a0 | 712,068 | 192,246 | 169,571 | 110,293 | 86,230 | 60,281 | 1,330,689 |
Deposits from credit institutions | \u00a0 | 10,265 | 11,656 | 27,436 | 10,360 | 3,035 | 314 | 63,067 |
Deposits from customers | \u00a0 | 701,803 | 170,597 | 97,292 | 54,130 | 10,103 | 2,741 | 1,036,666 |
Debt securities | \u00a0 | \u00a0 | 9,986 | 43,318 | 44,207 | 66,612 | 36,095 | 200,219 |
Subordinated debt | \u00a0 | \u00a0 | 6 | 1,525 | 1,595 | 6,480 | 21,131 | 30,737 |
Remeasurement adjustment on interest rate risk hedged portfolios | (10,696) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (10,696) |
Financial liabilities | 408,329 | 751,923 | 387,242 | 220,383 | 155,388 | 146,009 | 82,580 | 2,151,853 |
Other non-financial liabilities | 235,115 | 4,644 | 15,332 | 3,710 | 2,523 | 1,290 | 18,355 | 280,969 |
TOTAL LIABILITIES AND EQUITY | 643,444 | 756,567 | 402,574 | 224,093 | 157,911 | 147,298 | 100,934 | 2,432,823 |
For liquidity risk management, the above contractual schedule is supplemented by economic analyses taking into account customer behaviour or market liquidity of certain assets (e.g. securities), under normal conditions and stress situations.
To this end, the Group uses a set of tools to anticipate and manage its economic liquidity, in particular as previously stated:
The following table presents the details of Table\u00a0100: Contractual maturities of the prudential balance sheet for equity instruments and debt securities issued by the Group in the medium and long term, excluding early redemption options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_8c9c2e8c-1a59-49f0-90eb-287ac76d3bd8": { "value": "Financial assets are classified at amortised cost, at fair value through shareholders\u2019 equity or at fair value through profit or loss depending on the business model and the contractual features of the instruments at initial recognition.
Financial liabilities are classified at amortised cost or at fair value through profit or loss at initial recognition.
Financial assets and liabilities are recognised in the balance sheet when the Group becomes a party to the contractual provisions of the instrument. Purchases and sales of financial assets made within a period established by the regulations or by a convention in the relevant marketplace are recognised in the balance sheet at the settlement date.
Financial assets are classified at amortised cost if the following two criteria are met: the business model objective is to hold the instrument in order to collect the contractual cash flows and the cash flows consist solely of payments relating to principal and interest on the principal.
This category includes, in particular, loans granted by the Group, as well as reverse repurchase agreements and securities held by the Group ALM Treasury in order to collect contractual flows and which meet the cash flow criterion.
Financial assets are managed within a business model whose objective is to hold financial assets in order to collect cash flows through the collection of contractual payments over the life of the instrument.
The realisation of disposals close to the maturity of the instrument and for an amount close to the remaining contractual cash flows, or due to an increase in the counterparty\u2019s credit risk is consistent with a business model whose objective is to collect the contractual cash flows (\u201ccollect\u201d). Sales imposed by regulatory requirements or to manage the concentration of credit risk (without an increase in the asset\u2019s credit risk) are also consistent with this business model when they are infrequent or insignificant in value.
The cash flow criterion is satisfied if the contractual terms of the debt instrument give rise, on specified dates, to cash flows that are solely repayments of principal and interest on the principal amount outstanding.
The criterion is not met in the event of a contractual characteristic that exposes the holder to risks or to the volatility of contractual cash flows that are inconsistent with those of a non-structured or \u201cbasic lending\u201d arrangement. It is also not satisfied in the event of leverage that increases the variability of the contractual cash flows.
Interest consists of consideration for the time value of money, for the credit risk, and for the remuneration of other risks (e.g. liquidity risk), costs (e.g. administration fees), and a profit margin consistent with that of a basic lending arrangement. The existence of negative interest does not call into question the cash flow criterion.
The time value of money is the component of interest - usually referred to as the \u201crate\u201d component - which provides consideration for only the passage of time. The relationship between the interest rate and the passage of time must not be modified by specific characteristics that could call into question the respect of the cash flow criterion.
Thus, when the variable interest rate of the financial asset is periodically reset at a frequency that does not match the duration for which the interest rate is established, the time value of money may be considered as modified and, depending on the significance of that modification, the cash flow criterion may not be met. Some financial assets held by the Group present a mismatch between the interest rate reset frequency and the maturity of the index, or interest rates indexed to an average of benchmark rate. The Group has developed a consistent methodology for analysing this alteration of the time value of money.
Regulated rates meet the cash flow criterion when they provide consideration that is broadly consistent with the passage of time and do not expose to risks or volatility in the contractual cash flows that would be inconsistent with those of a basic lending arrangement (example: loans granted in the context of Livret A savings accounts).
Some contractual clauses may change the timing or the amount of cash flows. Early redemption options do not call into question the cash flow criterion if the prepayment amount substantially represents the principal amount outstanding and the interest thereon, which may include reasonable compensation for the early termination of the contract. For example, as regards loans to retail customers, the compensation limited to 6\u00a0months of interest or 3% of the capital outstanding is considered reasonable. Actuarial penalties, corresponding to the present value of the difference between the residual contractual cash flows of the loan, and their reinvestment in a loan to a similar counterparty or in the interbank market for a similar residual maturity are also considered as reasonable, even when the compensation can be positive or negative (i.e. \u201csymmetric\u201d compensation). An option that permits the issuer or the holder of a financial instrument to change the interest rate from floating to fixed rate does not breach the cash flow criterion if the fixed rate is determined at origination, or if it represents the time value of money for the residual maturity of the instrument at the date of exercise of the option. Clauses included in financing granted to encourage the sustainable development of companies which adjust the interest margin depending on the achievement of environmental, social or governance (ESG) objectives and disclosed in chapter\u00a07 of the Universal registration document, do not call into question the cash flow criterion when such an adjustment is considered to have a de minimis effect. Structured instruments indexed to ESG market indices do not meet the cash flow criterion.
In the particular case of financial assets contractually linked to payments received on a portfolio of underlying assets and which include a priority order for payment of cash flows between investors (\u201ctranches\u201d), thereby creating concentrations of credit risk, a specific analysis is carried out. The contractual characteristics of the tranche and those of the underlying financial instrument portfolios must meet the cash flow criterion and the credit risk exposure of the tranche must be equal to or lower than the exposure to credit risk of the underlying pool of financial instruments.
Certain loans may be \u201cnon-recourse\u201d, either contractually, or in substance when they are granted to a special purpose entity. That is in particular the case of numerous project financing or asset financing loans. The cash flow criterion is met as long as these loans do not represent a direct exposure on the assets acting as collateral. In practice, the sole fact that the financial asset explicitly gives rise to cash flows that are consistent with payments of principal and interest is not sufficient to conclude that the instrument meets the cash flow criterion. In that case, the particular underlying assets to which there is limited recourse shall be analysed using the \u201clook-through\u201d approach. If those assets do not themselves meet the cash flow criterion, the existing credit enhancement is assessed. The following aspects are considered: structuring and sizing of the transaction, own funds level of the structure, expected source of repayment, price volatility of the underlying assets.\u00a0
On initial recognition, financial assets are recognised at fair value, including transaction costs directly attributable to the transaction as well as commissions related to the origination of the loans.
They are subsequently measured at amortised cost, including accrued interest and net of repayments of principal and interest during the past period. These financial assets are also subject from their initial recognition, to the measurement of a loss allowance for expected credit losses (note\u00a01.f.5).
Interest is calculated using the effective interest method determined at inception of the contract.
\u00a0\u00a0
Debt instruments are classified at fair value through shareholders\u2019 equity if the following two criteria are met:
The securities held by the Group ALM Treasury in order to collect contractual flows or to be sold and meeting the cash flow criterion are in particular classified in this category.
On initial recognition, financial assets are recognised at their fair value, including transaction costs directly attributable to the transaction. They are subsequently measured at fair value and changes in fair value are recognised, under a specific line of shareholders\u2019 equity entitled \u201cChanges in assets and liabilities recognised directly in equity that may be reclassified to profit or loss\u201d. These financial assets are also subject to the measurement of a loss allowance for expected credit losses on the same approach as for debt instruments at amortised cost. The counterparty of the related impact in cost of risk is recognised in the same specific line of shareholders\u2019 equity. On disposal, changes in fair value previously recognised in shareholders\u2019 equity are reclassified to profit or loss.
In addition, interest is recognised in the income statement using the effective interest method determined at the inception of the contract.
Investments in equity instruments such as shares are classified on option, and on a case-by-case basis, at fair value through shareholders\u2019 equity (under a specific line). On disposal of the shares, changes in fair value previously recognised in equity are not recognised in profit or loss. Only dividends, if they represent remuneration for the investment and not repayment of capital, are recognised in profit or loss. These instruments are not subject to impairment.
Investments in mutual funds puttable to the issuer do not meet the definition of equity instruments. They do not meet the cash flow criterion either, and thus are recognised at fair value through profit or loss.
\u00a0\u00a0
Financing and financial guarantee commitments that are not recognised at fair value through profit or loss are presented respectively in notes 6.a and 6.b. The commitments issued by the bank are subject to the measurement of a loss allowance for expected credit losses. These loss allowances are presented under \u201cProvisions for contingencies and charges\u201d.
The Group may issue performance guarantees in conjunction with integral indemnity agreements that provide the Group the right to claim back any amounts paid out from the party whose non-performance would have led to the guarantee being called. This type of commitment exposes the Group to credit risk and therefore results in the recognition of expected credit losses.
\u00a0
Home savings accounts (Comptes \u00c9pargne-Logement \u2013 \u201cCEL\u201d) and home savings plans (Plans d\u2019\u00c9pargne Logement \u2013 \u201cPEL\u201d) are government-regulated retail products sold in France. They combine a savings phase and a loan phase which are inseparable, with the loan phase contingent upon the savings phase.
These products contain two types of obligations for BNP\u00a0Paribas: an obligation to pay interest on the savings for an indefinite period, at a rate set by the government at the inception of the contract (in the case of PEL products) or at a rate reset every six months using an indexation formula set by law (in the case of CEL products); and an obligation to lend to the customer (at the customer\u2019s option) an amount contingent upon the rights acquired during the savings phase, at a rate set at the inception of the contract (in the case of PEL products) or at a rate contingent upon the savings phase (in the case of CEL products).
The Group\u2019s future obligations with respect to each generation (in the case of PEL products, a generation comprises all products with the same interest rate at inception; in the case of CEL products, all such products constitute a single generation) are measured by discounting potential future earnings from at-risk outstandings for that generation.
At-risk outstandings are estimated on the basis of a historical analysis of customer behaviour, and are equivalent to:
Earnings for future periods from the savings phase are estimated as the difference between the investment rate and the fixed savings interest rate on at-risk savings outstanding for the period in question. Earnings for future periods from the loan phase are estimated as the difference between the refinancing rate and the fixed loan interest rate on at-risk loans outstanding for the period in question.
The investment rate for savings and the refinancing rate for loans are derived from the swap yield curve and from the spreads expected on financial instruments of similar type and maturity. Spreads are determined on the basis of actual spreads on fixed-rate home loans in the case of the loan phase and products offered to individual clients in the case of the savings phase. In order to reflect the uncertainty of future interest rate trends, and the impact of such trends on customer behaviour models and on at-risk outstandings, the obligations are estimated using the Monte-Carlo method.
Where the sum of the Group\u2019s estimated future obligations with respect to the savings and loan phases of any generation of contracts indicates a potentially unfavourable situation for the Group, a provision is recognised (with no offset between generations) in the balance sheet in \u201cProvisions for contingencies and charges\u201d. Movements in this provision are recognised as interest income in the profit and loss account.
\u00a0
The impairment model for credit risk is based on expected losses.
This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.
The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.
This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).
The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.
As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).
The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.
The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.
A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).
In some cases, financial assets are credit-impaired at initial recognition.
For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.
The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.
The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.
A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.
Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.
There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.
In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. Since 2024, this specificity no longer applies to most exposures in the eurozone.
The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.
Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.
In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. Since 2024, this specificity no longer applies to most exposures in the Eurozone.
For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.
The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.
All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.
Probability of Default is an estimate of the likelihood of default over a given time horizon.
The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.
The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.
1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).
Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.
Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).
The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.
For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.
The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.
Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.
The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.
The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.
A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.
If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.
When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.
Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.
A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.
For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.
The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.
When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.
Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.
The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.
For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.
Cost of risk includes the following items of profit or loss:
\u00a0
The trading portfolio includes instruments held for trading (trading transactions), including derivatives.
Other financial assets measured at fair value through profit or loss include debt instruments that do not meet the \u201ccollect\u201d or \u201ccollect and sale\u201d business model criterion or that do not meet the cash flow criterion, as well as equity instruments for which the fair value through shareholders\u2019 equity option has not been retained. Finally financial assets may be designated as at fair value through profit or loss if this enables the entity to eliminate or significantly reduce a mismatch in the measurement and accounting treatment of assets and liabilities that would otherwise arise if they were to be classified in separate categories.
All those financial instruments are measured at fair value at initial recognition, with transaction costs directly posted in profit or loss. At the reporting date, they are measured at fair value, with changes presented in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d. Income, dividends, and realised gains and losses on disposal related to held-for-trading transactions are accounted for in the same profit or loss account.
Financial liabilities are recognised under option in this category in the two following situations:
Changes in fair value due to the own credit risk are recognised under a specific heading of shareholders\u2019 equity.
\u00a0
A financial instrument issued or its various components are classified as a financial liability or equity instrument, in accordance with the economic substance of the legal contract.
Financial instruments issued by the Group are qualified as debt instruments if the entity in the Group issuing the instruments has a contractual obligation to deliver cash or another financial asset to the holder of the instrument. The same applies if the Group is required to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Group, or to deliver a variable number of the Group\u2019s own equity instruments.
Equity instruments result from contracts evidencing a residual interest in an entity\u2019s assets after deducting all of its liabilities.
Debt securities and subordinated debt are measured at amortised cost unless they are recognised at fair value through profit or loss.
Debt securities are initially recognised at the issue value including transaction costs and are subsequently measured at amortised cost using the effective interest method.
Issued bonds redeemable or convertible into own equity may contain a debt component and an equity component, determined upon initial recognition of the transaction. In this case, they will be qualified as compound financial instruments.
In this respect, the Group has elected to record contingent convertible bonds issued, without maturity, when convertible into a variable number of own shares on the occurrence of a predetermined trigger event (e.g. a decrease in the solvency ratio below a threshold), as compound instruments, to the extent that the coupons on these bonds are paid discretionarily.
The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.
Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.
When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.
Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.
Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.
Own equity instrument derivatives are treated as follows, depending on the method of settlement:
If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.
\u00a0\u00a0\u00a0
The Group retained the option provided by the standard to maintain the hedge accounting requirements of IAS\u00a039 until the future standard on macro-hedging is entered into force. Furthermore, IFRS\u00a09 does not explicitly address the fair value hedge of the interest rate risk on a portfolio of financial assets or liabilities. The provisions in IAS\u00a039 for these portfolio hedges, as adopted by the European Union, continue to apply.
Derivatives contracted as part of a hedging relationship are designated according to the purpose of the hedge.
Fair value hedges are particularly used to hedge interest rate risk on fixed-rate assets and liabilities, both for identified financial instruments (securities, debt issues, loans, borrowings) and for portfolios of financial instruments (in particular, demand deposits and fixed-rate loans).
Cash flow hedges are particularly used to hedge interest rate risk on floating-rate assets and liabilities, including rollovers, and foreign exchange risks on highly probable forecast foreign currency revenues.
At the inception of the hedge, the Group prepares formal documentation which details the hedging relationship, identifying the instrument, or portion of the instrument, or portion of risk that is being hedged, the hedging strategy and the type of risk hedged, the hedging instrument, and the methods used to assess the effectiveness of the hedging relationship.
On inception and at least quarterly, the Group assesses, in consistency with the original documentation, the actual (retrospective) and expected (prospective) effectiveness of the hedging relationship. Retrospective effectiveness tests are designed to assess whether the ratio of actual changes in the fair value or cash flows of the hedging instrument to those in the hedged item is within a range of 80% to 125%. Prospective effectiveness tests are designed to ensure that expected changes in the fair value or cash flows of the derivative over the residual life of the hedge adequately offset those of the hedged item. For highly probable forecast transactions, effectiveness is assessed largely on the basis of historical data for similar transactions.
Under IAS\u00a039 as adopted by the European Union, which excludes certain provisions on portfolio hedging, interest rate risk hedging relationships based on portfolios of assets or liabilities qualify for fair value hedge accounting as follows:
The accounting treatment of derivatives and hedged items depends on the hedging strategy.
In a fair value hedging relationship, the derivative instrument is remeasured at fair value in the balance sheet, with changes in fair value recognised in profit or loss in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d, symmetrically with the remeasurement of the hedged item to reflect the hedged risk. In the balance sheet, the fair value remeasurement of the hedged component is recognised in accordance with the classification of the hedged item in the case of a hedge of identified assets and liabilities, or under \u201cRemeasurement adjustment on interest rate risk hedged portfolios\u201d in the case of a portfolio hedging relationship.
If a hedging relationship ceases or no longer fulfils the effectiveness criteria, the hedging instrument is transferred to the trading book and accounted for using the treatment applied to this category. In the case of identified fixed-income instruments, the remeasurement adjustment recognised in the balance sheet is amortised at the effective interest rate over the remaining life of the instrument. In the case of interest rate risk hedged fixed-income portfolios, the adjustment is amortised on a straight-line basis over the remainder of the original term of the hedge. If the hedged item no longer appears in the balance sheet, in particular due to prepayments, the adjustment is taken to the profit and loss account immediately.
In a cash flow hedging relationship, the derivative is measured at fair value in the balance sheet, with changes in fair value taken to shareholders\u2019 equity on a separate line, \u201cChanges in fair value recognised directly in equity\u201d. The amounts taken to shareholders\u2019 equity over the life of the hedge are transferred to the profit and loss account under \u201cNet interest income\u201d as and when the cash flows from the hedged item impact profit or loss. The hedged items continue to be accounted for using the treatment specific to the category to which they belong.
If the hedging relationship ceases or no longer fulfils the effectiveness criteria, the cumulative amounts recognised in shareholders\u2019 equity as a result of the remeasurement of the hedging instrument remain in equity until the hedged transaction itself impacts profit or loss, or until it becomes clear that the transaction will not occur, at which point they are transferred to the profit and loss account.
If the hedged item ceases to exist, the cumulative amounts recognised in shareholders\u2019 equity are immediately taken to the profit and loss account.
Whatever the hedging strategy used, any ineffective portion of the hedge is recognised in the profit and loss account under \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d.
Hedges of net foreign currency investments in subsidiaries and branches are accounted for in the same way as cash flow hedges. Hedging instruments may be foreign exchange derivatives or any other non-derivative financial instrument.
\u00a0
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or most advantageous market, at the measurement date.
The Group determines the fair value of financial instruments either by using prices obtained directly from external data or by using valuation techniques. These valuation techniques are primarily market and income approaches encompassing generally accepted models (e.g. discounted cash flows, Black-Scholes model, and interpolation techniques). They maximise the use of observable inputs and minimise the use of unobservable inputs. They are calibrated to reflect current market conditions and valuation adjustments are applied as appropriate, when some factors such as model, liquidity and credit risks are not captured by the models or their underlying inputs but are nevertheless considered by market participants when setting the exit price.
The unit of measurement is the individual financial asset or financial liability but a portfolio-based measurement can be elected, subject to certain conditions. Accordingly, the Group retains this portfolio-based measurement exception to determine the fair value when some group of financial assets and financial liabilities and other contracts within the scope of the standard relating to financial instruments with substantially similar and offsetting market risks or credit risks is managed on the basis of a net exposure, in accordance with the documented risk management strategy.
Assets and liabilities measured or disclosed at fair value are categorised into the three following levels of the fair value hierarchy:
The level in the fair value hierarchy within which the asset or liability is categorised in its entirety is based upon the lowest level input that is significant to the entire fair value measurement.
For financial instruments disclosed in Level\u00a03 of the fair value hierarchy, and marginally some instruments disclosed in Level\u00a02, a difference between the transaction price and the fair value may arise at initial recognition. This \u201cDay One Profit\u201d is deferred and released to the profit and loss account over the period during which the valuation parameters are expected to remain non-observable. When parameters that were originally non-observable become observable, or when the valuation can be substantiated in comparison with recent similar transactions in an active market, the unrecognised portion of the day one profit is released to the profit and loss account.
\u00a0
The Group derecognises all or part of a financial asset when the contractual rights to the cash flows of the asset expire, or when the Group transfers the asset \u2013 either on the basis of a transfer of the contractual rights to its cash flows, or by retaining the contractual rights to receive the cash flows of the asset while assuming an obligation to pay the cash flows of the asset under an eligible pass-through arrangement \u2013 as well as substantially all the risks and rewards of the asset.
Where the Group has transferred the cash flows of a financial asset but has neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset and has not in practice retained control of the financial asset, the Group derecognises the financial asset and then records separately, if necessary, an asset or liability representing the rights and obligations created or held as part of the transfer of the asset. If the Group has retained control of the financial asset, it maintains it on its balance sheet to the extent of its continuing involvement in that asset.
Upon the derecognition of a financial asset in its entirety, a gain or loss on disposal is recognised in the profit and loss account for an amount equal to the difference between the carrying amount of the asset and the value of the consideration received, adjusted where appropriate for any unrealised gain or loss previously recognised directly in equity.
If all these conditions are not met, the Group retains the asset in its balance sheet and recognises a liability for the obligations arising on the transfer of the asset.
The Group derecognises all or part of a financial liability when the liability is extinguished, i.e. when the obligation specified in the contract is extinguished, cancelled or expired. A financial liability may also be derecognised in the event of a substantial change in its contractual terms or if exchanged with the lender for an instrument with substantially different contractual terms.
Securities temporarily sold under repurchase agreements continue to be recognised in the Group\u2019s balance sheet in the category of securities to which they belong. The corresponding liability is recognised at amortised cost under the appropriate \u201cFinancial liabilities at amortised cost\u201d category on the balance sheet, except in the case of repurchase agreements contracted for trading purposes, for which the corresponding liability is recognised in \u201cFinancial liabilities at fair value through profit or loss\u201d.
Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group\u2019s balance sheet. The corresponding receivable is recognised at amortised cost under the appropriate \u201cFinancial assets at amortised cost\u201d category in the balance sheet, except in the case of reverse repurchase agreements contracted for trading purposes, for which the corresponding receivable is recognised in \u201cFinancial assets at fair value through profit or loss\u201d.
Securities lending transactions do not result in derecognition of the lent securities, and securities borrowing transactions do not result in recognition of the borrowed securities on the balance sheet. In cases where the borrowed securities are subsequently sold by the Group, the obligation to deliver the borrowed securities on maturity is recognised on the balance sheet under \u201cFinancial liabilities at fair value through profit or loss\u201d.
\u00a0\u00a0
A financial asset and a financial liability are offset and the net amount presented in the balance sheet if, and only if, the Group has a legally enforceable right to set off the recognised amounts, and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Repurchase agreements and derivatives that meet the two criteria set out in the accounting standard are offset in the balance sheet.
IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
The accounting classification of securitisation positions in the banking book is shown in Table\u00a09: Prudential balance sheet by risk type (EU\u00a0LI1-B).Securitisation positions classified as \u201cFinancial assets at amortised cost\u201d are measured using the method described in note\u00a01.f.1 Financial assets at amortised cost to the consolidated financial statements: the effective interest rate used to recognise interest income is measured on the basis of an expected cash flow model. From the outset, these positions are subject to an impairment calculation for expected credit risk losses (see note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements).
Securitisation positions classified on an accounting basis as \u201cFinancial assets at fair value through equity\u201d are measured using the method described in note\u00a01.f.2 Financial assets at fair value through shareholders\u2019 equity to the consolidated financial statements. Changes in fair value determined according to the principles listed in note\u00a01.f.10 Determination of fair value to the consolidated financial statements (excluding revenue recognised using the effective interest method) are presented in a specific subsection of shareholders\u2019 equity along with expected credit risk losses calculated using the methods described in note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements. Upon disposal, amounts previously recognised in recyclable equity are transferred to the profit and loss account.
Securitisation positions classified on an accounting basis as \u201cFinancial instruments at fair value through profit or loss\u201d are measured using the method described in note\u00a01.f.7 Financial instruments at fair value through profit or loss to the consolidated financial statements.
Proceeds from the sale of securitisation positions are recognised in accordance with rules for the category of origin of positions sold.
Synthetic securitisations in the form of credit derivatives (credit default swaps) or guarantees received follow accounting rules appertaining respectively:
Assets awaiting securitisation are classified as:
Financial assets are classified at amortised cost if the following two criteria are met: the business model objective is to hold the instrument in order to collect the contractual cash flows and the cash flows consist solely of payments relating to principal and interest on the principal.
This category includes, in particular, loans granted by the Group, as well as reverse repurchase agreements and securities held by the Group ALM Treasury in order to collect contractual flows and which meet the cash flow criterion.
Financial assets are managed within a business model whose objective is to hold financial assets in order to collect cash flows through the collection of contractual payments over the life of the instrument.
The realisation of disposals close to the maturity of the instrument and for an amount close to the remaining contractual cash flows, or due to an increase in the counterparty\u2019s credit risk is consistent with a business model whose objective is to collect the contractual cash flows (\u201ccollect\u201d). Sales imposed by regulatory requirements or to manage the concentration of credit risk (without an increase in the asset\u2019s credit risk) are also consistent with this business model when they are infrequent or insignificant in value.
The cash flow criterion is satisfied if the contractual terms of the debt instrument give rise, on specified dates, to cash flows that are solely repayments of principal and interest on the principal amount outstanding.
The criterion is not met in the event of a contractual characteristic that exposes the holder to risks or to the volatility of contractual cash flows that are inconsistent with those of a non-structured or \u201cbasic lending\u201d arrangement. It is also not satisfied in the event of leverage that increases the variability of the contractual cash flows.
Interest consists of consideration for the time value of money, for the credit risk, and for the remuneration of other risks (e.g. liquidity risk), costs (e.g. administration fees), and a profit margin consistent with that of a basic lending arrangement. The existence of negative interest does not call into question the cash flow criterion.
The time value of money is the component of interest - usually referred to as the \u201crate\u201d component - which provides consideration for only the passage of time. The relationship between the interest rate and the passage of time must not be modified by specific characteristics that could call into question the respect of the cash flow criterion.
Thus, when the variable interest rate of the financial asset is periodically reset at a frequency that does not match the duration for which the interest rate is established, the time value of money may be considered as modified and, depending on the significance of that modification, the cash flow criterion may not be met. Some financial assets held by the Group present a mismatch between the interest rate reset frequency and the maturity of the index, or interest rates indexed to an average of benchmark rate. The Group has developed a consistent methodology for analysing this alteration of the time value of money.
Regulated rates meet the cash flow criterion when they provide consideration that is broadly consistent with the passage of time and do not expose to risks or volatility in the contractual cash flows that would be inconsistent with those of a basic lending arrangement (example: loans granted in the context of Livret A savings accounts).
Some contractual clauses may change the timing or the amount of cash flows. Early redemption options do not call into question the cash flow criterion if the prepayment amount substantially represents the principal amount outstanding and the interest thereon, which may include reasonable compensation for the early termination of the contract. For example, as regards loans to retail customers, the compensation limited to 6\u00a0months of interest or 3% of the capital outstanding is considered reasonable. Actuarial penalties, corresponding to the present value of the difference between the residual contractual cash flows of the loan, and their reinvestment in a loan to a similar counterparty or in the interbank market for a similar residual maturity are also considered as reasonable, even when the compensation can be positive or negative (i.e. \u201csymmetric\u201d compensation). An option that permits the issuer or the holder of a financial instrument to change the interest rate from floating to fixed rate does not breach the cash flow criterion if the fixed rate is determined at origination, or if it represents the time value of money for the residual maturity of the instrument at the date of exercise of the option. Clauses included in financing granted to encourage the sustainable development of companies which adjust the interest margin depending on the achievement of environmental, social or governance (ESG) objectives and disclosed in chapter\u00a07 of the Universal registration document, do not call into question the cash flow criterion when such an adjustment is considered to have a de minimis effect. Structured instruments indexed to ESG market indices do not meet the cash flow criterion.
In the particular case of financial assets contractually linked to payments received on a portfolio of underlying assets and which include a priority order for payment of cash flows between investors (\u201ctranches\u201d), thereby creating concentrations of credit risk, a specific analysis is carried out. The contractual characteristics of the tranche and those of the underlying financial instrument portfolios must meet the cash flow criterion and the credit risk exposure of the tranche must be equal to or lower than the exposure to credit risk of the underlying pool of financial instruments.
Certain loans may be \u201cnon-recourse\u201d, either contractually, or in substance when they are granted to a special purpose entity. That is in particular the case of numerous project financing or asset financing loans. The cash flow criterion is met as long as these loans do not represent a direct exposure on the assets acting as collateral. In practice, the sole fact that the financial asset explicitly gives rise to cash flows that are consistent with payments of principal and interest is not sufficient to conclude that the instrument meets the cash flow criterion. In that case, the particular underlying assets to which there is limited recourse shall be analysed using the \u201clook-through\u201d approach. If those assets do not themselves meet the cash flow criterion, the existing credit enhancement is assessed. The following aspects are considered: structuring and sizing of the transaction, own funds level of the structure, expected source of repayment, price volatility of the underlying assets.\u00a0
On initial recognition, financial assets are recognised at fair value, including transaction costs directly attributable to the transaction as well as commissions related to the origination of the loans.
They are subsequently measured at amortised cost, including accrued interest and net of repayments of principal and interest during the past period. These financial assets are also subject from their initial recognition, to the measurement of a loss allowance for expected credit losses (note\u00a01.f.5).
Interest is calculated using the effective interest method determined at inception of the contract.
", "dimensions": { "concept": "bnpp:DescriptionOfAccountingPolicyForFinancialAssetsAtAmortisedCostExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_1f2faf1c-900d-462a-b309-ee6e52f76fc8": { "value": "Financial assets are classified at amortised cost if the following two criteria are met: the business model objective is to hold the instrument in order to collect the contractual cash flows and the cash flows consist solely of payments relating to principal and interest on the principal.
This category includes, in particular, loans granted by the Group, as well as reverse repurchase agreements and securities held by the Group ALM Treasury in order to collect contractual flows and which meet the cash flow criterion.
Financial assets are managed within a business model whose objective is to hold financial assets in order to collect cash flows through the collection of contractual payments over the life of the instrument.
The realisation of disposals close to the maturity of the instrument and for an amount close to the remaining contractual cash flows, or due to an increase in the counterparty\u2019s credit risk is consistent with a business model whose objective is to collect the contractual cash flows (\u201ccollect\u201d). Sales imposed by regulatory requirements or to manage the concentration of credit risk (without an increase in the asset\u2019s credit risk) are also consistent with this business model when they are infrequent or insignificant in value.
The cash flow criterion is satisfied if the contractual terms of the debt instrument give rise, on specified dates, to cash flows that are solely repayments of principal and interest on the principal amount outstanding.
The criterion is not met in the event of a contractual characteristic that exposes the holder to risks or to the volatility of contractual cash flows that are inconsistent with those of a non-structured or \u201cbasic lending\u201d arrangement. It is also not satisfied in the event of leverage that increases the variability of the contractual cash flows.
Interest consists of consideration for the time value of money, for the credit risk, and for the remuneration of other risks (e.g. liquidity risk), costs (e.g. administration fees), and a profit margin consistent with that of a basic lending arrangement. The existence of negative interest does not call into question the cash flow criterion.
The time value of money is the component of interest - usually referred to as the \u201crate\u201d component - which provides consideration for only the passage of time. The relationship between the interest rate and the passage of time must not be modified by specific characteristics that could call into question the respect of the cash flow criterion.
Thus, when the variable interest rate of the financial asset is periodically reset at a frequency that does not match the duration for which the interest rate is established, the time value of money may be considered as modified and, depending on the significance of that modification, the cash flow criterion may not be met. Some financial assets held by the Group present a mismatch between the interest rate reset frequency and the maturity of the index, or interest rates indexed to an average of benchmark rate. The Group has developed a consistent methodology for analysing this alteration of the time value of money.
Regulated rates meet the cash flow criterion when they provide consideration that is broadly consistent with the passage of time and do not expose to risks or volatility in the contractual cash flows that would be inconsistent with those of a basic lending arrangement (example: loans granted in the context of Livret A savings accounts).
Some contractual clauses may change the timing or the amount of cash flows. Early redemption options do not call into question the cash flow criterion if the prepayment amount substantially represents the principal amount outstanding and the interest thereon, which may include reasonable compensation for the early termination of the contract. For example, as regards loans to retail customers, the compensation limited to 6\u00a0months of interest or 3% of the capital outstanding is considered reasonable. Actuarial penalties, corresponding to the present value of the difference between the residual contractual cash flows of the loan, and their reinvestment in a loan to a similar counterparty or in the interbank market for a similar residual maturity are also considered as reasonable, even when the compensation can be positive or negative (i.e. \u201csymmetric\u201d compensation). An option that permits the issuer or the holder of a financial instrument to change the interest rate from floating to fixed rate does not breach the cash flow criterion if the fixed rate is determined at origination, or if it represents the time value of money for the residual maturity of the instrument at the date of exercise of the option. Clauses included in financing granted to encourage the sustainable development of companies which adjust the interest margin depending on the achievement of environmental, social or governance (ESG) objectives and disclosed in chapter\u00a07 of the Universal registration document, do not call into question the cash flow criterion when such an adjustment is considered to have a de minimis effect. Structured instruments indexed to ESG market indices do not meet the cash flow criterion.
In the particular case of financial assets contractually linked to payments received on a portfolio of underlying assets and which include a priority order for payment of cash flows between investors (\u201ctranches\u201d), thereby creating concentrations of credit risk, a specific analysis is carried out. The contractual characteristics of the tranche and those of the underlying financial instrument portfolios must meet the cash flow criterion and the credit risk exposure of the tranche must be equal to or lower than the exposure to credit risk of the underlying pool of financial instruments.
Certain loans may be \u201cnon-recourse\u201d, either contractually, or in substance when they are granted to a special purpose entity. That is in particular the case of numerous project financing or asset financing loans. The cash flow criterion is met as long as these loans do not represent a direct exposure on the assets acting as collateral. In practice, the sole fact that the financial asset explicitly gives rise to cash flows that are consistent with payments of principal and interest is not sufficient to conclude that the instrument meets the cash flow criterion. In that case, the particular underlying assets to which there is limited recourse shall be analysed using the \u201clook-through\u201d approach. If those assets do not themselves meet the cash flow criterion, the existing credit enhancement is assessed. The following aspects are considered: structuring and sizing of the transaction, own funds level of the structure, expected source of repayment, price volatility of the underlying assets.\u00a0
On initial recognition, financial assets are recognised at fair value, including transaction costs directly attributable to the transaction as well as commissions related to the origination of the loans.
They are subsequently measured at amortised cost, including accrued interest and net of repayments of principal and interest during the past period. These financial assets are also subject from their initial recognition, to the measurement of a loss allowance for expected credit losses (note\u00a01.f.5).
Interest is calculated using the effective interest method determined at inception of the contract.
Debt instruments are classified at fair value through shareholders\u2019 equity if the following two criteria are met:
The securities held by the Group ALM Treasury in order to collect contractual flows or to be sold and meeting the cash flow criterion are in particular classified in this category.
On initial recognition, financial assets are recognised at their fair value, including transaction costs directly attributable to the transaction. They are subsequently measured at fair value and changes in fair value are recognised, under a specific line of shareholders\u2019 equity entitled \u201cChanges in assets and liabilities recognised directly in equity that may be reclassified to profit or loss\u201d. These financial assets are also subject to the measurement of a loss allowance for expected credit losses on the same approach as for debt instruments at amortised cost. The counterparty of the related impact in cost of risk is recognised in the same specific line of shareholders\u2019 equity. On disposal, changes in fair value previously recognised in shareholders\u2019 equity are reclassified to profit or loss.
In addition, interest is recognised in the income statement using the effective interest method determined at the inception of the contract.
Investments in equity instruments such as shares are classified on option, and on a case-by-case basis, at fair value through shareholders\u2019 equity (under a specific line). On disposal of the shares, changes in fair value previously recognised in equity are not recognised in profit or loss. Only dividends, if they represent remuneration for the investment and not repayment of capital, are recognised in profit or loss. These instruments are not subject to impairment.
Investments in mutual funds puttable to the issuer do not meet the definition of equity instruments. They do not meet the cash flow criterion either, and thus are recognised at fair value through profit or loss.
The impairment model for credit risk is based on expected losses.
This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.
The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.
This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).
The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.
As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).
The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.
The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.
A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).
In some cases, financial assets are credit-impaired at initial recognition.
For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.
The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.
The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.
A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.
Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.
There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.
In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. Since 2024, this specificity no longer applies to most exposures in the eurozone.
The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.
Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.
In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. Since 2024, this specificity no longer applies to most exposures in the Eurozone.
For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.
The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.
All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.
Probability of Default is an estimate of the likelihood of default over a given time horizon.
The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.
The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.
1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).
Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.
Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).
The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.
For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.
The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.
Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.
The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.
The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.
A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.
If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.
When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.
Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.
A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.
For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.
The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.
When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.
Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.
The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.
For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.
Cost of risk includes the following items of profit or loss:
IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_b1133dce-09ee-42ca-a46b-cdf5017a1162": { "value": "Debt instruments are classified at fair value through shareholders\u2019 equity if the following two criteria are met:
The securities held by the Group ALM Treasury in order to collect contractual flows or to be sold and meeting the cash flow criterion are in particular classified in this category.
On initial recognition, financial assets are recognised at their fair value, including transaction costs directly attributable to the transaction. They are subsequently measured at fair value and changes in fair value are recognised, under a specific line of shareholders\u2019 equity entitled \u201cChanges in assets and liabilities recognised directly in equity that may be reclassified to profit or loss\u201d. These financial assets are also subject to the measurement of a loss allowance for expected credit losses on the same approach as for debt instruments at amortised cost. The counterparty of the related impact in cost of risk is recognised in the same specific line of shareholders\u2019 equity. On disposal, changes in fair value previously recognised in shareholders\u2019 equity are reclassified to profit or loss.
In addition, interest is recognised in the income statement using the effective interest method determined at the inception of the contract.
Investments in equity instruments such as shares are classified on option, and on a case-by-case basis, at fair value through shareholders\u2019 equity (under a specific line). On disposal of the shares, changes in fair value previously recognised in equity are not recognised in profit or loss. Only dividends, if they represent remuneration for the investment and not repayment of capital, are recognised in profit or loss. These instruments are not subject to impairment.
Investments in mutual funds puttable to the issuer do not meet the definition of equity instruments. They do not meet the cash flow criterion either, and thus are recognised at fair value through profit or loss.
", "dimensions": { "concept": "bnpp:DescriptionOfAccountingPolicyForFinancialAssetsAtFairValueThroughShareholdersEquityExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_2dd9f710-c0ba-42af-a704-b0d11e3eead5": { "value": "Financing and financial guarantee commitments that are not recognised at fair value through profit or loss are presented respectively in notes 6.a and 6.b. The commitments issued by the bank are subject to the measurement of a loss allowance for expected credit losses. These loss allowances are presented under \u201cProvisions for contingencies and charges\u201d.
The Group may issue performance guarantees in conjunction with integral indemnity agreements that provide the Group the right to claim back any amounts paid out from the party whose non-performance would have led to the guarantee being called. This type of commitment exposes the Group to credit risk and therefore results in the recognition of expected credit losses.
", "dimensions": { "concept": "bnpp:DescriptionOfAccountingPolicyForFinancingAndGuaranteeCommitmentsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_7965a27c-75ab-4835-a9c8-ce906b91bcd8": { "value": "Home savings accounts (Comptes \u00c9pargne-Logement \u2013 \u201cCEL\u201d) and home savings plans (Plans d\u2019\u00c9pargne Logement \u2013 \u201cPEL\u201d) are government-regulated retail products sold in France. They combine a savings phase and a loan phase which are inseparable, with the loan phase contingent upon the savings phase.
These products contain two types of obligations for BNP\u00a0Paribas: an obligation to pay interest on the savings for an indefinite period, at a rate set by the government at the inception of the contract (in the case of PEL products) or at a rate reset every six months using an indexation formula set by law (in the case of CEL products); and an obligation to lend to the customer (at the customer\u2019s option) an amount contingent upon the rights acquired during the savings phase, at a rate set at the inception of the contract (in the case of PEL products) or at a rate contingent upon the savings phase (in the case of CEL products).
The Group\u2019s future obligations with respect to each generation (in the case of PEL products, a generation comprises all products with the same interest rate at inception; in the case of CEL products, all such products constitute a single generation) are measured by discounting potential future earnings from at-risk outstandings for that generation.
At-risk outstandings are estimated on the basis of a historical analysis of customer behaviour, and are equivalent to:
Earnings for future periods from the savings phase are estimated as the difference between the investment rate and the fixed savings interest rate on at-risk savings outstanding for the period in question. Earnings for future periods from the loan phase are estimated as the difference between the refinancing rate and the fixed loan interest rate on at-risk loans outstanding for the period in question.
The investment rate for savings and the refinancing rate for loans are derived from the swap yield curve and from the spreads expected on financial instruments of similar type and maturity. Spreads are determined on the basis of actual spreads on fixed-rate home loans in the case of the loan phase and products offered to individual clients in the case of the savings phase. In order to reflect the uncertainty of future interest rate trends, and the impact of such trends on customer behaviour models and on at-risk outstandings, the obligations are estimated using the Monte-Carlo method.
Where the sum of the Group\u2019s estimated future obligations with respect to the savings and loan phases of any generation of contracts indicates a potentially unfavourable situation for the Group, a provision is recognised (with no offset between generations) in the balance sheet in \u201cProvisions for contingencies and charges\u201d. Movements in this provision are recognised as interest income in the profit and loss account.
", "dimensions": { "concept": "bnpp:DescriptionOfAccountingPolicyForRegulatedSavingsAndLoanContractsExplanatoy", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_fd4250de-e557-4b42-bc48-9050265bd747": { "value": "The impairment model for credit risk is based on expected losses.
This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.
The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.
This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).
The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.
As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).
The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.
The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.
A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).
In some cases, financial assets are credit-impaired at initial recognition.
For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.
The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.
The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.
A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.
Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.
There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.
In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. Since 2024, this specificity no longer applies to most exposures in the eurozone.
The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.
Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.
In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. Since 2024, this specificity no longer applies to most exposures in the Eurozone.
For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.
The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.
All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.
Probability of Default is an estimate of the likelihood of default over a given time horizon.
The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.
The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.
1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).
Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.
Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).
The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.
For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.
The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.
Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.
The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.
The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.
A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.
If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.
When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.
Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.
A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.
For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.
The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.
When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.
Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.
The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.
For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.
Cost of risk includes the following items of profit or loss:
The general model for impairment described in note\u00a01.f.5 used by the Group relies on the following two steps:
Both steps rely on forward-looking information.
Credit risk is assumed to have significantly increased, and the asset is classified in stage\u00a02, if the probability of default to maturity of the instrument has increased at least threefold since its origination. This relative variation criterion is supplemented by an absolute variation criterion of the default probability of 400\u00a0basis points. These criteria are in line with the recommendations issued by the European Banking Authority (EBA) and the European Central Bank (ECB).
Furthermore, for all portfolios (except for the consumer credit specialist business outside the Eurozone):
In the consumer credit specialist business, the existence of a payment incident during the last 12\u00a0months, potentially regularised, is considered to be an indication of significant increase in credit risk and the facility is therefore classified in stage\u00a02. Since 2024, this specificity no longer applies to most exposures in the Eurozone.
Credit risk is assumed to have increased significantly since initial recognition and the asset is classified in stage 2 in the event of late payment of more than 30 days, restructuring due to financial difficulties (as long as the facility is not credit-impaired) or, for corporate clients, when the counterparty is placed on credit watchlist.
In 2022, the internal ratings of the Russian counterparties (including the sovereign rating) were systematically downgraded to take into account the geopolitical situation of the country, thus leading to the transfer of their outstandings to stage\u00a02. However, given the Group\u2019s limited level of exposure to this country, this deterioration had no significant effect on the cost of risk.
The Group considers forward-looking information both when assessing significant increase in credit risk and when measuring Expected Credit Losses (ECL).
Regarding the measurement of expected credit losses, the Group has chosen to use 4 macroeconomic scenarios by geographic area covering a wide range of potential future economic conditions:
The link between the macroeconomic scenarios and the ECL measurement is mainly achieved through a modelling of the probabilities of default and deformation of migration matrices based on internal rating (or risk parameter). The probabilities of default determined according to these scenarios are used to measure expected credit losses in each of these scenarios.
The Group\u2019s setup is broken down by sector to take into account the heterogeneity of sectoral dynamics when assessing the probability of default for corporates.
Forward-looking information is also considered when determining the significant deterioration in credit risk. As a matter of fact, the probabilities of default used as the basis for this assessment include forward-looking multi-scenario information in the same way as for the calculation of the expected losses.
The weight to be attributed to the expected credit losses calculated in each of the scenarios is defined as follows:
When appropriate, the ECL measurement can take into account asset sale scenarios.
The four macroeconomic scenarios are defined over a three-year projection horizon. They correspond to:
The link between the macroeconomic scenarios and the measurement of the ECL is complemented by an approach allowing to take into account anticipation aspects not captured by the models in the generic approach. This is particularly the case when unprecedented events in the historical chronicle taken into account to build the models occur or are anticipated, or when the nature or amplitude of change in macroeconomic parameter calls into question past correlations. Thus, the situation of high inflation and the level of interest rates recorded earlier were not observed in the reference history. In this context, the Group has implemented in 2022 an approach projecting the impact of higher interest rates on customers\u2019 financial ratios, notably considering their level of indebtedness. Since the end of 2024 and the interest rates\u2019 decrease, this mechanism is inactive. This approach has also been used from 2022 to the end of 2025 to anticipate the effect of lower prices of commercial properties. Starting in 2024, this approach is also used to complete the prospective assessment of the potential consequences of climate change (transition and physical risks) on the credit risk of corporate counterparties and mortgages.
In 2025, the expansion of global activity continued at a moderate pace. The economic recovery of the euro area continued, with an acceleration in Gross Domestic Product (GDP) growth between 2024 (+0.8%) and 2025 (+1.4%). This improvement notably reflects the strengthening of domestic demand, supported by a more accommodative monetary policy. In the United States, on the other hand, growth slowed between 2024 (+2.8%) and 2025 (+2%), due in particular to the shocks related to tariffs and domestic uncertainty.
Anticipations do not point to a significant change in the pace of global growth in the coming quarters and years. On the one hand, monetary policies will on average be a little more accommodative; on the other hand, the international context will continue to be marked by trade and geopolitical uncertainties. In the euro area, growth is expected to remain around the pace observed in 2025 over the next three years, supported by relatively favourable monetary and fiscal conditions. In the United States, the ongoing slowdown is expected to lead to annual growth of less than 2% in 2026 and beyond.
After a general decline in 2024, inflation dynamics were more contrasted at the global level in 2025. In a number of advanced economies, notably in the euro area, inflation continued to move closer to the central bank target, around 2%. On the other hand, it remained higher in other regions such as the United States and Japan, while China continued to face the risk of deflation. While inflation in the euro area is expected to remain close to 2% for the foreseeable future, it will continue to stand significantly above this level in the coming quarters in the United States, due in particular to the trade measures put in place, before moderating thereafter.
As a result, major central banks are not at the same stage of their monetary policy cycle. The ECB appears to have completed most of its easing cycle, although it may adjust policy depending on the evolution of inflation and growth. For its part, the US Federal Reserve resumed monetary easing in the third quarter of 2025 to support activity in the face of signs of a slowdown in the labour market, despite a still present inflationary environment, and is expected to continue to do so in the coming quarters.
Long-term interest rates have risen in recent years to levels not seen in more than a decade. They are expected to remain high over the next few years, reflecting in particular the persistent fiscal constraints in several advanced economies. Sovereign bond yields would thus stabilise at 2.55% for the German 10-year and 4% for the US 10-year.
The uncertainty surrounding this scenario remains significant, particularly in relation to trade and geopolitical tensions, as well as the risks weighing on the macroeconomic and financial environment.
The graph below presents a comparison of Eurozone GDP projections used in the baseline scenario for the calculation of ECLs on 31 December 2025 and 31 December 2024.
(annual averages) | 2025 | 2026 | 2027 | 2028 | \u00a0 |
|---|---|---|---|---|---|
GDP growth rate | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Eurozone | 1.4% | 1.3% | 1.4% | 1.4% | \u00a0 |
France | 0.8% | 1.1% | 1.3% | 1.3% | \u00a0 |
Italy | 0.5% | 0.9% | 1.2% | 1.2% | \u00a0 |
Belgium | 1.1% | 1.2% | 1.4% | 1.4% | \u00a0 |
United States | 2.0% | 1.7% | 1.7% | 1.8% | \u00a0 |
Unemployment rate | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Eurozone | 6.4% | 6.4% | 6.2% | 5.9% | \u00a0 |
France | 7.6% | 7.8% | 7.7% | 7.5% | \u00a0 |
Italy | 6.2% | 6.3% | 6.1% | 5.8% | \u00a0 |
Belgium | 6.0% | 5.8% | 5.4% | 4.9% | \u00a0 |
United States | 4.3% | 4.8% | 4.7% | 4.6% | \u00a0 |
Inflation rate | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Eurozone | 2.1% | 1.7% | 1.9% | 2.0% | \u00a0 |
France | 0.9% | 1.4% | 1.8% | 1.9% | \u00a0 |
Italy | 1.7% | 1.2% | 1.9% | 2.0% | \u00a0 |
Belgium | 3.0% | 2.1% | 1.9% | 2.0% | \u00a0 |
United States | 2.8% | 2.9% | 2.4% | 2.4% | \u00a0 |
10-year sovereign bond yields | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Germany | 2.61% | 2.55% | 2.55% | 2.55% | \u00a0 |
France | 3.37% | 3.40% | 3.40% | 3.40% | \u00a0 |
Italy | 3.56% | 3.35% | 3.35% | 3.35% | \u00a0 |
Belgium | 3.17% | 3.10% | 3.10% | 3.10% | \u00a0 |
United States | 4.29% | 4.00% | 4.00% | 4.00% | \u00a0 |
The adverse and severely adverse scenarios assume that some downside risks will materialise, resulting in much less favourable economic paths than in the baseline scenario.
The following main risks are identified:
The adverse and severe scenarios assume the materialisation of these risks starting from the first quarter of 2026. Although the identified risks are present in both scenarios, their repercussions are assumed to be significantly more pronounced in the severe scenario due to more significant direct shocks and the development of a negative spiral among the main factors (activity, public debt, bond yields, stock markets). The deterioration in activity drives unemployment rates to significantly higher levels. Inflation is higher than in the baseline scenario in the first part of the projection horizon, reflecting, in particular, pressure from commodity prices, trade tariffs, and disruptions in supply chains. In a second phase, inflation decreases in most countries, reflecting the impacts of the recession. Given the marked decline in activity, central banks adopt a more accommodative monetary policy. Reflecting these easing measures and the flight to quality, German and American bond yields are lower than in the baseline scenario, while sovereign spreads widen. Stock market indices fall sharply over the first four quarters of the projection horizon.
Among the considered countries, GDP levels in the adverse scenario stand between 7% and 12% lower than in the baseline scenario at the end of the shock period. This deviation reaches 7.4% in the Eurozone and 7.7% in the United States. In the severe scenario, GDP levels stand between 10.3% and 17.5% lower than in the baseline scenario at the end of the shock period. This deviation reaches 11% in the Eurozone and 11.4% in the United States.
At 31 December 2025, the weight of the favourable scenario considered by the Group was 26%, and 21% for the adverse scenario and 2% for the severe scenario. At 31 December 2024, the weight of the favourable scenario was 28%, 17% for the adverse scenario and 5% for the severe scenario.
The sensitivity of the amount of expected credit losses in stage 1 and stage 2 for all financial assets at amortised cost or at fair value through equity and credit commitments is assessed by comparing the estimated expected credit losses resulting from the weighting of the above scenarios with that resulting from each of the two main scenarios:
Post-model adjustments are made when system limitations are identified in a particular context, for instance, in the case of insufficient statistical data to reflect the specific situation in the models. Post-model adjustments are also considered to take into account, where applicable, the consequences of climatic events on expected credit losses.
Notably, additional adjustments were made in 2022 to take into account the effects of inflation and interest rate hikes when this effect is not directly estimated by the models. For example, within the consumer credit specialist business, adjustments were considered for the categories of customers most sensitive to the gradual decline in the level of their net income. Given the evolution of the macroeconomic context between 2023 and 2025, these adjustments have been reassessed and had been gradually reversed or used.
All of these adjustments represent 2.1% of the total amount of expected credit losses in stage 1 and stage 2 at 31 December 2025, compared with 3.7% at 31 December 2024.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Net allowances to impairment | (3,209) | (2,689) |
Recoveries on loans and receivables previously written off | 216 | 250 |
Losses on irrecoverable loans | (357) | (560) |
Total cost of risk for the period | (3,350) | (2,999) |
\u00a0
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Cash and balances at central banks | 1 | 4 |
Financial instruments at fair value through profit or loss | (1) | (98) |
Financial assets at fair value through equity | (2) | (1) |
Financial assets at amortised cost | (3,215) | (3,013) |
Loans and receivables | (3,164) | (2,907) |
Debt securities | (51) | (106) |
Other assets | 3 | 1 |
Financing and guarantee commitments and other items | (136) | 108 |
Total cost of risk for the period | (3,350) | (2,999) |
Cost of risk on unimpaired assets and commitments | 188 | 765 |
of which stage\u00a01 | 85 | 212 |
of which stage\u00a02 | 103 | 553 |
Cost of risk on impaired assets and commitments \u2013 stage\u00a03 | (3,538) | (3,764) |
Changes in impairment by accounting category and asset type during the period
In millions of euros, at | 31 December 2024 | Net allowance to impairment | Impairment provisions used | Changes in scope, exchange rates and other items | Reclassification of assets held for sale(1) | 31 December 2025 |
|---|---|---|---|---|---|---|
Assets impairment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Amounts due from central banks | 15 | (1) | \u00a0 | (2) | \u00a0 | 12 |
Financial instruments at fair value through profit or loss | 90 | 1 | (11) | (5) | \u00a0 | 75 |
Financial assets at fair value through equity | 123 | 2 | \u00a0 | (101) | \u00a0 | 24 |
Financial assets at amortised cost | 17,181 | 3,097 | (3,210) | (150) | (626) | 16,292 |
Loans and receivables | 16,993 | 3,046 | (3,210) | (134) | (625) | 16,070 |
Debt securities | 188 | 51 | \u00a0 | (16) | (1) | 222 |
Other assets | 50 | (3) | (1) | (2) | \u00a0 | 44 |
Total impairment of financial assets | 17,459 | 3,096 | (3,222) | (260) | (626) | 16,447 |
of which stage\u00a01 | 1,813 | (91) | (4) | (15) | (28) | 1,675 |
of which stage\u00a02 | 1,951 | (113) | (2) | (76) | (42) | 1,718 |
of which stage\u00a03 | 13,695 | 3,300 | (3,216) | (169) | (556) | 13,054 |
Provisions recognised as liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Provisions for commitments | 706 | 89 | \u00a0 | (35) | (36) | 724 |
Other provisions | 349 | 24 | (53) | (1) | \u00a0 | 319 |
Total provisions recognised for credit commitments | 1,055 | 113 | (53) | (36) | (36) | 1,043 |
of which stage\u00a01 | 182 | 24 | \u00a0 | (1) | (8) | 197 |
of which stage\u00a02 | 206 | 11 | \u00a0 | (19) | (11) | 187 |
of which stage\u00a03 | 667 | 78 | (53) | (16) | (17) | 659 |
Total impairment and provisions | 18,514 | 3,209 | (3,275) | (296) | (662) | 17,490 |
(1) | This variation is related to the application of IFRS 5 standard on the Banque Marocaine pour le Commerce et l'Industrie and its subsidiaries (see note 8.f). |
Change in impairment by accounting category and asset type during the previous period
In millions of euros, at | 31 December 2023 | Net allowance to impairment | Impairment provisions used | Changes in scope, exchange rates and other items | 31 December 2024 |
|---|---|---|---|---|---|
Assets impairment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Amounts due from central banks | 20 | (4) | \u00a0 | (1) | 15 |
Financial instruments at fair value through profit or loss | 108 | 61 | (87) | 8 | 90 |
Financial assets at fair value through equity | 121 | 2 | \u00a0 | \u00a0 | 123 |
Financial assets at amortised cost | 17,715 | 2,769 | (3,647) | 344 | 17,181 |
Loans and receivables | 17,611 | 2,665 | (3,619) | 336 | 16,993 |
Debt securities | 104 | 104 | (28) | 8 | 188 |
Other assets | 30 | 6 | (1) | 15 | 50 |
Total impairment of financial assets | 17,994 | 2,834 | (3,735) | 366 | 17,459 |
of which stage\u00a01 | 1,966 | (122) | (3) | (28) | 1,813 |
of which stage\u00a02 | 2,429 | (458) | (23) | 3 | 1,951 |
of which stage\u00a03 | 13,599 | 3,414 | (3,709) | 391 | 13,695 |
Provisions recognised as liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Provisions for commitments | 883 | (148) | (1) | (28) | 706 |
Other provisions | 387 | 3 | (38) | (3) | 349 |
Total provisions recognised for credit commitments | 1,270 | (145) | (39) | (31) | 1,055 |
of which stage\u00a01 | 269 | (91) | \u00a0 | 4 | 182 |
of which stage\u00a02 | 301 | (98) | \u00a0 | 3 | 206 |
of which stage\u00a03 | 700 | 44 | (39) | (38) | 667 |
Total impairment and provisions | 19,264 | 2,689 | (3,774) | 335 | 18,514 |
\u00a0
Changes in impairment of financial assets at amortised cost during the period
In millions of euros | Impairment on assets subject to 12-month Expected Credit Losses (Stage 1) | Impairment on assets subject to lifetime Expected Credit Losses (Stage 2) | Impairment on doubtful\u00a0assets (Stage 3) | Total |
|---|---|---|---|---|
At 31 December 2024 | 1,785 | 1,939 | 13,457 | 17,181 |
Net allowance to impairment | (92) | (114) | 3,303 | 3,097 |
Financial assets purchased or originated during the period | 533 | 181 | \u00a0 | 714 |
Financial assets derecognised during the period(1) | (281) | (226) | (767) | (1,274) |
Transfer to stage\u00a02 | (281) | 1,848 | (215) | 1,352 |
Transfer to stage\u00a03 | (36) | (822) | 2,308 | 1,450 |
Transfer to stage\u00a01 | 223 | (922) | (38) | (737) |
Other allowances/reversals without stage transfer(2) | (250) | (173) | 2,015 | 1,592 |
Impairment provisions used | (4) | (2) | (3,204) | (3,210) |
Changes in exchange rates | (14) | (35) | (296) | (345) |
Changes in scope of consolidation and other items | 1 | (39) | 233 | 195 |
Reclassification of assets held for sale (3) | (28) | (42) | (556) | (626) |
At 31 December 2025 | 1,648 | 1,707 | 12,937 | 16,292 |
(1) | Including disposals. |
(2) | Including amortisation. |
(3) | This variation is related to the application of IFRS 5 standard on the Banque Marocaine pour le Commerce et l'Industrie and its subsidiaries (see note 8.f). |
In 2025, the volume of financial assets at amortised cost remained relatively stable compared to previous year and amounted to EUR\u202f1,092\u202fbillion (see note\u202f4.e Financial assets at amortised cost), of which EUR 913 billion in loans and advances to customers.
Loans and advances to customers classified in stage 1 increased by +EUR\u202f2\u202fbillion over the year, while stage\u202f2 outstandings decreased by -EUR\u202f6\u202fbillion.
Within each of these stages, net reversals of provisions were observed, notably following the update of forward-looking information. As a result, the additional provision applied since 2023 to the Commercial Real Estate portfolio was fully reversed following the normalisation of the sector.
In parallel, based on the scenarios established by the end of 2025, the update of macroeconomic prospects also had a positive effect due to generally better forecasts in 2026 compared to the year 2025. On the other hand, the introduction of tariffs in the United States negatively affects the default probabilities of counterparties in the most exposed sectors.
\u00a0
Changes in impairment of financial assets at amortised cost during the previous period
In millions of euros | Impairment on assets subject to 12-month Expected Credit Losses (Stage 1) | Impairment on assets subject to lifetime Expected Credit Losses (Stage 2) | Impairmen on doubtful\u00a0assets (Stage 3) | Total |
|---|---|---|---|---|
At 31 December 2023 | 1,938 | 2,416 | 13,361 | 17,715 |
Net allowance to impairment | (123) | (458) | 3,350 | 2,769 |
Financial assets purchased or originated during the period | 686 | 188 | 3 | 877 |
Financial assets derecognised during the period(1) | (367) | (500) | (724) | (1,591) |
Transfer to stage\u00a02 | (263) | 2,005 | (320) | 1,422 |
Transfer to stage\u00a03 | (72) | (908) | 2,280 | 1,300 |
Transfer to stage\u00a01 | 206 | (914) | (47) | (755) |
Other allowances/reversals without stage transfer(2) | (313) | (329) | 2,158 | 1,516 |
Impairment provisions used | (3) | (23) | (3,621) | (3,647) |
Changes in exchange rates | (1) | 4 | 173 | 176 |
Changes in scope of consolidation and other items | (26) | \u00a0 | 194 | 168 |
At 31 December 2024 | 1,785 | 1,939 | 13,457 | 17,181 |
(1) | Including disposals. |
(2) | Including amortisation. |
The following tables present the carrying amounts of impaired financial assets carried at amortised cost and of impaired financing and guarantee commitments, as well as related collateral and other guarantees.
The amounts shown for collateral and other guarantees correspond to the lower of the value of the collateral or other guarantee and the value of the secured assets.
\u00a0
In millions of euros, at | 31 December 2025 | |||
Impaired financial assets (Stage\u00a03) | Collateral | |||
Gross value | Impairment | Net | ||
Loans and advances to credit institutions (note\u00a04.e) | 163 | (161) | 2 | \u00a0 |
Loans and advances to customers (note\u00a04.e) | 26,253 | (12,603) | 13,650 | 8,377 |
Debt securities at amortised cost (note\u00a04.e) | 281 | (173) | 108 | \u00a0 |
Total amortised-cost impaired assets (stage\u00a03) | 26,697 | (12,937) | 13,760 | 8,377 |
Financing commitments given | 997 | (74) | 923 | 329 |
Guarantee commitments given | 1,158 | (266) | 892 | 299 |
Total off-balance sheet impaired commitments (stage\u00a03) | 2,155 | (340) | 1,815 | 628 |
In millions of euros, at | 31 December 2024 | |||
Impaired financial assets (Stage\u00a03) | Collateral | |||
Gross value | Impairment | Net | ||
Loans and advances to credit institutions (note\u00a04.e) | 77 | (71) | 6 | \u00a0 |
Loans and advances to customers (note\u00a04.e) | 25,824 | (13,242) | 12,582 | 8,044 |
Debt securities at amortised cost (note\u00a04.e) | 265 | (145) | 120 | \u00a0 |
Total amortised-cost impaired assets (stage\u00a03) | 26,166 | (13,458) | 12,708 | 8,044 |
Financing commitments given | 1,384 | (95) | 1,289 | 554 |
Guarantee commitments given | 1,054 | (223) | 831 | 195 |
Total off-balance sheet impaired commitments (stage\u00a03) | 2,438 | (318) | 2,120 | 749 |
\u00a0
The following table presents the changes in gross exposures of stage\u00a03 assets (EU CR2):
\u00a0
Gross value In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Impaired exposures (stage\u00a03) at opening balance | 26,166 | 25,570 |
Transfer to stage\u00a03 | 8,863 | 9,163 |
Transfer to stage\u00a01 or stage\u00a02 | (1,758) | (2,041) |
Assets written off | (3,536) | (4,101) |
Other changes(1) | (3,038) | (2,425) |
Impaired exposures (stage\u00a03) at closing balance | 26,697 | 26,166 |
|
IFRS 17 defines credit risk as the risk that a party to a financial instrument, an insurance contract issued which is an asset or a reinsurance contract held, fails to meet one of its obligations and thereby causes the other party to suffer a financial loss.
The credit risk related to contracts in the scope of IFRS 17 relates mainly to reinsurance contracts held (risk of default by a reinsurer that would no longer allow him to assume a share of the amount due to him) and to receivables on the partners to whom the collection of the premiums have been delegated.
Counterparty risk management on reinsurers is achieved through rigorous selection of reinsurers, negotiation of collateral provided and regular monitoring of major exposures. The guarantees required may be real sureties, such as cash deposits and security pledges, or financial guarantees given and letters of guarantee.
The counterparty risk of BNP\u00a0Paribas Cardif\u2019s partners comes under the Partners and Reinsurers credit governance. As with a reinsurer, an exposure to a partner may be subject to real or personal security. Depending on the quality of the counterparty, the following techniques may be used: guarantee of the parent company, first-demand bank guarantee, segregated account of the rest of the assets in the event of bankruptcy, etc.
The Bank\u2019s lending activities are governed by the Global Credit Policy. It applies to all Group activities that generate credit or counterparty risk. The Global Credit Policy provides general principles (including the risk assessment and decision-making process, adherence to the highest standards of compliance and ethics) applicable to all credit risk, as well as specific principles applicable to country risk, sector risks, clients selection and the transaction structures. It is supplemented by specific policies tailored to certain type of business or counterparty.
These credit policies are regularly updated in line with developments in the credit environment in which the Group operates.
BNP Paribas takes ESG criteria into account in its credit decision-making processes. For more\u00a0details, see chapter 5.11 Environmental, social and governance risk.
A system of discretionary credit delegations has been established, under which all lending decisions must be approved by managers or representatives of the business teams, with the concurrence of a formally designated RISK representative. Approvals are systematically evidenced in writing, possibly electronically either by means of a signed approval form or in the minutes of formal Credit Committee meetings. Discretionary credit delegations correspond to aggregate commitments by business group and vary according to internal credit ratings and the specific nature of the business concerned. All transactions proposed are subject to a detailed review of the borrower\u2019s current and future position. The review, conducted when granting the transaction and updated at least on an annual basis, is designed to ensure the Group has a comprehensive understanding of the borrower and can monitor any potential changes in its situation. Certain types of lending commitments, such as loans to financial institutions, sovereign loans and loans to customers operating in certain industries that are exposed to cyclical risks or to a rapid pace of change, are subject to specific authorisation procedures and require the sign-off of an industry expert or designated specialist. In Retail Banking, simplified procedures are applied, based on statistical decision-making aids.
Credit applications must comply with the Bank\u2019s Global Credit Policy and any relevant specific policies. Material exceptions undergo a special approval process. Before making any commitments, BNP\u00a0Paribas carries out an in-depth review of any known development plans of the borrower, and ensures that it has thorough knowledge of all the structural aspects of the borrower\u2019s operations and that adequate monitoring will be possible.
The General Management Credit Committee (CCDG) is the highest level Group committee for all decisions related to credit and counterparty risk. It has in particular ultimate decision-making authority for all credit applications notably for amounts in excess of individual discretionary credit delegations or applications that would not comply with the Global Credit Policy.
A comprehensive risk monitoring system is organised around control units, which are responsible for ensuring that lending commitments comply with the credit decision, that credit risk reporting data are reliable and that risks are effectively monitored. Daily irregular exception reports are produced and various early warning tools are used to identify early the deterioration of credit risks. The various monitoring levels are carried out under the supervision of RISK. Non-performing loans or those placed under credit watch (see Exposures, provisions and cost of risk) are overseen more closely via dedicated quarterly committee meetings (see the Governance part of section\u00a05.3 Risk management). To supplement this mechanism, the Doubtful Committee meets on a monthly basis to validate the proposed changes in individual provisions for doubtful loans for which an adjustment is necessary based on expected financial flows.
The responsibilities of the control teams include the monitoring of exposures against approved authorisations, covenants, and guarantees. This allows the identification of any signs of deterioration against the risk profile approved by the Credit Committee. Control teams flag up (to the RISK teams and business units) any cases that fail to comply with Credit Committee decisions and oversee their resolution. In some cases, a specific alert is sent to the senior management of RISK and of the relevant business unit. These are mainly where exceptions remain unresolved and/or where there are serious indications of deterioration in the risk profile compared with that approved by the Credit Committee.
The selection and careful evaluation of individual risks taken are supported by a monitoring and risk control system based on more aggregated portfolio levels in terms of division/business line, regions, industry, business/product.
The overall portfolio management policy, including concentration of risk by single name, industry and country, is based on this monitoring system and Group Risk Committees review all reports and analyses produced:
Lastly, the Group may use credit risk transfer instruments, such as securitisation programmes, credit derivatives or credit insurance, to mitigate individual risks, reduce portfolio concentration or cap potential losses arising from crisis scenarios.
The Group applies the impairment procedures described below for all loans subject to impairment (see note\u00a01.f.5 Impairment of financial assets at amortised cost and of debt instruments at market value through shareholders\u2019 equity to the consolidated financial statements):
Each counterparty is rated internally by the Group using uniform principles, regardless of the approach used to calculate regulatory capital requirements.
The Bank has a comprehensive internal rating system compliant with regulatory requirements regarding capital adequacy. A periodic assessment and control process has been deployed within the Bank to ensure that the system is appropriate and correctly implemented. The system was formally validated by the supervisor in December\u00a02007 and is inspected on a regular basis.
For loans to institutions, corporates, sovereigns and specialised lendings, the system is based on three parameters: the counterparty\u2019s probability of default (PD) expressed via a rating, the Global Recovery Rate (GRR) or its complement, Loss Given Default (LGD), which depends on the structure of the transaction, and the Credit Conversion Factor (CCF), which estimates the off-balance sheet exposure at risk.
There are twelve counterparty ratings. Ten cover performing clients with credit assessments ranging from \u201cexcellent\u201d to \u201cvery concerning\u201d, and two relate to clients classified as in default, as per the definition by the banking supervisor.
Confirmation or amendments to the probability of default parameters and GRR applicable to each transaction are reviewed at least once a year as part of the loan approval process or annual credit review. These are based on the combined expertise of business line staff and, as a second look, the RISK representatives (who have the final say in case of disagreement). It uses appropriate tools including analysis aids and credit scoring systems. The decision to use these tools and the choice of technique depends on the nature of the risk.
For retail counterparties, the system is also based on three parameters: Probability of Default (PD), the Global Recovery Rate (GRR) and the Credit Conversion Factor (CCF). On the other hand, rating methods are applied automatically to determine the loan parameters.
Internal estimates of risk parameters are used in the Bank\u2019s day-to-day management in line with regulation recommendations. Thus, apart from calculating capital requirements, they are used for example when setting delegated limits, granting new loans or reviewing existing loans to measure profitability, determine impairments and for book analyses.
The Group has reviewed its internal credit risk models over the past few years with the aim of improving the measurement of credit risk on its portfolios, strengthening their convergence between entities and ensuring compliance with regulations. In 2025, once approved by the ECB, certain global models (used for exposures to financial institutions) as well as \"retail\" and \"consumer finance\" models (used for exposures in France, Belgium and Luxembourg) were implemented for the calculation of risk weighted assets, leading to changes in the risk parameters applied to exposures. For example, a migration to lower levels of probability of default has been observed following the implementation of a new model on investment funds.
\u00a0 | Internal rating BNP\u00a0Paribas | LT Issuer/ | Average expected PD |
|---|---|---|---|
Investment Grade | 1+ | AAA | 0.01% |
1 | AA+ | 0.01% | |
1- | AA | 0.01% | |
2+ | AA- | 0.02% | |
2 | A+/A | 0.03% | |
2- | A- | 0.04% | |
3+/3/3- | BBB+ | 0.06% to 0.10% | |
4+/4/4- | BBB | 0.13 to 0.21% | |
5+/5/5- | BBB- | 0.26% to 0.48% | |
Non-Investment Grade | 6+ | BB+ | 0.69% |
6/6- | BB | 1.00% to 1.46% | |
7+/7 | BB- | 2.11% to 3.07% | |
7- | B+ | 4.01% | |
8+/8/8- | B | 5.23% to 8.06% | |
9+/9/9- | B- | 9.53% to 13.32% | |
10+ | CCC | 15.75% | |
10 | CC | 18.62% | |
10- | C | 21.81% | |
Default | 11 | D | 100% |
12 | D | 100% |
\u00a0
The Group has developed an indicative equivalence between the Bank\u2019s\u00a0internal ratings and the long-term issuer ratings assigned by the major rating agencies. Nevertheless, the Bank has a much broader clientele than just those counterparties rated by an external rating agency. An indicative equivalence is not relevant in Retail Banking.
It is used when the internal ratings are assigned or reviewed in order to identify any differences between the Bank\u2019s assessment of a borrower\u2019s probability of default and that of one or more of the rating agencies. However, the internal ratings do not aim to reproduce or even approximate the external ratings. There are significant variances in both directions within the portfolio. Some counterparties rated 6 or 7 by BNP\u00a0Paribas could be considered Investment Grade by the rating agencies.
For further details, see the sections Internal rating system \u2013 sovereign, financial institution, corporate and specialised financing portfolios and Internal rating system specific to retail customers.
Impaired exposures (stage\u00a03) related to assets at amortised cost and financing and guarantee commitments given, as well as the guarantees received as collateral, are presented in note\u00a04.f Impaired financial assets (stage 3). The definition of impaired loans (stage\u00a03) is presented in note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity, Definition of default paragraph.
The following table shows the carrying amount of performing and non-performing(8)\u00a0financial assets included in the prudential consolidation scope.
An exposure is deemed to be non-performing when it falls into one of the following categories:
In this part, in accordance with the Implementing Regulation (EU) No.\u00a02024/3172, the scope of the tables in this section includes the following items:
Exposures in default include impaired loans and receivables (stage\u00a03) and doubtful loans and receivables and debt securities at fair value through profit or loss outside the trading book.
The classifications used for exposures shown are taken from financial reports intended for the supervisory authority(9)\u00a0and so differ from the exposure classes usually used within the context of Pillar\u00a03. The classification includes:
\u00a0
\u00a0 | \u00a0 | a | b | c | d | e | f | g | h | i | j | k | l | n | o |
In millions of euros | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 31 December 2025 | ||||||||||
Gross carrying amount | Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions | Collateral and financial guarantees received | |||||||||||||
Performing exposures | Non-performing exposures | Performing exposures | Non-performing exposures | On performing exposures | On non-performing exposures | ||||||||||
\u00a0 | of which stage 1 | of which stage 2 | \u00a0 | of which stage 1 & 2 | of which defaulted | \u00a0 | of which stage 1 | of which stage 2 | \u00a0 | of which stage \u00a01 & 2 | of which defaulted | ||||
005 | Current accounts at central banks and other demand deposits | 218,497 | 217,499 | 997 | \u00a0 | \u00a0 | \u00a0 | (23) | (14) | (9) | \u00a0 | \u00a0 | \u00a0 | 333 | \u00a0 |
010 | Loans and advances | 914,976 | 851,520 | 63,456 | 27,162 | 348 | 26,814 | (3,294) | (1,631) | (1,663) | (12,837) | (9) | (12,828) | 510,364 | 8,814 |
020 | Central banks | 8,287 | 8,287 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 4,796 | \u00a0 |
030 | General governments | 36,488 | 35,040 | 1,448 | 254 | 119 | 136 | (12) | (7) | (5) | (73) | (2) | (71) | 9,170 | 57 |
040 | Credit institutions | 8,878 | 8,719 | 159 | 163 | \u00a0 | 163 | (7) | (5) | (2) | (160) | \u00a0 | (160) | 4,955 | \u00a0 |
050 | Other financial corporations | 114,186 | 112,150 | 2,036 | 1,276 | \u00a0 | 1,276 | (61) | (35) | (26) | (792) | \u00a0 | (792) | 14,859 | 127 |
060 | Non-financial corporations | 419,449 | 376,034 | 43,415 | 15,046 | 205 | 14,840 | (1,315) | (602) | (712) | (6,935) | (6) | (6,929) | 241,228 | 5,885 |
070 | of which SMEs | 128,922 | 113,508 | 15,414 | 6,058 | 98 | 5,960 | (601) | (325) | (276) | (2,418) | (3) | (2,415) | 89,134 | 2,754 |
080 | Households | 327,689 | 311,291 | 16,398 | 10,423 | 24 | 10,399 | (1,899) | (981) | (918) | (4,878) | (1) | (4,876) | 235,356 | 2,746 |
090 | Debt securities | 234,231 | 232,523 | 1,708 | 326 | \u00a0 | 326 | (70) | (27) | (43) | (209) | \u00a0 | (209) | 3,749 | \u00a0 |
100 | Central banks | 5,267 | 4,377 | 890 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
110 | General governments | 162,889 | 162,240 | 649 | \u00a0 | \u00a0 | \u00a0 | (41) | (10) | (31) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
120 | Credit institutions | 25,202 | 25,163 | 39 | 2 | \u00a0 | 2 | (7) | (6) | \u00a0 | (2) | \u00a0 | (2) | 3,749 | \u00a0 |
130 | Other financial corporations | 33,658 | 33,533 | 125 | 199 | \u00a0 | 199 | (18) | (7) | (11) | (134) | \u00a0 | (134) | \u00a0 | \u00a0 |
140 | Non-financial corporations | 7,215 | 7,210 | 5 | 125 | \u00a0 | 125 | (4) | (4) | \u00a0 | (73) | \u00a0 | (73) | \u00a0 | \u00a0 |
\u00a0 | Assets held for sale | 6,304 | 5,528 | 777 | 817 | 6 | 811 | (71) | (29) | (42) | (556) | \u00a0 | (556) | 1,907 | 57 |
150 | Off-balance sheet exposures | 615,359 | 593,604 | 21,754 | 2,261 | 2 | 2,259 | (384) | (197) | (187) | (339) | \u00a0 | (339) | 157,267 | 628 |
160 | Central banks | 73,965 | 73,965 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 73,510 | \u00a0 |
170 | General governments | 7,952 | 6,654 | 1,298 | 3 | \u00a0 | 3 | (2) | (1) | (1) | \u00a0 | \u00a0 | \u00a0 | 766 | \u00a0 |
180 | Credit institutions | 22,396 | 21,257 | 1,139 | \u00a0 | \u00a0 | \u00a0 | (11) | (4) | (7) | \u00a0 | \u00a0 | \u00a0 | 5,368 | \u00a0 |
190 | Other financial corporations | 71,450 | 70,096 | 1,353 | 16 | \u00a0 | 16 | (12) | (7) | (5) | (5) | \u00a0 | (5) | 9,892 | 7 |
200 | Non-financial corporations | 384,457 | 367,789 | 16,668 | 2,071 | \u00a0 | 2,071 | (261) | (115) | (146) | (328) | \u00a0 | (328) | 64,240 | 604 |
210 | Households | 55,139 | 53,844 | 1,295 | 171 | 2 | 169 | (98) | (69) | (29) | (6) | \u00a0 | (6) | 3,490 | 17 |
220 | TOTAL | 1,989,366 | 1,900,675 | 88,691 | 30,566 | 357 | 30,209 | (3,842) | (1,898) | (1,944) | (13,941) | (9) | (13,932) | 673,620 | 9,499 |
\u00a0 | \u00a0 | a | b | c | d | e | f | g | h | i | j | k | l | n | o |
In millions of euros | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 31 December 2024 | ||||||||||
Gross carrying amount | Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions | Collateral and financial guarantees received | |||||||||||||
Performing exposures | Non-performing exposures | Performing exposures | Non-performing exposures | On performing exposures | On non-performing exposures | ||||||||||
\u00a0 | of which stage 1 | of which stage 2 | \u00a0 | of which stage 1 & 2 | of which defaulted | \u00a0 | of which stage 1 | of which stage 2 | \u00a0 | of which stage 1 & 2 | of which defaulted | ||||
005 | Cash balances at central banks and other demand deposits | 188,522 | 187,857 | 665 | 1 | \u00a0 | 1 | (19) | (15) | (4) | \u00a0 | \u00a0 | \u00a0 | 759 | \u00a0 |
010 | Loans and advances | 928,317 | 858,701 | 69,616 | 26,998 | 498 | 26,501 | (3,720) | (1,810) | (1,909) | (13,439) | (8) | (13,431) | 524,030 | 8,646 |
020 | Central banks | 10,646 | 10,646 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 4,270 | \u00a0 |
030 | General governments | 35,523 | 33,951 | 1,573 | 261 | 89 | 171 | (17) | (8) | (9) | (64) | (3) | (61) | 8,954 | 79 |
040 | Credit institutions | 12,242 | 12,143 | 98 | 77 | 1 | 76 | (10) | (6) | (4) | (71) | \u00a0 | (71) | 6,411 | 1 |
050 | Other financial corporations | 114,808 | 111,624 | 3,184 | 1,053 | 3 | 1,050 | (92) | (42) | (51) | (854) | \u00a0 | (854) | 18,314 | 139 |
060 | Non-financial corporations | 422,317 | 375,443 | 46,874 | 14,912 | 394 | 14,518 | (1,406) | (635) | (771) | (7,219) | (4) | (7,214) | 251,579 | 5,683 |
070 | of which SMEs | 126,007 | 110,597 | 15,411 | 6,162 | 107 | 6,056 | (629) | (314) | (315) | (2,537) | (2) | (2,535) | 86,554 | 2,731 |
080 | Households | 332,782 | 314,895 | 17,888 | 10,696 | 11 | 10,685 | (2,195) | (1,120) | (1,075) | (5,232) | (1) | (5,231) | 234,503 | 2,744 |
090 | Debt securities | 223,009 | 220,815 | 2,194 | 422 | \u00a0 | 422 | (64) | (25) | (39) | (288) | \u00a0 | (288) | 3,925 | \u00a0 |
100 | Central banks | 6,056 | 4,847 | 1,209 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
110 | General governments | 151,791 | 151,100 | 691 | \u00a0 | \u00a0 | \u00a0 | (39) | (14) | (26) | \u00a0 | \u00a0 | \u00a0 | 350 | \u00a0 |
120 | Credit institutions | 25,990 | 25,900 | 90 | 101 | \u00a0 | 101 | (9) | (7) | (2) | (101) | \u00a0 | (101) | 3,575 | \u00a0 |
130 | Other financial corporations | 32,275 | 32,105 | 171 | 259 | \u00a0 | 259 | (12) | (1) | (11) | (133) | \u00a0 | (133) | \u00a0 | \u00a0 |
140 | Non-financial corporations | 6,896 | 6,863 | 33 | 62 | \u00a0 | 62 | (3) | (3) | \u00a0 | (54) | \u00a0 | (54) | \u00a0 | \u00a0 |
150 | Off-balance sheet exposures | 596,936 | 573,146 | 23,790 | 2,441 | 2 | 2,439 | (387) | (181) | (206) | (318) | \u00a0 | (318) | 154,322 | 749 |
160 | Central banks | 65,839 | 65,839 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 65,474 | \u00a0 |
170 | General governments | 9,201 | 8,000 | 1,201 | 1 | \u00a0 | 1 | (2) | (1) | (1) | \u00a0 | \u00a0 | \u00a0 | 866 | \u00a0 |
180 | Credit institutions | 22,379 | 21,950 | 429 | \u00a0 | \u00a0 | \u00a0 | (11) | (4) | (7) | \u00a0 | \u00a0 | \u00a0 | 4,744 | \u00a0 |
190 | Other financial corporations | 78,195 | 77,516 | 680 | 22 | \u00a0 | 22 | (18) | (13) | (5) | (4) | \u00a0 | (4) | 11,636 | 2 |
200 | Non-financial corporations | 370,308 | 350,169 | 20,139 | 2,281 | \u00a0 | 2,281 | (286) | (121) | (166) | (309) | \u00a0 | (309) | 67,365 | 729 |
210 | Households | 51,014 | 49,672 | 1,342 | 138 | 2 | 136 | (70) | (42) | (28) | (5) | \u00a0 | (5) | 4,237 | 18 |
220 | TOTAL | 1,936,784 | 1,840,519 | 96,265 | 29,862 | 500 | 29,362 | (4,191) | (2,032) | (2,159) | (14,045) | (8) | (14,037) | 683,036 | 9,395 |
\u00a0
Changes in the stock of non-performing loans and advances (EU CR2) are presented in note\u00a04.f Impaired financial assets (stage\u00a03) to the consolidated financial statements as at 31\u00a0December 2025.
\u00a0 | \u00a0 | a | b | c | d | e | f | g | h | i | j | k | l |
In millions of euros | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 31 December 2025 | ||||||||
Performing exposures | Non-performing exposures | ||||||||||||
\u00a0 | Not past due or\u00a0 | > 30 days \u2264 90 days | \u00a0 | Unlikely to pay that are not past due or are past due\u00a0 | > 90 days \u2264 180 days | > 180 days \u2264 1 year | > 1 year\u00a0 | > 2 years\u00a0 | > 5 years\u00a0 | > 7 years | of which defaulted | ||
005 | Cash balances at central banks and other demand deposits | 218,497 | 218,497 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
010 | Loans and advances | 914,976 | 910,616 | 4,360 | 27,162 | 10,700 | 2,254 | 2,087 | 3,535 | 4,020 | 1,688 | 2,879 | 26,814 |
020 | Central banks | 8,287 | 8,287 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
030 | General governments | 36,488 | 36,384 | 104 | 254 | 54 | 53 | 32 | 8 | 61 | 26 | 20 | 136 |
040 | Credit institutions | 8,878 | 8,875 | 2 | 163 | \u00a0 | \u00a0 | \u00a0 | 2 | \u00a0 | \u00a0 | 160 | 163 |
050 | Other financial corporations | 114,186 | 114,152 | 34 | 1,276 | 654 | 223 | 3 | 171 | 19 | 76 | 131 | 1,276 |
060 | Non-financial corporations | 419,449 | 416,695 | 2,754 | 15,046 | 6,556 | 764 | 941 | 1,966 | 1,853 | 1,208 | 1,757 | 14,840 |
070 | of which SMEs | 128,922 | 127,982 | 940 | 6,058 | 1,869 | 445 | 712 | 1,047 | 1,268 | 282 | 435 | 5,960 |
080 | Households | 327,689 | 326,223 | 1,465 | 10,423 | 3,435 | 1,213 | 1,112 | 1,388 | 2,087 | 377 | 811 | 10,399 |
090 | Debt securities | 234,231 | 234,231 | \u00a0 | 326 | 57 | \u00a0 | \u00a0 | 139 | 80 | 5 | 45 | 326 |
100 | Central banks | 5,267 | 5,267 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
110 | General governments | 162,889 | 162,889 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
120 | Credit institutions | 25,202 | 25,202 | \u00a0 | 2 | 2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2 |
130 | Other financial corporations | 33,658 | 33,658 | \u00a0 | 199 | 27 | \u00a0 | \u00a0 | 139 | 28 | \u00a0 | 5 | 199 |
140 | Non-financial corporations | 7,215 | 7,215 | \u00a0 | 125 | 28 | \u00a0 | \u00a0 | \u00a0 | 52 | 5 | 40 | 125 |
\u00a0 | Assets held for sale | 6,304 | 6,304 | \u00a0 | 817 | 110 | 13 | 21 | 1 | 76 | 209 | 387 | 811 |
150 | Off-balance sheet exposures | 615,359 | \u00a0 | \u00a0 | 2,261 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,259 |
160 | Central banks | 73,965 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
170 | General governments | 7,952 | \u00a0 | \u00a0 | 3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 3 |
180 | Credit institutions | 22,396 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
190 | Other financial corporations | 71,450 | \u00a0 | \u00a0 | 16 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 16 |
200 | Non-financial corporations | 384,457 | \u00a0 | \u00a0 | 2,071 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,071 |
210 | Households | 55,139 | \u00a0 | \u00a0 | 171 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 169 |
220 | TOTAL | 1,989,366 | 1,369,648 | 4,360 | 30,566 | 10,867 | 2,266 | 2,108 | 3,676 | 4,176 | 1,901 | 3,311 | 30,209 |
\u00a0 | \u00a0 | a | b | c | d | e | f | g | h | i | j | k | l |
In millions of euros | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 31 December 2024 | ||||||||
Performing exposures | Non-performing exposures | ||||||||||||
\u00a0 | Not past due or \u2264\u00a030\u00a0days | >\u00a030\u00a0days \u2264\u00a090\u00a0days | \u00a0 | Unlikely to pay that are not past due or are past due \u2264\u00a090\u00a0days | >\u00a090\u00a0days \u2264\u00a0180\u00a0days | >\u00a0180\u00a0days \u2264\u00a01\u00a0year | >\u00a01\u00a0year \u2264\u00a02\u00a0years | >\u00a02\u00a0years \u2264\u00a05\u00a0years | >\u00a01\u00a0year \u2264\u00a02\u00a0years | >\u00a05\u00a0years | of which defaulted | ||
005 | Cash balances at central banks and other demand deposits | 188,522 | 188,522 | \u00a0- | 1 | 1 | - | - | - | -\u00a0 | - | -\u00a0 | 1 |
010 | Loans and advances | 928,317 | 923,500 | 4,818 | 26,998 | 9,307 | 1,910 | 2,574 | 3,032 | 4,925 | 1,697 | 3,553 | 26,501 |
020 | Central banks | 10,646 | 10,646 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
030 | General governments | 35,523 | 35,458 | 66 | 261 | 67 | 34 | 28 | 10 | 76 | 26 | 21 | 171 |
040 | Credit institutions | 12,242 | 12,239 | 2 | 77 | 2 | \u00a0 | \u00a0 | 2 | \u00a0 | \u00a0 | 72 | 76 |
050 | Other financial corporations | 114,808 | 114,759 | 48 | 1,053 | 523 | 13 | 23 | 17 | 88 | 175 | 215 | 1,050 |
060 | Non-financial corporations | 422,317 | 418,949 | 3,368 | 14,912 | 5,864 | 864 | 1,350 | 1,507 | 2,062 | 990 | 2,275 | 14,518 |
070 | of which SMEs | 126,007 | 125,278 | 729 | 6,162 | 2,050 | 474 | 693 | 929 | 1,068 | 413 | 534 | 6,056 |
080 | Households | 332,782 | 331,449 | 1,333 | 10,696 | 2,852 | 999 | 1,173 | 1,496 | 2,699 | 506 | 971 | 10,685 |
090 | Debt securities | 223,009 | 223,009 | - | 422 | 309 | - | - | - | 5 | - | 108 | 422 |
100 | Central banks | 6,056 | 6,056 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
110 | General governments | 151,791 | 151,791 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
120 | Credit institutions | 25,990 | 25,990 | \u00a0 | 101 | 2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 99 | 101 |
130 | Other financial corporations | 32,275 | 32,275 | \u00a0 | 259 | 250 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 8 | 259 |
140 | Non-financial corporations | 6,896 | 6,896 | \u00a0 | 62 | 57 | \u00a0 | \u00a0 | \u00a0 | 5 | \u00a0 | \u00a0 | 62 |
150 | Off-balance sheet exposures | 596,936 | \u00a0 | \u00a0 | 2,441 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,439 |
160 | Central banks | 65,839 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
170 | General governments | 9,201 | \u00a0 | \u00a0 | 1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 1 |
180 | Credit institutions | 22,379 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
190 | Other financial corporations | 78,195 | \u00a0 | \u00a0 | 22 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 22 |
200 | Non-financial corporations | 370,308 | \u00a0 | \u00a0 | 2,281 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,281 |
210 | Households | 51,014 | \u00a0 | \u00a0 | 138 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 136 |
220 | TOTAL | 1,936,784 | 1,335,030 | 4,818 | 29,862 | 9,617 | 1,910 | 2,574 | 3,032 | 4,930 | 1,697 | 3,661 | 29,362 |
\u00a0
Table\u00a049 (EU CQ4) below shows the on- and off-balance sheet exposures.
\u00a0 | \u00a0 | a | \u00a0 | b | c | d | e | \u00a0 | \u00a0 | f | g |
|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2025 | ||||||||||
Gross carrying amount/Nominal amount | \u00a0 | \u00a0 | Accumulated impairment | Provisions on off-balance sheet commitments and financial guarantees given | Accumulated | ||||||
\u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage\u00a02) | Of which non-performing | Of which loans and advances subject to impairment | \u00a0 \u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage\u00a02) | Of which defaulted | |||||
\u00a0 | Of which defaulted | ||||||||||
010 | On balance sheet exposures | 1,402,313 | 67,245 | 28,306 | 27,951 | 1,398,506 | (17,024) | (1,765) | (13,557) | - | (36) |
\u00a0 | of which exposures in the balance sheet of continuing activities | 1,395,192 | 66,462 | 27,488 | 27,140 | 1,391,384 | (16,397) | (1,723) | (13,001) | \u00a0 | (36) |
\u00a0 | Europe(1) | 1,049,368 | 55,209 | 23,332 | 23,041 | 1,045,916 | (13,874) | (1,509) | (10,842) | \u00a0 | (36) |
\u00a0 | France | 417,630 | 19,471 | 10,399 | 10,218 | 416,657 | (5,679) | (615) | (4,573) | \u00a0 | (7) |
\u00a0 | Belgium | 186,337 | 8,167 | 3,204 | 3,203 | 186,306 | (1,512) | (115) | (1,266) | \u00a0 | \u00a0 |
\u00a0 | Luxembourg | 46,760 | 2,028 | 823 | 820 | 46,569 | (206) | (27) | (163) | \u00a0 | (2) |
\u00a0 | Italy | 128,821 | 6,830 | 3,296 | 3,291 | 128,569 | (2,638) | (306) | (1,961) | \u00a0 | (19) |
\u00a0 | United Kingdom | 63,759 | 3,047 | 833 | 826 | 63,511 | (672) | (57) | (517) | \u00a0 | (5) |
\u00a0 | Germany | 58,952 | 6,454 | 1,838 | 1,824 | 58,038 | (1,299) | (163) | (1,022) | \u00a0 | \u00a0 |
\u00a0 | Netherlands | 22,056 | 956 | 344 | 343 | 22,051 | (80) | (8) | (60) | \u00a0 | \u00a0 |
\u00a0 | Other European countries | 125,053 | 8,256 | 2,595 | 2,515 | 124,213 | (1,789) | (218) | (1,279) | \u00a0 | (3) |
\u00a0 | North America | 135,776 | 3,236 | 1,576 | 1,557 | 135,654 | (453) | (47) | (392) | \u00a0 | \u00a0 |
\u00a0 | Asia Pacific | 97,465 | 1,957 | 315 | 312 | 97,442 | (125) | (22) | (83) | \u00a0 | \u00a0 |
\u00a0 | Japan | 40,405 | 479 | 1 | \u00a0 | 40,381 | (6) | (4) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | North Asia | 20,427 | 590 | 239 | 238 | 20,427 | (49) | (11) | (30) | \u00a0 | \u00a0 |
\u00a0 | South-East Asia (ASEAN) | 16,838 | 311 | 52 | 52 | 16,838 | (52) | (1) | (44) | \u00a0 | \u00a0 |
\u00a0 | Indian peninsula &\u00a0Pacific | 19,796 | 578 | 23 | 22 | 19,796 | (18) | (5) | (8) | \u00a0 | \u00a0 |
070 | Rest of the World | 112,583 | 6,061 | 2,266 | 2,230 | 112,373 | (1,944) | (146) | (1,685) | \u00a0 | \u00a0 |
\u00a0 | T\u00fcrkiye | 16,507 | 936 | 386 | 386 | 16,507 | (295) | (33) | (208) | \u00a0 | \u00a0 |
\u00a0 | Mediterranean | 2,897 | 462 | 127 | 127 | 2,897 | (130) | (13) | (114) | \u00a0 | \u00a0 |
\u00a0 | Gulf States & Africa | 10,033 | 286 | 1,265 | 1,265 | 10,033 | (1,125) | (30) | (1,067) | \u00a0 | \u00a0 |
\u00a0 | Latin America | 12,437 | 1,148 | 73 | 72 | 12,227 | (65) | (15) | (44) | \u00a0 | \u00a0 |
\u00a0 | Other countries | 70,709 | 3,230 | 414 | 380 | 70,709 | (329) | (55) | (251) | \u00a0 | \u00a0 |
\u00a0 | of which exposures on the balance sheet of activities intended to be sold | 7,122 | 783 | 817 | 811 | 7,122 | (626) | (42) | (556) | \u00a0 | \u00a0 |
080 | Off-balance sheet\u00a0 | 532,749 | 21,756 | 2,261 | 2,259 | 532,749 | (724) | (187) | (339) | (724) | \u00a0 |
\u00a0 | Europe(1) | 342,060 | 11,010 | 1,672 | 1,670 | 342,060 | (530) | (119) | (253) | (530) | \u00a0 |
\u00a0 | France | 92,684 | 3,521 | 558 | 558 | 92,684 | (155) | (48) | (52) | (155) | \u00a0 |
\u00a0 | Belgium | 38,428 | 1,403 | 218 | 218 | 38,428 | (73) | (5) | (53) | (73) | \u00a0 |
\u00a0 | Luxembourg | 16,622 | 559 | 110 | 110 | 16,622 | (21) | (9) | (7) | (21) | \u00a0 |
\u00a0 | Italy | 39,220 | 1,130 | 356 | 356 | 39,220 | (112) | (16) | (68) | (112) | \u00a0 |
\u00a0 | United Kingdom | 41,834 | 1,433 | 47 | 47 | 41,834 | (18) | (6) | \u00a0 | (18) | \u00a0 |
\u00a0 | Germany | 36,923 | 805 | 158 | 158 | 36,923 | (74) | (8) | (50) | (74) | \u00a0 |
\u00a0 | Netherlands | 17,211 | 374 | 100 | 100 | 17,211 | (7) | (1) | (3) | (7) | \u00a0 |
\u00a0 | Other European countries | 59,136 | 1,785 | 125 | 123 | 59,136 | (71) | (25) | (19) | (71) | \u00a0 |
\u00a0 | North America | 132,764 | 7,139 | 354 | 354 | 132,764 | (84) | (34) | (36) | (84) | \u00a0 |
\u00a0 | Asia Pacific | 25,507 | 606 | 34 | 34 | 25,507 | (13) | (2) | (6) | (13) | \u00a0 |
\u00a0 | Japan | 3,701 | 3 | \u00a0 | \u00a0 | 3,701 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | North Asia | 9,241 | 279 | 24 | 24 | 9,241 | (8) | \u00a0 | (6) | (8) | \u00a0 |
\u00a0 | South-East Asia (ASEAN) | 6,275 | 159 | \u00a0 | \u00a0 | 6,275 | (1) | \u00a0 | \u00a0 | (1) | \u00a0 |
\u00a0 | Indian peninsula &\u00a0Pacific | 6,290 | 164 | 10 | 10 | 6,290 | (3) | (1) | \u00a0 | (3) | \u00a0 |
140 | Rest of the World | 32,418 | 3,002 | 201 | 201 | 32,418 | (97) | (32) | (43) | (97) | \u00a0 |
\u00a0 | T\u00fcrkiye | 7,704 | 261 | 15 | 15 | 7,704 | (23) | (5) | (5) | (23) | \u00a0 |
\u00a0 | Mediterranean | 5,114 | 726 | 134 | 134 | 5,114 | (31) | (4) | (25) | (31) | \u00a0 |
\u00a0 | Gulf States & Africa | 5,937 | 145 | 49 | 49 | 5,937 | (21) | (5) | (13) | (21) | \u00a0 |
\u00a0 | Latin America | 6,253 | 638 | 3 | 3 | 6,253 | (18) | (17) | \u00a0 | (18) | \u00a0 |
\u00a0 | Other countries | 7,410 | 1,231 | 1 | 1 | 7,410 | (4) | (2) | \u00a0 | (4) | \u00a0 |
150 | TOTAL | 1,935,062 | 89,001 | 30,566 | 30,209 | 1,931,255 | (17,747) | (1,952) | (13,896) | (724) | (36) |
(1) | Within the European Union, the European Free Trade Association (EFTA) and the United Kingdom |
(2) | The residual risk, net of collateral received, on agency securities lending transactions is negligible and is not broken down by\u00a0 geographical areas. These exposures represent a guarantee commitment given to the lenders of securities that amounts to EUR 84.9 billion as of 31 December 2025, before taking into consideration the collateral received. |
\u00a0 | \u00a0 | a | \u00a0 | b | c | d | e | \u00a0 | \u00a0 | f | g |
|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2024 | ||||||||||
Gross carrying amount/Nominal amount | Accumulated impairment | Provisions on off-balance sheet commitments and financial guarantees given | Accumulated | ||||||||
\u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage\u00a02) | Of which non-performing | Of which loans and advances subject to impairment | \u00a0 \u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage\u00a02) | Of which defaulted | |||||
\u00a0 | Of which defaulted | ||||||||||
010 | On balance sheet exposures | 1,367,269 | 72,927 | 27,421 | 26,923 | 1,362,026 | (17,478) | (1,956) | (13,667) | \u00a0 | (52) |
\u00a0 | Europe(1) | 1,010,510 | 58,127 | 23,040 | 22,792 | 1,006,345 | (14,298) | (1,684) | (10,982) | \u00a0 | (52) |
\u00a0 | France | 402,055 | 22,190 | 9,441 | 9,278 | 400,100 | (5,707) | (736) | (4,452) | \u00a0 | (15) |
\u00a0 | Belgium | 171,333 | 8,076 | 3,100 | 3,098 | 171,297 | (1,512) | (130) | (1,246) | \u00a0 | \u00a0 |
\u00a0 | Luxembourg | 43,921 | 2,266 | 581 | 572 | 43,705 | (167) | (33) | (114) | \u00a0 | (2) |
\u00a0 | Italy | 126,360 | 7,329 | 3,929 | 3,926 | 126,250 | (3,032) | (304) | (2,353) | \u00a0 | (30) |
\u00a0 | United Kingdom | 62,681 | 3,423 | 1,221 | 1,215 | 62,262 | (828) | (75) | (642) | \u00a0 | (3) |
\u00a0 | Germany | 58,412 | 5,613 | 1,641 | 1,622 | 57,329 | (1,059) | (118) | (805) | \u00a0 | \u00a0 |
\u00a0 | Netherlands | 22,577 | 1,125 | 144 | 144 | 22,571 | (78) | (11) | (54) | \u00a0 | \u00a0 |
\u00a0 | Other European countries | 123,172 | 8,105 | 2,984 | 2,937 | 122,830 | (1,915) | (277) | (1,314) | \u00a0 | (3) |
\u00a0 | North America | 139,856 | 4,894 | 858 | 658 | 139,194 | (204) | (60) | (126) | \u00a0 | - |
\u00a0 | Asia Pacific | 102,374 | 2,127 | 372 | 369 | 102,312 | (232) | (16) | (156) | \u00a0 | \u00a0 |
\u00a0 | Japan | 34,252 | 380 | 11 | 11 | 34,222 | (11) | (9) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | North Asia | 28,533 | 893 | 216 | 214 | 28,533 | (79) | (2) | (31) | \u00a0 | \u00a0 |
\u00a0 | South-East Asia (ASEAN) | 19,730 | 558 | 121 | 121 | 19,713 | (129) | (3) | (117) | \u00a0 | \u00a0 |
\u00a0 | Indian peninsula &\u00a0Pacific | 19,858 | 296 | 24 | 22 | 19,843 | (13) | (2) | (7) | \u00a0 | \u00a0 |
070 | Rest of the World | 114,529 | 7,780 | 3,151 | 3,104 | 114,176 | (2,744) | (196) | (2,403) | \u00a0 | \u00a0 |
\u00a0 | T\u00fcrkiye | 18,381 | 981 | 167 | 167 | 18,381 | (220) | (48) | (114) | \u00a0 | \u00a0 |
\u00a0 | Mediterranean | 9,909 | 2,018 | 973 | 969 | 9,909 | (796) | (52) | (706) | \u00a0 | \u00a0 |
\u00a0 | Gulf States & Africa | 9,996 | 396 | 1,431 | 1,431 | 9,996 | (1,255) | (40) | (1,188) | \u00a0 | \u00a0 |
\u00a0 | Latin America | 13,689 | 477 | 168 | 167 | 13,335 | (131) | (4) | (120) | \u00a0 | \u00a0 |
\u00a0 | Other countries | 62,554 | 3,908 | 412 | 371 | 62,554 | (342) | (52) | (275) | \u00a0 | \u00a0 |
080 | Off-balance sheet\u00a0 | 522,499 | 23,792 | 2,441 | 2,439 | 522,499 | (706) | (206) | (318) | (706) | \u00a0 |
\u00a0 | Europe(1) | 343,933 | 12,951 | 1,940 | 1,938 | 343,933 | (492) | (116) | (240) | (492) | \u00a0 |
\u00a0 | France | 97,345 | 4,124 | 735 | 735 | 97,345 | (166) | (52) | (62) | (166) | \u00a0 |
\u00a0 | Belgium | 40,546 | 2,195 | 263 | 263 | 40,546 | (87) | (10) | (61) | (87) | \u00a0 |
\u00a0 | Luxembourg | 17,157 | 424 | 134 | 134 | 17,157 | (22) | (4) | (14) | (22) | \u00a0 |
\u00a0 | Italy | 36,610 | 1,459 | 401 | 401 | 36,610 | (96) | (13) | (65) | (96) | \u00a0 |
\u00a0 | United Kingdom | 40,702 | 1,635 | 113 | 113 | 40,702 | (22) | (6) | \u00a0 | (22) | \u00a0 |
\u00a0 | Germany | 33,162 | 896 | 164 | 164 | 33,162 | (40) | (5) | (26) | (40) | \u00a0 |
\u00a0 | Netherlands | 18,139 | 295 | 20 | 20 | 18,139 | (4) | (1) | \u00a0 | (4) | \u00a0 |
\u00a0 | Other European countries | 60,272 | 1,923 | 111 | 109 | 60,272 | (55) | (24) | (13) | (55) | \u00a0 |
\u00a0 | North America | 122,575 | 7,625 | 280 | 280 | 122,575 | (85) | (55) | (14) | (85) | \u00a0 |
\u00a0 | Asia Pacific | 24,348 | 366 | 43 | 43 | 24,348 | (6) | (2) | (1) | (6) | \u00a0 |
\u00a0 | Japan | 2,836 | 4 | \u00a0 | \u00a0 | 2,836 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | North Asia | 8,935 | 146 | 30 | 30 | 8,935 | (3) | (1) | \u00a0 | (3) | \u00a0 |
\u00a0 | South-East Asia (ASEAN) | 6,063 | 108 | \u00a0 | \u00a0 | 6,063 | (1) | \u00a0 | \u00a0 | (1) | \u00a0 |
\u00a0 | Indian peninsula &\u00a0Pacific | 6,514 | 110 | 13 | 13 | 6,514 | (2) | (1) | (1) | (2) | \u00a0 |
140 | Rest of the World | 31,643 | 2,849 | 179 | 179 | 31,643 | (122) | (33) | (63) | (122) | \u00a0 |
\u00a0 | T\u00fcrkiye | 6,897 | 328 | 27 | 27 | 6,897 | (31) | (10) | (10) | (31) | \u00a0 |
\u00a0 | Mediterranean | 2,524 | 670 | 94 | 94 | 2,524 | (59) | (10) | (41) | (59) | \u00a0 |
\u00a0 | Gulf States & Africa | 6,152 | 120 | 54 | 54 | 6,152 | (20) | (4) | (12) | (20) | \u00a0 |
\u00a0 | Latin America | 5,356 | 408 | 3 | 3 | 5,356 | (8) | (7) | \u00a0 | (8) | \u00a0 |
\u00a0 | Other countries | 10,714 | 1,323 | 1 | 1 | 10,714 | (4) | (2) | \u00a0 | (4) | \u00a0 |
150 | TOTAL | 1,889,768 | 96,719 | 29,862 | 29,362 | 1,884,525 | (18,183) | (2,162) | (13,985) | (706) | (52) |
(1) | Within the European Union, the European Free Trade Association (EFTA) and the United Kingdom |
(2) | The exposures to agency securities lending transactions represent a guarantee commitment given to the lenders of securities that amounts to EUR 76.9 billion as of 31 December 2024, before taking into consideration the collateral received. |
\u00a0
In accordance with Implementing Regulation (EU) No.\u00a02024/3172, the table below (EU CQ5) shows the breakdown of loans and receivables with the scope of non-financial corporations. It does not take into account all exposures to central governments and central banks, credit institutions, financial companies and households. These on-balance sheet and off-balance sheet exposures contribute to all Group risks, mainly credit risk. The breakdown by sector \u2013 as defined by European Regulation No.\u00a01893/2006 establishing the statistical classification of economic activities NACE rev. 2 \u2013 is based on the borrower\u2019s declaration.These same balance sheet exposures of continuing activities, broken down by sector, are included in Table\u00a0113: Credit quality of exposures by sector and residual maturities of section\u00a05.11\u00a0Environmental, social and governance risks of this chapter. In the latter, exposures include, however, debt securities and equity instruments not held for trading.
\u00a0 | \u00a0 | a | \u00a0 | b | c | d | e | \u00a0 | \u00a0 | f |
|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2025 | |||||||||
Gross carrying amount/Nominal amount | Accumulated impairment | Accumulated negative changes in fair value due to credit risk on non-performing exposures | ||||||||
\u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage 2) | Of which non-performing | \u00a0 | \u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage2) | Of which defaulted | ||||
\u00a0 | Of which defaulted | Of which loans and advances subject to impairment | ||||||||
\u00a0 | On balance sheet exposures | 434,494 | 43,582 | 15,046 | 14,840 | 432,554 | (8,249) | (718) | (6,929) | \u00a0 |
010 | Agriculture, forestry and\u00a0fishing | 10,421 | 755 | 391 | 389 | 10,363 | (194) | (24) | (131) | \u00a0 |
020 | Mining and quarrying | 4,190 | 532 | 70 | 70 | 4,081 | (70) | (8) | (60) | \u00a0 |
030 | Manufacturing | 88,204 | 10,577 | 2,098 | 2,067 | 87,931 | (1,319) | (110) | (1,098) | \u00a0 |
040 | Electricity, gas, steam and air conditioning supply | 18,563 | 2,492 | 260 | 243 | 17,830 | (151) | (66) | (73) | \u00a0 |
050 | Water supply | 3,154 | 471 | 85 | 82 | 3,154 | (63) | (6) | (52) | \u00a0 |
060 | Construction | 24,408 | 2,982 | 2,338 | 2,332 | 24,407 | (1,349) | (36) | (1,276) | \u00a0 |
070 | Wholesale and retail trade | 74,217 | 7,749 | 3,115 | 3,064 | 73,560 | (1,955) | (106) | (1,721) | \u00a0 |
080 | Transport and storage | 26,860 | 2,348 | 621 | 579 | 26,823 | (378) | (34) | (316) | \u00a0 |
090 | Accommodation and food service activities | 7,525 | 591 | 522 | 500 | 7,525 | (258) | (18) | (221) | \u00a0 |
100 | Information and communication | 21,365 | 1,759 | 959 | 955 | 21,334 | (266) | (62) | (185) | \u00a0 |
110 | Financial and insurance activities | 23,877 | 1,549 | 362 | 361 | 23,872 | (340) | (28) | (281) | \u00a0 |
120 | Real estate activities | 62,864 | 5,778 | 2,191 | 2,188 | 62,864 | (690) | (90) | (529) | \u00a0 |
130 | Professional, scientific and technical activities | 26,385 | 1,594 | 860 | 851 | 26,351 | (505) | (47) | (414) | \u00a0 |
140 | Administrative and support service activities | 25,242 | 1,733 | 421 | 415 | 25,241 | (346) | (33) | (285) | \u00a0 |
150 | Public administration and defence, compulsory social security | 250 | 93 | 17 | 17 | 249 | (5) | (1) | (3) | \u00a0 |
160 | Education | 968 | 98 | 45 | 44 | 968 | (30) | (3) | (24) | \u00a0 |
170 | Human health services and social work activities | 5,908 | 860 | 184 | 183 | 5,908 | (129) | (13) | (104) | \u00a0 |
180 | Arts, entertainment and recreation | 2,474 | 444 | 124 | 124 | 2,474 | (62) | (13) | (45) | \u00a0 |
190 | Other services | 7,620 | 1,177 | 381 | 376 | 7,619 | (141) | (20) | (110) | \u00a0 |
200 | Off-balance sheet exposures | 386,528 | 16,668 | 2,071 | 2,071 | 386,528 | (589) | (146) | (328) | \u00a0 |
\u00a0 | Agriculture, forestry and fishing | 1,234 | 99 | 5 | 5 | 1,234 | (2) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Mining and quarrying | 7,171 | 349 | 6 | 6 | 7,171 | (3) | (1) | \u00a0 | \u00a0 |
\u00a0 | Manufacturing | 125,108 | 6,302 | 463 | 463 | 125,108 | (135) | (36) | (63) | \u00a0 |
\u00a0 | Electricity, gas, steam and air conditioning supply | 33,955 | 1,350 | 126 | 126 | 33,955 | (78) | (32) | (40) | \u00a0 |
\u00a0 | Water supply | 3,644 | 301 | 4 | 4 | 3,644 | (2) | (1) | \u00a0 | \u00a0 |
\u00a0 | Construction | 26,477 | 1,426 | 481 | 481 | 26,477 | (88) | (10) | (69) | \u00a0 |
\u00a0 | Wholesale and retail trade | 36,684 | 1,929 | 357 | 357 | 36,684 | (102) | (18) | (64) | \u00a0 |
\u00a0 | Transport and storage | 20,164 | 1,063 | 68 | 68 | 20,164 | (10) | (2) | (4) | \u00a0 |
\u00a0 | Accommodation and food service activities | 3,964 | 202 | 9 | 9 | 3,964 | (6) | (2) | (2) | \u00a0 |
\u00a0 | Information and communication | 40,145 | 645 | 120 | 120 | 40,145 | (33) | (8) | (20) | \u00a0 |
\u00a0 | Financial and insurance activities | 20,628 | 866 | 24 | 24 | 20,628 | (35) | (9) | (20) | \u00a0 |
\u00a0 | Real estate activities | 14,065 | 669 | 165 | 165 | 14,065 | (33) | (11) | (17) | \u00a0 |
\u00a0 | Professional, scientific and technical activities | 32,043 | 656 | 123 | 123 | 32,043 | (25) | (8) | (10) | \u00a0 |
\u00a0 | Administrative and support service activities | 13,457 | 486 | 111 | 111 | 13,457 | (24) | (5) | (16) | \u00a0 |
\u00a0 | Public administration and defence, compulsory social security | 248 | 5 | \u00a0 | \u00a0 | 248 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Education | 179 | 13 | 1 | 1 | 179 | (1) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Human health services and social work activities | 1,770 | 75 | 3 | 3 | 1,770 | (2) | \u00a0 | (1) | \u00a0 |
\u00a0 | Arts, entertainment and recreation | 1,597 | 158 | 2 | 2 | 1,597 | (1) | (1) | \u00a0 | \u00a0 |
\u00a0 | Other services | 3,995 | 72 | \u00a0 | \u00a0 | 3,995 | (7) | (2) | \u00a0 | \u00a0 |
\u00a0 | TOTAL | 821,022 | 60,250 | 17,116 | 16,911 | 819,082 | (8,839) | (864) | (7,257) | \u00a0 |
\u00a0 | \u00a0 | a | \u00a0 | b | c | d | e | \u00a0 | \u00a0 | f |
|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2024 | |||||||||
Gross carrying amount\\Nominal amount | Accumulated impairment | Accumulated negative changes in fair value due to credit risk on non-performing exposures | ||||||||
\u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage2) | Of which non-performing | \u00a0 | \u00a0 \u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage2) | Of which Defaulted | ||||
\u00a0 | Of which Defaulted | Of which loans and advances subject to impairment | ||||||||
\u00a0 | On balance sheet exposures | 437,229 | 47,227 | 14,912 | 14,518 | 433,809 | (8,613) | (775) | (7,203) | (11) |
010 | Agriculture, forestry and fishing | 11,331 | 810 | 396 | 395 | 11,226 | (224) | (35) | (139) | \u00a0 |
020 | Mining and quarrying | 5,073 | 277 | 70 | 70 | 4,787 | (67) | (4) | (60) | \u00a0 |
030 | Manufacturing | 93,308 | 11,654 | 3,326 | 3,286 | 93,170 | (2,189) | (120) | (1,959) | \u00a0 |
040 | Electricity, gas, steam and air conditioning supply | 19,562 | 1,689 | 259 | 258 | 18,582 | (133) | (34) | (85) | \u00a0 |
050 | Water supply | 3,397 | 368 | 138 | 136 | 3,397 | (118) | (4) | (109) | \u00a0 |
060 | Construction | 25,065 | 2,815 | 1,889 | 1,882 | 24,937 | (985) | (48) | (888) | (11) |
070 | Wholesale and retail trade | 76,759 | 8,354 | 2,798 | 2,743 | 75,999 | (1,768) | (116) | (1,535) | \u00a0 |
080 | Transport and storage | 26,790 | 2,912 | 614 | 577 | 26,734 | (377) | (36) | (310) | \u00a0 |
090 | Accommodation and food service activities | 7,630 | 1,250 | 571 | 551 | 7,626 | (276) | (16) | (247) | \u00a0 |
100 | Information and communication | 18,396 | 2,090 | 634 | 631 | 18,269 | (206) | (45) | (144) | \u00a0 |
110 | Financial and insurance activities | 24,350 | 1,517 | 450 | 448 | 24,292 | (293) | (38) | (223) | \u00a0 |
120 | Real estate activities | 60,216 | 6,995 | 1,890 | 1,889 | 60,216 | (929) | (126) | (708) | \u00a0 |
130 | Professional, scientific and technical activities | 24,330 | 1,551 | 708 | 691 | 23,561 | (428) | (34) | (348) | \u00a0 |
140 | Administrative and support service activities | 25,461 | 2,158 | 383 | 379 | 25,453 | (293) | (68) | (194) | \u00a0 |
150 | Public administration and defence, compulsory social security | 205 | 64 | 12 | 11 | 205 | (6) | (1) | (5) | \u00a0 |
160 | Education | 966 | 145 | 35 | 35 | 966 | (20) | (1) | (17) | \u00a0 |
170 | Human health services and social work activities | 5,409 | 639 | 128 | 127 | 5,409 | (80) | (13) | (54) | \u00a0 |
180 | Arts, entertainment and recreation | 2,099 | 641 | 136 | 136 | 2,099 | (70) | (7) | (60) | \u00a0 |
190 | Other services | 6,883 | 1,297 | 474 | 274 | 6,882 | (151) | (26) | (117) | \u00a0 |
200 | Off-balance sheet exposures | 372,589 | 20,139 | 2,281 | 2,281 | 372,589 | (595) | (166) | (309) | - |
\u00a0 | Agriculture, forestry and fishing | 988 | 48 | 3 | 3 | 988 | (2) | (1) | \u00a0 | \u00a0 |
\u00a0 | Mining and quarrying | 10,038 | 116 | 6 | 6 | 10,038 | (2) | (1) | \u00a0 | \u00a0 |
\u00a0 | Manufacturing | 117,538 | 5,630 | 420 | 420 | 117,538 | (164) | (53) | (77) | \u00a0 |
\u00a0 | Electricity, gas, steam and air conditioning supply | 34,247 | 1,525 | 60 | 60 | 34,247 | (21) | (13) | (1) | \u00a0 |
\u00a0 | Water supply | 3,418 | 108 | 81 | 81 | 3,418 | (1) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Construction | 28,290 | 2,526 | 555 | 555 | 28,290 | (125) | (19) | (91) | \u00a0 |
\u00a0 | Wholesale and retail trade | 35,525 | 1,928 | 603 | 603 | 35,525 | (123) | (16) | (87) | \u00a0 |
\u00a0 | Transport and storage | 20,471 | 1,876 | 26 | 26 | 20,471 | (12) | (3) | (5) | \u00a0 |
\u00a0 | Accommodation and food service activities | 2,839 | 276 | 9 | 9 | 2,839 | (6) | (3) | (2) | \u00a0 |
\u00a0 | Information and communication | 26,357 | 1,222 | 247 | 247 | 26,357 | (21) | (12) | (4) | \u00a0 |
\u00a0 | Financial and insurance activities | 18,958 | 759 | 40 | 40 | 18,958 | (23) | (6) | (9) | \u00a0 |
\u00a0 | Real estate activities | 16,492 | 660 | 143 | 143 | 16,492 | (40) | (13) | (19) | \u00a0 |
\u00a0 | Professional, scientific and technical activities | 32,359 | 1,384 | 43 | 43 | 32,359 | (20) | (12) | (1) | \u00a0 |
\u00a0 | Administrative and support service activities | 16,220 | 1,206 | 22 | 22 | 16,220 | (20) | (10) | (5) | \u00a0 |
\u00a0 | Public administration and defence, compulsory social security | 125 | 0 | 1 | 1 | 125 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Education | 188 | 29 | 1 | 1 | 188 | (1) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Human health services and social work activities | 1,474 | 67 | 1 | 1 | 1,474 | (1) | (1) | \u00a0 | \u00a0 |
\u00a0 | Arts, entertainment and recreation | 1,638 | 288 | 5 | 5 | 1,638 | (2) | (2) | \u00a0 | \u00a0 |
\u00a0 | Other services | 5,423 | 491 | 14 | 14 | 5,423 | (10) | (2) | (6) | \u00a0 |
\u00a0 | TOTAL | 809,818 | 67,366 | 17,193 | 16,799 | 806,398 | (9,208) | (941) | (7,512) | (11) |
\u00a0
Industry risks are monitored in terms of gross exposure(10)\u00a0and risk-weighted assets. Certain sectors, defined in line with the principles of the Group\u2019s Risk Appetite Statement, are subject to enhanced monitoring and specific reviews. Their monitoring is carried out on a wider scope, taking into account all the exposures of the Business Groups and entities relating to these sectors as defined by the monitoring and the internal risk management nomenclature.
As at 31 December 2025, the Group\u2019s exposure to Leverage Buy-Out transactions with financial sponsors (\u201cLBO\u201d) amounted to EUR\u00a013.2\u00a0billion, or 0.7% of the Group\u2019s gross on-balance sheet and off-balance sheet commitments, compared with EUR\u00a013.0\u00a0billion, or 0.7% as at 31\u00a0December 2024. The market context was more dynamic than in 2024, in particular in EMEA, but it remains dominated by refinancing operations rather than the recovery of the M&A market.
These exposures are very granular with an average amount of EUR\u00a011\u00a0million per loan (EUR\u00a020\u00a0million taking into account all exposures related to the business groups). This portfolio has proven resilient in the current economic environment, with a slight increase in defaulted assets (EUR\u00a01 332\u00a0million compared to EUR\u00a01 179\u00a0million in 2024) and stage\u00a03 provisions amounting to EUR\u00a0254\u00a0million (compared to EUR\u00a0211\u00a0million at end 2024).
The shipping sector covers a set of segments with very different dynamics: bulk, oil and gas tankers, container carriers, oil services and cruises. Since 2024, these different segments were affected in very heterogeneous ways by the evolution of the macro-economic environment, without this impact being major for any of the subsectors. The cruise segment benefitted from a progressive recovery of demand. The slowdown in maritime container transport continued in 2025 with a normalisation of freight rates however this segment is still doing very well. The dry bulk and tanker segments remain subject to high market volatility linked to the consequences of the invasion of Ukraine and the Middle East conflict. Lastly, the tanker segment benefited from the volatility of oil flows due to geopolitical sanctions in a context of strong demand \u00a0
The shipping industry has to face new environmental constraints (International Maritime Organisation (IMO) standards) involving investment efforts, as well as tariff constraints. A growing number of new orders concern hybrid LNG (Liquefied Natural Gas) propulsion or other technologies with a reduced impact on the environment.
At 31 December 2025, gross exposure of the shipping finance sector was EUR\u00a018.2\u00a0billion, i.e. 0.9% of the Group\u2019s gross on-balance sheet and off-balance sheet credit exposures, compared to EUR\u00a020.0\u00a0billion or 1.1% at 31\u00a0December 2024. Most of this exposure is borne by Corporate &\u00a0Institutional\u00a0Banking (more than 90%, like last year), with good geographical diversification of the client base. Doubtful loans accounted for 0.7% of the Group\u2019s exposure to the shipping finance segment (compared to 0.8% of doubtful loans at 31\u00a0December 2024) and stage\u00a03 provisions were EUR\u00a083\u00a0million (compared to EUR\u00a0117\u00a0million in provisions at 31\u00a0December 2024).
Business activity in this sector is split between airlines and aircraft leasing companies, whose share has stabilised. The gross exposure is EUR\u00a013.4\u00a0billion at 31 December 2025, i.e. 0.7% of the Group\u2019s total gross on- and off-balance sheet commitments, versus EUR\u00a015.8 billion, i.e. 0.9% of the Group\u2019s total gross commitments at 31\u00a0December 2024. Origination continues to be concentrated on leading airlines and lessors as well as the latest technology narrow bodies aircrafts with lower environmental impact and greater economic efficiency. The direct and indirect consequences of the current geopolitical context have not had a visible impact on the cost of risk of this improving portfolio. Thus, the amount of doubtful loans remains low at 31 December 2025 representing 0.5% of the sector\u2019s outstandings (versus 0.7% in 2024). Stage\u00a03 provisions are very limited and represented EUR\u00a010\u00a0million at 31 December 2025, compared to EUR\u00a08\u00a0million at 31\u00a0December 2024.
The commercial real estate sector covers a set of segments with very different dynamics: logistics, office real estate, residential, hotels, shopping centres, but all segments have been affected by rising rates and change of usage in the office sector that are driving down valuations. The Group expects a stabilization of valuations initiated in 2024, and a gradual recovery, without valuations from 2022 necessarily appearing predictable across all segments. More specifically, the office sector is undergoing a change in use following the widespread adoption of work-from-home and some assets in secondary location are experiencing higher vacancy rate.
At 31 December 2025, the gross exposure to the commercial real estate sector was EUR\u00a065.2\u00a0billion, (EUR\u00a067.3\u00a0billion at 31\u00a0December 2024), i.e. 3.4% of the Group\u2019s total gross on- and off-balance sheet commitments (3.7% of total commitments in 2024). This exposure is mainly in Europe and highly diversified between the various market segments, countries and entities of the Group. Defaulted assets represented 4.0% of the sector\u2019s total gross exposure (compared to 3.6% in 2024). On commercial real estate, stage\u00a03 provisions amounted to EUR\u00a0716\u00a0million as at 31 December 2025 (EUR\u00a0730 million as at 31\u00a0December 2024).
The activity of this sector includes the generation, transportation, and distribution of electricity.\u00a0
Electricity demand growth in the coming years will notably be driven by electrification of transport, industry, buildings and AI/data centers.\u00a0
The Group remains diversified, with no sector accounting for more than 10% of corporate lending exposure and more than 4.0% of total credit exposure as at 31\u00a0December 2025.
Doubtful loans increased compared with 2024, resulting from a combined effect of the deterioration of few corporate loans in Americas, in France and CRE activity, offset by a decrease in the doubtful exposures under specialised businesses, in Italy and Asia.
The main effects explaining changes in the amount of doubtful outstandings in 2025 (EU CR2-B) are presented in note\u00a04.f Impaired financial assets (stage\u00a03) to the consolidated financial statments.
The cost of risk and the change in impairment in respect of credit risk are presented in note\u00a02.g Cost of risk to the consolidated financial statements.
The following table shows the carrying amounts of the financial assets and commitments at amortised cost and fair value through equity subject to impairment provisions for credit risk (i.e. excluding instruments at fair value through profit and loss) broken down by impairment stage and by BNP\u00a0Paribas internal rating in the prudential scope. Financial assets subject to impairment are recognised in the following accounting categories:
In millions of euros | 31 December 2025 | |||||||
Gross carrying value | Impairments | Net carrying value | ||||||
BNP Paribas rating or equivalent | TOTAL | |||||||
1 to 3 | 4 to 5 | 6 to 8 | 9 to 10 | Defaulted | ||||
Central Banks | 204,513 | 580 | 3,365 | 749 | \u00a0 | 209,206 | (12) | 209,193 |
Stage\u00a01 | 204,513 | 574 | 3,359 | \u00a0 | \u00a0 | 208,446 | (12) | 208,434 |
Stage\u00a02 | \u00a0 | 5 | 6 | 749 | \u00a0 | 760 | \u00a0 | 760 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt securities at fair value through\u00a0equity | 76,308 | 2,877 | 2,194 | 21 | 6 | 81,407 | (24) | 81,383 |
Stage\u00a01 | 76,308 | 2,773 | 2,067 | 21 | \u00a0 | 81,170 | (9) | 81,160 |
Stage\u00a02 | \u00a0 | 104 | 127 | \u00a0 | \u00a0 | 231 | (12) | 220 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 6 | 6 | (3) | 3 |
Loans and advances at amortised cost | 284,125 | 247,846 | 367,157 | 22,981 | 26,809 | 948,918 | (16,139) | 932,779 |
Stage\u00a01 | 282,307 | 244,076 | 325,321 | 6,412 | \u00a0 | 858,116 | (1,633) | 856,483 |
Stage\u00a02 | 1,818 | 3,770 | 41,836 | 16,569 | \u00a0 | 63,994 | (1,681) | 62,313 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 26,809 | 26,809 | (12,826) | 13,983 |
Debt securities at amortised cost | 138,554 | 8,107 | 3,445 | 1,465 | 281 | 151,852 | (222) | 151,630 |
Stage\u00a01 | 138,554 | 8,068 | 3,428 | 44 | \u00a0 | 150,094 | (18) | 150,076 |
Stage\u00a02 | \u00a0 | 39 | 16 | 1,421 | \u00a0 | 1,477 | (31) | 1,446 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 281 | 281 | (173) | 108 |
Assets held for sale | 129 | 2,171 | 3,829 | 181 | 811 | 7,122 | (626) | 6,495 |
Stage\u00a01 | 129 | 2,112 | 3,242 | 45 | \u00a0 | 5,528 | (29) | 5,499 |
Stage\u00a02 | \u00a0 | 59 | 587 | 136 | \u00a0 | 783 | (42) | 741 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 811 | 811 | (556) | 255 |
Financing and guarantee commitments | 356,922 | 119,492 | 134,509 | 4,437 | 2,259 | 617,619 | (410) | 617,209 |
Stage\u00a01 | 353,277 | 118,177 | 121,341 | 809 | \u00a0 | 593,604 | (174) | 593,431 |
Stage\u00a02 | 3,645 | 1,315 | 13,168 | 3,627 | \u00a0 | 21,756 | (140) | 21,616 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,259 | 2,259 | (97) | 2,162 |
TOTAL | 1,060,552 | 381,074 | 514,499 | 29,834 | 30,167 | 2,016,125 | (17,434) | 1,998,691 |
\u00a0
Financial assets subject to impairment are up by EUR\u202f55\u202fbillion compared to 31\u202fDecember\u202f2024. This increase, which mainly concerns central banks deposits and financing and guarantee commitments, primarily leads to an increase in financial assets and commitments rated 1 to 3 (+\u202fEUR\u202f56\u202fbillion), while financial assets and commitments rated 4 to 5 slightly declined (-EUR\u202f14\u202fbillion, a decrease of -3% compared to 31\u202fDecember\u202f2024).
Loans and receivables at amortised cost classified in Stage 1 and Stage 2 decreased by EUR\u202f5\u202fbillion and EUR\u202f6\u202fbillion respectively, notably as a result of the reclassification of loans and receivables granted by the entity Banque Marocaine pour le Commerce et l\u2019Industrie and its subsidiaries to the aggregate \u201cAssets held for sale\u201d (application of IFRS\u202f5).
In millions of euros | 31 December 2024 | |||||||
Gross carrying value | Impairments | Net carrying value | ||||||
BNP Paribas rating or equivalent | TOTAL | |||||||
1 to 3 | 4 to 5 | 6 to 8 | 9 to 10 | Defaulted | ||||
Central Banks | 174,299 | 1,294 | 3,786 | 597 | \u00a0 | 179,975 | (15) | 179,961 |
Stage\u00a01 | 174,299 | 1,293 | 3,780 | \u00a0 | \u00a0 | 179,371 | (14) | 179,357 |
Stage\u00a02 | \u00a0 | 1 | 6 | 597 | \u00a0 | 604 | (1) | 603 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt securities at fair value through equity | 69,567 | 3,071 | 2,251 | 1 | 106 | 74,997 | (123) | 74,874 |
Stage\u00a01 | 69,567 | 2,956 | 2,084 | 1 | \u00a0 | 74,608 | (10) | 74,598 |
Stage\u00a02 | \u00a0 | 116 | 167 | \u00a0 | \u00a0 | 283 | (11) | 272 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 106 | 106 | (102) | 4 |
Loans and advances at amortised cost | 295,916 | 247,221 | 369,980 | 20,438 | 26,479 | 960,034 | (17,152) | 942,882 |
Stage\u00a01 | 294,095 | 241,379 | 322,731 | 5,221 | \u00a0 | 863,426 | (1,812) | 861,614 |
Stage\u00a02 | 1,821 | 5,842 | 47,250 | 15,217 | \u00a0 | 70,129 | (1,920) | 68,209 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 26,479 | 26,479 | (13,420) | 13,059 |
Debt securities at amortised cost | 127,268 | 12,838 | 5,118 | 1,529 | 265 | 147,019 | (188) | 146,830 |
Stage\u00a01 | 127,268 | 12,508 | 5,068 | \u00a0 | \u00a0 | 144,843 | (16) | 144,827 |
Stage\u00a02 | \u00a0 | 330 | 50 | 1,529 | \u00a0 | 1,911 | (28) | 1,883 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 265 | 265 | (145) | 120 |
Financing and guarantee commitments | 337,114 | 131,476 | 124,485 | 3,863 | 2,439 | 599,377 | (496) | 598,881 |
Stage\u00a01 | 335,261 | 128,219 | 109,042 | 623 | \u00a0 | 573,146 | (163) | 572,983 |
Stage\u00a02 | 1,853 | 3,257 | 15,443 | 3,240 | \u00a0 | 23,792 | (173) | 23,619 |
Stage\u00a03 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,439 | 2,439 | (160) | 2,279 |
TOTAL | 1,004,164 | 395,900 | 505,620 | 26,429 | 29,290 | 1,961,403 | (17,974) | 1,943,429 |
\u00a0
When a borrower is bordering on or is in financial difficulties, he may receive a concession from the Bank that would otherwise not have been granted if the borrower had not met with financial difficulties. The concession may be:
The loan is then said to be \u201crestructured\u201d. It must retain the status of \u201crestructured\u201d during a period of observation, known as a probation period, for at least two years. The concept of restructuring is described in the accounting principles (note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements as at 31\u00a0December 2025) and is aligned with article\u00a047 of CRR Regulation.
According to the principles for identifying the restructured exposure amounts for the Group as a whole, for the non-retail business, exposures are identified individually during the loan process, notably during committees. As for restructured exposures for retail customers, they are usually identified via a systematic process requiring the use of algorithms whose parameters are validated by the RISK and Finance & Strategy Functions.
Information on restructured loans is reported to the supervisory authority on a quarterly basis.
The following table shows the gross value and impairment amounts of performing and non-performing loans that have been restructured.
\u00a0
\u00a0 | \u00a0 | a | b | c | e | f | g | h |
In millions of euros | \u00a0 | \u00a0 | \u00a0 | 31 December 2025 | ||||
Gross carrying amount | Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions | Collaterals received and financial guarantees received | ||||||
Performing exposures | Non-performing exposures | On performing exposures | On non-performing exposures | \u00a0 | Of which Collateral and financial guarantees received on non-performing exposures | |||
\u00a0 | Of which defaulted | |||||||
010 | Loans and advances | 7,598 | 8,960 | 8,959 | (292) | (3,522) | 8,125 | 3,241 |
030 | General governments | 33 | 48 | 48 | \u00a0 | (35) | 21 | \u00a0 |
040 | Credit institutions | \u00a0 | 5 | 5 | \u00a0 | (5) | \u00a0 | \u00a0 |
050 | Other financial corporations | 103 | 228 | 228 | (3) | (137) | 138 | 89 |
060 | Non-financial corporations | 5,664 | 5,141 | 5,140 | (139) | (1,938) | 6,501 | 2,441 |
070 | Households | 1,798 | 3,539 | 3,538 | (150) | (1,407) | 1,465 | 711 |
080 | Debt securities | \u00a0 | 20 | 20 | - | (20) | - | - |
\u00a0 | Assets held for sale | 16 | 16 | 16 | - | (13) | - | - |
090 | Loan commitments given | 1,766 | 456 | 454 | (16) | (21) | 1,164 | 148 |
100 | Total | 9,380 | 9,452 | 9,449 | (309) | (3,577) | 9,289 | 3,389 |
\u00a0 | \u00a0 | a | b | c | e | f | g | h |
In millions of euros | \u00a0 | \u00a0 | \u00a0 | 31 December 2024 | ||||
Gross carrying amount | Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions | Collaterals received and financial guarantees received | ||||||
Performing exposures | Non-performing exposures | On performing exposures | On non-performing exposures | \u00a0 | Of which Collateral and financial guarantees received on non-performing exposures | |||
\u00a0 | Of which defaulted | |||||||
010 | Loans and advances | 8,328 | 7,985 | 7,984 | (289) | (3,260) | 8,500 | 2,850 |
030 | General governments | 14 | 3 | 3 | \u00a0 | (2) | \u00a0 | \u00a0 |
040 | Credit institutions | \u00a0 | 5 | 5 | \u00a0 | (5) | \u00a0 | \u00a0 |
050 | Other financial corporations | 111 | 386 | 386 | (2) | (258) | 162 | 114 |
060 | Non-financial corporations | 6,281 | 4,255 | 4,253 | (145) | (1,725) | 6,766 | 2,006 |
070 | Households | 1,923 | 3,336 | 3,336 | (141) | (1,270) | 1,572 | 730 |
080 | Debt securities | - | 22 | 22 | - | (22) | - | - |
090 | Loan commitments given | 2,209 | 433 | 431 | (11) | (34) | 1,323 | 245 |
100 | Total | 10,537 | 8,440 | 8,437 | (300) | (3,316) | 9,823 | 3,095 |
\u00a0 | \u00a0 | \u00a0 | a | b | c | d | e |
In millions of euros | \u00a0 | \u00a0 | 31 December 2025 | ||||
Gross carrying amount | Unsecured net carrying amount | Secured net carrying amount | |||||
\u00a0 | Secured by\u00a0 | Secured by personal guarantees | |||||
\u00a0 | Secured by credit derivatives | ||||||
1 | Loans and advances | 1,160,635 | 625,302 | 519,178 | 316,695 | 202,484 | \u00a0 |
2 | Debt securities | 234,557 | 230,529 | 3,749 | 1,865 | 1,884 | \u00a0 |
3 | Total | 1,395,192 | 855,831 | 522,928 | 318,560 | 204,368 | \u00a0 |
4 | of which non-performing exposures | 27,488 | 5,628 | 8,814 | 5,623 | 3,191 | \u00a0 |
EU-5 | of which defaulted | 27,140 | 5,464 | 8,701 | 5,596 | 3,105 | \u00a0 |
\u00a0 | Debt instruments held for sale | 7,122 | 4,531 | 1,964 | 1,906 | 58 | - |
\u00a0
\u00a0 | \u00a0 | \u00a0 | a | b | c | d | e |
In millions of euros | \u00a0 | \u00a0 | 31 December 2024 | ||||
Gross carrying amount | Unsecured net carrying amount | Secured net carrying amount | |||||
\u00a0 | Secured by physical collateral | Secured by personal guarantees | |||||
\u00a0 | Secured by credit derivatives | ||||||
1 | Loans and advances | 1,143,839 | 593,984 | 532,676 | 320,793 | 211,883 | \u00a0 |
2 | Debt securities | 223,430 | 219,153 | 3,925 | 2,035 | 1,890 | \u00a0 |
3 | Total | 1,367,269 | 813,137 | 536,601 | 322,828 | 213,773 | - |
4 | of which non-performing exposures | 27,421 | 5,048 | 8,646 | 5,435 | 3,211 | \u00a0 |
EU-5 | of which defaulted | 26,923 | 4,785 | 8,506 | 5,420 | 3,086 | \u00a0 |
\u00a0 | \u00a0 | a | b | a | b |
In millions of euros | \u00a0 | 31 December 2025 | 31 December 2024 | ||
Collateral obtained by taking possession accumulated | Collateral obtained by taking possession accumulated | ||||
Value at initial recognition | Accumulated negative changes | Value at initial recognition | Accumulated negative changes | ||
010 | Property Plant and Equipment (PP&E) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
020 | Other than Property Plant and Equipment | 165 | (18) | 191 | (23) |
030 | Residential immovable property | 143 | (17) | 167 | (23) |
040 | Commercial immovable property | 5 | \u00a0 | 6 | \u00a0 |
050 | Movable property (auto, shipping, etc.) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
060 | Equity and debt instruments | 17 | \u00a0 | 19 | \u00a0 |
070 | Other collateral | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
080 | TOTAL | 165 | (18) | 191 | (23) |
\u00a0
Collateral obtained by taking possession includes assets obtained in exchange for cancellation of the receivable, whether on a voluntary basis or on the basis of legal proceedings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_c1406c9c-677e-46f2-a929-d59fab3aac30": { "value": "The impairment model for credit risk is based on expected losses.
This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.
The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.
This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).
The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.
As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).
The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.
The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.
A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).
In some cases, financial assets are credit-impaired at initial recognition.
For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.
The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.
The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.
A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.
Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.
There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.
In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. Since 2024, this specificity no longer applies to most exposures in the eurozone.
The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.
Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.
In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. Since 2024, this specificity no longer applies to most exposures in the Eurozone.
For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.
The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.
All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.
Probability of Default is an estimate of the likelihood of default over a given time horizon.
The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.
The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.
1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).
Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.
Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).
The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.
For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.
The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.
Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.
The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.
The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.
A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.
If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.
When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.
Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.
A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.
For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.
The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.
When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.
Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.
The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.
For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.
Cost of risk includes the following items of profit or loss:
The general model for impairment described in note\u00a01.f.5 used by the Group relies on the following two steps:
Both steps rely on forward-looking information.
Credit risk is assumed to have significantly increased, and the asset is classified in stage\u00a02, if the probability of default to maturity of the instrument has increased at least threefold since its origination. This relative variation criterion is supplemented by an absolute variation criterion of the default probability of 400\u00a0basis points. These criteria are in line with the recommendations issued by the European Banking Authority (EBA) and the European Central Bank (ECB).
Furthermore, for all portfolios (except for the consumer credit specialist business outside the Eurozone):
In the consumer credit specialist business, the existence of a payment incident during the last 12\u00a0months, potentially regularised, is considered to be an indication of significant increase in credit risk and the facility is therefore classified in stage\u00a02. Since 2024, this specificity no longer applies to most exposures in the Eurozone.
Credit risk is assumed to have increased significantly since initial recognition and the asset is classified in stage 2 in the event of late payment of more than 30 days, restructuring due to financial difficulties (as long as the facility is not credit-impaired) or, for corporate clients, when the counterparty is placed on credit watchlist.
In 2022, the internal ratings of the Russian counterparties (including the sovereign rating) were systematically downgraded to take into account the geopolitical situation of the country, thus leading to the transfer of their outstandings to stage\u00a02. However, given the Group\u2019s limited level of exposure to this country, this deterioration had no significant effect on the cost of risk.
The Group considers forward-looking information both when assessing significant increase in credit risk and when measuring Expected Credit Losses (ECL).
Regarding the measurement of expected credit losses, the Group has chosen to use 4 macroeconomic scenarios by geographic area covering a wide range of potential future economic conditions:
The link between the macroeconomic scenarios and the ECL measurement is mainly achieved through a modelling of the probabilities of default and deformation of migration matrices based on internal rating (or risk parameter). The probabilities of default determined according to these scenarios are used to measure expected credit losses in each of these scenarios.
The Group\u2019s setup is broken down by sector to take into account the heterogeneity of sectoral dynamics when assessing the probability of default for corporates.
Forward-looking information is also considered when determining the significant deterioration in credit risk. As a matter of fact, the probabilities of default used as the basis for this assessment include forward-looking multi-scenario information in the same way as for the calculation of the expected losses.
The weight to be attributed to the expected credit losses calculated in each of the scenarios is defined as follows:
When appropriate, the ECL measurement can take into account asset sale scenarios.
The four macroeconomic scenarios are defined over a three-year projection horizon. They correspond to:
The link between the macroeconomic scenarios and the measurement of the ECL is complemented by an approach allowing to take into account anticipation aspects not captured by the models in the generic approach. This is particularly the case when unprecedented events in the historical chronicle taken into account to build the models occur or are anticipated, or when the nature or amplitude of change in macroeconomic parameter calls into question past correlations. Thus, the situation of high inflation and the level of interest rates recorded earlier were not observed in the reference history. In this context, the Group has implemented in 2022 an approach projecting the impact of higher interest rates on customers\u2019 financial ratios, notably considering their level of indebtedness. Since the end of 2024 and the interest rates\u2019 decrease, this mechanism is inactive. This approach has also been used from 2022 to the end of 2025 to anticipate the effect of lower prices of commercial properties. Starting in 2024, this approach is also used to complete the prospective assessment of the potential consequences of climate change (transition and physical risks) on the credit risk of corporate counterparties and mortgages.
In 2025, the expansion of global activity continued at a moderate pace. The economic recovery of the euro area continued, with an acceleration in Gross Domestic Product (GDP) growth between 2024 (+0.8%) and 2025 (+1.4%). This improvement notably reflects the strengthening of domestic demand, supported by a more accommodative monetary policy. In the United States, on the other hand, growth slowed between 2024 (+2.8%) and 2025 (+2%), due in particular to the shocks related to tariffs and domestic uncertainty.
Anticipations do not point to a significant change in the pace of global growth in the coming quarters and years. On the one hand, monetary policies will on average be a little more accommodative; on the other hand, the international context will continue to be marked by trade and geopolitical uncertainties. In the euro area, growth is expected to remain around the pace observed in 2025 over the next three years, supported by relatively favourable monetary and fiscal conditions. In the United States, the ongoing slowdown is expected to lead to annual growth of less than 2% in 2026 and beyond.
After a general decline in 2024, inflation dynamics were more contrasted at the global level in 2025. In a number of advanced economies, notably in the euro area, inflation continued to move closer to the central bank target, around 2%. On the other hand, it remained higher in other regions such as the United States and Japan, while China continued to face the risk of deflation. While inflation in the euro area is expected to remain close to 2% for the foreseeable future, it will continue to stand significantly above this level in the coming quarters in the United States, due in particular to the trade measures put in place, before moderating thereafter.
As a result, major central banks are not at the same stage of their monetary policy cycle. The ECB appears to have completed most of its easing cycle, although it may adjust policy depending on the evolution of inflation and growth. For its part, the US Federal Reserve resumed monetary easing in the third quarter of 2025 to support activity in the face of signs of a slowdown in the labour market, despite a still present inflationary environment, and is expected to continue to do so in the coming quarters.
Long-term interest rates have risen in recent years to levels not seen in more than a decade. They are expected to remain high over the next few years, reflecting in particular the persistent fiscal constraints in several advanced economies. Sovereign bond yields would thus stabilise at 2.55% for the German 10-year and 4% for the US 10-year.
The uncertainty surrounding this scenario remains significant, particularly in relation to trade and geopolitical tensions, as well as the risks weighing on the macroeconomic and financial environment.
The graph below presents a comparison of Eurozone GDP projections used in the baseline scenario for the calculation of ECLs on 31 December 2025 and 31 December 2024.
(annual averages) | 2025 | 2026 | 2027 | 2028 | \u00a0 |
|---|---|---|---|---|---|
GDP growth rate | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Eurozone | 1.4% | 1.3% | 1.4% | 1.4% | \u00a0 |
France | 0.8% | 1.1% | 1.3% | 1.3% | \u00a0 |
Italy | 0.5% | 0.9% | 1.2% | 1.2% | \u00a0 |
Belgium | 1.1% | 1.2% | 1.4% | 1.4% | \u00a0 |
United States | 2.0% | 1.7% | 1.7% | 1.8% | \u00a0 |
Unemployment rate | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Eurozone | 6.4% | 6.4% | 6.2% | 5.9% | \u00a0 |
France | 7.6% | 7.8% | 7.7% | 7.5% | \u00a0 |
Italy | 6.2% | 6.3% | 6.1% | 5.8% | \u00a0 |
Belgium | 6.0% | 5.8% | 5.4% | 4.9% | \u00a0 |
United States | 4.3% | 4.8% | 4.7% | 4.6% | \u00a0 |
Inflation rate | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Eurozone | 2.1% | 1.7% | 1.9% | 2.0% | \u00a0 |
France | 0.9% | 1.4% | 1.8% | 1.9% | \u00a0 |
Italy | 1.7% | 1.2% | 1.9% | 2.0% | \u00a0 |
Belgium | 3.0% | 2.1% | 1.9% | 2.0% | \u00a0 |
United States | 2.8% | 2.9% | 2.4% | 2.4% | \u00a0 |
10-year sovereign bond yields | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Germany | 2.61% | 2.55% | 2.55% | 2.55% | \u00a0 |
France | 3.37% | 3.40% | 3.40% | 3.40% | \u00a0 |
Italy | 3.56% | 3.35% | 3.35% | 3.35% | \u00a0 |
Belgium | 3.17% | 3.10% | 3.10% | 3.10% | \u00a0 |
United States | 4.29% | 4.00% | 4.00% | 4.00% | \u00a0 |
The adverse and severely adverse scenarios assume that some downside risks will materialise, resulting in much less favourable economic paths than in the baseline scenario.
The following main risks are identified:
The adverse and severe scenarios assume the materialisation of these risks starting from the first quarter of 2026. Although the identified risks are present in both scenarios, their repercussions are assumed to be significantly more pronounced in the severe scenario due to more significant direct shocks and the development of a negative spiral among the main factors (activity, public debt, bond yields, stock markets). The deterioration in activity drives unemployment rates to significantly higher levels. Inflation is higher than in the baseline scenario in the first part of the projection horizon, reflecting, in particular, pressure from commodity prices, trade tariffs, and disruptions in supply chains. In a second phase, inflation decreases in most countries, reflecting the impacts of the recession. Given the marked decline in activity, central banks adopt a more accommodative monetary policy. Reflecting these easing measures and the flight to quality, German and American bond yields are lower than in the baseline scenario, while sovereign spreads widen. Stock market indices fall sharply over the first four quarters of the projection horizon.
Among the considered countries, GDP levels in the adverse scenario stand between 7% and 12% lower than in the baseline scenario at the end of the shock period. This deviation reaches 7.4% in the Eurozone and 7.7% in the United States. In the severe scenario, GDP levels stand between 10.3% and 17.5% lower than in the baseline scenario at the end of the shock period. This deviation reaches 11% in the Eurozone and 11.4% in the United States.
At 31 December 2025, the weight of the favourable scenario considered by the Group was 26%, and 21% for the adverse scenario and 2% for the severe scenario. At 31 December 2024, the weight of the favourable scenario was 28%, 17% for the adverse scenario and 5% for the severe scenario.
The sensitivity of the amount of expected credit losses in stage 1 and stage 2 for all financial assets at amortised cost or at fair value through equity and credit commitments is assessed by comparing the estimated expected credit losses resulting from the weighting of the above scenarios with that resulting from each of the two main scenarios:
Post-model adjustments are made when system limitations are identified in a particular context, for instance, in the case of insufficient statistical data to reflect the specific situation in the models. Post-model adjustments are also considered to take into account, where applicable, the consequences of climatic events on expected credit losses.
Notably, additional adjustments were made in 2022 to take into account the effects of inflation and interest rate hikes when this effect is not directly estimated by the models. For example, within the consumer credit specialist business, adjustments were considered for the categories of customers most sensitive to the gradual decline in the level of their net income. Given the evolution of the macroeconomic context between 2023 and 2025, these adjustments have been reassessed and had been gradually reversed or used.
All of these adjustments represent 2.1% of the total amount of expected credit losses in stage 1 and stage 2 at 31 December 2025, compared with 3.7% at 31 December 2024.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Net allowances to impairment | (3,209) | (2,689) |
Recoveries on loans and receivables previously written off | 216 | 250 |
Losses on irrecoverable loans | (357) | (560) |
Total cost of risk for the period | (3,350) | (2,999) |
\u00a0
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Cash and balances at central banks | 1 | 4 |
Financial instruments at fair value through profit or loss | (1) | (98) |
Financial assets at fair value through equity | (2) | (1) |
Financial assets at amortised cost | (3,215) | (3,013) |
Loans and receivables | (3,164) | (2,907) |
Debt securities | (51) | (106) |
Other assets | 3 | 1 |
Financing and guarantee commitments and other items | (136) | 108 |
Total cost of risk for the period | (3,350) | (2,999) |
Cost of risk on unimpaired assets and commitments | 188 | 765 |
of which stage\u00a01 | 85 | 212 |
of which stage\u00a02 | 103 | 553 |
Cost of risk on impaired assets and commitments \u2013 stage\u00a03 | (3,538) | (3,764) |
Changes in impairment by accounting category and asset type during the period
In millions of euros, at | 31 December 2024 | Net allowance to impairment | Impairment provisions used | Changes in scope, exchange rates and other items | Reclassification of assets held for sale(1) | 31 December 2025 |
|---|---|---|---|---|---|---|
Assets impairment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Amounts due from central banks | 15 | (1) | \u00a0 | (2) | \u00a0 | 12 |
Financial instruments at fair value through profit or loss | 90 | 1 | (11) | (5) | \u00a0 | 75 |
Financial assets at fair value through equity | 123 | 2 | \u00a0 | (101) | \u00a0 | 24 |
Financial assets at amortised cost | 17,181 | 3,097 | (3,210) | (150) | (626) | 16,292 |
Loans and receivables | 16,993 | 3,046 | (3,210) | (134) | (625) | 16,070 |
Debt securities | 188 | 51 | \u00a0 | (16) | (1) | 222 |
Other assets | 50 | (3) | (1) | (2) | \u00a0 | 44 |
Total impairment of financial assets | 17,459 | 3,096 | (3,222) | (260) | (626) | 16,447 |
of which stage\u00a01 | 1,813 | (91) | (4) | (15) | (28) | 1,675 |
of which stage\u00a02 | 1,951 | (113) | (2) | (76) | (42) | 1,718 |
of which stage\u00a03 | 13,695 | 3,300 | (3,216) | (169) | (556) | 13,054 |
Provisions recognised as liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Provisions for commitments | 706 | 89 | \u00a0 | (35) | (36) | 724 |
Other provisions | 349 | 24 | (53) | (1) | \u00a0 | 319 |
Total provisions recognised for credit commitments | 1,055 | 113 | (53) | (36) | (36) | 1,043 |
of which stage\u00a01 | 182 | 24 | \u00a0 | (1) | (8) | 197 |
of which stage\u00a02 | 206 | 11 | \u00a0 | (19) | (11) | 187 |
of which stage\u00a03 | 667 | 78 | (53) | (16) | (17) | 659 |
Total impairment and provisions | 18,514 | 3,209 | (3,275) | (296) | (662) | 17,490 |
(1) | This variation is related to the application of IFRS 5 standard on the Banque Marocaine pour le Commerce et l'Industrie and its subsidiaries (see note 8.f). |
Change in impairment by accounting category and asset type during the previous period
In millions of euros, at | 31 December 2023 | Net allowance to impairment | Impairment provisions used | Changes in scope, exchange rates and other items | 31 December 2024 |
|---|---|---|---|---|---|
Assets impairment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Amounts due from central banks | 20 | (4) | \u00a0 | (1) | 15 |
Financial instruments at fair value through profit or loss | 108 | 61 | (87) | 8 | 90 |
Financial assets at fair value through equity | 121 | 2 | \u00a0 | \u00a0 | 123 |
Financial assets at amortised cost | 17,715 | 2,769 | (3,647) | 344 | 17,181 |
Loans and receivables | 17,611 | 2,665 | (3,619) | 336 | 16,993 |
Debt securities | 104 | 104 | (28) | 8 | 188 |
Other assets | 30 | 6 | (1) | 15 | 50 |
Total impairment of financial assets | 17,994 | 2,834 | (3,735) | 366 | 17,459 |
of which stage\u00a01 | 1,966 | (122) | (3) | (28) | 1,813 |
of which stage\u00a02 | 2,429 | (458) | (23) | 3 | 1,951 |
of which stage\u00a03 | 13,599 | 3,414 | (3,709) | 391 | 13,695 |
Provisions recognised as liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Provisions for commitments | 883 | (148) | (1) | (28) | 706 |
Other provisions | 387 | 3 | (38) | (3) | 349 |
Total provisions recognised for credit commitments | 1,270 | (145) | (39) | (31) | 1,055 |
of which stage\u00a01 | 269 | (91) | \u00a0 | 4 | 182 |
of which stage\u00a02 | 301 | (98) | \u00a0 | 3 | 206 |
of which stage\u00a03 | 700 | 44 | (39) | (38) | 667 |
Total impairment and provisions | 19,264 | 2,689 | (3,774) | 335 | 18,514 |
\u00a0
Changes in impairment of financial assets at amortised cost during the period
In millions of euros | Impairment on assets subject to 12-month Expected Credit Losses (Stage 1) | Impairment on assets subject to lifetime Expected Credit Losses (Stage 2) | Impairment on doubtful\u00a0assets (Stage 3) | Total |
|---|---|---|---|---|
At 31 December 2024 | 1,785 | 1,939 | 13,457 | 17,181 |
Net allowance to impairment | (92) | (114) | 3,303 | 3,097 |
Financial assets purchased or originated during the period | 533 | 181 | \u00a0 | 714 |
Financial assets derecognised during the period(1) | (281) | (226) | (767) | (1,274) |
Transfer to stage\u00a02 | (281) | 1,848 | (215) | 1,352 |
Transfer to stage\u00a03 | (36) | (822) | 2,308 | 1,450 |
Transfer to stage\u00a01 | 223 | (922) | (38) | (737) |
Other allowances/reversals without stage transfer(2) | (250) | (173) | 2,015 | 1,592 |
Impairment provisions used | (4) | (2) | (3,204) | (3,210) |
Changes in exchange rates | (14) | (35) | (296) | (345) |
Changes in scope of consolidation and other items | 1 | (39) | 233 | 195 |
Reclassification of assets held for sale (3) | (28) | (42) | (556) | (626) |
At 31 December 2025 | 1,648 | 1,707 | 12,937 | 16,292 |
(1) | Including disposals. |
(2) | Including amortisation. |
(3) | This variation is related to the application of IFRS 5 standard on the Banque Marocaine pour le Commerce et l'Industrie and its subsidiaries (see note 8.f). |
In 2025, the volume of financial assets at amortised cost remained relatively stable compared to previous year and amounted to EUR\u202f1,092\u202fbillion (see note\u202f4.e Financial assets at amortised cost), of which EUR 913 billion in loans and advances to customers.
Loans and advances to customers classified in stage 1 increased by +EUR\u202f2\u202fbillion over the year, while stage\u202f2 outstandings decreased by -EUR\u202f6\u202fbillion.
Within each of these stages, net reversals of provisions were observed, notably following the update of forward-looking information. As a result, the additional provision applied since 2023 to the Commercial Real Estate portfolio was fully reversed following the normalisation of the sector.
In parallel, based on the scenarios established by the end of 2025, the update of macroeconomic prospects also had a positive effect due to generally better forecasts in 2026 compared to the year 2025. On the other hand, the introduction of tariffs in the United States negatively affects the default probabilities of counterparties in the most exposed sectors.
\u00a0
Changes in impairment of financial assets at amortised cost during the previous period
In millions of euros | Impairment on assets subject to 12-month Expected Credit Losses (Stage 1) | Impairment on assets subject to lifetime Expected Credit Losses (Stage 2) | Impairmen on doubtful\u00a0assets (Stage 3) | Total |
|---|---|---|---|---|
At 31 December 2023 | 1,938 | 2,416 | 13,361 | 17,715 |
Net allowance to impairment | (123) | (458) | 3,350 | 2,769 |
Financial assets purchased or originated during the period | 686 | 188 | 3 | 877 |
Financial assets derecognised during the period(1) | (367) | (500) | (724) | (1,591) |
Transfer to stage\u00a02 | (263) | 2,005 | (320) | 1,422 |
Transfer to stage\u00a03 | (72) | (908) | 2,280 | 1,300 |
Transfer to stage\u00a01 | 206 | (914) | (47) | (755) |
Other allowances/reversals without stage transfer(2) | (313) | (329) | 2,158 | 1,516 |
Impairment provisions used | (3) | (23) | (3,621) | (3,647) |
Changes in exchange rates | (1) | 4 | 173 | 176 |
Changes in scope of consolidation and other items | (26) | \u00a0 | 194 | 168 |
At 31 December 2024 | 1,785 | 1,939 | 13,457 | 17,181 |
(1) | Including disposals. |
(2) | Including amortisation. |
The following tables present the carrying amounts of impaired financial assets carried at amortised cost and of impaired financing and guarantee commitments, as well as related collateral and other guarantees.
The amounts shown for collateral and other guarantees correspond to the lower of the value of the collateral or other guarantee and the value of the secured assets.
\u00a0
In millions of euros, at | 31 December 2025 | |||
Impaired financial assets (Stage\u00a03) | Collateral | |||
Gross value | Impairment | Net | ||
Loans and advances to credit institutions (note\u00a04.e) | 163 | (161) | 2 | \u00a0 |
Loans and advances to customers (note\u00a04.e) | 26,253 | (12,603) | 13,650 | 8,377 |
Debt securities at amortised cost (note\u00a04.e) | 281 | (173) | 108 | \u00a0 |
Total amortised-cost impaired assets (stage\u00a03) | 26,697 | (12,937) | 13,760 | 8,377 |
Financing commitments given | 997 | (74) | 923 | 329 |
Guarantee commitments given | 1,158 | (266) | 892 | 299 |
Total off-balance sheet impaired commitments (stage\u00a03) | 2,155 | (340) | 1,815 | 628 |
In millions of euros, at | 31 December 2024 | |||
Impaired financial assets (Stage\u00a03) | Collateral | |||
Gross value | Impairment | Net | ||
Loans and advances to credit institutions (note\u00a04.e) | 77 | (71) | 6 | \u00a0 |
Loans and advances to customers (note\u00a04.e) | 25,824 | (13,242) | 12,582 | 8,044 |
Debt securities at amortised cost (note\u00a04.e) | 265 | (145) | 120 | \u00a0 |
Total amortised-cost impaired assets (stage\u00a03) | 26,166 | (13,458) | 12,708 | 8,044 |
Financing commitments given | 1,384 | (95) | 1,289 | 554 |
Guarantee commitments given | 1,054 | (223) | 831 | 195 |
Total off-balance sheet impaired commitments (stage\u00a03) | 2,438 | (318) | 2,120 | 749 |
\u00a0
The following table presents the changes in gross exposures of stage\u00a03 assets (EU CR2):
\u00a0
Gross value In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Impaired exposures (stage\u00a03) at opening balance | 26,166 | 25,570 |
Transfer to stage\u00a03 | 8,863 | 9,163 |
Transfer to stage\u00a01 or stage\u00a02 | (1,758) | (2,041) |
Assets written off | (3,536) | (4,101) |
Other changes(1) | (3,038) | (2,425) |
Impaired exposures (stage\u00a03) at closing balance | 26,697 | 26,166 |
|
\u00a0 | \u00a0 | a | b | c | d | e | f | g | h | i | j | k | l |
In millions of euros | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 31 December 2025 | ||||||||
Performing exposures | Non-performing exposures | ||||||||||||
\u00a0 | Not past due or\u00a0 | > 30 days \u2264 90 days | \u00a0 | Unlikely to pay that are not past due or are past due\u00a0 | > 90 days \u2264 180 days | > 180 days \u2264 1 year | > 1 year\u00a0 | > 2 years\u00a0 | > 5 years\u00a0 | > 7 years | of which defaulted | ||
005 | Cash balances at central banks and other demand deposits | 218,497 | 218,497 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
010 | Loans and advances | 914,976 | 910,616 | 4,360 | 27,162 | 10,700 | 2,254 | 2,087 | 3,535 | 4,020 | 1,688 | 2,879 | 26,814 |
020 | Central banks | 8,287 | 8,287 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
030 | General governments | 36,488 | 36,384 | 104 | 254 | 54 | 53 | 32 | 8 | 61 | 26 | 20 | 136 |
040 | Credit institutions | 8,878 | 8,875 | 2 | 163 | \u00a0 | \u00a0 | \u00a0 | 2 | \u00a0 | \u00a0 | 160 | 163 |
050 | Other financial corporations | 114,186 | 114,152 | 34 | 1,276 | 654 | 223 | 3 | 171 | 19 | 76 | 131 | 1,276 |
060 | Non-financial corporations | 419,449 | 416,695 | 2,754 | 15,046 | 6,556 | 764 | 941 | 1,966 | 1,853 | 1,208 | 1,757 | 14,840 |
070 | of which SMEs | 128,922 | 127,982 | 940 | 6,058 | 1,869 | 445 | 712 | 1,047 | 1,268 | 282 | 435 | 5,960 |
080 | Households | 327,689 | 326,223 | 1,465 | 10,423 | 3,435 | 1,213 | 1,112 | 1,388 | 2,087 | 377 | 811 | 10,399 |
090 | Debt securities | 234,231 | 234,231 | \u00a0 | 326 | 57 | \u00a0 | \u00a0 | 139 | 80 | 5 | 45 | 326 |
100 | Central banks | 5,267 | 5,267 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
110 | General governments | 162,889 | 162,889 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
120 | Credit institutions | 25,202 | 25,202 | \u00a0 | 2 | 2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2 |
130 | Other financial corporations | 33,658 | 33,658 | \u00a0 | 199 | 27 | \u00a0 | \u00a0 | 139 | 28 | \u00a0 | 5 | 199 |
140 | Non-financial corporations | 7,215 | 7,215 | \u00a0 | 125 | 28 | \u00a0 | \u00a0 | \u00a0 | 52 | 5 | 40 | 125 |
\u00a0 | Assets held for sale | 6,304 | 6,304 | \u00a0 | 817 | 110 | 13 | 21 | 1 | 76 | 209 | 387 | 811 |
150 | Off-balance sheet exposures | 615,359 | \u00a0 | \u00a0 | 2,261 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,259 |
160 | Central banks | 73,965 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
170 | General governments | 7,952 | \u00a0 | \u00a0 | 3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 3 |
180 | Credit institutions | 22,396 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
190 | Other financial corporations | 71,450 | \u00a0 | \u00a0 | 16 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 16 |
200 | Non-financial corporations | 384,457 | \u00a0 | \u00a0 | 2,071 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,071 |
210 | Households | 55,139 | \u00a0 | \u00a0 | 171 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 169 |
220 | TOTAL | 1,989,366 | 1,369,648 | 4,360 | 30,566 | 10,867 | 2,266 | 2,108 | 3,676 | 4,176 | 1,901 | 3,311 | 30,209 |
\u00a0 | \u00a0 | a | b | c | d | e | f | g | h | i | j | k | l |
In millions of euros | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 31 December 2024 | ||||||||
Performing exposures | Non-performing exposures | ||||||||||||
\u00a0 | Not past due or \u2264\u00a030\u00a0days | >\u00a030\u00a0days \u2264\u00a090\u00a0days | \u00a0 | Unlikely to pay that are not past due or are past due \u2264\u00a090\u00a0days | >\u00a090\u00a0days \u2264\u00a0180\u00a0days | >\u00a0180\u00a0days \u2264\u00a01\u00a0year | >\u00a01\u00a0year \u2264\u00a02\u00a0years | >\u00a02\u00a0years \u2264\u00a05\u00a0years | >\u00a01\u00a0year \u2264\u00a02\u00a0years | >\u00a05\u00a0years | of which defaulted | ||
005 | Cash balances at central banks and other demand deposits | 188,522 | 188,522 | \u00a0- | 1 | 1 | - | - | - | -\u00a0 | - | -\u00a0 | 1 |
010 | Loans and advances | 928,317 | 923,500 | 4,818 | 26,998 | 9,307 | 1,910 | 2,574 | 3,032 | 4,925 | 1,697 | 3,553 | 26,501 |
020 | Central banks | 10,646 | 10,646 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
030 | General governments | 35,523 | 35,458 | 66 | 261 | 67 | 34 | 28 | 10 | 76 | 26 | 21 | 171 |
040 | Credit institutions | 12,242 | 12,239 | 2 | 77 | 2 | \u00a0 | \u00a0 | 2 | \u00a0 | \u00a0 | 72 | 76 |
050 | Other financial corporations | 114,808 | 114,759 | 48 | 1,053 | 523 | 13 | 23 | 17 | 88 | 175 | 215 | 1,050 |
060 | Non-financial corporations | 422,317 | 418,949 | 3,368 | 14,912 | 5,864 | 864 | 1,350 | 1,507 | 2,062 | 990 | 2,275 | 14,518 |
070 | of which SMEs | 126,007 | 125,278 | 729 | 6,162 | 2,050 | 474 | 693 | 929 | 1,068 | 413 | 534 | 6,056 |
080 | Households | 332,782 | 331,449 | 1,333 | 10,696 | 2,852 | 999 | 1,173 | 1,496 | 2,699 | 506 | 971 | 10,685 |
090 | Debt securities | 223,009 | 223,009 | - | 422 | 309 | - | - | - | 5 | - | 108 | 422 |
100 | Central banks | 6,056 | 6,056 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
110 | General governments | 151,791 | 151,791 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
120 | Credit institutions | 25,990 | 25,990 | \u00a0 | 101 | 2 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 99 | 101 |
130 | Other financial corporations | 32,275 | 32,275 | \u00a0 | 259 | 250 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 8 | 259 |
140 | Non-financial corporations | 6,896 | 6,896 | \u00a0 | 62 | 57 | \u00a0 | \u00a0 | \u00a0 | 5 | \u00a0 | \u00a0 | 62 |
150 | Off-balance sheet exposures | 596,936 | \u00a0 | \u00a0 | 2,441 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,439 |
160 | Central banks | 65,839 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
170 | General governments | 9,201 | \u00a0 | \u00a0 | 1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 1 |
180 | Credit institutions | 22,379 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
190 | Other financial corporations | 78,195 | \u00a0 | \u00a0 | 22 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 22 |
200 | Non-financial corporations | 370,308 | \u00a0 | \u00a0 | 2,281 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,281 |
210 | Households | 51,014 | \u00a0 | \u00a0 | 138 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 136 |
220 | TOTAL | 1,936,784 | 1,335,030 | 4,818 | 29,862 | 9,617 | 1,910 | 2,574 | 3,032 | 4,930 | 1,697 | 3,661 | 29,362 |
The impairment model for credit risk is based on expected losses.
This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.
The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.
This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).
The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.
As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).
The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.
The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.
A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).
In some cases, financial assets are credit-impaired at initial recognition.
For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.
The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.
The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.
A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.
Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.
There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.
In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. Since 2024, this specificity no longer applies to most exposures in the eurozone.
The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.
Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.
In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. Since 2024, this specificity no longer applies to most exposures in the Eurozone.
For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.
The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.
All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.
Probability of Default is an estimate of the likelihood of default over a given time horizon.
The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.
The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.
1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).
Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.
Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).
The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.
For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.
The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.
Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.
The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.
The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.
A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.
If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.
When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.
Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.
A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.
For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.
The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.
When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.
Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.
The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.
For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.
Cost of risk includes the following items of profit or loss:
The trading portfolio includes instruments held for trading (trading transactions), including derivatives.
Other financial assets measured at fair value through profit or loss include debt instruments that do not meet the \u201ccollect\u201d or \u201ccollect and sale\u201d business model criterion or that do not meet the cash flow criterion, as well as equity instruments for which the fair value through shareholders\u2019 equity option has not been retained. Finally financial assets may be designated as at fair value through profit or loss if this enables the entity to eliminate or significantly reduce a mismatch in the measurement and accounting treatment of assets and liabilities that would otherwise arise if they were to be classified in separate categories.
All those financial instruments are measured at fair value at initial recognition, with transaction costs directly posted in profit or loss. At the reporting date, they are measured at fair value, with changes presented in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d. Income, dividends, and realised gains and losses on disposal related to held-for-trading transactions are accounted for in the same profit or loss account.
Financial liabilities are recognised under option in this category in the two following situations:
Changes in fair value due to the own credit risk are recognised under a specific heading of shareholders\u2019 equity.
\u00a0
Net gain on financial instruments measured at fair value through profit or loss includes all profit and loss items relating to financial instruments held for trading, financial instruments that the Group has designated as at fair value through profit or loss, non-trading equity instruments that the Group did not choose to measure at fair value through equity, as well as debt instruments whose cash flows are not solely repayments of principal and interest on the principal or whose business model is not to collect cash flows nor to collect cash flows and sell the assets.
These income items include dividends on these instruments and exclude interest income and expense from financial instruments designated as at fair value through profit or loss and instruments whose cash flows are not only repayments of principal and interest on the principal or whose business model is not to collect cash flows nor to collect cash flows and sell the assets, which are presented in \u201cNet interest income\u201d (see note\u00a02.a).
\u00a0
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Financial instruments held for trading | 12,721 | 11,633 |
Interest rate and credit instruments | 1,279 | (1,406) |
Equity financial instruments | 11,998 | 12,794 |
Foreign exchange financial instruments | 3,325 | 6,269 |
Loans and repurchase agreements | (4,978) | (6,048) |
Other financial instruments | 1,097 | 24 |
Financial instruments designated as at fair value through profit or loss | (2,474) | (964) |
Other financial instruments at fair value through profit or loss | 995 | 797 |
Impact of hedge accounting | 41 | 103 |
Fair value hedging derivatives | 5,901 | 1,677 |
Hedged items in fair value hedge | (5,860) | (1,574) |
Net gain on financial instruments at fair value through profit or loss | 11,283 | 11,569 |
\u00a0
Gains and losses on financial instruments designated as at fair value through profit or loss are mainly related to instruments for which changes in value may be compensated by changes in the value of economic hedging derivative financial instruments held for trading.
Net gain on financial instruments held for trading in 2025 and 2024 includes a non-material amount related to the ineffective portion of cash flow hedges.
Potential sources of ineffectiveness can be the differences between hedging instruments and hedged items, notably generated by mismatches in the terms of hedged and hedging instruments, such as the frequency and timing of interest rates resetting, the frequency of payments and the discounting factors, or when hedging derivatives have a non-zero fair value at the inception date of the hedging relationship.\u00a0Credit valuation adjustments applied to hedging derivatives are also sources of ineffectiveness.
Cumulated changes in fair value related to discontinued cash flow hedge relationships, previously recognised in equity and included in 2025 and 2024 in profit and loss accounts are not material, whether the hedged item ceased to exist or not.
Financial assets and financial liabilities at fair value through profit or loss consist of held-for-trading transactions - including derivatives - of certain assets and liabilities designated by the Group as at fair value through profit or loss at the time of issuance and of non-trading instruments whose characteristics prevent their accounting at amortised cost or at fair value through equity.
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||||
Financial instruments held for trading | Financial instruments designated as at fair value through profit or loss | Other financial assets at fair value through profit or loss | Total | Financial instruments held for trading | Financial instruments designated as at fair value through profit or loss | Other financial assets at fair value through profit or loss | Total | |
Securities | 308,994 | \u00a0 | 12,299 | 321,293 | 256,779 | 15 | 10,563 | 267,357 |
Loans and repurchase agreements | 251,979 | \u00a0 | 2,331 | 254,310 | 221,622 | \u00a0 | 4,077 | 225,699 |
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS | 560,973 | - | 14,630 | 575,603 | 478,401 | 15 | 14,640 | 493,056 |
Securities | 98,487 | \u00a0 | \u00a0 | 98,487 | 79,958 | \u00a0 | \u00a0 | 79,958 |
Deposits and repurchase agreements | 354,672 | 3,275 | \u00a0 | 357,947 | 302,488 | 2,329 | \u00a0 | 304,817 |
Issued debt securities and subordinated debt \u00a0(note\u00a04.h) | \u00a0 | 129,279 | \u00a0 | 129,279 | \u00a0 | 104,934 | \u00a0 | 104,934 |
FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS | 453,159 | 132,554 | \u00a0 | 585,713 | 382,446 | 107,263 | \u00a0 | 489,709 |
\u00a0
Detail of these assets and liabilities is provided in note\u00a04.d.
Financial liabilities at fair value through profit or loss mainly consist of issued debt securities, originated and structured on behalf of customers, where the risk exposure is managed in combination with the hedging strategy. These types of issued debt securities contain significant embedded derivatives, which changes in value may be compensated by changes in the value of economic hedging derivatives.
The redemption value of debt issued and designated as at fair value through profit or loss at 31 December 2025 was EUR 134,398 million (EUR 110,823 million at 31 December 2024).
Other financial assets at fair value through profit or loss are financial assets not held for trading:
The majority of derivative financial instruments held for trading are related to transactions initiated for trading purposes. They may result from market-making or arbitrage activities. BNP\u00a0Paribas actively trades in derivatives. Transactions include trades in \u201cordinary\u201d instruments such as credit default swaps, and structured transactions with complex risk profiles tailored to meet the needs of its customers. The net position is in all cases subject to limits.
Some derivative instruments are also contracted to hedge financial assets or financial liabilities for which the Group has not documented a hedging relationship, or which do not qualify for hedge accounting under IFRS.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Positive market value | Negative market value | Positive market value | Negative market value | |
Interest rate derivatives | 124,177 | 93,816 | 121,491 | 95,045 |
Foreign exchange derivatives | 98,749 | 92,760 | 158,085 | 152,269 |
Credit derivatives | 14,373 | 14,157 | 10,767 | 11,085 |
Equity derivatives | 32,683 | 47,026 | 28,065 | 40,185 |
Other derivatives | 4,643 | 4,967 | 4,223 | 3,369 |
Derivative financial instruments | 274,625 | 252,726 | 322,631 | 301,953 |
\u00a0
The table below shows the total notional amount of trading derivatives. The notional amounts of derivative instruments are merely an indication of the volume of the Group\u2019s activities in financial instruments markets, and do not reflect the market risks associated with such instruments.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||||
Exchange- | Over-the- | Over-the- | Total | Exchange- | Over-the- | Over-the- | Total | |
Interest rate derivatives | 907,328 | 15,254,043 | 7,992,014 | 24,153,385 | 983,378 | 15,690,701 | 7,277,395 | 23,951,474 |
Foreign exchange derivatives | 80,381 | 271,460 | 10,093,925 | 10,445,766 | 74,516 | 194,540 | 10,769,644 | 11,038,700 |
Credit derivatives | \u00a0 | 531,312 | 591,596 | 1,122,908 | \u00a0 | 436,041 | 463,565 | 899,606 |
Equity derivatives | 1,493,313 | \u00a0 | 988,686 | 2,481,999 | 1,356,158 | \u00a0 | 798,676 | 2,154,834 |
Other derivatives | 194,078 | \u00a0 | 76,688 | 270,766 | 184,941 | \u00a0 | 93,181 | 278,122 |
Derivative financial instruments | 2,675,100 | 16,056,815 | 19,742,909 | 38,474,824 | 2,598,993 | 16,321,282 | 19,402,461 | 38,322,736 |
\u00a0
As part of its Client Clearing activity, the Group guarantees the risk of default of its clients to central clearing houses. The corresponding notional amount is EUR 1,405 billion at 31 December 2025 (EUR 1,271 billion at 31 December 2024).
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | |
Derivative financial instruments | 1,202 | \u00a0 | 1,202 | 1,731 | \u00a0 | 1,731 |
Derivatives used for hedging purposes | 190 | \u00a0 | 190 | 74 | \u00a0 | 74 |
Financial assets at fair value through profit or loss | 65,566 | 123,053 | 188,619 | 61,465 | 111,954 | 173,419 |
Financial assets at fair value through equity | 106,485 | \u00a0 | 106,485 | 102,222 | \u00a0 | 102,222 |
Financial assets at amortised cost | 1,368 | \u00a0 | 1,368 | 1,379 | \u00a0 | 1,379 |
Investment properties | 3,830 | 3,012 | 6,842 | 3,868 | 3,178 | 7,046 |
Equity-method investments | 91 | \u00a0 | 91 | 82 | \u00a0 | 82 |
Assets related to insurance activities (note\u00a05.d) | 674 | \u00a0 | 674 | 896 | \u00a0 | 896 |
Investments and other assets related to\u00a0insurance activities | 179,406 | 126,065 | 305,471 | 171,717 | 115,132 | 286,849 |
\u201cFinancial liabilities related to insurance activities\u201d includes unit-linked investment contracts without discretionary participating features. Those contracts are measured under IFRS\u00a09 at fair value through profit or loss.
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Derivative financial instruments | 1,011 | 982 |
Derivatives used for hedging purposes | 237 | 238 |
Deposit at fair value through profit or loss | 930 | 960 |
Debt representative of shares of consolidated funds held by third parties | 11,371 | 7,317 |
Investment contracts without discretionary participation feature \u2013 Unit-linked contracts | 7,145 | 8,388 |
Other debts | 806 | 1,922 |
Financial liabilities related to insurance activities | 21,500 | 19,807 |
The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||||
Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | |
Financial assets designated as at fair value through profit or loss | 115,234 | 55,736 | 17,649 | 188,619 | 110,018 | 47,346 | 16,055 | 173,419 |
Equity instruments | 109,732 | 37,721 | 17,326 | 164,779 | 102,824 | 31,996 | 15,772 | 150,592 |
Debt securities | 5,502 | 17,639 | 233 | 23,374 | 7,194 | 14,827 | 218 | 22,239 |
Loans | 376 | 90 | 466 | 523 | 65 | 588 | ||
Financial assets at fair value through equity | 94,292 | 12,193 | - | 106,485 | 89,003 | 13,214 | 5 | 102,222 |
Equity instruments | 2,659 | 2,659 | 1,729 | 1,729 | ||||
Debt securities | 91,633 | 12,193 | \u00a0 | 103,826 | 87,274 | 13,214 | 5 | 100,493 |
Derivative financial instruments | - | 1,288 | 104 | 1,392 | - | 1,772 | 33 | 1,805 |
FINANCIAL ASSETS MEASURED AT FAIR VALUE | 209,526 | 69,217 | 17,753 | 296,496 | 199,021 | 62,332 | 16,093 | 277,446 |
Financial liabilities designated at fair value through profit or loss | 8,380 | 10,273 | 793 | 19,446 | 4,666 | 10,866 | 1,133 | 16,665 |
Deposit at fair value through profit or loss | 930 | 930 | 960 | 960 | ||||
Debt representative of shares of consolidated funds held by third parties | 8,380 | 2,730 | 261 | 11,371 | 4,666 | 2,352 | 299 | 7,317 |
Investment contracts without discretionary participation feature - Unit-linked contracts | 6,613 | 532 | 7,145 | 7,554 | 834 | 8,388 | ||
Derivative financial instruments | - | 1,206 | 42 | 1,248 | - | 1,198 | 22 | 1,220 |
FINANCIAL LIABILITIES MEASURED AT FAIR VALUE | 8,380 | 11,479 | 835 | 20,694 | 4,666 | 12,064 | 1,155 | 17,885 |
\u00a0
Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.
Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.
Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.
\u00a0
For Level\u00a03 financial instruments, the following movements occurred during the period:
In millions of euros | Financial assets | Financial liabilities | |||
Financial instruments at fair value through profit or loss | Financial assets at fair value through equity | Total | Financial instruments at fair value through profit or loss | Total | |
At 31 December 2024 | 16,088 | 5 | 16,093 | (1,155) | (1,155) |
Purchases | 3,068 | 23 | 3,091 | (2) | (2) |
Sales | (2,730) | \u00a0 | (2,730) | \u00a0 | \u00a0 |
Settlements | 13 | (26) | (13) | (20) | (20) |
Transfers to Level\u00a03 | 1,292 | \u00a0 | 1,292 | (2) | (2) |
Transfers from Level\u00a03 | (274) | \u00a0 | (274) | \u00a0 | \u00a0 |
Gains recognised in profit or loss | (147) | \u00a0 | (147) | 340 | 340 |
Items related to exchange rate movement and changes in scope of consolidation | 443 | \u00a0 | 443 | 4 | 4 |
Changes in fair value of assets and liabilities recognised in equity | \u00a0 | (2) | (2) | \u00a0 | \u00a0 |
At 31 December 2025 | 17,753 | - | 17,753 | (835) | (835) |
The trading portfolio includes instruments held for trading (trading transactions), including derivatives.
Other financial assets measured at fair value through profit or loss include debt instruments that do not meet the \u201ccollect\u201d or \u201ccollect and sale\u201d business model criterion or that do not meet the cash flow criterion, as well as equity instruments for which the fair value through shareholders\u2019 equity option has not been retained. Finally financial assets may be designated as at fair value through profit or loss if this enables the entity to eliminate or significantly reduce a mismatch in the measurement and accounting treatment of assets and liabilities that would otherwise arise if they were to be classified in separate categories.
All those financial instruments are measured at fair value at initial recognition, with transaction costs directly posted in profit or loss. At the reporting date, they are measured at fair value, with changes presented in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d. Income, dividends, and realised gains and losses on disposal related to held-for-trading transactions are accounted for in the same profit or loss account.
Financial liabilities are recognised under option in this category in the two following situations:
Changes in fair value due to the own credit risk are recognised under a specific heading of shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_a9ce8dc3-dcaa-44e1-8f04-8c708e84f320": { "value": "A financial instrument issued or its various components are classified as a financial liability or equity instrument, in accordance with the economic substance of the legal contract.
Financial instruments issued by the Group are qualified as debt instruments if the entity in the Group issuing the instruments has a contractual obligation to deliver cash or another financial asset to the holder of the instrument. The same applies if the Group is required to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Group, or to deliver a variable number of the Group\u2019s own equity instruments.
Equity instruments result from contracts evidencing a residual interest in an entity\u2019s assets after deducting all of its liabilities.
Debt securities and subordinated debt are measured at amortised cost unless they are recognised at fair value through profit or loss.
Debt securities are initially recognised at the issue value including transaction costs and are subsequently measured at amortised cost using the effective interest method.
Issued bonds redeemable or convertible into own equity may contain a debt component and an equity component, determined upon initial recognition of the transaction. In this case, they will be qualified as compound financial instruments.
In this respect, the Group has elected to record contingent convertible bonds issued, without maturity, when convertible into a variable number of own shares on the occurrence of a predetermined trigger event (e.g. a decrease in the solvency ratio below a threshold), as compound instruments, to the extent that the coupons on these bonds are paid discretionarily.
The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.
Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.
When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.
Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.
Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.
Own equity instrument derivatives are treated as follows, depending on the method of settlement:
If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.
At 31 December 2025, the share capital of BNP Paribas SA amounted to EUR\u00a02,233,569,514 and was divided into 1,116,784,757 shares (compared with 1,130,810,671 at 31 December 2024). The nominal value of each share is EUR 2.
\u00a0 | Proprietary transactions | Trading transactions(1) | Total | |||
Number of shares | Carrying amount (In millions of euros) | Number of shares | Carrying amount (In millions of euros) | Number of shares | Carrying amount (In millions of euros) | |
Shares held at 31 December 2023 | 721,971 | 38 | 224,558 | 13 | 946,529 | 51 |
Acquisitions | 16,666,738 | 1,055 | \u00a0 | \u00a0 | 16,666,738 | 1,055 |
Capital decrease | (16,666,738) | (1,055) | \u00a0 | \u00a0 | (16,666,738) | (1,055) |
Net movements | \u00a0 | \u00a0 | 309,669 | 18 | 309,669 | 18 |
Shares held at 31 December 2024 | 721,971 | 38 | 534,227 | 31 | 1,256,198 | 69 |
Acquisitions | 29,210,064 | 2,234 | \u00a0 | \u00a0 | 29,210,064 | 2,234 |
Capital decrease | (14,025,914) | (1,084) | \u00a0 | \u00a0 | (14,025,914) | (1,084) |
Net movements | \u00a0 | \u00a0 | 245,102 | 31 | 245,102 | 31 |
Shares held at 31 December 2025 | 15,906,121 | 1,188 | 779,329 | 62 | 16,685,450 | 1,250 |
(1) | Transactions realised in the framework of an activity of trading and arbitrage transactions on equity indices. |
\u00a0
The carrying amount of ordinary shares issued by BNP Paribas and held by the Group are deducted from equity, representing an amount of EUR 1 250 million at 31 December 2025.
During the second quarter of 2025, BNP Paribas SA bought back on the market 14,025,914 of its own shares in accordance with the Board of Directors\u2019 decision of 3 February 2025 to proceed to the share buyback of EUR\u00a01,084\u00a0million. These shares were subsequently canceled, which involved the payment of a tax on decreases of capital consequently to share buyback, amounting to EUR 20 million, recorded as a reduction in equity.
During the fourth quarter of 2025, BNP Paribas SA bought back on the market 15,184,150 of its own shares in accordance with the Board of Directors\u2019 decision of 19 November 2025 to proceed to the share buyback of EUR\u00a01,150 million. Those shares, which are deducted from consolidated shareholders' equity at 31 December 2025, have been canceled on 21 January 2026.
BNP\u00a0Paribas\u00a0SA has issued undated super subordinated notes which pay a fixed, fixed adjustable or floating-rate coupon and are redeemable at the end of a fixed period and thereafter at each coupon date or every five years.
On 25 March 2024, BNP Paribas SA redeemed the March 2019 issue, for an amount of USD\u00a01,500\u00a0million, at the first call date. These notes paid a 6.625% fixed-rate coupon.
On 10 January 2025, BNP Paribas SA redeemed the July 2019 issue, for an amount of AUD 300 million, at the first call date. These notes paid a 4.5% fixed-rate coupon.
On 19 August 2025, BNP Paribas SA redeemed the August 2015 issue, for an amount of USD 1,500 million, at the first call date. These notes paid a 7.375% fixed-rate coupon.
The following table summarises the characteristics of these various issues:
Date of issue | Currency | Amount (in millions of currency units) | Coupon | Rate and term | Rate after 1st\u00a0call date | |
|---|---|---|---|---|---|---|
November 2017 | USD | 750 | semi-annual | 5.125% | 10\u00a0years | USD 5-year swap +2.838% |
August 2018 | USD | 750 | semi-annual | 7.000% | 10\u00a0years | USD 5-year swap +3.980% |
Feburary 2020 | USD | 1,750 | semi-annual | 4.500% | 10\u00a0years | US 5-year CMT +2.944% |
Feburary 2021 | USD | 1,250 | semi-annual | 4.625% | 10\u00a0years | US 5-year CMT +3.340% |
January 2022 | USD | 1,250 | semi-annual | 4.625% | 5\u00a0years | US 5-year CMT +3.196% |
August 2022 | USD | 2,000 | semi-annual | 7.750% | 7\u00a0years | US 5-year CMT +4.899% |
September 2022 | EUR | 1,000 | semi-annual | 6.875% | 7.25\u00a0years | EUR\u00a05-year Mid-swap +4.645% |
November 2022 | USD | 1,000 | semi-annual | 9.250% | 5\u00a0years | US 5-year CMT +4.969% |
January 2023 | EUR | 1,250 | semi-annual | 7.375% | 7\u00a0years | EUR\u00a05-year Mid-swap +4.631% |
Febuary 2023 | SGD | 600 | semi-annual | 5.900% | 5\u00a0years | SGD SORA\u00a05-year +2.674% |
Total euro-equivalent historical value at 31\u00a0December 2025 | 10,614 | (1) | \u00a0 | \u00a0 | \u00a0 |
(1) | Net of shares held in treasury by Group entities. |
\u00a0
BNP\u00a0Paribas has the option of not paying interest due on these undated super subordinated notes. Unpaid interest is not carried forward.
For notes issued before 2015, the absence of coupon payment is conditional on the absence of dividend payment on BNP\u00a0Paribas\u00a0SA ordinary shares or on undated super subordinated note equivalents during the previous year. Interest due is payable once dividend payment on BNP\u00a0Paribas\u00a0SA ordinary shares resumes.
The contracts relating to these undated super subordinated notes contain a loss absorption clause. Under the terms of this clause, in the event of insufficient regulatory capital, the nominal value of the notes may be reduced in order to serve as a new basis for the calculation of the related coupons until the capital deficiency is made up and the nominal value of the notes is increased to its original amount.
The proceeds from these issues are recorded in equity under \u201cCapital and retained earnings\u201d. In accordance with IAS\u00a021, issues denominated in foreign currencies are recognised at their historical value based on their translation into euros at the issue date. Interest on the instruments is deducted from shareholders' equity.
At 31\u00a0December 2025, the BNP\u00a0Paribas Group held EUR\u00a010\u00a0million of its own undated super subordinated notes which were deducted from shareholders\u2019 equity.
\u00a0
Basic earnings per share are calculated by dividing the net income for the period attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period. The net income attributable to ordinary shareholders is determined by deducting the net income attributable to holders of preferred shares.
Diluted earnings per share correspond to the net income for the period attributable to holders of ordinary shares, divided by the weighted average number of shares outstanding as adjusted for the maximum effect of the conversion of dilutive equity instruments into ordinary shares. In-the-money stock subscription options are taken into account in the diluted earnings per share calculation, as are performance shares granted under the Global Share-based Incentive Plan. Conversion of these instruments would have no effect on the net income figure used in this calculation. All stock option and performance share plans are expired.
\u00a0
\u00a0 | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Net profit used to calculate basic and diluted earnings per ordinary share (in millions of euros)(1) | 11,520 | 10,843 |
Weighted average number of ordinary shares outstanding during the year | 1,119,493,901 | 1,133,302,357 |
Effect of potentially dilutive ordinary shares | - | - |
Weighted average number of ordinary shares used to calculate diluted earnings per share | 1,119,493,901 | 1,133,302,357 |
Basic earnings per share (in euros)\u00a0 | 10.29 | 9.57 |
Diluted earnings per share (in euros) | 10.29 | 9.57 |
(1) | The net profit used to calculate basic and diluted earnings per share is the net profit attributable to equity shareholders, adjusted for the remuneration\u00a0 on the undated super subordinated notes issued by BNP\u00a0Paribas\u00a0SA treated as preferred share equivalents and on the convertible contingent bonds\u00a0 deducted from shareholders' equity, as well as the related foreign exchange gain or loss impact recognised directly in shareholders\u2019 equity\u00a0 in case of repurchase. |
The Board of directors of 23 July 2025 approved the payment of an interim dividend in September 2025, corresponding to 50% of the earnings per share as of 30 June 2025, amounting to EUR 2.59 per share.
The distribution amounted to EUR\u00a02,891\u00a0million as of 30 September 2025, date of the interim dividend payment.
The Board of directors will propose to the Annual General Meeting on 12 May 2026, a supplementary dividend of EUR 2.57 per share out of the 2025 net income, which will then raise the total dividend per share for 2025 to EUR\u00a05.16\u00a0(compared with EUR\u00a04.79\u00a0out of the 2024 net income).
The total proposed distribution amounts to a total of EUR\u00a05,761\u00a0million, compared with EUR 5,413 million paid out of the 2024 net income.
This distribution is raised to 60% of the 2025 net income including a share buyback programme of EUR\u00a01,150\u00a0million, realised during the fourth quarter of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_55c0ae9f-9d32-4189-aa19-abc4fc280f9a": { "value": "A financial instrument issued or its various components are classified as a financial liability or equity instrument, in accordance with the economic substance of the legal contract.
Financial instruments issued by the Group are qualified as debt instruments if the entity in the Group issuing the instruments has a contractual obligation to deliver cash or another financial asset to the holder of the instrument. The same applies if the Group is required to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Group, or to deliver a variable number of the Group\u2019s own equity instruments.
Equity instruments result from contracts evidencing a residual interest in an entity\u2019s assets after deducting all of its liabilities.
Debt securities and subordinated debt are measured at amortised cost unless they are recognised at fair value through profit or loss.
Debt securities are initially recognised at the issue value including transaction costs and are subsequently measured at amortised cost using the effective interest method.
Issued bonds redeemable or convertible into own equity may contain a debt component and an equity component, determined upon initial recognition of the transaction. In this case, they will be qualified as compound financial instruments.
In this respect, the Group has elected to record contingent convertible bonds issued, without maturity, when convertible into a variable number of own shares on the occurrence of a predetermined trigger event (e.g. a decrease in the solvency ratio below a threshold), as compound instruments, to the extent that the coupons on these bonds are paid discretionarily.
The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.
Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.
When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.
Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.
Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.
Own equity instrument derivatives are treated as follows, depending on the method of settlement:
If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.
At 31 December 2025, the share capital of BNP Paribas SA amounted to EUR\u00a02,233,569,514 and was divided into 1,116,784,757 shares (compared with 1,130,810,671 at 31 December 2024). The nominal value of each share is EUR 2.
\u00a0 | Proprietary transactions | Trading transactions(1) | Total | |||
Number of shares | Carrying amount (In millions of euros) | Number of shares | Carrying amount (In millions of euros) | Number of shares | Carrying amount (In millions of euros) | |
Shares held at 31 December 2023 | 721,971 | 38 | 224,558 | 13 | 946,529 | 51 |
Acquisitions | 16,666,738 | 1,055 | \u00a0 | \u00a0 | 16,666,738 | 1,055 |
Capital decrease | (16,666,738) | (1,055) | \u00a0 | \u00a0 | (16,666,738) | (1,055) |
Net movements | \u00a0 | \u00a0 | 309,669 | 18 | 309,669 | 18 |
Shares held at 31 December 2024 | 721,971 | 38 | 534,227 | 31 | 1,256,198 | 69 |
Acquisitions | 29,210,064 | 2,234 | \u00a0 | \u00a0 | 29,210,064 | 2,234 |
Capital decrease | (14,025,914) | (1,084) | \u00a0 | \u00a0 | (14,025,914) | (1,084) |
Net movements | \u00a0 | \u00a0 | 245,102 | 31 | 245,102 | 31 |
Shares held at 31 December 2025 | 15,906,121 | 1,188 | 779,329 | 62 | 16,685,450 | 1,250 |
(1) | Transactions realised in the framework of an activity of trading and arbitrage transactions on equity indices. |
\u00a0
The carrying amount of ordinary shares issued by BNP Paribas and held by the Group are deducted from equity, representing an amount of EUR 1 250 million at 31 December 2025.
During the second quarter of 2025, BNP Paribas SA bought back on the market 14,025,914 of its own shares in accordance with the Board of Directors\u2019 decision of 3 February 2025 to proceed to the share buyback of EUR\u00a01,084\u00a0million. These shares were subsequently canceled, which involved the payment of a tax on decreases of capital consequently to share buyback, amounting to EUR 20 million, recorded as a reduction in equity.
During the fourth quarter of 2025, BNP Paribas SA bought back on the market 15,184,150 of its own shares in accordance with the Board of Directors\u2019 decision of 19 November 2025 to proceed to the share buyback of EUR\u00a01,150 million. Those shares, which are deducted from consolidated shareholders' equity at 31 December 2025, have been canceled on 21 January 2026.
BNP\u00a0Paribas\u00a0SA has issued undated super subordinated notes which pay a fixed, fixed adjustable or floating-rate coupon and are redeemable at the end of a fixed period and thereafter at each coupon date or every five years.
On 25 March 2024, BNP Paribas SA redeemed the March 2019 issue, for an amount of USD\u00a01,500\u00a0million, at the first call date. These notes paid a 6.625% fixed-rate coupon.
On 10 January 2025, BNP Paribas SA redeemed the July 2019 issue, for an amount of AUD 300 million, at the first call date. These notes paid a 4.5% fixed-rate coupon.
On 19 August 2025, BNP Paribas SA redeemed the August 2015 issue, for an amount of USD 1,500 million, at the first call date. These notes paid a 7.375% fixed-rate coupon.
The following table summarises the characteristics of these various issues:
Date of issue | Currency | Amount (in millions of currency units) | Coupon | Rate and term | Rate after 1st\u00a0call date | |
|---|---|---|---|---|---|---|
November 2017 | USD | 750 | semi-annual | 5.125% | 10\u00a0years | USD 5-year swap +2.838% |
August 2018 | USD | 750 | semi-annual | 7.000% | 10\u00a0years | USD 5-year swap +3.980% |
Feburary 2020 | USD | 1,750 | semi-annual | 4.500% | 10\u00a0years | US 5-year CMT +2.944% |
Feburary 2021 | USD | 1,250 | semi-annual | 4.625% | 10\u00a0years | US 5-year CMT +3.340% |
January 2022 | USD | 1,250 | semi-annual | 4.625% | 5\u00a0years | US 5-year CMT +3.196% |
August 2022 | USD | 2,000 | semi-annual | 7.750% | 7\u00a0years | US 5-year CMT +4.899% |
September 2022 | EUR | 1,000 | semi-annual | 6.875% | 7.25\u00a0years | EUR\u00a05-year Mid-swap +4.645% |
November 2022 | USD | 1,000 | semi-annual | 9.250% | 5\u00a0years | US 5-year CMT +4.969% |
January 2023 | EUR | 1,250 | semi-annual | 7.375% | 7\u00a0years | EUR\u00a05-year Mid-swap +4.631% |
Febuary 2023 | SGD | 600 | semi-annual | 5.900% | 5\u00a0years | SGD SORA\u00a05-year +2.674% |
Total euro-equivalent historical value at 31\u00a0December 2025 | 10,614 | (1) | \u00a0 | \u00a0 | \u00a0 |
(1) | Net of shares held in treasury by Group entities. |
\u00a0
BNP\u00a0Paribas has the option of not paying interest due on these undated super subordinated notes. Unpaid interest is not carried forward.
For notes issued before 2015, the absence of coupon payment is conditional on the absence of dividend payment on BNP\u00a0Paribas\u00a0SA ordinary shares or on undated super subordinated note equivalents during the previous year. Interest due is payable once dividend payment on BNP\u00a0Paribas\u00a0SA ordinary shares resumes.
The contracts relating to these undated super subordinated notes contain a loss absorption clause. Under the terms of this clause, in the event of insufficient regulatory capital, the nominal value of the notes may be reduced in order to serve as a new basis for the calculation of the related coupons until the capital deficiency is made up and the nominal value of the notes is increased to its original amount.
The proceeds from these issues are recorded in equity under \u201cCapital and retained earnings\u201d. In accordance with IAS\u00a021, issues denominated in foreign currencies are recognised at their historical value based on their translation into euros at the issue date. Interest on the instruments is deducted from shareholders' equity.
At 31\u00a0December 2025, the BNP\u00a0Paribas Group held EUR\u00a010\u00a0million of its own undated super subordinated notes which were deducted from shareholders\u2019 equity.
\u00a0
Basic earnings per share are calculated by dividing the net income for the period attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period. The net income attributable to ordinary shareholders is determined by deducting the net income attributable to holders of preferred shares.
Diluted earnings per share correspond to the net income for the period attributable to holders of ordinary shares, divided by the weighted average number of shares outstanding as adjusted for the maximum effect of the conversion of dilutive equity instruments into ordinary shares. In-the-money stock subscription options are taken into account in the diluted earnings per share calculation, as are performance shares granted under the Global Share-based Incentive Plan. Conversion of these instruments would have no effect on the net income figure used in this calculation. All stock option and performance share plans are expired.
\u00a0
\u00a0 | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Net profit used to calculate basic and diluted earnings per ordinary share (in millions of euros)(1) | 11,520 | 10,843 |
Weighted average number of ordinary shares outstanding during the year | 1,119,493,901 | 1,133,302,357 |
Effect of potentially dilutive ordinary shares | - | - |
Weighted average number of ordinary shares used to calculate diluted earnings per share | 1,119,493,901 | 1,133,302,357 |
Basic earnings per share (in euros)\u00a0 | 10.29 | 9.57 |
Diluted earnings per share (in euros) | 10.29 | 9.57 |
(1) | The net profit used to calculate basic and diluted earnings per share is the net profit attributable to equity shareholders, adjusted for the remuneration\u00a0 on the undated super subordinated notes issued by BNP\u00a0Paribas\u00a0SA treated as preferred share equivalents and on the convertible contingent bonds\u00a0 deducted from shareholders' equity, as well as the related foreign exchange gain or loss impact recognised directly in shareholders\u2019 equity\u00a0 in case of repurchase. |
The Board of directors of 23 July 2025 approved the payment of an interim dividend in September 2025, corresponding to 50% of the earnings per share as of 30 June 2025, amounting to EUR 2.59 per share.
The distribution amounted to EUR\u00a02,891\u00a0million as of 30 September 2025, date of the interim dividend payment.
The Board of directors will propose to the Annual General Meeting on 12 May 2026, a supplementary dividend of EUR 2.57 per share out of the 2025 net income, which will then raise the total dividend per share for 2025 to EUR\u00a05.16\u00a0(compared with EUR\u00a04.79\u00a0out of the 2024 net income).
The total proposed distribution amounts to a total of EUR\u00a05,761\u00a0million, compared with EUR 5,413 million paid out of the 2024 net income.
This distribution is raised to 60% of the 2025 net income including a share buyback programme of EUR\u00a01,150\u00a0million, realised during the fourth quarter of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_b3cc4b66-188e-42ca-8bcf-b506a4056b15": { "value": "A financial instrument issued or its various components are classified as a financial liability or equity instrument, in accordance with the economic substance of the legal contract.
Financial instruments issued by the Group are qualified as debt instruments if the entity in the Group issuing the instruments has a contractual obligation to deliver cash or another financial asset to the holder of the instrument. The same applies if the Group is required to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Group, or to deliver a variable number of the Group\u2019s own equity instruments.
Equity instruments result from contracts evidencing a residual interest in an entity\u2019s assets after deducting all of its liabilities.
Debt securities and subordinated debt are measured at amortised cost unless they are recognised at fair value through profit or loss.
Debt securities are initially recognised at the issue value including transaction costs and are subsequently measured at amortised cost using the effective interest method.
Issued bonds redeemable or convertible into own equity may contain a debt component and an equity component, determined upon initial recognition of the transaction. In this case, they will be qualified as compound financial instruments.
In this respect, the Group has elected to record contingent convertible bonds issued, without maturity, when convertible into a variable number of own shares on the occurrence of a predetermined trigger event (e.g. a decrease in the solvency ratio below a threshold), as compound instruments, to the extent that the coupons on these bonds are paid discretionarily.
The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.
Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.
When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.
Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.
Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.
Own equity instrument derivatives are treated as follows, depending on the method of settlement:
If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_ff55bc35-5229-4e3d-b73c-65563d02ae45": { "value": "Debt securities and subordinated debt are measured at amortised cost unless they are recognised at fair value through profit or loss.
Debt securities are initially recognised at the issue value including transaction costs and are subsequently measured at amortised cost using the effective interest method.
Issued bonds redeemable or convertible into own equity may contain a debt component and an equity component, determined upon initial recognition of the transaction. In this case, they will be qualified as compound financial instruments.
In this respect, the Group has elected to record contingent convertible bonds issued, without maturity, when convertible into a variable number of own shares on the occurrence of a predetermined trigger event (e.g. a decrease in the solvency ratio below a threshold), as compound instruments, to the extent that the coupons on these bonds are paid discretionarily.
The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.
Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.
When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.
Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.
Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.
Own equity instrument derivatives are treated as follows, depending on the method of settlement:
If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross value | Impairment (note\u00a02.g) | Carrying | Gross value | Impairment (note\u00a02.g) | Carrying | |
Governments | 70,821 | (33) | 70,788 | 69,172 | (31) | 69,141 |
Other public administration | 27,106 | (1) | 27,105 | 25,709 | (2) | 25,707 |
Credit institutions | 14,455 | (7) | 14,448 | 14,743 | (2) | 14,741 |
Others | 39,527 | (181) | 39,346 | 37,539 | (153) | 37,386 |
Total debt securities at amortised cost | 151,909 | (222) | 151,687 | 147,163 | (188) | 146,975 |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross Value | Impairment (note\u00a02.g) | Carrying | Gross Value | Impairment (note\u00a02.g) | Carrying | |
Loans and advances to credit institutions | 26,437 | (178) | 26,259 | 31,232 | (85) | 31,147 |
Stage\u00a01 | 25,879 | (7) | 25,872 | 30,998 | (8) | 30,990 |
Stage\u00a02 | 395 | (10) | 385 | 157 | (6) | 151 |
Stage\u00a03 | 163 | (161) | 2 | 77 | (71) | 6 |
Loans and advances to customers | 913,251 | (15,892) | 897,359 | 917,049 | (16,908) | 900,141 |
Stage\u00a01 | 823,717 | (1,624) | 822,093 | 821,576 | (1,762) | 819,814 |
Stage\u00a02 | 63,281 | (1,665) | 61,616 | 69,649 | (1,904) | 67,745 |
Stage\u00a03 | 26,253 | (12,603) | 13,650 | 25,824 | (13,242) | 12,582 |
\u00a0Debt securities | 151,909 | (222) | 151,687 | 147,163 | (188) | 146,975 |
Stage\u00a01 | 150,151 | (18) | 150,133 | 144,987 | (15) | 144,972 |
Stage\u00a02 | 1,477 | (31) | 1,446 | 1,911 | (28) | 1,883 |
Stage\u00a03 | 281 | (173) | 108 | 265 | (145) | 120 |
Total financial assets at amortised cost | 1,091,597 | (16,292) | 1,075,305 | 1,095,444 | (17,181) | 1,078,263 |
This note covers all issued debt securities and subordinated debt measured at amortised cost and designated as at fair value through profit or loss.
Issuer/Issue date In millions of euros, at | Currency | Original amount in foreign currency (millions) | Date of call or interest step-up | Interest | Interest rate reset | Conditions precedent for\u00a0coupon payment(1) | 31 December 2025 | 31 December 2024 |
|---|---|---|---|---|---|---|---|---|
ISSUED DEBT SECURITIES AND SUBORDINATED DEBT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 129,279 | 104,934 | ||
Debt securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 128,458 | 104,118 | ||
Subordinated debt | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 821 | 816 | ||
Redeemable subordinated debt | (2) | \u00a0 | \u00a0 | \u00a0 | 19 | 18 | ||
Perpetual subordinated debt | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 802 | 798 | ||
BNP\u00a0Paribas Fortis Dec. 2007(3) | EUR | 3,000 | Dec.-14 | 3-month Euribor +200\u00a0bp | \u00a0 | A | 802 | 798 |
(1) \u00a0 | Conditions precedent for coupon payment: A Coupon payments are halted should the issuer have insufficient capital or the underwriters become insolvent or when the dividend declared\u00a0 for Ageas shares falls below a certain threshold. |
(2) | After agreement from the banking supervisory authority and at the issuer\u2019s initiative, redeemable subordinated debt issues may contain a call provision authorising the Group to redeem the securities prior to maturity by repurchasing them in the stock market, via public tender offers, or in the case of private placements over the counter. Debt issued by BNP\u00a0Paribas\u00a0SA or foreign subsidiaries of the Group via placements in the international markets may be subject to early redemption of the capital and early payment of interest due at maturity at the issuer\u2019s discretion on or after a date stipulated in the issue particulars (call option), or in the event that changes in the applicable tax rules oblige the BNP\u00a0Paribas Group issuer to compensate debt-holders for the consequences of such changes. Redemption may be subject to a notice period of between 15 and 60\u00a0days, and is in all cases subject to approval by the banking supervisory authorities. |
(3) | Convertible And Subordinated Hybrid Equity-linked Securities (CASHES) issued by BNP\u00a0Paribas Fortis (previously Fortis Banque) in December\u00a02007. The CASHES are perpetual securities but may be exchanged for Ageas (previously Fortis\u00a0SA/NV) shares at the holder\u2019s sole discretion at a price of EUR\u00a0239.40. However, as of 19 December 2014, the CASHES will be automatically exchanged into Ageas shares if their price is equal to or higher than EUR\u00a0359.10 for twenty consecutive trading days. The principal amount will never be redeemed in cash. The rights of the CASHES holders are limited to the Ageas shares held by BNP\u00a0Paribas Fortis and pledged to them. Ageas and BNP\u00a0Paribas Fortis have entered into a Relative Performance Note (RPN) contract, the value of which varies contractually so as to offset the impact on BNP\u00a0Paribas Fortis of the relative difference between changes in the value of the CASHES and changes in the value of the Ageas shares. Since 1st January 2022, the liability is no longer eligible to prudential own funds. |
Issuer/Issue date In millions euros, at | Currency | Original amount in foreign currency (millions) | Date of call or interest step-up | Interest rate | Interest rate reset | Conditions precedent for\u00a0coupon payment(1) | 31 December 2025 | 31 December 2024 |
|---|---|---|---|---|---|---|---|---|
Debt securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 173,933 | 198,119 | |
Debt securities in issue with an initial maturity of less than one year | \u00a0 | 54,639 | 82,327 | |||||
Negotiable\u202fdebt\u202fsecurities\u202fand\u202fsaving\u202fcertificates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 54,639 | 82,327 | |
Debt securities in issue with an initial maturity of more than one year | \u00a0 | 119,311 | 115,792 | |||||
Negotiable\u202fdebt\u202fsecurities\u202fand\u202fsaving\u202fcertificates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 32,590 | 31,109 | |
Bonds | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 86,705 | 84,683 |
Subordinated debt | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 34,468 | 31,799 |
Redeemable subordinated debt | (2) | \u00a0 | \u00a0 | \u00a0 | 26,585 | 26,073 | ||
Undated subordinated notes | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 7,662 | 5,460 | ||
Contingent convertible bonds recognised as Tier 1 capital | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 6,169 | 3,851 | ||
BNP Paribas SA Aug. 23 (4) | USD | 1,500 | Aug.-28 | 8.500% | CMT +4.354% | D | 1,278 | 1,449 |
BNP Paribas SA Feb. 24 (4) | USD | 1,500 | Aug.-31 | 8.000% | CMT +3.727% | D | 1,278 | 1,449 |
BNP Paribas SA Sept. 24 (4) | USD | 1,000 | Sept.-34 | 7.375% | CMT +3.535% | D | 852 | 953 |
BNP Paribas SA June 25 (4) | USD | 1,500 | June-35 | 7.450% | CMT +3.134% | D | 1,275 | - |
BNP Paribas SA Dec. 25 (4) | AUD | 750 | June-31 | 7.000% | 3.036% | D | 426 | - |
BNP Paribas SA Dec. 25 (4) | USD | 1,250 | Dec.-33 | 6.875% | 2.853% | D | 1,060 | - |
Other perpetual subordinated notes | \u00a0 | \u00a0 | \u00a0 | 1,493 | 1,609 | |||
BNP SA Oct. 85 (3) | EUR | 305 | - | TMO -0.25% | - | B | 254 | 254 |
BNP Paribas Cardif Nov. 14 | EUR | 1,000 | Nov.-25 | 4.032% | 3-month Euribor +393 bp | C | - | 1,000 |
BMCI Feb. 23 (7) | MAD | 750 | Feb.-28 | 3.900% | 2.5%-2.6% | E | - | 71 |
TEB Sept. 24 | USD | 300 | Sept.-29 | 9.375% | CMT +5.758% | F | 251 | 284 |
BNP Paribas Cardif Nov. 25 | EUR | 1,000 | Nov.-35 | 6.000% | 3.370% | G | 988 | - |
Perpetual participating notes | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 225 | 225 | |
BNP Paribas SA July 84 (3)(5) | EUR | 337 | - | (6) | - | \u00a0 | 219 | 219 |
Others | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 6 | 6 |
Expenses and commission, related debt | \u00a0 | \u00a0 | \u00a0 | (4) | 41 |
(1) | Conditions precedent for coupon payment: B - Payment of the interest is mandatory, unless the Board of directors decides to postpone these payments after the Shareholders\u2019 General\u00a0 Meeting has officially noted that there is no income available for distribution, where this occurs within the 12-month period preceding the due\u00a0 date for payment of the interest. Interest payments are cumulative and are payable in full once dividend payments resume. C - Payment of the interest is mandatory, except for cases of regulatory deficiency, in agreement with the regulator, or of suspension of payments.\u00a0 Interest payments are cumulative and are payable in full, once coupon payments resume, or, if these events occur before, when the issuance\u00a0 is redeemed or when the issuer is liquidated.\u00a0 D - Payment of the interest is at full discretion and could be cancelled in whole or in part if the relevant regulator notifies based on its assessment\u00a0 of the financial and solvency situation of the issuer. Interest Amounts on the Notes will be non-cumulative, once coupon payments resume. E - Payment of interest is made on a discretionary basis and may be fully or partially cancelled with the prior approval of Bank Al-Maghrib\u00a0 for an indefinite period and on a non-cumulative basis to meet its obligations. Interest amounts on bonds will not be cumulative when coupon\u00a0 payments resume. F - Payment of interest is discretionary and may be fully or partially cancelled at any time and for any reason for an indefinite period. Interest\u00a0 amounts on bonds will not be cumulative when coupon payments resume. G - Payment of interest is made on a discretionary basis and may be fully or partially cancelled. The cancellation of the payment of all or part\u00a0 of the interest becomes mandatory in case of regulatory deficiency, at the request of the regulator and based on the applicable regulation,\u00a0 if there is no income available for distribution, or in case of suspension of payments. All cancelled interest payments are non-cumulative. |
(2) | See reference relating to \"Debt securities at fair value through profit or loss\". |
(3) | These securities are no longer eligible to prudential own funds since 31 December 2023. |
(4) | The instruments issued by BNP Paribas SA in 2023, 2024 and 2025 are contingent convertible securities classified as financial liabilities in accounting and eligible to Additional Tier 1 capital (see note 1.f.8). The distribution from these instruments is recognised directly as a reduction from equity. |
(5) | The participating notes issued by BNP Paribas SA may be repurchased as provided for in the law of 3 January 1983. The number of notes in the market is 1,469,554. |
(6) | Depending on net income subject to a minimum of 85% of the TMO rate and a maximum of 130% of the TMO rate. |
(7) | BNP Paribas has entered into exclusive discussions with the Holmarcom group for the sale of 67% of BMCI's capital. In accordance with the provisions of IFRS 5 standard relating to groups of assets and liabilities held for sale, this security is reclassified on a separate line \"Liabilities associated with assets held for sale\". |
\u201cFinancial liabilities related to insurance activities\u201d includes unit-linked investment contracts without discretionary participating features. Those contracts are measured under IFRS\u00a09 at fair value through profit or loss.
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Derivative financial instruments | 1,011 | 982 |
Derivatives used for hedging purposes | 237 | 238 |
Deposit at fair value through profit or loss | 930 | 960 |
Debt representative of shares of consolidated funds held by third parties | 11,371 | 7,317 |
Investment contracts without discretionary participation feature \u2013 Unit-linked contracts | 7,145 | 8,388 |
Other debts | 806 | 1,922 |
Financial liabilities related to insurance activities | 21,500 | 19,807 |
The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||||
Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | |
Financial assets designated as at fair value through profit or loss | 115,234 | 55,736 | 17,649 | 188,619 | 110,018 | 47,346 | 16,055 | 173,419 |
Equity instruments | 109,732 | 37,721 | 17,326 | 164,779 | 102,824 | 31,996 | 15,772 | 150,592 |
Debt securities | 5,502 | 17,639 | 233 | 23,374 | 7,194 | 14,827 | 218 | 22,239 |
Loans | 376 | 90 | 466 | 523 | 65 | 588 | ||
Financial assets at fair value through equity | 94,292 | 12,193 | - | 106,485 | 89,003 | 13,214 | 5 | 102,222 |
Equity instruments | 2,659 | 2,659 | 1,729 | 1,729 | ||||
Debt securities | 91,633 | 12,193 | \u00a0 | 103,826 | 87,274 | 13,214 | 5 | 100,493 |
Derivative financial instruments | - | 1,288 | 104 | 1,392 | - | 1,772 | 33 | 1,805 |
FINANCIAL ASSETS MEASURED AT FAIR VALUE | 209,526 | 69,217 | 17,753 | 296,496 | 199,021 | 62,332 | 16,093 | 277,446 |
Financial liabilities designated at fair value through profit or loss | 8,380 | 10,273 | 793 | 19,446 | 4,666 | 10,866 | 1,133 | 16,665 |
Deposit at fair value through profit or loss | 930 | 930 | 960 | 960 | ||||
Debt representative of shares of consolidated funds held by third parties | 8,380 | 2,730 | 261 | 11,371 | 4,666 | 2,352 | 299 | 7,317 |
Investment contracts without discretionary participation feature - Unit-linked contracts | 6,613 | 532 | 7,145 | 7,554 | 834 | 8,388 | ||
Derivative financial instruments | - | 1,206 | 42 | 1,248 | - | 1,198 | 22 | 1,220 |
FINANCIAL LIABILITIES MEASURED AT FAIR VALUE | 8,380 | 11,479 | 835 | 20,694 | 4,666 | 12,064 | 1,155 | 17,885 |
\u00a0
Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.
Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.
Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.
\u00a0
For Level\u00a03 financial instruments, the following movements occurred during the period:
In millions of euros | Financial assets | Financial liabilities | |||
Financial instruments at fair value through profit or loss | Financial assets at fair value through equity | Total | Financial instruments at fair value through profit or loss | Total | |
At 31 December 2024 | 16,088 | 5 | 16,093 | (1,155) | (1,155) |
Purchases | 3,068 | 23 | 3,091 | (2) | (2) |
Sales | (2,730) | \u00a0 | (2,730) | \u00a0 | \u00a0 |
Settlements | 13 | (26) | (13) | (20) | (20) |
Transfers to Level\u00a03 | 1,292 | \u00a0 | 1,292 | (2) | (2) |
Transfers from Level\u00a03 | (274) | \u00a0 | (274) | \u00a0 | \u00a0 |
Gains recognised in profit or loss | (147) | \u00a0 | (147) | 340 | 340 |
Items related to exchange rate movement and changes in scope of consolidation | 443 | \u00a0 | 443 | 4 | 4 |
Changes in fair value of assets and liabilities recognised in equity | \u00a0 | (2) | (2) | \u00a0 | \u00a0 |
At 31 December 2025 | 17,753 | - | 17,753 | (835) | (835) |
The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.
Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.
When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.
Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.
Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.
Own equity instrument derivatives are treated as follows, depending on the method of settlement:
If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_070455da-f445-4aa3-abfa-ca0535033f9c": { "value": "The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.
Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.
When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.
Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.
Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.
Own equity instrument derivatives are treated as follows, depending on the method of settlement:
If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_164502b9-5b0e-49a6-8645-031c861698bc": { "value": "The Group retained the option provided by the standard to maintain the hedge accounting requirements of IAS\u00a039 until the future standard on macro-hedging is entered into force. Furthermore, IFRS\u00a09 does not explicitly address the fair value hedge of the interest rate risk on a portfolio of financial assets or liabilities. The provisions in IAS\u00a039 for these portfolio hedges, as adopted by the European Union, continue to apply.
Derivatives contracted as part of a hedging relationship are designated according to the purpose of the hedge.
Fair value hedges are particularly used to hedge interest rate risk on fixed-rate assets and liabilities, both for identified financial instruments (securities, debt issues, loans, borrowings) and for portfolios of financial instruments (in particular, demand deposits and fixed-rate loans).
Cash flow hedges are particularly used to hedge interest rate risk on floating-rate assets and liabilities, including rollovers, and foreign exchange risks on highly probable forecast foreign currency revenues.
At the inception of the hedge, the Group prepares formal documentation which details the hedging relationship, identifying the instrument, or portion of the instrument, or portion of risk that is being hedged, the hedging strategy and the type of risk hedged, the hedging instrument, and the methods used to assess the effectiveness of the hedging relationship.
On inception and at least quarterly, the Group assesses, in consistency with the original documentation, the actual (retrospective) and expected (prospective) effectiveness of the hedging relationship. Retrospective effectiveness tests are designed to assess whether the ratio of actual changes in the fair value or cash flows of the hedging instrument to those in the hedged item is within a range of 80% to 125%. Prospective effectiveness tests are designed to ensure that expected changes in the fair value or cash flows of the derivative over the residual life of the hedge adequately offset those of the hedged item. For highly probable forecast transactions, effectiveness is assessed largely on the basis of historical data for similar transactions.
Under IAS\u00a039 as adopted by the European Union, which excludes certain provisions on portfolio hedging, interest rate risk hedging relationships based on portfolios of assets or liabilities qualify for fair value hedge accounting as follows:
The accounting treatment of derivatives and hedged items depends on the hedging strategy.
In a fair value hedging relationship, the derivative instrument is remeasured at fair value in the balance sheet, with changes in fair value recognised in profit or loss in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d, symmetrically with the remeasurement of the hedged item to reflect the hedged risk. In the balance sheet, the fair value remeasurement of the hedged component is recognised in accordance with the classification of the hedged item in the case of a hedge of identified assets and liabilities, or under \u201cRemeasurement adjustment on interest rate risk hedged portfolios\u201d in the case of a portfolio hedging relationship.
If a hedging relationship ceases or no longer fulfils the effectiveness criteria, the hedging instrument is transferred to the trading book and accounted for using the treatment applied to this category. In the case of identified fixed-income instruments, the remeasurement adjustment recognised in the balance sheet is amortised at the effective interest rate over the remaining life of the instrument. In the case of interest rate risk hedged fixed-income portfolios, the adjustment is amortised on a straight-line basis over the remainder of the original term of the hedge. If the hedged item no longer appears in the balance sheet, in particular due to prepayments, the adjustment is taken to the profit and loss account immediately.
In a cash flow hedging relationship, the derivative is measured at fair value in the balance sheet, with changes in fair value taken to shareholders\u2019 equity on a separate line, \u201cChanges in fair value recognised directly in equity\u201d. The amounts taken to shareholders\u2019 equity over the life of the hedge are transferred to the profit and loss account under \u201cNet interest income\u201d as and when the cash flows from the hedged item impact profit or loss. The hedged items continue to be accounted for using the treatment specific to the category to which they belong.
If the hedging relationship ceases or no longer fulfils the effectiveness criteria, the cumulative amounts recognised in shareholders\u2019 equity as a result of the remeasurement of the hedging instrument remain in equity until the hedged transaction itself impacts profit or loss, or until it becomes clear that the transaction will not occur, at which point they are transferred to the profit and loss account.
If the hedged item ceases to exist, the cumulative amounts recognised in shareholders\u2019 equity are immediately taken to the profit and loss account.
Whatever the hedging strategy used, any ineffective portion of the hedge is recognised in the profit and loss account under \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d.
Hedges of net foreign currency investments in subsidiaries and branches are accounted for in the same way as cash flow hedges. Hedging instruments may be foreign exchange derivatives or any other non-derivative financial instrument.
The majority of derivative financial instruments held for trading are related to transactions initiated for trading purposes. They may result from market-making or arbitrage activities. BNP\u00a0Paribas actively trades in derivatives. Transactions include trades in \u201cordinary\u201d instruments such as credit default swaps, and structured transactions with complex risk profiles tailored to meet the needs of its customers. The net position is in all cases subject to limits.
Some derivative instruments are also contracted to hedge financial assets or financial liabilities for which the Group has not documented a hedging relationship, or which do not qualify for hedge accounting under IFRS.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Positive market value | Negative market value | Positive market value | Negative market value | |
Interest rate derivatives | 124,177 | 93,816 | 121,491 | 95,045 |
Foreign exchange derivatives | 98,749 | 92,760 | 158,085 | 152,269 |
Credit derivatives | 14,373 | 14,157 | 10,767 | 11,085 |
Equity derivatives | 32,683 | 47,026 | 28,065 | 40,185 |
Other derivatives | 4,643 | 4,967 | 4,223 | 3,369 |
Derivative financial instruments | 274,625 | 252,726 | 322,631 | 301,953 |
\u00a0
The table below shows the total notional amount of trading derivatives. The notional amounts of derivative instruments are merely an indication of the volume of the Group\u2019s activities in financial instruments markets, and do not reflect the market risks associated with such instruments.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||||
Exchange- | Over-the- | Over-the- | Total | Exchange- | Over-the- | Over-the- | Total | |
Interest rate derivatives | 907,328 | 15,254,043 | 7,992,014 | 24,153,385 | 983,378 | 15,690,701 | 7,277,395 | 23,951,474 |
Foreign exchange derivatives | 80,381 | 271,460 | 10,093,925 | 10,445,766 | 74,516 | 194,540 | 10,769,644 | 11,038,700 |
Credit derivatives | \u00a0 | 531,312 | 591,596 | 1,122,908 | \u00a0 | 436,041 | 463,565 | 899,606 |
Equity derivatives | 1,493,313 | \u00a0 | 988,686 | 2,481,999 | 1,356,158 | \u00a0 | 798,676 | 2,154,834 |
Other derivatives | 194,078 | \u00a0 | 76,688 | 270,766 | 184,941 | \u00a0 | 93,181 | 278,122 |
Derivative financial instruments | 2,675,100 | 16,056,815 | 19,742,909 | 38,474,824 | 2,598,993 | 16,321,282 | 19,402,461 | 38,322,736 |
\u00a0
As part of its Client Clearing activity, the Group guarantees the risk of default of its clients to central clearing houses. The corresponding notional amount is EUR 1,405 billion at 31 December 2025 (EUR 1,271 billion at 31 December 2024).
The table below shows the notional amounts and the fair value of derivatives used for hedging purposes.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Notional amounts | Positive fair value | Negative fair value | Notional amounts | Positive fair value | Negative fair value | |
Fair value hedges | 1,135,352 | 18,586 | 26,059 | 1,215,184 | 19,489 | 32,610 |
Interest rate derivatives | 1,131,813 | 18,525 | 25,952 | 1,210,173 | 19,305 | 32,391 |
Foreign exchange derivatives | 3,539 | 61 | 107 | 5,011 | 184 | 219 |
Cash flow hedges | 247,644 | 1,340 | 2,375 | 267,840 | 1,297 | 4,196 |
Interest rate derivatives | 51,426 | 526 | 846 | 75,830 | 654 | 1,583 |
Foreign exchange derivatives | 195,315 | 617 | 1,505 | 191,237 | 590 | 2,532 |
Other derivatives | 903 | 197 | 24 | 773 | 53 | 81 |
Net foreign investment hedges | 2,969 | 91 | 59 | 2,885 | 65 | 58 |
Foreign exchange derivatives | 2,969 | 91 | 59 | 2,885 | 65 | 58 |
Derivatives used for hedging purposes | 1,385,965 | 20,017 | 28,493 | 1,485,909 | 20,851 | 36,864 |
Interest rate risk and foreign exchange risk management strategies are described in chapter\u00a05 \u2013 Pillar 3 of the Universal registration document (section\u00a05.7 Market risk \u2013 Market risk related to banking activities). Quantitative information related to foreign currency borrowings used for net investment hedges is also mentioned in this chapter.
The table below presents the detail of fair value hedge relationships for identified financial instruments and portfolios of financial instruments that are continuing at 31\u00a0December 2025:
\u00a0
In millions of euros, at 31 December 2025 | Hedging instruments | Hedged instruments | ||||||
Notional amounts | Positive | Negative | Cumulated changes in fair value used as the basis for recognising ineffectiveness | Carrying amount \u2013 asset | Cumulated changes in fair value \u2013 asset | Carrying amount \u2013 liability | Cumulated changes in fair value \u2013 liability | |
Fair value hedges of identified instruments | 463,030 | 11,118 | 10,796 | 3,429 | 170,280 | (6,431) | 153,802 | (3,069) |
Interest rate derivatives hedging the interest rate risk related to | 460,058 | 11,057 | 10,696 | 3,431 | 168,579 | (6,434) | 152,587 | (3,069) |
Loans and receivables | 12,941 | 155 | 253 | (73) | 10,292 | 74 | \u00a0 | \u00a0 |
Securities | 238,687 | 10,539 | 5,973 | 6,581 | 158,287 | (6,508) | \u00a0 | \u00a0 |
Deposits | 28,464 | 127 | 145 | (22) | \u00a0 | \u00a0 | 23,918 | (23) |
Debt securities | 179,966 | 236 | 4,325 | (3,055) | \u00a0 | \u00a0 | 128,669 | (3,046) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related\u00a0to | 2,972 | 61 | 100 | (2) | 1,701 | 3 | 1,215 | - |
Loans and receivables | 716 | 53 | 30 | (5) | 667 | 5 | \u00a0 | \u00a0 |
Securities | 1,040 | 6 | 3 | 2 | 1,034 | (2) | \u00a0 | \u00a0 |
Deposits | 84 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 84 | \u00a0 |
Debt securities | 1,132 | 2 | 67 | 1 | \u00a0 | \u00a0 | 1,131 | \u00a0 |
Interest rate risk hedged portfolios | 672,322 | 7,468 | 15,263 | (6,600) | 171,576 | (3,167) | 159,798 | (9,735) |
Interest rate derivatives hedging the interest rate risk related to(1) | 671,755 | 7,468 | 15,256 | (6,596) | 171,009 | (3,169) | 159,798 | (9,735) |
Loans and receivables | 289,435 | 4,977 | 2,033 | 3,154 | 171,009 | (3,169) | \u00a0 | \u00a0 |
Deposits | 382,320 | 2,491 | 13,223 | (9,750) | \u00a0 | \u00a0 | 159,798 | (9,735) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to | 567 | - | 7 | (4) | 567 | 2 | - | - |
Loans and receivables | 567 | \u00a0 | 7 | (4) | 567 | 2 | \u00a0 | \u00a0 |
Total fair value hedge | 1,135,352 | 18,586 | 26,059 | (3,171) | 341,856 | (9,598) | 313,600 | (12,804) |
(1) | Are included in this section the notional amounts of hedging derivatives and of swaps that reverse the interest rate positions, thus reducing the hedge\u00a0 relationship, when the hedged item still exists, for respectively EUR 127,283 million for derivatives hedging loans and receivables\u00a0 and EUR 215,351 million for derivatives hedging deposits. |
The table below presents the detail of fair value hedge relationships for identified financial instruments and portfolios of financial instruments that are continuing at 31 December 2024:
\u00a0
In millions of euros, at 31 December 2024 | Hedging instruments | Hedged instruments | ||||||
Notional amounts | Positive | Negative | Cumulated changes in fair value used as the basis for recognising ineffectiveness | Carrying amount \u2013 asset | Cumulated changes in fair value \u2013 asset | Carrying amount \u2013 liability | Cumulated changes in fair value \u2013 liability | |
Fair value hedges of identified instruments | 467,277 | 10,935 | 14,372 | (408) | 171,514 | (4,723) | 149,961 | (5,075) |
Interest rate derivatives hedging the interest rate risk related to | 462,854 | 10,786 | 14,154 | (396) | 169,146 | (4,721) | 148,362 | (5,061) |
Loans and receivables | 21,678 | 459 | 504 | (35) | 17,111 | 34 | \u00a0 | \u00a0 |
Securities | 220,047 | 9,896 | 6,286 | 4,680 | 152,035 | (4,755) | \u00a0 | \u00a0 |
Deposits | 21,350 | 134 | 137 | (9) | \u00a0 | \u00a0 | 16,851 | (11) |
Debt securities | 199,779 | 297 | 7,227 | (5,032) | \u00a0 | \u00a0 | 131,511 | (5,050) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related\u00a0to | 4,423 | 149 | 218 | (12) | 2,368 | (2) | 1,599 | (14) |
Loans and receivables | 1,403 | 137 | 47 | 3 | 1,007 | (3) | \u00a0 | \u00a0 |
Securities | 1,435 | 8 | 5 | \u00a0 | 1,361 | 1 | \u00a0 | \u00a0 |
Deposits | 36 | \u00a0 | 2 | 2 | \u00a0 | \u00a0 | 41 | 2 |
Debt securities | 1,549 | 4 | 164 | (17) | \u00a0 | \u00a0 | 1,558 | (16) |
Interest rate risk hedged portfolios | 747,907 | 8,554 | 18,238 | (8,868) | 200,215 | (1,745) | 151,658 | (10,592) |
Interest rate derivatives hedging the interest rate risk related to(1) | 747,319 | 8,519 | 18,237 | (8,865) | 199,658 | (1,747) | 151,658 | (10,592) |
Loans and receivables | 319,703 | 5,461 | 2,721 | 1,848 | 199,658 | (1,747) | \u00a0 | \u00a0 |
Deposits | 427,616 | 3,058 | 15,516 | (10,713) | \u00a0 | \u00a0 | 151,658 | (10,592) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to | 588 | 35 | 1 | (3) | 557 | 2 | - | - |
Loans and receivables | 588 | 35 | 1 | (3) | 557 | 2 | \u00a0 | \u00a0 |
Total fair value hedge | 1,215,184 | 19,489 | 32,610 | (9,276) | 371,729 | (6,468) | 301,619 | (15,667) |
(1) | Are included in this section the notional amounts of hedging derivatives and of swaps that reverse the interest rate positions, thus reducing the hedge\u00a0 relationship, when the hedged item still exists, for respectively EUR 129,507 million for derivatives hedging loans and receivables\u00a0 and EUR 263,952 million for derivatives hedging deposits. |
\u00a0
An asset or a liability or set of assets and liabilities, can be hedged over several periods of time with different derivative financial instruments. Besides, some hedges are achieved by the combination of two derivative instruments. In this case, the notional amounts add up and their total amount is higher than the hedged amount. The first situation is observed more particularly for interest rate risk hedged portfolios and the second for hedges of issued debt securities.
As regards discontinued fair value hedge relationships where the derivative contract was terminated, the cumulated amount of revaluation remaining to be amortised over the residual life of the hedged instruments amounted to EUR\u00a0831 million in assets at 31 December 2025, and to - EUR\u00a077 million in liabilities, for hedges of portfolios of financial instruments. At 31 December 2024, these amounts were EUR 986 million in assets and - EUR 104 million in liabilities.
Regarding hedges of identified instruments, the cumulated amount of revaluation remaining to be amortised over the residual life of the hedged instruments amounts to EUR 93 million in assets at 31 December 2025. At 31 December 2024, this amount was EUR 99 million in assets.
The notional amount of cash flow hedge derivatives is EUR 247,644 million at 31 December 2025. Changes in assets and liabilities recognised directly in equity amount to EUR\u00a0372 million. At\u00a031 December 2024, the notional amount of cash flow hedge derivatives was EUR\u00a0267,840 million and changes in assets and liabilities recognised directly in equity amounted to EUR\u00a048 million.
The tables below present the notional amounts of hedging derivatives by maturity at 31\u00a0December 2025 and at 31\u00a0December 2024:
\u00a0
In millions of euros, at 31 December 2025 | Maturity date | |||
Less than 1\u00a0year | Between 1 and 5\u00a0years | Over 5\u00a0years | Total | |
Fair value hedges | 300,017 | 491,093 | 344,242 | 1,135,352 |
Interest rate derivatives | 298,329 | 489,343 | 344,141 | 1,131,813 |
Foreign exchange derivatives | 1,688 | 1,750 | 101 | 3,539 |
Cash flow hedges | 181,738 | 51,736 | 14,170 | 247,644 |
Interest rate derivatives | 17,789 | 22,425 | 11,212 | 51,426 |
Foreign exchange derivatives | 163,541 | 28,819 | 2,955 | 195,315 |
Other derivatives | 408 | 492 | 3 | 903 |
Net foreign investment hedges | 2,457 | 348 | 164 | 2,969 |
Foreign exchange derivatives | 2,457 | 348 | 164 | 2,969 |
\u00a0
In millions of euros, at 31 December 2024 | Maturity date | |||
Less than 1\u00a0year | Between 1 and 5\u00a0years | Over 5\u00a0years | Total | |
Fair value hedges | 454,601 | 456,223 | 304,360 | 1,215,184 |
Interest rate derivatives | 452,137 | 454,004 | 304,032 | 1,210,173 |
Foreign exchange derivatives | 2,464 | 2,219 | 328 | 5,011 |
Cash flow hedges | 198,515 | 55,256 | 14,069 | 267,840 |
Interest rate derivatives | 41,299 | 25,253 | 9,278 | 75,830 |
Foreign exchange derivatives | 156,886 | 29,563 | 4,788 | 191,237 |
Other derivatives | 330 | 440 | 3 | 773 |
Net foreign investment hedges | 2,432 | 453 | - | 2,885 |
Foreign exchange derivatives | 2,432 | 453 | \u00a0 | 2,885 |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | |
Derivative financial instruments | 1,202 | \u00a0 | 1,202 | 1,731 | \u00a0 | 1,731 |
Derivatives used for hedging purposes | 190 | \u00a0 | 190 | 74 | \u00a0 | 74 |
Financial assets at fair value through profit or loss | 65,566 | 123,053 | 188,619 | 61,465 | 111,954 | 173,419 |
Financial assets at fair value through equity | 106,485 | \u00a0 | 106,485 | 102,222 | \u00a0 | 102,222 |
Financial assets at amortised cost | 1,368 | \u00a0 | 1,368 | 1,379 | \u00a0 | 1,379 |
Investment properties | 3,830 | 3,012 | 6,842 | 3,868 | 3,178 | 7,046 |
Equity-method investments | 91 | \u00a0 | 91 | 82 | \u00a0 | 82 |
Assets related to insurance activities (note\u00a05.d) | 674 | \u00a0 | 674 | 896 | \u00a0 | 896 |
Investments and other assets related to\u00a0insurance activities | 179,406 | 126,065 | 305,471 | 171,717 | 115,132 | 286,849 |
\u201cFinancial liabilities related to insurance activities\u201d includes unit-linked investment contracts without discretionary participating features. Those contracts are measured under IFRS\u00a09 at fair value through profit or loss.
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Derivative financial instruments | 1,011 | 982 |
Derivatives used for hedging purposes | 237 | 238 |
Deposit at fair value through profit or loss | 930 | 960 |
Debt representative of shares of consolidated funds held by third parties | 11,371 | 7,317 |
Investment contracts without discretionary participation feature \u2013 Unit-linked contracts | 7,145 | 8,388 |
Other debts | 806 | 1,922 |
Financial liabilities related to insurance activities | 21,500 | 19,807 |
The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||||
Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | |
Financial assets designated as at fair value through profit or loss | 115,234 | 55,736 | 17,649 | 188,619 | 110,018 | 47,346 | 16,055 | 173,419 |
Equity instruments | 109,732 | 37,721 | 17,326 | 164,779 | 102,824 | 31,996 | 15,772 | 150,592 |
Debt securities | 5,502 | 17,639 | 233 | 23,374 | 7,194 | 14,827 | 218 | 22,239 |
Loans | 376 | 90 | 466 | 523 | 65 | 588 | ||
Financial assets at fair value through equity | 94,292 | 12,193 | - | 106,485 | 89,003 | 13,214 | 5 | 102,222 |
Equity instruments | 2,659 | 2,659 | 1,729 | 1,729 | ||||
Debt securities | 91,633 | 12,193 | \u00a0 | 103,826 | 87,274 | 13,214 | 5 | 100,493 |
Derivative financial instruments | - | 1,288 | 104 | 1,392 | - | 1,772 | 33 | 1,805 |
FINANCIAL ASSETS MEASURED AT FAIR VALUE | 209,526 | 69,217 | 17,753 | 296,496 | 199,021 | 62,332 | 16,093 | 277,446 |
Financial liabilities designated at fair value through profit or loss | 8,380 | 10,273 | 793 | 19,446 | 4,666 | 10,866 | 1,133 | 16,665 |
Deposit at fair value through profit or loss | 930 | 930 | 960 | 960 | ||||
Debt representative of shares of consolidated funds held by third parties | 8,380 | 2,730 | 261 | 11,371 | 4,666 | 2,352 | 299 | 7,317 |
Investment contracts without discretionary participation feature - Unit-linked contracts | 6,613 | 532 | 7,145 | 7,554 | 834 | 8,388 | ||
Derivative financial instruments | - | 1,206 | 42 | 1,248 | - | 1,198 | 22 | 1,220 |
FINANCIAL LIABILITIES MEASURED AT FAIR VALUE | 8,380 | 11,479 | 835 | 20,694 | 4,666 | 12,064 | 1,155 | 17,885 |
\u00a0
Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.
Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.
Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.
\u00a0
For Level\u00a03 financial instruments, the following movements occurred during the period:
In millions of euros | Financial assets | Financial liabilities | |||
Financial instruments at fair value through profit or loss | Financial assets at fair value through equity | Total | Financial instruments at fair value through profit or loss | Total | |
At 31 December 2024 | 16,088 | 5 | 16,093 | (1,155) | (1,155) |
Purchases | 3,068 | 23 | 3,091 | (2) | (2) |
Sales | (2,730) | \u00a0 | (2,730) | \u00a0 | \u00a0 |
Settlements | 13 | (26) | (13) | (20) | (20) |
Transfers to Level\u00a03 | 1,292 | \u00a0 | 1,292 | (2) | (2) |
Transfers from Level\u00a03 | (274) | \u00a0 | (274) | \u00a0 | \u00a0 |
Gains recognised in profit or loss | (147) | \u00a0 | (147) | 340 | 340 |
Items related to exchange rate movement and changes in scope of consolidation | 443 | \u00a0 | 443 | 4 | 4 |
Changes in fair value of assets and liabilities recognised in equity | \u00a0 | (2) | (2) | \u00a0 | \u00a0 |
At 31 December 2025 | 17,753 | - | 17,753 | (835) | (835) |
The Group retained the option provided by the standard to maintain the hedge accounting requirements of IAS\u00a039 until the future standard on macro-hedging is entered into force. Furthermore, IFRS\u00a09 does not explicitly address the fair value hedge of the interest rate risk on a portfolio of financial assets or liabilities. The provisions in IAS\u00a039 for these portfolio hedges, as adopted by the European Union, continue to apply.
Derivatives contracted as part of a hedging relationship are designated according to the purpose of the hedge.
Fair value hedges are particularly used to hedge interest rate risk on fixed-rate assets and liabilities, both for identified financial instruments (securities, debt issues, loans, borrowings) and for portfolios of financial instruments (in particular, demand deposits and fixed-rate loans).
Cash flow hedges are particularly used to hedge interest rate risk on floating-rate assets and liabilities, including rollovers, and foreign exchange risks on highly probable forecast foreign currency revenues.
At the inception of the hedge, the Group prepares formal documentation which details the hedging relationship, identifying the instrument, or portion of the instrument, or portion of risk that is being hedged, the hedging strategy and the type of risk hedged, the hedging instrument, and the methods used to assess the effectiveness of the hedging relationship.
On inception and at least quarterly, the Group assesses, in consistency with the original documentation, the actual (retrospective) and expected (prospective) effectiveness of the hedging relationship. Retrospective effectiveness tests are designed to assess whether the ratio of actual changes in the fair value or cash flows of the hedging instrument to those in the hedged item is within a range of 80% to 125%. Prospective effectiveness tests are designed to ensure that expected changes in the fair value or cash flows of the derivative over the residual life of the hedge adequately offset those of the hedged item. For highly probable forecast transactions, effectiveness is assessed largely on the basis of historical data for similar transactions.
Under IAS\u00a039 as adopted by the European Union, which excludes certain provisions on portfolio hedging, interest rate risk hedging relationships based on portfolios of assets or liabilities qualify for fair value hedge accounting as follows:
The accounting treatment of derivatives and hedged items depends on the hedging strategy.
In a fair value hedging relationship, the derivative instrument is remeasured at fair value in the balance sheet, with changes in fair value recognised in profit or loss in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d, symmetrically with the remeasurement of the hedged item to reflect the hedged risk. In the balance sheet, the fair value remeasurement of the hedged component is recognised in accordance with the classification of the hedged item in the case of a hedge of identified assets and liabilities, or under \u201cRemeasurement adjustment on interest rate risk hedged portfolios\u201d in the case of a portfolio hedging relationship.
If a hedging relationship ceases or no longer fulfils the effectiveness criteria, the hedging instrument is transferred to the trading book and accounted for using the treatment applied to this category. In the case of identified fixed-income instruments, the remeasurement adjustment recognised in the balance sheet is amortised at the effective interest rate over the remaining life of the instrument. In the case of interest rate risk hedged fixed-income portfolios, the adjustment is amortised on a straight-line basis over the remainder of the original term of the hedge. If the hedged item no longer appears in the balance sheet, in particular due to prepayments, the adjustment is taken to the profit and loss account immediately.
In a cash flow hedging relationship, the derivative is measured at fair value in the balance sheet, with changes in fair value taken to shareholders\u2019 equity on a separate line, \u201cChanges in fair value recognised directly in equity\u201d. The amounts taken to shareholders\u2019 equity over the life of the hedge are transferred to the profit and loss account under \u201cNet interest income\u201d as and when the cash flows from the hedged item impact profit or loss. The hedged items continue to be accounted for using the treatment specific to the category to which they belong.
If the hedging relationship ceases or no longer fulfils the effectiveness criteria, the cumulative amounts recognised in shareholders\u2019 equity as a result of the remeasurement of the hedging instrument remain in equity until the hedged transaction itself impacts profit or loss, or until it becomes clear that the transaction will not occur, at which point they are transferred to the profit and loss account.
If the hedged item ceases to exist, the cumulative amounts recognised in shareholders\u2019 equity are immediately taken to the profit and loss account.
Whatever the hedging strategy used, any ineffective portion of the hedge is recognised in the profit and loss account under \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d.
Hedges of net foreign currency investments in subsidiaries and branches are accounted for in the same way as cash flow hedges. Hedging instruments may be foreign exchange derivatives or any other non-derivative financial instrument.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_a0a89082-d24c-429f-b451-7a420aebeef5": { "value": "The Group retained the option provided by the standard to maintain the hedge accounting requirements of IAS\u00a039 until the future standard on macro-hedging is entered into force. Furthermore, IFRS\u00a09 does not explicitly address the fair value hedge of the interest rate risk on a portfolio of financial assets or liabilities. The provisions in IAS\u00a039 for these portfolio hedges, as adopted by the European Union, continue to apply.
Derivatives contracted as part of a hedging relationship are designated according to the purpose of the hedge.
Fair value hedges are particularly used to hedge interest rate risk on fixed-rate assets and liabilities, both for identified financial instruments (securities, debt issues, loans, borrowings) and for portfolios of financial instruments (in particular, demand deposits and fixed-rate loans).
Cash flow hedges are particularly used to hedge interest rate risk on floating-rate assets and liabilities, including rollovers, and foreign exchange risks on highly probable forecast foreign currency revenues.
At the inception of the hedge, the Group prepares formal documentation which details the hedging relationship, identifying the instrument, or portion of the instrument, or portion of risk that is being hedged, the hedging strategy and the type of risk hedged, the hedging instrument, and the methods used to assess the effectiveness of the hedging relationship.
On inception and at least quarterly, the Group assesses, in consistency with the original documentation, the actual (retrospective) and expected (prospective) effectiveness of the hedging relationship. Retrospective effectiveness tests are designed to assess whether the ratio of actual changes in the fair value or cash flows of the hedging instrument to those in the hedged item is within a range of 80% to 125%. Prospective effectiveness tests are designed to ensure that expected changes in the fair value or cash flows of the derivative over the residual life of the hedge adequately offset those of the hedged item. For highly probable forecast transactions, effectiveness is assessed largely on the basis of historical data for similar transactions.
Under IAS\u00a039 as adopted by the European Union, which excludes certain provisions on portfolio hedging, interest rate risk hedging relationships based on portfolios of assets or liabilities qualify for fair value hedge accounting as follows:
The accounting treatment of derivatives and hedged items depends on the hedging strategy.
In a fair value hedging relationship, the derivative instrument is remeasured at fair value in the balance sheet, with changes in fair value recognised in profit or loss in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d, symmetrically with the remeasurement of the hedged item to reflect the hedged risk. In the balance sheet, the fair value remeasurement of the hedged component is recognised in accordance with the classification of the hedged item in the case of a hedge of identified assets and liabilities, or under \u201cRemeasurement adjustment on interest rate risk hedged portfolios\u201d in the case of a portfolio hedging relationship.
If a hedging relationship ceases or no longer fulfils the effectiveness criteria, the hedging instrument is transferred to the trading book and accounted for using the treatment applied to this category. In the case of identified fixed-income instruments, the remeasurement adjustment recognised in the balance sheet is amortised at the effective interest rate over the remaining life of the instrument. In the case of interest rate risk hedged fixed-income portfolios, the adjustment is amortised on a straight-line basis over the remainder of the original term of the hedge. If the hedged item no longer appears in the balance sheet, in particular due to prepayments, the adjustment is taken to the profit and loss account immediately.
In a cash flow hedging relationship, the derivative is measured at fair value in the balance sheet, with changes in fair value taken to shareholders\u2019 equity on a separate line, \u201cChanges in fair value recognised directly in equity\u201d. The amounts taken to shareholders\u2019 equity over the life of the hedge are transferred to the profit and loss account under \u201cNet interest income\u201d as and when the cash flows from the hedged item impact profit or loss. The hedged items continue to be accounted for using the treatment specific to the category to which they belong.
If the hedging relationship ceases or no longer fulfils the effectiveness criteria, the cumulative amounts recognised in shareholders\u2019 equity as a result of the remeasurement of the hedging instrument remain in equity until the hedged transaction itself impacts profit or loss, or until it becomes clear that the transaction will not occur, at which point they are transferred to the profit and loss account.
If the hedged item ceases to exist, the cumulative amounts recognised in shareholders\u2019 equity are immediately taken to the profit and loss account.
Whatever the hedging strategy used, any ineffective portion of the hedge is recognised in the profit and loss account under \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d.
Hedges of net foreign currency investments in subsidiaries and branches are accounted for in the same way as cash flow hedges. Hedging instruments may be foreign exchange derivatives or any other non-derivative financial instrument.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_3363713d-0052-4292-b921-ad0133c12375": { "value": "Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or most advantageous market, at the measurement date.
The Group determines the fair value of financial instruments either by using prices obtained directly from external data or by using valuation techniques. These valuation techniques are primarily market and income approaches encompassing generally accepted models (e.g. discounted cash flows, Black-Scholes model, and interpolation techniques). They maximise the use of observable inputs and minimise the use of unobservable inputs. They are calibrated to reflect current market conditions and valuation adjustments are applied as appropriate, when some factors such as model, liquidity and credit risks are not captured by the models or their underlying inputs but are nevertheless considered by market participants when setting the exit price.
The unit of measurement is the individual financial asset or financial liability but a portfolio-based measurement can be elected, subject to certain conditions. Accordingly, the Group retains this portfolio-based measurement exception to determine the fair value when some group of financial assets and financial liabilities and other contracts within the scope of the standard relating to financial instruments with substantially similar and offsetting market risks or credit risks is managed on the basis of a net exposure, in accordance with the documented risk management strategy.
Assets and liabilities measured or disclosed at fair value are categorised into the three following levels of the fair value hierarchy:
The level in the fair value hierarchy within which the asset or liability is categorised in its entirety is based upon the lowest level input that is significant to the entire fair value measurement.
For financial instruments disclosed in Level\u00a03 of the fair value hierarchy, and marginally some instruments disclosed in Level\u00a02, a difference between the transaction price and the fair value may arise at initial recognition. This \u201cDay One Profit\u201d is deferred and released to the profit and loss account over the period during which the valuation parameters are expected to remain non-observable. When parameters that were originally non-observable become observable, or when the valuation can be substantiated in comparison with recent similar transactions in an active market, the unrecognised portion of the day one profit is released to the profit and loss account.
BNP\u00a0Paribas has retained the fundamental principle that it should have a unique and integrated processing chain for producing and controlling the valuations of financial instruments that are used for the purpose of daily risk management and financial reporting. All these processes are based on a common economic valuation which is a core component of business decisions and risk management strategies.
Economic value is composed of mid-market value, to which valuation adjustments are made.
Mid-market value is derived from external data or valuation techniques that maximise the use of observable and market-based data. Mid-market value is a theoretical additive value which does not take account of i)\u00a0the direction of the transaction or its impact on the existing risks in the portfolio, ii)\u00a0the nature of the counterparties, and iii)\u00a0the aversion of a market participant to particular risks inherent in the instrument, the market in which it is traded, or the risk management strategy.
Valuation adjustments take into account valuation uncertainty and include market and credit risk premiums to reflect costs that could be incurred in case of an exit transaction in the principal market.
Fair value generally equals the economic value, subject to limited adjustments, such as own credit adjustments, which are specifically required by IFRS standards.
The main valuation adjustments are presented in the section below.
Valuation adjustments retained by BNP\u00a0Paribas for determining fair values are as follows:
Bid/offer adjustments: the bid/offer range reflects the additional exit cost for a price taker and symmetrically the compensation sought by dealers to bear the risk of holding the position or closing it out by accepting another dealer\u2019s price.
BNP\u00a0Paribas assumes that the best estimate of an exit price is the bid or offer price, unless there is evidence that another point in the bid/offer range would provide a more representative exit price.
Input uncertainty adjustments: when the observation of prices or data inputs required by valuation techniques is difficult or irregular, an uncertainty exists on the exit price. There are several ways to gauge the degree of uncertainty on the exit price such as measuring the dispersion of the available price indications or estimating the possible ranges of the inputs to a valuation technique.
Model uncertainty adjustments: these relate to situations where valuation uncertainty is due to the valuation technique used, even though observable inputs might be available. This situation arises when the risks inherent in the instruments are different from those available in the observable data, and therefore the valuation technique involves assumptions that cannot be easily corroborated.
Future Hedging Costs adjustments (FHC): this adjustment applies to positions that require dynamic hedging throughout their lifetime leading to additional bid/offer costs. Calculation methods capture these expected costs in particular based on the optimal hedging frequency.
Credit valuation adjustment (CVA): the CVA adjustment applies to valuations and market quotations whereby the credit worthiness of the counterparty is not reflected. It aims to account for the possibility that the counterparty may default and that BNP\u00a0Paribas may not receive the full fair value of the transactions.
In determining the cost of exiting or transferring counterparty risk exposures, the relevant market is deemed to be an inter-dealer market. However, the determination of CVA remains judgemental due to i)\u00a0the possible absence or lack of price discovery in the inter-dealer market, ii)\u00a0the influence of the regulatory landscape relating to counterparty risk on the market participants\u2019 pricing behaviour and iii)\u00a0the absence of a dominant business model for managing counterparty risk.
The CVA model is grounded on the same exposures as those used for regulatory purposes. The model attempts to estimate the cost of an optimal risk management strategy based on i) implicit incentives and constraints inherent in the regulations in force and their evolutions, ii) market perception of the probability of default, and iii) default parameters used for regulatory purposes.
Funding valuation adjustment (FVA): when valuation techniques are used for the purpose of deriving fair value, funding assumptions related to the future expected cash flows are an integral part of the mid-market valuation, notably through the use of appropriate discount rates. These assumptions reflect what the Bank anticipates as being the effective funding conditions of the instrument that a market participant would consider. This notably takes into account the existence and terms of any collateral agreement. In particular, for non- or imperfectly collateralised derivative instruments, they include an explicit adjustment to the interbank interest rate.
Own-credit valuation adjustment for debts (OCA) and for derivatives (debit valuation adjustment \u2013 DVA): OCA and DVA are adjustments reflecting the effect of credit worthiness of BNP\u00a0Paribas, on respectively the value of debt securities designated as at fair value through profit or loss and derivatives. Both adjustments are based on the expected future liability profiles of such instruments. The own credit worthiness is inferred from the market-based observation of the relevant bond issuance levels. The DVA adjustment is determined after taking into account the Funding Valuation Adjustment (FVA).
Thus, the carrying value of debt securities designated as at fair value though profit or loss increased by EUR 641 million at 31 December 2025, compared with an increase in value of EUR 388 million at 31 December 2024, i.e. a +EUR 253 million variation recognised directly in equity that will not be reclassified to profit or loss.
As explained in the summary of significant accounting policies (note\u00a01.f.10), financial instruments measured at fair value are categorised into a fair value hierarchy consisting of three levels.
\u00a0
In millions of euros, at | 31 December 2025 | |||||||||||
Financial instruments held for trading | Instruments at fair value through profit or | Financial assets at fair value through equity | ||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Securities | 264,725 | 42,613 | 1,656 | 308,994 | 490 | 2,193 | 9,616 | 12,299 | 71,728 | 6,005 | 1,627 | 79,360 |
Governments | 87,517 | 18,234 | 100 | 105,851 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 40,076 | 3,097 | 465 | 43,638 |
Other debt securities | 20,592 | 23,337 | 1,207 | 45,136 | 46 | 317 | 396 | 759 | 30,824 | 2,908 | 570 | 34,302 |
Equities and other equity securities | 156,616 | 1,042 | 349 | 158,007 | 444 | 1,876 | 9,220 | 11,540 | 828 | \u00a0 | 592 | 1,420 |
Loans and repurchase agreements | 191 | 250,715 | 1,073 | 251,979 | \u00a0 | 1,792 | 539 | 2,331 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans | 191 | 10,720 | 1,073 | 11,984 | \u00a0 | 1,792 | 539 | 2,331 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Repurchase agreements | \u00a0 | 239,995 | \u00a0 | 239,995 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
FINANCIAL ASSETS AT FAIR VALUE | 264,916 | 293,328 | 2,729 | 560,973 | 490 | 3,985 | 10,155 | 14,630 | 71,728 | 6,005 | 1,627 | 79,360 |
Securities | 95,813 | 2,214 | 460 | 98,487 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Governments | 54,791 | 440 | 21 | 55,252 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other debt securities | 9,624 | 1,490 | 227 | 11,341 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Equities and other equity securities | 31,398 | 284 | 212 | 31,894 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings and repurchase agreements | \u00a0 | 353,810 | 862 | 354,672 | \u00a0 | 3,110 | 165 | 3,275 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings | \u00a0 | 7,589 | \u00a0 | 7,589 | \u00a0 | 3,110 | 165 | 3,275 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Repurchase agreements | \u00a0 | 346,221 | 862 | 347,083 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Issued debt securities and subordinated debt (note\u00a04.h) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 802 | 83,197 | 45,280 | 129,279 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Issued debt securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 83,178 | 45,280 | 128,458 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Subordinated debt | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 802 | 19 | \u00a0 | 821 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
FINANCIAL LIABILITIES AT\u00a0FAIR\u00a0VALUE | 95,813 | 356,024 | 1,322 | 453,159 | 802 | 86,307 | 45,445 | 132,554 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
In millions of euros, at | 31 December 2024 | |||||||||||
Financial instruments held for trading | Instruments at fair value through profit or | Financial assets at fair value through equity | ||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Securities | 215,211 | 40,417 | 1,151 | 256,779 | 640 | 1,397 | 8,541 | 10,578 | 62,844 | 9,427 | 769 | 73,040 |
Governments | 76,246 | 18,301 | 171 | 94,718 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 32,137 | 3,919 | 72 | 36,128 |
Other debt securities | 18,922 | 21,937 | 781 | 41,640 | 24 | 411 | 378 | 813 | 29,740 | 5,295 | 267 | 35,302 |
Equities and other equity securities | 120,043 | 179 | 199 | 120,421 | 616 | 986 | 8,163 | 9,765 | 967 | 213 | 430 | 1,610 |
Loans and repurchase agreements | \u00a0 | 221,607 | 15 | 221,622 | \u00a0 | 2,874 | 1,203 | 4,077 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans | \u00a0 | 9,324 | \u00a0 | 9,324 | \u00a0 | 2,874 | 1,203 | 4,077 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Repurchase agreements | \u00a0 | 212,283 | 15 | 212,298 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
FINANCIAL ASSETS AT FAIR VALUE | 215,211 | 262,024 | 1,166 | 478,401 | 640 | 4,271 | 9,744 | 14,655 | 62,844 | 9,427 | 769 | 73,040 |
Securities | 77,891 | 1,971 | 96 | 79,958 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Governments | 54,020 | 373 | \u00a0 | 54,393 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other debt securities | 8,648 | 1,576 | 96 | 10,320 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Equities and other equity securities | 15,223 | 22 | \u00a0 | 15,245 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings and repurchase agreements | \u00a0 | 301,036 | 1,452 | 302,488 | \u00a0 | 2,126 | 203 | 2,329 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings | \u00a0 | 6,113 | \u00a0 | 6,113 | \u00a0 | 2,126 | 203 | 2,329 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Repurchase agreements | \u00a0 | 294,923 | 1,452 | 296,375 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Issued debt securities and subordinated debt (note\u00a04.h) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 66,580 | 38,354 | 104,934 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Issued debt securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 65,764 | 38,354 | 104,118 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Subordinated debt | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 816 | \u00a0 | 816 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
FINANCIAL LIABILITIES AT\u00a0FAIR\u00a0VALUE | 77,891 | 303,007 | 1,548 | 382,446 | \u00a0 | 68,706 | 38,557 | 107,263 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0
Fair values of derivatives are broken down by dominant risk factor, namely interest rate, foreign exchange, credit and equity. Derivatives used for hedging purposes are mainly interest rate derivatives.
In millions of euros, at | 31 December 2025 | |||||||
Positive market value | Negative market value | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Interest rate derivatives | 437 | 122,248 | 1,492 | 124,177 | 584 | 92,435 | 797 | 93,816 |
Foreign exchange derivatives | 180 | 98,238 | 331 | 98,749 | 81 | 92,358 | 321 | 92,760 |
Credit derivatives | \u00a0 | 13,308 | 1,065 | 14,373 | \u00a0 | 12,339 | 1,818 | 14,157 |
Equity derivatives | \u00a0 | 29,566 | 3,117 | 32,683 | 35 | 38,324 | 8,667 | 47,026 |
Other derivatives | 1,335 | 3,253 | 55 | 4,643 | 937 | 4,006 | 24 | 4,967 |
Derivative financial instruments not\u00a0used\u00a0for\u00a0hedging purposes | 1,952 | 266,613 | 6,060 | 274,625 | 1,637 | 239,462 | 11,627 | 252,726 |
Derivative financial instruments used\u00a0for\u00a0hedging purposes | \u00a0 | 20,017 | \u00a0 | 20,017 | \u00a0 | 28,493 | \u00a0 | 28,493 |
\u00a0
In millions of euros, at | 31 December 2024 | |||||||
Positive market value | Negative market value | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Interest rate derivatives | 479 | 119,383 | 1,629 | 121,491 | 505 | 92,636 | 1,904 | 95,045 |
Foreign exchange derivatives | 57 | 157,499 | 529 | 158,085 | 53 | 151,964 | 252 | 152,269 |
Credit derivatives | \u00a0 | 10,161 | 606 | 10,767 | \u00a0 | 10,362 | 723 | 11,085 |
Equity derivatives | 9 | 24,977 | 3,079 | 28,065 | 4 | 34,165 | 6,016 | 40,185 |
Other derivatives | 693 | 3,400 | 130 | 4,223 | 851 | 2,466 | 52 | 3,369 |
Derivative financial instruments not\u00a0used\u00a0for\u00a0hedging purposes | 1,238 | 315,420 | 5,973 | 322,631 | 1,413 | 291,593 | 8,947 | 301,953 |
Derivative financial instruments used\u00a0for\u00a0hedging purposes | \u00a0 | 20,851 | \u00a0 | 20,851 | \u00a0 | 36,864 | \u00a0 | 36,864 |
\u00a0
Transfers between levels may occur when an instrument fulfils the criteria defined, which are generally market and product dependent. The main factors influencing transfers are changes in the observation capabilities, passage of time, and events during the transaction lifetime. The timing of recognising transfers is determined at the beginning of the reporting period.
During the year 2025, transfers between Level\u00a01 and Level\u00a02 were not significant.
The following section provides a description of the instruments in each level in the hierarchy. It describes notably instruments classified in Level\u00a03 and the associated valuation methodologies.
For main trading book instruments and derivatives classified in Level\u00a03, further quantitative information is provided about the inputs used to derive fair value.
This level encompasses all derivatives and securities that are quoted continuously in active markets.
Level\u00a01 includes notably equity securities, loans and liquid bonds, shortselling of these instruments, derivative instruments traded on organised markets (futures, options, etc.). It includes shares of funds and UCITS, for which the net asset value is calculated on a daily basis.
The Level\u00a02\u00a0stock of securities is composed of securities which are less liquid than the Level\u00a01 bonds. They are predominantly corporate debt securities, government bonds, mortgage backed securities, fund shares and short-term securities such as certificates of deposit. They are classified in Level\u00a02 notably when external prices for the same security can be regularly observed from a reasonable number of market makers that are active in this security, but these prices do not represent directly tradable prices. This comprises amongst other, consensus pricing services with a reasonable number of contributors that are active market makers as well as indicative runs from active brokers and/or dealers. Other sources, such as primary issuance market, may also be used where relevant.
Loans classified as Level 2 are those traded on the secondary market or on the lending/borrowing market, and whose liquidity, assessed on the basis of external indicators, is lower than that of the Level 1 loans.
Repurchase agreements are classified predominantly in Level\u00a02. The classification is primarily based on the observability and liquidity of the repo market, depending on the underlying collateral and the maturity of the repo transaction.
Debts issued designated as at fair value through profit or loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable.
Derivatives classified in Level\u00a02 comprise mainly the following instruments:
The above derivatives are classified in Level\u00a02 when there is a documented stream of evidence supporting one of the following:
Determining whether an over-the-counter (OTC) derivative is eligible for Level\u00a02 classification involves judgement. Consideration is given to the origin, transparency and reliability of external data used, and the amount of uncertainty associated with the use of models. It follows that the Level\u00a02 classification criteria involve multiple analysis axis within an \u201cobservability zone\u201d whose limits are determined by i)\u00a0a predetermined list of product categories and ii)\u00a0the underlying and maturity bands. These criteria are regularly reviewed and updated, together with the applicable valuation adjustments, so that the classification by level remains consistent with the valuation adjustment policy.
Level\u00a03\u00a0securities of the trading book mainly comprise units of funds and unlisted equity shares measured at fair value through profit or loss or through equity.
Unlisted private equities are systematically classified as Level\u00a03, with the exception of UCITS with a daily net asset value, which are classified in Level\u00a01 of the fair value hierarchy.
Shares and other unlisted variable income securities in Level\u00a03 are valued using one of the following methods: a share of revalued net book value, multiples of comparable companies, future cash flows method, multi-criteria approach.
Loans and fixed-income securities classified as Level 3 are those with the lowest level of liquidity, based on external indicators.
Repurchase agreements, mainly long-term or structured repurchase agreements on corporate bonds and ABS: the valuation of these transactions requires proprietary methodologies given the bespoke nature of the transactions and the lack of activity and price discovery in the long-term repo market. The curves used in the valuation are corroborated using available data such as recent long-term repo trade data and price enquiry data. Valuation adjustments applicable to these exposures are commensurate with the degree of uncertainty inherent in the modelling choices and amount of data available.
Debts issued designated as at fair value through profit or loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable.
Vanilla derivatives are classified in Level\u00a03 when the exposure is beyond the observation zone for rate curves or volatility surfaces, or relates to less liquid markets such as tranches on old credit index series or emerging markets interest rates markets. The main instruments are:
These vanilla derivatives are subject to valuation adjustments linked to uncertainty on liquidity, specialised by nature of underlying and liquidity bands.
Structured derivatives classified in Level\u00a03 predominantly comprise hybrid products (FX/Interest Rates hybrids, Equity hybrids), credit correlation products, prepayment-sensitive products, some stock basket optional products and some interest rate optional instruments. The main exposures are described below, with insight into the related valuation techniques and on the source of uncertainty:
These structured derivatives are subject to specific valuation adjustments to cover uncertainties linked to liquidity, parameters and model risk.
The valuation adjustment for counterparty credit risk (CVA), own-credit risk for derivatives (DVA) and the explicit funding valuation adjustment (FVA) are deemed to be unobservable components of the valuation framework and therefore classified in Level\u00a03. This does not impact, in general cases, the classification of individual transactions into the fair value hierarchy. However, a specific process allows to identify individual deals for which the marginal contribution of these adjustments and related uncertainty is significant and justifies classifying these transactions in Level\u00a03.
The table below provides the range of values of main unobservable inputs for the valuation of Level\u00a03 financial instruments. The ranges displayed correspond to a variety of different underlying instruments and are meaningful only in the context of the valuation technique implemented by BNP\u00a0Paribas. The weighted averages, where relevant and available, are based on fair values, nominal amounts or sensitivities.
The main unobservable parameters used for the valuation of debt issued in Level\u00a03 are equivalent to those of their economic hedge derivative. Information on those derivatives, displayed in the following table, is also applicable to these debts.
Risk classes | Balance Sheet valuation (in millions of euros) | Main product types composing the Level\u00a03\u00a0stock within\u00a0the\u00a0risk class | Valuation technique used\u00a0 | Main unobservable inputs\u00a0 | Range of unobservable input across Level\u00a03 population considered | Weighted average | |
Asset | Liability | ||||||
Repurchase agreements | - | 862 | Long-term repo\u00a0 | Proxy techniques, based amongst other on the funding basis of a benchmark bond pool, that is actively traded and representative of the repo underlying | Long-term repo spread on private bonds (High Yield, High\u00a0Grade) and on ABS | 0 bp to 194 bp | 39 bp (a) |
Interest rate derivatives | 1,492 | 797 | Hybrid Forex / Interest rates derivatives | Hybrid Forex interest rate option pricing model | Correlation between FX rate and interest rates. Main currency pairs are EUR/JPY, USD/JPY, AUD/JPY | 3% to 55% | 36 % (a) |
Hybrid inflation rates / Interest rates derivatives | Hybrid inflation interest rate option pricing model | Correlation between interest rates and inflation rates mainly in Europe. | 13% to 51% | 33%\u00a0 | |||
Floors and caps on inflation rate or on the cumulative inflation (such as redemption floors), predominantly on European and French inflation | Inflation pricing model | Volatility of cumulative inflation | 1.1% to 11.5% | (b) | |||
Volatility of the year-on- | 0.3% to 2.2% | ||||||
Forward Volatility products such as volatility swaps, mainly in euros | Interest rates option pricing model | Forward volatility of interest rates | 0.5% to 0.7% | (b) | |||
Balance-guaranteed fixed rate, basis or cross currency swaps, predominantly indexed on European collateral pools | Prepayment modelling Discounted cash flows | Constant prepayment rates | 0% to 25% | 6.2% (a) | |||
Credit derivatives | 1,065 | 1,818 | Collateralised Debt Obligations and index tranches for inactive index series | Base correlation projection technique and recovery modelling | Base correlation curve for\u00a0bespoke portfolios | 23% to 92% | (b) |
Recovery rate variance for\u00a0single name underlyings | 0% to 25 % | (b) | |||||
N-to-default baskets | Credit default model | Default correlation | 50% to 52% | 50 % (a) | |||
Single name Credit Default Swaps (other than CDS on\u00a0ABs and loans indices) | Stripping, extrapolation and\u00a0interpolation | Credit default spreads beyond observation limit (10\u00a0years) | 9 bp to 885 bp | 80 bp | |||
Illiquid credit default spread curves (across main tenors) | 7 bp to 9,816 bp(1) | 80 bp (c) | |||||
Equity derivatives | 3,117 | 8,667 | Simple and complex derivatives on multi-underlying baskets on stocks | Various volatility option models | Unobservable equity volatility | 0% to 423% (2) | 28 % (d) |
Unobservable equity correlation | 9% to 99% | 58 % (c) |
(1) \u00a0 | The upper bound of the range relates to building, retail and services sector issuers that represent an insignificant portion of the balance sheet (CDS\u00a0with\u00a0illiquid\u00a0underlying\u00a0instruments). |
(2) | The underlyings with implied volatility greater than 50% have a very limited exposure. |
(a) | Weights based on relevant risk axis at portfolio level. |
(b) | No weighting, since no explicit sensitivity is attributed to these inputs. |
(c) | Weighting is not based on risks, but on an alternative methodology in relation with the Level\u00a03 instruments (present value or notional). |
(d) | Simple averaging. |
\u00a0
For Level\u00a03 financial instruments, the following movements occurred during the year ended 2025:
\u00a0
In millions of euros | Financial assets | Financial liabilities | |||||
Financial instruments | Financial instruments | Financial | TOTAL | Financial instruments | Financial instruments designated | TOTAL | |
At 31 December 2024 | 7,139 | 9,744 | 769 | 17,652 | (10,495) | (38,557) | (49,052) |
Purchases | 2,442 | 1,556 | 1,052 | 5,050 | \u00a0 | \u00a0 | \u00a0 |
Issues | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (23,813) | (23,813) |
Sales | (1,542) | (1,600) | (92) | (3,234) | 231 | \u00a0 | 231 |
Settlements(1) | 484 | (23) | (21) | 440 | (2,502) | 18,339 | 15,837 |
Transfers to Level\u00a03 | 1,593 | 139 | 274 | 2,006 | (784) | (1,832) | (2,616) |
Transfers from Level\u00a03 | (1,650) | \u00a0 | (307) | (1,957) | 1,331 | 1,505 | 2,836 |
Gains (or losses) recognised in profit or loss with respect to transactions expired or terminated during the period | 297 | 467 | 6 | 770 | (120) | (173) | (293) |
Gains (or losses) recognised in profit or loss with respect to unexpired instruments at the end of\u00a0the\u00a0period | 76 | \u00a0 | \u00a0 | 76 | (636) | (1,043) | (1,679) |
Items related to exchange rate movements | (50) | (128) | (25) | (203) | 26 | 129 | 155 |
Changes in fair value of assets and\u00a0liabilities recognised in equity | \u00a0 | \u00a0 | (29) | (29) | \u00a0 | \u00a0 | \u00a0 |
At 31 December 2025 | 8,789 | 10,155 | 1,627 | 20,571 | (12,949) | (45,445) | (58,394) |
(1) | For the assets, includes redemptions of principal, interest payments as well as cash inflows and outflows relating to derivatives. For the liabilities,\u00a0 includes principal redemptions, interest payments as well as cash inflows and outflows relating to derivatives the fair value of which is negative. |
\u00a0
Transfers out of Level\u00a03 of derivatives include mainly the update of the observability tenor of certain yield curves, and of market parameters related to repurchase agreements and credit transactions but also the effect of derivatives becoming only or mainly sensitive to observable inputs due to the shortening of their lifetime.
Transfers into Level\u00a03 of instruments at fair value reflect the effect of the regular update of the observability zones.
Transfers have been reflected as if they had taken place at the beginning of the reporting period.
The Level\u00a03 financial instruments may be hedged by other Level\u00a01 and Level\u00a02 instruments, the gains and losses of which are not shown in this table. Consequently, the gains and losses shown in this table are not representative of the gains and losses arising from management of the net risk on all these instruments.
The following table summarise those financial assets and financial liabilities classified as Level\u00a03 for which alternative assumptions in one or more of the unobservable inputs would change fair value significantly.
The amounts disclosed are intended to illustrate the range of possible uncertainty inherent to the judgement applied when estimating Level\u00a03 parameters, or when selecting valuation techniques. These amounts reflect valuation uncertainties that prevail at the measurement date, and even though such uncertainties predominantly derive from the portfolio sensitivities that prevailed at that measurement date, they are not predictive or indicative of future movements in fair value, nor do they represent the effect of market stress on the portfolio value.
In estimating sensitivities, BNP\u00a0Paribas either remeasured the financial instruments using reasonably possible inputs, or applied assumptions based on the valuation adjustment policy.
For the sake of simplicity, the sensitivity on cash instruments that are not relating to securitised instruments was based on a uniform 1% shift in the price. More specific shifts were however calibrated for each class of the Level\u00a03\u00a0securitised exposures, based on the possible ranges of the unobservable inputs.
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Potential impact on income | Potential impact on equity | Potential impact on income | Potential impact on equity | |
Debt securities | +/-\u00a021 | +/-\u00a010 | +/-\u00a010 | +/-\u00a04 |
Equities and other equity securities | +/-\u00a093 | +/-\u00a06 | +/-\u00a084 | +/-\u00a04 |
Loans and repurchase agreements | +/-\u00a025 | \u00a0 | +/-\u00a026 | \u00a0 |
Sensitivity of Level\u00a03 financial instruments | +/-\u00a0139 | +/-\u00a016 | +/-\u00a0120 | +/-\u00a08 |
\u00a0
For derivative exposures, the sensitivity measurement is based on the credit valuation adjustment (CVA), the explicit funding valuation adjustment (FVA) and the parameter and model uncertainty adjustments related to Level\u00a03.
Regarding the credit valuation adjustment (CVA) and the explicit funding valuation adjustment (FVA), the uncertainty was calibrated based on prudent valuation adjustments described in the technical standard \u201cPrudent Valuation\u201d published by the European Banking Authority. For other valuation adjustments, two scenarios were considered: a favourable scenario where all or portion of the valuation adjustment is not considered by market participants, and an unfavourable scenario where market participants would require twice the amount of valuation adjustments considered by BNP\u00a0Paribas for entering into a transaction.
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Potential impact on income | Potential impact on income | |
Interest rate and foreign exchange derivatives | +/-\u00a0211 | +/-\u00a0194 |
Credit derivatives | +/-\u00a095 | +/-\u00a079 |
Equity derivatives | +/-\u00a0301 | +/-\u00a0308 |
Other derivatives | +/-\u00a04 | +/-\u00a03 |
Sensitivity of Level 3 derivative financial instruments | +/-\u00a0611 | +/-\u00a0584 |
\u00a0
Deferred margin on financial instruments (\u201cDay One Profit\u201d) primarily concerns the scope of financial instruments eligible for Level\u00a03 and to a lesser extent some financial instruments eligible for Level\u00a02 where valuation adjustments for uncertainties regarding parameters or models are not negligible compared with the initial margin.
The Day One Profit is calculated after setting aside valuation adjustments for uncertainties as described previously and released to profit or loss over the expected period for which the inputs will be unobservable. The unamortised amount is included under \u201cFinancial instruments at fair value through profit or loss\u201d as a reduction in the fair value of the relevant transactions.
\u00a0
In millions of euros | Deferred margin at 31 December 2024 | Deferred margin on transactions during\u00a0the\u00a0period | Margin taken to the profit and loss account during the period | Deferred margin at 31 December 2025 |
|---|---|---|---|---|
Interest rate and foreign exchange derivatives | 167 | 82 | (66) | 183 |
Credit derivatives | 229 | 148 | (123) | 254 |
Equity derivatives | 373 | 470 | (430) | 413 |
Other instruments | 12 | 30 | (30) | 12 |
Financial instruments | 781 | 730 | (649) | 862 |
The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||||
Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | |
Financial assets designated as at fair value through profit or loss | 115,234 | 55,736 | 17,649 | 188,619 | 110,018 | 47,346 | 16,055 | 173,419 |
Equity instruments | 109,732 | 37,721 | 17,326 | 164,779 | 102,824 | 31,996 | 15,772 | 150,592 |
Debt securities | 5,502 | 17,639 | 233 | 23,374 | 7,194 | 14,827 | 218 | 22,239 |
Loans | 376 | 90 | 466 | 523 | 65 | 588 | ||
Financial assets at fair value through equity | 94,292 | 12,193 | - | 106,485 | 89,003 | 13,214 | 5 | 102,222 |
Equity instruments | 2,659 | 2,659 | 1,729 | 1,729 | ||||
Debt securities | 91,633 | 12,193 | \u00a0 | 103,826 | 87,274 | 13,214 | 5 | 100,493 |
Derivative financial instruments | - | 1,288 | 104 | 1,392 | - | 1,772 | 33 | 1,805 |
FINANCIAL ASSETS MEASURED AT FAIR VALUE | 209,526 | 69,217 | 17,753 | 296,496 | 199,021 | 62,332 | 16,093 | 277,446 |
Financial liabilities designated at fair value through profit or loss | 8,380 | 10,273 | 793 | 19,446 | 4,666 | 10,866 | 1,133 | 16,665 |
Deposit at fair value through profit or loss | 930 | 930 | 960 | 960 | ||||
Debt representative of shares of consolidated funds held by third parties | 8,380 | 2,730 | 261 | 11,371 | 4,666 | 2,352 | 299 | 7,317 |
Investment contracts without discretionary participation feature - Unit-linked contracts | 6,613 | 532 | 7,145 | 7,554 | 834 | 8,388 | ||
Derivative financial instruments | - | 1,206 | 42 | 1,248 | - | 1,198 | 22 | 1,220 |
FINANCIAL LIABILITIES MEASURED AT FAIR VALUE | 8,380 | 11,479 | 835 | 20,694 | 4,666 | 12,064 | 1,155 | 17,885 |
\u00a0
Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.
Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.
Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.
For Level\u00a03 financial instruments, the following movements occurred during the period:
In millions of euros | Financial assets | Financial liabilities | |||
Financial instruments at fair value through profit or loss | Financial assets at fair value through equity | Total | Financial instruments at fair value through profit or loss | Total | |
At 31 December 2024 | 16,088 | 5 | 16,093 | (1,155) | (1,155) |
Purchases | 3,068 | 23 | 3,091 | (2) | (2) |
Sales | (2,730) | \u00a0 | (2,730) | \u00a0 | \u00a0 |
Settlements | 13 | (26) | (13) | (20) | (20) |
Transfers to Level\u00a03 | 1,292 | \u00a0 | 1,292 | (2) | (2) |
Transfers from Level\u00a03 | (274) | \u00a0 | (274) | \u00a0 | \u00a0 |
Gains recognised in profit or loss | (147) | \u00a0 | (147) | 340 | 340 |
Items related to exchange rate movement and changes in scope of consolidation | 443 | \u00a0 | 443 | 4 | 4 |
Changes in fair value of assets and liabilities recognised in equity | \u00a0 | (2) | (2) | \u00a0 | \u00a0 |
At 31 December 2025 | 17,753 | - | 17,753 | (835) | (835) |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Fair value | of which changes in value recognised directly to equity | Fair Value | of which changes in value recognised directly to equity | |
Debt securities | 103,826 | (7,688) | 100,493 | (5,341) |
Equity securities | 2,659 | 613 | 1,729 | 107 |
Total financial assets at fair value through equity | 106,485 | (7,075) | 102,222 | (5,234) |
\u00a0
The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.
During the year ended 31 December 2025, the Group sold several of these investments and a net gain of + EUR 27 million was transferred to \u201cretained earnings\u201d (+ EUR 3 million for the year ended 31 December 2024).
The fair value of investment properties amounted to EUR 6.8 billion at 31 December 2025, compared with\u00a0EUR 7.0 billion at 31 December 2024. The value of investment properties classified in Level 3 amounted to EUR\u00a00.5\u00a0billion at 31 December 2025 (stable compared with 31 December 2024). This classification by level depends on the measurement method used which is based on the nature of the assets and their geographical location.
The entire non-listed real estate portfolio is appraised by one or more independent third parties. Experts have professional rules for carrying out these assessments.
For buildings that are directly held, experts use three main measurement methods:
The final value retained by the expert may be a compromise between these three methods.\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | \u00a0 | |||||||||||
Estimated fair value | Carrying value | Estimated fair value | Carrying value | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||
Loans and receivables | - | 1,363 | 4 | 1,367 | 1,368 | - | 1,326 | 47 | 1,373 | 1,379 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
The information supplied in this note must be used and interpreted with the greatest caution for the following reasons:
In millions of euros, at 31 December 2025 | Estimated fair value | Carrying | |||
Level 1 | Level 2 | Level 3 | Total | ||
FINANCIAL ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans and advances to credit institutions and customers(1) | \u00a0 | 111,772 | 750,515 | 862,287 | 871,955 |
Debt securities at amortised cost (note\u00a04.e) | 108,273 | 39,983 | 2,852 | 151,108 | 151,687 |
FINANCIAL LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from credit institutions and customers | \u00a0 | 1,145,569 | \u00a0 | 1,145,569 | 1,145,502 |
Debt securities (note\u00a04.h) | 83,542 | 93,207 | \u00a0 | 176,749 | 173,933 |
Subordinated debt (note\u00a04.h) | 26,259 | 9,036 | \u00a0 | 35,295 | 34,468 |
(1) | Finance leases excluded |
\u00a0
In millions of euros, at 31 December 2024 | Estimated fair value | Carrying | |||
Level 1 | Level 2 | Level 3 | Total | ||
FINANCIAL ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans and advances to credit institutions and customers(1) | \u00a0 | 114,149 | 753,614 | 867,763 | 880,267 |
Debt securities at amortised cost (note\u00a04.e) | 103,780 | 39,122 | 1,423 | 144,325 | 146,975 |
FINANCIAL LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from credit institutions and customers | \u00a0 | 1,101,596 | \u00a0 | 1,101,596 | 1,101,729 |
Debt securities (note\u00a04.h) | 80,401 | 119,429 | \u00a0 | 199,830 | 198,119 |
Subordinated debt (note\u00a04.h) | 23,087 | 8,743 | \u00a0 | 31,830 | 31,799 |
(1) | Finance leases excluded |
\u00a0
The valuation techniques and assumptions used by BNP\u00a0Paribas ensure that the fair value of financial assets and liabilities carried at amortised cost is measured on a consistent basis throughout the Group. Fair value is based on prices quoted in an active market when these are available. In other cases, fair value is determined using valuation techniques such as discounting of estimated future cash flows for loans, liabilities and debt securities at amortised cost, or specific valuation models for other financial instruments as described in note\u00a01, Summary of material accounting policies applied by the BNP\u00a0Paribas Group. The description of the fair value hierarchy levels is also presented in the accounting principles (see note\u00a01.f.10). In the case of loans, liabilities and debt securities at amortised cost that have an initial maturity of less than one year (including demand deposits) or of most regulated savings products, fair value equates to carrying amount. These instruments have been classified in Level\u00a02, except for loans to customers, which are classified in Level\u00a03.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_45824807-fb2c-4877-9830-c56a97db50ed": { "value": "Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or most advantageous market, at the measurement date.
The Group determines the fair value of financial instruments either by using prices obtained directly from external data or by using valuation techniques. These valuation techniques are primarily market and income approaches encompassing generally accepted models (e.g. discounted cash flows, Black-Scholes model, and interpolation techniques). They maximise the use of observable inputs and minimise the use of unobservable inputs. They are calibrated to reflect current market conditions and valuation adjustments are applied as appropriate, when some factors such as model, liquidity and credit risks are not captured by the models or their underlying inputs but are nevertheless considered by market participants when setting the exit price.
The unit of measurement is the individual financial asset or financial liability but a portfolio-based measurement can be elected, subject to certain conditions. Accordingly, the Group retains this portfolio-based measurement exception to determine the fair value when some group of financial assets and financial liabilities and other contracts within the scope of the standard relating to financial instruments with substantially similar and offsetting market risks or credit risks is managed on the basis of a net exposure, in accordance with the documented risk management strategy.
Assets and liabilities measured or disclosed at fair value are categorised into the three following levels of the fair value hierarchy:
The level in the fair value hierarchy within which the asset or liability is categorised in its entirety is based upon the lowest level input that is significant to the entire fair value measurement.
For financial instruments disclosed in Level\u00a03 of the fair value hierarchy, and marginally some instruments disclosed in Level\u00a02, a difference between the transaction price and the fair value may arise at initial recognition. This \u201cDay One Profit\u201d is deferred and released to the profit and loss account over the period during which the valuation parameters are expected to remain non-observable. When parameters that were originally non-observable become observable, or when the valuation can be substantiated in comparison with recent similar transactions in an active market, the unrecognised portion of the day one profit is released to the profit and loss account.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_499bbecb-9a2f-4a1a-ae2f-e87bba1521c7": { "value": "The Group derecognises all or part of a financial asset when the contractual rights to the cash flows of the asset expire, or when the Group transfers the asset \u2013 either on the basis of a transfer of the contractual rights to its cash flows, or by retaining the contractual rights to receive the cash flows of the asset while assuming an obligation to pay the cash flows of the asset under an eligible pass-through arrangement \u2013 as well as substantially all the risks and rewards of the asset.
Where the Group has transferred the cash flows of a financial asset but has neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset and has not in practice retained control of the financial asset, the Group derecognises the financial asset and then records separately, if necessary, an asset or liability representing the rights and obligations created or held as part of the transfer of the asset. If the Group has retained control of the financial asset, it maintains it on its balance sheet to the extent of its continuing involvement in that asset.
Upon the derecognition of a financial asset in its entirety, a gain or loss on disposal is recognised in the profit and loss account for an amount equal to the difference between the carrying amount of the asset and the value of the consideration received, adjusted where appropriate for any unrealised gain or loss previously recognised directly in equity.
If all these conditions are not met, the Group retains the asset in its balance sheet and recognises a liability for the obligations arising on the transfer of the asset.
The Group derecognises all or part of a financial liability when the liability is extinguished, i.e. when the obligation specified in the contract is extinguished, cancelled or expired. A financial liability may also be derecognised in the event of a substantial change in its contractual terms or if exchanged with the lender for an instrument with substantially different contractual terms.
Securities temporarily sold under repurchase agreements continue to be recognised in the Group\u2019s balance sheet in the category of securities to which they belong. The corresponding liability is recognised at amortised cost under the appropriate \u201cFinancial liabilities at amortised cost\u201d category on the balance sheet, except in the case of repurchase agreements contracted for trading purposes, for which the corresponding liability is recognised in \u201cFinancial liabilities at fair value through profit or loss\u201d.
Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group\u2019s balance sheet. The corresponding receivable is recognised at amortised cost under the appropriate \u201cFinancial assets at amortised cost\u201d category in the balance sheet, except in the case of reverse repurchase agreements contracted for trading purposes, for which the corresponding receivable is recognised in \u201cFinancial assets at fair value through profit or loss\u201d.
Securities lending transactions do not result in derecognition of the lent securities, and securities borrowing transactions do not result in recognition of the borrowed securities on the balance sheet. In cases where the borrowed securities are subsequently sold by the Group, the obligation to deliver the borrowed securities on maturity is recognised on the balance sheet under \u201cFinancial liabilities at fair value through profit or loss\u201d.
The accounting classification of securitisation positions in the banking book is shown in Table\u00a09: Prudential balance sheet by risk type (EU\u00a0LI1-B).Securitisation positions classified as \u201cFinancial assets at amortised cost\u201d are measured using the method described in note\u00a01.f.1 Financial assets at amortised cost to the consolidated financial statements: the effective interest rate used to recognise interest income is measured on the basis of an expected cash flow model. From the outset, these positions are subject to an impairment calculation for expected credit risk losses (see note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements).
Securitisation positions classified on an accounting basis as \u201cFinancial assets at fair value through equity\u201d are measured using the method described in note\u00a01.f.2 Financial assets at fair value through shareholders\u2019 equity to the consolidated financial statements. Changes in fair value determined according to the principles listed in note\u00a01.f.10 Determination of fair value to the consolidated financial statements (excluding revenue recognised using the effective interest method) are presented in a specific subsection of shareholders\u2019 equity along with expected credit risk losses calculated using the methods described in note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements. Upon disposal, amounts previously recognised in recyclable equity are transferred to the profit and loss account.
Securitisation positions classified on an accounting basis as \u201cFinancial instruments at fair value through profit or loss\u201d are measured using the method described in note\u00a01.f.7 Financial instruments at fair value through profit or loss to the consolidated financial statements.
Proceeds from the sale of securitisation positions are recognised in accordance with rules for the category of origin of positions sold.
Synthetic securitisations in the form of credit derivatives (credit default swaps) or guarantees received follow accounting rules appertaining respectively:
Assets awaiting securitisation are classified as:
Securities temporarily sold under repurchase agreements continue to be recognised in the Group\u2019s balance sheet in the category of securities to which they belong. The corresponding liability is recognised at amortised cost under the appropriate \u201cFinancial liabilities at amortised cost\u201d category on the balance sheet, except in the case of repurchase agreements contracted for trading purposes, for which the corresponding liability is recognised in \u201cFinancial liabilities at fair value through profit or loss\u201d.
Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group\u2019s balance sheet. The corresponding receivable is recognised at amortised cost under the appropriate \u201cFinancial assets at amortised cost\u201d category in the balance sheet, except in the case of reverse repurchase agreements contracted for trading purposes, for which the corresponding receivable is recognised in \u201cFinancial assets at fair value through profit or loss\u201d.
Securities lending transactions do not result in derecognition of the lent securities, and securities borrowing transactions do not result in recognition of the borrowed securities on the balance sheet. In cases where the borrowed securities are subsequently sold by the Group, the obligation to deliver the borrowed securities on maturity is recognised on the balance sheet under \u201cFinancial liabilities at fair value through profit or loss\u201d.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross value | Impairment (note\u00a02.g) | Carrying | Gross value | Impairment (note\u00a02.g) | Carrying | |
Loans and advances to credit institutions | 26,437 | (178) | 26,259 | 31,232 | (85) | 31,147 |
On demand accounts | 9,246 | (11) | 9,235 | 8,384 | (4) | 8,380 |
Loans(1) | 8,507 | (167) | 8,340 | 14,447 | (81) | 14,366 |
Repurchase agreements | 8,684 | \u00a0 | 8,684 | 8,401 | \u00a0 | 8,401 |
Loans and advances to customers | 913,251 | (15,892) | 897,359 | 917,049 | (16,908) | 900,141 |
On demand accounts | 59,305 | (2,136) | 57,169 | 59,558 | (2,720) | 56,838 |
Loans to customers(2) | 799,902 | (12,596) | 787,306 | 804,734 | (12,941) | 791,793 |
Finance leases | 52,822 | (1,160) | 51,662 | 52,268 | (1,247) | 51,021 |
Repurchase agreements | 1,222 | \u00a0 | 1,222 | 489 | \u00a0 | 489 |
Total loans and advances at amortised cost | 939,688 | (16,070) | 923,618 | 948,281 | (16,993) | 931,288 |
(1) | Loans and advances to credit institutions include term deposits made with central banks. |
(2) | Of which EUR 230 million discount for mortgage loans in Swiss franc or indexed to the Swiss franc in Poland at 31 December 2025 compared with EUR 352 million at 31 December 2024, as well as EUR 33 million discount for foreign currency loans issued by BNP Paribas Personal Finance at 31 December 2025 compared with EUR 47 million at 31 December 2024. |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Gross investment | 57,755 | 57,602 |
Receivable within 1\u00a0year | 18,124 | 17,772 |
Receivable after 1\u00a0year but within 5\u00a0years | 35,693 | 34,434 |
Receivable beyond 5\u00a0years | 3,938 | 5,396 |
Unearned interest income | (4,933) | (5,334) |
Net investment before impairment | 52,822 | 52,268 |
Receivable within 1\u00a0year | 16,301 | 15,858 |
Receivable after 1\u00a0year but within 5\u00a0years | 33,014 | 31,481 |
Receivable beyond 5\u00a0years | 3,507 | 4,929 |
Impairment provisions | (1,160) | (1,247) |
Net investment after impairment | 51,662 | 51,021 |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Deposits from credit institutions | 69,938 | 66,872 |
On demand accounts | 12,369 | 10,608 |
Interbank borrowings(1) | 47,073 | 33,753 |
Repurchase agreements | 10,496 | 22,511 |
Deposits from customers | 1,075,564 | 1,034,857 |
On demand deposits | 588,359 | 562,520 |
Savings accounts | 170,145 | 162,064 |
Term accounts and short-term notes | 277,820 | 307,335 |
Repurchase agreements | 39,240 | 2,938 |
(1) | Interbank borrowings from credit institutions include term borrowings from central banks.\u00a0 |
Securities temporarily sold under repurchase agreements continue to be recognised in the Group\u2019s balance sheet in the category of securities to which they belong. The corresponding liability is recognised at amortised cost under the appropriate \u201cFinancial liabilities at amortised cost\u201d category on the balance sheet, except in the case of repurchase agreements contracted for trading purposes, for which the corresponding liability is recognised in \u201cFinancial liabilities at fair value through profit or loss\u201d.
Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group\u2019s balance sheet. The corresponding receivable is recognised at amortised cost under the appropriate \u201cFinancial assets at amortised cost\u201d category in the balance sheet, except in the case of reverse repurchase agreements contracted for trading purposes, for which the corresponding receivable is recognised in \u201cFinancial assets at fair value through profit or loss\u201d.
Securities lending transactions do not result in derecognition of the lent securities, and securities borrowing transactions do not result in recognition of the borrowed securities on the balance sheet. In cases where the borrowed securities are subsequently sold by the Group, the obligation to deliver the borrowed securities on maturity is recognised on the balance sheet under \u201cFinancial liabilities at fair value through profit or loss\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_2a9fa3fe-1ed2-4085-aece-75698229ff79": { "value": "A financial asset and a financial liability are offset and the net amount presented in the balance sheet if, and only if, the Group has a legally enforceable right to set off the recognised amounts, and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Repurchase agreements and derivatives that meet the two criteria set out in the accounting standard are offset in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_368b63fd-e925-4245-a2c9-85da13ecbdcd": { "value": "IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
\u00a0
The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).
The main insurance contracts issued by the Group correspond to:
A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.
Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.
The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.
These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.
When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:
An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.
An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.
The insurance risks covered by Group entities are:
Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.
Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.
Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.
Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered as investment contracts with discretionary participating features, measured using the variable fee approach.
Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.
For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.
For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.
For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.
A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.
A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.
On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.
An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.
The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.
Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.
The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.
If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.
Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.
At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.
The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.
The release of expected fulfilment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.
The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.
The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.
The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.
The risk adjustment is determined using the quantile method.
The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.
Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).
Direct participating contracts are insurance or investment contracts for which:
Compliance with these conditions is monitored on the underwriting date and is not reviewed later.
For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.
At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.
The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).
Changes in the fulfilment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.
Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.
Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.
Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.
The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.
The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).
The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.
The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.
The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.
Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.
The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.
The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.
Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.
Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.
For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.
The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.
Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.
At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.
Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).
Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.
The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.
The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.
In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.
The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.
The reinsurance contracts held are measured by the Group using the simplified approach or the general model.
\u00a0
The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.
Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.
Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.
The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.
Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.
Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).
Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).
Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and respectively 10 years and 12 years for the fixtures and fittings of operating properties and the fixtures and fittings of investment properties.
Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset, equals the higher of the two values between the value in use and the fair value less costs of disposal, is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.
Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Gain or loss on investments in consolidated undertakings (note\u00a08.d) | 264 | 133 |
Gain or loss on tangible and intangible assets | 9 | (30) |
Results from net monetary position | (329) | (294) |
Net gain on non-current assets | (56) | (191) |
\u00a0
According to IAS 29 in connection with the hyperinflation situation of the economy in T\u00fcrkiye, the line \u201cResults from net monetary positions\u201d corresponds to the effect of the revaluation of the monetary assets net of the evolution of the consumer price index in T\u00fcrkiye on the valuation of non-monetary assets and liabilities (-\u202fEUR\u202f487\u202fmillion) and on income from the Turkish government bonds portfolio indexed to inflation and held by Turk Ekonomi Bankasi AS (+\u00a0EUR\u202f158\u202fmillion, reclassified from interest margin) in 2025 (respectively -\u202fEUR\u202f549\u202fmillion and +\u00a0EUR\u00a0255\u00a0million in 2024).
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross value | Accumulated depreciation, amortisation and impairment | Carrying | Gross value | Accumulated depreciation, amortisation and impairment | Carrying | |
Investment property | 617 | (236) | 381 | 855 | (331) | 524 |
Land and buildings | 11,253 | (4,663) | 6,590 | 11,049 | (4,758) | 6,291 |
Equipment, furniture and fixtures | 6,912 | (5,339) | 1,573 | 7,067 | (5,468) | 1,599 |
Plant and equipment leased as lessor under operating leases | 55,928 | (12,322) | 43,606 | 51,333 | (11,021) | 40,312 |
Other property, plant and equipment | 2,781 | (1,330) | 1,451 | 2,924 | (1,336) | 1,588 |
Property, plant and equipment | 76,874 | (23,654) | 53,220 | 72,373 | (22,583) | 49,790 |
Of which right of use | 5,663 | (3,255) | 2,408 | 5,786 | (3,387) | 2,399 |
Purchased software | 4,093 | (3,371) | 722 | 4,135 | (3,407) | 728 |
Internally developed software | 7,218 | (5,590) | 1,628 | 6,752 | (5,137) | 1,615 |
Other intangible assets | 2,971 | (738) | 2,233 | 2,696 | (647) | 2,049 |
Intangible assets | 14,282 | (9,699) | 4,583 | 13,583 | (9,191) | 4,392 |
INVESTMENT PROPERTY AND FIXED ASSETS USED IN OPERATIONS\u00a0 | 91,773 | (33,589) | 58,184 | 86,811 | (32,105) | 54,706 |
\u00a0
In millions of euros, at | 31 December 2024 | Increase | Decrease | Net depreciation and impairment | Other movements | 31 December 2025 |
|---|---|---|---|---|---|---|
Investment property | 524 | 21 | (56) | (1) | (107) | 381 |
Property, plant and equipment | 49,790 | 19,625 | (10,117) | (5,550) | (528) | 53,220 |
Of which Assets leased as lessor under operating leases | 40,312 | 17,229 | (8,179) | (5,450) | (306) | 43,606 |
Intangible assets | 4,392 | 1,728 | (994) | (635) | 92 | 4,583 |
INVESTMENT PROPERTY AND FIXED ASSETS USED IN OPERATIONS | 54,706 | 21,374 | (11,167) | (6,186) | (543) | 58,184 |
Other intangible assets include leasehold rights, goodwill and trademarks acquired by the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_dfc5c18a-8c31-45f6-92b4-66e57b35de3a": { "value": "IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
\u00a0
The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).
The main insurance contracts issued by the Group correspond to:
A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.
Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.
The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.
These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.
When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:
An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.
An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.
The insurance risks covered by Group entities are:
Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.
Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.
Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.
Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered as investment contracts with discretionary participating features, measured using the variable fee approach.
Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.
For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.
For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.
For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.
A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.
A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.
On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.
An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.
The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.
Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.
The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.
If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.
Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.
At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.
The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.
The release of expected fulfilment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.
The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.
The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.
The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.
The risk adjustment is determined using the quantile method.
The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.
Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).
Direct participating contracts are insurance or investment contracts for which:
Compliance with these conditions is monitored on the underwriting date and is not reviewed later.
For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.
At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.
The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).
Changes in the fulfilment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.
Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.
Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.
Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.
The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.
The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).
The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.
The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.
The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.
Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.
The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.
The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.
Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.
Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.
For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.
The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.
Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.
At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.
Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).
Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.
The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.
The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.
In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.
The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.
The reinsurance contracts held are measured by the Group using the simplified approach or the general model.
\u00a0
The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.
Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.
Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.
The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.
Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.
Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).
Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).
Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and respectively 10 years and 12 years for the fixtures and fittings of operating properties and the fixtures and fittings of investment properties.
Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset, equals the higher of the two values between the value in use and the fair value less costs of disposal, is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.
Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_07d743c6-e137-4cbc-9b85-5739ed8bf539": { "value": "IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
\u00a0
The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).
The main insurance contracts issued by the Group correspond to:
A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.
Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.
The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.
These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.
When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:
An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.
An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.
The insurance risks covered by Group entities are:
Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.
Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.
Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.
Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered as investment contracts with discretionary participating features, measured using the variable fee approach.
Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.
For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.
For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.
For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.
A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.
A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.
On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.
An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.
The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.
Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.
The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.
If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.
Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.
At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.
The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.
The release of expected fulfilment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.
The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.
The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.
The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.
The risk adjustment is determined using the quantile method.
The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.
Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).
Direct participating contracts are insurance or investment contracts for which:
Compliance with these conditions is monitored on the underwriting date and is not reviewed later.
For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.
At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.
The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).
Changes in the fulfilment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.
Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.
Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.
Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.
The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.
The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).
The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.
The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.
The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.
Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.
The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.
The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.
Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.
Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.
For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.
The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.
Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.
At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.
Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).
Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.
The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.
The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.
In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.
The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.
The reinsurance contracts held are measured by the Group using the simplified approach or the general model.
\u00a0
The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.
Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.
Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.
The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.
Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.
Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).
Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).
Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and respectively 10 years and 12 years for the fixtures and fittings of operating properties and the fixtures and fittings of investment properties.
Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset, equals the higher of the two values between the value in use and the fair value less costs of disposal, is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.
Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross value | Accumulated depreciation, amortisation and impairment | Carrying | Gross value | Accumulated depreciation, amortisation and impairment | Carrying | |
Investment property | 617 | (236) | 381 | 855 | (331) | 524 |
Land and buildings | 11,253 | (4,663) | 6,590 | 11,049 | (4,758) | 6,291 |
Equipment, furniture and fixtures | 6,912 | (5,339) | 1,573 | 7,067 | (5,468) | 1,599 |
Plant and equipment leased as lessor under operating leases | 55,928 | (12,322) | 43,606 | 51,333 | (11,021) | 40,312 |
Other property, plant and equipment | 2,781 | (1,330) | 1,451 | 2,924 | (1,336) | 1,588 |
Property, plant and equipment | 76,874 | (23,654) | 53,220 | 72,373 | (22,583) | 49,790 |
Of which right of use | 5,663 | (3,255) | 2,408 | 5,786 | (3,387) | 2,399 |
Purchased software | 4,093 | (3,371) | 722 | 4,135 | (3,407) | 728 |
Internally developed software | 7,218 | (5,590) | 1,628 | 6,752 | (5,137) | 1,615 |
Other intangible assets | 2,971 | (738) | 2,233 | 2,696 | (647) | 2,049 |
Intangible assets | 14,282 | (9,699) | 4,583 | 13,583 | (9,191) | 4,392 |
INVESTMENT PROPERTY AND FIXED ASSETS USED IN OPERATIONS\u00a0 | 91,773 | (33,589) | 58,184 | 86,811 | (32,105) | 54,706 |
\u00a0
In millions of euros, at | 31 December 2024 | Increase | Decrease | Net depreciation and impairment | Other movements | 31 December 2025 |
|---|---|---|---|---|---|---|
Investment property | 524 | 21 | (56) | (1) | (107) | 381 |
Property, plant and equipment | 49,790 | 19,625 | (10,117) | (5,550) | (528) | 53,220 |
Of which Assets leased as lessor under operating leases | 40,312 | 17,229 | (8,179) | (5,450) | (306) | 43,606 |
Intangible assets | 4,392 | 1,728 | (994) | (635) | 92 | 4,583 |
INVESTMENT PROPERTY AND FIXED ASSETS USED IN OPERATIONS | 54,706 | 21,374 | (11,167) | (6,186) | (543) | 58,184 |
Land and buildings leased by the Group as lessor under operating leases are recorded in \u201cInvestment property\u201d.
The estimated fair value of investment property accounted for at amortised cost at 31 December 2025 is EUR\u00a0565\u00a0million, compared with EUR 718 million at 31 December 2024.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | |
Derivative financial instruments | 1,202 | \u00a0 | 1,202 | 1,731 | \u00a0 | 1,731 |
Derivatives used for hedging purposes | 190 | \u00a0 | 190 | 74 | \u00a0 | 74 |
Financial assets at fair value through profit or loss | 65,566 | 123,053 | 188,619 | 61,465 | 111,954 | 173,419 |
Financial assets at fair value through equity | 106,485 | \u00a0 | 106,485 | 102,222 | \u00a0 | 102,222 |
Financial assets at amortised cost | 1,368 | \u00a0 | 1,368 | 1,379 | \u00a0 | 1,379 |
Investment properties | 3,830 | 3,012 | 6,842 | 3,868 | 3,178 | 7,046 |
Equity-method investments | 91 | \u00a0 | 91 | 82 | \u00a0 | 82 |
Assets related to insurance activities (note\u00a05.d) | 674 | \u00a0 | 674 | 896 | \u00a0 | 896 |
Investments and other assets related to\u00a0insurance activities | 179,406 | 126,065 | 305,471 | 171,717 | 115,132 | 286,849 |
The fair value of investment properties amounted to EUR 6.8 billion at 31 December 2025, compared with\u00a0EUR 7.0 billion at 31 December 2024. The value of investment properties classified in Level 3 amounted to EUR\u00a00.5\u00a0billion at 31 December 2025 (stable compared with 31 December 2024). This classification by level depends on the measurement method used which is based on the nature of the assets and their geographical location.
The entire non-listed real estate portfolio is appraised by one or more independent third parties. Experts have professional rules for carrying out these assessments.
For buildings that are directly held, experts use three main measurement methods:
The final value retained by the expert may be a compromise between these three methods.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_ba5f51e8-32b1-4def-9d3e-a24a42edfcac": { "value": "IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
\u00a0
The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).
The main insurance contracts issued by the Group correspond to:
A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.
Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.
The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.
These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.
When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:
An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.
An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.
The insurance risks covered by Group entities are:
Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.
Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.
Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.
Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered as investment contracts with discretionary participating features, measured using the variable fee approach.
Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.
For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.
For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.
For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.
A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.
A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.
On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.
An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.
The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.
Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.
The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.
If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.
Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.
At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.
The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.
The release of expected fulfilment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.
The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.
The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.
The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.
The risk adjustment is determined using the quantile method.
The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.
Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).
Direct participating contracts are insurance or investment contracts for which:
Compliance with these conditions is monitored on the underwriting date and is not reviewed later.
For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.
At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.
The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).
Changes in the fulfilment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.
Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.
Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.
Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.
The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.
The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).
The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.
The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.
The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.
Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.
The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.
The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.
Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.
Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.
For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.
The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.
Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.
At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.
Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).
Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.
The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.
The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.
In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.
The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.
The reinsurance contracts held are measured by the Group using the simplified approach or the general model.
\u00a0
The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.
Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.
Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.
The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.
Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.
Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).
Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).
Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and respectively 10 years and 12 years for the fixtures and fittings of operating properties and the fixtures and fittings of investment properties.
Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset, equals the higher of the two values between the value in use and the fair value less costs of disposal, is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.
Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_a30d5a76-3f8e-4d3d-b04b-fd663507a4a3": { "value": "IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
\u00a0
The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).
The main insurance contracts issued by the Group correspond to:
A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.
Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.
The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.
These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.
When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:
An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.
An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.
The insurance risks covered by Group entities are:
Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.
Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.
Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.
Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered as investment contracts with discretionary participating features, measured using the variable fee approach.
Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.
For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.
For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.
For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.
A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.
A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.
On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.
An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.
The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.
Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.
The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.
If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.
Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.
At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.
The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.
The release of expected fulfilment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.
The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.
The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.
The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.
The risk adjustment is determined using the quantile method.
The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.
Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).
Direct participating contracts are insurance or investment contracts for which:
Compliance with these conditions is monitored on the underwriting date and is not reviewed later.
For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.
At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.
The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).
Changes in the fulfilment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.
Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.
Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.
Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.
The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.
The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).
The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.
The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.
The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.
Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.
The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.
The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.
Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.
Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.
For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.
The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.
Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.
At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.
Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).
Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.
The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.
The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.
In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.
The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.
The reinsurance contracts held are measured by the Group using the simplified approach or the general model.
\u00a0
The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.
Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.
Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.
The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.
The various income and expenses of insurance contracts are broken down in the \u201cNet income from insurance activities\u201d as follows:
\u00a0
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Insurance revenue | 10,270 | 9,711 |
Insurance service expenses(1) | (8,101) | (7,502) |
Investment return | 11,896 | 11,554 |
Net finance income or expenses from insurance contracts | (11,682) | (11,367) |
Net income from insurance activities | 2,383 | 2,396 |
(1) | Insurance service expenses include attributable expenses which amounted to - EUR 4,482 million for the year ended 2025, compared with -\u00a0 EUR 4,125 million for the year ended 2024 (see note 5.b). |
\u00a0
\u201cInsurance service result\u201d includes:
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Contracts not measured under the premium allocation approach | 5,995 | 5,551 |
Changes in the liability for remaining coverage | 2,730 | 2,349 |
Change in the risk adjustment | 150 | 133 |
Contractual service margin | 2,006 | 1,908 |
Recovery of insurance acquisition cash flows | 1,109 | 1,161 |
Contracts measured under the premium allocation approach | 4,275 | 4,160 |
Insurance revenue | 10,270 | 9,711 |
Incurred claims and expenses | (4,641) | (4,077) |
Amortisation of insurance acquisition cash flows | (2,840) | (2,876) |
Changes that relate to past service | (55) | (42) |
Loss component recognised in profit or loss | (71) | (54) |
Net expenses from reinsurance contracts held | (494) | (453) |
Insurance service expenses | (8,101) | (7,502) |
INSURANCE SERVICE RESULT | 2,169 | 2,209 |
\u00a0
\u201cFinancial Result\u201d includes \u201cInvestment return\u201d and \u201cNet finance income or expenses from insurance contracts.\u201d
\u201cInvestment return\u201d includes net income from financial instruments and from investment properties.
\u201cChanges in fair value of underlying items of direct participation contracts\u201d reflects the changes in value of underlying investments, for the amount which was not recognised directly in equity, and excluding the portion of these changes adjusting the contract service margin.
\u201cOther insurance financial expenses\u201d measured under the general model and under the simplified model represent the change in technical liabilities arising from financial risks (discount rates variations, forex rates, time value and financial variations expected in the contracts) for the amount which was not recognised directly in equity.
\u00a0
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Net interest income | 3,215 | 2,579 |
Net gain on financial instruments at fair value through equity | (85) | (329) |
Net gain on debt instruments | (226) | (413) |
Dividend income on equity instruments | 141 | 84 |
Net gain on financial instruments at fair value through profit and loss | 8,637 | 9,000 |
Cost of risk | 9 | 3 |
Investment property income | 234 | 374 |
Share of earnings of equity-method investments | 2 | 1 |
Other expenses | (116) | (74) |
Investment return | 11,896 | 11,554 |
Changes in fair value of underlying items of direct participation contracts | (11,508) | (11,197) |
Other insurance financial expenses | (174) | (170) |
Net finance income or expenses from insurance contracts | (11,682) | (11,367) |
FINANCIAL RESULT | 214 | 187 |
\u00a0
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Commissions and other expenses | (3,364) | (2,949) |
Expenses incurred by internal distributors (see note\u00a02.f) | (1,165) | (1,085) |
Salary and employee benefit expense (see note\u00a07.a) | (899) | (839) |
Taxes and contributions | (120) | (97) |
Depreciation, amortisation and impairment of property, plant and equipment and intangible assets | (132) | (173) |
Total expenses by type | (5,680) | (5,143) |
Acquisition cash flows incurred over the period | 3,161 | 3,062 |
Amortisation of acquisition cash flows | (2,840) | (2,876) |
Total expenses by type adjusted for acquisition cash flows amortisation effect | (5,359) | (4,957) |
Insurance contracts attributable expenses (see note\u00a05.a) | (4,482) | (4,125) |
Insurance activities non attributable costs (see note\u00a02.f) | (877) | (832) |
\u00a0
Acquisition cash flows over the period are deducted from total expenses and amortised over the coverage period of the contracts.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | |
Derivative financial instruments | 1,202 | \u00a0 | 1,202 | 1,731 | \u00a0 | 1,731 |
Derivatives used for hedging purposes | 190 | \u00a0 | 190 | 74 | \u00a0 | 74 |
Financial assets at fair value through profit or loss | 65,566 | 123,053 | 188,619 | 61,465 | 111,954 | 173,419 |
Financial assets at fair value through equity | 106,485 | \u00a0 | 106,485 | 102,222 | \u00a0 | 102,222 |
Financial assets at amortised cost | 1,368 | \u00a0 | 1,368 | 1,379 | \u00a0 | 1,379 |
Investment properties | 3,830 | 3,012 | 6,842 | 3,868 | 3,178 | 7,046 |
Equity-method investments | 91 | \u00a0 | 91 | 82 | \u00a0 | 82 |
Assets related to insurance activities (note\u00a05.d) | 674 | \u00a0 | 674 | 896 | \u00a0 | 896 |
Investments and other assets related to\u00a0insurance activities | 179,406 | 126,065 | 305,471 | 171,717 | 115,132 | 286,849 |
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u201cFinancial liabilities related to insurance activities\u201d includes unit-linked investment contracts without discretionary participating features. Those contracts are measured under IFRS\u00a09 at fair value through profit or loss.
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Derivative financial instruments | 1,011 | 982 |
Derivatives used for hedging purposes | 237 | 238 |
Deposit at fair value through profit or loss | 930 | 960 |
Debt representative of shares of consolidated funds held by third parties | 11,371 | 7,317 |
Investment contracts without discretionary participation feature \u2013 Unit-linked contracts | 7,145 | 8,388 |
Other debts | 806 | 1,922 |
Financial liabilities related to insurance activities | 21,500 | 19,807 |
The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||||
Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | |
Financial assets designated as at fair value through profit or loss | 115,234 | 55,736 | 17,649 | 188,619 | 110,018 | 47,346 | 16,055 | 173,419 |
Equity instruments | 109,732 | 37,721 | 17,326 | 164,779 | 102,824 | 31,996 | 15,772 | 150,592 |
Debt securities | 5,502 | 17,639 | 233 | 23,374 | 7,194 | 14,827 | 218 | 22,239 |
Loans | 376 | 90 | 466 | 523 | 65 | 588 | ||
Financial assets at fair value through equity | 94,292 | 12,193 | - | 106,485 | 89,003 | 13,214 | 5 | 102,222 |
Equity instruments | 2,659 | 2,659 | 1,729 | 1,729 | ||||
Debt securities | 91,633 | 12,193 | \u00a0 | 103,826 | 87,274 | 13,214 | 5 | 100,493 |
Derivative financial instruments | - | 1,288 | 104 | 1,392 | - | 1,772 | 33 | 1,805 |
FINANCIAL ASSETS MEASURED AT FAIR VALUE | 209,526 | 69,217 | 17,753 | 296,496 | 199,021 | 62,332 | 16,093 | 277,446 |
Financial liabilities designated at fair value through profit or loss | 8,380 | 10,273 | 793 | 19,446 | 4,666 | 10,866 | 1,133 | 16,665 |
Deposit at fair value through profit or loss | 930 | 930 | 960 | 960 | ||||
Debt representative of shares of consolidated funds held by third parties | 8,380 | 2,730 | 261 | 11,371 | 4,666 | 2,352 | 299 | 7,317 |
Investment contracts without discretionary participation feature - Unit-linked contracts | 6,613 | 532 | 7,145 | 7,554 | 834 | 8,388 | ||
Derivative financial instruments | - | 1,206 | 42 | 1,248 | - | 1,198 | 22 | 1,220 |
FINANCIAL LIABILITIES MEASURED AT FAIR VALUE | 8,380 | 11,479 | 835 | 20,694 | 4,666 | 12,064 | 1,155 | 17,885 |
\u00a0
Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.
Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.
Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.
\u00a0
For Level\u00a03 financial instruments, the following movements occurred during the period:
In millions of euros | Financial assets | Financial liabilities | |||
Financial instruments at fair value through profit or loss | Financial assets at fair value through equity | Total | Financial instruments at fair value through profit or loss | Total | |
At 31 December 2024 | 16,088 | 5 | 16,093 | (1,155) | (1,155) |
Purchases | 3,068 | 23 | 3,091 | (2) | (2) |
Sales | (2,730) | \u00a0 | (2,730) | \u00a0 | \u00a0 |
Settlements | 13 | (26) | (13) | (20) | (20) |
Transfers to Level\u00a03 | 1,292 | \u00a0 | 1,292 | (2) | (2) |
Transfers from Level\u00a03 | (274) | \u00a0 | (274) | \u00a0 | \u00a0 |
Gains recognised in profit or loss | (147) | \u00a0 | (147) | 340 | 340 |
Items related to exchange rate movement and changes in scope of consolidation | 443 | \u00a0 | 443 | 4 | 4 |
Changes in fair value of assets and liabilities recognised in equity | \u00a0 | (2) | (2) | \u00a0 | \u00a0 |
At 31 December 2025 | 17,753 | - | 17,753 | (835) | (835) |
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Fair value | of which changes in value recognised directly to equity | Fair Value | of which changes in value recognised directly to equity | |
Debt securities | 103,826 | (7,688) | 100,493 | (5,341) |
Equity securities | 2,659 | 613 | 1,729 | 107 |
Total financial assets at fair value through equity | 106,485 | (7,075) | 102,222 | (5,234) |
\u00a0
The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.
During the year ended 31 December 2025, the Group sold several of these investments and a net gain of + EUR 27 million was transferred to \u201cretained earnings\u201d (+ EUR 3 million for the year ended 31 December 2024).
\u00a0\u00a0
The fair value of investment properties amounted to EUR 6.8 billion at 31 December 2025, compared with\u00a0EUR 7.0 billion at 31 December 2024. The value of investment properties classified in Level 3 amounted to EUR\u00a00.5\u00a0billion at 31 December 2025 (stable compared with 31 December 2024). This classification by level depends on the measurement method used which is based on the nature of the assets and their geographical location.
The entire non-listed real estate portfolio is appraised by one or more independent third parties. Experts have professional rules for carrying out these assessments.
For buildings that are directly held, experts use three main measurement methods:
The final value retained by the expert may be a compromise between these three methods.\u00a0
\u00a0\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | \u00a0 | |||||||||||
Estimated fair value | Carrying value | Estimated fair value | Carrying value | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||
Loans and receivables | - | 1,363 | 4 | 1,367 | 1,368 | - | 1,326 | 47 | 1,373 | 1,379 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0\u00a0
\u00a0
The main contracts issued by the Group are (see note\u00a01.g.2):
Reinsurance contracts held are also measured under the general model or the premium allocation approach.
Insurance and reinsurance contracts issued and reinsurance contracts held are presented on the assets or liabilities side of the balance sheet according to the overall position of the portfolios to which they belong. They are presented separately according to their valuation model: allocation method or other models (general model and variable fee approach). Reinsurance contracts held are isolated.
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Assets | Liabilities | Net (Assets) | Assets | Liabilities | Net (Assets) | |
Insurance contracts not measured under the premium allocation approach | 20 | 258,353 | 258,333 | 34 | 244,978 | 244,944 |
Insurance contracts measured under the premium allocation approach | 82 | 2,856 | 2,774 | 153 | 2,709 | 2,556 |
Reinsurance contracts held | 572 | 14 | (558) | 709 | 12 | (697) |
Assets and liabilities related to insurance contracts | 674 | 261,223 | 260,549 | 896 | 247,699 | 246,803 |
Tables below show movements in carrying amounts of insurance contracts and do not include reinsurance contracts held.
Insurance contracts issued, excluding reinsurance contracts In millions of euros | Remaining coverage | Incurred claims(3) | Total net liabilities | |
Excluding loss component | Loss component | |||
NET (ASSETS) OR LIABILITIES AT 31 DECEMBER 2023 | 213,024 | 170 | 4,743 | 217,937 |
Insurance service result: (income) or expenses | (7,116) | 17 | 4,437 | (2,662) |
of which insurance revenue | (9,711) | \u00a0 | \u00a0 | (9,711) |
of which insurance service expenses | 2,595 | 17 | 4,437 | 7,049 |
Net finance (income) or expenses from insurance contracts(2) | 10,952 | 3 | 164 | 11,119 |
Total changes recognised in profit and loss and in equity | 3,836 | 20 | 4,601 | 8,457 |
Investment component | (19,641) | \u00a0 | 19,641 | - |
Premiums received for insurance contracts issued | 32,795 | \u00a0 | \u00a0 | 32,795 |
Insurance acquisition cash flows | (2,781) | \u00a0 | \u00a0 | (2,781) |
Claims and other service expenses paid | \u00a0 | \u00a0 | (24,166) | (24,166) |
Total cash flows | 30,014 | \u00a0 | (24,166) | 5,848 |
Changes in scope of consolidation and other items | 15,061 | 6 | 191 | 15,258 |
NET (ASSETS) OR LIABILITIES AT 31 DECEMBER 2024(1) | 242,294 | 196 | 5,010 | 247,500 |
Insurance service result: (income) or expenses | (7,693) | 33 | 4,997 | (2,663) |
of which insurance revenue | (10,270) | (10,270) | ||
of which insurance service expenses | 2,577 | 33 | 4,997 | 7,607 |
Net finance (income) or expenses from insurance contracts(2) | 9,162 | 3 | 53 | 9,218 |
Total changes recognised in profit and loss and in equity | 1,469 | 36 | 5,050 | 6,555 |
Investment component | (20,594) | - | 20,594 | - |
Premiums received for insurance contracts issued | 36,136 | 36,136 | ||
Insurance acquisition cash flows | (2,898) | (2,898) | ||
Claims and other service expenses paid | (25,329) | (25,329) | ||
Total cash flows | 33,238 | - | (25,329) | 7,909 |
Changes in scope of consolidation and other items | (977) | 2 | 118 | (857) |
NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2025(1) | 255,430 | 234 | 5,443 | 261,107 |
(1) | Including receivables and liabilities attributable to insurance contracts for a net asset of EUR 1,247 million at 31 December 2025, compared with\u00a0 a net asset of EUR 961 million at 31 December 2024 |
(2) | Including finance income and expenses recognised directly in equity. |
(3) | Including incurred claims for contracts under the premium allocation approach (PAA) for a net liability of EUR 2,086 million at 31 December 2025, of which EUR 1,945 million in respect of the present value of cash flows and EUR 141 million in respect of the non-financial risk adjustment |
Insurance contracts issued not measured under the premium allocation approach,\u00a0 In millions of euros | Present value | Non-financial risk adjustment | Contractual service margin | Total |
|---|---|---|---|---|
NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2023 | 197,789 | 1,603 | 16,275 | 215,667 |
Insurance service result: (income) or expenses | (2,919) | 154 | 721 | (2,044) |
of which changes related to future services - new contracts | (1,529) | 123 | 1,435 | 29 |
of which changes related to future services - change in estimation | (1,337) | 170 | 1,194 | 27 |
of which changes related to current service(2) | (8) | (118) | (1,908) | (2,034) |
of which changes related to past service | (45) | (21) | \u00a0 | (66) |
Net finance (income) or expenses from insurance contracts(3) | 10,867 | 18 | 60 | 10,945 |
Total changes recognised in profit and loss and in equity | 7,948 | 172 | 781 | 8,901 |
Premiums received for insurance contracts issued | 28,552 | \u00a0 | \u00a0 | 28,552 |
Insurance acquisition cash flows | (978) | \u00a0 | \u00a0 | (978) |
Claims and other service expenses paid | (22,363) | \u00a0 | \u00a0 | (22,363) |
Total cash flows | 5,211 | - | - | 5,211 |
Changes in scope of consolidation and other items | 14,613 | 98 | 454 | 15,165 |
NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2024(1) | 225,561 | 1,873 | 17,510 | 244,944 |
Insurance service result: (income) or expenses | (3,648) | 95 | 1,512 | (2,041) |
of which changes related to future services - new contracts | (1,766) | 135 | 1,661 | 30 |
of which changes related to future services - change in estimation | (1,923) | 109 | 1,857 | 43 |
of which changes related to current service(2) | 55 | (134) | (2,006) | (2,085) |
of which changes related to past service | (14) | (15) | (29) | |
Net finance (income) or expenses from insurance contracts(3) | 9,064 | (3) | 58 | 9,119 |
Total changes recognised in profit and loss and in equity | 5,416 | 92 | 1,570 | 7,078 |
Premiums received for insurance contracts issued | 31,775 | \u00a0 | \u00a0 | 31,775 |
Insurance acquisition cash flows | (1,127) | \u00a0 | \u00a0 | (1,127) |
Claims and other service expenses paid | (23,490) | \u00a0 | \u00a0 | (23,490) |
Total cash flows | 7,158 | - | - | 7,158 |
Changes in scope of consolidation and other items | (761) | (10) | (76) | (847) |
NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2025(1) | 237,374 | 1,955 | 19,004 | 258,333 |
(1) \u00a0 | Including receivables and liabilities attributable to insurance contracts for a net asset of EUR 1,145 million at 31 December 2025, compared with\u00a0 a net asset of EUR 765 million at 31 December 2024 |
(2) | Including an experience adjustment that amounted to +EUR 51 million for the year ended 2025 and to -EUR 9 million for the year ended 2024\u00a0 |
(3) | Including finance income and expenses recognised directly in equity. |
The schedule presents the amortisation of the contractual service margin to be recognised over time in profit or loss for protection contracts under the general model and for saving contracts under the variable fee approach. For the latter, it considers the over performance of financial assets compared with a risk-neutral measurement.
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Less than 5\u00a0years | 8,475 | 7,938 |
5 to 10\u00a0years | 6,682 | 5,347 |
More than 10\u00a0years | 3,847 | 4,225 |
TOTAL | 19,004 | 17,510 |
The table below presents the average discount rates used in the measurement of savings and protection contracts for the main horizons of the euro curve.
\u00a0 | 31 December 2025 | 31 December 2024 | ||
Savings | Protection | Savings | Protection | |
1\u00a0year | 2.85% | 2.08% | 3.17% | 2.24% |
5\u00a0years | 3.25% | 2.48% | 3.07% | 2.14% |
10\u00a0years | 3.63% | 2.86% | 3.20% | 2.27% |
15\u00a0years | 3.88% | 3.11% | 3.26% | 2.33% |
20\u00a0years | 3.98% | 3.21% | 3.19% | 2.26% |
40\u00a0years | 4.02% | \u00a0 | 3.09% | \u00a0 |
\u00a0
For the construction of the yield curve, an approach based on the risk-free rate has been adopted, with the following parameters:
For savings contracts valued according to the variable fee method, for which the fulfilment cash flows take into account the return on underlying financial assets, the risk-free yield curve is supplemented by a liquidity premium calculated on the basis of the portfolio of assets backing the savings and the retirement contracts. By assumption, bonds (sovereign and corporate) and diversified financial assets benefit from a liquidity premium (or illiquidity premium). The average liquidity premium on all savings portfolios (in France, Italy and Luxembourg) is 0.77% at 31 December 2025, compared with 0.91% at 31 December 2024.
For protection contracts measured under the general model and for liabilities for incurred claims under the simplified approach, the discounting rate consists of the risk-free rate adjusted to reflect the illiquidity of liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered.
For savings contracts the risk adjustment is determined according to the cost of capital method, without taking into account the risk of massive lapses, including future payments, and considering only attributable expenses. It is measured within a confidence range of 60% and 70%. This one corresponds to a level of confidence of 66% at 31 December 2025, compared with 65% at 31 December 2024.
For protection contracts, the level of confidence used in determining the adjustment for non-financial risks for the main countries is 70% (based on the quantile method).
\u00a0
The BNP\u00a0Paribas Group conducts its insurance activities mainly through BNP\u00a0Paribas Cardif and its subsidiaries.
Risk management is an integral part of the BNP\u00a0Paribas Group\u2019s business model. The Group has developed and implemented a risk management framework designed to identify, assess, control and monitor risks related to its various activities.
Risk management involves identifying, measuring, monitoring, managing and reporting risks arising from the external environment as well as those inherent to insurance activities. Its objective is to guarantee the solvency, business continuity and development of the BNP\u00a0Paribas Group\u2019s insurance activities under satisfactory risk and profitability conditions.
The general risk management framework for insurance activities is presented in section 5.10 Risks related to insurance activity of the Universal registration document. This framework has been developed to meet the needs of Solvency II prudential regulation. The BNP\u00a0Paribas Group\u2019s exposure to insurance contracts is disclosed in note 5.d Assets and liabilities related to insurance contracts.
Pursuant to IFRS 17, the nature and extent of risks arising from BNP\u00a0Paribas Group insurance and investment contracts are determined by their contractual characteristics. Underwriting and financial risks are the main risks to which the BNP\u00a0Paribas Group is exposed as parts of its insurance activities.
Under IFRS 17, underwriting risks include:
Through its life insurance and savings activities, the BNP\u00a0Paribas Group is mainly exposed to:
The risks related to protection relate mainly to the marketing of creditor protection insurance, but also to activities such as personal protection insurance, extended warranty, theft or damage to property, civil liability, life annuity policies in France, and health, with geographical coverage in many countries.
Creditor protection insurance mainly covers risks of death, disability, dreaded diseases, incapacity for work, loss of employment and financial losses on revolving loans, consumer loans and real estate loans. This activity is based on a multitude of contracts involving low risk and premium amounts, the profitability of which depends on the size of the portfolio of contracts, the effective mutualisation of risks and the control of operating expenses. The insurer is also exposed to lapse risk in the event of early redemption or transfer of the contract to another insurer where permitted by regulation.
Other activities (personal protection insurance, extended warranty, theft, accidental damage to property, life annuity policies in France, civil liability, health) relate to personal risk (death, accidental death, hospitalisation, critical illness, healthcare expenses) or to property and/or liabilities (accidental damage, breakdown or theft of consumer goods or automobiles, civil liability, etc.). These contracts are characterised by individual insured sums which are generally low, whether they are indemnities or lump sums.
Lastly, mainly through the Cardif IARD entity in France, insurance for motor vehicles (material damage, civil liability, assistance, etc.) and property risks are also underwritten. Such products are also growing internationally, particularly in Latin American countries.
The underwriting risk monitoring and management framework is based on documented governance and processes. Subscription operations for direct and intermediated activities, and for accepted reinsurance are based on similar principles. Within the BNP\u00a0Paribas Cardif group, risk underwriting complies with specific delegation rules involving several levels, both local and central. The level of delegation depends on the level of assessment of the maximum acceptable loss, the estimated Solvency II capital requirement and the estimated profitability of the contracts concerned. The experience gained from managing geographically diversified portfolios enables the databases used for risk pricing to be updated regularly, taking into account numerous parameters (type of loan for creditor insurance, guarantee, insured population, etc.). Each contract is priced based on the measurement and monitoring of profitability and the return on equity set by the Executive Management of BNP\u00a0Paribas Cardif.
Contractual clauses allow underwriting risk to be managed in accordance with regulatory and commercial frameworks through technical and legal measures, such as tariff revision clauses provided for in the contract in the event of changes in taxation or risk of adverse development in loss experience, and the limitation of the duration of some guarantees.
Partners are interested in the quality of the risks of the contracts they bring so as to encourage the compliance with good underwriting practices defined by the Group.
Ceded reinsurance is a complementary element of the underwriting risk management framework. It aims to protect BNP\u00a0Paribas from the main risks to which the Group is exposed.
In savings, underwriting risk is managed through monitoring and supervision of the offering, adapted to the market context. The Group thus limits the risk exposure, which is characterised by an insufficient performance of the investments compared with the contractual remuneration obligation. Thus 99% of Cardif Assurance Vie\u2019s outstanding savings and of the retirement contracts in their accumulation phase do not provide for a guaranteed minimum rate or a guaranteed minimum rate of more than one year beyond the capital guarantee. For the French portfolio, the guaranteed average rate is less than 0.1%. In Italy, Cardif Vita offers an average guaranteed minimum rate of less than 0.03% on the main general capital Vita fund. In Italy, only three segregated funds, in run-off, whose total outstandings represent less than 2.19% of the subsidiary\u2019s outstandings, have an average guaranteed minimum rate of 1.87%.
Besides, the average redemption rates for BNP Paribas Cardif group general funds stood in France at 5.6% (compared with 6.2% in 2024), in Italy at 11.9% (compared with 14.0% in 2024) and in Luxembourg at 11.7% (compared to 10.6% in 2024).
The table below shows the liabilities related to insurance contracts excluding reinsurance by country of issuance. These liabilities include the present value of future cash flows, the contractual service margin, and the adjustment for non-financial risk.
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
France(1) | 188,878 | 180,289 |
Italy(1) | 30,207 | 28,109 |
Luxembourg(1) | 34,089 | 31,138 |
Other Europe(1) | 1,647 | 1,547 |
Asia(1) | 5,407 | 5,714 |
Latin America(2) | 879 | 703 |
TOTAL | 261,107 | 247,500 |
(1) | Savings and Protection. |
(2) | Protection only. |
\u00a0
The table below shows the impact gross of taxes on income and shareholders\u2019 equity of reasonably possible changes in the main underwriting risk variables at reporting date (i.e. changes in surrenders and mortality for life savings activities and changes in claims for protection activities). Shocks are applied to current-year death claims and surrenders. Sensitivity to non-financial risks is presented excluding the effect of ceded reinsurance contracts and assuming that all other variables remain unchanged.
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Potential impact on income | Potential impact on equity | Potential impact on income | Potential impact on equity | |
Savings | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Mortality rates (1% increase/decrease) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Lapse rates (5% increase/decrease) | -/+2 | \u00a0 | -/+2 | \u00a0 |
Protection | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Ultimate loss rate (5% increase/decrease) | -/+103 | \u00a0 | -/+95 | \u00a0 |
\u00a0
Qualitative information on the valuation of the carrying amount and fair value of financial instruments is provided in the financial instruments section of note 1.f \u201cFinancial assets and liabilities\u201d. Quantitative information on the carrying value of financial instruments is disclosed in note 5.c \u201cInvestments, other financial assets and liabilities related to insurance activities\u201d.
IFRS 17 defines market risk as the risk that changes in market prices (e.g. interest rates, currency exchange rates, share prices) affect the fulfilment cash flows of insurance and reinsurance contracts and the fair value or future cash flows of financial instruments. Market risk includes:
For its insurance activities, the Group has equipped itself with the necessary management tools to calibrate the strategic asset allocation and to measure asset-liability matching risks. Asset-liability studies enable to project expected flows on both the assets and the liabilities of the various general funds. In particular, they allow to adapt the duration of assets according to the profile of the various liabilities.
The investment policy dictates the framework for asset management. It defines the principles for aligning the structure of asset portfolios with the commitments made to policyholders, while optimising the expected return on investment relative to the risk limit set. Thus, in particular in the case of BNP\u202fParibas\u202fCardif, the implementation of the investment policy, entrusted to the Asset Management Department, is governed for each portfolio by a management agreement that specifies the investment limits according to asset classes. Market risk can also be managed through the use of financial hedging instruments.
Market risk exposure is also monitored through targeted studies such as the review of securities in an unrealised loss position.
In addition, foreign currency exchange risk exposure arises from the funding of the foreign branches, equity investments in foreign currency or investment strategy in foreign currency-denominated assets in general funds. Foreign exchange risk may be hedged by forward financial instruments, such as cross-currency swaps, or by foreign currency borrowings.
For unit-linked commitments, market risk is mainly transferred to policyholders.
The sensitivity on insurance contracts arises from the following effects:
The table below shows the impact gross of taxes on income and shareholders\u2019 equity of reasonably possible changes in interest rates at reporting date. Sensitivities are presented on all financial assets, excluding assets representing unit-linked contracts.
Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.
\u00a0
In millions of euros, at | 31 December 2025 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+50\u00a0bps variation of interest rate risk | (160) | 138 | (22) | (4,282) | 3,961 | (321) |
-50\u00a0bps variation of interest rate risk | 133 | (111) | 22 | 4,279 | (3,961) | 318 |
(1) | Excepted financial assets representing unit-linked contracts. |
\u00a0
In millions of euros, at | 31 December 2024 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+50\u00a0bps variation of interest rate risk | (190) | 178 | (12) | (4,019) | 3,738 | (281) |
-50\u00a0bps variation of interest rate risk | 249 | (237) | 12 | 4,015 | (3,738) | 277 |
(1) | Excepted financial assets representing unit-linked contracts. |
The table below shows the impact gross of taxes on income and equity of reasonably possible changes in market and real estate prices at the reporting date. Sensitivities are presented excluding unit-linked contracts.
Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.
\u00a0
In millions of euros, at | 31 December 2025 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+10% variation of equity market | 1,474 | (1,354) | 120 | 266 | \u00a0 | 266 |
-10% variation of equity market | (1,474) | 1,354 | (120) | (266) | \u00a0 | (266) |
+10% variation of real estate market | 1,253 | (1,220) | 33 | \u00a0 | \u00a0 | \u00a0 |
-10% variation of real estate market | (1,253) | 1,220 | (33) | \u00a0 | \u00a0 | \u00a0 |
(1) | Excepted financial assets representing unit-linked contracts. |
\u00a0
In millions of euros, at | 31 December 2024 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+10% variation of equity market | 1,310 | (1,246) | 64 | 175 | (3) | 172 |
-10% variation of equity market | (1,310) | 1,246 | (64) | (175) | 3 | (172) |
+10% variation of real estate market | 1,183 | (1,153) | 30 | \u00a0 | \u00a0 | \u00a0 |
-10% variation of real estate market | (1,183) | 1,153 | (30) | \u00a0 | \u00a0 | \u00a0 |
(1) | Excepted financial assets representing unit-linked contracts. |
\u00a0
For savings contracts valued using the variable fees approach, the change in the value of the underlying financial assets is largely offset by the change in the value of the liabilities, provided that the contractual service margin remains positive.\u00a0
Potential effects on income and equity are therefore mainly derived from non-participating contracts and assets representing the shareholders\u2019 equity of insurance entities.
\u00a0
IFRS 17 defines credit risk as the risk that a party to a financial instrument, an insurance contract issued which is an asset or a reinsurance contract held, fails to meet one of its obligations and thereby causes the other party to suffer a financial loss.
The credit risk related to contracts in the scope of IFRS 17 relates mainly to reinsurance contracts held (risk of default by a reinsurer that would no longer allow him to assume a share of the amount due to him) and to receivables on the partners to whom the collection of the premiums have been delegated.
Counterparty risk management on reinsurers is achieved through rigorous selection of reinsurers, negotiation of collateral provided and regular monitoring of major exposures. The guarantees required may be real sureties, such as cash deposits and security pledges, or financial guarantees given and letters of guarantee.
The counterparty risk of BNP\u00a0Paribas Cardif\u2019s partners comes under the Partners and Reinsurers credit governance. As with a reinsurer, an exposure to a partner may be subject to real or personal security. Depending on the quality of the counterparty, the following techniques may be used: guarantee of the parent company, first-demand bank guarantee, segregated account of the rest of the assets in the event of bankruptcy, etc.
\u00a0
IFRS 17 defines liquidity risk as the difficulty of honouring commitments related to insurance contracts and financial liabilities that are to be settled through the provision of cash or other financial assets.
Tactical asset management is carried out to release the cash needed to settle insurance benefits, in keeping with the fund's current management framework, while minimising impacts on the rate of return on assets.
Liquidity risk is managed centrally based on studies carried out at intervals appropriate to the risk exposure.
Stress tests are carried out as part of asset-liability management studies. They test the ability to honour its commitments in adverse financial market situations, taking into account the impact of these situations on the behaviour of policyholders. These medium and long-term asset-liability matching analyses are based on a projection of the medium and/or long-term profit and loss account and balance sheet under various economic scenarios. The analysis of the results obtained makes it possible to take, where appropriate, measures to adjust the constraints on asset allocation (strategic allocation, diversification, derivatives, etc.).
\u00a0
The table below details the forward schedule of the present value of the future cash flows of all insurance contracts excluding reinsurance.
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
1\u00a0year | 8,313 | 7,770 |
1 to 2\u00a0years | 9,375 | 8,037 |
2 to 3\u00a0years | 6,961 | 6,685 |
3 to 4\u00a0years | 7,034 | 6,923 |
4 to 5\u00a0years | 7,286 | 7,735 |
5 to 10\u00a0years | 33,531 | 33,032 |
More than 10\u00a0years | 167,082 | 157,419 |
TOTAL | 239,582 | 227,601 |
\u00a0
For participating contracts, amounts payable on demand correspond to surrender values of saving contracts.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Amount payable on demand | Carrying amount | Amount payable on demand | Carrying amount | |
Participating contracts | 243,708 | 254,565 | 227,706 | 241,278 |
Non-participating contracts | 90 | 6,542 | 57 | 6,222 |
TOTAL | 243,798 | 261,107 | 227,763 | 247,500 |
IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
\u00a0
The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).
The main insurance contracts issued by the Group correspond to:
A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.
Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.
The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.
These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.
When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:
An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.
An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.
The insurance risks covered by Group entities are:
Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.
Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.
Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.
Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered as investment contracts with discretionary participating features, measured using the variable fee approach.
Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.
For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.
For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.
For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.
A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.
A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.
On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.
An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.
The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.
Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.
The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.
If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.
Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.
At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.
The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.
The release of expected fulfilment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.
The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.
The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.
The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.
The risk adjustment is determined using the quantile method.
The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.
Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).
Direct participating contracts are insurance or investment contracts for which:
Compliance with these conditions is monitored on the underwriting date and is not reviewed later.
For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.
At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.
The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).
Changes in the fulfilment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.
Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.
Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.
Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.
The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.
The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).
The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.
The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.
The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.
Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.
The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.
The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.
Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.
Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.
For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.
The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.
Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.
At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.
Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).
Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.
The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.
The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.
In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.
The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.
The reinsurance contracts held are measured by the Group using the simplified approach or the general model.
\u00a0
The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.
Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.
Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.
The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_460aaee3-fae5-4ea8-a25b-d8710f696d53": { "value": "Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.
The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.
The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.
In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.
The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.
The reinsurance contracts held are measured by the Group using the simplified approach or the general model.
\u00a0
The main contracts issued by the Group are (see note\u00a01.g.2):
Reinsurance contracts held are also measured under the general model or the premium allocation approach.
Insurance and reinsurance contracts issued and reinsurance contracts held are presented on the assets or liabilities side of the balance sheet according to the overall position of the portfolios to which they belong. They are presented separately according to their valuation model: allocation method or other models (general model and variable fee approach). Reinsurance contracts held are isolated.
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Assets | Liabilities | Net (Assets) | Assets | Liabilities | Net (Assets) | |
Insurance contracts not measured under the premium allocation approach | 20 | 258,353 | 258,333 | 34 | 244,978 | 244,944 |
Insurance contracts measured under the premium allocation approach | 82 | 2,856 | 2,774 | 153 | 2,709 | 2,556 |
Reinsurance contracts held | 572 | 14 | (558) | 709 | 12 | (697) |
Assets and liabilities related to insurance contracts | 674 | 261,223 | 260,549 | 896 | 247,699 | 246,803 |
Tables below show movements in carrying amounts of insurance contracts and do not include reinsurance contracts held.
Insurance contracts issued, excluding reinsurance contracts In millions of euros | Remaining coverage | Incurred claims(3) | Total net liabilities | |
Excluding loss component | Loss component | |||
NET (ASSETS) OR LIABILITIES AT 31 DECEMBER 2023 | 213,024 | 170 | 4,743 | 217,937 |
Insurance service result: (income) or expenses | (7,116) | 17 | 4,437 | (2,662) |
of which insurance revenue | (9,711) | \u00a0 | \u00a0 | (9,711) |
of which insurance service expenses | 2,595 | 17 | 4,437 | 7,049 |
Net finance (income) or expenses from insurance contracts(2) | 10,952 | 3 | 164 | 11,119 |
Total changes recognised in profit and loss and in equity | 3,836 | 20 | 4,601 | 8,457 |
Investment component | (19,641) | \u00a0 | 19,641 | - |
Premiums received for insurance contracts issued | 32,795 | \u00a0 | \u00a0 | 32,795 |
Insurance acquisition cash flows | (2,781) | \u00a0 | \u00a0 | (2,781) |
Claims and other service expenses paid | \u00a0 | \u00a0 | (24,166) | (24,166) |
Total cash flows | 30,014 | \u00a0 | (24,166) | 5,848 |
Changes in scope of consolidation and other items | 15,061 | 6 | 191 | 15,258 |
NET (ASSETS) OR LIABILITIES AT 31 DECEMBER 2024(1) | 242,294 | 196 | 5,010 | 247,500 |
Insurance service result: (income) or expenses | (7,693) | 33 | 4,997 | (2,663) |
of which insurance revenue | (10,270) | (10,270) | ||
of which insurance service expenses | 2,577 | 33 | 4,997 | 7,607 |
Net finance (income) or expenses from insurance contracts(2) | 9,162 | 3 | 53 | 9,218 |
Total changes recognised in profit and loss and in equity | 1,469 | 36 | 5,050 | 6,555 |
Investment component | (20,594) | - | 20,594 | - |
Premiums received for insurance contracts issued | 36,136 | 36,136 | ||
Insurance acquisition cash flows | (2,898) | (2,898) | ||
Claims and other service expenses paid | (25,329) | (25,329) | ||
Total cash flows | 33,238 | - | (25,329) | 7,909 |
Changes in scope of consolidation and other items | (977) | 2 | 118 | (857) |
NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2025(1) | 255,430 | 234 | 5,443 | 261,107 |
(1) | Including receivables and liabilities attributable to insurance contracts for a net asset of EUR 1,247 million at 31 December 2025, compared with\u00a0 a net asset of EUR 961 million at 31 December 2024 |
(2) | Including finance income and expenses recognised directly in equity. |
(3) | Including incurred claims for contracts under the premium allocation approach (PAA) for a net liability of EUR 2,086 million at 31 December 2025, of which EUR 1,945 million in respect of the present value of cash flows and EUR 141 million in respect of the non-financial risk adjustment |
Insurance contracts issued not measured under the premium allocation approach,\u00a0 In millions of euros | Present value | Non-financial risk adjustment | Contractual service margin | Total |
|---|---|---|---|---|
NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2023 | 197,789 | 1,603 | 16,275 | 215,667 |
Insurance service result: (income) or expenses | (2,919) | 154 | 721 | (2,044) |
of which changes related to future services - new contracts | (1,529) | 123 | 1,435 | 29 |
of which changes related to future services - change in estimation | (1,337) | 170 | 1,194 | 27 |
of which changes related to current service(2) | (8) | (118) | (1,908) | (2,034) |
of which changes related to past service | (45) | (21) | \u00a0 | (66) |
Net finance (income) or expenses from insurance contracts(3) | 10,867 | 18 | 60 | 10,945 |
Total changes recognised in profit and loss and in equity | 7,948 | 172 | 781 | 8,901 |
Premiums received for insurance contracts issued | 28,552 | \u00a0 | \u00a0 | 28,552 |
Insurance acquisition cash flows | (978) | \u00a0 | \u00a0 | (978) |
Claims and other service expenses paid | (22,363) | \u00a0 | \u00a0 | (22,363) |
Total cash flows | 5,211 | - | - | 5,211 |
Changes in scope of consolidation and other items | 14,613 | 98 | 454 | 15,165 |
NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2024(1) | 225,561 | 1,873 | 17,510 | 244,944 |
Insurance service result: (income) or expenses | (3,648) | 95 | 1,512 | (2,041) |
of which changes related to future services - new contracts | (1,766) | 135 | 1,661 | 30 |
of which changes related to future services - change in estimation | (1,923) | 109 | 1,857 | 43 |
of which changes related to current service(2) | 55 | (134) | (2,006) | (2,085) |
of which changes related to past service | (14) | (15) | (29) | |
Net finance (income) or expenses from insurance contracts(3) | 9,064 | (3) | 58 | 9,119 |
Total changes recognised in profit and loss and in equity | 5,416 | 92 | 1,570 | 7,078 |
Premiums received for insurance contracts issued | 31,775 | \u00a0 | \u00a0 | 31,775 |
Insurance acquisition cash flows | (1,127) | \u00a0 | \u00a0 | (1,127) |
Claims and other service expenses paid | (23,490) | \u00a0 | \u00a0 | (23,490) |
Total cash flows | 7,158 | - | - | 7,158 |
Changes in scope of consolidation and other items | (761) | (10) | (76) | (847) |
NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2025(1) | 237,374 | 1,955 | 19,004 | 258,333 |
(1) \u00a0 | Including receivables and liabilities attributable to insurance contracts for a net asset of EUR 1,145 million at 31 December 2025, compared with\u00a0 a net asset of EUR 765 million at 31 December 2024 |
(2) | Including an experience adjustment that amounted to +EUR 51 million for the year ended 2025 and to -EUR 9 million for the year ended 2024\u00a0 |
(3) | Including finance income and expenses recognised directly in equity. |
The schedule presents the amortisation of the contractual service margin to be recognised over time in profit or loss for protection contracts under the general model and for saving contracts under the variable fee approach. For the latter, it considers the over performance of financial assets compared with a risk-neutral measurement.
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Less than 5\u00a0years | 8,475 | 7,938 |
5 to 10\u00a0years | 6,682 | 5,347 |
More than 10\u00a0years | 3,847 | 4,225 |
TOTAL | 19,004 | 17,510 |
The table below presents the average discount rates used in the measurement of savings and protection contracts for the main horizons of the euro curve.
\u00a0 | 31 December 2025 | 31 December 2024 | ||
Savings | Protection | Savings | Protection | |
1\u00a0year | 2.85% | 2.08% | 3.17% | 2.24% |
5\u00a0years | 3.25% | 2.48% | 3.07% | 2.14% |
10\u00a0years | 3.63% | 2.86% | 3.20% | 2.27% |
15\u00a0years | 3.88% | 3.11% | 3.26% | 2.33% |
20\u00a0years | 3.98% | 3.21% | 3.19% | 2.26% |
40\u00a0years | 4.02% | \u00a0 | 3.09% | \u00a0 |
\u00a0
For the construction of the yield curve, an approach based on the risk-free rate has been adopted, with the following parameters:
For savings contracts valued according to the variable fee method, for which the fulfilment cash flows take into account the return on underlying financial assets, the risk-free yield curve is supplemented by a liquidity premium calculated on the basis of the portfolio of assets backing the savings and the retirement contracts. By assumption, bonds (sovereign and corporate) and diversified financial assets benefit from a liquidity premium (or illiquidity premium). The average liquidity premium on all savings portfolios (in France, Italy and Luxembourg) is 0.77% at 31 December 2025, compared with 0.91% at 31 December 2024.
For protection contracts measured under the general model and for liabilities for incurred claims under the simplified approach, the discounting rate consists of the risk-free rate adjusted to reflect the illiquidity of liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered.
For savings contracts the risk adjustment is determined according to the cost of capital method, without taking into account the risk of massive lapses, including future payments, and considering only attributable expenses. It is measured within a confidence range of 60% and 70%. This one corresponds to a level of confidence of 66% at 31 December 2025, compared with 65% at 31 December 2024.
For protection contracts, the level of confidence used in determining the adjustment for non-financial risks for the main countries is 70% (based on the quantile method).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_96cad1a4-460b-48de-8d35-89e8277aeef1": { "value": "Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.
The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.
The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.
In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.
The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.
The reinsurance contracts held are measured by the Group using the simplified approach or the general model.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_b9af718a-d041-428e-a0ff-e5441d6a1495": { "value": "Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.
Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).
Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).
Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and respectively 10 years and 12 years for the fixtures and fittings of operating properties and the fixtures and fittings of investment properties.
Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset, equals the higher of the two values between the value in use and the fair value less costs of disposal, is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.
Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.
Net depreciation and amortisation expense for the year ended 31 December 2025 was EUR\u00a02,367 million, compared with EUR 2,356 million for the year ended 31 December 2024.
The net increase in impairment on property, plant, equipment and intangible assets taken to the profit and loss account for the year ended 31 December 2025 amounted to\u00a0EUR 4 million, compared with EUR\u00a034\u00a0million for the year ended 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_91da9db9-7fa5-47c4-b738-2c7006960fe8": { "value": "Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.
Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).
Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).
Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and respectively 10 years and 12 years for the fixtures and fittings of operating properties and the fixtures and fittings of investment properties.
Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset, equals the higher of the two values between the value in use and the fair value less costs of disposal, is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.
Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_3582c13d-356f-4b36-bcc1-3f4bb7443df4": { "value": "Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.
Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).
Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).
Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and respectively 10 years and 12 years for the fixtures and fittings of operating properties and the fixtures and fittings of investment properties.
Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset, equals the higher of the two values between the value in use and the fair value less costs of disposal, is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.
Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Gain or loss on investments in consolidated undertakings (note\u00a08.d) | 264 | 133 |
Gain or loss on tangible and intangible assets | 9 | (30) |
Results from net monetary position | (329) | (294) |
Net gain on non-current assets | (56) | (191) |
\u00a0
According to IAS 29 in connection with the hyperinflation situation of the economy in T\u00fcrkiye, the line \u201cResults from net monetary positions\u201d corresponds to the effect of the revaluation of the monetary assets net of the evolution of the consumer price index in T\u00fcrkiye on the valuation of non-monetary assets and liabilities (-\u202fEUR\u202f487\u202fmillion) and on income from the Turkish government bonds portfolio indexed to inflation and held by Turk Ekonomi Bankasi AS (+\u00a0EUR\u202f158\u202fmillion, reclassified from interest margin) in 2025 (respectively -\u202fEUR\u202f549\u202fmillion and +\u00a0EUR\u00a0255\u00a0million in 2024).
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross value | Accumulated depreciation, amortisation and impairment | Carrying | Gross value | Accumulated depreciation, amortisation and impairment | Carrying | |
Investment property | 617 | (236) | 381 | 855 | (331) | 524 |
Land and buildings | 11,253 | (4,663) | 6,590 | 11,049 | (4,758) | 6,291 |
Equipment, furniture and fixtures | 6,912 | (5,339) | 1,573 | 7,067 | (5,468) | 1,599 |
Plant and equipment leased as lessor under operating leases | 55,928 | (12,322) | 43,606 | 51,333 | (11,021) | 40,312 |
Other property, plant and equipment | 2,781 | (1,330) | 1,451 | 2,924 | (1,336) | 1,588 |
Property, plant and equipment | 76,874 | (23,654) | 53,220 | 72,373 | (22,583) | 49,790 |
Of which right of use | 5,663 | (3,255) | 2,408 | 5,786 | (3,387) | 2,399 |
Purchased software | 4,093 | (3,371) | 722 | 4,135 | (3,407) | 728 |
Internally developed software | 7,218 | (5,590) | 1,628 | 6,752 | (5,137) | 1,615 |
Other intangible assets | 2,971 | (738) | 2,233 | 2,696 | (647) | 2,049 |
Intangible assets | 14,282 | (9,699) | 4,583 | 13,583 | (9,191) | 4,392 |
INVESTMENT PROPERTY AND FIXED ASSETS USED IN OPERATIONS\u00a0 | 91,773 | (33,589) | 58,184 | 86,811 | (32,105) | 54,706 |
\u00a0
In millions of euros, at | 31 December 2024 | Increase | Decrease | Net depreciation and impairment | Other movements | 31 December 2025 |
|---|---|---|---|---|---|---|
Investment property | 524 | 21 | (56) | (1) | (107) | 381 |
Property, plant and equipment | 49,790 | 19,625 | (10,117) | (5,550) | (528) | 53,220 |
Of which Assets leased as lessor under operating leases | 40,312 | 17,229 | (8,179) | (5,450) | (306) | 43,606 |
Intangible assets | 4,392 | 1,728 | (994) | (635) | 92 | 4,583 |
INVESTMENT PROPERTY AND FIXED ASSETS USED IN OPERATIONS | 54,706 | 21,374 | (11,167) | (6,186) | (543) | 58,184 |
Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.
Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).
Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).
Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and respectively 10 years and 12 years for the fixtures and fittings of operating properties and the fixtures and fittings of investment properties.
Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset, equals the higher of the two values between the value in use and the fair value less costs of disposal, is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.
Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.
Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_0b2a462c-abdd-4665-9d41-1d5e5c6655fd": { "value": "Group companies may either be the lessee or the lessor in a lease agreement.
Leases contracted by the Group as lessor are categorised as either finance leases or operating leases.
In a finance lease, the lessor transfers substantially all the risks and rewards of ownership of an asset to the lessee. It is treated as a loan made to the lessee to finance the purchase of the asset.
The present value of the lease payments, plus any residual value, is recognised as a receivable. The net income earned from the lease by the lessor is equal to the amount of interest on the loan and is taken to the profit and loss account under \u201cInterest income\u201d. The lease payments are spread over the lease term and are allocated to reduction of the principal and to interest such that the net income reflects a constant rate of return on the net investment outstanding in the lease. The rate of interest used is the rate implicit in the lease.
Impairments of lease receivables are determined using the same principles as applied to financial assets measured at amortised cost.
An operating lease is a contract under which most of the risks and rewards of ownership of the leased asset are not transferred to the lessee.
The leased asset is initially recognised by the lessor as a tangible asset for its acquisition price less residual value and subsequently depreciated on a straight-line basis over its useful life. The asset depreciation charge and lease payments are recognised in profit and loss over the lease term respectively in \"Expense on other activities\u201d and \"Income from other activities\u201d line items.
Vehicles leased by the Group and classified under operating leases are assets with an average lease term of between one and five years. The cost of acquiring these assets includes their purchase price, as well as any directly attributable costs necessary to make the vehicle available to the lessee customers. Residual value is a statistical model estimate of the resale value of the asset and is re-estimated monthly, taking into account, in particular, historical data on the sale of vehicles in the second-hand market and the specific context of each geographical area. In the event of a change in the amount of the residual value of the asset relative to its estimated value, a forward-looking adjustment to the depreciation plan is made vehicle by vehicle.
\u00a0
Lease contracts concluded by the Group, with the exception of contracts whose term is shorter than or equal to 12-months and low-value contracts, are recognised in the balance-sheet in the form of a right-of-use on the leased asset presented under fixed assets, along with the recognition of a financial liability for the rent and other payments to be made over the leasing period. The right of use assets is amortised on a straight-line basis and the financial liabilities are amortised on an actuarial basis over the lease period. Dismantling costs corresponding to specific and significant fittings and fixtures are included in the initial right-of-use estimation, in counterparty of a provision liability.
The key hypotheses used by the Group for the measurement of rights of use and lease liabilities are the following:
Operating leases and investment property transactions are in certain cases subject to agreements providing for the following minimum future payments:
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Future minimum lease payments receivable under non-cancellable leases | 12,858 | 12,142 |
Payments receivable within 1\u00a0year | 5,434 | 5,131 |
Payments receivable after 1\u00a0year but within 5\u00a0years | 7,388 | 6,987 |
Payments receivable beyond 5\u00a0years | 36 | 24 |
\u00a0
Future minimum lease payments receivable under non-cancellable leases are payments that the lessee is required to make during the lease term.
At 31 December 2025, commitments to purchase vehicles and equipment intended for operating leasing amounted to EUR 4.8 billion, compared with EUR 5.2 billion for the year ended 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_b5037751-6ba3-4f0b-86f7-3bda21cc658f": { "value": "Group companies may either be the lessee or the lessor in a lease agreement.
Leases contracted by the Group as lessor are categorised as either finance leases or operating leases.
In a finance lease, the lessor transfers substantially all the risks and rewards of ownership of an asset to the lessee. It is treated as a loan made to the lessee to finance the purchase of the asset.
The present value of the lease payments, plus any residual value, is recognised as a receivable. The net income earned from the lease by the lessor is equal to the amount of interest on the loan and is taken to the profit and loss account under \u201cInterest income\u201d. The lease payments are spread over the lease term and are allocated to reduction of the principal and to interest such that the net income reflects a constant rate of return on the net investment outstanding in the lease. The rate of interest used is the rate implicit in the lease.
Impairments of lease receivables are determined using the same principles as applied to financial assets measured at amortised cost.
An operating lease is a contract under which most of the risks and rewards of ownership of the leased asset are not transferred to the lessee.
The leased asset is initially recognised by the lessor as a tangible asset for its acquisition price less residual value and subsequently depreciated on a straight-line basis over its useful life. The asset depreciation charge and lease payments are recognised in profit and loss over the lease term respectively in \"Expense on other activities\u201d and \"Income from other activities\u201d line items.
Vehicles leased by the Group and classified under operating leases are assets with an average lease term of between one and five years. The cost of acquiring these assets includes their purchase price, as well as any directly attributable costs necessary to make the vehicle available to the lessee customers. Residual value is a statistical model estimate of the resale value of the asset and is re-estimated monthly, taking into account, in particular, historical data on the sale of vehicles in the second-hand market and the specific context of each geographical area. In the event of a change in the amount of the residual value of the asset relative to its estimated value, a forward-looking adjustment to the depreciation plan is made vehicle by vehicle.
\u00a0
Lease contracts concluded by the Group, with the exception of contracts whose term is shorter than or equal to 12-months and low-value contracts, are recognised in the balance-sheet in the form of a right-of-use on the leased asset presented under fixed assets, along with the recognition of a financial liability for the rent and other payments to be made over the leasing period. The right of use assets is amortised on a straight-line basis and the financial liabilities are amortised on an actuarial basis over the lease period. Dismantling costs corresponding to specific and significant fittings and fixtures are included in the initial right-of-use estimation, in counterparty of a provision liability.
The key hypotheses used by the Group for the measurement of rights of use and lease liabilities are the following:
Leases contracted by the Group as lessor are categorised as either finance leases or operating leases.
In a finance lease, the lessor transfers substantially all the risks and rewards of ownership of an asset to the lessee. It is treated as a loan made to the lessee to finance the purchase of the asset.
The present value of the lease payments, plus any residual value, is recognised as a receivable. The net income earned from the lease by the lessor is equal to the amount of interest on the loan and is taken to the profit and loss account under \u201cInterest income\u201d. The lease payments are spread over the lease term and are allocated to reduction of the principal and to interest such that the net income reflects a constant rate of return on the net investment outstanding in the lease. The rate of interest used is the rate implicit in the lease.
Impairments of lease receivables are determined using the same principles as applied to financial assets measured at amortised cost.
An operating lease is a contract under which most of the risks and rewards of ownership of the leased asset are not transferred to the lessee.
The leased asset is initially recognised by the lessor as a tangible asset for its acquisition price less residual value and subsequently depreciated on a straight-line basis over its useful life. The asset depreciation charge and lease payments are recognised in profit and loss over the lease term respectively in \"Expense on other activities\u201d and \"Income from other activities\u201d line items.
Vehicles leased by the Group and classified under operating leases are assets with an average lease term of between one and five years. The cost of acquiring these assets includes their purchase price, as well as any directly attributable costs necessary to make the vehicle available to the lessee customers. Residual value is a statistical model estimate of the resale value of the asset and is re-estimated monthly, taking into account, in particular, historical data on the sale of vehicles in the second-hand market and the specific context of each geographical area. In the event of a change in the amount of the residual value of the asset relative to its estimated value, a forward-looking adjustment to the depreciation plan is made vehicle by vehicle.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutLeasingActivitiesForLessorExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_0c8e1cf0-72f8-49f5-bcdf-cd73fd03a5c8": { "value": "Lease contracts concluded by the Group, with the exception of contracts whose term is shorter than or equal to 12-months and low-value contracts, are recognised in the balance-sheet in the form of a right-of-use on the leased asset presented under fixed assets, along with the recognition of a financial liability for the rent and other payments to be made over the leasing period. The right of use assets is amortised on a straight-line basis and the financial liabilities are amortised on an actuarial basis over the lease period. Dismantling costs corresponding to specific and significant fittings and fixtures are included in the initial right-of-use estimation, in counterparty of a provision liability.
The key hypotheses used by the Group for the measurement of rights of use and lease liabilities are the following:
Where the Group decides to sell assets or a group of assets and liabilities and it is highly probable that the sale will occur within 12\u00a0months, these assets are shown separately in the balance sheet, on the line \u201cAssets held for sale\u201d. Any liabilities associated with these assets are also shown separately in the balance sheet, on the line \u201cLiabilities associated with assets held for sale\u201d. When the Group is committed to a sale plan involving loss of control of a subsidiary and the sale is highly probable within 12\u00a0months, all the assets and liabilities of that subsidiary are classified as held for sale.
Once classified in this category, assets and the group of assets and liabilities are measured at the lower of carrying amount or fair value less costs to sell.
Such assets are no longer depreciated. If an asset or group of assets and liabilities becomes impaired, an impairment loss is recognised in the profit and loss account. Impairment losses may be reversed.
Where a group of assets and liabilities held for sale represents a cash generating unit, it is categorised as a \u201cdiscontinued operation\u201d. Discontinued operations include operations that are held for sale, operations that have been shut down, and subsidiaries acquired exclusively with a view to resell.
In this case, gains and losses related to discontinued operations are shown separately in the profit and loss account, on the line \u201cNet income from discontinued activities\u201d. This line includes after tax profits or losses of discontinued operations, after tax gain or loss arising from remeasurement at fair value less costs to sell, and after tax gain or loss on disposal of the operation.
As part of the integration of BNP Paribas Asset Management, BNP Paribas Real Estate Investment Management and Axa Investment Managers entities, and also in order to restore BNP Paribas Real Estate\u2019s competitiveness, the management of these business lines presented to their employee representatives at the beginning of 2026 reorganisation plans including an enhanced mobility scheme and a voluntary departure plan in France. These reorganisation projects would result in the reduction of approximately 700 positions, alongside the creation of more than 250 positions by the beginning of 2028.
\u00a0
On 7 December 2025, the BNP Paribas and Ageas Groups signed a framework agreement, including the exit of BNP Paribas Fortis from the capital of AG Insurance, concurrent with the entry of BNP Paribas Cardif into the capital of Ageas, the holder of AG Insurance. The expected sale price of AG Insurance shares, a consolidated entity under significant influence within the Group, is EUR 1.9 billion. The deal is expected to be finalised in the second quarter of 2026, after obtaining the necessary regulatory approvals.
Furthermore, on December 12, 2025, BNP Paribas publicly announced the enter into exclusive discussion with the Holmarcom Group for a potential sale of its 67% stake in Banque Marocaine pour le Commerce et l'Industrie, and its subsidiaries BMCI Leasing and BMCI Banque Offshore.
Given the progress of the negotiations, the Group considers that the loss of control of these entities within a one-year period is highly probable. In accordance with the provisions of IFRS 5 on groups of assets and liabilities held for sale, the consolidated financial statements of the Group are adjusted to present these entities separately:
In millions of euros | 31 December 2025 |
|---|---|
Financial assets at amortised cost | (6,267) |
Equity\u2011method investments | (621) |
Other assets | (917) |
Total assets held for sale | 7,805 |
Financial liabilities at amortised cost | (4,855) |
Other liabilities | (1,217) |
Total liabilities associated with assets\u00a0 | 6,072 |
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_709e777e-020d-4967-9270-59174ea375f5": { "value": "Where the Group decides to sell assets or a group of assets and liabilities and it is highly probable that the sale will occur within 12\u00a0months, these assets are shown separately in the balance sheet, on the line \u201cAssets held for sale\u201d. Any liabilities associated with these assets are also shown separately in the balance sheet, on the line \u201cLiabilities associated with assets held for sale\u201d. When the Group is committed to a sale plan involving loss of control of a subsidiary and the sale is highly probable within 12\u00a0months, all the assets and liabilities of that subsidiary are classified as held for sale.
Once classified in this category, assets and the group of assets and liabilities are measured at the lower of carrying amount or fair value less costs to sell.
Such assets are no longer depreciated. If an asset or group of assets and liabilities becomes impaired, an impairment loss is recognised in the profit and loss account. Impairment losses may be reversed.
Where a group of assets and liabilities held for sale represents a cash generating unit, it is categorised as a \u201cdiscontinued operation\u201d. Discontinued operations include operations that are held for sale, operations that have been shut down, and subsidiaries acquired exclusively with a view to resell.
In this case, gains and losses related to discontinued operations are shown separately in the profit and loss account, on the line \u201cNet income from discontinued activities\u201d. This line includes after tax profits or losses of discontinued operations, after tax gain or loss arising from remeasurement at fair value less costs to sell, and after tax gain or loss on disposal of the operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_47d27997-579a-4ca4-9aad-dcb9f3668b7e": { "value": "Employee benefits are classified into four categories:
The Group recognises an expense when it has used services rendered by employees in exchange for employee benefits.
These are benefits, other than short-term benefits, post-employment benefits and termination benefits. This relates, in particular, to compensation deferred for more than 12\u00a0months and not linked to the BNP\u00a0Paribas share price, which is accrued in the financial statements for the period in which this compensation is earned.
The actuarial techniques used are similar to those used for defined-benefit post-employment benefits, except that the revaluation items are recognised in the profit and loss account and not in equity.
Termination benefits are employee benefits payable in exchange for the termination of an employee\u2019s contract as a result of either a decision by the Group to terminate a contract of employment before the legal retirement age, or a decision by an employee to accept voluntary redundancy in exchange for these benefits. Termination benefits due more than 12-months after the balance sheet date are discounted.
In accordance with IFRS, the BNP\u00a0Paribas Group draws a distinction between defined-contribution plans and defined-benefit plans.
Defined-contribution plans do not give rise to an obligation for the Group and do not require a provision. The amount of the employer\u2019s contributions payable during the period is recognised as an expense.
Only defined-benefit schemes give rise to an obligation for the Group. This obligation must be measured and recognised as a liability by means of a provision.
The classification of plans into these two categories is based on the economic substance of the plan, which is reviewed to determine whether the Group has a legal or constructive obligation to pay the agreed benefits to employees.
Post-employment benefit obligations under defined-benefit plans are measured using actuarial techniques that take demographic and financial assumptions into account.
The net liability recognised with respect to post-employment benefit plans is the difference between the present value of the defined-benefit obligation and the fair value of plan assets (if any).
The present value of the defined-benefit obligation is measured on the basis of the actuarial assumptions applied by the Group, using the projected unit credit method. This method takes into account various parameters, specific to each country or Group entity, such as demographic assumptions, the probability that employees will leave before retirement age, salary inflation, a discount rate, and the general inflation rate.
When the value of the plan assets exceeds the amount of the obligation, an asset is recognised if it represents a future economic benefit for the Group in the form of a reduction in future contributions or a future partial refund of amounts paid into the plan.
The annual expense recognised in the profit and loss account under \u201cSalaries and employee benefits\u201d, with respect to defined-benefit plans includes the current service cost (the rights vested by each employee during the period in return for service rendered), the net interests linked to the effect of discounting the net defined-benefit liability (asset), the past service cost arising from plan amendments or curtailments, and the effect of any plan settlements.
Remeasurements of the net defined-benefit liability (asset) are recognised in shareholders\u2019 equity and are never reclassified to profit or loss. They include actuarial gains and losses, the return on plan assets and any change in the effect of the asset ceiling (excluding amounts included in net interest on the defined-benefit liability or asset).
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Fixed and variable remuneration, incentive bonuses and profit-sharing | 14,823 | 14,066 |
Employee benefit expense | 3,851 | 3,697 |
Payroll taxes | 464 | 380 |
Total salary and employee benefit expense for banking activities (note\u00a02.f) | 19,138 | 18,143 |
Salary and employee benefit expense of insurance activities (note\u00a05.b) | 899 | 839 |
Total salary and employee benefit expense | 20,037 | 18,982 |
\u00a0
IAS\u00a019 distinguishes between two categories of plans, each handled differently depending on the risk incurred by the entity. When the entity is only committed to paying a fixed amount, stated as a percentage of the beneficiary\u2019s annual salary, for example, to an external entity handling payment of the benefits based on the assets available for each plan member, it is described as a defined-contribution plan. Conversely, when the entity\u2019s obligation is to manage the financial assets funded through the collection of contributions from employees and to bear the cost of benefits itself or to guarantee the final amount subject to future events, it is described as a defined-benefit plan. The same applies if the entity entrusts management of the collection of premiums and payment of benefits to a separate entity but retains the risk arising from management of the assets and/or from future changes in the benefits.
The BNP\u00a0Paribas Group has implemented over the past few years a wide campaign of converting defined-benefit plans into defined-contribution plans.
Thus, in France, the BNP\u00a0Paribas Group pays contributions to mandatory state and complementary pension schemes. BNP\u00a0Paribas\u00a0SA and certain subsidiaries have set up a complementary defined-contribution pension plan under a company-wide agreement. Under this plan, employees will receive an annuity or a lump sum on retirement in addition to the pension paid by mandatory schemes.
Since defined-benefit plans have been closed to new employees in most countries outside France, they are offered the benefit of joining defined-contribution pension plans.
In Italy, the plan introduced by BNL is funded by employer contributions (4.5% of salaries) and employee contributions (2% of salaries). Employees can also make additional voluntary contributions.
In the United Kingdom, the employer contributes 12% of salaries for the majority of employees; employees can make additional voluntary contributions.
The amount paid into defined-contribution retirement plans for the year ended 31 December 2025\u00a0was EUR\u00a0839\u00a0million, compared with EUR 828 million for the year ended 31 December 2024.
The breakdown by major contributors is determined as follows:
\u00a0
Contribution amount In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
France | 371 | 383 |
Italy | 111 | 110 |
UK | 78 | 74 |
T\u00fcrkiye | 53 | 50 |
Luxembourg | 32 | 31 |
USA | 29 | 29 |
Hong Kong | 28 | 30 |
Others | 137 | 121 |
TOTAL | 839 | 828 |
\u00a0
In Belgium, BNP Paribas Fortis funds a defined-benefit plan, based on final salary and number of years of service, for its management and employees who joined the bank before its pension plans were harmonised on 1\u00a0January\u00a02002. Actuarial liabilities under this scheme are pre-funded at 92% at\u00a031 December 2025 (compared with 95% at\u00a031\u00a0December 2024) through insurance companies.
BNP\u00a0Paribas Fortis senior managers joining before 1 January 2015 are covered by a top-up pension plan, paying a lump sum based on the number of years of service and final salary. This plan is pre-funded at 101% at\u00a031\u00a0December\u00a02025 (compared with 100% at\u00a031 December 2024) through insurance companies.
In Belgium, employees benefit from a defined-contribution scheme with a legal obligation for the employer to guarantee a minimum return on financial assets invested. Thus, a provision was recognised for these schemes, as this guarantee is not entirely covered by the insurance company.
In Switzerland, liabilities relate to top-up pension plans based on the principle of defined-contribution schemes with guaranteed returns, paying an annuity under pre-defined terms. These schemes are managed by a foundation. At 31 December 2025, obligations were 109% covered by financial assets, compared with 105% at 31 December 2024.
In the United Kingdom, defined-benefit pension plans (pension funds) still exist but are closed to new employees. Under these plans, the defined pension is generally based on final salary and number of years of service. Pension schemes are managed by independent management bodies (Trustees). At 31 December 2025, obligations for all United Kingdom entities were 125% covered by financial assets, compared with 124% at 31 December 2024.
In France, BNP Paribas pays a top-up banking industry pension arising from rights acquired to 31\u00a0December\u00a01993 by retired employees and BNP active employees in service at that date. At\u00a031 December 2025,\u00a0the Group\u2019s residual obligations for these employees were recognised on the balance sheet in full.
The defined-benefit plans previously granted to some Group senior managers have all been closed to new employees and converted into top-up type schemes. The amounts allocated to beneficiaries, subject to their presence within the Group at retirement, were fixed when these schemes were closed. At\u00a031 December 2025,\u00a0these pension plans were funded at 565% through insurance companies (442% at\u00a031 December 2024).
In T\u00fcrkiye, the main pension plan, that replaces the state pension scheme, offers guarantees exceeding the minimal legal requirements. Liabilities under this plan are funded by financial assets held by a trust external to the Group. At the end of 2025, these financial assets exceed the accounting value of the related liabilities and this accounting surplus is not recognised as an asset by the Group, the scheme\u2019s responsibilities should eventually be transferred to the Turkish State with all its financial liabilities and assets.
In the United States, main defined-benefit pension plans are based on annual vesting rights to a lump sum comprising a pension expressed as a percentage of annual frozen salary and paying interest at a pre-defined rate. These plans are closed to new entrants and do not offer new vesting rights. At\u00a031 December 2025, the obligation was 83% covered by financial assets, (85% at\u00a031 December 2024).
In Germany, liabilities are mainly related to defined-benefit pension plans, closed to new employees. Under these plans, the defined pension is generally based on the number of years of service and final salary. They offer the payment of an annuity under pre-defined terms. At 31 December 2025, the obligation was 72% covered by financial assets, (72% at\u00a031 December 2024).
Following the AXA IM acquisition by the Group as at 1st July 2025, the defined-benefit pension plans of the concerned entities have been included in the accounting process of the Group. The obligations are mainly in Switzerland, United Kingdom, France, Belgium and Germany, and are 96% covered by financial assets at\u00a031 December 2025.
Group employees also receive various other contractual post-employment benefits, such as indemnities payable on retirement, determined according to minimal legal requirements (Labour Code, collective agreements) or according to specific company-level agreements.
In France, the obligations for these benefits are funded through a contract held with a third-party insurer. At 31\u00a0December 2025, this obligation was 131% covered by financial assets, compared with 129% at 31\u00a0December\u00a02024.
In other countries, the obligations of the Group related to other post-employment benefits are mainly concentrated in Italy, where vested rights up to 31\u00a0December 2006 were frozen.
In millions of euros, at 31 December 2025 | Defined- | Defined- | Present value of defined-benefit obligation | Fair value of plan assets | Fair value of reimburse- | Effect of asset ceiling | Net obligation | of which asset recognised in the balance sheet for defined- | of which net assets of defined- | of which fair value of reimburse- | of which obligation recognised in the balance sheet for defined- |
|---|---|---|---|---|---|---|---|---|---|---|---|
Belgium | 2,707 | \u00a0 | 2,707 | (217) | (2,411) | \u00a0 | 79 | (2,413) | (2) | (2,411) | 2,492 |
UK | 1,033 | \u00a0 | 1,033 | (1,292) | \u00a0 | 16 | (243) | (243) | (243) | \u00a0 | \u00a0 |
Switzerland | 1,280 | \u00a0 | 1,280 | (1,392) | \u00a0 | 130 | 18 | \u00a0 | \u00a0 | \u00a0 | 18 |
France | 784 | 39 | 823 | (1,102) | (27) | \u00a0 | (306) | (396) | (369) | (27) | 90 |
USA | 130 | 1 | 131 | (109) | \u00a0 | \u00a0 | 22 | \u00a0 | \u00a0 | \u00a0 | 22 |
T\u00fcrkiye | 341 | 31 | 372 | (344) | \u00a0 | 3 | 31 | \u00a0 | \u00a0 | \u00a0 | 31 |
Italy | \u00a0 | 111 | 111 | \u00a0 | \u00a0 | \u00a0 | 111 | \u00a0 | \u00a0 | \u00a0 | 111 |
Germany | 119 | 57 | 176 | (126) | \u00a0 | \u00a0 | 50 | (15) | (15) | \u00a0 | 65 |
Others | 302 | 41 | 343 | (245) | (1) | 3 | 100 | (15) | (14) | (1) | 115 |
TOTAL | 6,696 | 280 | 6,976 | (4,827) | (2,439) | 152 | (138) | (3,082) | (643) | (2,439) | 2,944 |
Total without non current assets held for sale | 6,696 | 276 | 6,972 | (4,827) | (2,439) | 152 | (142) | (3,082) | (643) | (2,439) | 2,940 |
Total non current assets held for sale | - | 4 | 4 | - | -\u00a0 | - | 4 | - | - | - | 4 |
(1) | The reimbursement rights are principally found on the balance sheet of the Group\u2019s insurance subsidiaries and associated companies - notably AG Insurance\u00a0 with respect to BNP Paribas Fortis\u2019 defined-benefit plans - to hedge their commitments to other Group entities that were transferred to them to cover\u00a0 the post-employment benefits of certain employee categories. |
\u00a0
In millions of euros, at 31 December 2024 | Defined- | Defined- | Present value of defined- | Fair value of plan assets | Fair value of reimburse- | Effect of asset ceiling | Net obligation | of which asset recognised in the balance sheet for defined- | of which net assets of defined- | of which fair value of reimburse- | of which obligation recognised in the balance sheet for defined- |
|---|---|---|---|---|---|---|---|---|---|---|---|
Belgium | 2,691 | 15 | 2,706 | (183) | (2,456) | \u00a0 | 67 | (2,457) | (1) | (2,456) | 2,524 |
UK | 1,082 | \u00a0 | 1,082 | (1,337) | \u00a0 | \u00a0 | (255) | (255) | (255) | \u00a0 | \u00a0 |
Switzerland | 1,212 | \u00a0 | 1,212 | (1,276) | \u00a0 | \u00a0 | (64) | (68) | (68) | \u00a0 | 4 |
France | 811 | 47 | 858 | (1,114) | \u00a0 | \u00a0 | (256) | (355) | (355) | \u00a0 | 99 |
USA | 145 | 1 | 146 | (124) | \u00a0 | \u00a0 | 22 | \u00a0 | \u00a0 | \u00a0 | 22 |
T\u00fcrkiye | 346 | 32 | 378 | (347) | \u00a0 | 1 | 32 | \u00a0 | \u00a0 | \u00a0 | 32 |
Italy | \u00a0 | 139 | 139 | \u00a0 | \u00a0 | \u00a0 | 139 | \u00a0 | \u00a0 | \u00a0 | 139 |
Germany | 130 | 47 | 177 | (127) | \u00a0 | \u00a0 | 50 | (6) | (6) | \u00a0 | 56 |
Others | 314 | 49 | 363 | (254) | (1) | 2 | 110 | (11) | (10) | (1) | 121 |
TOTAL | 6,731 | 330 | 7,061 | (4,762) | (2,457) | 3 | (155) | (3,152) | (695) | (2,457) | 2,997 |
(1) | The reimbursement rights are principally found on the balance sheet of the Group\u2019s insurance subsidiaries and associated companies - notably AG Insurance\u00a0 with respect to BNP Paribas Fortis\u2019 defined-benefit plans - to hedge their commitments to other Group entities that were transferred to them to cover\u00a0 the post-employment benefits of certain employee categories. |
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Present value of defined-benefit obligation at start of period | 7,061 | 7,167 |
Current service cost | 190 | 193 |
Interest cost | 232 | 226 |
Past service cost | (14) | (18) |
Settlements | (7) | (7) |
Actuarial (gains)/losses on change in demographic assumptions | 6 | (1) |
Actuarial (gains)/losses on change in financial assumptions | (166) | (142) |
Actuarial (gains)/losses on experience gaps | 128 | 194 |
Actual employee contributions | 25 | 25 |
Benefits paid directly by the employer | (69) | (103) |
Benefits paid from assets/reimbursement rights | (382) | (483) |
Exchange rate (gains)/losses on obligation | (187) | 10 |
(Gains)/losses on obligation related to changes in the consolidation scope | 159 | - |
Present value of defined-benefit obligation at end of period | 6,976 | 7,061 |
In millions of euros | Plan assets | Reimbursement rights | ||
|---|---|---|---|---|
Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | |
Fair value of assets at start of period | 4,762 | 4,674 | 2,457 | 2,503 |
Expected return on assets | 157 | 148 | 77 | 77 |
Settlements | (7) | (8) | \u00a0 | \u00a0 |
Actuarial gains/(losses) on assets | 116 | 88 | (73) | 21 |
Actual employee contributions | 14 | 14 | 11 | 11 |
Employer contributions | 53 | 54 | 98 | 98 |
Benefits paid from assets | (224) | (226) | (158) | (257) |
Exchange rate gains/(losses) on assets | (182) | 22 | \u00a0 | \u00a0 |
Gains/(losses) on assets related to changes in the consolidation scope | 138 | (4) | 27 | 4 |
Fair value of assets at end of period | 4,827 | 4,762 | 2,439 | 2,457 |
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Service costs | 176 | 176 |
Current service cost | 190 | 193 |
Past service cost | (14) | (18) |
Settlements | - | 1 |
Net financial expense | (1) | 7 |
Interest cost | 232 | 226 |
Expected return on asset ceiling | 1 | 6 |
Interest income on plan assets | (157) | (148) |
Interest income on reimbursement rights | (77) | (77) |
Total recognised in \u201cSalary and employee benefit expense\u201d | 175 | 183 |
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Actuarial (losses)/gains on plan assets or reimbursement rights | 43 | 109 |
Actuarial (losses)/gains of demographic assumptions on the present value of obligations | (6) | 1 |
Actuarial (losses)/gains of financial assumptions on the present value of obligations | 166 | 142 |
Experience (losses)/gains on obligations | (128) | (194) |
Variation of the effect of assets limitation | (136) | 165 |
Total of other items recognised directly in equity | (61) | 223 |
In the Eurozone, United Kingdom and United States, the Group discounts its obligations using the yields of high quality corporate bonds, with a term consistent with the duration of the obligations.
The ranges of rates used are as follows:
In % | 31 December 2025 | 31 December 2024 | ||
Discount rate | Compensation increase\u00a0rate(1) | Discount rate | Compensation increase\u00a0rate(1) | |
Belgium | 2,50% / 4,20% | 2,80% / 4,30% | 2,60% / 3,60% | 3,10% / 3,80% |
UK | 4,10% / 5,60% | 2,00% / 3,75% | 4,80% / 5,50% | 2,00% / 3,60% |
France | 2,80% / 4,00% | 1,90 % / 4,10% | 2,80% / 3,40% | 2,00 % / 4,10% |
Switzerland | 1,10% / 1,30% | 1,25% / 1,80% | 0,90% / 1,00% | 1,75% / 1,80% |
USA | 4,90% / 5,00% | NA | 4,90% / 5,20% | NA |
Italy | 3,10% / 3,40% | 2,40% / 3,10% | 2,90% / 3,20% | 2,60% / 3,50% |
Germany | 2,40% / 4,40% | 1,80% / 2,80% | 3,00% / 3,60% | 2,00% / 2,70% |
T\u00fcrkiye | 29.80% | 26.00% | 30.50% | 26.25% |
(1) | Including price increases (inflation). |
Average discount rates weighted by obligation amounts are as follows:
\u00a0
The impact of a 100bps change in discount rates on the present value of post-employment benefit obligations is as follows:
\u00a0
Change in the present value of obligations In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Discount rate -100bps | Discount rate +100bps | Discount rate -100bps | Discount rate +100bps | |
Belgium | 212 | (150) | 243 | (181) |
UK | 133 | (109) | 156 | (126) |
France | 88 | (75) | 94 | (80) |
Switzerland | 179 | (142) | 175 | (139) |
USA | 14 | (11) | 16 | (13) |
Italy | 7 | (7) | 9 | (8) |
Germany | 25 | (21) | 28 | (22) |
T\u00fcrkiye | 15 | (13) | 15 | (12) |
\u00a0
Inflation assumptions used for the valuations of the Group obligations are determined locally depending on the monetary area, except for the Eurozone for which the assumption is determined centrally.
Average discount rates weighted by obligation amounts are as follows:
\u00a0
The impact of a +100bp increase in inflation rates on the present value of post-employment benefit obligations is as follows:
\u00a0
Change in the present value of obligations In millions of euros, at | 31 December 2025 | 31 December 2024 |
Inflation rate +100bps | Inflation rate +100bps | |
Belgium | 109 | 121 |
UK | 72 | 94 |
France | 100 | 106 |
Switzerland | 10 | 10 |
Italy | 5 | 6 |
Germany | 17 | 18 |
T\u00fcrkiye | 16 | 15 |
\u00a0
Variation effects of discount and inflation rates presented above are not cumulative.
In % | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||
Range of value (reflecting the existence of several | Weighted average | Range of value (reflecting the existence of several | Weighted average | |
Belgium | 0% / 10,95% | 2.00% | -9,80% / 18,60% | 3.40% |
UK | -6,15% / 3,20% | 2.30% | -6,40% / 8,90% | -\u00a03.40% |
France | -1,45% / 3,15% | 3.00% | 2.80% | 2.80% |
Switzerland | 1,50% / 6,30% | 3.95% | 2,10% / 9,30% | 6.55% |
USA | 6.05% | 6.05% | 2.45% | 2.45% |
Germany | -5,50% / 5,40% | 3.40% | 1,85% / 15,90% | 11.15% |
T\u00fcrkiye | 34.60% | 34.60% | 35.95% | 35.95% |
\u00a0
In % | 31 December 2025 | 31 December 2024 | ||||||||||
Shares | Governmental bonds | Non- | Real- | Deposit account | Others | Shares | Governmental bonds | Non- | Real- | Deposit account | Others | |
Belgium | 8% | 47% | 15% | 1% | 3% | 26% | 8% | 46% | 20% | 1% | 0% | 25% |
UK | 7% | 56% | 28% | 0% | 1% | 8% | 7% | 58% | 27% | 0% | 1% | 7% |
France(1) | 11% | 54% | 20% | 11% | 3% | 1% | 12% | 64% | 13% | 9% | 2% | 0% |
Switzerland | 29% | 0% | 25% | 22% | 4% | 20% | 30% | 0% | 26% | 20% | 3% | 21% |
USA | 18% | 13% | 64% | 1% | 3% | 1% | 20% | 26% | 49% | 0% | 5% | 0% |
Germany | 21% | 53% | 0% | 0% | 1% | 25% | 18% | 54% | 0% | 0% | 1% | 27% |
T\u00fcrkiye | 0% | 81% | 0% | 18% | 1% | 0% | 0% | 73% | 0% | 18% | 8% | 1% |
Others | 12% | 19% | 17% | 2% | 1%\u00a0 | 49% | 11% | 24% | 13% | 2% | 2% | 48% |
GROUP | 12% | 41 %\u00a0 | 20% | 7% | 3% | 17% | 12% | 43% | 20% | 6% | 2% | 17% |
(1) | In France, the breakdown of plan assets includes the breakdown of the general fund of the insurance company through which the Group's obligations\u00a0 are partly funded.\u00a0 |
\u00a0
The Group introduced an asset management governance for assets backing defined-benefit pension plan commitments, the main objectives of which are the management and control of the risks in terms of investment.
It sets out investment principles, in particular, by defining an investment strategy for plan assets, based on financial objectives and risk management, to specify the way in which plan assets have to be managed, via financial management servicing contracts.
The investment strategy is based on an assets and liabilities management analysis that should be realised at least every three years for plans with assets in excess of EUR\u00a0100\u00a0million.
The Group offers some healthcare benefit plans for retired employees, mainly in Belgium.
The present value of post-employment healthcare benefit obligations stood at EUR\u00a071 million at\u00a031 December 2025, compared with EUR 75 million at\u00a031 December 2024.
\u00a0\u00a0
BNP\u00a0Paribas offers its employees various long-term benefits, mainly long-service awards, the ability to save up paid annual leave in time savings accounts, and certain guarantees protecting them in the event they become incapacitated. The net provision amounted to EUR\u00a0466 million at 31 December 2025 (EUR 465 million at 31 December 2024).
As part of the Group\u2019s variable compensation policy, annual deferred compensation plans are set up for certain high-performing employees or pursuant to special regulatory frameworks. Under these plans, payment is deferred over time and is subject to the performance achieved by the business lines, divisions and Group.
Since 2013, BNP\u00a0Paribas has introduced a Group loyalty scheme with a cash payment, at the end of a three-year to four-year vesting period, which fluctuates according to the Group\u2019s intrinsic performance. The aim of this loyalty scheme is to make different categories of managerial staff partners in the Group\u2019s development and profitability objectives. These personnels are representative of the Group\u2019s talent and the breadth of its managerial framework i.e. senior managers, managers in key positions, line managers and experts, high-potential managers, high-performing young executives with good career development prospects and key contributors to the Group\u2019s results.
The amounts allocated under this plan are linked to changes in the Group\u2019s operational performance over the duration of the plan (for 80%) and to the achievement of the Group\u2019s Corporate Social Responsibility (CSR) targets (for 20%). These ten targets are in line with the four pillars on which the Group\u2019s CSR policy is based. In addition, the final payment is subject to continuous service within the Group between the grant date and the payment date, provided that the Group\u2019s operating income and pre-tax income for the year prior to payment are strictly positive. For employees subject to special regulatory frameworks, this loyalty scheme is adjusted in accordance with the CRD European Directive.
The net obligation related to deferred compensation plans and loyalty schemes amounts to EUR\u00a01,449\u00a0million at 31\u00a0December 2025 (EUR 1,152\u00a0million at 31 December 2024).\u00a0
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Net provisions for other long-term benefits | 1,915 | 1,617 |
Asset recognised in the balance sheet under the other long-term benefits | (86) | (92) |
Obligation recognised in the balance sheet under the other long-term benefits | 2,001 | 1,709 |
\u00a0
BNP\u00a0Paribas has implemented a number of voluntary redundancy plans and headcount adaptation plans for employees who meet certain eligibility criteria. The obligations to eligible active employees under such plans are provided for as soon as a bilateral agreement or a bilateral agreement proposal for a particular plan is made.
These provisions are presented in note 4.n.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_d058920d-b7be-469d-bdf7-fd6f86a5f469": { "value": "Employee benefits are classified into four categories:
The Group recognises an expense when it has used services rendered by employees in exchange for employee benefits.
These are benefits, other than short-term benefits, post-employment benefits and termination benefits. This relates, in particular, to compensation deferred for more than 12\u00a0months and not linked to the BNP\u00a0Paribas share price, which is accrued in the financial statements for the period in which this compensation is earned.
The actuarial techniques used are similar to those used for defined-benefit post-employment benefits, except that the revaluation items are recognised in the profit and loss account and not in equity.
Termination benefits are employee benefits payable in exchange for the termination of an employee\u2019s contract as a result of either a decision by the Group to terminate a contract of employment before the legal retirement age, or a decision by an employee to accept voluntary redundancy in exchange for these benefits. Termination benefits due more than 12-months after the balance sheet date are discounted.
In accordance with IFRS, the BNP\u00a0Paribas Group draws a distinction between defined-contribution plans and defined-benefit plans.
Defined-contribution plans do not give rise to an obligation for the Group and do not require a provision. The amount of the employer\u2019s contributions payable during the period is recognised as an expense.
Only defined-benefit schemes give rise to an obligation for the Group. This obligation must be measured and recognised as a liability by means of a provision.
The classification of plans into these two categories is based on the economic substance of the plan, which is reviewed to determine whether the Group has a legal or constructive obligation to pay the agreed benefits to employees.
Post-employment benefit obligations under defined-benefit plans are measured using actuarial techniques that take demographic and financial assumptions into account.
The net liability recognised with respect to post-employment benefit plans is the difference between the present value of the defined-benefit obligation and the fair value of plan assets (if any).
The present value of the defined-benefit obligation is measured on the basis of the actuarial assumptions applied by the Group, using the projected unit credit method. This method takes into account various parameters, specific to each country or Group entity, such as demographic assumptions, the probability that employees will leave before retirement age, salary inflation, a discount rate, and the general inflation rate.
When the value of the plan assets exceeds the amount of the obligation, an asset is recognised if it represents a future economic benefit for the Group in the form of a reduction in future contributions or a future partial refund of amounts paid into the plan.
The annual expense recognised in the profit and loss account under \u201cSalaries and employee benefits\u201d, with respect to defined-benefit plans includes the current service cost (the rights vested by each employee during the period in return for service rendered), the net interests linked to the effect of discounting the net defined-benefit liability (asset), the past service cost arising from plan amendments or curtailments, and the effect of any plan settlements.
Remeasurements of the net defined-benefit liability (asset) are recognised in shareholders\u2019 equity and are never reclassified to profit or loss. They include actuarial gains and losses, the return on plan assets and any change in the effect of the asset ceiling (excluding amounts included in net interest on the defined-benefit liability or asset).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_316a02d9-c0e2-4ef4-82a9-f3ce29ce45b3": { "value": "Share-based payment transactions are payments based on shares issued by the Group, whether the transaction is settled in the form of equity or cash of which the amount is based on trends in the value of BNP\u00a0Paribas shares.
The expense related to stock option and share award plans is recognised over the vesting period, if the benefit is conditional upon the grantee\u2019s continued presence at the vesting date.
Stock options and share award expenses are recorded under salary and employee benefits expenses, with a corresponding adjustment to shareholders\u2019 equity. They are calculated on the basis of the overall plan value, determined at the date of grant by the Board of directors.
In the absence of any market for these instruments, financial valuation models are used that take into account any performance conditions related to the BNP\u00a0Paribas share price. The total expense of a plan is determined by multiplying the unit value per option or share awarded by the estimated number of options or shares awarded vested at the end of the vesting period, taking into account the conditions regarding the grantee\u2019s continued employment.
The only assumptions revised during the vesting period, and hence resulting in a remeasurement of the expense, are those relating to the probability that employees will leave the Group and those relating to performance conditions that are not linked to the price value of BNP\u00a0Paribas shares.
The expense related to these plans is recognised in the year during which the employee rendered the corresponding services.
If the payment of share-based variable compensation is explicitly subject to an enforceable condition consisting in the employee\u2019s continued presence at the vesting date, the services are presumed to have been rendered during the vesting period and the corresponding compensation expense is recognised on a pro rata basis over that period. The expense is recognised under salary and employee benefits expenses with a corresponding liability in the balance sheet. It is revised to take into account any non-fulfilment of the continued presence or performance conditions and the change in BNP\u00a0Paribas share price.
If there is no continued presence enforceable condition, the expense is not deferred, but recognised immediately with a corresponding liability in the balance sheet. This is then revised on each reporting date until settlement to take into account any performance conditions and the change in the BNP\u00a0Paribas share price.
\u00a0
As part of the Group\u2019s variable remuneration policy, deferred annual compensation plans offered to certain high-performing employees or set up pursuant to special regulatory frameworks may entitle beneficiaries to variable compensation settled in cash but linked to the share price, payable over several years.
Since the publication of the Decree by the French Ministry of Finance on 13\u00a0December 2010, and following the provisions of the European Directive CRD 4 of 26\u00a0July 2013, modified by the CRD 5 Directive of 20\u00a0May 2019, transposed into the French law in the Monetary and Financial Code by the Ordinance of 20\u00a0February 2014, and the Ordinance of 21\u00a0December 2020, as well as the Decrees and Orders of 3\u00a0November 2014 and 22\u00a0December 2020 and the Delegated European Regulation of 25\u00a0March 2021, the variable compensation plans apply to Group employees performing activities that may have a material impact on the Group\u2019s risk profile.
Under these plans, payment is deferred over time and is contingent on the performance achieved by the business lines, core businesses and Group.
Sums will mostly be paid in cash linked to the increase or decrease in the BNP\u00a0Paribas share price.
Sums due under the annual deferred compensation plans for high-performing employees are partly paid in cash linked to the increase or decrease in the BNP\u00a0Paribas share price.
Expense/(revenue) In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Prior deferred compensation plans | 445 | 46 |
Deferred compensation plans for the year | 665 | 600 |
Total | 1,110 | 646 |
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_68993089-8cde-4643-8e88-bbe25bd99775": { "value": "Share-based payment transactions are payments based on shares issued by the Group, whether the transaction is settled in the form of equity or cash of which the amount is based on trends in the value of BNP\u00a0Paribas shares.
The expense related to stock option and share award plans is recognised over the vesting period, if the benefit is conditional upon the grantee\u2019s continued presence at the vesting date.
Stock options and share award expenses are recorded under salary and employee benefits expenses, with a corresponding adjustment to shareholders\u2019 equity. They are calculated on the basis of the overall plan value, determined at the date of grant by the Board of directors.
In the absence of any market for these instruments, financial valuation models are used that take into account any performance conditions related to the BNP\u00a0Paribas share price. The total expense of a plan is determined by multiplying the unit value per option or share awarded by the estimated number of options or shares awarded vested at the end of the vesting period, taking into account the conditions regarding the grantee\u2019s continued employment.
The only assumptions revised during the vesting period, and hence resulting in a remeasurement of the expense, are those relating to the probability that employees will leave the Group and those relating to performance conditions that are not linked to the price value of BNP\u00a0Paribas shares.
The expense related to these plans is recognised in the year during which the employee rendered the corresponding services.
If the payment of share-based variable compensation is explicitly subject to an enforceable condition consisting in the employee\u2019s continued presence at the vesting date, the services are presumed to have been rendered during the vesting period and the corresponding compensation expense is recognised on a pro rata basis over that period. The expense is recognised under salary and employee benefits expenses with a corresponding liability in the balance sheet. It is revised to take into account any non-fulfilment of the continued presence or performance conditions and the change in BNP\u00a0Paribas share price.
If there is no continued presence enforceable condition, the expense is not deferred, but recognised immediately with a corresponding liability in the balance sheet. This is then revised on each reporting date until settlement to take into account any performance conditions and the change in the BNP\u00a0Paribas share price.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_2eda005d-4c28-436b-b742-9d2eda9820c9": { "value": "Provisions recorded under liabilities (other than those relating to financial instruments, employee benefits and insurance contracts) mainly relate to restructuring, claims and litigation, fines and penalties.
A provision is recognised when it is more likely than not that an outflow of resources embodying economic benefits will be required to settle a present obligation arising from a past event, and a reliable estimate can be made of the amount of the obligation. The amount of such obligations is discounted, where the impact of discounting is material, in order to determine the amount of the provision.
The expected and realised cash flow losses relating to the risk of loss of cash flows on financial instruments granted that are not linked to the counterparty\u2019s default, but to legal risks calling into question the validity or enforceability of such contracts are presented under \"Other net losses for risk on financial instruments\u201d.
The effect on expected cash flows due to these risks is considered as a change in the contract\u2019s cash flows, in accordance with IFRS 9 B5.4.6, and is recorded as a decrease in the gross value of the asset. Expected losses on derecognised financial instruments, as is the case when loans have been repaid, are recognised in accordance with IAS 37 in \"Provisions for risks and charges\u201d (see note 4.n).
In 2025, the expenses thus recognised are mainly related to:
In millions of euros, at | 31 December 2024 | Net additions to\u00a0provisions | Provisions used | Changes in value recognised directly in equity | Effect of movements in exchange rates and other movements | 31 December 2025 |
|---|---|---|---|---|---|---|
Provisions for employee benefits | 6,543 | 1,980 | (1,481) | 50 | (80) | 7,012 |
of which post-employment benefits (note 7.b) | 2,997 | 194 | (242) | 54 | (63) | 2,940 |
of which post-employment healthcare benefits (note\u00a07.b) | 75 | 4 | (3) | (4) | (1) | 71 |
of which provision for other long-term benefits (note\u00a07.c) | 1,709 | 613 | (408) | \u00a0 | 87 | 2,001 |
of which provision for voluntary departure, early retirement plans, and headcount adaptation plan (note\u202f7.d) | 328 | 59 | (209) | \u00a0 | (4) | 174 |
of which provision for share-based payments (note\u00a07.e) | 1,434 | 1,110 | (619) | \u00a0 | (99) | 1,826 |
Provisions for home savings accounts and plans | 35 | 8 | - | \u00a0 | - | 43 |
Provisions for credit commitments (note\u00a02.g) | 1,055 | 113 | (53) | \u00a0 | (72) | 1,043 |
Provisions for litigations | 905 | 266 | (168) | \u00a0 | 7 | 1,010 |
Other provisions for contingencies and charges | 1,268 | 111 | (314) | \u00a0 | 20 | 1,085 |
Total provisions for contingencies and charges | 9,806 | 2,478 | (2,016) | 50 | (125) | 10,193 |
\u00a0
The provisions for litigations include in particular:
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Deposits collected under home savings accounts and plans | 11,091 | 12,636 |
of which deposits collected under home savings plans | 9,086 | 10,504 |
Aged more than 10\u00a0years | 7,257 | 7,131 |
Aged between 4 and 10\u00a0years | 1,121 | 2,610 |
Aged less than 4\u00a0years | 708 | 763 |
Outstanding loans granted under home savings accounts and plans | 22 | 18 |
of which loans granted under home savings plans | 18 | 14 |
Provisions and discount recognised for home savings accounts and plans | 44 | 35 |
provisions recognised for home savings plans | 29 | 24 |
provisions recognised for home savings accounts | 14 | 11 |
discount recognised for home savings accounts and plans | 1 | \u00a0 |
IAS\u00a019 distinguishes between two categories of plans, each handled differently depending on the risk incurred by the entity. When the entity is only committed to paying a fixed amount, stated as a percentage of the beneficiary\u2019s annual salary, for example, to an external entity handling payment of the benefits based on the assets available for each plan member, it is described as a defined-contribution plan. Conversely, when the entity\u2019s obligation is to manage the financial assets funded through the collection of contributions from employees and to bear the cost of benefits itself or to guarantee the final amount subject to future events, it is described as a defined-benefit plan. The same applies if the entity entrusts management of the collection of premiums and payment of benefits to a separate entity but retains the risk arising from management of the assets and/or from future changes in the benefits.
The BNP\u00a0Paribas Group has implemented over the past few years a wide campaign of converting defined-benefit plans into defined-contribution plans.
Thus, in France, the BNP\u00a0Paribas Group pays contributions to mandatory state and complementary pension schemes. BNP\u00a0Paribas\u00a0SA and certain subsidiaries have set up a complementary defined-contribution pension plan under a company-wide agreement. Under this plan, employees will receive an annuity or a lump sum on retirement in addition to the pension paid by mandatory schemes.
Since defined-benefit plans have been closed to new employees in most countries outside France, they are offered the benefit of joining defined-contribution pension plans.
In Italy, the plan introduced by BNL is funded by employer contributions (4.5% of salaries) and employee contributions (2% of salaries). Employees can also make additional voluntary contributions.
In the United Kingdom, the employer contributes 12% of salaries for the majority of employees; employees can make additional voluntary contributions.
The amount paid into defined-contribution retirement plans for the year ended 31 December 2025\u00a0was EUR\u00a0839\u00a0million, compared with EUR 828 million for the year ended 31 December 2024.
The breakdown by major contributors is determined as follows:
\u00a0
Contribution amount In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
France | 371 | 383 |
Italy | 111 | 110 |
UK | 78 | 74 |
T\u00fcrkiye | 53 | 50 |
Luxembourg | 32 | 31 |
USA | 29 | 29 |
Hong Kong | 28 | 30 |
Others | 137 | 121 |
TOTAL | 839 | 828 |
\u00a0
In Belgium, BNP Paribas Fortis funds a defined-benefit plan, based on final salary and number of years of service, for its management and employees who joined the bank before its pension plans were harmonised on 1\u00a0January\u00a02002. Actuarial liabilities under this scheme are pre-funded at 92% at\u00a031 December 2025 (compared with 95% at\u00a031\u00a0December 2024) through insurance companies.
BNP\u00a0Paribas Fortis senior managers joining before 1 January 2015 are covered by a top-up pension plan, paying a lump sum based on the number of years of service and final salary. This plan is pre-funded at 101% at\u00a031\u00a0December\u00a02025 (compared with 100% at\u00a031 December 2024) through insurance companies.
In Belgium, employees benefit from a defined-contribution scheme with a legal obligation for the employer to guarantee a minimum return on financial assets invested. Thus, a provision was recognised for these schemes, as this guarantee is not entirely covered by the insurance company.
In Switzerland, liabilities relate to top-up pension plans based on the principle of defined-contribution schemes with guaranteed returns, paying an annuity under pre-defined terms. These schemes are managed by a foundation. At 31 December 2025, obligations were 109% covered by financial assets, compared with 105% at 31 December 2024.
In the United Kingdom, defined-benefit pension plans (pension funds) still exist but are closed to new employees. Under these plans, the defined pension is generally based on final salary and number of years of service. Pension schemes are managed by independent management bodies (Trustees). At 31 December 2025, obligations for all United Kingdom entities were 125% covered by financial assets, compared with 124% at 31 December 2024.
In France, BNP Paribas pays a top-up banking industry pension arising from rights acquired to 31\u00a0December\u00a01993 by retired employees and BNP active employees in service at that date. At\u00a031 December 2025,\u00a0the Group\u2019s residual obligations for these employees were recognised on the balance sheet in full.
The defined-benefit plans previously granted to some Group senior managers have all been closed to new employees and converted into top-up type schemes. The amounts allocated to beneficiaries, subject to their presence within the Group at retirement, were fixed when these schemes were closed. At\u00a031 December 2025,\u00a0these pension plans were funded at 565% through insurance companies (442% at\u00a031 December 2024).
In T\u00fcrkiye, the main pension plan, that replaces the state pension scheme, offers guarantees exceeding the minimal legal requirements. Liabilities under this plan are funded by financial assets held by a trust external to the Group. At the end of 2025, these financial assets exceed the accounting value of the related liabilities and this accounting surplus is not recognised as an asset by the Group, the scheme\u2019s responsibilities should eventually be transferred to the Turkish State with all its financial liabilities and assets.
In the United States, main defined-benefit pension plans are based on annual vesting rights to a lump sum comprising a pension expressed as a percentage of annual frozen salary and paying interest at a pre-defined rate. These plans are closed to new entrants and do not offer new vesting rights. At\u00a031 December 2025, the obligation was 83% covered by financial assets, (85% at\u00a031 December 2024).
In Germany, liabilities are mainly related to defined-benefit pension plans, closed to new employees. Under these plans, the defined pension is generally based on the number of years of service and final salary. They offer the payment of an annuity under pre-defined terms. At 31 December 2025, the obligation was 72% covered by financial assets, (72% at\u00a031 December 2024).
Following the AXA IM acquisition by the Group as at 1st July 2025, the defined-benefit pension plans of the concerned entities have been included in the accounting process of the Group. The obligations are mainly in Switzerland, United Kingdom, France, Belgium and Germany, and are 96% covered by financial assets at\u00a031 December 2025.
Group employees also receive various other contractual post-employment benefits, such as indemnities payable on retirement, determined according to minimal legal requirements (Labour Code, collective agreements) or according to specific company-level agreements.
In France, the obligations for these benefits are funded through a contract held with a third-party insurer. At 31\u00a0December 2025, this obligation was 131% covered by financial assets, compared with 129% at 31\u00a0December\u00a02024.
In other countries, the obligations of the Group related to other post-employment benefits are mainly concentrated in Italy, where vested rights up to 31\u00a0December 2006 were frozen.
In millions of euros, at 31 December 2025 | Defined- | Defined- | Present value of defined-benefit obligation | Fair value of plan assets | Fair value of reimburse- | Effect of asset ceiling | Net obligation | of which asset recognised in the balance sheet for defined- | of which net assets of defined- | of which fair value of reimburse- | of which obligation recognised in the balance sheet for defined- |
|---|---|---|---|---|---|---|---|---|---|---|---|
Belgium | 2,707 | \u00a0 | 2,707 | (217) | (2,411) | \u00a0 | 79 | (2,413) | (2) | (2,411) | 2,492 |
UK | 1,033 | \u00a0 | 1,033 | (1,292) | \u00a0 | 16 | (243) | (243) | (243) | \u00a0 | \u00a0 |
Switzerland | 1,280 | \u00a0 | 1,280 | (1,392) | \u00a0 | 130 | 18 | \u00a0 | \u00a0 | \u00a0 | 18 |
France | 784 | 39 | 823 | (1,102) | (27) | \u00a0 | (306) | (396) | (369) | (27) | 90 |
USA | 130 | 1 | 131 | (109) | \u00a0 | \u00a0 | 22 | \u00a0 | \u00a0 | \u00a0 | 22 |
T\u00fcrkiye | 341 | 31 | 372 | (344) | \u00a0 | 3 | 31 | \u00a0 | \u00a0 | \u00a0 | 31 |
Italy | \u00a0 | 111 | 111 | \u00a0 | \u00a0 | \u00a0 | 111 | \u00a0 | \u00a0 | \u00a0 | 111 |
Germany | 119 | 57 | 176 | (126) | \u00a0 | \u00a0 | 50 | (15) | (15) | \u00a0 | 65 |
Others | 302 | 41 | 343 | (245) | (1) | 3 | 100 | (15) | (14) | (1) | 115 |
TOTAL | 6,696 | 280 | 6,976 | (4,827) | (2,439) | 152 | (138) | (3,082) | (643) | (2,439) | 2,944 |
Total without non current assets held for sale | 6,696 | 276 | 6,972 | (4,827) | (2,439) | 152 | (142) | (3,082) | (643) | (2,439) | 2,940 |
Total non current assets held for sale | - | 4 | 4 | - | -\u00a0 | - | 4 | - | - | - | 4 |
(1) | The reimbursement rights are principally found on the balance sheet of the Group\u2019s insurance subsidiaries and associated companies - notably AG Insurance\u00a0 with respect to BNP Paribas Fortis\u2019 defined-benefit plans - to hedge their commitments to other Group entities that were transferred to them to cover\u00a0 the post-employment benefits of certain employee categories. |
\u00a0
In millions of euros, at 31 December 2024 | Defined- | Defined- | Present value of defined- | Fair value of plan assets | Fair value of reimburse- | Effect of asset ceiling | Net obligation | of which asset recognised in the balance sheet for defined- | of which net assets of defined- | of which fair value of reimburse- | of which obligation recognised in the balance sheet for defined- |
|---|---|---|---|---|---|---|---|---|---|---|---|
Belgium | 2,691 | 15 | 2,706 | (183) | (2,456) | \u00a0 | 67 | (2,457) | (1) | (2,456) | 2,524 |
UK | 1,082 | \u00a0 | 1,082 | (1,337) | \u00a0 | \u00a0 | (255) | (255) | (255) | \u00a0 | \u00a0 |
Switzerland | 1,212 | \u00a0 | 1,212 | (1,276) | \u00a0 | \u00a0 | (64) | (68) | (68) | \u00a0 | 4 |
France | 811 | 47 | 858 | (1,114) | \u00a0 | \u00a0 | (256) | (355) | (355) | \u00a0 | 99 |
USA | 145 | 1 | 146 | (124) | \u00a0 | \u00a0 | 22 | \u00a0 | \u00a0 | \u00a0 | 22 |
T\u00fcrkiye | 346 | 32 | 378 | (347) | \u00a0 | 1 | 32 | \u00a0 | \u00a0 | \u00a0 | 32 |
Italy | \u00a0 | 139 | 139 | \u00a0 | \u00a0 | \u00a0 | 139 | \u00a0 | \u00a0 | \u00a0 | 139 |
Germany | 130 | 47 | 177 | (127) | \u00a0 | \u00a0 | 50 | (6) | (6) | \u00a0 | 56 |
Others | 314 | 49 | 363 | (254) | (1) | 2 | 110 | (11) | (10) | (1) | 121 |
TOTAL | 6,731 | 330 | 7,061 | (4,762) | (2,457) | 3 | (155) | (3,152) | (695) | (2,457) | 2,997 |
(1) | The reimbursement rights are principally found on the balance sheet of the Group\u2019s insurance subsidiaries and associated companies - notably AG Insurance\u00a0 with respect to BNP Paribas Fortis\u2019 defined-benefit plans - to hedge their commitments to other Group entities that were transferred to them to cover\u00a0 the post-employment benefits of certain employee categories. |
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Present value of defined-benefit obligation at start of period | 7,061 | 7,167 |
Current service cost | 190 | 193 |
Interest cost | 232 | 226 |
Past service cost | (14) | (18) |
Settlements | (7) | (7) |
Actuarial (gains)/losses on change in demographic assumptions | 6 | (1) |
Actuarial (gains)/losses on change in financial assumptions | (166) | (142) |
Actuarial (gains)/losses on experience gaps | 128 | 194 |
Actual employee contributions | 25 | 25 |
Benefits paid directly by the employer | (69) | (103) |
Benefits paid from assets/reimbursement rights | (382) | (483) |
Exchange rate (gains)/losses on obligation | (187) | 10 |
(Gains)/losses on obligation related to changes in the consolidation scope | 159 | - |
Present value of defined-benefit obligation at end of period | 6,976 | 7,061 |
In millions of euros | Plan assets | Reimbursement rights | ||
|---|---|---|---|---|
Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | |
Fair value of assets at start of period | 4,762 | 4,674 | 2,457 | 2,503 |
Expected return on assets | 157 | 148 | 77 | 77 |
Settlements | (7) | (8) | \u00a0 | \u00a0 |
Actuarial gains/(losses) on assets | 116 | 88 | (73) | 21 |
Actual employee contributions | 14 | 14 | 11 | 11 |
Employer contributions | 53 | 54 | 98 | 98 |
Benefits paid from assets | (224) | (226) | (158) | (257) |
Exchange rate gains/(losses) on assets | (182) | 22 | \u00a0 | \u00a0 |
Gains/(losses) on assets related to changes in the consolidation scope | 138 | (4) | 27 | 4 |
Fair value of assets at end of period | 4,827 | 4,762 | 2,439 | 2,457 |
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Service costs | 176 | 176 |
Current service cost | 190 | 193 |
Past service cost | (14) | (18) |
Settlements | - | 1 |
Net financial expense | (1) | 7 |
Interest cost | 232 | 226 |
Expected return on asset ceiling | 1 | 6 |
Interest income on plan assets | (157) | (148) |
Interest income on reimbursement rights | (77) | (77) |
Total recognised in \u201cSalary and employee benefit expense\u201d | 175 | 183 |
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Actuarial (losses)/gains on plan assets or reimbursement rights | 43 | 109 |
Actuarial (losses)/gains of demographic assumptions on the present value of obligations | (6) | 1 |
Actuarial (losses)/gains of financial assumptions on the present value of obligations | 166 | 142 |
Experience (losses)/gains on obligations | (128) | (194) |
Variation of the effect of assets limitation | (136) | 165 |
Total of other items recognised directly in equity | (61) | 223 |
In the Eurozone, United Kingdom and United States, the Group discounts its obligations using the yields of high quality corporate bonds, with a term consistent with the duration of the obligations.
The ranges of rates used are as follows:
In % | 31 December 2025 | 31 December 2024 | ||
Discount rate | Compensation increase\u00a0rate(1) | Discount rate | Compensation increase\u00a0rate(1) | |
Belgium | 2,50% / 4,20% | 2,80% / 4,30% | 2,60% / 3,60% | 3,10% / 3,80% |
UK | 4,10% / 5,60% | 2,00% / 3,75% | 4,80% / 5,50% | 2,00% / 3,60% |
France | 2,80% / 4,00% | 1,90 % / 4,10% | 2,80% / 3,40% | 2,00 % / 4,10% |
Switzerland | 1,10% / 1,30% | 1,25% / 1,80% | 0,90% / 1,00% | 1,75% / 1,80% |
USA | 4,90% / 5,00% | NA | 4,90% / 5,20% | NA |
Italy | 3,10% / 3,40% | 2,40% / 3,10% | 2,90% / 3,20% | 2,60% / 3,50% |
Germany | 2,40% / 4,40% | 1,80% / 2,80% | 3,00% / 3,60% | 2,00% / 2,70% |
T\u00fcrkiye | 29.80% | 26.00% | 30.50% | 26.25% |
(1) | Including price increases (inflation). |
Average discount rates weighted by obligation amounts are as follows:
\u00a0
The impact of a 100bps change in discount rates on the present value of post-employment benefit obligations is as follows:
\u00a0
Change in the present value of obligations In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Discount rate -100bps | Discount rate +100bps | Discount rate -100bps | Discount rate +100bps | |
Belgium | 212 | (150) | 243 | (181) |
UK | 133 | (109) | 156 | (126) |
France | 88 | (75) | 94 | (80) |
Switzerland | 179 | (142) | 175 | (139) |
USA | 14 | (11) | 16 | (13) |
Italy | 7 | (7) | 9 | (8) |
Germany | 25 | (21) | 28 | (22) |
T\u00fcrkiye | 15 | (13) | 15 | (12) |
\u00a0
Inflation assumptions used for the valuations of the Group obligations are determined locally depending on the monetary area, except for the Eurozone for which the assumption is determined centrally.
Average discount rates weighted by obligation amounts are as follows:
\u00a0
The impact of a +100bp increase in inflation rates on the present value of post-employment benefit obligations is as follows:
\u00a0
Change in the present value of obligations In millions of euros, at | 31 December 2025 | 31 December 2024 |
Inflation rate +100bps | Inflation rate +100bps | |
Belgium | 109 | 121 |
UK | 72 | 94 |
France | 100 | 106 |
Switzerland | 10 | 10 |
Italy | 5 | 6 |
Germany | 17 | 18 |
T\u00fcrkiye | 16 | 15 |
\u00a0
Variation effects of discount and inflation rates presented above are not cumulative.
In % | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||
Range of value (reflecting the existence of several | Weighted average | Range of value (reflecting the existence of several | Weighted average | |
Belgium | 0% / 10,95% | 2.00% | -9,80% / 18,60% | 3.40% |
UK | -6,15% / 3,20% | 2.30% | -6,40% / 8,90% | -\u00a03.40% |
France | -1,45% / 3,15% | 3.00% | 2.80% | 2.80% |
Switzerland | 1,50% / 6,30% | 3.95% | 2,10% / 9,30% | 6.55% |
USA | 6.05% | 6.05% | 2.45% | 2.45% |
Germany | -5,50% / 5,40% | 3.40% | 1,85% / 15,90% | 11.15% |
T\u00fcrkiye | 34.60% | 34.60% | 35.95% | 35.95% |
\u00a0
In % | 31 December 2025 | 31 December 2024 | ||||||||||
Shares | Governmental bonds | Non- | Real- | Deposit account | Others | Shares | Governmental bonds | Non- | Real- | Deposit account | Others | |
Belgium | 8% | 47% | 15% | 1% | 3% | 26% | 8% | 46% | 20% | 1% | 0% | 25% |
UK | 7% | 56% | 28% | 0% | 1% | 8% | 7% | 58% | 27% | 0% | 1% | 7% |
France(1) | 11% | 54% | 20% | 11% | 3% | 1% | 12% | 64% | 13% | 9% | 2% | 0% |
Switzerland | 29% | 0% | 25% | 22% | 4% | 20% | 30% | 0% | 26% | 20% | 3% | 21% |
USA | 18% | 13% | 64% | 1% | 3% | 1% | 20% | 26% | 49% | 0% | 5% | 0% |
Germany | 21% | 53% | 0% | 0% | 1% | 25% | 18% | 54% | 0% | 0% | 1% | 27% |
T\u00fcrkiye | 0% | 81% | 0% | 18% | 1% | 0% | 0% | 73% | 0% | 18% | 8% | 1% |
Others | 12% | 19% | 17% | 2% | 1%\u00a0 | 49% | 11% | 24% | 13% | 2% | 2% | 48% |
GROUP | 12% | 41 %\u00a0 | 20% | 7% | 3% | 17% | 12% | 43% | 20% | 6% | 2% | 17% |
(1) | In France, the breakdown of plan assets includes the breakdown of the general fund of the insurance company through which the Group's obligations\u00a0 are partly funded.\u00a0 |
\u00a0
The Group introduced an asset management governance for assets backing defined-benefit pension plan commitments, the main objectives of which are the management and control of the risks in terms of investment.
It sets out investment principles, in particular, by defining an investment strategy for plan assets, based on financial objectives and risk management, to specify the way in which plan assets have to be managed, via financial management servicing contracts.
The investment strategy is based on an assets and liabilities management analysis that should be realised at least every three years for plans with assets in excess of EUR\u00a0100\u00a0million.
The Group offers some healthcare benefit plans for retired employees, mainly in Belgium.
The present value of post-employment healthcare benefit obligations stood at EUR\u00a071 million at\u00a031 December 2025, compared with EUR 75 million at\u00a031 December 2024.
BNP\u00a0Paribas (the \u201cBank\u201d) is party as a defendant in various claims, disputes and legal proceedings (including investigations by judicial or supervisory authorities) in a number of jurisdictions arising in the ordinary course of its business, including inter alia in connection with its activities as market counterparty, lender, employer, investor and taxpayer.
The related risks have been assessed by the Bank and are subject, where appropriate, to provisions disclosed in notes\u00a04.n Provisions for contingencies and charges and 4.e Financial assets at amortised cost; a provision is recognised when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation arising from a past event and a reliable estimate can be made of the amount of the obligation.
The main contingent liabilities related to pending legal, governmental, or arbitral proceedings as of December 31, 2025 are described below. The Bank currently considers that none of these proceedings is likely to have a material adverse effect on its financial position or profitability; however, the outcome of legal or governmental proceedings is by definition unpredictable.
The Bank and certain of its subsidiaries are defendants in several actions pending before the United States Bankruptcy Court for the Southern District of New York brought by the Trustee appointed for the liquidation of Bernard L. Madoff Investment Securities\u00a0LLC (\u201cBLMIS\u201d). These actions, known generally as \u201cclawback claims\u201d, are similar to those brought by the BLMIS Trustee under the US Bankruptcy Code and New York state law against numerous institutions, and seek recovery of amounts allegedly received by BNP\u00a0Paribas entities from BLMIS or indirectly through BLMIS-related \u201cfeeder funds\u201d in which BNP\u00a0Paribas entities held interests. As a result of certain decisions of the Bankruptcy Court and the United States District Court between 2016 and 2018, the majority of the BLMIS Trustee\u2019s actions were either dismissed or substantially narrowed. However, those decisions were either reversed or effectively overruled by subsequent decisions of the United States Court of Appeals for the Second Circuit issued on 25\u00a0February 2019 and 30\u00a0August 2021. As a result, the BLMIS Trustee refiled certain of these actions and, as of end May\u00a02023, had asserted claims amounting in the aggregate to approximately USD\u202f1.2\u00a0billion. Since March 2025, following the dismissal of certain of the BLMIS Trustee\u2019s actions or claims, the aggregate amount of the claims stood at approximately USD 1.1 billion. BNP Paribas has substantial and credible defences to these actions and is defending against them vigorously.
Litigation was brought in Belgium by minority shareholders of the previous Fortis Group against the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement, Ageas and BNP Paribas seeking (amongst other things) damages from BNP Paribas as restitution for part of the BNP Paribas Fortis shares that were contributed to BNP Paribas in 2009, on the ground that the transfer of these shares was null and void. On 29 April 2016, the Brussels Commercial court decided to stay the proceedings until the resolution of the pending Fortis criminal proceeding in Belgium. The criminal proceeding, in which the Public Prosecutor had requested a dismissal, is definitively closed, as the Council Chamber of the Brussels Court of first instance issued on 4 September 2020 a ruling (which since became final) that the charges were time-barred. Certain minority shareholders continued the civil proceedings against BNP Paribas and the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement before the Brussels Commercial court. By a first instance judgment dated 3 April 2025, the court dismissed all of the claims made by these shareholders on the grounds that they are inadmissible, time-barred or without merit. These minority shareholders appealed the first instance judgement on 27 January 2026.
On 26\u00a0February 2020, the Paris Criminal Court found BNP\u00a0Paribas Personal Finance guilty of misleading commercial practice and concealment of this practice. BNP\u00a0Paribas Personal Finance was ordered to pay a fine of EUR\u00a0187,500 and damages and legal fees to the civil plaintiffs. On 28\u00a0November 2023, the Paris Court of Appeals upheld the Paris Criminal Court\u2019s decision relating to misleading commercial practice and the concealment of those practices. As for the damages owed to the civil plaintiffs, though the Paris Court of Appeals adjusted the calculation methodology, the majority of the damages had already been paid by provisional enforcement of the Paris Criminal Court\u2019s judgment. An agreement was also entered into with the Consommation Logement Cadre de Vie association to settle the case with customers wishing to do so.
The Bank and one of its US subsidiaries are defendants in a civil class action and related individual actions seeking money damages pending before the United States District Court for the Southern District of New York brought by former Sudanese citizens, now US citizens and legal residents, claiming they were injured by the government of Sudan between 1997 and 2011. Plaintiffs base their claims on the historical facts set forth in the Bank\u2019s 30 June 2014 settlement agreements with US authorities concerning the processing of financial transactions for entities in certain countries subject to US economic sanctions. In early 2024, both the Board of Governors of the Federal Reserve in the United States and the Secr\u00e9tariat G\u00e9n\u00e9ral of the Autorit\u00e9 de Contr\u00f4le Prudentiel et de R\u00e9solution in France announced the end of BNP Paribas\u2019s probationary period and the termination of the Cease-and-Desist Order entered into in 2014, marking the completion of BNP Paribas Group\u2019s US sanctions remediation as set forth under this Cease-and-Desist Order. Plaintiffs allege that the transactions processed by the Bank, predominately through its Swiss-based subsidiary (now a branch of the Bank), with Sudanese entities subject to US sanctions make the Bank and its US subsidiary liable for injuries perpetrated to plaintiffs by the government of Sudan. On 9 May 2024, the District Court granted plaintiffs\u2019 motion to proceed as a class of all refugees or asylees admitted by the United States who formerly lived in Sudan or South Sudan between November 1997 and December 2011. The District Court subsequently set 8 September 2025 as the date for the trial of the claims of three of the named individual plaintiffs in the action. On 6 October 2025, the District Court found in favor of the Bank\u2019s US subsidiary by dismissing the plaintiffs\u2019 claim against it. On 17 October 2025, the jury rendered a verdict against BNP Paribas S.A. awarding USD 20.75 million in total to the three individual plaintiffs. On 8 January 2026, the District Court granted the Bank\u2019s motion to certify an immediate appeal of the jury verdict. BNP Paribas continues to have substantial and credible defences, including the absence of liability and causation under Swiss law which governs these actions. The Bank will continue to defend against them vigorously and strongly believes this result should be overturned on appeal.
BNP\u00a0Paribas Bank Polska holds mortgage loan portfolios in Swiss franc or indexed to the Swiss franc. The Swiss franc loan agreements, a majority of which were concluded in 2006-2008, were entered into in accordance with industry practices at the time of entry. Like many other financial institutions in Poland, BNP\u00a0Paribas Bank Polska is a defendant in civil proceedings with retail customers who took out these Swiss franc mortgage loans. BNP\u00a0Paribas Bank Polska is not a party to any class action proceeding in relation to such mortgage loan agreements.\u00a0
As at 31 December 2025, BNP Paribas Bank Polska was a defendant in 5,865 individual pending court proceedings, in which plaintiffs are demanding either a declaration of invalidity or a declaration of non-enforceability of the mortgage loan agreement and the reimbursement of the payments made thereunder to date. The significant number of claims against banks in relation to these mortgage loans is believed to have been impacted by changes in exchange rates since 2009, and developments in EU and Polish court rulings since 2019. In particular, Polish courts to date have, in the vast majority of cases, ruled that such mortgage loan agreements were invalid or non-enforceable.
Since December 2021, BNP\u00a0Paribas Bank Polska has been conducting individual negotiations with clients with whom it remains in dispute or with whom there is a reasonable risk of entering into a dispute.
Since 2024, disputes relating to consumer credit in Spain have primarily focused on the issue of contractual transparency within revolving credit agreements. This trend was further solidified by the Supreme Court\u2019s judgments issued on 30 January 2025. Ongoing litigation aims to bring the lower courts to further specify the practical application, to the various contract vintages, of the Supreme Court transparency criteria.
On October 7, 2025, the Financial Conduct Authority (\u201cFCA\u201d) in the UK released consultation paper CP25/27, setting out a proposal for a statutory Motor Finance Consumer Redress Scheme. This proposed scheme, which is designed to apply to regulated motor finance contracts, aims to compensate motor finance customers who were treated unfairly.\u00a0 The FCA received a significant amount of feedback from industry participants to the proposed scheme by the deadline of 12 December 2025. The scope of the redress scheme, the applicable time period for relevant agreements, the methodology for determining eligibility and compensation and the interpretation of key concepts remain subject to ongoing engagement with the FCA and could lead to changes in the final design of the scheme.\u00a0 The FCA has indicated that it intends to publish final rules and a policy statement in February or March 2026. The Group is closely following these developments and responding to regulatory requirements.
Like many other financial institutions in the banking, investment, mutual funds and brokerage sectors, the Bank has received or may receive requests for information from, or be subject to investigations by supervisory, governmental or self-regulatory agencies. The Bank responds to such requests, and cooperates with the relevant authorities and regulators and seeks to address and remedy any issues that may arise.
In 2023, BNP\u00a0Paribas premises (along with those of other financial institutions) were searched by the French financial prosecutor\u2019s office; BNP\u00a0Paribas was informed that the office had opened a preliminary investigation relating to French securities transactions.
There are no other legal, governmental or arbitral proceedings (including any such proceedings which are pending or threatened) that could have, or during the last twelve months have had, significant effects on the Bank\u2019s financial condition or profitability.
\u00a0 | \u00a0 | a | \u00a0 | b | c | d | e | \u00a0 | \u00a0 | f | g |
|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2025 | ||||||||||
Gross carrying amount/Nominal amount | \u00a0 | \u00a0 | Accumulated impairment | Provisions on off-balance sheet commitments and financial guarantees given | Accumulated | ||||||
\u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage\u00a02) | Of which non-performing | Of which loans and advances subject to impairment | \u00a0 \u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage\u00a02) | Of which defaulted | |||||
\u00a0 | Of which defaulted | ||||||||||
010 | On balance sheet exposures | 1,402,313 | 67,245 | 28,306 | 27,951 | 1,398,506 | (17,024) | (1,765) | (13,557) | - | (36) |
\u00a0 | of which exposures in the balance sheet of continuing activities | 1,395,192 | 66,462 | 27,488 | 27,140 | 1,391,384 | (16,397) | (1,723) | (13,001) | \u00a0 | (36) |
\u00a0 | Europe(1) | 1,049,368 | 55,209 | 23,332 | 23,041 | 1,045,916 | (13,874) | (1,509) | (10,842) | \u00a0 | (36) |
\u00a0 | France | 417,630 | 19,471 | 10,399 | 10,218 | 416,657 | (5,679) | (615) | (4,573) | \u00a0 | (7) |
\u00a0 | Belgium | 186,337 | 8,167 | 3,204 | 3,203 | 186,306 | (1,512) | (115) | (1,266) | \u00a0 | \u00a0 |
\u00a0 | Luxembourg | 46,760 | 2,028 | 823 | 820 | 46,569 | (206) | (27) | (163) | \u00a0 | (2) |
\u00a0 | Italy | 128,821 | 6,830 | 3,296 | 3,291 | 128,569 | (2,638) | (306) | (1,961) | \u00a0 | (19) |
\u00a0 | United Kingdom | 63,759 | 3,047 | 833 | 826 | 63,511 | (672) | (57) | (517) | \u00a0 | (5) |
\u00a0 | Germany | 58,952 | 6,454 | 1,838 | 1,824 | 58,038 | (1,299) | (163) | (1,022) | \u00a0 | \u00a0 |
\u00a0 | Netherlands | 22,056 | 956 | 344 | 343 | 22,051 | (80) | (8) | (60) | \u00a0 | \u00a0 |
\u00a0 | Other European countries | 125,053 | 8,256 | 2,595 | 2,515 | 124,213 | (1,789) | (218) | (1,279) | \u00a0 | (3) |
\u00a0 | North America | 135,776 | 3,236 | 1,576 | 1,557 | 135,654 | (453) | (47) | (392) | \u00a0 | \u00a0 |
\u00a0 | Asia Pacific | 97,465 | 1,957 | 315 | 312 | 97,442 | (125) | (22) | (83) | \u00a0 | \u00a0 |
\u00a0 | Japan | 40,405 | 479 | 1 | \u00a0 | 40,381 | (6) | (4) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | North Asia | 20,427 | 590 | 239 | 238 | 20,427 | (49) | (11) | (30) | \u00a0 | \u00a0 |
\u00a0 | South-East Asia (ASEAN) | 16,838 | 311 | 52 | 52 | 16,838 | (52) | (1) | (44) | \u00a0 | \u00a0 |
\u00a0 | Indian peninsula &\u00a0Pacific | 19,796 | 578 | 23 | 22 | 19,796 | (18) | (5) | (8) | \u00a0 | \u00a0 |
070 | Rest of the World | 112,583 | 6,061 | 2,266 | 2,230 | 112,373 | (1,944) | (146) | (1,685) | \u00a0 | \u00a0 |
\u00a0 | T\u00fcrkiye | 16,507 | 936 | 386 | 386 | 16,507 | (295) | (33) | (208) | \u00a0 | \u00a0 |
\u00a0 | Mediterranean | 2,897 | 462 | 127 | 127 | 2,897 | (130) | (13) | (114) | \u00a0 | \u00a0 |
\u00a0 | Gulf States & Africa | 10,033 | 286 | 1,265 | 1,265 | 10,033 | (1,125) | (30) | (1,067) | \u00a0 | \u00a0 |
\u00a0 | Latin America | 12,437 | 1,148 | 73 | 72 | 12,227 | (65) | (15) | (44) | \u00a0 | \u00a0 |
\u00a0 | Other countries | 70,709 | 3,230 | 414 | 380 | 70,709 | (329) | (55) | (251) | \u00a0 | \u00a0 |
\u00a0 | of which exposures on the balance sheet of activities intended to be sold | 7,122 | 783 | 817 | 811 | 7,122 | (626) | (42) | (556) | \u00a0 | \u00a0 |
080 | Off-balance sheet\u00a0 | 532,749 | 21,756 | 2,261 | 2,259 | 532,749 | (724) | (187) | (339) | (724) | \u00a0 |
\u00a0 | Europe(1) | 342,060 | 11,010 | 1,672 | 1,670 | 342,060 | (530) | (119) | (253) | (530) | \u00a0 |
\u00a0 | France | 92,684 | 3,521 | 558 | 558 | 92,684 | (155) | (48) | (52) | (155) | \u00a0 |
\u00a0 | Belgium | 38,428 | 1,403 | 218 | 218 | 38,428 | (73) | (5) | (53) | (73) | \u00a0 |
\u00a0 | Luxembourg | 16,622 | 559 | 110 | 110 | 16,622 | (21) | (9) | (7) | (21) | \u00a0 |
\u00a0 | Italy | 39,220 | 1,130 | 356 | 356 | 39,220 | (112) | (16) | (68) | (112) | \u00a0 |
\u00a0 | United Kingdom | 41,834 | 1,433 | 47 | 47 | 41,834 | (18) | (6) | \u00a0 | (18) | \u00a0 |
\u00a0 | Germany | 36,923 | 805 | 158 | 158 | 36,923 | (74) | (8) | (50) | (74) | \u00a0 |
\u00a0 | Netherlands | 17,211 | 374 | 100 | 100 | 17,211 | (7) | (1) | (3) | (7) | \u00a0 |
\u00a0 | Other European countries | 59,136 | 1,785 | 125 | 123 | 59,136 | (71) | (25) | (19) | (71) | \u00a0 |
\u00a0 | North America | 132,764 | 7,139 | 354 | 354 | 132,764 | (84) | (34) | (36) | (84) | \u00a0 |
\u00a0 | Asia Pacific | 25,507 | 606 | 34 | 34 | 25,507 | (13) | (2) | (6) | (13) | \u00a0 |
\u00a0 | Japan | 3,701 | 3 | \u00a0 | \u00a0 | 3,701 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | North Asia | 9,241 | 279 | 24 | 24 | 9,241 | (8) | \u00a0 | (6) | (8) | \u00a0 |
\u00a0 | South-East Asia (ASEAN) | 6,275 | 159 | \u00a0 | \u00a0 | 6,275 | (1) | \u00a0 | \u00a0 | (1) | \u00a0 |
\u00a0 | Indian peninsula &\u00a0Pacific | 6,290 | 164 | 10 | 10 | 6,290 | (3) | (1) | \u00a0 | (3) | \u00a0 |
140 | Rest of the World | 32,418 | 3,002 | 201 | 201 | 32,418 | (97) | (32) | (43) | (97) | \u00a0 |
\u00a0 | T\u00fcrkiye | 7,704 | 261 | 15 | 15 | 7,704 | (23) | (5) | (5) | (23) | \u00a0 |
\u00a0 | Mediterranean | 5,114 | 726 | 134 | 134 | 5,114 | (31) | (4) | (25) | (31) | \u00a0 |
\u00a0 | Gulf States & Africa | 5,937 | 145 | 49 | 49 | 5,937 | (21) | (5) | (13) | (21) | \u00a0 |
\u00a0 | Latin America | 6,253 | 638 | 3 | 3 | 6,253 | (18) | (17) | \u00a0 | (18) | \u00a0 |
\u00a0 | Other countries | 7,410 | 1,231 | 1 | 1 | 7,410 | (4) | (2) | \u00a0 | (4) | \u00a0 |
150 | TOTAL | 1,935,062 | 89,001 | 30,566 | 30,209 | 1,931,255 | (17,747) | (1,952) | (13,896) | (724) | (36) |
(1) | Within the European Union, the European Free Trade Association (EFTA) and the United Kingdom |
(2) | The residual risk, net of collateral received, on agency securities lending transactions is negligible and is not broken down by\u00a0 geographical areas. These exposures represent a guarantee commitment given to the lenders of securities that amounts to EUR 84.9 billion as of 31 December 2025, before taking into consideration the collateral received. |
\u00a0 | \u00a0 | a | \u00a0 | b | c | d | e | \u00a0 | \u00a0 | f | g |
|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2024 | ||||||||||
Gross carrying amount/Nominal amount | Accumulated impairment | Provisions on off-balance sheet commitments and financial guarantees given | Accumulated | ||||||||
\u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage\u00a02) | Of which non-performing | Of which loans and advances subject to impairment | \u00a0 \u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage\u00a02) | Of which defaulted | |||||
\u00a0 | Of which defaulted | ||||||||||
010 | On balance sheet exposures | 1,367,269 | 72,927 | 27,421 | 26,923 | 1,362,026 | (17,478) | (1,956) | (13,667) | \u00a0 | (52) |
\u00a0 | Europe(1) | 1,010,510 | 58,127 | 23,040 | 22,792 | 1,006,345 | (14,298) | (1,684) | (10,982) | \u00a0 | (52) |
\u00a0 | France | 402,055 | 22,190 | 9,441 | 9,278 | 400,100 | (5,707) | (736) | (4,452) | \u00a0 | (15) |
\u00a0 | Belgium | 171,333 | 8,076 | 3,100 | 3,098 | 171,297 | (1,512) | (130) | (1,246) | \u00a0 | \u00a0 |
\u00a0 | Luxembourg | 43,921 | 2,266 | 581 | 572 | 43,705 | (167) | (33) | (114) | \u00a0 | (2) |
\u00a0 | Italy | 126,360 | 7,329 | 3,929 | 3,926 | 126,250 | (3,032) | (304) | (2,353) | \u00a0 | (30) |
\u00a0 | United Kingdom | 62,681 | 3,423 | 1,221 | 1,215 | 62,262 | (828) | (75) | (642) | \u00a0 | (3) |
\u00a0 | Germany | 58,412 | 5,613 | 1,641 | 1,622 | 57,329 | (1,059) | (118) | (805) | \u00a0 | \u00a0 |
\u00a0 | Netherlands | 22,577 | 1,125 | 144 | 144 | 22,571 | (78) | (11) | (54) | \u00a0 | \u00a0 |
\u00a0 | Other European countries | 123,172 | 8,105 | 2,984 | 2,937 | 122,830 | (1,915) | (277) | (1,314) | \u00a0 | (3) |
\u00a0 | North America | 139,856 | 4,894 | 858 | 658 | 139,194 | (204) | (60) | (126) | \u00a0 | - |
\u00a0 | Asia Pacific | 102,374 | 2,127 | 372 | 369 | 102,312 | (232) | (16) | (156) | \u00a0 | \u00a0 |
\u00a0 | Japan | 34,252 | 380 | 11 | 11 | 34,222 | (11) | (9) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | North Asia | 28,533 | 893 | 216 | 214 | 28,533 | (79) | (2) | (31) | \u00a0 | \u00a0 |
\u00a0 | South-East Asia (ASEAN) | 19,730 | 558 | 121 | 121 | 19,713 | (129) | (3) | (117) | \u00a0 | \u00a0 |
\u00a0 | Indian peninsula &\u00a0Pacific | 19,858 | 296 | 24 | 22 | 19,843 | (13) | (2) | (7) | \u00a0 | \u00a0 |
070 | Rest of the World | 114,529 | 7,780 | 3,151 | 3,104 | 114,176 | (2,744) | (196) | (2,403) | \u00a0 | \u00a0 |
\u00a0 | T\u00fcrkiye | 18,381 | 981 | 167 | 167 | 18,381 | (220) | (48) | (114) | \u00a0 | \u00a0 |
\u00a0 | Mediterranean | 9,909 | 2,018 | 973 | 969 | 9,909 | (796) | (52) | (706) | \u00a0 | \u00a0 |
\u00a0 | Gulf States & Africa | 9,996 | 396 | 1,431 | 1,431 | 9,996 | (1,255) | (40) | (1,188) | \u00a0 | \u00a0 |
\u00a0 | Latin America | 13,689 | 477 | 168 | 167 | 13,335 | (131) | (4) | (120) | \u00a0 | \u00a0 |
\u00a0 | Other countries | 62,554 | 3,908 | 412 | 371 | 62,554 | (342) | (52) | (275) | \u00a0 | \u00a0 |
080 | Off-balance sheet\u00a0 | 522,499 | 23,792 | 2,441 | 2,439 | 522,499 | (706) | (206) | (318) | (706) | \u00a0 |
\u00a0 | Europe(1) | 343,933 | 12,951 | 1,940 | 1,938 | 343,933 | (492) | (116) | (240) | (492) | \u00a0 |
\u00a0 | France | 97,345 | 4,124 | 735 | 735 | 97,345 | (166) | (52) | (62) | (166) | \u00a0 |
\u00a0 | Belgium | 40,546 | 2,195 | 263 | 263 | 40,546 | (87) | (10) | (61) | (87) | \u00a0 |
\u00a0 | Luxembourg | 17,157 | 424 | 134 | 134 | 17,157 | (22) | (4) | (14) | (22) | \u00a0 |
\u00a0 | Italy | 36,610 | 1,459 | 401 | 401 | 36,610 | (96) | (13) | (65) | (96) | \u00a0 |
\u00a0 | United Kingdom | 40,702 | 1,635 | 113 | 113 | 40,702 | (22) | (6) | \u00a0 | (22) | \u00a0 |
\u00a0 | Germany | 33,162 | 896 | 164 | 164 | 33,162 | (40) | (5) | (26) | (40) | \u00a0 |
\u00a0 | Netherlands | 18,139 | 295 | 20 | 20 | 18,139 | (4) | (1) | \u00a0 | (4) | \u00a0 |
\u00a0 | Other European countries | 60,272 | 1,923 | 111 | 109 | 60,272 | (55) | (24) | (13) | (55) | \u00a0 |
\u00a0 | North America | 122,575 | 7,625 | 280 | 280 | 122,575 | (85) | (55) | (14) | (85) | \u00a0 |
\u00a0 | Asia Pacific | 24,348 | 366 | 43 | 43 | 24,348 | (6) | (2) | (1) | (6) | \u00a0 |
\u00a0 | Japan | 2,836 | 4 | \u00a0 | \u00a0 | 2,836 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | North Asia | 8,935 | 146 | 30 | 30 | 8,935 | (3) | (1) | \u00a0 | (3) | \u00a0 |
\u00a0 | South-East Asia (ASEAN) | 6,063 | 108 | \u00a0 | \u00a0 | 6,063 | (1) | \u00a0 | \u00a0 | (1) | \u00a0 |
\u00a0 | Indian peninsula &\u00a0Pacific | 6,514 | 110 | 13 | 13 | 6,514 | (2) | (1) | (1) | (2) | \u00a0 |
140 | Rest of the World | 31,643 | 2,849 | 179 | 179 | 31,643 | (122) | (33) | (63) | (122) | \u00a0 |
\u00a0 | T\u00fcrkiye | 6,897 | 328 | 27 | 27 | 6,897 | (31) | (10) | (10) | (31) | \u00a0 |
\u00a0 | Mediterranean | 2,524 | 670 | 94 | 94 | 2,524 | (59) | (10) | (41) | (59) | \u00a0 |
\u00a0 | Gulf States & Africa | 6,152 | 120 | 54 | 54 | 6,152 | (20) | (4) | (12) | (20) | \u00a0 |
\u00a0 | Latin America | 5,356 | 408 | 3 | 3 | 5,356 | (8) | (7) | \u00a0 | (8) | \u00a0 |
\u00a0 | Other countries | 10,714 | 1,323 | 1 | 1 | 10,714 | (4) | (2) | \u00a0 | (4) | \u00a0 |
150 | TOTAL | 1,889,768 | 96,719 | 29,862 | 29,362 | 1,884,525 | (18,183) | (2,162) | (13,985) | (706) | (52) |
(1) | Within the European Union, the European Free Trade Association (EFTA) and the United Kingdom |
(2) | The exposures to agency securities lending transactions represent a guarantee commitment given to the lenders of securities that amounts to EUR 76.9 billion as of 31 December 2024, before taking into consideration the collateral received. |
\u00a0
\u00a0 | \u00a0 | a | \u00a0 | b | c | d | e | \u00a0 | \u00a0 | f |
|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2025 | |||||||||
Gross carrying amount/Nominal amount | Accumulated impairment | Accumulated negative changes in fair value due to credit risk on non-performing exposures | ||||||||
\u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage 2) | Of which non-performing | \u00a0 | \u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage2) | Of which defaulted | ||||
\u00a0 | Of which defaulted | Of which loans and advances subject to impairment | ||||||||
\u00a0 | On balance sheet exposures | 434,494 | 43,582 | 15,046 | 14,840 | 432,554 | (8,249) | (718) | (6,929) | \u00a0 |
010 | Agriculture, forestry and\u00a0fishing | 10,421 | 755 | 391 | 389 | 10,363 | (194) | (24) | (131) | \u00a0 |
020 | Mining and quarrying | 4,190 | 532 | 70 | 70 | 4,081 | (70) | (8) | (60) | \u00a0 |
030 | Manufacturing | 88,204 | 10,577 | 2,098 | 2,067 | 87,931 | (1,319) | (110) | (1,098) | \u00a0 |
040 | Electricity, gas, steam and air conditioning supply | 18,563 | 2,492 | 260 | 243 | 17,830 | (151) | (66) | (73) | \u00a0 |
050 | Water supply | 3,154 | 471 | 85 | 82 | 3,154 | (63) | (6) | (52) | \u00a0 |
060 | Construction | 24,408 | 2,982 | 2,338 | 2,332 | 24,407 | (1,349) | (36) | (1,276) | \u00a0 |
070 | Wholesale and retail trade | 74,217 | 7,749 | 3,115 | 3,064 | 73,560 | (1,955) | (106) | (1,721) | \u00a0 |
080 | Transport and storage | 26,860 | 2,348 | 621 | 579 | 26,823 | (378) | (34) | (316) | \u00a0 |
090 | Accommodation and food service activities | 7,525 | 591 | 522 | 500 | 7,525 | (258) | (18) | (221) | \u00a0 |
100 | Information and communication | 21,365 | 1,759 | 959 | 955 | 21,334 | (266) | (62) | (185) | \u00a0 |
110 | Financial and insurance activities | 23,877 | 1,549 | 362 | 361 | 23,872 | (340) | (28) | (281) | \u00a0 |
120 | Real estate activities | 62,864 | 5,778 | 2,191 | 2,188 | 62,864 | (690) | (90) | (529) | \u00a0 |
130 | Professional, scientific and technical activities | 26,385 | 1,594 | 860 | 851 | 26,351 | (505) | (47) | (414) | \u00a0 |
140 | Administrative and support service activities | 25,242 | 1,733 | 421 | 415 | 25,241 | (346) | (33) | (285) | \u00a0 |
150 | Public administration and defence, compulsory social security | 250 | 93 | 17 | 17 | 249 | (5) | (1) | (3) | \u00a0 |
160 | Education | 968 | 98 | 45 | 44 | 968 | (30) | (3) | (24) | \u00a0 |
170 | Human health services and social work activities | 5,908 | 860 | 184 | 183 | 5,908 | (129) | (13) | (104) | \u00a0 |
180 | Arts, entertainment and recreation | 2,474 | 444 | 124 | 124 | 2,474 | (62) | (13) | (45) | \u00a0 |
190 | Other services | 7,620 | 1,177 | 381 | 376 | 7,619 | (141) | (20) | (110) | \u00a0 |
200 | Off-balance sheet exposures | 386,528 | 16,668 | 2,071 | 2,071 | 386,528 | (589) | (146) | (328) | \u00a0 |
\u00a0 | Agriculture, forestry and fishing | 1,234 | 99 | 5 | 5 | 1,234 | (2) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Mining and quarrying | 7,171 | 349 | 6 | 6 | 7,171 | (3) | (1) | \u00a0 | \u00a0 |
\u00a0 | Manufacturing | 125,108 | 6,302 | 463 | 463 | 125,108 | (135) | (36) | (63) | \u00a0 |
\u00a0 | Electricity, gas, steam and air conditioning supply | 33,955 | 1,350 | 126 | 126 | 33,955 | (78) | (32) | (40) | \u00a0 |
\u00a0 | Water supply | 3,644 | 301 | 4 | 4 | 3,644 | (2) | (1) | \u00a0 | \u00a0 |
\u00a0 | Construction | 26,477 | 1,426 | 481 | 481 | 26,477 | (88) | (10) | (69) | \u00a0 |
\u00a0 | Wholesale and retail trade | 36,684 | 1,929 | 357 | 357 | 36,684 | (102) | (18) | (64) | \u00a0 |
\u00a0 | Transport and storage | 20,164 | 1,063 | 68 | 68 | 20,164 | (10) | (2) | (4) | \u00a0 |
\u00a0 | Accommodation and food service activities | 3,964 | 202 | 9 | 9 | 3,964 | (6) | (2) | (2) | \u00a0 |
\u00a0 | Information and communication | 40,145 | 645 | 120 | 120 | 40,145 | (33) | (8) | (20) | \u00a0 |
\u00a0 | Financial and insurance activities | 20,628 | 866 | 24 | 24 | 20,628 | (35) | (9) | (20) | \u00a0 |
\u00a0 | Real estate activities | 14,065 | 669 | 165 | 165 | 14,065 | (33) | (11) | (17) | \u00a0 |
\u00a0 | Professional, scientific and technical activities | 32,043 | 656 | 123 | 123 | 32,043 | (25) | (8) | (10) | \u00a0 |
\u00a0 | Administrative and support service activities | 13,457 | 486 | 111 | 111 | 13,457 | (24) | (5) | (16) | \u00a0 |
\u00a0 | Public administration and defence, compulsory social security | 248 | 5 | \u00a0 | \u00a0 | 248 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Education | 179 | 13 | 1 | 1 | 179 | (1) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Human health services and social work activities | 1,770 | 75 | 3 | 3 | 1,770 | (2) | \u00a0 | (1) | \u00a0 |
\u00a0 | Arts, entertainment and recreation | 1,597 | 158 | 2 | 2 | 1,597 | (1) | (1) | \u00a0 | \u00a0 |
\u00a0 | Other services | 3,995 | 72 | \u00a0 | \u00a0 | 3,995 | (7) | (2) | \u00a0 | \u00a0 |
\u00a0 | TOTAL | 821,022 | 60,250 | 17,116 | 16,911 | 819,082 | (8,839) | (864) | (7,257) | \u00a0 |
\u00a0 | \u00a0 | a | \u00a0 | b | c | d | e | \u00a0 | \u00a0 | f |
|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2024 | |||||||||
Gross carrying amount\\Nominal amount | Accumulated impairment | Accumulated negative changes in fair value due to credit risk on non-performing exposures | ||||||||
\u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage2) | Of which non-performing | \u00a0 | \u00a0 \u00a0 | Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage2) | Of which Defaulted | ||||
\u00a0 | Of which Defaulted | Of which loans and advances subject to impairment | ||||||||
\u00a0 | On balance sheet exposures | 437,229 | 47,227 | 14,912 | 14,518 | 433,809 | (8,613) | (775) | (7,203) | (11) |
010 | Agriculture, forestry and fishing | 11,331 | 810 | 396 | 395 | 11,226 | (224) | (35) | (139) | \u00a0 |
020 | Mining and quarrying | 5,073 | 277 | 70 | 70 | 4,787 | (67) | (4) | (60) | \u00a0 |
030 | Manufacturing | 93,308 | 11,654 | 3,326 | 3,286 | 93,170 | (2,189) | (120) | (1,959) | \u00a0 |
040 | Electricity, gas, steam and air conditioning supply | 19,562 | 1,689 | 259 | 258 | 18,582 | (133) | (34) | (85) | \u00a0 |
050 | Water supply | 3,397 | 368 | 138 | 136 | 3,397 | (118) | (4) | (109) | \u00a0 |
060 | Construction | 25,065 | 2,815 | 1,889 | 1,882 | 24,937 | (985) | (48) | (888) | (11) |
070 | Wholesale and retail trade | 76,759 | 8,354 | 2,798 | 2,743 | 75,999 | (1,768) | (116) | (1,535) | \u00a0 |
080 | Transport and storage | 26,790 | 2,912 | 614 | 577 | 26,734 | (377) | (36) | (310) | \u00a0 |
090 | Accommodation and food service activities | 7,630 | 1,250 | 571 | 551 | 7,626 | (276) | (16) | (247) | \u00a0 |
100 | Information and communication | 18,396 | 2,090 | 634 | 631 | 18,269 | (206) | (45) | (144) | \u00a0 |
110 | Financial and insurance activities | 24,350 | 1,517 | 450 | 448 | 24,292 | (293) | (38) | (223) | \u00a0 |
120 | Real estate activities | 60,216 | 6,995 | 1,890 | 1,889 | 60,216 | (929) | (126) | (708) | \u00a0 |
130 | Professional, scientific and technical activities | 24,330 | 1,551 | 708 | 691 | 23,561 | (428) | (34) | (348) | \u00a0 |
140 | Administrative and support service activities | 25,461 | 2,158 | 383 | 379 | 25,453 | (293) | (68) | (194) | \u00a0 |
150 | Public administration and defence, compulsory social security | 205 | 64 | 12 | 11 | 205 | (6) | (1) | (5) | \u00a0 |
160 | Education | 966 | 145 | 35 | 35 | 966 | (20) | (1) | (17) | \u00a0 |
170 | Human health services and social work activities | 5,409 | 639 | 128 | 127 | 5,409 | (80) | (13) | (54) | \u00a0 |
180 | Arts, entertainment and recreation | 2,099 | 641 | 136 | 136 | 2,099 | (70) | (7) | (60) | \u00a0 |
190 | Other services | 6,883 | 1,297 | 474 | 274 | 6,882 | (151) | (26) | (117) | \u00a0 |
200 | Off-balance sheet exposures | 372,589 | 20,139 | 2,281 | 2,281 | 372,589 | (595) | (166) | (309) | - |
\u00a0 | Agriculture, forestry and fishing | 988 | 48 | 3 | 3 | 988 | (2) | (1) | \u00a0 | \u00a0 |
\u00a0 | Mining and quarrying | 10,038 | 116 | 6 | 6 | 10,038 | (2) | (1) | \u00a0 | \u00a0 |
\u00a0 | Manufacturing | 117,538 | 5,630 | 420 | 420 | 117,538 | (164) | (53) | (77) | \u00a0 |
\u00a0 | Electricity, gas, steam and air conditioning supply | 34,247 | 1,525 | 60 | 60 | 34,247 | (21) | (13) | (1) | \u00a0 |
\u00a0 | Water supply | 3,418 | 108 | 81 | 81 | 3,418 | (1) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Construction | 28,290 | 2,526 | 555 | 555 | 28,290 | (125) | (19) | (91) | \u00a0 |
\u00a0 | Wholesale and retail trade | 35,525 | 1,928 | 603 | 603 | 35,525 | (123) | (16) | (87) | \u00a0 |
\u00a0 | Transport and storage | 20,471 | 1,876 | 26 | 26 | 20,471 | (12) | (3) | (5) | \u00a0 |
\u00a0 | Accommodation and food service activities | 2,839 | 276 | 9 | 9 | 2,839 | (6) | (3) | (2) | \u00a0 |
\u00a0 | Information and communication | 26,357 | 1,222 | 247 | 247 | 26,357 | (21) | (12) | (4) | \u00a0 |
\u00a0 | Financial and insurance activities | 18,958 | 759 | 40 | 40 | 18,958 | (23) | (6) | (9) | \u00a0 |
\u00a0 | Real estate activities | 16,492 | 660 | 143 | 143 | 16,492 | (40) | (13) | (19) | \u00a0 |
\u00a0 | Professional, scientific and technical activities | 32,359 | 1,384 | 43 | 43 | 32,359 | (20) | (12) | (1) | \u00a0 |
\u00a0 | Administrative and support service activities | 16,220 | 1,206 | 22 | 22 | 16,220 | (20) | (10) | (5) | \u00a0 |
\u00a0 | Public administration and defence, compulsory social security | 125 | 0 | 1 | 1 | 125 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Education | 188 | 29 | 1 | 1 | 188 | (1) | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Human health services and social work activities | 1,474 | 67 | 1 | 1 | 1,474 | (1) | (1) | \u00a0 | \u00a0 |
\u00a0 | Arts, entertainment and recreation | 1,638 | 288 | 5 | 5 | 1,638 | (2) | (2) | \u00a0 | \u00a0 |
\u00a0 | Other services | 5,423 | 491 | 14 | 14 | 5,423 | (10) | (2) | (6) | \u00a0 |
\u00a0 | TOTAL | 809,818 | 67,366 | 17,193 | 16,799 | 806,398 | (9,208) | (941) | (7,512) | (11) |
Provisions recorded under liabilities (other than those relating to financial instruments, employee benefits and insurance contracts) mainly relate to restructuring, claims and litigation, fines and penalties.
A provision is recognised when it is more likely than not that an outflow of resources embodying economic benefits will be required to settle a present obligation arising from a past event, and a reliable estimate can be made of the amount of the obligation. The amount of such obligations is discounted, where the impact of discounting is material, in order to determine the amount of the provision.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_d3ddb41f-dac1-4cc9-9363-d5b964c554cb": { "value": "The current income tax charge is determined on the basis of the tax laws and tax rates in force in each country in which the Group operates during the period in which the income is generated.
Deferred taxes are recognised when temporary differences arise between the carrying amount of an asset or liability in the balance sheet and its tax base.
Deferred tax liabilities are recognised for all taxable temporary differences other than:
Deferred tax assets are recognised for all deductible temporary differences and unused carryforwards of tax losses only to the extent that it is probable that the entity in question will generate future taxable profits against which these temporary differences and tax losses can be offset.
Deferred tax assets and liabilities are measured using the liability method, using the tax rate which is expected to apply to the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been or will have been enacted by the balance sheet date of that period. They are not discounted.
Deferred tax assets and liabilities are offset when they arise within the same tax group, they fall under the jurisdiction of a single tax authority, and there is a legal right to offset.
As regards the assessment of uncertainty over income tax treatments, the Group adopts the following approach:
Current and deferred taxes are recognised as tax income or expenses in the profit and loss account, except for those relating to a transaction or an event directly recognised in shareholders\u2019 equity, which are also recognised in shareholders\u2019 equity. This concerns in particular the tax effect of coupons paid on financial instruments issued by the Group and qualified as equity instruments, such as undated super subordinated notes.
When tax credits on revenues from receivables and securities are used to settle corporate income tax payable for the period, the tax credits are recognised on the same line as the income to which they relate. The corresponding tax expense continues to be carried in the profit and loss account under \u201cCorporate income tax\u201d.
In accordance with the provisions of IAS\u00a012, the Group applies the mandatory and temporary exception not to recognise deferred taxes associated with the additional tax resulting from the minimum income tax applied by international groups.
Reconciliation of the effective tax expense to the theoretical tax expense at standard tax rate in France | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||
in millions of euros | tax rate | in millions of euros | tax rate | |
Corporate income tax expense on pre-tax income at standard tax rate in\u00a0France(1) | (4,195) | 25.8% | (3,938) | 25.8% |
Impact of differently taxed foreign profits | (132) | 0.8% | (160) | 1.0% |
Impact of changes in tax rates | 32 | -0.2% | \u00a0 | \u00a0 |
Impact of dividends and disposals taxed at reduced rate | 244 | -1.5% | 188 | -1.2% |
Impact of the non-deductibility of taxes and bank levies | (114) | 0.7% | (132) | 0.9% |
Impact of the hyperinflation in T\u00fcrkiye | (118) | 0.7% | (98) | 0.6% |
Other items | 76 | -0.4% | 139 | -0.9% |
Corporate income tax expense from continuing activities | (4,207) | 25.9% | (4,001) | 26.2% |
Current tax expense(2) | (3,890) | \u00a0 | (3,013) | \u00a0 |
Deferred tax expense (note\u00a04.i) | (317) | \u00a0 | (988) | \u00a0 |
(1) | Restated for the share of profits in equity-method entities and goodwill impairment. |
(2) | Tax expense related to OECD Pillar II Model Rules on global minimum taxation for large multinational enterprises applicable from 1st January 2024 amounted to EUR 15 million for the year ended 2025, compared to EUR 8 million for the year ended 2024. |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Current taxes | 2,496 | 2,836 |
Deferred taxes | 3,250 | 3,379 |
Current and deferred tax assets | 5,746 | 6,215 |
Current taxes | 1,793 | 2,346 |
Deferred taxes | 1,543 | 1,311 |
Current and deferred tax liabilities | 3,336 | 3,657 |
\u00a0
Change in deferred tax by nature over the period:
In millions of euros, at | 31 December 2024 | Changes recognised in profit or loss | Changes recognised in equity that may be reclassified to profit or loss | Changes recognised in equity that will not be reclassified to profit or loss | Effects of exchange rates, consolidation scope and other movements | 31 December 2025 |
|---|---|---|---|---|---|---|
Financial instruments | (2,523) | (289) | (157) | 23 | 66 | (2,880) |
Provisions for employee benefit obligations | 1,120 | (31) | \u00a0 | 3 | (1) | 1,091 |
Unrealised finance lease reserve | (606) | (70) | \u00a0 | \u00a0 | 1 | (675) |
Credit risk impairment | 2,019 | 97 | \u00a0 | \u00a0 | (59) | 2,057 |
Tax loss carryforwards | 1,086 | (90) | \u00a0 | \u00a0 | 112 | 1,108 |
Other items | 972 | 66 | \u00a0 | \u00a0 | (32) | 1,006 |
Net deferred taxes | 2,068 | (317) | (157) | 26 | 87 | 1,707 |
Deferred tax assets | 3,379 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 3,250 |
Deferred tax liabilities | (1,311) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (1,543) |
\u00a0
In order to determine the amount of the tax loss carryforwards recognised as assets, the Group conducts every year a specific review for each relevant entity based on the applicable tax regime, notably incorporating any time limit rules, and a realistic projection of their future revenue and charges in line with their business plan.
The vast majority of tax losses are carried forward indefinitely. The expected recovery period for the related deferred taxes is 5 years.
Unrecognised deferred tax assets totalled EUR\u00a0663\u00a0million at 31 December 2025 (of which EUR 590 million of tax loss carryforwards) compared with EUR\u00a0658\u00a0million at 31 December 2024 (of which EUR 585 million of tax loss carryforwards).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_39fbd32a-e453-4ae4-b05b-24d6a0326966": { "value": "The current income tax charge is determined on the basis of the tax laws and tax rates in force in each country in which the Group operates during the period in which the income is generated.
Deferred taxes are recognised when temporary differences arise between the carrying amount of an asset or liability in the balance sheet and its tax base.
Deferred tax liabilities are recognised for all taxable temporary differences other than:
Deferred tax assets are recognised for all deductible temporary differences and unused carryforwards of tax losses only to the extent that it is probable that the entity in question will generate future taxable profits against which these temporary differences and tax losses can be offset.
Deferred tax assets and liabilities are measured using the liability method, using the tax rate which is expected to apply to the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been or will have been enacted by the balance sheet date of that period. They are not discounted.
Deferred tax assets and liabilities are offset when they arise within the same tax group, they fall under the jurisdiction of a single tax authority, and there is a legal right to offset.
As regards the assessment of uncertainty over income tax treatments, the Group adopts the following approach:
Current and deferred taxes are recognised as tax income or expenses in the profit and loss account, except for those relating to a transaction or an event directly recognised in shareholders\u2019 equity, which are also recognised in shareholders\u2019 equity. This concerns in particular the tax effect of coupons paid on financial instruments issued by the Group and qualified as equity instruments, such as undated super subordinated notes.
When tax credits on revenues from receivables and securities are used to settle corporate income tax payable for the period, the tax credits are recognised on the same line as the income to which they relate. The corresponding tax expense continues to be carried in the profit and loss account under \u201cCorporate income tax\u201d.
In accordance with the provisions of IAS\u00a012, the Group applies the mandatory and temporary exception not to recognise deferred taxes associated with the additional tax resulting from the minimum income tax applied by international groups.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_8acc00a0-543d-4556-93bc-930fdcee6a49": { "value": "The current income tax charge is determined on the basis of the tax laws and tax rates in force in each country in which the Group operates during the period in which the income is generated.
Deferred taxes are recognised when temporary differences arise between the carrying amount of an asset or liability in the balance sheet and its tax base.
Deferred tax liabilities are recognised for all taxable temporary differences other than:
Deferred tax assets are recognised for all deductible temporary differences and unused carryforwards of tax losses only to the extent that it is probable that the entity in question will generate future taxable profits against which these temporary differences and tax losses can be offset.
Deferred tax assets and liabilities are measured using the liability method, using the tax rate which is expected to apply to the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been or will have been enacted by the balance sheet date of that period. They are not discounted.
Deferred tax assets and liabilities are offset when they arise within the same tax group, they fall under the jurisdiction of a single tax authority, and there is a legal right to offset.
As regards the assessment of uncertainty over income tax treatments, the Group adopts the following approach:
Current and deferred taxes are recognised as tax income or expenses in the profit and loss account, except for those relating to a transaction or an event directly recognised in shareholders\u2019 equity, which are also recognised in shareholders\u2019 equity. This concerns in particular the tax effect of coupons paid on financial instruments issued by the Group and qualified as equity instruments, such as undated super subordinated notes.
When tax credits on revenues from receivables and securities are used to settle corporate income tax payable for the period, the tax credits are recognised on the same line as the income to which they relate. The corresponding tax expense continues to be carried in the profit and loss account under \u201cCorporate income tax\u201d.
In accordance with the provisions of IAS\u00a012, the Group applies the mandatory and temporary exception not to recognise deferred taxes associated with the additional tax resulting from the minimum income tax applied by international groups.
Reconciliation of the effective tax expense to the theoretical tax expense at standard tax rate in France | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||
in millions of euros | tax rate | in millions of euros | tax rate | |
Corporate income tax expense on pre-tax income at standard tax rate in\u00a0France(1) | (4,195) | 25.8% | (3,938) | 25.8% |
Impact of differently taxed foreign profits | (132) | 0.8% | (160) | 1.0% |
Impact of changes in tax rates | 32 | -0.2% | \u00a0 | \u00a0 |
Impact of dividends and disposals taxed at reduced rate | 244 | -1.5% | 188 | -1.2% |
Impact of the non-deductibility of taxes and bank levies | (114) | 0.7% | (132) | 0.9% |
Impact of the hyperinflation in T\u00fcrkiye | (118) | 0.7% | (98) | 0.6% |
Other items | 76 | -0.4% | 139 | -0.9% |
Corporate income tax expense from continuing activities | (4,207) | 25.9% | (4,001) | 26.2% |
Current tax expense(2) | (3,890) | \u00a0 | (3,013) | \u00a0 |
Deferred tax expense (note\u00a04.i) | (317) | \u00a0 | (988) | \u00a0 |
(1) | Restated for the share of profits in equity-method entities and goodwill impairment. |
(2) | Tax expense related to OECD Pillar II Model Rules on global minimum taxation for large multinational enterprises applicable from 1st January 2024 amounted to EUR 15 million for the year ended 2025, compared to EUR 8 million for the year ended 2024. |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Current taxes | 2,496 | 2,836 |
Deferred taxes | 3,250 | 3,379 |
Current and deferred tax assets | 5,746 | 6,215 |
Current taxes | 1,793 | 2,346 |
Deferred taxes | 1,543 | 1,311 |
Current and deferred tax liabilities | 3,336 | 3,657 |
\u00a0
Change in deferred tax by nature over the period:
In millions of euros, at | 31 December 2024 | Changes recognised in profit or loss | Changes recognised in equity that may be reclassified to profit or loss | Changes recognised in equity that will not be reclassified to profit or loss | Effects of exchange rates, consolidation scope and other movements | 31 December 2025 |
|---|---|---|---|---|---|---|
Financial instruments | (2,523) | (289) | (157) | 23 | 66 | (2,880) |
Provisions for employee benefit obligations | 1,120 | (31) | \u00a0 | 3 | (1) | 1,091 |
Unrealised finance lease reserve | (606) | (70) | \u00a0 | \u00a0 | 1 | (675) |
Credit risk impairment | 2,019 | 97 | \u00a0 | \u00a0 | (59) | 2,057 |
Tax loss carryforwards | 1,086 | (90) | \u00a0 | \u00a0 | 112 | 1,108 |
Other items | 972 | 66 | \u00a0 | \u00a0 | (32) | 1,006 |
Net deferred taxes | 2,068 | (317) | (157) | 26 | 87 | 1,707 |
Deferred tax assets | 3,379 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 3,250 |
Deferred tax liabilities | (1,311) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (1,543) |
\u00a0
In order to determine the amount of the tax loss carryforwards recognised as assets, the Group conducts every year a specific review for each relevant entity based on the applicable tax regime, notably incorporating any time limit rules, and a realistic projection of their future revenue and charges in line with their business plan.
The vast majority of tax losses are carried forward indefinitely. The expected recovery period for the related deferred taxes is 5 years.
Unrecognised deferred tax assets totalled EUR\u00a0663\u00a0million at 31 December 2025 (of which EUR 590 million of tax loss carryforwards) compared with EUR\u00a0658\u00a0million at 31 December 2024 (of which EUR 585 million of tax loss carryforwards).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_9ba71b37-b503-4675-b3d3-eec998097ba5": { "value": "The current income tax charge is determined on the basis of the tax laws and tax rates in force in each country in which the Group operates during the period in which the income is generated.
Deferred taxes are recognised when temporary differences arise between the carrying amount of an asset or liability in the balance sheet and its tax base.
Deferred tax liabilities are recognised for all taxable temporary differences other than:
Deferred tax assets are recognised for all deductible temporary differences and unused carryforwards of tax losses only to the extent that it is probable that the entity in question will generate future taxable profits against which these temporary differences and tax losses can be offset.
Deferred tax assets and liabilities are measured using the liability method, using the tax rate which is expected to apply to the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been or will have been enacted by the balance sheet date of that period. They are not discounted.
Deferred tax assets and liabilities are offset when they arise within the same tax group, they fall under the jurisdiction of a single tax authority, and there is a legal right to offset.
As regards the assessment of uncertainty over income tax treatments, the Group adopts the following approach:
Current and deferred taxes are recognised as tax income or expenses in the profit and loss account, except for those relating to a transaction or an event directly recognised in shareholders\u2019 equity, which are also recognised in shareholders\u2019 equity. This concerns in particular the tax effect of coupons paid on financial instruments issued by the Group and qualified as equity instruments, such as undated super subordinated notes.
When tax credits on revenues from receivables and securities are used to settle corporate income tax payable for the period, the tax credits are recognised on the same line as the income to which they relate. The corresponding tax expense continues to be carried in the profit and loss account under \u201cCorporate income tax\u201d.
In accordance with the provisions of IAS\u00a012, the Group applies the mandatory and temporary exception not to recognise deferred taxes associated with the additional tax resulting from the minimum income tax applied by international groups.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_891fbfde-4305-4f23-ad73-7cc7e4909dda": { "value": "The cash and cash equivalents balance is composed of the net balance of cash accounts and accounts with central banks, and the net balance of interbank demand loans and deposits.
Changes in cash and cash equivalents related to operating activities reflect cash flows generated by the Group\u2019s operations, including those relating to financial investments of insurance activities and negotiable certificates of deposit.
Changes in cash and cash equivalents related to investing activities reflect cash flows resulting from acquisitions and disposals of subsidiaries, associates or joint ventures included in the consolidated Group, as well as acquisitions and disposals of property, plant and equipment excluding investment property and property held under operating leases.
Changes in cash and cash equivalents related to financing activities reflect the cash inflows and outflows resulting from transactions with shareholders, cash flows related to bonds and subordinated debt, and debt securities (excluding negotiable certificates of deposit).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_885ba56f-8fa1-4fe9-8041-2bd00b165875": { "value": "The cash and cash equivalents balance is composed of the net balance of cash accounts and accounts with central banks, and the net balance of interbank demand loans and deposits.
Changes in cash and cash equivalents related to operating activities reflect cash flows generated by the Group\u2019s operations, including those relating to financial investments of insurance activities and negotiable certificates of deposit.
Changes in cash and cash equivalents related to investing activities reflect cash flows resulting from acquisitions and disposals of subsidiaries, associates or joint ventures included in the consolidated Group, as well as acquisitions and disposals of property, plant and equipment excluding investment property and property held under operating leases.
Changes in cash and cash equivalents related to financing activities reflect the cash inflows and outflows resulting from transactions with shareholders, cash flows related to bonds and subordinated debt, and debt securities (excluding negotiable certificates of deposit).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_a5dc5b8b-9fe7-48c5-b2e1-16a0f3a8c769": { "value": "Preparation of the financial statements requires managers of core businesses and corporate functions to make assumptions and estimates that are reflected in the measurement of income and expense in the profit and loss account and of assets and liabilities in the balance sheet, and in the disclosure of information in the notes to the financial statements. This requires the managers in question to exercise their judgement and to make use of information available at the date of the preparation of the financial statements when making their estimates. The actual future results from operations where managers have made use of estimates may in reality differ significantly from those estimates, mainly according to market conditions. This may have a material effect on the financial statements.
This applies in particular to:
the analysis of the cash flow criterion for specific financial assets;the measurement of expected credit losses. This applies in particular to the assessment of significant increase in credit risk, the models and assumptions used to measure expected credit losses, including those relating to climate risks, the determination of the different economic scenarios and their weighting;the analysis of renegotiated loans, in order to assess whether they should be maintained on the balance-sheet or derecognised;the assessment of an active market, and the use of internally developed models for the measurement of the fair value of financial instruments not quoted in an active market classified in \u201cFinancial assets at fair value through equity\u201d, or in \u201cFinancial instruments at fair value through profit or loss\u201d, whether as assets or liabilities, and more generally calculations of the fair value of financial instruments subject to a fair value disclosure requirement;the assumptions applied to assess the sensitivity to each type of market risk of the market value of financial instruments and the sensitivity of these valuations to the main unobservable inputs as disclosed in the notes to the financial statements;the appropriateness of the designation of certain derivative instruments such as cash flow hedges, and the measurement of hedge effectiveness;the valuation of intangible assets recognised in the context of business combinations;the valuation of assets recognised in the context of partnerships and commercial contracts;\u00a0impairment tests performed on intangible assets, notably the goodwill;the estimation of residual assets values under simple lease agreements. These values are used as a basis for the determination of depreciation as well as any impairment, notably in relation to the effect of environmental considerations on the evaluation of future prices of second-hand vehicles;the deferred tax assets;the measurement of insurance liabilities and assets, and investment contracts with discretionary participation, by groups of contracts, on the basis of discounted and probability weighted future fulfilment cash flows, based on assumptions that can be derived from market or entity-specific data, and the recognition of the results of such contracts on the basis of the services rendered over the coverage period;the measurement of uncertainty over income tax treatments and other provisions for contingencies and charges. In particular, while investigations and litigations are ongoing, it is difficult to foresee their outcome and potential impact. Provision estimation is established by taking into account all available information at the date of the preparation of the financial statements, in particular the nature of the dispute, the underlying facts, the ongoing legal proceedings and court decisions, including those related to similar cases. The Group may also use the opinion of experts and independent legal advisers to exercise its judgement.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_d1101bef-3bf7-43f9-966b-0188b460e31a": { "value": "In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Net gain on debt instruments | 195 | 145 |
Dividend income on equity instruments | 66 | 64 |
Net gain on financial instruments at fair value through equity | 261 | 209 |
\u00a0
Interest income from debt instruments is included in note\u00a02.a Net interest income, and impairment losses related to potential issuer default are included in note\u00a02.g Cost of risk.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Fair value | of which changes in value recognised directly to equity | Fair value | of which changes in value recognised directly to equity | |
Debt securities | 77,940 | (327) | 71,430 | (1,285) |
Governments | 43,638 | (155) | 36,128 | (545) |
Other public administrations | 21,220 | (104) | 20,721 | (432) |
Credit institutions | 10,661 | (63) | 11,148 | (306) |
Others | 2,421 | (5) | 3,433 | (2) |
Equity securities | 1,420 | 374 | 1,610 | 489 |
Total financial assets at fair value through equity | 79,360 | 47 | 73,040 | (796) |
\u00a0
Debt securities at fair value through equity include EUR\u00a06\u00a0million classified as stage 3 at 31\u00a0December 2025 (EUR\u00a0106\u00a0million at 31\u00a0December 2024). For these securities, the credit impairment recognised in the profit and loss account has been charged to the negative changes in value recognised in equity amounting to EUR\u00a03 million at 31\u00a0December 2025 (compared with EUR 102\u00a0million at 31\u00a0December 2024).
The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.
During the year ended 31\u00a0December 2025, the Group sold several investments and a net gain of EUR\u00a036\u00a0million was transferred to \u201cretained earnings\u201d (a net gain of EUR\u00a0207\u00a0million for the year ended 31\u00a0December 2024).
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | |
Derivative financial instruments | 1,202 | \u00a0 | 1,202 | 1,731 | \u00a0 | 1,731 |
Derivatives used for hedging purposes | 190 | \u00a0 | 190 | 74 | \u00a0 | 74 |
Financial assets at fair value through profit or loss | 65,566 | 123,053 | 188,619 | 61,465 | 111,954 | 173,419 |
Financial assets at fair value through equity | 106,485 | \u00a0 | 106,485 | 102,222 | \u00a0 | 102,222 |
Financial assets at amortised cost | 1,368 | \u00a0 | 1,368 | 1,379 | \u00a0 | 1,379 |
Investment properties | 3,830 | 3,012 | 6,842 | 3,868 | 3,178 | 7,046 |
Equity-method investments | 91 | \u00a0 | 91 | 82 | \u00a0 | 82 |
Assets related to insurance activities (note\u00a05.d) | 674 | \u00a0 | 674 | 896 | \u00a0 | 896 |
Investments and other assets related to\u00a0insurance activities | 179,406 | 126,065 | 305,471 | 171,717 | 115,132 | 286,849 |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Fair value | of which changes in value recognised directly to equity | Fair Value | of which changes in value recognised directly to equity | |
Debt securities | 103,826 | (7,688) | 100,493 | (5,341) |
Equity securities | 2,659 | 613 | 1,729 | 107 |
Total financial assets at fair value through equity | 106,485 | (7,075) | 102,222 | (5,234) |
\u00a0
The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.
During the year ended 31 December 2025, the Group sold several of these investments and a net gain of + EUR 27 million was transferred to \u201cretained earnings\u201d (+ EUR 3 million for the year ended 31 December 2024).
", "dimensions": { "concept": "bnpp:DisclosureOfFinancialInstrumentsAtFairValueThroughEquity", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_67c06fdc-2fd3-44ed-aaaa-c0bdfed46830": { "value": "In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||||
Income | Expense | Net | Income | Expense | Net | |
Net income from investment property | 53 | (23) | 30 | 53 | (24) | 29 |
Net income from assets held under operating leases | 20,425 | (16,703) | 3,722 | 19,556 | (15,729) | 3,827 |
Net income from property development activities | 384 | (347) | 37 | 308 | (277) | 31 |
Other net income | 1,500 | (932) | 568 | 2,005 | (1,515) | 490 |
Total net income from other activities | 22,362 | (18,005) | 4,357 | 21,922 | (17,545) | 4,377 |
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Salary and employee benefit expense for banking activities | (19,137) | (18,143) |
Other operating expenses for banking activities | (10,154) | (9,913) |
of which external services and other operating expenses | (8,905) | (8,737) |
of which taxes and contributions(1) | (1,249) | (1,176) |
Insurance activities non attributable costs (note\u00a05.b) | (877) | (832) |
Reclassification of expenses incurred by internal distributors attributable to insurance contracts | 1,165 | 1,085 |
Operating expenses | (29,003) | (27,803) |
\u00a0 |
Taxes and contributions, including those related to insurance activities, amounted to EUR 1,369 million for the year ended 2025 (compared with EUR 1,273 million for the year ended 2024).
Expenses directly attributable to insurance contracts are presented in \u201cNet income from insurance activities\u201d. These costs consist mainly of distribution commissions paid for the acquisition of the contracts and other costs necessary for handling the contracts. They are included in the fulfilment expenses within the \u201cInsurance service result\u201d (see\u00a0note\u00a05.a).
Expenses attributable to insurance contracts include the operating expenses incurred by the Group banking networks to distribute insurance contracts. Related costs are assessed on the basis of the commissions paid by the insurance entities to the internal distributors less their margin. These costs are excluded from \u201cOperating expenses\u201d to be included in the contracts fulfilment cash flows through the \u201cReclassification of expenses incurred by internal distributors attributable to insurance contracts\u201d.
Operating costs not directly attributable to insurance contracts are included in \u201cOperating expenses\u201d.
Reconciliation by type and by function of insurance activities operating expenses is presented in note\u00a05.b.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_f0bce358-773f-48d6-9676-c608e6fb5242": { "value": "The Group is composed of three operating divisions:
Other Activities mainly include activities related to the Group\u2019s central treasury function, some costs related to cross-business projects, the residential mortgage lending business of Personal Finance (a significant part of which is managed in run-off), and certain investments.
They also include non-recurring items resulting from applying the rules on business combinations. In order to provide consistent and relevant economic information for each core business, the impact of amortising fair value adjustments recognised in the net equity of entities acquired and restructuring costs incurred in respect to the integration of entities, have been allocated to the \u201cOther Activities\u201d segment. The same applies to transformation, adaptation and IT reinforcement costs relating to the Group\u2019s savings programmes.
In addition, Other Activities carry the impact, related to the application of IFRS\u00a017, of the reclassification as a deduction from revenues of the operating expenses \u201cattributable to insurance contracts\u201d of the Group\u2019s business lines (other than Insurance) that distribute insurance contracts (i.e., internal distributors), in order not to disrupt the readability of their financial performance. This is also the case for the impact of the volatility on the financial result generated by the recognition at fair value through profit or loss of assets backing insurance entities\u2019 equity or non-participating contracts. In the event of divestment connected to this portfolio, the realised gains or losses are allocated to the revenues of the Insurance business line.
Inter-segment transactions are conducted at arm\u2019s length. The segment information presented comprises agreed inter-segment transfer prices.
The capital allocation is carried out on the basis of risk exposure, taking into account various conventions relating primarily to the capital requirement of the business as derived from the risk-weighted asset calculations required under capital adequacy rules. Normalised equity income by segment is determined by attributing to each segment the income of its allocated equity. The capital allocation to segments is based on a minimum of 12% of weighted assets. The breakdown of balance sheet by core business follows the same rules as the breakdown of the profit or loss by core business.
In order to present a consistent reference with the presentation of the financial statements and the results applied from 1st January 2025, the quarterly series for the 2024 financial year include the main effects described below:
In millions of euros | Year to 31 Dec. 2025 | |||||||
Revenues | of which Interest income(1) | Operating expenses | Cost\u00a0of risk(2) | Operating income | Share of earnings of equity-method entities | Other non- | Pre-tax income | |
Corporate & Institutional Banking | 18,997 | \u00a0 | (11,061) | (452) | 7,484 | 20 | 3 | 7,506 |
Global Banking | 6,244 | 4,029 | (2,919) | (229) | 3,096 | 6 | 1 | 3,102 |
Global Markets | 9,568 | \u00a0 | (5,952) | (223) | 3,393 | 5 | 2 | 3,399 |
Securities Services | 3,185 | 1,645 | (2,190) | \u00a0 | 995 | 9 | \u00a0 | 1,005 |
Commercial, Personal Banking &\u00a0Services | 26,717 | \u00a0 | (16,053) | (3,059) | 7,604 | 423 | (222) | 7,805 |
Commercial & Personal Banking in\u00a0the\u00a0Eurozone | 13,555 | 8,255 | (8,997) | (750) | 3,809 | 22 | 77 | 3,907 |
Commercial & Personal Banking in\u00a0France(3) | 6,464 | 3,358 | (4,442) | (468) | 1,554 | \u00a0 | 2 | 1,555 |
BNL banca commerciale(3) | 2,699 | 1,634 | (1,658) | (214) | 827 | \u00a0 | 62 | 889 |
Commercial & Personal Banking in\u00a0Belgium(3) | 3,732 | 2,690 | (2,584) | (47) | 1,101 | 23 | 1 | 1,125 |
Commercial & Personal Banking in\u00a0Luxembourg(3) | 661 | 572 | (313) | (21) | 327 | (1) | 11 | 338 |
Europe-Mediterranean(3) | 3,693 | 3,053 | (2,179) | (376) | 1,138 | 375 | (188) | 1,325 |
Specialised businesses | 9,468 | \u00a0 | (4,878) | (1,933) | 2,657 | 26 | (112) | 2,572 |
Personal Finance (core) | 5,154 | 4,438 | (2,568) | (1,642) | 943 | 27 | (3) | 968 |
Arval & Leasing Solutions | 3,254 | \u00a0 | (1,626) | (194) | 1,434 | 4 | (108) | 1,330 |
New Digital Businesses &\u00a0Personal Investors(3) | 1,060 | 508 | (683) | (97) | 280 | (5) | (1) | 274 |
Investment & Protection Services | 6,929 | \u00a0 | (4,158) | (10) | 2,761 | 186 | 142 | 3,089 |
Insurance | 2,424 | \u00a0 | (830) | \u00a0 | 1,594 | 220 | 143 | 1,956 |
Wealth Management | 1,799 | \u00a0 | (1,224) | (5) | 570 | \u00a0 | \u00a0 | 570 |
Asset Management(4) | 1,924 | \u00a0 | (1,557) | (5) | 362 | (41) | \u00a0 | 321 |
AXA IM | 782 | \u00a0 | (548) | \u00a0 | 234 | 7 | \u00a0 | 242 |
Other Activities - excl. restatement related to\u00a0insurance activities | (214) | \u00a0 | (1,267) | (32) | (1,512) | 149 | 69 | (1,294) |
Other Activities - restatement related to\u00a0insurance activities | (1,206) | \u00a0 | 1,165 | \u00a0 | (41) | \u00a0 | \u00a0 | (41) |
of which volatility | (41) | \u00a0 | \u00a0 | \u00a0 | (41) | \u00a0 | \u00a0 | (41) |
of which attributable costs to internal distributors | (1,165) | \u00a0 | 1,165 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total | 51,223 | \u00a0 | (31,374) | (3,553) | 16,296 | 777 | (8) | 17,065 |
(1) | Mainly corresponding to the net interest margin and other income from assets held as part of banking activities, as reported for the monitoring\u00a0 of the Group's businesses |
(2) | Including \u201cOther net losses for risk on financial instruments\u201d |
(3) \u00a0 | Commercial & Personal Banking in France, BNL banca commerciale, Commercial & Personal Banking in Belgium, Commercial & Personal Banking in Luxembourg, Europe-Mediterranean and Personal Investors after the reallocation within Wealth and Asset Management of one-third of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Germany, T\u00fcrkiye and Poland |
(4) | Including Real Estate and IPS Investments |
In millions of euros | Year to 31 Dec. 2024 | |||||||
Revenues | of which Interest income(1) | Operating expenses | Cost\u00a0of risk(2) | Operating income | Share of earnings of equity-method entities | Other non- | Pre-tax income | |
Corporate & Institutional Banking | 17,993 | \u00a0 | (10,731) | 143 | 7,405 | 17 | (4) | 7,418 |
Global Banking | 6,276 | 4,317 | (2,921) | 171 | 3,526 | 6 | \u00a0 | 3,532 |
Global Markets | 8,770 | \u00a0 | (5,649) | (28) | 3,093 | 2 | (1) | 3,095 |
Securities Services | 2,946 | 1,496 | (2,161) | \u00a0 | 785 | 9 | (3) | 791 |
Commercial, Personal Banking &\u00a0Services | 26,050 | \u00a0 | (15,912) | (3,201) | 6,937 | 409 | (298) | 7,047 |
Commercial & Personal Banking in\u00a0the\u00a0Eurozone | 13,202 | 8,008 | (9,046) | (1,033) | 3,124 | 80 | \u00a0 | 3,205 |
Commercial & Personal Banking in\u00a0France(3) | 6,258 | 3,252 | (4,420) | (670) | 1,169 | \u00a0 | (2) | 1,167 |
BNL banca commerciale(3) | 2,774 | 1,697 | (1,745) | (338) | 690 | (2) | (2) | 686 |
Commercial & Personal Banking in\u00a0Belgium(3) | 3,559 | 2,536 | (2,585) | (21) | 953 | 82 | 5 | 1,040 |
Commercial & Personal Banking in\u00a0Luxembourg(3) | 611 | 523 | (296) | (4) | 312 | \u00a0 | \u00a0 | 311 |
Europe-Mediterranean(3) | 3,181 | 2,574 | (2,016) | (365) | 800 | 302 | (249) | 853 |
Specialised businesses | 9,666 | \u00a0 | (4,851) | (1,803) | 3,012 | 27 | (50) | 2,989 |
Personal Finance (core) | 4,950 | 4,182 | (2,572) | (1,499) | 879 | 36 | \u00a0 | 914 |
Arval & Leasing Solutions | 3,656 | \u00a0 | (1,556) | (202) | 1,898 | \u00a0 | (62) | 1,836 |
New Digital Businesses &\u00a0Personal Investors(3) | 1,060 | 496 | (724) | (102) | 235 | (9) | 13 | 239 |
Investment & Protection Services | 5,793 | \u00a0 | (3,570) | (15) | 2,208 | 120 | (4) | 2,324 |
Insurance | 2,241 | \u00a0 | (840) | \u00a0 | 1,401 | 176 | (4) | 1,572 |
Wealth Management | 1,651 | \u00a0 | (1,199) | \u00a0 | 452 | \u00a0 | \u00a0 | 452 |
Asset Management(4) | 1,900 | \u00a0 | (1,530) | (15) | 355 | (55) | \u00a0 | 300 |
AXA IM | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other Activities - excl. restatement related to\u00a0insurance activities | 86 | \u00a0 | (1,065) | (129) | (1,108) | 155 | 356 | (597) |
Other Activities - restatement related to\u00a0insurance activities | (1,090) | \u00a0 | 1,085 | \u00a0 | (5) | \u00a0 | \u00a0 | (5) |
of which volatility | (5) | \u00a0 | \u00a0 | \u00a0 | (5) | \u00a0 | \u00a0 | (5) |
of which attributable costs to internal distributors | (1,085) | \u00a0 | 1,085 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total | 48,831 | \u00a0 | (30,193) | (3,201) | 15,437 | 701 | 50 | 16,188 |
(1) | Mainly corresponding to the net interest margin and other income from assets held as part of banking activities, as reported for the monitoring\u00a0 of the Group's businesses |
(2) | Including \u201cOther net losses for risk on financial instruments\u201d |
(3) \u00a0 | Commercial & Personal Banking in France, BNL banca commerciale, Commercial & Personal Banking in Belgium, Commercial & Personal Banking in Luxembourg, Europe-Mediterranean and Personal Investors after the reallocation within Wealth and Asset Management of one-third of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Germany, T\u00fcrkiye and Poland |
(4) | Including Real Estate and IPS Investments |
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Corporate & Institutional Banking | 2,710 | 2,490 |
Global Banking | 2,214 | 1,959 |
Global Markets | (1,044) | (919) |
Securities Services | 1,541 | 1,450 |
Commercial, Personal Banking & Services | 7,282 | 7,189 |
Commercial & Personal Banking in the eurozone | 5,301 | 5,195 |
Commercial & Personal Banking in France(1) | 3,106 | 3,006 |
BNL banca commerciale(1) | 1,065 | 1,077 |
Commercial & Personal Banking in Belgium(1) | 1,041 | 1,023 |
Commercial & Personal Banking in Luxembourg(1) | 89 | 88 |
Europe-Mediterranean(1) | 640 | 607 |
Specialised businesses | 1,342 | 1,388 |
Personal Finance (core) | 716 | 768 |
Arval & Leasing Solutions | 73 | 56 |
New Digital Businesses & Personal Investors(1) | 552 | 564 |
Investment & Protection Services | 2,941 | 2,018 |
Insurance | (284) | (361) |
Wealth Management | 946 | 896 |
Asset Management(2) | 1,545 | 1,483 |
AXA IM | 734 | \u00a0 |
Other activities - excl. restatement related to insurance activities | (63) | 89 |
Other activities - restatement related to insurance activities | (1,165) | (1,085) |
Total Group | 11,705 | 10,701 |
(1) | Commercial & Personal Banking in France, BNL banca commerciale, Commercial & Personal Banking in Belgium, Commercial & Personal Banking\u00a0 in Luxembourg, Europe-Mediterranean and Personal Investors after the reallocation within Wealth and Asset Management of one-third\u00a0 of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Germany, T\u00fcrkiye and Poland |
(2) | Including Real Estate and IPS Investments |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Asset | Liability | Asset | Liability | |
Corporate & Institutional Banking | 1,280,405 | 1,427,146 | 1,257,271 | 1,375,940 |
Global Banking | 190,744 | 254,479 | 195,330 | 258,037 |
Global Markets | 1,035,342 | 1,004,893 | 1,016,601 | 960,504 |
Securities Services | 54,319 | 167,774 | 45,340 | 157,400 |
Commercial, Personal Banking & Services | 821,207 | 719,647 | 801,331 | 700,527 |
Commercial & Personal Banking in the eurozone | 559,838 | 562,944 | 547,798 | 551,464 |
Commercial & Personal Banking in France(1) | 236,289 | 239,968 | 236,792 | 242,000 |
BNL banca commerciale(1) | 89,522 | 78,469 | 89,722 | 78,660 |
Commercial & Personal Banking in Belgium(1) | 202,914 | 208,698 | 192,644 | 197,679 |
Commercial & Personal Banking in Luxembourg(1) | 31,114 | 35,808 | 28,640 | 33,126 |
Europe-Mediterranean(1) | 72,278 | 70,349 | 71,050 | 68,419 |
Specialised businesses | 189,090 | 86,354 | 182,484 | 80,643 |
Personal Finance (core) | 111,693 | 29,969 | 108,278 | 26,945 |
Arval & Leasing Solutions | 73,257 | 18,630 | 70,283 | 20,785 |
New Digital Businesses & Personal Investors(1) | 4,140 | 37,755 | 3,923 | 32,913 |
Investment & Protection Services | 345,077 | 378,951 | 322,771 | 355,810 |
Insurance | 305,475 | 291,364 | 286,849 | 274,655 |
Wealth Management | 28,018 | 78,535 | 27,373 | 76,611 |
Asset Management(2) | 9,597 | 5,911 | 8,549 | 4,544 |
AXA IM | 1,987 | 3,140 | \u00a0 | \u00a0 |
Other activities | 346,292 | 267,237 | 323,535 | 272,630 |
Total Group | 2,792,981 | 2,792,981 | 2,704,908 | 2,704,908 |
(1) | Commercial & Personal Banking in France, BNL banca commerciale, Commercial & Personal Banking in Belgium, Commercial & Personal Banking\u00a0 in Luxembourg, Europe-Mediterranean and Personal Investors after the reallocation within Wealth and Asset Management of one-third\u00a0 of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Germany, T\u00fcrkiye and Poland |
(2) | Including Real Estate and IPS Investments |
\u00a0
Information by business segment relating to goodwill is presented in note\u00a04.m Goodwill.
\u00a0
The geographic split of segment results, assets and liabilities is based on the region in which they are recognised for accounting purposes, adjusted as per the managerial origin of the business activity. It does not necessarily reflect the counterparty\u2019s nationality or the location of operational businesses.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
EMEA | 41,381 | 39,649 |
Americas (North and South) | 5,513 | 4,938 |
APAC | 4,329 | 4,243 |
Total Group | 51,223 | 48,831 |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
EMEA | 2,259,839 | 2,196,747 |
Americas (North and South) | 361,325 | 316,411 |
APAC | 171,818 | 191,750 |
Total Group | 2,792,981 | 2,704,908 |
In millions of euros | Year to 31 Dec. 2025 | |||||||
Revenues | of which Interest income(1) | Operating expenses | Cost\u00a0of risk(2) | Operating income | Share of earnings of equity-method entities | Other non- | Pre-tax income | |
Corporate & Institutional Banking | 18,997 | \u00a0 | (11,061) | (452) | 7,484 | 20 | 3 | 7,506 |
Global Banking | 6,244 | 4,029 | (2,919) | (229) | 3,096 | 6 | 1 | 3,102 |
Global Markets | 9,568 | \u00a0 | (5,952) | (223) | 3,393 | 5 | 2 | 3,399 |
Securities Services | 3,185 | 1,645 | (2,190) | \u00a0 | 995 | 9 | \u00a0 | 1,005 |
Commercial, Personal Banking &\u00a0Services | 26,717 | \u00a0 | (16,053) | (3,059) | 7,604 | 423 | (222) | 7,805 |
Commercial & Personal Banking in\u00a0the\u00a0Eurozone | 13,555 | 8,255 | (8,997) | (750) | 3,809 | 22 | 77 | 3,907 |
Commercial & Personal Banking in\u00a0France(3) | 6,464 | 3,358 | (4,442) | (468) | 1,554 | \u00a0 | 2 | 1,555 |
BNL banca commerciale(3) | 2,699 | 1,634 | (1,658) | (214) | 827 | \u00a0 | 62 | 889 |
Commercial & Personal Banking in\u00a0Belgium(3) | 3,732 | 2,690 | (2,584) | (47) | 1,101 | 23 | 1 | 1,125 |
Commercial & Personal Banking in\u00a0Luxembourg(3) | 661 | 572 | (313) | (21) | 327 | (1) | 11 | 338 |
Europe-Mediterranean(3) | 3,693 | 3,053 | (2,179) | (376) | 1,138 | 375 | (188) | 1,325 |
Specialised businesses | 9,468 | \u00a0 | (4,878) | (1,933) | 2,657 | 26 | (112) | 2,572 |
Personal Finance (core) | 5,154 | 4,438 | (2,568) | (1,642) | 943 | 27 | (3) | 968 |
Arval & Leasing Solutions | 3,254 | \u00a0 | (1,626) | (194) | 1,434 | 4 | (108) | 1,330 |
New Digital Businesses &\u00a0Personal Investors(3) | 1,060 | 508 | (683) | (97) | 280 | (5) | (1) | 274 |
Investment & Protection Services | 6,929 | \u00a0 | (4,158) | (10) | 2,761 | 186 | 142 | 3,089 |
Insurance | 2,424 | \u00a0 | (830) | \u00a0 | 1,594 | 220 | 143 | 1,956 |
Wealth Management | 1,799 | \u00a0 | (1,224) | (5) | 570 | \u00a0 | \u00a0 | 570 |
Asset Management(4) | 1,924 | \u00a0 | (1,557) | (5) | 362 | (41) | \u00a0 | 321 |
AXA IM | 782 | \u00a0 | (548) | \u00a0 | 234 | 7 | \u00a0 | 242 |
Other Activities - excl. restatement related to\u00a0insurance activities | (214) | \u00a0 | (1,267) | (32) | (1,512) | 149 | 69 | (1,294) |
Other Activities - restatement related to\u00a0insurance activities | (1,206) | \u00a0 | 1,165 | \u00a0 | (41) | \u00a0 | \u00a0 | (41) |
of which volatility | (41) | \u00a0 | \u00a0 | \u00a0 | (41) | \u00a0 | \u00a0 | (41) |
of which attributable costs to internal distributors | (1,165) | \u00a0 | 1,165 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total | 51,223 | \u00a0 | (31,374) | (3,553) | 16,296 | 777 | (8) | 17,065 |
(1) | Mainly corresponding to the net interest margin and other income from assets held as part of banking activities, as reported for the monitoring\u00a0 of the Group's businesses |
(2) | Including \u201cOther net losses for risk on financial instruments\u201d |
(3) \u00a0 | Commercial & Personal Banking in France, BNL banca commerciale, Commercial & Personal Banking in Belgium, Commercial & Personal Banking in Luxembourg, Europe-Mediterranean and Personal Investors after the reallocation within Wealth and Asset Management of one-third of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Germany, T\u00fcrkiye and Poland |
(4) | Including Real Estate and IPS Investments |
In millions of euros | Year to 31 Dec. 2024 | |||||||
Revenues | of which Interest income(1) | Operating expenses | Cost\u00a0of risk(2) | Operating income | Share of earnings of equity-method entities | Other non- | Pre-tax income | |
Corporate & Institutional Banking | 17,993 | \u00a0 | (10,731) | 143 | 7,405 | 17 | (4) | 7,418 |
Global Banking | 6,276 | 4,317 | (2,921) | 171 | 3,526 | 6 | \u00a0 | 3,532 |
Global Markets | 8,770 | \u00a0 | (5,649) | (28) | 3,093 | 2 | (1) | 3,095 |
Securities Services | 2,946 | 1,496 | (2,161) | \u00a0 | 785 | 9 | (3) | 791 |
Commercial, Personal Banking &\u00a0Services | 26,050 | \u00a0 | (15,912) | (3,201) | 6,937 | 409 | (298) | 7,047 |
Commercial & Personal Banking in\u00a0the\u00a0Eurozone | 13,202 | 8,008 | (9,046) | (1,033) | 3,124 | 80 | \u00a0 | 3,205 |
Commercial & Personal Banking in\u00a0France(3) | 6,258 | 3,252 | (4,420) | (670) | 1,169 | \u00a0 | (2) | 1,167 |
BNL banca commerciale(3) | 2,774 | 1,697 | (1,745) | (338) | 690 | (2) | (2) | 686 |
Commercial & Personal Banking in\u00a0Belgium(3) | 3,559 | 2,536 | (2,585) | (21) | 953 | 82 | 5 | 1,040 |
Commercial & Personal Banking in\u00a0Luxembourg(3) | 611 | 523 | (296) | (4) | 312 | \u00a0 | \u00a0 | 311 |
Europe-Mediterranean(3) | 3,181 | 2,574 | (2,016) | (365) | 800 | 302 | (249) | 853 |
Specialised businesses | 9,666 | \u00a0 | (4,851) | (1,803) | 3,012 | 27 | (50) | 2,989 |
Personal Finance (core) | 4,950 | 4,182 | (2,572) | (1,499) | 879 | 36 | \u00a0 | 914 |
Arval & Leasing Solutions | 3,656 | \u00a0 | (1,556) | (202) | 1,898 | \u00a0 | (62) | 1,836 |
New Digital Businesses &\u00a0Personal Investors(3) | 1,060 | 496 | (724) | (102) | 235 | (9) | 13 | 239 |
Investment & Protection Services | 5,793 | \u00a0 | (3,570) | (15) | 2,208 | 120 | (4) | 2,324 |
Insurance | 2,241 | \u00a0 | (840) | \u00a0 | 1,401 | 176 | (4) | 1,572 |
Wealth Management | 1,651 | \u00a0 | (1,199) | \u00a0 | 452 | \u00a0 | \u00a0 | 452 |
Asset Management(4) | 1,900 | \u00a0 | (1,530) | (15) | 355 | (55) | \u00a0 | 300 |
AXA IM | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other Activities - excl. restatement related to\u00a0insurance activities | 86 | \u00a0 | (1,065) | (129) | (1,108) | 155 | 356 | (597) |
Other Activities - restatement related to\u00a0insurance activities | (1,090) | \u00a0 | 1,085 | \u00a0 | (5) | \u00a0 | \u00a0 | (5) |
of which volatility | (5) | \u00a0 | \u00a0 | \u00a0 | (5) | \u00a0 | \u00a0 | (5) |
of which attributable costs to internal distributors | (1,085) | \u00a0 | 1,085 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total | 48,831 | \u00a0 | (30,193) | (3,201) | 15,437 | 701 | 50 | 16,188 |
(1) | Mainly corresponding to the net interest margin and other income from assets held as part of banking activities, as reported for the monitoring\u00a0 of the Group's businesses |
(2) | Including \u201cOther net losses for risk on financial instruments\u201d |
(3) \u00a0 | Commercial & Personal Banking in France, BNL banca commerciale, Commercial & Personal Banking in Belgium, Commercial & Personal Banking in Luxembourg, Europe-Mediterranean and Personal Investors after the reallocation within Wealth and Asset Management of one-third of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Germany, T\u00fcrkiye and Poland |
(4) | Including Real Estate and IPS Investments |
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Corporate & Institutional Banking | 2,710 | 2,490 |
Global Banking | 2,214 | 1,959 |
Global Markets | (1,044) | (919) |
Securities Services | 1,541 | 1,450 |
Commercial, Personal Banking & Services | 7,282 | 7,189 |
Commercial & Personal Banking in the eurozone | 5,301 | 5,195 |
Commercial & Personal Banking in France(1) | 3,106 | 3,006 |
BNL banca commerciale(1) | 1,065 | 1,077 |
Commercial & Personal Banking in Belgium(1) | 1,041 | 1,023 |
Commercial & Personal Banking in Luxembourg(1) | 89 | 88 |
Europe-Mediterranean(1) | 640 | 607 |
Specialised businesses | 1,342 | 1,388 |
Personal Finance (core) | 716 | 768 |
Arval & Leasing Solutions | 73 | 56 |
New Digital Businesses & Personal Investors(1) | 552 | 564 |
Investment & Protection Services | 2,941 | 2,018 |
Insurance | (284) | (361) |
Wealth Management | 946 | 896 |
Asset Management(2) | 1,545 | 1,483 |
AXA IM | 734 | \u00a0 |
Other activities - excl. restatement related to insurance activities | (63) | 89 |
Other activities - restatement related to insurance activities | (1,165) | (1,085) |
Total Group | 11,705 | 10,701 |
(1) | Commercial & Personal Banking in France, BNL banca commerciale, Commercial & Personal Banking in Belgium, Commercial & Personal Banking\u00a0 in Luxembourg, Europe-Mediterranean and Personal Investors after the reallocation within Wealth and Asset Management of one-third\u00a0 of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Germany, T\u00fcrkiye and Poland |
(2) | Including Real Estate and IPS Investments |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Asset | Liability | Asset | Liability | |
Corporate & Institutional Banking | 1,280,405 | 1,427,146 | 1,257,271 | 1,375,940 |
Global Banking | 190,744 | 254,479 | 195,330 | 258,037 |
Global Markets | 1,035,342 | 1,004,893 | 1,016,601 | 960,504 |
Securities Services | 54,319 | 167,774 | 45,340 | 157,400 |
Commercial, Personal Banking & Services | 821,207 | 719,647 | 801,331 | 700,527 |
Commercial & Personal Banking in the eurozone | 559,838 | 562,944 | 547,798 | 551,464 |
Commercial & Personal Banking in France(1) | 236,289 | 239,968 | 236,792 | 242,000 |
BNL banca commerciale(1) | 89,522 | 78,469 | 89,722 | 78,660 |
Commercial & Personal Banking in Belgium(1) | 202,914 | 208,698 | 192,644 | 197,679 |
Commercial & Personal Banking in Luxembourg(1) | 31,114 | 35,808 | 28,640 | 33,126 |
Europe-Mediterranean(1) | 72,278 | 70,349 | 71,050 | 68,419 |
Specialised businesses | 189,090 | 86,354 | 182,484 | 80,643 |
Personal Finance (core) | 111,693 | 29,969 | 108,278 | 26,945 |
Arval & Leasing Solutions | 73,257 | 18,630 | 70,283 | 20,785 |
New Digital Businesses & Personal Investors(1) | 4,140 | 37,755 | 3,923 | 32,913 |
Investment & Protection Services | 345,077 | 378,951 | 322,771 | 355,810 |
Insurance | 305,475 | 291,364 | 286,849 | 274,655 |
Wealth Management | 28,018 | 78,535 | 27,373 | 76,611 |
Asset Management(2) | 9,597 | 5,911 | 8,549 | 4,544 |
AXA IM | 1,987 | 3,140 | \u00a0 | \u00a0 |
Other activities | 346,292 | 267,237 | 323,535 | 272,630 |
Total Group | 2,792,981 | 2,792,981 | 2,704,908 | 2,704,908 |
(1) | Commercial & Personal Banking in France, BNL banca commerciale, Commercial & Personal Banking in Belgium, Commercial & Personal Banking\u00a0 in Luxembourg, Europe-Mediterranean and Personal Investors after the reallocation within Wealth and Asset Management of one-third\u00a0 of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Germany, T\u00fcrkiye and Poland |
(2) | Including Real Estate and IPS Investments |
\u00a0
Information by business segment relating to goodwill is presented in note\u00a04.m Goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_899321f0-61cf-4535-991e-3a4613c30418": { "value": "The geographic split of segment results, assets and liabilities is based on the region in which they are recognised for accounting purposes, adjusted as per the managerial origin of the business activity. It does not necessarily reflect the counterparty\u2019s nationality or the location of operational businesses.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
EMEA | 41,381 | 39,649 |
Americas (North and South) | 5,513 | 4,938 |
APAC | 4,329 | 4,243 |
Total Group | 51,223 | 48,831 |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
EMEA | 2,259,839 | 2,196,747 |
Americas (North and South) | 361,325 | 316,411 |
APAC | 171,818 | 191,750 |
Total Group | 2,792,981 | 2,704,908 |
The majority of derivative financial instruments held for trading are related to transactions initiated for trading purposes. They may result from market-making or arbitrage activities. BNP\u00a0Paribas actively trades in derivatives. Transactions include trades in \u201cordinary\u201d instruments such as credit default swaps, and structured transactions with complex risk profiles tailored to meet the needs of its customers. The net position is in all cases subject to limits.
Some derivative instruments are also contracted to hedge financial assets or financial liabilities for which the Group has not documented a hedging relationship, or which do not qualify for hedge accounting under IFRS.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Positive market value | Negative market value | Positive market value | Negative market value | |
Interest rate derivatives | 124,177 | 93,816 | 121,491 | 95,045 |
Foreign exchange derivatives | 98,749 | 92,760 | 158,085 | 152,269 |
Credit derivatives | 14,373 | 14,157 | 10,767 | 11,085 |
Equity derivatives | 32,683 | 47,026 | 28,065 | 40,185 |
Other derivatives | 4,643 | 4,967 | 4,223 | 3,369 |
Derivative financial instruments | 274,625 | 252,726 | 322,631 | 301,953 |
\u00a0
The table below shows the total notional amount of trading derivatives. The notional amounts of derivative instruments are merely an indication of the volume of the Group\u2019s activities in financial instruments markets, and do not reflect the market risks associated with such instruments.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||||
Exchange- | Over-the- | Over-the- | Total | Exchange- | Over-the- | Over-the- | Total | |
Interest rate derivatives | 907,328 | 15,254,043 | 7,992,014 | 24,153,385 | 983,378 | 15,690,701 | 7,277,395 | 23,951,474 |
Foreign exchange derivatives | 80,381 | 271,460 | 10,093,925 | 10,445,766 | 74,516 | 194,540 | 10,769,644 | 11,038,700 |
Credit derivatives | \u00a0 | 531,312 | 591,596 | 1,122,908 | \u00a0 | 436,041 | 463,565 | 899,606 |
Equity derivatives | 1,493,313 | \u00a0 | 988,686 | 2,481,999 | 1,356,158 | \u00a0 | 798,676 | 2,154,834 |
Other derivatives | 194,078 | \u00a0 | 76,688 | 270,766 | 184,941 | \u00a0 | 93,181 | 278,122 |
Derivative financial instruments | 2,675,100 | 16,056,815 | 19,742,909 | 38,474,824 | 2,598,993 | 16,321,282 | 19,402,461 | 38,322,736 |
\u00a0
As part of its Client Clearing activity, the Group guarantees the risk of default of its clients to central clearing houses. The corresponding notional amount is EUR 1,405 billion at 31 December 2025 (EUR 1,271 billion at 31 December 2024).
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | |
Derivative financial instruments | 1,202 | \u00a0 | 1,202 | 1,731 | \u00a0 | 1,731 |
Derivatives used for hedging purposes | 190 | \u00a0 | 190 | 74 | \u00a0 | 74 |
Financial assets at fair value through profit or loss | 65,566 | 123,053 | 188,619 | 61,465 | 111,954 | 173,419 |
Financial assets at fair value through equity | 106,485 | \u00a0 | 106,485 | 102,222 | \u00a0 | 102,222 |
Financial assets at amortised cost | 1,368 | \u00a0 | 1,368 | 1,379 | \u00a0 | 1,379 |
Investment properties | 3,830 | 3,012 | 6,842 | 3,868 | 3,178 | 7,046 |
Equity-method investments | 91 | \u00a0 | 91 | 82 | \u00a0 | 82 |
Assets related to insurance activities (note\u00a05.d) | 674 | \u00a0 | 674 | 896 | \u00a0 | 896 |
Investments and other assets related to\u00a0insurance activities | 179,406 | 126,065 | 305,471 | 171,717 | 115,132 | 286,849 |
\u201cFinancial liabilities related to insurance activities\u201d includes unit-linked investment contracts without discretionary participating features. Those contracts are measured under IFRS\u00a09 at fair value through profit or loss.
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Derivative financial instruments | 1,011 | 982 |
Derivatives used for hedging purposes | 237 | 238 |
Deposit at fair value through profit or loss | 930 | 960 |
Debt representative of shares of consolidated funds held by third parties | 11,371 | 7,317 |
Investment contracts without discretionary participation feature \u2013 Unit-linked contracts | 7,145 | 8,388 |
Other debts | 806 | 1,922 |
Financial liabilities related to insurance activities | 21,500 | 19,807 |
The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||||
Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | |
Financial assets designated as at fair value through profit or loss | 115,234 | 55,736 | 17,649 | 188,619 | 110,018 | 47,346 | 16,055 | 173,419 |
Equity instruments | 109,732 | 37,721 | 17,326 | 164,779 | 102,824 | 31,996 | 15,772 | 150,592 |
Debt securities | 5,502 | 17,639 | 233 | 23,374 | 7,194 | 14,827 | 218 | 22,239 |
Loans | 376 | 90 | 466 | 523 | 65 | 588 | ||
Financial assets at fair value through equity | 94,292 | 12,193 | - | 106,485 | 89,003 | 13,214 | 5 | 102,222 |
Equity instruments | 2,659 | 2,659 | 1,729 | 1,729 | ||||
Debt securities | 91,633 | 12,193 | \u00a0 | 103,826 | 87,274 | 13,214 | 5 | 100,493 |
Derivative financial instruments | - | 1,288 | 104 | 1,392 | - | 1,772 | 33 | 1,805 |
FINANCIAL ASSETS MEASURED AT FAIR VALUE | 209,526 | 69,217 | 17,753 | 296,496 | 199,021 | 62,332 | 16,093 | 277,446 |
Financial liabilities designated at fair value through profit or loss | 8,380 | 10,273 | 793 | 19,446 | 4,666 | 10,866 | 1,133 | 16,665 |
Deposit at fair value through profit or loss | 930 | 930 | 960 | 960 | ||||
Debt representative of shares of consolidated funds held by third parties | 8,380 | 2,730 | 261 | 11,371 | 4,666 | 2,352 | 299 | 7,317 |
Investment contracts without discretionary participation feature - Unit-linked contracts | 6,613 | 532 | 7,145 | 7,554 | 834 | 8,388 | ||
Derivative financial instruments | - | 1,206 | 42 | 1,248 | - | 1,198 | 22 | 1,220 |
FINANCIAL LIABILITIES MEASURED AT FAIR VALUE | 8,380 | 11,479 | 835 | 20,694 | 4,666 | 12,064 | 1,155 | 17,885 |
\u00a0
Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.
Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.
Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.
\u00a0
For Level\u00a03 financial instruments, the following movements occurred during the period:
In millions of euros | Financial assets | Financial liabilities | |||
Financial instruments at fair value through profit or loss | Financial assets at fair value through equity | Total | Financial instruments at fair value through profit or loss | Total | |
At 31 December 2024 | 16,088 | 5 | 16,093 | (1,155) | (1,155) |
Purchases | 3,068 | 23 | 3,091 | (2) | (2) |
Sales | (2,730) | \u00a0 | (2,730) | \u00a0 | \u00a0 |
Settlements | 13 | (26) | (13) | (20) | (20) |
Transfers to Level\u00a03 | 1,292 | \u00a0 | 1,292 | (2) | (2) |
Transfers from Level\u00a03 | (274) | \u00a0 | (274) | \u00a0 | \u00a0 |
Gains recognised in profit or loss | (147) | \u00a0 | (147) | 340 | 340 |
Items related to exchange rate movement and changes in scope of consolidation | 443 | \u00a0 | 443 | 4 | 4 |
Changes in fair value of assets and liabilities recognised in equity | \u00a0 | (2) | (2) | \u00a0 | \u00a0 |
At 31 December 2025 | 17,753 | - | 17,753 | (835) | (835) |
The table below shows the notional amounts and the fair value of derivatives used for hedging purposes.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Notional amounts | Positive fair value | Negative fair value | Notional amounts | Positive fair value | Negative fair value | |
Fair value hedges | 1,135,352 | 18,586 | 26,059 | 1,215,184 | 19,489 | 32,610 |
Interest rate derivatives | 1,131,813 | 18,525 | 25,952 | 1,210,173 | 19,305 | 32,391 |
Foreign exchange derivatives | 3,539 | 61 | 107 | 5,011 | 184 | 219 |
Cash flow hedges | 247,644 | 1,340 | 2,375 | 267,840 | 1,297 | 4,196 |
Interest rate derivatives | 51,426 | 526 | 846 | 75,830 | 654 | 1,583 |
Foreign exchange derivatives | 195,315 | 617 | 1,505 | 191,237 | 590 | 2,532 |
Other derivatives | 903 | 197 | 24 | 773 | 53 | 81 |
Net foreign investment hedges | 2,969 | 91 | 59 | 2,885 | 65 | 58 |
Foreign exchange derivatives | 2,969 | 91 | 59 | 2,885 | 65 | 58 |
Derivatives used for hedging purposes | 1,385,965 | 20,017 | 28,493 | 1,485,909 | 20,851 | 36,864 |
Interest rate risk and foreign exchange risk management strategies are described in chapter\u00a05 \u2013 Pillar 3 of the Universal registration document (section\u00a05.7 Market risk \u2013 Market risk related to banking activities). Quantitative information related to foreign currency borrowings used for net investment hedges is also mentioned in this chapter.
The table below presents the detail of fair value hedge relationships for identified financial instruments and portfolios of financial instruments that are continuing at 31\u00a0December 2025:
\u00a0
In millions of euros, at 31 December 2025 | Hedging instruments | Hedged instruments | ||||||
Notional amounts | Positive | Negative | Cumulated changes in fair value used as the basis for recognising ineffectiveness | Carrying amount \u2013 asset | Cumulated changes in fair value \u2013 asset | Carrying amount \u2013 liability | Cumulated changes in fair value \u2013 liability | |
Fair value hedges of identified instruments | 463,030 | 11,118 | 10,796 | 3,429 | 170,280 | (6,431) | 153,802 | (3,069) |
Interest rate derivatives hedging the interest rate risk related to | 460,058 | 11,057 | 10,696 | 3,431 | 168,579 | (6,434) | 152,587 | (3,069) |
Loans and receivables | 12,941 | 155 | 253 | (73) | 10,292 | 74 | \u00a0 | \u00a0 |
Securities | 238,687 | 10,539 | 5,973 | 6,581 | 158,287 | (6,508) | \u00a0 | \u00a0 |
Deposits | 28,464 | 127 | 145 | (22) | \u00a0 | \u00a0 | 23,918 | (23) |
Debt securities | 179,966 | 236 | 4,325 | (3,055) | \u00a0 | \u00a0 | 128,669 | (3,046) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related\u00a0to | 2,972 | 61 | 100 | (2) | 1,701 | 3 | 1,215 | - |
Loans and receivables | 716 | 53 | 30 | (5) | 667 | 5 | \u00a0 | \u00a0 |
Securities | 1,040 | 6 | 3 | 2 | 1,034 | (2) | \u00a0 | \u00a0 |
Deposits | 84 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 84 | \u00a0 |
Debt securities | 1,132 | 2 | 67 | 1 | \u00a0 | \u00a0 | 1,131 | \u00a0 |
Interest rate risk hedged portfolios | 672,322 | 7,468 | 15,263 | (6,600) | 171,576 | (3,167) | 159,798 | (9,735) |
Interest rate derivatives hedging the interest rate risk related to(1) | 671,755 | 7,468 | 15,256 | (6,596) | 171,009 | (3,169) | 159,798 | (9,735) |
Loans and receivables | 289,435 | 4,977 | 2,033 | 3,154 | 171,009 | (3,169) | \u00a0 | \u00a0 |
Deposits | 382,320 | 2,491 | 13,223 | (9,750) | \u00a0 | \u00a0 | 159,798 | (9,735) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to | 567 | - | 7 | (4) | 567 | 2 | - | - |
Loans and receivables | 567 | \u00a0 | 7 | (4) | 567 | 2 | \u00a0 | \u00a0 |
Total fair value hedge | 1,135,352 | 18,586 | 26,059 | (3,171) | 341,856 | (9,598) | 313,600 | (12,804) |
(1) | Are included in this section the notional amounts of hedging derivatives and of swaps that reverse the interest rate positions, thus reducing the hedge\u00a0 relationship, when the hedged item still exists, for respectively EUR 127,283 million for derivatives hedging loans and receivables\u00a0 and EUR 215,351 million for derivatives hedging deposits. |
The table below presents the detail of fair value hedge relationships for identified financial instruments and portfolios of financial instruments that are continuing at 31 December 2024:
\u00a0
In millions of euros, at 31 December 2024 | Hedging instruments | Hedged instruments | ||||||
Notional amounts | Positive | Negative | Cumulated changes in fair value used as the basis for recognising ineffectiveness | Carrying amount \u2013 asset | Cumulated changes in fair value \u2013 asset | Carrying amount \u2013 liability | Cumulated changes in fair value \u2013 liability | |
Fair value hedges of identified instruments | 467,277 | 10,935 | 14,372 | (408) | 171,514 | (4,723) | 149,961 | (5,075) |
Interest rate derivatives hedging the interest rate risk related to | 462,854 | 10,786 | 14,154 | (396) | 169,146 | (4,721) | 148,362 | (5,061) |
Loans and receivables | 21,678 | 459 | 504 | (35) | 17,111 | 34 | \u00a0 | \u00a0 |
Securities | 220,047 | 9,896 | 6,286 | 4,680 | 152,035 | (4,755) | \u00a0 | \u00a0 |
Deposits | 21,350 | 134 | 137 | (9) | \u00a0 | \u00a0 | 16,851 | (11) |
Debt securities | 199,779 | 297 | 7,227 | (5,032) | \u00a0 | \u00a0 | 131,511 | (5,050) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related\u00a0to | 4,423 | 149 | 218 | (12) | 2,368 | (2) | 1,599 | (14) |
Loans and receivables | 1,403 | 137 | 47 | 3 | 1,007 | (3) | \u00a0 | \u00a0 |
Securities | 1,435 | 8 | 5 | \u00a0 | 1,361 | 1 | \u00a0 | \u00a0 |
Deposits | 36 | \u00a0 | 2 | 2 | \u00a0 | \u00a0 | 41 | 2 |
Debt securities | 1,549 | 4 | 164 | (17) | \u00a0 | \u00a0 | 1,558 | (16) |
Interest rate risk hedged portfolios | 747,907 | 8,554 | 18,238 | (8,868) | 200,215 | (1,745) | 151,658 | (10,592) |
Interest rate derivatives hedging the interest rate risk related to(1) | 747,319 | 8,519 | 18,237 | (8,865) | 199,658 | (1,747) | 151,658 | (10,592) |
Loans and receivables | 319,703 | 5,461 | 2,721 | 1,848 | 199,658 | (1,747) | \u00a0 | \u00a0 |
Deposits | 427,616 | 3,058 | 15,516 | (10,713) | \u00a0 | \u00a0 | 151,658 | (10,592) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to | 588 | 35 | 1 | (3) | 557 | 2 | - | - |
Loans and receivables | 588 | 35 | 1 | (3) | 557 | 2 | \u00a0 | \u00a0 |
Total fair value hedge | 1,215,184 | 19,489 | 32,610 | (9,276) | 371,729 | (6,468) | 301,619 | (15,667) |
(1) | Are included in this section the notional amounts of hedging derivatives and of swaps that reverse the interest rate positions, thus reducing the hedge\u00a0 relationship, when the hedged item still exists, for respectively EUR 129,507 million for derivatives hedging loans and receivables\u00a0 and EUR 263,952 million for derivatives hedging deposits. |
\u00a0
An asset or a liability or set of assets and liabilities, can be hedged over several periods of time with different derivative financial instruments. Besides, some hedges are achieved by the combination of two derivative instruments. In this case, the notional amounts add up and their total amount is higher than the hedged amount. The first situation is observed more particularly for interest rate risk hedged portfolios and the second for hedges of issued debt securities.
As regards discontinued fair value hedge relationships where the derivative contract was terminated, the cumulated amount of revaluation remaining to be amortised over the residual life of the hedged instruments amounted to EUR\u00a0831 million in assets at 31 December 2025, and to - EUR\u00a077 million in liabilities, for hedges of portfolios of financial instruments. At 31 December 2024, these amounts were EUR 986 million in assets and - EUR 104 million in liabilities.
Regarding hedges of identified instruments, the cumulated amount of revaluation remaining to be amortised over the residual life of the hedged instruments amounts to EUR 93 million in assets at 31 December 2025. At 31 December 2024, this amount was EUR 99 million in assets.
The notional amount of cash flow hedge derivatives is EUR 247,644 million at 31 December 2025. Changes in assets and liabilities recognised directly in equity amount to EUR\u00a0372 million. At\u00a031 December 2024, the notional amount of cash flow hedge derivatives was EUR\u00a0267,840 million and changes in assets and liabilities recognised directly in equity amounted to EUR\u00a048 million.
The tables below present the notional amounts of hedging derivatives by maturity at 31\u00a0December 2025 and at 31\u00a0December 2024:
\u00a0
In millions of euros, at 31 December 2025 | Maturity date | |||
Less than 1\u00a0year | Between 1 and 5\u00a0years | Over 5\u00a0years | Total | |
Fair value hedges | 300,017 | 491,093 | 344,242 | 1,135,352 |
Interest rate derivatives | 298,329 | 489,343 | 344,141 | 1,131,813 |
Foreign exchange derivatives | 1,688 | 1,750 | 101 | 3,539 |
Cash flow hedges | 181,738 | 51,736 | 14,170 | 247,644 |
Interest rate derivatives | 17,789 | 22,425 | 11,212 | 51,426 |
Foreign exchange derivatives | 163,541 | 28,819 | 2,955 | 195,315 |
Other derivatives | 408 | 492 | 3 | 903 |
Net foreign investment hedges | 2,457 | 348 | 164 | 2,969 |
Foreign exchange derivatives | 2,457 | 348 | 164 | 2,969 |
\u00a0
In millions of euros, at 31 December 2024 | Maturity date | |||
Less than 1\u00a0year | Between 1 and 5\u00a0years | Over 5\u00a0years | Total | |
Fair value hedges | 454,601 | 456,223 | 304,360 | 1,215,184 |
Interest rate derivatives | 452,137 | 454,004 | 304,032 | 1,210,173 |
Foreign exchange derivatives | 2,464 | 2,219 | 328 | 5,011 |
Cash flow hedges | 198,515 | 55,256 | 14,069 | 267,840 |
Interest rate derivatives | 41,299 | 25,253 | 9,278 | 75,830 |
Foreign exchange derivatives | 156,886 | 29,563 | 4,788 | 191,237 |
Other derivatives | 330 | 440 | 3 | 773 |
Net foreign investment hedges | 2,432 | 453 | - | 2,885 |
Foreign exchange derivatives | 2,432 | 453 | \u00a0 | 2,885 |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | |
Derivative financial instruments | 1,202 | \u00a0 | 1,202 | 1,731 | \u00a0 | 1,731 |
Derivatives used for hedging purposes | 190 | \u00a0 | 190 | 74 | \u00a0 | 74 |
Financial assets at fair value through profit or loss | 65,566 | 123,053 | 188,619 | 61,465 | 111,954 | 173,419 |
Financial assets at fair value through equity | 106,485 | \u00a0 | 106,485 | 102,222 | \u00a0 | 102,222 |
Financial assets at amortised cost | 1,368 | \u00a0 | 1,368 | 1,379 | \u00a0 | 1,379 |
Investment properties | 3,830 | 3,012 | 6,842 | 3,868 | 3,178 | 7,046 |
Equity-method investments | 91 | \u00a0 | 91 | 82 | \u00a0 | 82 |
Assets related to insurance activities (note\u00a05.d) | 674 | \u00a0 | 674 | 896 | \u00a0 | 896 |
Investments and other assets related to\u00a0insurance activities | 179,406 | 126,065 | 305,471 | 171,717 | 115,132 | 286,849 |
\u201cFinancial liabilities related to insurance activities\u201d includes unit-linked investment contracts without discretionary participating features. Those contracts are measured under IFRS\u00a09 at fair value through profit or loss.
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Derivative financial instruments | 1,011 | 982 |
Derivatives used for hedging purposes | 237 | 238 |
Deposit at fair value through profit or loss | 930 | 960 |
Debt representative of shares of consolidated funds held by third parties | 11,371 | 7,317 |
Investment contracts without discretionary participation feature \u2013 Unit-linked contracts | 7,145 | 8,388 |
Other debts | 806 | 1,922 |
Financial liabilities related to insurance activities | 21,500 | 19,807 |
The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||||
Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | Level\u00a01 | Level\u00a02 | Level\u00a03 | Total | |
Financial assets designated as at fair value through profit or loss | 115,234 | 55,736 | 17,649 | 188,619 | 110,018 | 47,346 | 16,055 | 173,419 |
Equity instruments | 109,732 | 37,721 | 17,326 | 164,779 | 102,824 | 31,996 | 15,772 | 150,592 |
Debt securities | 5,502 | 17,639 | 233 | 23,374 | 7,194 | 14,827 | 218 | 22,239 |
Loans | 376 | 90 | 466 | 523 | 65 | 588 | ||
Financial assets at fair value through equity | 94,292 | 12,193 | - | 106,485 | 89,003 | 13,214 | 5 | 102,222 |
Equity instruments | 2,659 | 2,659 | 1,729 | 1,729 | ||||
Debt securities | 91,633 | 12,193 | \u00a0 | 103,826 | 87,274 | 13,214 | 5 | 100,493 |
Derivative financial instruments | - | 1,288 | 104 | 1,392 | - | 1,772 | 33 | 1,805 |
FINANCIAL ASSETS MEASURED AT FAIR VALUE | 209,526 | 69,217 | 17,753 | 296,496 | 199,021 | 62,332 | 16,093 | 277,446 |
Financial liabilities designated at fair value through profit or loss | 8,380 | 10,273 | 793 | 19,446 | 4,666 | 10,866 | 1,133 | 16,665 |
Deposit at fair value through profit or loss | 930 | 930 | 960 | 960 | ||||
Debt representative of shares of consolidated funds held by third parties | 8,380 | 2,730 | 261 | 11,371 | 4,666 | 2,352 | 299 | 7,317 |
Investment contracts without discretionary participation feature - Unit-linked contracts | 6,613 | 532 | 7,145 | 7,554 | 834 | 8,388 | ||
Derivative financial instruments | - | 1,206 | 42 | 1,248 | - | 1,198 | 22 | 1,220 |
FINANCIAL LIABILITIES MEASURED AT FAIR VALUE | 8,380 | 11,479 | 835 | 20,694 | 4,666 | 12,064 | 1,155 | 17,885 |
\u00a0
Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.
Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.
Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.
\u00a0
For Level\u00a03 financial instruments, the following movements occurred during the period:
In millions of euros | Financial assets | Financial liabilities | |||
Financial instruments at fair value through profit or loss | Financial assets at fair value through equity | Total | Financial instruments at fair value through profit or loss | Total | |
At 31 December 2024 | 16,088 | 5 | 16,093 | (1,155) | (1,155) |
Purchases | 3,068 | 23 | 3,091 | (2) | (2) |
Sales | (2,730) | \u00a0 | (2,730) | \u00a0 | \u00a0 |
Settlements | 13 | (26) | (13) | (20) | (20) |
Transfers to Level\u00a03 | 1,292 | \u00a0 | 1,292 | (2) | (2) |
Transfers from Level\u00a03 | (274) | \u00a0 | (274) | \u00a0 | \u00a0 |
Gains recognised in profit or loss | (147) | \u00a0 | (147) | 340 | 340 |
Items related to exchange rate movement and changes in scope of consolidation | 443 | \u00a0 | 443 | 4 | 4 |
Changes in fair value of assets and liabilities recognised in equity | \u00a0 | (2) | (2) | \u00a0 | \u00a0 |
At 31 December 2025 | 17,753 | - | 17,753 | (835) | (835) |
BNP\u00a0Paribas has retained the fundamental principle that it should have a unique and integrated processing chain for producing and controlling the valuations of financial instruments that are used for the purpose of daily risk management and financial reporting. All these processes are based on a common economic valuation which is a core component of business decisions and risk management strategies.
Economic value is composed of mid-market value, to which valuation adjustments are made.
Mid-market value is derived from external data or valuation techniques that maximise the use of observable and market-based data. Mid-market value is a theoretical additive value which does not take account of i)\u00a0the direction of the transaction or its impact on the existing risks in the portfolio, ii)\u00a0the nature of the counterparties, and iii)\u00a0the aversion of a market participant to particular risks inherent in the instrument, the market in which it is traded, or the risk management strategy.
Valuation adjustments take into account valuation uncertainty and include market and credit risk premiums to reflect costs that could be incurred in case of an exit transaction in the principal market.
Fair value generally equals the economic value, subject to limited adjustments, such as own credit adjustments, which are specifically required by IFRS standards.
The main valuation adjustments are presented in the section below.
Valuation adjustments retained by BNP\u00a0Paribas for determining fair values are as follows:
Bid/offer adjustments: the bid/offer range reflects the additional exit cost for a price taker and symmetrically the compensation sought by dealers to bear the risk of holding the position or closing it out by accepting another dealer\u2019s price.
BNP\u00a0Paribas assumes that the best estimate of an exit price is the bid or offer price, unless there is evidence that another point in the bid/offer range would provide a more representative exit price.
Input uncertainty adjustments: when the observation of prices or data inputs required by valuation techniques is difficult or irregular, an uncertainty exists on the exit price. There are several ways to gauge the degree of uncertainty on the exit price such as measuring the dispersion of the available price indications or estimating the possible ranges of the inputs to a valuation technique.
Model uncertainty adjustments: these relate to situations where valuation uncertainty is due to the valuation technique used, even though observable inputs might be available. This situation arises when the risks inherent in the instruments are different from those available in the observable data, and therefore the valuation technique involves assumptions that cannot be easily corroborated.
Future Hedging Costs adjustments (FHC): this adjustment applies to positions that require dynamic hedging throughout their lifetime leading to additional bid/offer costs. Calculation methods capture these expected costs in particular based on the optimal hedging frequency.
Credit valuation adjustment (CVA): the CVA adjustment applies to valuations and market quotations whereby the credit worthiness of the counterparty is not reflected. It aims to account for the possibility that the counterparty may default and that BNP\u00a0Paribas may not receive the full fair value of the transactions.
In determining the cost of exiting or transferring counterparty risk exposures, the relevant market is deemed to be an inter-dealer market. However, the determination of CVA remains judgemental due to i)\u00a0the possible absence or lack of price discovery in the inter-dealer market, ii)\u00a0the influence of the regulatory landscape relating to counterparty risk on the market participants\u2019 pricing behaviour and iii)\u00a0the absence of a dominant business model for managing counterparty risk.
The CVA model is grounded on the same exposures as those used for regulatory purposes. The model attempts to estimate the cost of an optimal risk management strategy based on i) implicit incentives and constraints inherent in the regulations in force and their evolutions, ii) market perception of the probability of default, and iii) default parameters used for regulatory purposes.
Funding valuation adjustment (FVA): when valuation techniques are used for the purpose of deriving fair value, funding assumptions related to the future expected cash flows are an integral part of the mid-market valuation, notably through the use of appropriate discount rates. These assumptions reflect what the Bank anticipates as being the effective funding conditions of the instrument that a market participant would consider. This notably takes into account the existence and terms of any collateral agreement. In particular, for non- or imperfectly collateralised derivative instruments, they include an explicit adjustment to the interbank interest rate.
Own-credit valuation adjustment for debts (OCA) and for derivatives (debit valuation adjustment \u2013 DVA): OCA and DVA are adjustments reflecting the effect of credit worthiness of BNP\u00a0Paribas, on respectively the value of debt securities designated as at fair value through profit or loss and derivatives. Both adjustments are based on the expected future liability profiles of such instruments. The own credit worthiness is inferred from the market-based observation of the relevant bond issuance levels. The DVA adjustment is determined after taking into account the Funding Valuation Adjustment (FVA).
Thus, the carrying value of debt securities designated as at fair value though profit or loss increased by EUR 641 million at 31 December 2025, compared with an increase in value of EUR 388 million at 31 December 2024, i.e. a +EUR 253 million variation recognised directly in equity that will not be reclassified to profit or loss.
As explained in the summary of significant accounting policies (note\u00a01.f.10), financial instruments measured at fair value are categorised into a fair value hierarchy consisting of three levels.
\u00a0
In millions of euros, at | 31 December 2025 | |||||||||||
Financial instruments held for trading | Instruments at fair value through profit or | Financial assets at fair value through equity | ||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Securities | 264,725 | 42,613 | 1,656 | 308,994 | 490 | 2,193 | 9,616 | 12,299 | 71,728 | 6,005 | 1,627 | 79,360 |
Governments | 87,517 | 18,234 | 100 | 105,851 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 40,076 | 3,097 | 465 | 43,638 |
Other debt securities | 20,592 | 23,337 | 1,207 | 45,136 | 46 | 317 | 396 | 759 | 30,824 | 2,908 | 570 | 34,302 |
Equities and other equity securities | 156,616 | 1,042 | 349 | 158,007 | 444 | 1,876 | 9,220 | 11,540 | 828 | \u00a0 | 592 | 1,420 |
Loans and repurchase agreements | 191 | 250,715 | 1,073 | 251,979 | \u00a0 | 1,792 | 539 | 2,331 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans | 191 | 10,720 | 1,073 | 11,984 | \u00a0 | 1,792 | 539 | 2,331 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Repurchase agreements | \u00a0 | 239,995 | \u00a0 | 239,995 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
FINANCIAL ASSETS AT FAIR VALUE | 264,916 | 293,328 | 2,729 | 560,973 | 490 | 3,985 | 10,155 | 14,630 | 71,728 | 6,005 | 1,627 | 79,360 |
Securities | 95,813 | 2,214 | 460 | 98,487 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Governments | 54,791 | 440 | 21 | 55,252 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other debt securities | 9,624 | 1,490 | 227 | 11,341 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Equities and other equity securities | 31,398 | 284 | 212 | 31,894 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings and repurchase agreements | \u00a0 | 353,810 | 862 | 354,672 | \u00a0 | 3,110 | 165 | 3,275 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings | \u00a0 | 7,589 | \u00a0 | 7,589 | \u00a0 | 3,110 | 165 | 3,275 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Repurchase agreements | \u00a0 | 346,221 | 862 | 347,083 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Issued debt securities and subordinated debt (note\u00a04.h) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 802 | 83,197 | 45,280 | 129,279 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Issued debt securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 83,178 | 45,280 | 128,458 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Subordinated debt | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 802 | 19 | \u00a0 | 821 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
FINANCIAL LIABILITIES AT\u00a0FAIR\u00a0VALUE | 95,813 | 356,024 | 1,322 | 453,159 | 802 | 86,307 | 45,445 | 132,554 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
In millions of euros, at | 31 December 2024 | |||||||||||
Financial instruments held for trading | Instruments at fair value through profit or | Financial assets at fair value through equity | ||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Securities | 215,211 | 40,417 | 1,151 | 256,779 | 640 | 1,397 | 8,541 | 10,578 | 62,844 | 9,427 | 769 | 73,040 |
Governments | 76,246 | 18,301 | 171 | 94,718 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 32,137 | 3,919 | 72 | 36,128 |
Other debt securities | 18,922 | 21,937 | 781 | 41,640 | 24 | 411 | 378 | 813 | 29,740 | 5,295 | 267 | 35,302 |
Equities and other equity securities | 120,043 | 179 | 199 | 120,421 | 616 | 986 | 8,163 | 9,765 | 967 | 213 | 430 | 1,610 |
Loans and repurchase agreements | \u00a0 | 221,607 | 15 | 221,622 | \u00a0 | 2,874 | 1,203 | 4,077 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans | \u00a0 | 9,324 | \u00a0 | 9,324 | \u00a0 | 2,874 | 1,203 | 4,077 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Repurchase agreements | \u00a0 | 212,283 | 15 | 212,298 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
FINANCIAL ASSETS AT FAIR VALUE | 215,211 | 262,024 | 1,166 | 478,401 | 640 | 4,271 | 9,744 | 14,655 | 62,844 | 9,427 | 769 | 73,040 |
Securities | 77,891 | 1,971 | 96 | 79,958 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Governments | 54,020 | 373 | \u00a0 | 54,393 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other debt securities | 8,648 | 1,576 | 96 | 10,320 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Equities and other equity securities | 15,223 | 22 | \u00a0 | 15,245 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings and repurchase agreements | \u00a0 | 301,036 | 1,452 | 302,488 | \u00a0 | 2,126 | 203 | 2,329 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings | \u00a0 | 6,113 | \u00a0 | 6,113 | \u00a0 | 2,126 | 203 | 2,329 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Repurchase agreements | \u00a0 | 294,923 | 1,452 | 296,375 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Issued debt securities and subordinated debt (note\u00a04.h) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 66,580 | 38,354 | 104,934 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Issued debt securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 65,764 | 38,354 | 104,118 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Subordinated debt | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 816 | \u00a0 | 816 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
FINANCIAL LIABILITIES AT\u00a0FAIR\u00a0VALUE | 77,891 | 303,007 | 1,548 | 382,446 | \u00a0 | 68,706 | 38,557 | 107,263 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0
Fair values of derivatives are broken down by dominant risk factor, namely interest rate, foreign exchange, credit and equity. Derivatives used for hedging purposes are mainly interest rate derivatives.
In millions of euros, at | 31 December 2025 | |||||||
Positive market value | Negative market value | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Interest rate derivatives | 437 | 122,248 | 1,492 | 124,177 | 584 | 92,435 | 797 | 93,816 |
Foreign exchange derivatives | 180 | 98,238 | 331 | 98,749 | 81 | 92,358 | 321 | 92,760 |
Credit derivatives | \u00a0 | 13,308 | 1,065 | 14,373 | \u00a0 | 12,339 | 1,818 | 14,157 |
Equity derivatives | \u00a0 | 29,566 | 3,117 | 32,683 | 35 | 38,324 | 8,667 | 47,026 |
Other derivatives | 1,335 | 3,253 | 55 | 4,643 | 937 | 4,006 | 24 | 4,967 |
Derivative financial instruments not\u00a0used\u00a0for\u00a0hedging purposes | 1,952 | 266,613 | 6,060 | 274,625 | 1,637 | 239,462 | 11,627 | 252,726 |
Derivative financial instruments used\u00a0for\u00a0hedging purposes | \u00a0 | 20,017 | \u00a0 | 20,017 | \u00a0 | 28,493 | \u00a0 | 28,493 |
\u00a0
In millions of euros, at | 31 December 2024 | |||||||
Positive market value | Negative market value | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Interest rate derivatives | 479 | 119,383 | 1,629 | 121,491 | 505 | 92,636 | 1,904 | 95,045 |
Foreign exchange derivatives | 57 | 157,499 | 529 | 158,085 | 53 | 151,964 | 252 | 152,269 |
Credit derivatives | \u00a0 | 10,161 | 606 | 10,767 | \u00a0 | 10,362 | 723 | 11,085 |
Equity derivatives | 9 | 24,977 | 3,079 | 28,065 | 4 | 34,165 | 6,016 | 40,185 |
Other derivatives | 693 | 3,400 | 130 | 4,223 | 851 | 2,466 | 52 | 3,369 |
Derivative financial instruments not\u00a0used\u00a0for\u00a0hedging purposes | 1,238 | 315,420 | 5,973 | 322,631 | 1,413 | 291,593 | 8,947 | 301,953 |
Derivative financial instruments used\u00a0for\u00a0hedging purposes | \u00a0 | 20,851 | \u00a0 | 20,851 | \u00a0 | 36,864 | \u00a0 | 36,864 |
\u00a0
Transfers between levels may occur when an instrument fulfils the criteria defined, which are generally market and product dependent. The main factors influencing transfers are changes in the observation capabilities, passage of time, and events during the transaction lifetime. The timing of recognising transfers is determined at the beginning of the reporting period.
During the year 2025, transfers between Level\u00a01 and Level\u00a02 were not significant.
The following section provides a description of the instruments in each level in the hierarchy. It describes notably instruments classified in Level\u00a03 and the associated valuation methodologies.
For main trading book instruments and derivatives classified in Level\u00a03, further quantitative information is provided about the inputs used to derive fair value.
This level encompasses all derivatives and securities that are quoted continuously in active markets.
Level\u00a01 includes notably equity securities, loans and liquid bonds, shortselling of these instruments, derivative instruments traded on organised markets (futures, options, etc.). It includes shares of funds and UCITS, for which the net asset value is calculated on a daily basis.
The Level\u00a02\u00a0stock of securities is composed of securities which are less liquid than the Level\u00a01 bonds. They are predominantly corporate debt securities, government bonds, mortgage backed securities, fund shares and short-term securities such as certificates of deposit. They are classified in Level\u00a02 notably when external prices for the same security can be regularly observed from a reasonable number of market makers that are active in this security, but these prices do not represent directly tradable prices. This comprises amongst other, consensus pricing services with a reasonable number of contributors that are active market makers as well as indicative runs from active brokers and/or dealers. Other sources, such as primary issuance market, may also be used where relevant.
Loans classified as Level 2 are those traded on the secondary market or on the lending/borrowing market, and whose liquidity, assessed on the basis of external indicators, is lower than that of the Level 1 loans.
Repurchase agreements are classified predominantly in Level\u00a02. The classification is primarily based on the observability and liquidity of the repo market, depending on the underlying collateral and the maturity of the repo transaction.
Debts issued designated as at fair value through profit or loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable.
Derivatives classified in Level\u00a02 comprise mainly the following instruments:
The above derivatives are classified in Level\u00a02 when there is a documented stream of evidence supporting one of the following:
Determining whether an over-the-counter (OTC) derivative is eligible for Level\u00a02 classification involves judgement. Consideration is given to the origin, transparency and reliability of external data used, and the amount of uncertainty associated with the use of models. It follows that the Level\u00a02 classification criteria involve multiple analysis axis within an \u201cobservability zone\u201d whose limits are determined by i)\u00a0a predetermined list of product categories and ii)\u00a0the underlying and maturity bands. These criteria are regularly reviewed and updated, together with the applicable valuation adjustments, so that the classification by level remains consistent with the valuation adjustment policy.
Level\u00a03\u00a0securities of the trading book mainly comprise units of funds and unlisted equity shares measured at fair value through profit or loss or through equity.
Unlisted private equities are systematically classified as Level\u00a03, with the exception of UCITS with a daily net asset value, which are classified in Level\u00a01 of the fair value hierarchy.
Shares and other unlisted variable income securities in Level\u00a03 are valued using one of the following methods: a share of revalued net book value, multiples of comparable companies, future cash flows method, multi-criteria approach.
Loans and fixed-income securities classified as Level 3 are those with the lowest level of liquidity, based on external indicators.
Repurchase agreements, mainly long-term or structured repurchase agreements on corporate bonds and ABS: the valuation of these transactions requires proprietary methodologies given the bespoke nature of the transactions and the lack of activity and price discovery in the long-term repo market. The curves used in the valuation are corroborated using available data such as recent long-term repo trade data and price enquiry data. Valuation adjustments applicable to these exposures are commensurate with the degree of uncertainty inherent in the modelling choices and amount of data available.
Debts issued designated as at fair value through profit or loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable.
Vanilla derivatives are classified in Level\u00a03 when the exposure is beyond the observation zone for rate curves or volatility surfaces, or relates to less liquid markets such as tranches on old credit index series or emerging markets interest rates markets. The main instruments are:
These vanilla derivatives are subject to valuation adjustments linked to uncertainty on liquidity, specialised by nature of underlying and liquidity bands.
Structured derivatives classified in Level\u00a03 predominantly comprise hybrid products (FX/Interest Rates hybrids, Equity hybrids), credit correlation products, prepayment-sensitive products, some stock basket optional products and some interest rate optional instruments. The main exposures are described below, with insight into the related valuation techniques and on the source of uncertainty:
These structured derivatives are subject to specific valuation adjustments to cover uncertainties linked to liquidity, parameters and model risk.
The valuation adjustment for counterparty credit risk (CVA), own-credit risk for derivatives (DVA) and the explicit funding valuation adjustment (FVA) are deemed to be unobservable components of the valuation framework and therefore classified in Level\u00a03. This does not impact, in general cases, the classification of individual transactions into the fair value hierarchy. However, a specific process allows to identify individual deals for which the marginal contribution of these adjustments and related uncertainty is significant and justifies classifying these transactions in Level\u00a03.
The table below provides the range of values of main unobservable inputs for the valuation of Level\u00a03 financial instruments. The ranges displayed correspond to a variety of different underlying instruments and are meaningful only in the context of the valuation technique implemented by BNP\u00a0Paribas. The weighted averages, where relevant and available, are based on fair values, nominal amounts or sensitivities.
The main unobservable parameters used for the valuation of debt issued in Level\u00a03 are equivalent to those of their economic hedge derivative. Information on those derivatives, displayed in the following table, is also applicable to these debts.
Risk classes | Balance Sheet valuation (in millions of euros) | Main product types composing the Level\u00a03\u00a0stock within\u00a0the\u00a0risk class | Valuation technique used\u00a0 | Main unobservable inputs\u00a0 | Range of unobservable input across Level\u00a03 population considered | Weighted average | |
Asset | Liability | ||||||
Repurchase agreements | - | 862 | Long-term repo\u00a0 | Proxy techniques, based amongst other on the funding basis of a benchmark bond pool, that is actively traded and representative of the repo underlying | Long-term repo spread on private bonds (High Yield, High\u00a0Grade) and on ABS | 0 bp to 194 bp | 39 bp (a) |
Interest rate derivatives | 1,492 | 797 | Hybrid Forex / Interest rates derivatives | Hybrid Forex interest rate option pricing model | Correlation between FX rate and interest rates. Main currency pairs are EUR/JPY, USD/JPY, AUD/JPY | 3% to 55% | 36 % (a) |
Hybrid inflation rates / Interest rates derivatives | Hybrid inflation interest rate option pricing model | Correlation between interest rates and inflation rates mainly in Europe. | 13% to 51% | 33%\u00a0 | |||
Floors and caps on inflation rate or on the cumulative inflation (such as redemption floors), predominantly on European and French inflation | Inflation pricing model | Volatility of cumulative inflation | 1.1% to 11.5% | (b) | |||
Volatility of the year-on- | 0.3% to 2.2% | ||||||
Forward Volatility products such as volatility swaps, mainly in euros | Interest rates option pricing model | Forward volatility of interest rates | 0.5% to 0.7% | (b) | |||
Balance-guaranteed fixed rate, basis or cross currency swaps, predominantly indexed on European collateral pools | Prepayment modelling Discounted cash flows | Constant prepayment rates | 0% to 25% | 6.2% (a) | |||
Credit derivatives | 1,065 | 1,818 | Collateralised Debt Obligations and index tranches for inactive index series | Base correlation projection technique and recovery modelling | Base correlation curve for\u00a0bespoke portfolios | 23% to 92% | (b) |
Recovery rate variance for\u00a0single name underlyings | 0% to 25 % | (b) | |||||
N-to-default baskets | Credit default model | Default correlation | 50% to 52% | 50 % (a) | |||
Single name Credit Default Swaps (other than CDS on\u00a0ABs and loans indices) | Stripping, extrapolation and\u00a0interpolation | Credit default spreads beyond observation limit (10\u00a0years) | 9 bp to 885 bp | 80 bp | |||
Illiquid credit default spread curves (across main tenors) | 7 bp to 9,816 bp(1) | 80 bp (c) | |||||
Equity derivatives | 3,117 | 8,667 | Simple and complex derivatives on multi-underlying baskets on stocks | Various volatility option models | Unobservable equity volatility | 0% to 423% (2) | 28 % (d) |
Unobservable equity correlation | 9% to 99% | 58 % (c) |
(1) \u00a0 | The upper bound of the range relates to building, retail and services sector issuers that represent an insignificant portion of the balance sheet (CDS\u00a0with\u00a0illiquid\u00a0underlying\u00a0instruments). |
(2) | The underlyings with implied volatility greater than 50% have a very limited exposure. |
(a) | Weights based on relevant risk axis at portfolio level. |
(b) | No weighting, since no explicit sensitivity is attributed to these inputs. |
(c) | Weighting is not based on risks, but on an alternative methodology in relation with the Level\u00a03 instruments (present value or notional). |
(d) | Simple averaging. |
\u00a0
For Level\u00a03 financial instruments, the following movements occurred during the year ended 2025:
\u00a0
In millions of euros | Financial assets | Financial liabilities | |||||
Financial instruments | Financial instruments | Financial | TOTAL | Financial instruments | Financial instruments designated | TOTAL | |
At 31 December 2024 | 7,139 | 9,744 | 769 | 17,652 | (10,495) | (38,557) | (49,052) |
Purchases | 2,442 | 1,556 | 1,052 | 5,050 | \u00a0 | \u00a0 | \u00a0 |
Issues | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (23,813) | (23,813) |
Sales | (1,542) | (1,600) | (92) | (3,234) | 231 | \u00a0 | 231 |
Settlements(1) | 484 | (23) | (21) | 440 | (2,502) | 18,339 | 15,837 |
Transfers to Level\u00a03 | 1,593 | 139 | 274 | 2,006 | (784) | (1,832) | (2,616) |
Transfers from Level\u00a03 | (1,650) | \u00a0 | (307) | (1,957) | 1,331 | 1,505 | 2,836 |
Gains (or losses) recognised in profit or loss with respect to transactions expired or terminated during the period | 297 | 467 | 6 | 770 | (120) | (173) | (293) |
Gains (or losses) recognised in profit or loss with respect to unexpired instruments at the end of\u00a0the\u00a0period | 76 | \u00a0 | \u00a0 | 76 | (636) | (1,043) | (1,679) |
Items related to exchange rate movements | (50) | (128) | (25) | (203) | 26 | 129 | 155 |
Changes in fair value of assets and\u00a0liabilities recognised in equity | \u00a0 | \u00a0 | (29) | (29) | \u00a0 | \u00a0 | \u00a0 |
At 31 December 2025 | 8,789 | 10,155 | 1,627 | 20,571 | (12,949) | (45,445) | (58,394) |
(1) | For the assets, includes redemptions of principal, interest payments as well as cash inflows and outflows relating to derivatives. For the liabilities,\u00a0 includes principal redemptions, interest payments as well as cash inflows and outflows relating to derivatives the fair value of which is negative. |
\u00a0
Transfers out of Level\u00a03 of derivatives include mainly the update of the observability tenor of certain yield curves, and of market parameters related to repurchase agreements and credit transactions but also the effect of derivatives becoming only or mainly sensitive to observable inputs due to the shortening of their lifetime.
Transfers into Level\u00a03 of instruments at fair value reflect the effect of the regular update of the observability zones.
Transfers have been reflected as if they had taken place at the beginning of the reporting period.
The Level\u00a03 financial instruments may be hedged by other Level\u00a01 and Level\u00a02 instruments, the gains and losses of which are not shown in this table. Consequently, the gains and losses shown in this table are not representative of the gains and losses arising from management of the net risk on all these instruments.
The following table summarise those financial assets and financial liabilities classified as Level\u00a03 for which alternative assumptions in one or more of the unobservable inputs would change fair value significantly.
The amounts disclosed are intended to illustrate the range of possible uncertainty inherent to the judgement applied when estimating Level\u00a03 parameters, or when selecting valuation techniques. These amounts reflect valuation uncertainties that prevail at the measurement date, and even though such uncertainties predominantly derive from the portfolio sensitivities that prevailed at that measurement date, they are not predictive or indicative of future movements in fair value, nor do they represent the effect of market stress on the portfolio value.
In estimating sensitivities, BNP\u00a0Paribas either remeasured the financial instruments using reasonably possible inputs, or applied assumptions based on the valuation adjustment policy.
For the sake of simplicity, the sensitivity on cash instruments that are not relating to securitised instruments was based on a uniform 1% shift in the price. More specific shifts were however calibrated for each class of the Level\u00a03\u00a0securitised exposures, based on the possible ranges of the unobservable inputs.
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Potential impact on income | Potential impact on equity | Potential impact on income | Potential impact on equity | |
Debt securities | +/-\u00a021 | +/-\u00a010 | +/-\u00a010 | +/-\u00a04 |
Equities and other equity securities | +/-\u00a093 | +/-\u00a06 | +/-\u00a084 | +/-\u00a04 |
Loans and repurchase agreements | +/-\u00a025 | \u00a0 | +/-\u00a026 | \u00a0 |
Sensitivity of Level\u00a03 financial instruments | +/-\u00a0139 | +/-\u00a016 | +/-\u00a0120 | +/-\u00a08 |
\u00a0
For derivative exposures, the sensitivity measurement is based on the credit valuation adjustment (CVA), the explicit funding valuation adjustment (FVA) and the parameter and model uncertainty adjustments related to Level\u00a03.
Regarding the credit valuation adjustment (CVA) and the explicit funding valuation adjustment (FVA), the uncertainty was calibrated based on prudent valuation adjustments described in the technical standard \u201cPrudent Valuation\u201d published by the European Banking Authority. For other valuation adjustments, two scenarios were considered: a favourable scenario where all or portion of the valuation adjustment is not considered by market participants, and an unfavourable scenario where market participants would require twice the amount of valuation adjustments considered by BNP\u00a0Paribas for entering into a transaction.
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Potential impact on income | Potential impact on income | |
Interest rate and foreign exchange derivatives | +/-\u00a0211 | +/-\u00a0194 |
Credit derivatives | +/-\u00a095 | +/-\u00a079 |
Equity derivatives | +/-\u00a0301 | +/-\u00a0308 |
Other derivatives | +/-\u00a04 | +/-\u00a03 |
Sensitivity of Level 3 derivative financial instruments | +/-\u00a0611 | +/-\u00a0584 |
\u00a0
Deferred margin on financial instruments (\u201cDay One Profit\u201d) primarily concerns the scope of financial instruments eligible for Level\u00a03 and to a lesser extent some financial instruments eligible for Level\u00a02 where valuation adjustments for uncertainties regarding parameters or models are not negligible compared with the initial margin.
The Day One Profit is calculated after setting aside valuation adjustments for uncertainties as described previously and released to profit or loss over the expected period for which the inputs will be unobservable. The unamortised amount is included under \u201cFinancial instruments at fair value through profit or loss\u201d as a reduction in the fair value of the relevant transactions.
\u00a0
In millions of euros | Deferred margin at 31 December 2024 | Deferred margin on transactions during\u00a0the\u00a0period | Margin taken to the profit and loss account during the period | Deferred margin at 31 December 2025 |
|---|---|---|---|---|
Interest rate and foreign exchange derivatives | 167 | 82 | (66) | 183 |
Credit derivatives | 229 | 148 | (123) | 254 |
Equity derivatives | 373 | 470 | (430) | 413 |
Other instruments | 12 | 30 | (30) | 12 |
Financial instruments | 781 | 730 | (649) | 862 |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Fair value | of which changes in value recognised directly to equity | Fair Value | of which changes in value recognised directly to equity | |
Debt securities | 103,826 | (7,688) | 100,493 | (5,341) |
Equity securities | 2,659 | 613 | 1,729 | 107 |
Total financial assets at fair value through equity | 106,485 | (7,075) | 102,222 | (5,234) |
\u00a0
The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.
During the year ended 31 December 2025, the Group sold several of these investments and a net gain of + EUR 27 million was transferred to \u201cretained earnings\u201d (+ EUR 3 million for the year ended 31 December 2024).
The information supplied in this note must be used and interpreted with the greatest caution for the following reasons:
In millions of euros, at 31 December 2025 | Estimated fair value | Carrying | |||
Level 1 | Level 2 | Level 3 | Total | ||
FINANCIAL ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans and advances to credit institutions and customers(1) | \u00a0 | 111,772 | 750,515 | 862,287 | 871,955 |
Debt securities at amortised cost (note\u00a04.e) | 108,273 | 39,983 | 2,852 | 151,108 | 151,687 |
FINANCIAL LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from credit institutions and customers | \u00a0 | 1,145,569 | \u00a0 | 1,145,569 | 1,145,502 |
Debt securities (note\u00a04.h) | 83,542 | 93,207 | \u00a0 | 176,749 | 173,933 |
Subordinated debt (note\u00a04.h) | 26,259 | 9,036 | \u00a0 | 35,295 | 34,468 |
(1) | Finance leases excluded |
\u00a0
In millions of euros, at 31 December 2024 | Estimated fair value | Carrying | |||
Level 1 | Level 2 | Level 3 | Total | ||
FINANCIAL ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans and advances to credit institutions and customers(1) | \u00a0 | 114,149 | 753,614 | 867,763 | 880,267 |
Debt securities at amortised cost (note\u00a04.e) | 103,780 | 39,122 | 1,423 | 144,325 | 146,975 |
FINANCIAL LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from credit institutions and customers | \u00a0 | 1,101,596 | \u00a0 | 1,101,596 | 1,101,729 |
Debt securities (note\u00a04.h) | 80,401 | 119,429 | \u00a0 | 199,830 | 198,119 |
Subordinated debt (note\u00a04.h) | 23,087 | 8,743 | \u00a0 | 31,830 | 31,799 |
(1) | Finance leases excluded |
\u00a0
The valuation techniques and assumptions used by BNP\u00a0Paribas ensure that the fair value of financial assets and liabilities carried at amortised cost is measured on a consistent basis throughout the Group. Fair value is based on prices quoted in an active market when these are available. In other cases, fair value is determined using valuation techniques such as discounting of estimated future cash flows for loans, liabilities and debt securities at amortised cost, or specific valuation models for other financial instruments as described in note\u00a01, Summary of material accounting policies applied by the BNP\u00a0Paribas Group. The description of the fair value hierarchy levels is also presented in the accounting principles (see note\u00a01.f.10). In the case of loans, liabilities and debt securities at amortised cost that have an initial maturity of less than one year (including demand deposits) or of most regulated savings products, fair value equates to carrying amount. These instruments have been classified in Level\u00a02, except for loans to customers, which are classified in Level\u00a03.
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Gross value | Impairment (note\u00a02.g) | Carrying | Gross value | Impairment (note\u00a02.g) | Carrying | |
Loans and advances to credit institutions | 26,437 | (178) | 26,259 | 31,232 | (85) | 31,147 |
On demand accounts | 9,246 | (11) | 9,235 | 8,384 | (4) | 8,380 |
Loans(1) | 8,507 | (167) | 8,340 | 14,447 | (81) | 14,366 |
Repurchase agreements | 8,684 | \u00a0 | 8,684 | 8,401 | \u00a0 | 8,401 |
Loans and advances to customers | 913,251 | (15,892) | 897,359 | 917,049 | (16,908) | 900,141 |
On demand accounts | 59,305 | (2,136) | 57,169 | 59,558 | (2,720) | 56,838 |
Loans to customers(2) | 799,902 | (12,596) | 787,306 | 804,734 | (12,941) | 791,793 |
Finance leases | 52,822 | (1,160) | 51,662 | 52,268 | (1,247) | 51,021 |
Repurchase agreements | 1,222 | \u00a0 | 1,222 | 489 | \u00a0 | 489 |
Total loans and advances at amortised cost | 939,688 | (16,070) | 923,618 | 948,281 | (16,993) | 931,288 |
(1) | Loans and advances to credit institutions include term deposits made with central banks. |
(2) | Of which EUR 230 million discount for mortgage loans in Swiss franc or indexed to the Swiss franc in Poland at 31 December 2025 compared with EUR 352 million at 31 December 2024, as well as EUR 33 million discount for foreign currency loans issued by BNP Paribas Personal Finance at 31 December 2025 compared with EUR 47 million at 31 December 2024. |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Gross investment | 57,755 | 57,602 |
Receivable within 1\u00a0year | 18,124 | 17,772 |
Receivable after 1\u00a0year but within 5\u00a0years | 35,693 | 34,434 |
Receivable beyond 5\u00a0years | 3,938 | 5,396 |
Unearned interest income | (4,933) | (5,334) |
Net investment before impairment | 52,822 | 52,268 |
Receivable within 1\u00a0year | 16,301 | 15,858 |
Receivable after 1\u00a0year but within 5\u00a0years | 33,014 | 31,481 |
Receivable beyond 5\u00a0years | 3,507 | 4,929 |
Impairment provisions | (1,160) | (1,247) |
Net investment after impairment | 51,662 | 51,021 |
\u00a0\u00a0\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross value | Impairment (note\u00a02.g) | Carrying | Gross value | Impairment (note\u00a02.g) | Carrying | |
Governments | 70,821 | (33) | 70,788 | 69,172 | (31) | 69,141 |
Other public administration | 27,106 | (1) | 27,105 | 25,709 | (2) | 25,707 |
Credit institutions | 14,455 | (7) | 14,448 | 14,743 | (2) | 14,741 |
Others | 39,527 | (181) | 39,346 | 37,539 | (153) | 37,386 |
Total debt securities at amortised cost | 151,909 | (222) | 151,687 | 147,163 | (188) | 146,975 |
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross Value | Impairment (note\u00a02.g) | Carrying | Gross Value | Impairment (note\u00a02.g) | Carrying | |
Loans and advances to credit institutions | 26,437 | (178) | 26,259 | 31,232 | (85) | 31,147 |
Stage\u00a01 | 25,879 | (7) | 25,872 | 30,998 | (8) | 30,990 |
Stage\u00a02 | 395 | (10) | 385 | 157 | (6) | 151 |
Stage\u00a03 | 163 | (161) | 2 | 77 | (71) | 6 |
Loans and advances to customers | 913,251 | (15,892) | 897,359 | 917,049 | (16,908) | 900,141 |
Stage\u00a01 | 823,717 | (1,624) | 822,093 | 821,576 | (1,762) | 819,814 |
Stage\u00a02 | 63,281 | (1,665) | 61,616 | 69,649 | (1,904) | 67,745 |
Stage\u00a03 | 26,253 | (12,603) | 13,650 | 25,824 | (13,242) | 12,582 |
\u00a0Debt securities | 151,909 | (222) | 151,687 | 147,163 | (188) | 146,975 |
Stage\u00a01 | 150,151 | (18) | 150,133 | 144,987 | (15) | 144,972 |
Stage\u00a02 | 1,477 | (31) | 1,446 | 1,911 | (28) | 1,883 |
Stage\u00a03 | 281 | (173) | 108 | 265 | (145) | 120 |
Total financial assets at amortised cost | 1,091,597 | (16,292) | 1,075,305 | 1,095,444 | (17,181) | 1,078,263 |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | |
Derivative financial instruments | 1,202 | \u00a0 | 1,202 | 1,731 | \u00a0 | 1,731 |
Derivatives used for hedging purposes | 190 | \u00a0 | 190 | 74 | \u00a0 | 74 |
Financial assets at fair value through profit or loss | 65,566 | 123,053 | 188,619 | 61,465 | 111,954 | 173,419 |
Financial assets at fair value through equity | 106,485 | \u00a0 | 106,485 | 102,222 | \u00a0 | 102,222 |
Financial assets at amortised cost | 1,368 | \u00a0 | 1,368 | 1,379 | \u00a0 | 1,379 |
Investment properties | 3,830 | 3,012 | 6,842 | 3,868 | 3,178 | 7,046 |
Equity-method investments | 91 | \u00a0 | 91 | 82 | \u00a0 | 82 |
Assets related to insurance activities (note\u00a05.d) | 674 | \u00a0 | 674 | 896 | \u00a0 | 896 |
Investments and other assets related to\u00a0insurance activities | 179,406 | 126,065 | 305,471 | 171,717 | 115,132 | 286,849 |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross value | Impairment (note\u00a02.g) | Carrying | Gross value | Impairment (note\u00a02.g) | Carrying | |
Loans and advances to credit institutions | 26,437 | (178) | 26,259 | 31,232 | (85) | 31,147 |
On demand accounts | 9,246 | (11) | 9,235 | 8,384 | (4) | 8,380 |
Loans(1) | 8,507 | (167) | 8,340 | 14,447 | (81) | 14,366 |
Repurchase agreements | 8,684 | \u00a0 | 8,684 | 8,401 | \u00a0 | 8,401 |
Loans and advances to customers | 913,251 | (15,892) | 897,359 | 917,049 | (16,908) | 900,141 |
On demand accounts | 59,305 | (2,136) | 57,169 | 59,558 | (2,720) | 56,838 |
Loans to customers(2) | 799,902 | (12,596) | 787,306 | 804,734 | (12,941) | 791,793 |
Finance leases | 52,822 | (1,160) | 51,662 | 52,268 | (1,247) | 51,021 |
Repurchase agreements | 1,222 | \u00a0 | 1,222 | 489 | \u00a0 | 489 |
Total loans and advances at amortised cost | 939,688 | (16,070) | 923,618 | 948,281 | (16,993) | 931,288 |
(1) | Loans and advances to credit institutions include term deposits made with central banks. |
(2) | Of which EUR 230 million discount for mortgage loans in Swiss franc or indexed to the Swiss franc in Poland at 31 December 2025 compared with EUR 352 million at 31 December 2024, as well as EUR 33 million discount for foreign currency loans issued by BNP Paribas Personal Finance at 31 December 2025 compared with EUR 47 million at 31 December 2024. |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Gross investment | 57,755 | 57,602 |
Receivable within 1\u00a0year | 18,124 | 17,772 |
Receivable after 1\u00a0year but within 5\u00a0years | 35,693 | 34,434 |
Receivable beyond 5\u00a0years | 3,938 | 5,396 |
Unearned interest income | (4,933) | (5,334) |
Net investment before impairment | 52,822 | 52,268 |
Receivable within 1\u00a0year | 16,301 | 15,858 |
Receivable after 1\u00a0year but within 5\u00a0years | 33,014 | 31,481 |
Receivable beyond 5\u00a0years | 3,507 | 4,929 |
Impairment provisions | (1,160) | (1,247) |
Net investment after impairment | 51,662 | 51,021 |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross Value | Impairment (note\u00a02.g) | Carrying | Gross Value | Impairment (note\u00a02.g) | Carrying | |
Loans and advances to credit institutions | 26,437 | (178) | 26,259 | 31,232 | (85) | 31,147 |
Stage\u00a01 | 25,879 | (7) | 25,872 | 30,998 | (8) | 30,990 |
Stage\u00a02 | 395 | (10) | 385 | 157 | (6) | 151 |
Stage\u00a03 | 163 | (161) | 2 | 77 | (71) | 6 |
Loans and advances to customers | 913,251 | (15,892) | 897,359 | 917,049 | (16,908) | 900,141 |
Stage\u00a01 | 823,717 | (1,624) | 822,093 | 821,576 | (1,762) | 819,814 |
Stage\u00a02 | 63,281 | (1,665) | 61,616 | 69,649 | (1,904) | 67,745 |
Stage\u00a03 | 26,253 | (12,603) | 13,650 | 25,824 | (13,242) | 12,582 |
\u00a0Debt securities | 151,909 | (222) | 151,687 | 147,163 | (188) | 146,975 |
Stage\u00a01 | 150,151 | (18) | 150,133 | 144,987 | (15) | 144,972 |
Stage\u00a02 | 1,477 | (31) | 1,446 | 1,911 | (28) | 1,883 |
Stage\u00a03 | 281 | (173) | 108 | 265 | (145) | 120 |
Total financial assets at amortised cost | 1,091,597 | (16,292) | 1,075,305 | 1,095,444 | (17,181) | 1,078,263 |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross value | Impairment (note\u00a02.g) | Carrying | Gross value | Impairment (note\u00a02.g) | Carrying | |
Loans and advances to credit institutions | 26,437 | (178) | 26,259 | 31,232 | (85) | 31,147 |
On demand accounts | 9,246 | (11) | 9,235 | 8,384 | (4) | 8,380 |
Loans(1) | 8,507 | (167) | 8,340 | 14,447 | (81) | 14,366 |
Repurchase agreements | 8,684 | \u00a0 | 8,684 | 8,401 | \u00a0 | 8,401 |
Loans and advances to customers | 913,251 | (15,892) | 897,359 | 917,049 | (16,908) | 900,141 |
On demand accounts | 59,305 | (2,136) | 57,169 | 59,558 | (2,720) | 56,838 |
Loans to customers(2) | 799,902 | (12,596) | 787,306 | 804,734 | (12,941) | 791,793 |
Finance leases | 52,822 | (1,160) | 51,662 | 52,268 | (1,247) | 51,021 |
Repurchase agreements | 1,222 | \u00a0 | 1,222 | 489 | \u00a0 | 489 |
Total loans and advances at amortised cost | 939,688 | (16,070) | 923,618 | 948,281 | (16,993) | 931,288 |
(1) | Loans and advances to credit institutions include term deposits made with central banks. |
(2) | Of which EUR 230 million discount for mortgage loans in Swiss franc or indexed to the Swiss franc in Poland at 31 December 2025 compared with EUR 352 million at 31 December 2024, as well as EUR 33 million discount for foreign currency loans issued by BNP Paribas Personal Finance at 31 December 2025 compared with EUR 47 million at 31 December 2024. |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Gross investment | 57,755 | 57,602 |
Receivable within 1\u00a0year | 18,124 | 17,772 |
Receivable after 1\u00a0year but within 5\u00a0years | 35,693 | 34,434 |
Receivable beyond 5\u00a0years | 3,938 | 5,396 |
Unearned interest income | (4,933) | (5,334) |
Net investment before impairment | 52,822 | 52,268 |
Receivable within 1\u00a0year | 16,301 | 15,858 |
Receivable after 1\u00a0year but within 5\u00a0years | 33,014 | 31,481 |
Receivable beyond 5\u00a0years | 3,507 | 4,929 |
Impairment provisions | (1,160) | (1,247) |
Net investment after impairment | 51,662 | 51,021 |
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||||
Gross Value | Impairment (note\u00a02.g) | Carrying | Gross Value | Impairment (note\u00a02.g) | Carrying | |
Loans and advances to credit institutions | 26,437 | (178) | 26,259 | 31,232 | (85) | 31,147 |
Stage\u00a01 | 25,879 | (7) | 25,872 | 30,998 | (8) | 30,990 |
Stage\u00a02 | 395 | (10) | 385 | 157 | (6) | 151 |
Stage\u00a03 | 163 | (161) | 2 | 77 | (71) | 6 |
Loans and advances to customers | 913,251 | (15,892) | 897,359 | 917,049 | (16,908) | 900,141 |
Stage\u00a01 | 823,717 | (1,624) | 822,093 | 821,576 | (1,762) | 819,814 |
Stage\u00a02 | 63,281 | (1,665) | 61,616 | 69,649 | (1,904) | 67,745 |
Stage\u00a03 | 26,253 | (12,603) | 13,650 | 25,824 | (13,242) | 12,582 |
\u00a0Debt securities | 151,909 | (222) | 151,687 | 147,163 | (188) | 146,975 |
Stage\u00a01 | 150,151 | (18) | 150,133 | 144,987 | (15) | 144,972 |
Stage\u00a02 | 1,477 | (31) | 1,446 | 1,911 | (28) | 1,883 |
Stage\u00a03 | 281 | (173) | 108 | 265 | (145) | 120 |
Total financial assets at amortised cost | 1,091,597 | (16,292) | 1,075,305 | 1,095,444 | (17,181) | 1,078,263 |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Deposits from credit institutions | 69,938 | 66,872 |
On demand accounts | 12,369 | 10,608 |
Interbank borrowings(1) | 47,073 | 33,753 |
Repurchase agreements | 10,496 | 22,511 |
Deposits from customers | 1,075,564 | 1,034,857 |
On demand deposits | 588,359 | 562,520 |
Savings accounts | 170,145 | 162,064 |
Term accounts and short-term notes | 277,820 | 307,335 |
Repurchase agreements | 39,240 | 2,938 |
(1) | Interbank borrowings from credit institutions include term borrowings from central banks.\u00a0 |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Deposits from credit institutions | 69,938 | 66,872 |
On demand accounts | 12,369 | 10,608 |
Interbank borrowings(1) | 47,073 | 33,753 |
Repurchase agreements | 10,496 | 22,511 |
Deposits from customers | 1,075,564 | 1,034,857 |
On demand deposits | 588,359 | 562,520 |
Savings accounts | 170,145 | 162,064 |
Term accounts and short-term notes | 277,820 | 307,335 |
Repurchase agreements | 39,240 | 2,938 |
(1) | Interbank borrowings from credit institutions include term borrowings from central banks.\u00a0 |
This note covers all issued debt securities and subordinated debt measured at amortised cost and designated as at fair value through profit or loss.
Issuer/Issue date In millions of euros, at | Currency | Original amount in foreign currency (millions) | Date of call or interest step-up | Interest | Interest rate reset | Conditions precedent for\u00a0coupon payment(1) | 31 December 2025 | 31 December 2024 |
|---|---|---|---|---|---|---|---|---|
ISSUED DEBT SECURITIES AND SUBORDINATED DEBT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 129,279 | 104,934 | ||
Debt securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 128,458 | 104,118 | ||
Subordinated debt | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 821 | 816 | ||
Redeemable subordinated debt | (2) | \u00a0 | \u00a0 | \u00a0 | 19 | 18 | ||
Perpetual subordinated debt | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 802 | 798 | ||
BNP\u00a0Paribas Fortis Dec. 2007(3) | EUR | 3,000 | Dec.-14 | 3-month Euribor +200\u00a0bp | \u00a0 | A | 802 | 798 |
(1) \u00a0 | Conditions precedent for coupon payment: A Coupon payments are halted should the issuer have insufficient capital or the underwriters become insolvent or when the dividend declared\u00a0 for Ageas shares falls below a certain threshold. |
(2) | After agreement from the banking supervisory authority and at the issuer\u2019s initiative, redeemable subordinated debt issues may contain a call provision authorising the Group to redeem the securities prior to maturity by repurchasing them in the stock market, via public tender offers, or in the case of private placements over the counter. Debt issued by BNP\u00a0Paribas\u00a0SA or foreign subsidiaries of the Group via placements in the international markets may be subject to early redemption of the capital and early payment of interest due at maturity at the issuer\u2019s discretion on or after a date stipulated in the issue particulars (call option), or in the event that changes in the applicable tax rules oblige the BNP\u00a0Paribas Group issuer to compensate debt-holders for the consequences of such changes. Redemption may be subject to a notice period of between 15 and 60\u00a0days, and is in all cases subject to approval by the banking supervisory authorities. |
(3) | Convertible And Subordinated Hybrid Equity-linked Securities (CASHES) issued by BNP\u00a0Paribas Fortis (previously Fortis Banque) in December\u00a02007. The CASHES are perpetual securities but may be exchanged for Ageas (previously Fortis\u00a0SA/NV) shares at the holder\u2019s sole discretion at a price of EUR\u00a0239.40. However, as of 19 December 2014, the CASHES will be automatically exchanged into Ageas shares if their price is equal to or higher than EUR\u00a0359.10 for twenty consecutive trading days. The principal amount will never be redeemed in cash. The rights of the CASHES holders are limited to the Ageas shares held by BNP\u00a0Paribas Fortis and pledged to them. Ageas and BNP\u00a0Paribas Fortis have entered into a Relative Performance Note (RPN) contract, the value of which varies contractually so as to offset the impact on BNP\u00a0Paribas Fortis of the relative difference between changes in the value of the CASHES and changes in the value of the Ageas shares. Since 1st January 2022, the liability is no longer eligible to prudential own funds. |
Issuer/Issue date In millions euros, at | Currency | Original amount in foreign currency (millions) | Date of call or interest step-up | Interest rate | Interest rate reset | Conditions precedent for\u00a0coupon payment(1) | 31 December 2025 | 31 December 2024 |
|---|---|---|---|---|---|---|---|---|
Debt securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 173,933 | 198,119 | |
Debt securities in issue with an initial maturity of less than one year | \u00a0 | 54,639 | 82,327 | |||||
Negotiable\u202fdebt\u202fsecurities\u202fand\u202fsaving\u202fcertificates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 54,639 | 82,327 | |
Debt securities in issue with an initial maturity of more than one year | \u00a0 | 119,311 | 115,792 | |||||
Negotiable\u202fdebt\u202fsecurities\u202fand\u202fsaving\u202fcertificates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 32,590 | 31,109 | |
Bonds | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 86,705 | 84,683 |
Subordinated debt | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 34,468 | 31,799 |
Redeemable subordinated debt | (2) | \u00a0 | \u00a0 | \u00a0 | 26,585 | 26,073 | ||
Undated subordinated notes | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 7,662 | 5,460 | ||
Contingent convertible bonds recognised as Tier 1 capital | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 6,169 | 3,851 | ||
BNP Paribas SA Aug. 23 (4) | USD | 1,500 | Aug.-28 | 8.500% | CMT +4.354% | D | 1,278 | 1,449 |
BNP Paribas SA Feb. 24 (4) | USD | 1,500 | Aug.-31 | 8.000% | CMT +3.727% | D | 1,278 | 1,449 |
BNP Paribas SA Sept. 24 (4) | USD | 1,000 | Sept.-34 | 7.375% | CMT +3.535% | D | 852 | 953 |
BNP Paribas SA June 25 (4) | USD | 1,500 | June-35 | 7.450% | CMT +3.134% | D | 1,275 | - |
BNP Paribas SA Dec. 25 (4) | AUD | 750 | June-31 | 7.000% | 3.036% | D | 426 | - |
BNP Paribas SA Dec. 25 (4) | USD | 1,250 | Dec.-33 | 6.875% | 2.853% | D | 1,060 | - |
Other perpetual subordinated notes | \u00a0 | \u00a0 | \u00a0 | 1,493 | 1,609 | |||
BNP SA Oct. 85 (3) | EUR | 305 | - | TMO -0.25% | - | B | 254 | 254 |
BNP Paribas Cardif Nov. 14 | EUR | 1,000 | Nov.-25 | 4.032% | 3-month Euribor +393 bp | C | - | 1,000 |
BMCI Feb. 23 (7) | MAD | 750 | Feb.-28 | 3.900% | 2.5%-2.6% | E | - | 71 |
TEB Sept. 24 | USD | 300 | Sept.-29 | 9.375% | CMT +5.758% | F | 251 | 284 |
BNP Paribas Cardif Nov. 25 | EUR | 1,000 | Nov.-35 | 6.000% | 3.370% | G | 988 | - |
Perpetual participating notes | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 225 | 225 | |
BNP Paribas SA July 84 (3)(5) | EUR | 337 | - | (6) | - | \u00a0 | 219 | 219 |
Others | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 6 | 6 |
Expenses and commission, related debt | \u00a0 | \u00a0 | \u00a0 | (4) | 41 |
(1) | Conditions precedent for coupon payment: B - Payment of the interest is mandatory, unless the Board of directors decides to postpone these payments after the Shareholders\u2019 General\u00a0 Meeting has officially noted that there is no income available for distribution, where this occurs within the 12-month period preceding the due\u00a0 date for payment of the interest. Interest payments are cumulative and are payable in full once dividend payments resume. C - Payment of the interest is mandatory, except for cases of regulatory deficiency, in agreement with the regulator, or of suspension of payments.\u00a0 Interest payments are cumulative and are payable in full, once coupon payments resume, or, if these events occur before, when the issuance\u00a0 is redeemed or when the issuer is liquidated.\u00a0 D - Payment of the interest is at full discretion and could be cancelled in whole or in part if the relevant regulator notifies based on its assessment\u00a0 of the financial and solvency situation of the issuer. Interest Amounts on the Notes will be non-cumulative, once coupon payments resume. E - Payment of interest is made on a discretionary basis and may be fully or partially cancelled with the prior approval of Bank Al-Maghrib\u00a0 for an indefinite period and on a non-cumulative basis to meet its obligations. Interest amounts on bonds will not be cumulative when coupon\u00a0 payments resume. F - Payment of interest is discretionary and may be fully or partially cancelled at any time and for any reason for an indefinite period. Interest\u00a0 amounts on bonds will not be cumulative when coupon payments resume. G - Payment of interest is made on a discretionary basis and may be fully or partially cancelled. The cancellation of the payment of all or part\u00a0 of the interest becomes mandatory in case of regulatory deficiency, at the request of the regulator and based on the applicable regulation,\u00a0 if there is no income available for distribution, or in case of suspension of payments. All cancelled interest payments are non-cumulative. |
(2) | See reference relating to \"Debt securities at fair value through profit or loss\". |
(3) | These securities are no longer eligible to prudential own funds since 31 December 2023. |
(4) | The instruments issued by BNP Paribas SA in 2023, 2024 and 2025 are contingent convertible securities classified as financial liabilities in accounting and eligible to Additional Tier 1 capital (see note 1.f.8). The distribution from these instruments is recognised directly as a reduction from equity. |
(5) | The participating notes issued by BNP Paribas SA may be repurchased as provided for in the law of 3 January 1983. The number of notes in the market is 1,469,554. |
(6) | Depending on net income subject to a minimum of 85% of the TMO rate and a maximum of 130% of the TMO rate. |
(7) | BNP Paribas has entered into exclusive discussions with the Holmarcom group for the sale of 67% of BMCI's capital. In accordance with the provisions of IFRS 5 standard relating to groups of assets and liabilities held for sale, this security is reclassified on a separate line \"Liabilities associated with assets held for sale\". |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Guarantee deposits and bank guarantees paid | 115,087 | 125,090 |
Collection accounts | 542 | 460 |
Accrued income and prepaid expenses | 7,527 | 5,686 |
Other debtors and miscellaneous assets | 44,632 | 42,911 |
Total accrued income and other assets | 167,788 | 174,147 |
Guarantee deposits received | 91,315 | 86,113 |
Collection accounts | 3,113 | 2,959 |
Accrued expense and deferred income | 8,645 | 8,498 |
Lease liabilities | 2,871 | 2,848 |
Other creditors and miscellaneous liabilities | 37,115 | 36,537 |
Total accrued expense and other liabilities | 143,059 | 136,955 |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Guarantee deposits and bank guarantees paid | 115,087 | 125,090 |
Collection accounts | 542 | 460 |
Accrued income and prepaid expenses | 7,527 | 5,686 |
Other debtors and miscellaneous assets | 44,632 | 42,911 |
Total accrued income and other assets | 167,788 | 174,147 |
Guarantee deposits received | 91,315 | 86,113 |
Collection accounts | 3,113 | 2,959 |
Accrued expense and deferred income | 8,645 | 8,498 |
Lease liabilities | 2,871 | 2,848 |
Other creditors and miscellaneous liabilities | 37,115 | 36,537 |
Total accrued expense and other liabilities | 143,059 | 136,955 |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Guarantee deposits and bank guarantees paid | 115,087 | 125,090 |
Collection accounts | 542 | 460 |
Accrued income and prepaid expenses | 7,527 | 5,686 |
Other debtors and miscellaneous assets | 44,632 | 42,911 |
Total accrued income and other assets | 167,788 | 174,147 |
Guarantee deposits received | 91,315 | 86,113 |
Collection accounts | 3,113 | 2,959 |
Accrued expense and deferred income | 8,645 | 8,498 |
Lease liabilities | 2,871 | 2,848 |
Other creditors and miscellaneous liabilities | 37,115 | 36,537 |
Total accrued expense and other liabilities | 143,059 | 136,955 |
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Guarantee deposits and bank guarantees paid | 115,087 | 125,090 |
Collection accounts | 542 | 460 |
Accrued income and prepaid expenses | 7,527 | 5,686 |
Other debtors and miscellaneous assets | 44,632 | 42,911 |
Total accrued income and other assets | 167,788 | 174,147 |
Guarantee deposits received | 91,315 | 86,113 |
Collection accounts | 3,113 | 2,959 |
Accrued expense and deferred income | 8,645 | 8,498 |
Lease liabilities | 2,871 | 2,848 |
Other creditors and miscellaneous liabilities | 37,115 | 36,537 |
Total accrued expense and other liabilities | 143,059 | 136,955 |
The various income and expenses of insurance contracts are broken down in the \u201cNet income from insurance activities\u201d as follows:
\u00a0
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Insurance revenue | 10,270 | 9,711 |
Insurance service expenses(1) | (8,101) | (7,502) |
Investment return | 11,896 | 11,554 |
Net finance income or expenses from insurance contracts | (11,682) | (11,367) |
Net income from insurance activities | 2,383 | 2,396 |
(1) | Insurance service expenses include attributable expenses which amounted to - EUR 4,482 million for the year ended 2025, compared with -\u00a0 EUR 4,125 million for the year ended 2024 (see note 5.b). |
\u00a0
\u201cInsurance service result\u201d includes:
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Contracts not measured under the premium allocation approach | 5,995 | 5,551 |
Changes in the liability for remaining coverage | 2,730 | 2,349 |
Change in the risk adjustment | 150 | 133 |
Contractual service margin | 2,006 | 1,908 |
Recovery of insurance acquisition cash flows | 1,109 | 1,161 |
Contracts measured under the premium allocation approach | 4,275 | 4,160 |
Insurance revenue | 10,270 | 9,711 |
Incurred claims and expenses | (4,641) | (4,077) |
Amortisation of insurance acquisition cash flows | (2,840) | (2,876) |
Changes that relate to past service | (55) | (42) |
Loss component recognised in profit or loss | (71) | (54) |
Net expenses from reinsurance contracts held | (494) | (453) |
Insurance service expenses | (8,101) | (7,502) |
INSURANCE SERVICE RESULT | 2,169 | 2,209 |
\u00a0
\u201cFinancial Result\u201d includes \u201cInvestment return\u201d and \u201cNet finance income or expenses from insurance contracts.\u201d
\u201cInvestment return\u201d includes net income from financial instruments and from investment properties.
\u201cChanges in fair value of underlying items of direct participation contracts\u201d reflects the changes in value of underlying investments, for the amount which was not recognised directly in equity, and excluding the portion of these changes adjusting the contract service margin.
\u201cOther insurance financial expenses\u201d measured under the general model and under the simplified model represent the change in technical liabilities arising from financial risks (discount rates variations, forex rates, time value and financial variations expected in the contracts) for the amount which was not recognised directly in equity.
\u00a0
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Net interest income | 3,215 | 2,579 |
Net gain on financial instruments at fair value through equity | (85) | (329) |
Net gain on debt instruments | (226) | (413) |
Dividend income on equity instruments | 141 | 84 |
Net gain on financial instruments at fair value through profit and loss | 8,637 | 9,000 |
Cost of risk | 9 | 3 |
Investment property income | 234 | 374 |
Share of earnings of equity-method investments | 2 | 1 |
Other expenses | (116) | (74) |
Investment return | 11,896 | 11,554 |
Changes in fair value of underlying items of direct participation contracts | (11,508) | (11,197) |
Other insurance financial expenses | (174) | (170) |
Net finance income or expenses from insurance contracts | (11,682) | (11,367) |
FINANCIAL RESULT | 214 | 187 |
The BNP\u00a0Paribas Group conducts its insurance activities mainly through BNP\u00a0Paribas Cardif and its subsidiaries.
Risk management is an integral part of the BNP\u00a0Paribas Group\u2019s business model. The Group has developed and implemented a risk management framework designed to identify, assess, control and monitor risks related to its various activities.
Risk management involves identifying, measuring, monitoring, managing and reporting risks arising from the external environment as well as those inherent to insurance activities. Its objective is to guarantee the solvency, business continuity and development of the BNP\u00a0Paribas Group\u2019s insurance activities under satisfactory risk and profitability conditions.
The general risk management framework for insurance activities is presented in section 5.10 Risks related to insurance activity of the Universal registration document. This framework has been developed to meet the needs of Solvency II prudential regulation. The BNP\u00a0Paribas Group\u2019s exposure to insurance contracts is disclosed in note 5.d Assets and liabilities related to insurance contracts.
Pursuant to IFRS 17, the nature and extent of risks arising from BNP\u00a0Paribas Group insurance and investment contracts are determined by their contractual characteristics. Underwriting and financial risks are the main risks to which the BNP\u00a0Paribas Group is exposed as parts of its insurance activities.
Under IFRS 17, underwriting risks include:
Through its life insurance and savings activities, the BNP\u00a0Paribas Group is mainly exposed to:
The risks related to protection relate mainly to the marketing of creditor protection insurance, but also to activities such as personal protection insurance, extended warranty, theft or damage to property, civil liability, life annuity policies in France, and health, with geographical coverage in many countries.
Creditor protection insurance mainly covers risks of death, disability, dreaded diseases, incapacity for work, loss of employment and financial losses on revolving loans, consumer loans and real estate loans. This activity is based on a multitude of contracts involving low risk and premium amounts, the profitability of which depends on the size of the portfolio of contracts, the effective mutualisation of risks and the control of operating expenses. The insurer is also exposed to lapse risk in the event of early redemption or transfer of the contract to another insurer where permitted by regulation.
Other activities (personal protection insurance, extended warranty, theft, accidental damage to property, life annuity policies in France, civil liability, health) relate to personal risk (death, accidental death, hospitalisation, critical illness, healthcare expenses) or to property and/or liabilities (accidental damage, breakdown or theft of consumer goods or automobiles, civil liability, etc.). These contracts are characterised by individual insured sums which are generally low, whether they are indemnities or lump sums.
Lastly, mainly through the Cardif IARD entity in France, insurance for motor vehicles (material damage, civil liability, assistance, etc.) and property risks are also underwritten. Such products are also growing internationally, particularly in Latin American countries.
The underwriting risk monitoring and management framework is based on documented governance and processes. Subscription operations for direct and intermediated activities, and for accepted reinsurance are based on similar principles. Within the BNP\u00a0Paribas Cardif group, risk underwriting complies with specific delegation rules involving several levels, both local and central. The level of delegation depends on the level of assessment of the maximum acceptable loss, the estimated Solvency II capital requirement and the estimated profitability of the contracts concerned. The experience gained from managing geographically diversified portfolios enables the databases used for risk pricing to be updated regularly, taking into account numerous parameters (type of loan for creditor insurance, guarantee, insured population, etc.). Each contract is priced based on the measurement and monitoring of profitability and the return on equity set by the Executive Management of BNP\u00a0Paribas Cardif.
Contractual clauses allow underwriting risk to be managed in accordance with regulatory and commercial frameworks through technical and legal measures, such as tariff revision clauses provided for in the contract in the event of changes in taxation or risk of adverse development in loss experience, and the limitation of the duration of some guarantees.
Partners are interested in the quality of the risks of the contracts they bring so as to encourage the compliance with good underwriting practices defined by the Group.
Ceded reinsurance is a complementary element of the underwriting risk management framework. It aims to protect BNP\u00a0Paribas from the main risks to which the Group is exposed.
In savings, underwriting risk is managed through monitoring and supervision of the offering, adapted to the market context. The Group thus limits the risk exposure, which is characterised by an insufficient performance of the investments compared with the contractual remuneration obligation. Thus 99% of Cardif Assurance Vie\u2019s outstanding savings and of the retirement contracts in their accumulation phase do not provide for a guaranteed minimum rate or a guaranteed minimum rate of more than one year beyond the capital guarantee. For the French portfolio, the guaranteed average rate is less than 0.1%. In Italy, Cardif Vita offers an average guaranteed minimum rate of less than 0.03% on the main general capital Vita fund. In Italy, only three segregated funds, in run-off, whose total outstandings represent less than 2.19% of the subsidiary\u2019s outstandings, have an average guaranteed minimum rate of 1.87%.
Besides, the average redemption rates for BNP Paribas Cardif group general funds stood in France at 5.6% (compared with 6.2% in 2024), in Italy at 11.9% (compared with 14.0% in 2024) and in Luxembourg at 11.7% (compared to 10.6% in 2024).
The table below shows the liabilities related to insurance contracts excluding reinsurance by country of issuance. These liabilities include the present value of future cash flows, the contractual service margin, and the adjustment for non-financial risk.
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
France(1) | 188,878 | 180,289 |
Italy(1) | 30,207 | 28,109 |
Luxembourg(1) | 34,089 | 31,138 |
Other Europe(1) | 1,647 | 1,547 |
Asia(1) | 5,407 | 5,714 |
Latin America(2) | 879 | 703 |
TOTAL | 261,107 | 247,500 |
(1) | Savings and Protection. |
(2) | Protection only. |
\u00a0
The table below shows the impact gross of taxes on income and shareholders\u2019 equity of reasonably possible changes in the main underwriting risk variables at reporting date (i.e. changes in surrenders and mortality for life savings activities and changes in claims for protection activities). Shocks are applied to current-year death claims and surrenders. Sensitivity to non-financial risks is presented excluding the effect of ceded reinsurance contracts and assuming that all other variables remain unchanged.
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Potential impact on income | Potential impact on equity | Potential impact on income | Potential impact on equity | |
Savings | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Mortality rates (1% increase/decrease) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Lapse rates (5% increase/decrease) | -/+2 | \u00a0 | -/+2 | \u00a0 |
Protection | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Ultimate loss rate (5% increase/decrease) | -/+103 | \u00a0 | -/+95 | \u00a0 |
\u00a0
Qualitative information on the valuation of the carrying amount and fair value of financial instruments is provided in the financial instruments section of note 1.f \u201cFinancial assets and liabilities\u201d. Quantitative information on the carrying value of financial instruments is disclosed in note 5.c \u201cInvestments, other financial assets and liabilities related to insurance activities\u201d.
IFRS 17 defines market risk as the risk that changes in market prices (e.g. interest rates, currency exchange rates, share prices) affect the fulfilment cash flows of insurance and reinsurance contracts and the fair value or future cash flows of financial instruments. Market risk includes:
For its insurance activities, the Group has equipped itself with the necessary management tools to calibrate the strategic asset allocation and to measure asset-liability matching risks. Asset-liability studies enable to project expected flows on both the assets and the liabilities of the various general funds. In particular, they allow to adapt the duration of assets according to the profile of the various liabilities.
The investment policy dictates the framework for asset management. It defines the principles for aligning the structure of asset portfolios with the commitments made to policyholders, while optimising the expected return on investment relative to the risk limit set. Thus, in particular in the case of BNP\u202fParibas\u202fCardif, the implementation of the investment policy, entrusted to the Asset Management Department, is governed for each portfolio by a management agreement that specifies the investment limits according to asset classes. Market risk can also be managed through the use of financial hedging instruments.
Market risk exposure is also monitored through targeted studies such as the review of securities in an unrealised loss position.
In addition, foreign currency exchange risk exposure arises from the funding of the foreign branches, equity investments in foreign currency or investment strategy in foreign currency-denominated assets in general funds. Foreign exchange risk may be hedged by forward financial instruments, such as cross-currency swaps, or by foreign currency borrowings.
For unit-linked commitments, market risk is mainly transferred to policyholders.
The sensitivity on insurance contracts arises from the following effects:
The table below shows the impact gross of taxes on income and shareholders\u2019 equity of reasonably possible changes in interest rates at reporting date. Sensitivities are presented on all financial assets, excluding assets representing unit-linked contracts.
Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.
\u00a0
In millions of euros, at | 31 December 2025 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+50\u00a0bps variation of interest rate risk | (160) | 138 | (22) | (4,282) | 3,961 | (321) |
-50\u00a0bps variation of interest rate risk | 133 | (111) | 22 | 4,279 | (3,961) | 318 |
(1) | Excepted financial assets representing unit-linked contracts. |
\u00a0
In millions of euros, at | 31 December 2024 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+50\u00a0bps variation of interest rate risk | (190) | 178 | (12) | (4,019) | 3,738 | (281) |
-50\u00a0bps variation of interest rate risk | 249 | (237) | 12 | 4,015 | (3,738) | 277 |
(1) | Excepted financial assets representing unit-linked contracts. |
The table below shows the impact gross of taxes on income and equity of reasonably possible changes in market and real estate prices at the reporting date. Sensitivities are presented excluding unit-linked contracts.
Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.
\u00a0
In millions of euros, at | 31 December 2025 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+10% variation of equity market | 1,474 | (1,354) | 120 | 266 | \u00a0 | 266 |
-10% variation of equity market | (1,474) | 1,354 | (120) | (266) | \u00a0 | (266) |
+10% variation of real estate market | 1,253 | (1,220) | 33 | \u00a0 | \u00a0 | \u00a0 |
-10% variation of real estate market | (1,253) | 1,220 | (33) | \u00a0 | \u00a0 | \u00a0 |
(1) | Excepted financial assets representing unit-linked contracts. |
\u00a0
In millions of euros, at | 31 December 2024 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+10% variation of equity market | 1,310 | (1,246) | 64 | 175 | (3) | 172 |
-10% variation of equity market | (1,310) | 1,246 | (64) | (175) | 3 | (172) |
+10% variation of real estate market | 1,183 | (1,153) | 30 | \u00a0 | \u00a0 | \u00a0 |
-10% variation of real estate market | (1,183) | 1,153 | (30) | \u00a0 | \u00a0 | \u00a0 |
(1) | Excepted financial assets representing unit-linked contracts. |
\u00a0
For savings contracts valued using the variable fees approach, the change in the value of the underlying financial assets is largely offset by the change in the value of the liabilities, provided that the contractual service margin remains positive.\u00a0
Potential effects on income and equity are therefore mainly derived from non-participating contracts and assets representing the shareholders\u2019 equity of insurance entities.
\u00a0
IFRS 17 defines credit risk as the risk that a party to a financial instrument, an insurance contract issued which is an asset or a reinsurance contract held, fails to meet one of its obligations and thereby causes the other party to suffer a financial loss.
The credit risk related to contracts in the scope of IFRS 17 relates mainly to reinsurance contracts held (risk of default by a reinsurer that would no longer allow him to assume a share of the amount due to him) and to receivables on the partners to whom the collection of the premiums have been delegated.
Counterparty risk management on reinsurers is achieved through rigorous selection of reinsurers, negotiation of collateral provided and regular monitoring of major exposures. The guarantees required may be real sureties, such as cash deposits and security pledges, or financial guarantees given and letters of guarantee.
The counterparty risk of BNP\u00a0Paribas Cardif\u2019s partners comes under the Partners and Reinsurers credit governance. As with a reinsurer, an exposure to a partner may be subject to real or personal security. Depending on the quality of the counterparty, the following techniques may be used: guarantee of the parent company, first-demand bank guarantee, segregated account of the rest of the assets in the event of bankruptcy, etc.
\u00a0
IFRS 17 defines liquidity risk as the difficulty of honouring commitments related to insurance contracts and financial liabilities that are to be settled through the provision of cash or other financial assets.
Tactical asset management is carried out to release the cash needed to settle insurance benefits, in keeping with the fund's current management framework, while minimising impacts on the rate of return on assets.
Liquidity risk is managed centrally based on studies carried out at intervals appropriate to the risk exposure.
Stress tests are carried out as part of asset-liability management studies. They test the ability to honour its commitments in adverse financial market situations, taking into account the impact of these situations on the behaviour of policyholders. These medium and long-term asset-liability matching analyses are based on a projection of the medium and/or long-term profit and loss account and balance sheet under various economic scenarios. The analysis of the results obtained makes it possible to take, where appropriate, measures to adjust the constraints on asset allocation (strategic allocation, diversification, derivatives, etc.).
\u00a0
The table below details the forward schedule of the present value of the future cash flows of all insurance contracts excluding reinsurance.
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
1\u00a0year | 8,313 | 7,770 |
1 to 2\u00a0years | 9,375 | 8,037 |
2 to 3\u00a0years | 6,961 | 6,685 |
3 to 4\u00a0years | 7,034 | 6,923 |
4 to 5\u00a0years | 7,286 | 7,735 |
5 to 10\u00a0years | 33,531 | 33,032 |
More than 10\u00a0years | 167,082 | 157,419 |
TOTAL | 239,582 | 227,601 |
\u00a0
For participating contracts, amounts payable on demand correspond to surrender values of saving contracts.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Amount payable on demand | Carrying amount | Amount payable on demand | Carrying amount | |
Participating contracts | 243,708 | 254,565 | 227,706 | 241,278 |
Non-participating contracts | 90 | 6,542 | 57 | 6,222 |
TOTAL | 243,798 | 261,107 | 227,763 | 247,500 |
The specialised committees of the Board of directors (see part\u00a02.1.2, Corporate governance of BNP\u00a0Paribas of chapter\u00a02 Corporate governance and internal control), which examine the risks taken and the risk policies on a Group scale, are:
In line with the Group\u2019s Risk Appetite Statement, Executive Management provides broad guidelines for risk management through Group-level governance bodies of which the main ones are shown in the diagram below:
Main Group-level governance bodies have the following roles:
Risk management is central to the banking business and is one of the cornerstones of operations for the BNP\u00a0Paribas Group. BNP\u00a0Paribas has an internal control system covering all types of risks to which the Group may be exposed, organised around three lines of defence (see section\u00a02.4 Internal Control in chapter\u00a02 Corporate governance and internal control):
Responsibility for managing risks primarily lies with the divisions and business lines that are at the origin. RISK continuously performs a second-line control over credit and counterparty risks, market risk, interest rate and foreign exchange rate risks on the banking book, liquidity risks, insurance risks, and operational risk, including technological and cybersecurity risks, over data protection risks, modelling risks and environmental and social risk factors, as well as the associated governance risks. As part of this role, it must ascertain the soundness and sustainability of the business commercial developments and their overall alignment with the risk appetite target set by the Group. RISK\u2019s remit includes formulating recommendations on risk policies, analysing the risk portfolio on a forward-looking basis, approving customers loans and trading limits, guaranteeing the quality and effectiveness of monitoring procedures, controlling the maturity of the processes and underlying operational risks and defining or validating risk measurement methods. RISK is also responsible for ensuring that all the risk implications of new businesses or products have been adequately assessed.
Compliance deals identically with risks related to financial security (money laundering, terrorist financing, corruption and influence peddling), market integrity, protection of clients, professional ethics, tax regulations applicable to customers and laws governing banking activities.
Its mission is to provide, through its opinions and decisions, as well as through its supervision and second level-controls, a reasonable assurance as to the effectiveness and consistency of the compliance system over operations and the protection of its reputation.
The RISK organisation fully complies with the principles of independence, vertical integration, and decentralisation issued by the Group\u2019s Management for the Group\u2019s main control functions (Compliance, RISK, LEGAL, and a third line of defence, Inspection G\u00e9n\u00e9rale). Hence within RISK:
This organisation enables the governance of risk management activities to be strengthened, especially regarding model risk management, through RISK Independent Review and Control (RISK IRC) team, reporting directly to the Chief Risk Officer (CRO) which groups together the teams in charge of the independent review of the risk methodologies and models. This team is also in charge of the independent review of operational risk of RISK Function, with the organisation described in section\u00a05.9 Operational risk.
In accordance with international standards and French regulations, Compliance manages the system for monitoring compliance and reputation risks for all of the Group\u2019s businesses in France and abroad. The system for monitoring non-compliance and reputation risks is described in section\u00a05.9.
Independent and hierarchically integrated on a global basis, Compliance brings together all employees reporting to the function. Its organisation is based on its guiding principles (independence, integration, decentralisation and subsidiarity of the function, dialogue with the business lines) through local teams (operating divisions, CPBS, IPS and CIB), areas of expertise, and departments in charge of transverse missions.
In order to fulfil its missions and in compliance with regulations as well as with the banking industry best practices, RISK is an independent, hierarchically integrated and decentralised function.\u00a0
The Group CRO is appointed by the \u201cDirigeant Effectif\u201d in charge of the consistency and efficiency of the permanent control of BNP Paribas, who notifies the Board of directors accordingly. This \u201cDirigeant Effectif\u201d\u00a0can also remove the Group CRO, after the prior approval of the Board, to which the latter has direct access.
The Group CRO receives his/her authority from this \u201cDirigeant Effectif\u201d and reports to him/her directly. He/she is a member of the Group Executive Committee.
Where necessary, the Group CRO also has direct and independent access to the Board of directors of BNP Paribas (notably to the relevant specialised committees). In particular, the CCIRC holds hearings of the Group CRO on a periodic basis, without the presence of the \u201cDirigeants Effectifs\u201d.
This positioning serves the following purposes:
The Chief Compliance Officer reports to the Chief Executive Officer and is a member of the BNP\u00a0Paribas Executive Committee. She has direct and independent access to the Board of directors and in particular to its specialised committee, the Internal Control, Risk Management and Compliance Committee (CCIRC), and can thus inform it of any event likely to have a significant impact on the Group. Lastly, the CCIRC periodically interviews her, without the executive officers being present.
The Chief Compliance Officer has no operational activity outside of the non-compliance and reputation risk management framework and no commercial activity, which guarantees her independence of action. She exercises hierarchical supervision over all the Compliance teams within the various business units, geographical areas and functions.
A strong and comprehensive risk and compliance culture is deeply rooted in BNP Paribas Group\u2019s core values and operational principles.
Executive Management has chosen to include the risk culture in three of its key corporate culture documents:
A\u202fculture of robust risk management and control has always been one of BNP Paribas\u2019 top priorities and is an integral part of the Bank\u2019s principles.
In addition to the various training programmes in support of this ambition, numerous awareness and acculturation initiatives are conducted at global and local level within different entities. These efforts span across entities and include programmes where Group experts sharethe latest advancement in risk management \u00a0with a broad employee audience of employees \u00a0covering topics such as :\u00a0cyber risks,\u00a0operational risks,\u00a0credit and counterparty risks, ESG-related risks, legal risks.
Also,\u00a0Risk Culture, a Group-wide initiative, aims to \u00a0reinforce the dissemination of the best practices in risk management by giving it a transversal dimension that addresses all the Group\u2019s employees. Sponsored by: Compliance, LEGAL, Human Resources (HR), and RISK, this transversal programme addresses every type of risk \u00a0the Group may encounter, including credit, market, liquidity, operational, non-compliance, regulatory, environmental and social risks.
Risk Culture adopts an adaptive and participatory approach, supporting business lines and functions in promoting risk awareness for example during transformation projects or when onboarding new staff.\u00a0By building on existing knowledge shared by entities, Risk Culture strives to make essential concepts accessible to all and pays close attention to ensure that conduct and behaviour standards are fully integrated into knowledge transfer. It provides teams with resources they can use to enhance employees\u2019 skills and understanding in every aspects of the risk culture.
In collaboration with operating entities, Risk Culture actions focus on:
Across all activities , Risk Culture promotes six corerisk management practices essential for building a strong risk culture. They remindstaff of the importance of understanding and anticipating risks with a long-term perspective, being disciplined in risk-taking and reporting on risk management promptly and transparently.
Finally, the risk culture is also spread throughout the Group by linking compensation to both performance and risk (see chapter\u00a07, section\u00a07.3 A\u00a0competitive compensation policy), under a system strengthened in this area since 2015 for employees whose decisions involve significant risk components.
The group does not have a specific risk appetite target, but some risks are inherent to its business and therefore to the achievement of its strategic objectives. It has prepared a Risk Appetite Statement and Risk Appetite Framework, which should be seen as the group\u2019s formal statement of its tolerance to the risks to which it is exposed as it implements its strategy.
The Risk Appetite Statement is approved on a yearly basis, or more frequently if necessary, by the Board of directors on the proposal of Executive Management. Consistent with the Group\u2019s strategy and in light of the environment in which it operates, this document sets out the qualitative risk principles it intends to follow in its business activities, as well as a quantitative mechanism for supervising the Group\u2019s risk profile indicators through quantitative metrics and thresholds. This system covers both the quantifiable and non-quantifiable risks to which it is exposed. The group Risk Appetite Statement also includes, on top of the quantitative metrics approved by the Board of Directors, some metrics approved and monitored in Executive Management Committees.
The group\u2019s risk appetite is determined by Executive Management, during various committees it chairs (CCDG, FMRC, Group ALCo, Capital Committee\u2026), which are tasked with managing the group\u2019s different types of risk exposure. The group\u2019s strategic processes, such as budget, capital and liquidity management, are in line with the Risk Appetite Statement. Certain Risk Appetite Statement indicators are included in the budget exercise and their expected values in the budget are cross-checked against the thresholds in the Risk Appetite Statement.
The group\u2019s Risk Appetite Statement reflects the core values of its risk culture. It states that the group\u2019s risk culture and its commitments as a responsible bank are at the heart of its strategy. The statement reaffirms the group\u2019s mission: to finance the economy, advise its clients and help to finance their projects, guided by strong ethical principles. The group\u2019s strategy underpinning its risk appetite is founded on the core principles that have guided its development: a balance between business activities to deliver profitability and stability, a customer-focused business model and an integrated banking model to optimise services to the latter. This strategy also factors developments in the banking industry, including the trend towards a digital model, in a context of particularly critical geopolitical risk, while certain sectors of the economy face major transformations.
The risk principles aim to define the types of risk the Group is prepared to accept in support of its business strategy.
They include the following in particular:
The Risk Appetite Statement sets out the indicators that measure the group\u2019s risk profile for its risk exposure categories and which are fpr some of them approved by the Board of Directors while the other are approved by General Management.
Risk level thresholds are assigned to each metric. When these thresholds are reached, they trigger an established process to inform Executive Management and the Board of directors, and if need be, to implement action plans.
These indicators are monitored quarterly in the risk dashboards presented to the group Comex and to the CCIRC.
For example, the following ratios (described in the Key figures of section\u00a05.1 Annual Risk survey) are included in the Risk Appetite statement indicators:
To ensure dynamic risk supervision and management, the Group has implemented a comprehensive stress testing framework.
The stress testing framework forms an integral part of the risk management and financial monitoring system and is used with a threefold objective of forward-looking risk management, planning of regulatory resources and liquidity requirements, and optimisation of the deployment of these resources within the group, mainly through the Group\u2019s and its main entities\u2019 ICAAP and ILAAP processes.
There are two types of stress tests:
These involve primarily the stress tests requested by the European Banking Authority, the European Central Bank, or any other supervisory authority.
In 2025, BNP\u202fParibas took part in the EU-wide stress test organised by the European Banking Authority and the European Central Bank. The exercise was conducted across a panel of approximately 60 banks representing 75% of total assets of the banking system in the European Union. As in previous years, macroeconomic scenarios and a certain number of methodological assumptions were applied to all banks for comparison purposes. An adverse macroeconomic stress scenario was used to test the impact on exposure to credit, market and operational risks, and revenue (net interest income and commissions) and applied to the P&L account, risk weighted assets and capital aggregates. The exercise has been conducted with the application of CRR3 rules applying to risk weighted assets, both to starting point values, with the provision of restated \u00a0risk weighted assets as of 31st December 2024 under CRR3 rules, and to projections, in both baseline and adverse scenarios.
In 2024, BNP\u202fParibas has participated in the One-off Fit-for-55 climate risk scenario analysis organised by the European Banking Authority under the mandate it received jointly with EIOPA and ESMA from the European Commission to assess the ability of the European financial sector to participate in the financing of energy transition, and more specifically the level of investment required for the European Union to meet its commitment of reducing greenhouse gas emissions by 55% by 2030. The participation of BNP Paribas in the exercise, like that of the other 110 banks involved in the exercise, consisted in providing information on selected credit risk and market risk exposures as well as on revenues pertaining to climate risk (greenhouse gas emissions of corporate clients, energy performance certificates and asset location of financed assets for selected residential and commercial real estate portfolios). BNP Paribas did not participate in projection work, which was performed by the European Banking Authority and the European Central Bank for the banking sector and whose results were made public by the European Banking Authority, the EIOPA, the ESMA and the European Central Bank on 19 November 2024. In 2024, BNP Paribas also took part in the cyber resilience stress test exercise organised by the European Central Bank.
In 2026, BNP Paribas will take part in a geopolitical reverse stress test organised by the European Central Bank.
BNP Paribas entities also take part in stress test exercises organised by local supervisors. In 2025, BNP Paribas entities in Indonesia and Malaysia took part in climate stress tests organised by local supervisors. \u00a0In 2024, BNP Paribas\u2019 Hong Kong Branch had taken part \u00a0on a voluntary basis in a climate stress test exercise organised by the Hong Kong Monetary Authority.
This stress testing framework is based on a well-defined governance, with responsibilities shared between the group and operating entities in order to encourage operational integration and relevance and, in particular, to develop internal stress test practices required for proper risk management and Group resource planning.
The Finance, RISK and ALM Treasury Functions have created a shared team, Modelling & Simulating For You (\u00ab MS4U \u00bb), responsible for developing stress testing, ICAAP, internal capital and financial simulations capabilities planning across the Group\u2019s entities and activities.
The MS4U team is responsible in particular for:
Stress test methodologies are tailored to the main categories of risk and subject to independent review.
Stress tests may be run at group, business line or portfolio level, dedicated to one or more risk types and on a more or less large number of variables depending on the pursued objective. Where appropriate, the results of quantitative models may be adjusted on the basis of expert judgement.
Since its creation, the group\u2019s stress testing framework has evolved continuously in order to integrate the most recent developments in stress tests, whether in terms of methodologies or improved operational integration in the group\u2019s management processes. The stress test framework by type of risks is detailed in sections\u00a05.4\u00a0Credit risk, 5.6\u00a0Counterparty credit risk and 5.7\u00a0Market risk. In this context, the group is engaged in the development of a climate stress testing infrastructure, covering scenarios (see below), data and models and methodologies, as well as encompassing both transition and physical risks, which are the two main risk types into which climate risk materialises.
In stress testing exercises, it is common practice to distinguish the baseline scenario from one or several alternative scenarios. A macroeconomic scenario is typically a set of macroeconomic and financial variables (GDP and its components, inflation, employment and unemployment, interest and exchange rates, stock prices, commodity prices, etc.) projected over a given future period.
The baseline scenario is considered as the most likely scenario over the projection horizon. The baseline scenario is designed by Group Economic Research in collaboration with various functions and business lines possessing a specific expertise, in particular:
The global scenario is made up of regional and national scenarios (Eurozone, France, Italy, Belgium, Spain, Germany, United Kingdom, Poland, T\u00fcrkiye, United States, Japan, China, India, Russia, etc.) consistent with each other.
Depending on the exercise, one or more alternative scenarios may be used for stress tests.
MS4U produces three types of alternative scenarios on a regular basis, in collaboration with the same functions and business lines as those involved in the definition of the baseline scenario: an adverse scenario, a severely adverse scenario and a favourable scenario.
The baseline, adverse, severely adverse and favourable scenarios are revised on a quarterly basis to monitor the Bank\u2019s risk appetite metrics and credit provision calculations within the framework of IFRS\u00a09.
They are validated during committee involving the Group Executive Management for scenarios used in the group\u2019s budget process (second and third quarters of the year). For the other two quarterly exercises, scenarios are validated jointly by the group Chief Risk Officer and the Group Chief Financial Officer.
The scenarios are then used to calculate expected losses (or a profit and loss impact in the case of market risks) over the year for all group portfolios:
The above calculations and related methodologies for stress tests on credit and market risks are coordinated centrally at Group level by MS4U team. They also involve various teams of experts at Group and territory\u2019s levels in their implementation and design.
Lastly, in an adverse budget scenario, risks appertaining to the Group and its business activities and not forming part of the adverse macroeconomic scenario are added. They are identified and quantified either by the Group\u2019s businesses or centrally for those likely to impact the Group as a whole.
Beyond macroeconomic stress tests, the field of climate stress tests is developing rapidly. In this context, the Group is engaged in the analysis, adaptation and creation of transition and physical risk scenarios.
With regard to transition risk, the analysis and adaptation works are based on the work of the NGFS (Network for Greening the Financial System), which is a reference in this field. For the Group\u2019s internal requirements in terms of climate stress tests, NGFS scenarios are adjusted and adapted, so that they are more in touch with most recent developments (e.g. at the macroeconomic level) or that they are more specifically adapted to the Group\u2019s portfolios. In addition, in collaboration with other companies and institutions, the Group is taking part in an initiative to define transition scenarios with more precise sectoral aspects that are relevant to assess transition risk.
The physical risk scenarios used by the Group at this stage focus on geographies with significant retail banking activities in Europe.
\u00a0
The Board of directors is informed quarterly on the principles governing interest rate policy and the Group\u2019s position through the Internal Control, Risk Management and Compliance Committee (CCIRC).
The Chief Executive Officer delegates management responsibility to the Group ALM Treasury Committee (Asset and Liability Management Committee). The permanent members of the Group ALM Treasury Committee are the Group Senior Executive Advisor (Chairman), the Delegate Deputy Chief Operating Officers, the Group Chief Risk Officer, the Group Chief Financial Officer, the Group ALM Treasury Head. The Head of Inspection G\u00e9n\u00e9rale and the Head of Compliance are also invited. This committee is responsible for tracking interest rate risk monitoring indicators, proposing the Group\u2019s interest rate risk profile and assigning limits.
ALM Treasury is responsible for the analysis of the management proposals and operational implementation of decisions related to managing the interest rate risk of the banking book as part of its delegated management.
The RISK Function participates in the Group ALM Treasury Committee and the local ALM Treasury Committees (ALCo) and oversees implementation by ALM Treasury of the relevant decisions made by these committees. It also provides second-line control by reviewing the models and risk indicators, monitoring the level of risk indicators and ensuring compliance with the limits assigned.
The banking book consists of the Group\u2019s total bank balance sheet, excluding trading book transactions. This includes intermediation transactions (deposits, loans, etc.), non-commercial balance sheet items (equity, fixed assets, etc.) and banking book risk management activities, including derivatives used for the management of interest rate risk on the banking book (notably when they are ineligible for hedge accounting under IFRS).
Banking book interest rate risk in each BNP\u00a0Paribas entity is systematically transferred to ALM Treasury, through internal analytic contracts or lending/borrowing transactions. For the Group as a whole, ALM Treasury is responsible for managing the interest rate risk transferred in this way.
Decisions concerning the management of interest rate risk are made and monitored during monthly or quarterly committee meetings by entity or group of entities, attended by representatives of local ALM Treasury, Group ALM Treasury, FINANCE & STRATEGY and RISK Functions and senior management of the entities and/or businesses.
Rate positions are measured taking into account the specific features of the risks managed. Hence, the Group has defined the concepts of standard rate risks and structural rate risks. The standard rate risk corresponds to the general case, namely when it is possible to define uniquely the most appropriate hedging strategy for a given transaction. The structural rate risk is the interest rate risk for equity and non-interest-bearing current accounts: the investment of these balance sheet items generates regular revenues but are sensitive to interest rate levels. However, it is not possible to define a single hedging strategy to fully neutralise this sensitivity. In this case, the Group included all the possible so-called \u201cneutral\u201d management strategies in terms of interest rate risk.
Interest rate risks are analysed in terms of interest rate gaps that measure for each future period the potential rate characteristic mismatches between assets and liabilities (fixed rate and indexation type). In the interest rate gaps, the optional effects, in particular linked to behavioural options, are embedded and translated into their delta equivalent. Value indicators are also used.
The maturity split is determined on the basis of the contractual terms of the transactions and observations of customer behaviour. For Retail\u00a0Banking products, behavioural models are based on historical or forward data and econometric studies. These possible management strategies notably relate to early redemption and savings accounts. Moreover, the maturities of non-interest-bearing current accounts and of equity are calculated according to a more conventional approach defining a range of investments taking into account the objective of stabilising results and stability of deposits. For current accounts, average maturities are less than five\u00a0years and the proportion invested beyond 10\u00a0years is negligible.
Incorporating dynamic changes in balance sheet items, the interest rate risk is measured through indicators of the sensitivity of revenues to interest rate changes on a going concern basis. This enables the partial or zero correlation between customer interest rates and market interest rates to be taken into account on the one hand, and the volume sensitivities to interest rates on the other hand, which create a risk to future revenues.
The choice of indicators and risk modelling are reviewed by RISK. The results and the adjustments following these reviews are presented and monitored to the committees on a regular basis.
The interest rate risk measurement indicators are consistently presented to the ALCos and serve as the basis for operating risk management decisions.
Interest rate risk indicators span the entire banking book as at 31\u00a0December 2025.
The interest rate gaps are subject to interest rate risk limits across all time horizons. These limits are calibrated based on the nature of the risks (standard or structural) at Group and entity level. They are reviewed annually.
The Group\u2019s revenue sensitivity indicator is subject to limits and a warning threshold relative to the overall sensitivity level, also broken down by division and the main entities. Moreover, the Group regularly monitors the impact of stress scenarios on its revenues.
Net interest income sensitivities are calculated on the total banking book, over one-, two- and three-year rolling timeframes notably, for a parallel, instantaneous and definitive increase and decrease in market rates on all currencies over all the terms of \u00b150 basis points (\u00b10.5%). These sensitivities are measured as deviations from the NII projection for the central rate scenario corresponding to future interest rates expected by the markets at estimation date (e.g. forward rates seen at the end of December\u00a02025 for sensitivities at the end of 2025). Other scenarios are also used to measure NII sensitivities, including instantaneous, parallel and definitive shocks of \u00b1200 basis points.
The sensitivities include the direct impacts of market rates and business trends. Indirect effects on commercial activity linked to changes in outstandings and customer rates, are also taken into account. Thus, increases in sight non\u2011interest\u2011bearing current account balances, observed during the period of low or negative interest rates, are considered as situational to the low interest rates environment, and are assumed to decrease gradually when short\u2011term rates return to sufficiently positive levels.\u00a0
In millions of euros | 31 December 2025 | |
For +50\u00a0bps shock | For -50\u00a0bps shock | |
Year 1 | (104) | 18 |
Year 2 | 125 | (269) |
Year 3 | 345 | (434) |
\u00a0
In millions of euros | 31 December 2024 | |
For +50\u00a0bps shock | For -50\u00a0bps shock | |
Year 1 | 147 | (134) |
Year 2 | 313 | (266) |
Year 3 | 574 | (516) |
Risk management is a process that allows identification, measurement, monitoring, management and reporting of both the risks arising from the external environment as well as intrinsic risks inherent to the BNP\u00a0Paribas Cardif Group. The objective is to guarantee the solvency, business continuity, and development of the BNP\u00a0Paribas Cardif Group, under satisfactory conditions of risk and profitability.
Within the framework of the provisions of article\u00a0L.354-2 of the French Insurance Code, the BNP\u00a0Paribas Cardif Group conducts a forward-looking assessment of its solvency and risks every year under the Solvency\u00a0II framework, in particular:
Depending on the observed solvency ratio levels and the forecasts made under ORSA (Own Risk and Solvency Assessment), remedial actions may be undertaken to adjust own capital.
The risk typology adopted by the BNP\u00a0Paribas Cardif Group is changing in pace with methodological work and regulatory requirements. It is presented according to the main categories as follows:
The BNP\u00a0Paribas Cardif Group is mainly exposed to credit risk, underwriting risk and market risk.
The BNP\u00a0Paribas Cardif Group closely monitors its exposures, taking into account these various risks and the adequacy of its capital with regard to regulatory solvency requirements. It\u00a0endeavours to contain potential losses in adverse scenarios at acceptable levels.
The risk strategy is implemented and monitored through an organisation tailored to the broad risk classes and supported by ad hoc governance structures. The governance and risk management systems are presented in sections\u00a0B.\u00a0System of Governance and C.\u00a0Risk profile of the BNP\u00a0Paribas Cardif Group\u2019s Solvency and Financial Condition Report (SFCR), available on the institutional website at https://www.bnpparibascardif.com/en/financial-informations.
The solvency requirements for the BNP\u00a0Paribas Cardif Group under Solvency\u00a0II are shown in the section Capital adequacy and capital planning of section\u00a05.2 Capital management and capital adequacy.
Financial and underwriting risks related to insurance contracts within the scope of IFRS 17 are disclosed in note 5. Notes relating to insurance activities to the consolidated financial statements. The note presents the assessment of these risks in accordance with the principles of IFRS 17 as well as the risk management framework implemented by the BNP Paribas Group.
The elements presented below are related to the insurance activities of the BNP Paribas Cardif Group(11).
Market risk arises mainly in the Savings business, where technical reserves represent most of the liabilities related to the insurance activities of the BNP\u00a0Paribas Cardif Group.
General framework for monitoring market risk\u00a0
The BNP Paribas Cardif Group has equipped itself with the necessary management tools to calibrate its strategic asset allocation of participative and non-participative funds and to robustly assess its risks of asset-liability adjustment. The studies conducted within this framework notably allow for adjusting the duration of assets according to the liabilities profile, ensuring the sustainability of funds and commitments to policyholders. Conducted both on the asset and liability sides, these studies allow to assess the portfolio's sensitivity and the establishment of the key actions and mechanisms for mitigating the risks.
The investment policy dictates the scope applicable to asset management. It defines the principles along which the structure of asset portfolios can be matched with the undertakings made to policyholders, while optimising the expected return on investment in relation to the set risk limit.\u00a0
The implementation of the investment policy, assigned to the Asset Management Department, is regulated for each portfolio by a management agreement that specifies the investment limits geared to different classes of asset. Market risk can also be managed with financial hedging instruments.\u00a0
Exposure to market risk is also monitored through specific targeted studies, such as the review of securities in an unrealised loss position.\u00a0
In addition, the exposure to foreign exchange risk results from allocations to branches, foreign currency equity investments or the investment strategy in foreign currency assets in participative \u00a0and non-participative funds. The BNP Paribas Cardif Group also manages the interest rate risk of its debts through the management of its interest rate sensitivity and the exposure of its equity securities in its subsidiaries and the consolidated results to exchange rate fluctuations through hedging.
Interest rate risk management
Interest rate risk management for the general insurance funds, the assets for the protection activities and the own funds, mainly leads to investment in bonds, of which government bonds, notably those issued by countries in the Eurozone. The asset diversification policy aims to invest in listed or non-listed equities as well as real estate assets.
Euro funds in underwritten life insurance policies are measured based on either a contractual fixed rate or a variable rate, with or without a minimum guaranteed return. All of these policies give rise to an interest rate and asset value risk, corresponding to the risk that the return on admissible assets is less than the contractual return payable to policyholders or return payable defined in consideration of the market expectations and the positioning of the market players. In France, the average rate guaranteed by Cardif Assurance Vie in 2025 was below 0.1%.
Credit spread risk
General funds are mainly invested in bond assets that generate spread risk. Limits by issuer and rating type (investment grade, non-investment grade) are monitored regularly. Issuer credit quality is also reviewed frequently;
Management of the risk of change in the value of assets\u00a0
In addition to the quality of the assets, portfolio diversification and hedging policy, the exposure to the risk of a decline in the value of assets (interest rate, spread, equities, real estate) for contracts with a profit-sharing clause is mitigated by the accounting variable fees model (VFA), with changes in the value of financial assets adjusting the cash flows from execution for the share accruing to policyholders and the margin on contractual services for the share accruing to the insurer.
Foreign exchange risk management
Currency risk hedging may be provided by forward financial instruments, such as currency swaps or by currency borrowings.
\u00a0
Exposure to liquidity risk is appraised, over a one-year horizon, mainly through the liquidity policy of the Asset Management Department, and in the medium term through studies carried out by the Actuarial Department on forecasted expected cash flows on the assets and liabilities of BNP Paribas Cardif Group\u2019s general funds.
Tactical asset management provides the necessary liquidity to address redemptions and lapses, within the regular asset management framework, while minimising the impact on the yield of the assets.
The liquidity risk is centrally managed through reviews realised with a frequency appropriate to the risk exposure.
Stress tests are regularly carried out as part of asset and liability management studies. These stress tests make it possible to check the ability of BNP Paribas Cardif Group to honour its undertakings in negative financial market situations, by taking account of the impact of these situations on the behaviour of policyholders.\u00a0Asset-liability matching analyses over the medium to long term are also carried out regularly by Asset-Liability Management in order to supplement the measurement of the financial risks incurred. They are based on medium- and/or long-term profit and loss account and balance sheet projections prepared using a range of economic scenarios. The results of these reviews are analysed in order to determine any adjustments to required assets (through strategic allocation, diversification, use of derivatives,\u00a0etc.).
The rules for the dispersion of assets are laid down in the management agreements of the general funds. They specify the dispersion ratios per issuer on fixed-income instruments and by rating category. This risk is regularly reviewed by the Asset Management Committee, which includes the Asset Management and RISK teams of the BNP Paribas Cardif Group. \u00a0
The counterparty risk on reinsurers is managed through a stringent selection of counterparties, the negotiation of the guarantees provided and regular monitoring of the main exposures. The Risk Transfer and the Credit Risk Departments are responsible for this monitoring. The guarantees required may be actual guarantees, such as deposits in the form of a financial guarantee and pledged securities, or as sureties and letters of guarantee.
Partner counterparty risk comes under the credit governance for Partners and Reinsurers. The governance determines the delegated powers granted to local entities and provides for an agreement with the Credit Risk Department, if this latter is outside the framework of the local delegation. An exposure on a partner may be the subject of collateral or a personal guarantee. Depending on the quality of the counterparty, the following techniques may be used: parent company endorsements, bank guarantees payable at first demand, an account segregated from all other assets in the event of bankruptcy, etc.
As of 31 December 2025, in addition to unit\u2011linked investments and excluding the investments held by its subsidiary BNP Paribas Asset Management, the BNP Paribas Cardif group holds EUR 180.2 billion \u00a0at net book value and, at market value, through its subsidiaries in France (mainly Cardif Assurance Vie, representing EUR 136.5 billion), Italy (mainly Cardif Vita, representing EUR 24.1 billion) and Luxembourg (Cardif Lux Vie, EUR 8.3 billion).\u00a0
The breakdown of BNP Paribas Cardif Group investments related to insurance activities\u00a0(excluding investments in unit-linked contracts) is presented in the table Investments and other assets related to insurance activites in note 5. Notes related to insurance activities to the consolidated financial statements.
\u00a0
Exposure by rating | 31 December 2025 | 31 December 2024 | ||||
Govies | Corporate | Total | Govies | Corporate | Total | |
AAA | 6.1% | 4.3% | 10.3% | 7.8% | 4.3% | 12.1% |
AA(1) | 5.4% | 7.5% | 12.9% | 24.5% | 8.3% | 32.8% |
A(1) | 26.8% | 31.8% | 58.6% | 4.3% | 29.6% | 33.9% |
BBB | 10.3% | 6.0% | 16.3% | 10.3% | 7.7% | 18.1% |
<\u00a0BBB(2) | 0.1% | 1.8% | 1.9% | 0.0% | 3.1% | 3.1% |
TOTAL(3) | 48.7% | 51.3% | 100.0% | 46.9% | 53.1% | 100.0% |
(1) | The changes in exposures noted AA and A between 2024 and 2025 are driven by the downgrade of France's rating (from \"AA-\" to \"A+\" by the rating\u00a0 agency Fitch on September 12, 2025). |
(2) | Including unrated bonds |
(3) | Investments held on the consolidated balance sheet of the BNP Paribas Cardif Group, excluding investments held by its subsidiary BNP Paribas Asset Management |
\u00a0
Exposure by country In millions of euros | Rating | 31 December 2025 | 31 December 2024 |
Net book value | Net book value | ||
France | A+ | 25,868 | 21,234 |
Italy | BBB | 12,101 | 11,881 |
Spain | A- | 3,048 | 2,592 |
Belgium | AA- | 7,470 | 7,932 |
Germany | AAA | 1,176 | 1,567 |
Austria | AA+ | 342 | 358 |
Netherlands | AAA | 174 | 320 |
Ireland | AA- | 73 | 110 |
Portugal | BBB+ | 53 | 77 |
Others | \u00a0 | 6,902 | 7,808 |
TOTAL(1) | \u00a0 | 57,207 | 53,877 |
(1) | Investments held on the consolidated balance sheet of the BNP Paribas Cardif Group, excluding investments held by its subsidiary BNP Paribas Asset Management |
\u00a0
The rise in long-term rates in Europe during the first half of the year allowed for attractive investment opportunities in long-term maturities and high-quality bond securities. Credit securities investments were down in 2025 as the asset class was deemed to offer limited returns for the time being given the associated risk.
Underwriting risk arises mainly from the surrender, the longevity and the mortality risk in the savings business. \u00a0Protection businesses are related either to personal coverages, especially for creditor insurance, such as death, invalidity, temporary disability, unemployment, or to goods or liabilities coverages such as theft/damage, mechanical breakdown, third part liabilities. Underwriting risk management is detailed in note 5. Notes related to insurance activities to the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_c9866d6d-6dbe-41fc-aeee-fd7d7f0b2cf3": { "value": "Qualitative information on the valuation of the carrying amount and fair value of financial instruments is provided in the financial instruments section of note 1.f \u201cFinancial assets and liabilities\u201d. Quantitative information on the carrying value of financial instruments is disclosed in note 5.c \u201cInvestments, other financial assets and liabilities related to insurance activities\u201d.
IFRS 17 defines market risk as the risk that changes in market prices (e.g. interest rates, currency exchange rates, share prices) affect the fulfilment cash flows of insurance and reinsurance contracts and the fair value or future cash flows of financial instruments. Market risk includes:
For its insurance activities, the Group has equipped itself with the necessary management tools to calibrate the strategic asset allocation and to measure asset-liability matching risks. Asset-liability studies enable to project expected flows on both the assets and the liabilities of the various general funds. In particular, they allow to adapt the duration of assets according to the profile of the various liabilities.
The investment policy dictates the framework for asset management. It defines the principles for aligning the structure of asset portfolios with the commitments made to policyholders, while optimising the expected return on investment relative to the risk limit set. Thus, in particular in the case of BNP\u202fParibas\u202fCardif, the implementation of the investment policy, entrusted to the Asset Management Department, is governed for each portfolio by a management agreement that specifies the investment limits according to asset classes. Market risk can also be managed through the use of financial hedging instruments.
Market risk exposure is also monitored through targeted studies such as the review of securities in an unrealised loss position.
In addition, foreign currency exchange risk exposure arises from the funding of the foreign branches, equity investments in foreign currency or investment strategy in foreign currency-denominated assets in general funds. Foreign exchange risk may be hedged by forward financial instruments, such as cross-currency swaps, or by foreign currency borrowings.
For unit-linked commitments, market risk is mainly transferred to policyholders.
The sensitivity on insurance contracts arises from the following effects:
The table below shows the impact gross of taxes on income and shareholders\u2019 equity of reasonably possible changes in interest rates at reporting date. Sensitivities are presented on all financial assets, excluding assets representing unit-linked contracts.
Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.
\u00a0
In millions of euros, at | 31 December 2025 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+50\u00a0bps variation of interest rate risk | (160) | 138 | (22) | (4,282) | 3,961 | (321) |
-50\u00a0bps variation of interest rate risk | 133 | (111) | 22 | 4,279 | (3,961) | 318 |
(1) | Excepted financial assets representing unit-linked contracts. |
\u00a0
In millions of euros, at | 31 December 2024 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+50\u00a0bps variation of interest rate risk | (190) | 178 | (12) | (4,019) | 3,738 | (281) |
-50\u00a0bps variation of interest rate risk | 249 | (237) | 12 | 4,015 | (3,738) | 277 |
(1) | Excepted financial assets representing unit-linked contracts. |
The table below shows the impact gross of taxes on income and equity of reasonably possible changes in market and real estate prices at the reporting date. Sensitivities are presented excluding unit-linked contracts.
Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.
\u00a0
In millions of euros, at | 31 December 2025 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+10% variation of equity market | 1,474 | (1,354) | 120 | 266 | \u00a0 | 266 |
-10% variation of equity market | (1,474) | 1,354 | (120) | (266) | \u00a0 | (266) |
+10% variation of real estate market | 1,253 | (1,220) | 33 | \u00a0 | \u00a0 | \u00a0 |
-10% variation of real estate market | (1,253) | 1,220 | (33) | \u00a0 | \u00a0 | \u00a0 |
(1) | Excepted financial assets representing unit-linked contracts. |
\u00a0
In millions of euros, at | 31 December 2024 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+10% variation of equity market | 1,310 | (1,246) | 64 | 175 | (3) | 172 |
-10% variation of equity market | (1,310) | 1,246 | (64) | (175) | 3 | (172) |
+10% variation of real estate market | 1,183 | (1,153) | 30 | \u00a0 | \u00a0 | \u00a0 |
-10% variation of real estate market | (1,183) | 1,153 | (30) | \u00a0 | \u00a0 | \u00a0 |
(1) | Excepted financial assets representing unit-linked contracts. |
\u00a0
For savings contracts valued using the variable fees approach, the change in the value of the underlying financial assets is largely offset by the change in the value of the liabilities, provided that the contractual service margin remains positive.\u00a0
Potential effects on income and equity are therefore mainly derived from non-participating contracts and assets representing the shareholders\u2019 equity of insurance entities.
The VaR is a statistical measure indicating the worst loss expected for a given portfolio over a given time horizon and within a given confidence interval under normal market movements. It is not a maximum loss and it can potentially be exceeded in some cases, for example in the event of abnormal market conditions.
The BNP\u00a0Paribas VaR calculation uses an internal model which has been approved by the banking supervisor. The BNP\u00a0Paribas VaR methodology aims to accurately compute a one-day Value at Risk at the 99% confidence level.
The VaR calculation is based on a Monte-Carlo approach, which not only performs normal or log-normal simulations but also accounts for the non-normality often observed in financial markets as well as correlation between risk factors. An equally weighted one-year rolling window of historical market data (updated fortnightly) is used to calibrate the Monte-Carlo simulation.
The principal groups of simulated factors include: interest rates, credit spreads, exchange rates, equity prices, commodities prices, and associated volatilities. Changes in risk factors are proportional (share prices, volatility, CDS spreads) or absolute (rates excluding OIS, spreads, repo rates, correlations).
The valuation method used varies depending not upon the product but upon the type of risk we are capturing. To generalise, the methods used are either sensitivity based or full revaluation based on grid interpolation to incorporate both linear and, especially for derivatives, non-linear effects. In both cases, BNP\u00a0Paribas calculates the general and specific risk as a whole, taking into account the diversification effect by correlating market parameters.
The algorithms, methodologies and sets of indicators are reviewed and improved regularly to take into account the capital market evolution.
VaR is a statistical measure that does not take into account losses outside a given confidence interval and does not apply to losses related to intraday market movements. Other risk measures, such as Stressed VaR (SVaR), IRC and CRM, complement the BNP\u00a0Paribas Group\u2019s market risk monitoring and management system.
The VaR set out below are calculated from an internal model, which uses parameters that comply with regulations in place. They correspond to measurements taken into account within the framework of monitoring market limits. They are based on a one-day time horizon and a 99% confidence interval.
In 2025, total average VaR for BNP\u00a0Paribas was EUR\u00a034\u00a0million (with a minimum of EUR\u00a026\u00a0million and a maximum of EUR\u00a050\u00a0million), after taking into account the -EUR\u00a036\u00a0million netting effect between the different types of risks. These amounts break down as follows:
\u00a0
In millions of euros | Year to 2025 | Year to 2024 | ||||
Minimum(1) | Average | Maximum(1) | Last measure | Average | Last measure | |
Interest rate risk | 16 | 23 | 38 | 18 | 26 | 25 |
Credit risk | 6 | 9 | 12 | 9 | 11 | 10 |
Foreign exchange risk | 4 | 7 | 14 | 7 | 9 | 9 |
Equity price risk | 18 | 24 | 46 | 22 | 16 | 25 |
Commodity price risk | 3 | 7 | 14 | 6 | 8 | 10 |
Netting effect(1) |
| (36) |
| (32) | (38) | (45) |
TOTAL VALUE AT RISK | 26 | 34 | 50 | 31 | 32 | 33 |
(1) | Note that the minimum and maximum figures shown above for the various risk types are computed on a standalone basis (i.e. independently from\u00a0 each other as well as the total VaR). While the minimum or maximum for each risk type may not necessarily be observed on the same date,\u00a0 minimum/maximum netting effects are not considered relevant. |
So-called \u201coperating\u201d foreign exchange risk exposure relates to net earnings generated by activities conducted in currencies other than the functional currency of the entity concerned. The Group\u2019s policy is to hedge the variability of its net income due to currency movements. To this end, earnings generated in a currency other than the functional currency of a given entity of the Group are hedged locally.
The so-called \u201cstructural\u201d foreign exchange position of an entity relates to investments in currencies other than the functional currency. This position mainly results from the capital endowment of the branches and equity investments in foreign currencies financed by buying the investment currency. This structural foreign exchange position, adjusted for any intangibles, constitutes patrimonial exposure.
The Group\u2019s policy is to hedge portfolio exposure to liquid currencies, while at the same time maintaining the solvency ratio\u2019s limited sensitivity to exchange rate fluctuations. For this, borrowings in the same currency as the investment are used as an alternative to financing by purchasing the currency in question. Borrowings are recognised as hedges of investments.
Interest rate risk in the banking book, or global interest rate risk, is the risk of variability in results as a result of mismatches in interest rates, maturities and nature between assets and liabilities in the banking book. This risk arises in non-trading portfolios.
\u00a0
The Board of directors is informed quarterly on the principles governing interest rate policy and the Group\u2019s position through the Internal Control, Risk Management and Compliance Committee (CCIRC).
The Chief Executive Officer delegates management responsibility to the Group ALM Treasury Committee (Asset and Liability Management Committee). The permanent members of the Group ALM Treasury Committee are the Group Senior Executive Advisor (Chairman), the Delegate Deputy Chief Operating Officers, the Group Chief Risk Officer, the Group Chief Financial Officer, the Group ALM Treasury Head. The Head of Inspection G\u00e9n\u00e9rale and the Head of Compliance are also invited. This committee is responsible for tracking interest rate risk monitoring indicators, proposing the Group\u2019s interest rate risk profile and assigning limits.
ALM Treasury is responsible for the analysis of the management proposals and operational implementation of decisions related to managing the interest rate risk of the banking book as part of its delegated management.
The RISK Function participates in the Group ALM Treasury Committee and the local ALM Treasury Committees (ALCo) and oversees implementation by ALM Treasury of the relevant decisions made by these committees. It also provides second-line control by reviewing the models and risk indicators, monitoring the level of risk indicators and ensuring compliance with the limits assigned.
The banking book consists of the Group\u2019s total bank balance sheet, excluding trading book transactions. This includes intermediation transactions (deposits, loans, etc.), non-commercial balance sheet items (equity, fixed assets, etc.) and banking book risk management activities, including derivatives used for the management of interest rate risk on the banking book (notably when they are ineligible for hedge accounting under IFRS).
Banking book interest rate risk in each BNP\u00a0Paribas entity is systematically transferred to ALM Treasury, through internal analytic contracts or lending/borrowing transactions. For the Group as a whole, ALM Treasury is responsible for managing the interest rate risk transferred in this way.
Decisions concerning the management of interest rate risk are made and monitored during monthly or quarterly committee meetings by entity or group of entities, attended by representatives of local ALM Treasury, Group ALM Treasury, FINANCE & STRATEGY and RISK Functions and senior management of the entities and/or businesses.
Rate positions are measured taking into account the specific features of the risks managed. Hence, the Group has defined the concepts of standard rate risks and structural rate risks. The standard rate risk corresponds to the general case, namely when it is possible to define uniquely the most appropriate hedging strategy for a given transaction. The structural rate risk is the interest rate risk for equity and non-interest-bearing current accounts: the investment of these balance sheet items generates regular revenues but are sensitive to interest rate levels. However, it is not possible to define a single hedging strategy to fully neutralise this sensitivity. In this case, the Group included all the possible so-called \u201cneutral\u201d management strategies in terms of interest rate risk.
Interest rate risks are analysed in terms of interest rate gaps that measure for each future period the potential rate characteristic mismatches between assets and liabilities (fixed rate and indexation type). In the interest rate gaps, the optional effects, in particular linked to behavioural options, are embedded and translated into their delta equivalent. Value indicators are also used.
The maturity split is determined on the basis of the contractual terms of the transactions and observations of customer behaviour. For Retail\u00a0Banking products, behavioural models are based on historical or forward data and econometric studies. These possible management strategies notably relate to early redemption and savings accounts. Moreover, the maturities of non-interest-bearing current accounts and of equity are calculated according to a more conventional approach defining a range of investments taking into account the objective of stabilising results and stability of deposits. For current accounts, average maturities are less than five\u00a0years and the proportion invested beyond 10\u00a0years is negligible.
Incorporating dynamic changes in balance sheet items, the interest rate risk is measured through indicators of the sensitivity of revenues to interest rate changes on a going concern basis. This enables the partial or zero correlation between customer interest rates and market interest rates to be taken into account on the one hand, and the volume sensitivities to interest rates on the other hand, which create a risk to future revenues.
The choice of indicators and risk modelling are reviewed by RISK. The results and the adjustments following these reviews are presented and monitored to the committees on a regular basis.
The interest rate risk measurement indicators are consistently presented to the ALCos and serve as the basis for operating risk management decisions.
Interest rate risk indicators span the entire banking book as at 31\u00a0December 2025.
The interest rate gaps are subject to interest rate risk limits across all time horizons. These limits are calibrated based on the nature of the risks (standard or structural) at Group and entity level. They are reviewed annually.
The Group\u2019s revenue sensitivity indicator is subject to limits and a warning threshold relative to the overall sensitivity level, also broken down by division and the main entities. Moreover, the Group regularly monitors the impact of stress scenarios on its revenues.
Net interest income sensitivities are calculated on the total banking book, over one-, two- and three-year rolling timeframes notably, for a parallel, instantaneous and definitive increase and decrease in market rates on all currencies over all the terms of \u00b150 basis points (\u00b10.5%). These sensitivities are measured as deviations from the NII projection for the central rate scenario corresponding to future interest rates expected by the markets at estimation date (e.g. forward rates seen at the end of December\u00a02025 for sensitivities at the end of 2025). Other scenarios are also used to measure NII sensitivities, including instantaneous, parallel and definitive shocks of \u00b1200 basis points.
The sensitivities include the direct impacts of market rates and business trends. Indirect effects on commercial activity linked to changes in outstandings and customer rates, are also taken into account. Thus, increases in sight non\u2011interest\u2011bearing current account balances, observed during the period of low or negative interest rates, are considered as situational to the low interest rates environment, and are assumed to decrease gradually when short\u2011term rates return to sufficiently positive levels.\u00a0
In millions of euros | 31 December 2025 | |
For +50\u00a0bps shock | For -50\u00a0bps shock | |
Year 1 | (104) | 18 |
Year 2 | 125 | (269) |
Year 3 | 345 | (434) |
\u00a0
In millions of euros | 31 December 2024 | |
For +50\u00a0bps shock | For -50\u00a0bps shock | |
Year 1 | 147 | (134) |
Year 2 | 313 | (266) |
Year 3 | 574 | (516) |
Currency hedges are contracted by the ALM Treasury in relation to the Group\u2019s investments in foreign currencies and its future foreign currency revenues. Each hedging relationship is formally documented at inception. The documentation describes the hedging strategy, identifies the hedged item and the hedging instrument, and the nature of the hedged risk and describes the methodology used to test the expected (prospective) and actual (retrospective) effectiveness of the hedge.
A hedging relationship is applied and documented for investments in subsidiaries and branches financed by foreign currency loans so as to record movements in exchange rates symmetrically and avoid impacts on the profit and loss account. In this context, these instruments are designated as net investment hedges. The amount of these loans stood at EUR\u00a016.3\u00a0billion at 31\u00a0December 2025, compared with EUR\u00a014\u00a0billion at 31\u00a0December 2024. The changes in value related to exchange differences recognised directly in equity with respect to these hedges amounted to +EUR\u00a01 021\u00a0million in 2025, compared with -EUR\u00a0964\u00a0million at 31\u00a0December 2024.
During the 2025 financial year, no net investment hedging relationships were disqualified.
The amount recorded in the profit and loss account for 2025 with respect to the ineffective portion of hedges of net investments is immaterial.
Period to realisation In millions of euros | 31 December 2025 | 31 December 2024 | ||||||
Less than 1\u00a0year | 1 to 5\u00a0years | More than 5\u00a0years | Total | Less than 1\u00a0year | 1 to 5\u00a0years | More than 5\u00a0years | Total | |
Hedged cash flows | 2,201 | 5,478 | 1,326 | 9,005 | 2,617 | 6,720 | 1,779 | 11,115 |
\u00a0
In 2025, no cash flow hedges were declassified on the grounds that achieving these future earnings would no longer be highly probable.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_954eebd7-e4c9-41b1-835c-0922c6c93327": { "value": "IFRS 17 defines liquidity risk as the difficulty of honouring commitments related to insurance contracts and financial liabilities that are to be settled through the provision of cash or other financial assets.
Tactical asset management is carried out to release the cash needed to settle insurance benefits, in keeping with the fund's current management framework, while minimising impacts on the rate of return on assets.
Liquidity risk is managed centrally based on studies carried out at intervals appropriate to the risk exposure.
Stress tests are carried out as part of asset-liability management studies. They test the ability to honour its commitments in adverse financial market situations, taking into account the impact of these situations on the behaviour of policyholders. These medium and long-term asset-liability matching analyses are based on a projection of the medium and/or long-term profit and loss account and balance sheet under various economic scenarios. The analysis of the results obtained makes it possible to take, where appropriate, measures to adjust the constraints on asset allocation (strategic allocation, diversification, derivatives, etc.).
\u00a0
The table below details the forward schedule of the present value of the future cash flows of all insurance contracts excluding reinsurance.
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
1\u00a0year | 8,313 | 7,770 |
1 to 2\u00a0years | 9,375 | 8,037 |
2 to 3\u00a0years | 6,961 | 6,685 |
3 to 4\u00a0years | 7,034 | 6,923 |
4 to 5\u00a0years | 7,286 | 7,735 |
5 to 10\u00a0years | 33,531 | 33,032 |
More than 10\u00a0years | 167,082 | 157,419 |
TOTAL | 239,582 | 227,601 |
\u00a0
For participating contracts, amounts payable on demand correspond to surrender values of saving contracts.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Amount payable on demand | Carrying amount | Amount payable on demand | Carrying amount | |
Participating contracts | 243,708 | 254,565 | 227,706 | 241,278 |
Non-participating contracts | 90 | 6,542 | 57 | 6,222 |
TOTAL | 243,798 | 261,107 | 227,763 | 247,500 |
The objectives of the Group\u2019s liquidity management policy are to\u00a0secure a balanced financing structure for the development of\u00a0BNP\u00a0Paribas business activities, and to ensure it is sufficiently robust to cope with crisis situations.
The liquidity risk management framework relies on:
The Group\u2019s liquidity policy defines the management principles that\u00a0apply across all Group entities and businesses and across all\u00a0time\u00a0horizons.
By delegation of the Group Director and Chief Executive Officer, the Group Senior Executive Advisor chairs the Group ALM Treasury Committee (ALCo), which oversees the risks managed by the ALM Treasury (liquidity, IRRBB and FXBB).
The Internal Control, Risk Management and Compliance Committee (CCIRC) reports quarterly to the Board of directors on liquidity policy principles and the Group\u2019s liquidity position.
The Group ALM Treasury Committee is responsible for:
In particular, the Group ALM Treasury Committee is informed about funding programmes and programmes to build up liquidity reserves, simulations in crisis conditions (stress tests), and about all events that may arise in crisis situations.
The Group ALM Treasury Committee is tasked with defining the\u00a0management approach in periods of crisis (emergency plan). This\u00a0framework is based on:
The Group ALM Treasury Committee meets every month under normal conditions and more often in stressed conditions or to deal with specific issues.
The permanent members of the Group ALM Treasury Committee are the Group Senior Executive Advisor (Chairman), the Delegate Deputy Chief Operating Officers, the Chief Risk Officer, the Group Chief Financial Officer and the Group ALM Treasury Head. Other members represent the RISK Function, Finance & Strategy Function and ALM Treasury. The Head of Inspection G\u00e9n\u00e9rale and the Head of Compliance are also invited.
Across the Group, ALM Treasury is responsible for the operational implementation of the Group ALM Treasury Committee\u2019s liquidity management decisions. The ALM Treasury Committees in entities or groups of entities are responsible for local implementation of the strategy decided by the Group ALM Treasury Committee to manage the Bank\u2019s liquidity risk.
ALM Treasury is responsible for managing liquidity for the entire Group across all maturities. In particular, it is responsible for funding and short-term issuance (certificates of deposit, commercial paper, etc.), for senior and subordinated debt issuance (MTNs, bonds, medium/long\u2011term deposits, covered bonds, etc.), preferred share issuance, and loan securitisation programmes for the Group. ALM Treasury is tasked with providing internal funding to the Group\u2019s divisions, operating entities and business lines, and investing their surplus cash. It is also responsible for building up and managing liquidity reserves, which comprise assets that can be easily sold in the event of a liquidity squeeze.
RISK participates in the Group and local ALM Treasury Committees and oversees implementation by ALM Treasury of the relevant decisions made by these committees. It provides second-line control by reviewing the models and risk indicators (including liquidity stress tests), monitoring risk indicators and ensuring compliance with the limits assigned.
Finance & Strategy is responsible for producing the regulatory liquidity indicators, as well as the internal monitoring indicators. Finance & Strategy oversees the consistency of the internal monitoring indicators with the objectives defined by the Group ALM Treasury Committee. Finance & Strategy takes also part in the Group and local ALM Committees.
The management indicators relate to funding needs of Group\u2019s business lines under normal and stressed conditions. These indicators are part of the Group\u2019s budget management framework, with targets and regular (monthly) monitoring of the deviations from the projections set.
The funding needs associated with the activity of the Group\u2019s businesses are managed in particular by measuring the difference between commercial funding needs (customer loans and overdrafts, trading assets, etc.) and commercial funding resources (customer deposits, sale of the Group\u2019s debt securities to customers, trading liabilities, etc.). This indicator makes it possible to measure the\u00a0business lines\u2019 liquidity consumption under a normal business\u00a0scenario.
It is supplemented by indicators to measure the funding needs of the business lines in one month and one year depending on the assumptions defined by European regulations in force: the Liquidity Coverage Ratio and the Net Stable Funding Ratio.
In addition to this commercial funding need indicators, the Group closely monitors the liquidity reserves and the refinancing provided by ALM Treasury, as well as the Group\u2019s structural resources (i.e.\u00a0net\u00a0own\u00a0funds).
The overall management of the business funding needs, the Group\u2019s structural resources, funding and liquidity reserves made by the ALM Treasury allows the Group to achieve a structurally robust liquidity situation able to resist severe liquidity stresses.
Business lines\u2019 consumption of liquidity is thus integrated in the Group\u2019s budget process, wherein each business line estimates its future liquidity needs or its future liquidity contribution, in keeping with projections of the business needs and contributions are compared with the funding provided by the ALM Treasury and the structural resources, in order to assess whether the Group's consolidated liquidity situation is satisfactory. During the iterative budget process, liquidity consumption objectives are allotted to the business lines, taking into account the funding provided by ALM Treasury and structural resources, in line with the Group\u2019s overall target. This process is regularly renewed, monitored and adjusted as appropriate throughout the year by the Group ALM Treasury Committee.
All of the Group\u2019s assets and liabilities are subject to internal liquidity pricing, the principles of which are decided by the Group ALM Treasury Committee and aim to take account of trends in the cost of market liquidity and the balance between assets and liabilities within the Group\u2019s development strategy.
At end-2025, the businesses had a net liquidity surplus, asthe last year (deposits higher than loans). Group\u2019s net equity is added to this surplus leading to an overall liquidity surplus.
In this context, the funding provided by ALM Treasury is used to finance the liquidity reserve, while also correcting the structural differences between assets and liabilities (by maturity term) and covering TLAC (Total Loss-Absorbing Capacity) requirements, as\u00a0well\u00a0as future Minimum Requirement for own funds and Eligible Liabilities (MREL).
The Group maintains a large surplus in liquidity.
The medium-to long-term liquidity positions are measured regularly at Group level by entity and by currency to evaluate the medium-to long-term resources and uses. To this end, each balance sheet item is given a maturity in an economic approach using models and conventions offered by ALM Treasury and reviewed by the RISK Function, or a regulatory approach by applying standardised weightings of the Net Stable Funding Ratio (NSFR). For example, despite their immediate availability, the current accounts of retail customers and those linked with corporates\u2019 cash management activities always remain highly stable, even through the most severe financial crises, thus constituting stable medium- to long-term funding sources in both an economic and a regulatory approach.
Liquidity stress tests are performed regularly on various maturities (one day to twelve months) based on market factors and/or factors specific to the Group and using different scenarios: idiosyncratic (i.e. specific to BNP\u00a0Paribas), systemic crisis (affecting financial institutions), and combined crisis scenarios.
For each crisis scenario considered, borrowings and liabilities are expected to only partially renew, while loan amortisations are expected to be replaced by new loans to protect the commercial franchise, off-balance sheet financing commitments are expected to be used, and market assets are expected to lose their market liquidity. Commitment renewal and utilisation are differentiated in intensity and in time, based on client type (individuals, small and medium enterprises, corporates, financial institutions, etc.) and/or the type of underlying for secured borrowings and loans (repos/reverse repos). Stress scenarios also cover calls for additional collateral (e.g. increased margin calls for collateralised derivatives, impact of \u201crating trigger\u201d clauses).
The liquidity reserve consists of Group assets held by ALM Treasury and the capital market businesses. The liquidity reserve comprises:
In millions of euros | 31 December 2025 | |||||||
Not determined | Overnight or demand | Up to 1\u00a0month (excl. Overnight) | 1 to 3\u00a0months | 3\u00a0months\u00a0 | 1 to 5\u00a0years | More than 5\u00a0years | TOTAL | |
ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash and amounts due from central banks | \u00a0 | 211,581 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 211,581 |
Financial instruments at fair value through profit and loss | 596,829 | 52,344 | 123,655 | 22,618 | 23,182 | 26,566 | 6,540 | 851,735 |
Securities | 321,719 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 321,719 |
Loans and repurchase agreements | \u00a0 | 52,344 | 123,655 | 22,618 | 23,182 | 26,566 | 6,540 | 254,905 |
Derivative financial instruments | 275,110 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 275,110 |
Derivatives used for hedging purposes | 20,040 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 20,040 |
Financial assets at fair value through equity | 1,476 | \u00a0 | 1,541 | 1,734 | 4,951 | 35,135 | 37,968 | 82,805 |
Debt securities | 55 | \u00a0 | 1,541 | 1,734 | 4,951 | 35,135 | 37,968 | 81,384 |
Equity securities | 1,420 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 1,420 |
Financial assets at amortised cost | 422 | 40,732 | 75,184 | 85,411 | 150,036 | 410,176 | 322,449 | 1,084,410 |
Loans and advances to credit institutions | \u00a0 | 7,667 | 12,863 | 2,465 | 2,313 | 685 | 411 | 26,405 |
Loans and advances to customers | \u00a0 | 32,875 | 58,317 | 78,064 | 130,149 | 349,008 | 257,963 | 906,374 |
Debt securities | 422 | 190 | 4,004 | 4,882 | 17,574 | 60,483 | 64,075 | 151,630 |
Remeasurement adjustment on interest rate risk hedged portfolios | (2,335) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (2,335) |
Financial assets | 616,432 | 304,657 | 200,381 | 109,763 | 178,169 | 471,877 | 366,956 | 2,248,234 |
Other non-financial assets | 173,978 | 8,132 | 8,696 | 7,209 | 12,568 | 28,580 | 4,970 | 244,133 |
Assets held for sale | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 7,805 | \u00a0 | \u00a0 | 7,805 |
TOTAL ASSETS | 790,410 | 312,789 | 209,077 | 116,971 | 198,543 | 500,457 | 371,926 | 2,500,172 |
of which Loans and advances | \u00a0 | 83,606 | 194,835 | 103,146 | 155,644 | 376,260 | 264,914 | 1,178,405 |
of which Debt securities | 152,740 | 190 | 5,546 | 6,616 | 22,525 | 95,617 | 102,042 | 385,277 |
LIABILITIES |
|
|
|
|
|
|
|
|
Deposit from central banks | \u00a0 | 4,401 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 4,401 |
Financial instruments at fair value through profit and loss | 351,566 | 27,932 | 265,200 | 47,491 | 44,895 | 71,795 | 29,723 | 838,603 |
Securities | 98,487 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 98,487 |
Deposits and repurchase agreements | \u00a0 | 27,620 | 256,527 | 38,664 | 20,839 | 11,901 | 2,655 | 358,206 |
Issued debt securities | \u00a0 | 312 | 8,674 | 8,827 | 24,056 | 59,894 | 27,068 | 128,830 |
Derivative financial instruments | 253,079 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 253,079 |
Derivatives used for hedging purposes | 28,445 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 28,445 |
Financial liabilities at amortised cost | \u00a0 | 748,320 | 207,641 | 151,655 | 100,236 | 77,825 | 64,131 | 1,349,809 |
Deposits from credit institutions | \u00a0 | 11,059 | 30,091 | 7,771 | 13,071 | 2,019 | 55 | 64,067 |
Deposits from customers | \u00a0 | 737,200 | 162,185 | 113,775 | 56,141 | 5,810 | 2,301 | 1,077,412 |
Debt securities | \u00a0 | 61 | 14,598 | 30,110 | 28,787 | 66,382 | 34,949 | 174,886 |
Subordinated debt | \u00a0 | \u00a0 | 767 | \u00a0 | 2,237 | 3,613 | 26,826 | 33,444 |
Remeasurement adjustment on interest rate risk hedged portfolios | (9,811) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (9,811) |
Financial liabilities | 370,200 | 780,653 | 472,841 | 199,146 | 145,132 | 149,620 | 93,855 | 2,211,447 |
Other non-financial liabilities | 239,342 | 5,926 | 13,430 | 3,832 | 2,655 | 1,112 | 16,356 | 282,654 |
Liabilities associated with assets held for sale | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 6,072 | \u00a0 | \u00a0 | 6,072 |
TOTAL LIABILITIES AND EQUITY | 609,542 | 786,579 | 486,271 | 202,979 | 153,858 | 150,732 | 110,211 | 2,500,172 |
In millions of euros | 31 December 2024 | |||||||
Not determined | Overnight or demand | Up to 1\u00a0month (excl. Overnight) | 1 to 3\u00a0months | 3\u00a0months\u00a0 | 1 to 5\u00a0years | More than 5\u00a0years | TOTAL | |
ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash and amounts due from central banks | \u00a0 | 182,504 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 182,504 |
Financial instruments at fair value through profit and loss | 591,250 | 42,333 | 97,130 | 30,911 | 28,187 | 23,440 | 4,768 | 818,022 |
Securities | 267,920 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 267,920 |
Loans and repurchase agreements | \u00a0 | 42,333 | 97,130 | 30,911 | 28,187 | 23,440 | 4,768 | 226,771 |
Derivative financial instruments | 323,331 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 323,331 |
Derivatives used for hedging purposes | 20,930 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 20,930 |
Financial assets at fair value through equity | 1,637 | 140 | 1,800 | 1,304 | 3,728 | 28,932 | 38,943 | 76,484 |
Debt securities | 27 | 140 | 1,800 | 1,304 | 3,728 | 28,932 | 38,943 | 74,874 |
Equity securities | 1,610 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 1,610 |
Financial assets at amortised cost | 146 | 42,076 | 80,712 | 88,862 | 156,057 | 408,647 | 313,213 | 1,089,713 |
Loans and advances to credit institutions | \u00a0 | 7,455 | 11,806 | 5,173 | 4,772 | 1,539 | 648 | 31,393 |
Loans and advances to customers | \u00a0 | 34,472 | 65,560 | 78,389 | 130,328 | 344,865 | 257,875 | 911,489 |
Debt securities | 146 | 148 | 3,347 | 5,301 | 20,957 | 62,242 | 54,690 | 146,830 |
Remeasurement adjustment on interest rate risk hedged portfolios | (758) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (758) |
Financial assets | 613,205 | 267,054 | 179,643 | 121,078 | 187,972 | 461,019 | 356,924 | 2,186,895 |
Other assets | 178,054 | 8,916 | 9,421 | 5,503 | 11,061 | 27,537 | 5,435 | 245,928 |
TOTAL ASSETS | 791,259 | 275,970 | 189,064 | 126,581 | 199,032 | 488,556 | 362,359 | 2,432,823 |
of which Loans and advances | \u00a0 | 75,718 | 174,496 | 114,473 | 163,287 | 369,845 | 263,292 | 1,161,111 |
of which Debt securities | 137,902 | 289 | 5,147 | 6,605 | 24,684 | 91,174 | 93,632 | 359,434 |
LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposit from central banks | \u00a0 | 3,366 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 3,366 |
Financial instruments at fair value through profit and loss | 382,202 | 36,489 | 194,996 | 50,812 | 45,095 | 59,779 | 22,299 | 791,671 |
Securities | 79,958 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 79,958 |
Deposits and repurchase agreements | \u00a0 | 36,489 | 189,196 | 43,873 | 21,992 | 11,236 | 2,091 | 304,877 |
Issued debt securities | \u00a0 | \u00a0 | 5,800 | 6,939 | 23,102 | 48,543 | 20,207 | 104,592 |
Derivative financial instruments | 302,243 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 302,243 |
Derivatives used for hedging purposes | 36,823 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 36,823 |
Financial liabilities at amortised cost | \u00a0 | 712,068 | 192,246 | 169,571 | 110,293 | 86,230 | 60,281 | 1,330,689 |
Deposits from credit institutions | \u00a0 | 10,265 | 11,656 | 27,436 | 10,360 | 3,035 | 314 | 63,067 |
Deposits from customers | \u00a0 | 701,803 | 170,597 | 97,292 | 54,130 | 10,103 | 2,741 | 1,036,666 |
Debt securities | \u00a0 | \u00a0 | 9,986 | 43,318 | 44,207 | 66,612 | 36,095 | 200,219 |
Subordinated debt | \u00a0 | \u00a0 | 6 | 1,525 | 1,595 | 6,480 | 21,131 | 30,737 |
Remeasurement adjustment on interest rate risk hedged portfolios | (10,696) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (10,696) |
Financial liabilities | 408,329 | 751,923 | 387,242 | 220,383 | 155,388 | 146,009 | 82,580 | 2,151,853 |
Other non-financial liabilities | 235,115 | 4,644 | 15,332 | 3,710 | 2,523 | 1,290 | 18,355 | 280,969 |
TOTAL LIABILITIES AND EQUITY | 643,444 | 756,567 | 402,574 | 224,093 | 157,911 | 147,298 | 100,934 | 2,432,823 |
For liquidity risk management, the above contractual schedule is supplemented by economic analyses taking into account customer behaviour or market liquidity of certain assets (e.g. securities), under normal conditions and stress situations.
To this end, the Group uses a set of tools to anticipate and manage its economic liquidity, in particular as previously stated:
The following table presents the details of Table\u00a0100: Contractual maturities of the prudential balance sheet for equity instruments and debt securities issued by the Group in the medium and long term, excluding early redemption options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_d06bc569-3326-43a4-b729-eee54e439282": { "value": "In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Financing commitments given | \u00a0 | \u00a0 |
to credit institutions | 6,039 | 5,345 |
to customers | 389,814 | 385,321 |
Credit facilities | 354,034 | 345,840 |
Other financing commitments given to customers | 35,780 | 39,481 |
Total financing commitments given | 395,853 | 390,666 |
of which stage\u00a01 | 377,151 | 375,012 |
of which stage\u00a02 | 13,513 | 14,175 |
of which stage\u00a03 | 997 | 1,384 |
of which insurance activities | 1,381 | 95 |
of which financing commitments given associated with assets held for sale | 2,811 | \u00a0 |
Financing commitments received | \u00a0 | \u00a0 |
from credit institutions | 79,404 | 77,655 |
from customers | 10,348 | 2,731 |
Total financing commitments received | 89,752 | 80,386 |
of which financing commitments received associated with assets held for sale | 198 | \u00a0 |
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Guarantee commitments given | \u00a0 | \u00a0 |
to credit institutions | 90,322 | 82,872 |
to customers | 132,869 | 125,447 |
Financial guarantees | 73,033 | 70,266 |
Other guarantees | 59,836 | 55,181 |
Total guarantee commitments given | 223,191 | 208,319 |
of which stage\u00a01 | 211,949 | 197,003 |
of which stage\u00a02 | 7,708 | 9,562 |
of which stage\u00a03 | 1,158 | 1,054 |
of which insurance activities | 701 | 700 |
of which guarantee commitments given associated with assets held for sale | 1,675 | \u00a0 |
\u00a0
The Group\u2019s annual contribution to the European Union\u2019s Single Resolution Fund (SRF) may be partly in the form of an irrevocable payment commitment (IPC) guaranteed by a cash deposit of the same amount.
In the event of the fund being involved in a resolution action, the Single Resolution Board (SRB) shall call part or all of the irrevocable payment commitments.
In its judgment of 13 November 2025 concerning the BNP Paribas Public Sector case, the Court of Justice of the European Union ruled that a credit institution is required to pay the SRF an amount equivalent to its irrevocable payment commitment when that commitment is cancelled following the withdrawal of its banking license and upon its exit from the European Union\u2019s Single Resolution Mechanism (SRM); the amount thus paid is definitively acquired by the SRF. This decision has no impact on the result, insofar as the accounts of the contributing entities are prepared on a going-concern basis and these entities do not contemplate any withdrawal of banking license.
Based on the analyses carried out by the Group, it is not expected that events likely to trigger the call of those commitments by the SRB (through a banking resolution or license withdrawal) would occur in the Eurozone.
IPC amounted to EUR 1,263 million at 31 December 2025 (stable compared with 31 December 2024).
Cash provided as collateral for an equivalent amount is remunerated at arm\u2019s length and recognised as a financial asset at amortised cost within the line \"Other debtors and miscellaneous assets\u201d (see note\u00a04.j).
\u00a0
In connection with the settlement date accounting for securities, commitments representing securities to be delivered or securities to be received are the following:
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Securities to be delivered | 26,692 | 20,929 |
Securities to be received | 26,414 | 20,915 |
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Financial instruments (negotiable securities and private receivables) lodged with central banks and\u00a0eligible for use at any time as collateral for refinancing transactions after haircut | 91,441 | 77,314 |
Used as collateral with central banks | 15,806 | 1,436 |
Available for refinancing transactions | 75,635 | 75,878 |
Securities sold under repurchase agreements | 630,267 | 514,733 |
Other financial and similar assets pledged as collateral for transactions with credit institutions, financial\u00a0customers or subscribers of covered bonds issued by the Group(1) | 414,754 | 363,995 |
(1) | Notably including \"Soci\u00e9t\u00e9 de Financement de l\u2019\u00c9conomie Fran\u00e7aise\" financing. |
\u00a0
The fair value of financial instruments given as collateral or transferred under repurchase agreements by the Group that the beneficiary is authorised to sell or reuse as collateral amounted to EUR 882,087\u00a0million at 31 December\u00a02025 (EUR 747,190 million at 31 December 2024).
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Financial instruments received as collateral (excluding repurchase agreements) | 475,356 | 401,812 |
of which instruments that the Group is authorised to sell and reuse as collateral | 228,152 | 217,745 |
Securities received under repurchase agreements | 503,111 | 438,010 |
\u00a0
The fair value of financial instruments received as collateral or under repurchase agreements that the Group effectively sold or reused as collateral amounted to EUR 444,350 million at 31 December 2025 (compared with EUR\u00a0370,728\u00a0million at 31 December 2024).
BNP\u00a0Paribas (the \u201cBank\u201d) is party as a defendant in various claims, disputes and legal proceedings (including investigations by judicial or supervisory authorities) in a number of jurisdictions arising in the ordinary course of its business, including inter alia in connection with its activities as market counterparty, lender, employer, investor and taxpayer.
The related risks have been assessed by the Bank and are subject, where appropriate, to provisions disclosed in notes\u00a04.n Provisions for contingencies and charges and 4.e Financial assets at amortised cost; a provision is recognised when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation arising from a past event and a reliable estimate can be made of the amount of the obligation.
The main contingent liabilities related to pending legal, governmental, or arbitral proceedings as of December 31, 2025 are described below. The Bank currently considers that none of these proceedings is likely to have a material adverse effect on its financial position or profitability; however, the outcome of legal or governmental proceedings is by definition unpredictable.
The Bank and certain of its subsidiaries are defendants in several actions pending before the United States Bankruptcy Court for the Southern District of New York brought by the Trustee appointed for the liquidation of Bernard L. Madoff Investment Securities\u00a0LLC (\u201cBLMIS\u201d). These actions, known generally as \u201cclawback claims\u201d, are similar to those brought by the BLMIS Trustee under the US Bankruptcy Code and New York state law against numerous institutions, and seek recovery of amounts allegedly received by BNP\u00a0Paribas entities from BLMIS or indirectly through BLMIS-related \u201cfeeder funds\u201d in which BNP\u00a0Paribas entities held interests. As a result of certain decisions of the Bankruptcy Court and the United States District Court between 2016 and 2018, the majority of the BLMIS Trustee\u2019s actions were either dismissed or substantially narrowed. However, those decisions were either reversed or effectively overruled by subsequent decisions of the United States Court of Appeals for the Second Circuit issued on 25\u00a0February 2019 and 30\u00a0August 2021. As a result, the BLMIS Trustee refiled certain of these actions and, as of end May\u00a02023, had asserted claims amounting in the aggregate to approximately USD\u202f1.2\u00a0billion. Since March 2025, following the dismissal of certain of the BLMIS Trustee\u2019s actions or claims, the aggregate amount of the claims stood at approximately USD 1.1 billion. BNP Paribas has substantial and credible defences to these actions and is defending against them vigorously.
Litigation was brought in Belgium by minority shareholders of the previous Fortis Group against the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement, Ageas and BNP Paribas seeking (amongst other things) damages from BNP Paribas as restitution for part of the BNP Paribas Fortis shares that were contributed to BNP Paribas in 2009, on the ground that the transfer of these shares was null and void. On 29 April 2016, the Brussels Commercial court decided to stay the proceedings until the resolution of the pending Fortis criminal proceeding in Belgium. The criminal proceeding, in which the Public Prosecutor had requested a dismissal, is definitively closed, as the Council Chamber of the Brussels Court of first instance issued on 4 September 2020 a ruling (which since became final) that the charges were time-barred. Certain minority shareholders continued the civil proceedings against BNP Paribas and the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement before the Brussels Commercial court. By a first instance judgment dated 3 April 2025, the court dismissed all of the claims made by these shareholders on the grounds that they are inadmissible, time-barred or without merit. These minority shareholders appealed the first instance judgement on 27 January 2026.
On 26\u00a0February 2020, the Paris Criminal Court found BNP\u00a0Paribas Personal Finance guilty of misleading commercial practice and concealment of this practice. BNP\u00a0Paribas Personal Finance was ordered to pay a fine of EUR\u00a0187,500 and damages and legal fees to the civil plaintiffs. On 28\u00a0November 2023, the Paris Court of Appeals upheld the Paris Criminal Court\u2019s decision relating to misleading commercial practice and the concealment of those practices. As for the damages owed to the civil plaintiffs, though the Paris Court of Appeals adjusted the calculation methodology, the majority of the damages had already been paid by provisional enforcement of the Paris Criminal Court\u2019s judgment. An agreement was also entered into with the Consommation Logement Cadre de Vie association to settle the case with customers wishing to do so.
The Bank and one of its US subsidiaries are defendants in a civil class action and related individual actions seeking money damages pending before the United States District Court for the Southern District of New York brought by former Sudanese citizens, now US citizens and legal residents, claiming they were injured by the government of Sudan between 1997 and 2011. Plaintiffs base their claims on the historical facts set forth in the Bank\u2019s 30 June 2014 settlement agreements with US authorities concerning the processing of financial transactions for entities in certain countries subject to US economic sanctions. In early 2024, both the Board of Governors of the Federal Reserve in the United States and the Secr\u00e9tariat G\u00e9n\u00e9ral of the Autorit\u00e9 de Contr\u00f4le Prudentiel et de R\u00e9solution in France announced the end of BNP Paribas\u2019s probationary period and the termination of the Cease-and-Desist Order entered into in 2014, marking the completion of BNP Paribas Group\u2019s US sanctions remediation as set forth under this Cease-and-Desist Order. Plaintiffs allege that the transactions processed by the Bank, predominately through its Swiss-based subsidiary (now a branch of the Bank), with Sudanese entities subject to US sanctions make the Bank and its US subsidiary liable for injuries perpetrated to plaintiffs by the government of Sudan. On 9 May 2024, the District Court granted plaintiffs\u2019 motion to proceed as a class of all refugees or asylees admitted by the United States who formerly lived in Sudan or South Sudan between November 1997 and December 2011. The District Court subsequently set 8 September 2025 as the date for the trial of the claims of three of the named individual plaintiffs in the action. On 6 October 2025, the District Court found in favor of the Bank\u2019s US subsidiary by dismissing the plaintiffs\u2019 claim against it. On 17 October 2025, the jury rendered a verdict against BNP Paribas S.A. awarding USD 20.75 million in total to the three individual plaintiffs. On 8 January 2026, the District Court granted the Bank\u2019s motion to certify an immediate appeal of the jury verdict. BNP Paribas continues to have substantial and credible defences, including the absence of liability and causation under Swiss law which governs these actions. The Bank will continue to defend against them vigorously and strongly believes this result should be overturned on appeal.
BNP\u00a0Paribas Bank Polska holds mortgage loan portfolios in Swiss franc or indexed to the Swiss franc. The Swiss franc loan agreements, a majority of which were concluded in 2006-2008, were entered into in accordance with industry practices at the time of entry. Like many other financial institutions in Poland, BNP\u00a0Paribas Bank Polska is a defendant in civil proceedings with retail customers who took out these Swiss franc mortgage loans. BNP\u00a0Paribas Bank Polska is not a party to any class action proceeding in relation to such mortgage loan agreements.\u00a0
As at 31 December 2025, BNP Paribas Bank Polska was a defendant in 5,865 individual pending court proceedings, in which plaintiffs are demanding either a declaration of invalidity or a declaration of non-enforceability of the mortgage loan agreement and the reimbursement of the payments made thereunder to date. The significant number of claims against banks in relation to these mortgage loans is believed to have been impacted by changes in exchange rates since 2009, and developments in EU and Polish court rulings since 2019. In particular, Polish courts to date have, in the vast majority of cases, ruled that such mortgage loan agreements were invalid or non-enforceable.
Since December 2021, BNP\u00a0Paribas Bank Polska has been conducting individual negotiations with clients with whom it remains in dispute or with whom there is a reasonable risk of entering into a dispute.
Since 2024, disputes relating to consumer credit in Spain have primarily focused on the issue of contractual transparency within revolving credit agreements. This trend was further solidified by the Supreme Court\u2019s judgments issued on 30 January 2025. Ongoing litigation aims to bring the lower courts to further specify the practical application, to the various contract vintages, of the Supreme Court transparency criteria.
On October 7, 2025, the Financial Conduct Authority (\u201cFCA\u201d) in the UK released consultation paper CP25/27, setting out a proposal for a statutory Motor Finance Consumer Redress Scheme. This proposed scheme, which is designed to apply to regulated motor finance contracts, aims to compensate motor finance customers who were treated unfairly.\u00a0 The FCA received a significant amount of feedback from industry participants to the proposed scheme by the deadline of 12 December 2025. The scope of the redress scheme, the applicable time period for relevant agreements, the methodology for determining eligibility and compensation and the interpretation of key concepts remain subject to ongoing engagement with the FCA and could lead to changes in the final design of the scheme.\u00a0 The FCA has indicated that it intends to publish final rules and a policy statement in February or March 2026. The Group is closely following these developments and responding to regulatory requirements.
Like many other financial institutions in the banking, investment, mutual funds and brokerage sectors, the Bank has received or may receive requests for information from, or be subject to investigations by supervisory, governmental or self-regulatory agencies. The Bank responds to such requests, and cooperates with the relevant authorities and regulators and seeks to address and remedy any issues that may arise.
In 2023, BNP\u00a0Paribas premises (along with those of other financial institutions) were searched by the French financial prosecutor\u2019s office; BNP\u00a0Paribas was informed that the office had opened a preliminary investigation relating to French securities transactions.
There are no other legal, governmental or arbitral proceedings (including any such proceedings which are pending or threatened) that could have, or during the last twelve months have had, significant effects on the Bank\u2019s financial condition or profitability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_b8d4b168-af81-40ee-95f0-a8c9f88c2c8e": { "value": "In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Financing commitments given | \u00a0 | \u00a0 |
to credit institutions | 6,039 | 5,345 |
to customers | 389,814 | 385,321 |
Credit facilities | 354,034 | 345,840 |
Other financing commitments given to customers | 35,780 | 39,481 |
Total financing commitments given | 395,853 | 390,666 |
of which stage\u00a01 | 377,151 | 375,012 |
of which stage\u00a02 | 13,513 | 14,175 |
of which stage\u00a03 | 997 | 1,384 |
of which insurance activities | 1,381 | 95 |
of which financing commitments given associated with assets held for sale | 2,811 | \u00a0 |
Financing commitments received | \u00a0 | \u00a0 |
from credit institutions | 79,404 | 77,655 |
from customers | 10,348 | 2,731 |
Total financing commitments received | 89,752 | 80,386 |
of which financing commitments received associated with assets held for sale | 198 | \u00a0 |
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Guarantee commitments given | \u00a0 | \u00a0 |
to credit institutions | 90,322 | 82,872 |
to customers | 132,869 | 125,447 |
Financial guarantees | 73,033 | 70,266 |
Other guarantees | 59,836 | 55,181 |
Total guarantee commitments given | 223,191 | 208,319 |
of which stage\u00a01 | 211,949 | 197,003 |
of which stage\u00a02 | 7,708 | 9,562 |
of which stage\u00a03 | 1,158 | 1,054 |
of which insurance activities | 701 | 700 |
of which guarantee commitments given associated with assets held for sale | 1,675 | \u00a0 |
\u00a0
The Group\u2019s annual contribution to the European Union\u2019s Single Resolution Fund (SRF) may be partly in the form of an irrevocable payment commitment (IPC) guaranteed by a cash deposit of the same amount.
In the event of the fund being involved in a resolution action, the Single Resolution Board (SRB) shall call part or all of the irrevocable payment commitments.
In its judgment of 13 November 2025 concerning the BNP Paribas Public Sector case, the Court of Justice of the European Union ruled that a credit institution is required to pay the SRF an amount equivalent to its irrevocable payment commitment when that commitment is cancelled following the withdrawal of its banking license and upon its exit from the European Union\u2019s Single Resolution Mechanism (SRM); the amount thus paid is definitively acquired by the SRF. This decision has no impact on the result, insofar as the accounts of the contributing entities are prepared on a going-concern basis and these entities do not contemplate any withdrawal of banking license.
Based on the analyses carried out by the Group, it is not expected that events likely to trigger the call of those commitments by the SRB (through a banking resolution or license withdrawal) would occur in the Eurozone.
IPC amounted to EUR 1,263 million at 31 December 2025 (stable compared with 31 December 2024).
Cash provided as collateral for an equivalent amount is remunerated at arm\u2019s length and recognised as a financial asset at amortised cost within the line \"Other debtors and miscellaneous assets\u201d (see note\u00a04.j).
\u00a0
In connection with the settlement date accounting for securities, commitments representing securities to be delivered or securities to be received are the following:
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Securities to be delivered | 26,692 | 20,929 |
Securities to be received | 26,414 | 20,915 |
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Financial instruments (negotiable securities and private receivables) lodged with central banks and\u00a0eligible for use at any time as collateral for refinancing transactions after haircut | 91,441 | 77,314 |
Used as collateral with central banks | 15,806 | 1,436 |
Available for refinancing transactions | 75,635 | 75,878 |
Securities sold under repurchase agreements | 630,267 | 514,733 |
Other financial and similar assets pledged as collateral for transactions with credit institutions, financial\u00a0customers or subscribers of covered bonds issued by the Group(1) | 414,754 | 363,995 |
(1) | Notably including \"Soci\u00e9t\u00e9 de Financement de l\u2019\u00c9conomie Fran\u00e7aise\" financing. |
\u00a0
The fair value of financial instruments given as collateral or transferred under repurchase agreements by the Group that the beneficiary is authorised to sell or reuse as collateral amounted to EUR 882,087\u00a0million at 31 December\u00a02025 (EUR 747,190 million at 31 December 2024).
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Financial instruments received as collateral (excluding repurchase agreements) | 475,356 | 401,812 |
of which instruments that the Group is authorised to sell and reuse as collateral | 228,152 | 217,745 |
Securities received under repurchase agreements | 503,111 | 438,010 |
\u00a0
The fair value of financial instruments received as collateral or under repurchase agreements that the Group effectively sold or reused as collateral amounted to EUR 444,350 million at 31 December 2025 (compared with EUR\u00a0370,728\u00a0million at 31 December 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_13e917d5-8318-4fc8-9b34-df9b3b0a525e": { "value": "In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Financing commitments given | \u00a0 | \u00a0 |
to credit institutions | 6,039 | 5,345 |
to customers | 389,814 | 385,321 |
Credit facilities | 354,034 | 345,840 |
Other financing commitments given to customers | 35,780 | 39,481 |
Total financing commitments given | 395,853 | 390,666 |
of which stage\u00a01 | 377,151 | 375,012 |
of which stage\u00a02 | 13,513 | 14,175 |
of which stage\u00a03 | 997 | 1,384 |
of which insurance activities | 1,381 | 95 |
of which financing commitments given associated with assets held for sale | 2,811 | \u00a0 |
Financing commitments received | \u00a0 | \u00a0 |
from credit institutions | 79,404 | 77,655 |
from customers | 10,348 | 2,731 |
Total financing commitments received | 89,752 | 80,386 |
of which financing commitments received associated with assets held for sale | 198 | \u00a0 |
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Guarantee commitments given | \u00a0 | \u00a0 |
to credit institutions | 90,322 | 82,872 |
to customers | 132,869 | 125,447 |
Financial guarantees | 73,033 | 70,266 |
Other guarantees | 59,836 | 55,181 |
Total guarantee commitments given | 223,191 | 208,319 |
of which stage\u00a01 | 211,949 | 197,003 |
of which stage\u00a02 | 7,708 | 9,562 |
of which stage\u00a03 | 1,158 | 1,054 |
of which insurance activities | 701 | 700 |
of which guarantee commitments given associated with assets held for sale | 1,675 | \u00a0 |
\u00a0
The Group\u2019s annual contribution to the European Union\u2019s Single Resolution Fund (SRF) may be partly in the form of an irrevocable payment commitment (IPC) guaranteed by a cash deposit of the same amount.
In the event of the fund being involved in a resolution action, the Single Resolution Board (SRB) shall call part or all of the irrevocable payment commitments.
In its judgment of 13 November 2025 concerning the BNP Paribas Public Sector case, the Court of Justice of the European Union ruled that a credit institution is required to pay the SRF an amount equivalent to its irrevocable payment commitment when that commitment is cancelled following the withdrawal of its banking license and upon its exit from the European Union\u2019s Single Resolution Mechanism (SRM); the amount thus paid is definitively acquired by the SRF. This decision has no impact on the result, insofar as the accounts of the contributing entities are prepared on a going-concern basis and these entities do not contemplate any withdrawal of banking license.
Based on the analyses carried out by the Group, it is not expected that events likely to trigger the call of those commitments by the SRB (through a banking resolution or license withdrawal) would occur in the Eurozone.
IPC amounted to EUR 1,263 million at 31 December 2025 (stable compared with 31 December 2024).
Cash provided as collateral for an equivalent amount is remunerated at arm\u2019s length and recognised as a financial asset at amortised cost within the line \"Other debtors and miscellaneous assets\u201d (see note\u00a04.j).
\u00a0
In connection with the settlement date accounting for securities, commitments representing securities to be delivered or securities to be received are the following:
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Securities to be delivered | 26,692 | 20,929 |
Securities to be received | 26,414 | 20,915 |
\u00a0
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Financial instruments (negotiable securities and private receivables) lodged with central banks and\u00a0eligible for use at any time as collateral for refinancing transactions after haircut | 91,441 | 77,314 |
Used as collateral with central banks | 15,806 | 1,436 |
Available for refinancing transactions | 75,635 | 75,878 |
Securities sold under repurchase agreements | 630,267 | 514,733 |
Other financial and similar assets pledged as collateral for transactions with credit institutions, financial\u00a0customers or subscribers of covered bonds issued by the Group(1) | 414,754 | 363,995 |
(1) | Notably including \"Soci\u00e9t\u00e9 de Financement de l\u2019\u00c9conomie Fran\u00e7aise\" financing. |
\u00a0
The fair value of financial instruments given as collateral or transferred under repurchase agreements by the Group that the beneficiary is authorised to sell or reuse as collateral amounted to EUR 882,087\u00a0million at 31 December\u00a02025 (EUR 747,190 million at 31 December 2024).
In millions of euros, at | 31 December 2025 | 31 December 2024 |
|---|---|---|
Financial instruments received as collateral (excluding repurchase agreements) | 475,356 | 401,812 |
of which instruments that the Group is authorised to sell and reuse as collateral | 228,152 | 217,745 |
Securities received under repurchase agreements | 503,111 | 438,010 |
\u00a0
The fair value of financial instruments received as collateral or under repurchase agreements that the Group effectively sold or reused as collateral amounted to EUR 444,350 million at 31 December 2025 (compared with EUR\u00a0370,728\u00a0million at 31 December 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_a5848747-c55e-4238-b97f-2b88f6d0cf32": { "value": "The BNP\u00a0Paribas Group has implemented over the past few years a wide campaign of converting defined-benefit plans into defined-contribution plans.
Thus, in France, the BNP\u00a0Paribas Group pays contributions to mandatory state and complementary pension schemes. BNP\u00a0Paribas\u00a0SA and certain subsidiaries have set up a complementary defined-contribution pension plan under a company-wide agreement. Under this plan, employees will receive an annuity or a lump sum on retirement in addition to the pension paid by mandatory schemes.
Since defined-benefit plans have been closed to new employees in most countries outside France, they are offered the benefit of joining defined-contribution pension plans.
In Italy, the plan introduced by BNL is funded by employer contributions (4.5% of salaries) and employee contributions (2% of salaries). Employees can also make additional voluntary contributions.
In the United Kingdom, the employer contributes 12% of salaries for the majority of employees; employees can make additional voluntary contributions.
The amount paid into defined-contribution retirement plans for the year ended 31 December 2025\u00a0was EUR\u00a0839\u00a0million, compared with EUR 828 million for the year ended 31 December 2024.
The breakdown by major contributors is determined as follows:
\u00a0
Contribution amount In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
France | 371 | 383 |
Italy | 111 | 110 |
UK | 78 | 74 |
T\u00fcrkiye | 53 | 50 |
Luxembourg | 32 | 31 |
USA | 29 | 29 |
Hong Kong | 28 | 30 |
Others | 137 | 121 |
TOTAL | 839 | 828 |
In Belgium, BNP Paribas Fortis funds a defined-benefit plan, based on final salary and number of years of service, for its management and employees who joined the bank before its pension plans were harmonised on 1\u00a0January\u00a02002. Actuarial liabilities under this scheme are pre-funded at 92% at\u00a031 December 2025 (compared with 95% at\u00a031\u00a0December 2024) through insurance companies.
BNP\u00a0Paribas Fortis senior managers joining before 1 January 2015 are covered by a top-up pension plan, paying a lump sum based on the number of years of service and final salary. This plan is pre-funded at 101% at\u00a031\u00a0December\u00a02025 (compared with 100% at\u00a031 December 2024) through insurance companies.
In Belgium, employees benefit from a defined-contribution scheme with a legal obligation for the employer to guarantee a minimum return on financial assets invested. Thus, a provision was recognised for these schemes, as this guarantee is not entirely covered by the insurance company.
In Switzerland, liabilities relate to top-up pension plans based on the principle of defined-contribution schemes with guaranteed returns, paying an annuity under pre-defined terms. These schemes are managed by a foundation. At 31 December 2025, obligations were 109% covered by financial assets, compared with 105% at 31 December 2024.
In the United Kingdom, defined-benefit pension plans (pension funds) still exist but are closed to new employees. Under these plans, the defined pension is generally based on final salary and number of years of service. Pension schemes are managed by independent management bodies (Trustees). At 31 December 2025, obligations for all United Kingdom entities were 125% covered by financial assets, compared with 124% at 31 December 2024.
In France, BNP Paribas pays a top-up banking industry pension arising from rights acquired to 31\u00a0December\u00a01993 by retired employees and BNP active employees in service at that date. At\u00a031 December 2025,\u00a0the Group\u2019s residual obligations for these employees were recognised on the balance sheet in full.
The defined-benefit plans previously granted to some Group senior managers have all been closed to new employees and converted into top-up type schemes. The amounts allocated to beneficiaries, subject to their presence within the Group at retirement, were fixed when these schemes were closed. At\u00a031 December 2025,\u00a0these pension plans were funded at 565% through insurance companies (442% at\u00a031 December 2024).
In T\u00fcrkiye, the main pension plan, that replaces the state pension scheme, offers guarantees exceeding the minimal legal requirements. Liabilities under this plan are funded by financial assets held by a trust external to the Group. At the end of 2025, these financial assets exceed the accounting value of the related liabilities and this accounting surplus is not recognised as an asset by the Group, the scheme\u2019s responsibilities should eventually be transferred to the Turkish State with all its financial liabilities and assets.
In the United States, main defined-benefit pension plans are based on annual vesting rights to a lump sum comprising a pension expressed as a percentage of annual frozen salary and paying interest at a pre-defined rate. These plans are closed to new entrants and do not offer new vesting rights. At\u00a031 December 2025, the obligation was 83% covered by financial assets, (85% at\u00a031 December 2024).
In Germany, liabilities are mainly related to defined-benefit pension plans, closed to new employees. Under these plans, the defined pension is generally based on the number of years of service and final salary. They offer the payment of an annuity under pre-defined terms. At 31 December 2025, the obligation was 72% covered by financial assets, (72% at\u00a031 December 2024).
Following the AXA IM acquisition by the Group as at 1st July 2025, the defined-benefit pension plans of the concerned entities have been included in the accounting process of the Group. The obligations are mainly in Switzerland, United Kingdom, France, Belgium and Germany, and are 96% covered by financial assets at\u00a031 December 2025.
Group employees also receive various other contractual post-employment benefits, such as indemnities payable on retirement, determined according to minimal legal requirements (Labour Code, collective agreements) or according to specific company-level agreements.
In France, the obligations for these benefits are funded through a contract held with a third-party insurer. At 31\u00a0December 2025, this obligation was 131% covered by financial assets, compared with 129% at 31\u00a0December\u00a02024.
In other countries, the obligations of the Group related to other post-employment benefits are mainly concentrated in Italy, where vested rights up to 31\u00a0December 2006 were frozen.
In millions of euros, at 31 December 2025 | Defined- | Defined- | Present value of defined-benefit obligation | Fair value of plan assets | Fair value of reimburse- | Effect of asset ceiling | Net obligation | of which asset recognised in the balance sheet for defined- | of which net assets of defined- | of which fair value of reimburse- | of which obligation recognised in the balance sheet for defined- |
|---|---|---|---|---|---|---|---|---|---|---|---|
Belgium | 2,707 | \u00a0 | 2,707 | (217) | (2,411) | \u00a0 | 79 | (2,413) | (2) | (2,411) | 2,492 |
UK | 1,033 | \u00a0 | 1,033 | (1,292) | \u00a0 | 16 | (243) | (243) | (243) | \u00a0 | \u00a0 |
Switzerland | 1,280 | \u00a0 | 1,280 | (1,392) | \u00a0 | 130 | 18 | \u00a0 | \u00a0 | \u00a0 | 18 |
France | 784 | 39 | 823 | (1,102) | (27) | \u00a0 | (306) | (396) | (369) | (27) | 90 |
USA | 130 | 1 | 131 | (109) | \u00a0 | \u00a0 | 22 | \u00a0 | \u00a0 | \u00a0 | 22 |
T\u00fcrkiye | 341 | 31 | 372 | (344) | \u00a0 | 3 | 31 | \u00a0 | \u00a0 | \u00a0 | 31 |
Italy | \u00a0 | 111 | 111 | \u00a0 | \u00a0 | \u00a0 | 111 | \u00a0 | \u00a0 | \u00a0 | 111 |
Germany | 119 | 57 | 176 | (126) | \u00a0 | \u00a0 | 50 | (15) | (15) | \u00a0 | 65 |
Others | 302 | 41 | 343 | (245) | (1) | 3 | 100 | (15) | (14) | (1) | 115 |
TOTAL | 6,696 | 280 | 6,976 | (4,827) | (2,439) | 152 | (138) | (3,082) | (643) | (2,439) | 2,944 |
Total without non current assets held for sale | 6,696 | 276 | 6,972 | (4,827) | (2,439) | 152 | (142) | (3,082) | (643) | (2,439) | 2,940 |
Total non current assets held for sale | - | 4 | 4 | - | -\u00a0 | - | 4 | - | - | - | 4 |
(1) | The reimbursement rights are principally found on the balance sheet of the Group\u2019s insurance subsidiaries and associated companies - notably AG Insurance\u00a0 with respect to BNP Paribas Fortis\u2019 defined-benefit plans - to hedge their commitments to other Group entities that were transferred to them to cover\u00a0 the post-employment benefits of certain employee categories. |
\u00a0
In millions of euros, at 31 December 2024 | Defined- | Defined- | Present value of defined- | Fair value of plan assets | Fair value of reimburse- | Effect of asset ceiling | Net obligation | of which asset recognised in the balance sheet for defined- | of which net assets of defined- | of which fair value of reimburse- | of which obligation recognised in the balance sheet for defined- |
|---|---|---|---|---|---|---|---|---|---|---|---|
Belgium | 2,691 | 15 | 2,706 | (183) | (2,456) | \u00a0 | 67 | (2,457) | (1) | (2,456) | 2,524 |
UK | 1,082 | \u00a0 | 1,082 | (1,337) | \u00a0 | \u00a0 | (255) | (255) | (255) | \u00a0 | \u00a0 |
Switzerland | 1,212 | \u00a0 | 1,212 | (1,276) | \u00a0 | \u00a0 | (64) | (68) | (68) | \u00a0 | 4 |
France | 811 | 47 | 858 | (1,114) | \u00a0 | \u00a0 | (256) | (355) | (355) | \u00a0 | 99 |
USA | 145 | 1 | 146 | (124) | \u00a0 | \u00a0 | 22 | \u00a0 | \u00a0 | \u00a0 | 22 |
T\u00fcrkiye | 346 | 32 | 378 | (347) | \u00a0 | 1 | 32 | \u00a0 | \u00a0 | \u00a0 | 32 |
Italy | \u00a0 | 139 | 139 | \u00a0 | \u00a0 | \u00a0 | 139 | \u00a0 | \u00a0 | \u00a0 | 139 |
Germany | 130 | 47 | 177 | (127) | \u00a0 | \u00a0 | 50 | (6) | (6) | \u00a0 | 56 |
Others | 314 | 49 | 363 | (254) | (1) | 2 | 110 | (11) | (10) | (1) | 121 |
TOTAL | 6,731 | 330 | 7,061 | (4,762) | (2,457) | 3 | (155) | (3,152) | (695) | (2,457) | 2,997 |
(1) | The reimbursement rights are principally found on the balance sheet of the Group\u2019s insurance subsidiaries and associated companies - notably AG Insurance\u00a0 with respect to BNP Paribas Fortis\u2019 defined-benefit plans - to hedge their commitments to other Group entities that were transferred to them to cover\u00a0 the post-employment benefits of certain employee categories. |
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Present value of defined-benefit obligation at start of period | 7,061 | 7,167 |
Current service cost | 190 | 193 |
Interest cost | 232 | 226 |
Past service cost | (14) | (18) |
Settlements | (7) | (7) |
Actuarial (gains)/losses on change in demographic assumptions | 6 | (1) |
Actuarial (gains)/losses on change in financial assumptions | (166) | (142) |
Actuarial (gains)/losses on experience gaps | 128 | 194 |
Actual employee contributions | 25 | 25 |
Benefits paid directly by the employer | (69) | (103) |
Benefits paid from assets/reimbursement rights | (382) | (483) |
Exchange rate (gains)/losses on obligation | (187) | 10 |
(Gains)/losses on obligation related to changes in the consolidation scope | 159 | - |
Present value of defined-benefit obligation at end of period | 6,976 | 7,061 |
In millions of euros | Plan assets | Reimbursement rights | ||
|---|---|---|---|---|
Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | |
Fair value of assets at start of period | 4,762 | 4,674 | 2,457 | 2,503 |
Expected return on assets | 157 | 148 | 77 | 77 |
Settlements | (7) | (8) | \u00a0 | \u00a0 |
Actuarial gains/(losses) on assets | 116 | 88 | (73) | 21 |
Actual employee contributions | 14 | 14 | 11 | 11 |
Employer contributions | 53 | 54 | 98 | 98 |
Benefits paid from assets | (224) | (226) | (158) | (257) |
Exchange rate gains/(losses) on assets | (182) | 22 | \u00a0 | \u00a0 |
Gains/(losses) on assets related to changes in the consolidation scope | 138 | (4) | 27 | 4 |
Fair value of assets at end of period | 4,827 | 4,762 | 2,439 | 2,457 |
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Service costs | 176 | 176 |
Current service cost | 190 | 193 |
Past service cost | (14) | (18) |
Settlements | - | 1 |
Net financial expense | (1) | 7 |
Interest cost | 232 | 226 |
Expected return on asset ceiling | 1 | 6 |
Interest income on plan assets | (157) | (148) |
Interest income on reimbursement rights | (77) | (77) |
Total recognised in \u201cSalary and employee benefit expense\u201d | 175 | 183 |
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Actuarial (losses)/gains on plan assets or reimbursement rights | 43 | 109 |
Actuarial (losses)/gains of demographic assumptions on the present value of obligations | (6) | 1 |
Actuarial (losses)/gains of financial assumptions on the present value of obligations | 166 | 142 |
Experience (losses)/gains on obligations | (128) | (194) |
Variation of the effect of assets limitation | (136) | 165 |
Total of other items recognised directly in equity | (61) | 223 |
In the Eurozone, United Kingdom and United States, the Group discounts its obligations using the yields of high quality corporate bonds, with a term consistent with the duration of the obligations.
The ranges of rates used are as follows:
In % | 31 December 2025 | 31 December 2024 | ||
Discount rate | Compensation increase\u00a0rate(1) | Discount rate | Compensation increase\u00a0rate(1) | |
Belgium | 2,50% / 4,20% | 2,80% / 4,30% | 2,60% / 3,60% | 3,10% / 3,80% |
UK | 4,10% / 5,60% | 2,00% / 3,75% | 4,80% / 5,50% | 2,00% / 3,60% |
France | 2,80% / 4,00% | 1,90 % / 4,10% | 2,80% / 3,40% | 2,00 % / 4,10% |
Switzerland | 1,10% / 1,30% | 1,25% / 1,80% | 0,90% / 1,00% | 1,75% / 1,80% |
USA | 4,90% / 5,00% | NA | 4,90% / 5,20% | NA |
Italy | 3,10% / 3,40% | 2,40% / 3,10% | 2,90% / 3,20% | 2,60% / 3,50% |
Germany | 2,40% / 4,40% | 1,80% / 2,80% | 3,00% / 3,60% | 2,00% / 2,70% |
T\u00fcrkiye | 29.80% | 26.00% | 30.50% | 26.25% |
(1) | Including price increases (inflation). |
Average discount rates weighted by obligation amounts are as follows:
\u00a0
The impact of a 100bps change in discount rates on the present value of post-employment benefit obligations is as follows:
\u00a0
Change in the present value of obligations In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Discount rate -100bps | Discount rate +100bps | Discount rate -100bps | Discount rate +100bps | |
Belgium | 212 | (150) | 243 | (181) |
UK | 133 | (109) | 156 | (126) |
France | 88 | (75) | 94 | (80) |
Switzerland | 179 | (142) | 175 | (139) |
USA | 14 | (11) | 16 | (13) |
Italy | 7 | (7) | 9 | (8) |
Germany | 25 | (21) | 28 | (22) |
T\u00fcrkiye | 15 | (13) | 15 | (12) |
\u00a0
Inflation assumptions used for the valuations of the Group obligations are determined locally depending on the monetary area, except for the Eurozone for which the assumption is determined centrally.
Average discount rates weighted by obligation amounts are as follows:
\u00a0
The impact of a +100bp increase in inflation rates on the present value of post-employment benefit obligations is as follows:
\u00a0
Change in the present value of obligations In millions of euros, at | 31 December 2025 | 31 December 2024 |
Inflation rate +100bps | Inflation rate +100bps | |
Belgium | 109 | 121 |
UK | 72 | 94 |
France | 100 | 106 |
Switzerland | 10 | 10 |
Italy | 5 | 6 |
Germany | 17 | 18 |
T\u00fcrkiye | 16 | 15 |
\u00a0
Variation effects of discount and inflation rates presented above are not cumulative.
In % | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||
Range of value (reflecting the existence of several | Weighted average | Range of value (reflecting the existence of several | Weighted average | |
Belgium | 0% / 10,95% | 2.00% | -9,80% / 18,60% | 3.40% |
UK | -6,15% / 3,20% | 2.30% | -6,40% / 8,90% | -\u00a03.40% |
France | -1,45% / 3,15% | 3.00% | 2.80% | 2.80% |
Switzerland | 1,50% / 6,30% | 3.95% | 2,10% / 9,30% | 6.55% |
USA | 6.05% | 6.05% | 2.45% | 2.45% |
Germany | -5,50% / 5,40% | 3.40% | 1,85% / 15,90% | 11.15% |
T\u00fcrkiye | 34.60% | 34.60% | 35.95% | 35.95% |
\u00a0
In % | 31 December 2025 | 31 December 2024 | ||||||||||
Shares | Governmental bonds | Non- | Real- | Deposit account | Others | Shares | Governmental bonds | Non- | Real- | Deposit account | Others | |
Belgium | 8% | 47% | 15% | 1% | 3% | 26% | 8% | 46% | 20% | 1% | 0% | 25% |
UK | 7% | 56% | 28% | 0% | 1% | 8% | 7% | 58% | 27% | 0% | 1% | 7% |
France(1) | 11% | 54% | 20% | 11% | 3% | 1% | 12% | 64% | 13% | 9% | 2% | 0% |
Switzerland | 29% | 0% | 25% | 22% | 4% | 20% | 30% | 0% | 26% | 20% | 3% | 21% |
USA | 18% | 13% | 64% | 1% | 3% | 1% | 20% | 26% | 49% | 0% | 5% | 0% |
Germany | 21% | 53% | 0% | 0% | 1% | 25% | 18% | 54% | 0% | 0% | 1% | 27% |
T\u00fcrkiye | 0% | 81% | 0% | 18% | 1% | 0% | 0% | 73% | 0% | 18% | 8% | 1% |
Others | 12% | 19% | 17% | 2% | 1%\u00a0 | 49% | 11% | 24% | 13% | 2% | 2% | 48% |
GROUP | 12% | 41 %\u00a0 | 20% | 7% | 3% | 17% | 12% | 43% | 20% | 6% | 2% | 17% |
(1) | In France, the breakdown of plan assets includes the breakdown of the general fund of the insurance company through which the Group's obligations\u00a0 are partly funded.\u00a0 |
\u00a0
The Group introduced an asset management governance for assets backing defined-benefit pension plan commitments, the main objectives of which are the management and control of the risks in terms of investment.
It sets out investment principles, in particular, by defining an investment strategy for plan assets, based on financial objectives and risk management, to specify the way in which plan assets have to be managed, via financial management servicing contracts.
The investment strategy is based on an assets and liabilities management analysis that should be realised at least every three years for plans with assets in excess of EUR\u00a0100\u00a0million.
The Group offers some healthcare benefit plans for retired employees, mainly in Belgium.
The present value of post-employment healthcare benefit obligations stood at EUR\u00a071 million at\u00a031 December 2025, compared with EUR 75 million at\u00a031 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_0b031c51-0ef8-4e07-b116-aaed6ee0057c": { "value": "BNP\u00a0Paribas\u00a0SA has issued undated super subordinated notes which pay a fixed, fixed adjustable or floating-rate coupon and are redeemable at the end of a fixed period and thereafter at each coupon date or every five years.
On 25 March 2024, BNP Paribas SA redeemed the March 2019 issue, for an amount of USD\u00a01,500\u00a0million, at the first call date. These notes paid a 6.625% fixed-rate coupon.
On 10 January 2025, BNP Paribas SA redeemed the July 2019 issue, for an amount of AUD 300 million, at the first call date. These notes paid a 4.5% fixed-rate coupon.
On 19 August 2025, BNP Paribas SA redeemed the August 2015 issue, for an amount of USD 1,500 million, at the first call date. These notes paid a 7.375% fixed-rate coupon.
The following table summarises the characteristics of these various issues:
Date of issue | Currency | Amount (in millions of currency units) | Coupon | Rate and term | Rate after 1st\u00a0call date | |
|---|---|---|---|---|---|---|
November 2017 | USD | 750 | semi-annual | 5.125% | 10\u00a0years | USD 5-year swap +2.838% |
August 2018 | USD | 750 | semi-annual | 7.000% | 10\u00a0years | USD 5-year swap +3.980% |
Feburary 2020 | USD | 1,750 | semi-annual | 4.500% | 10\u00a0years | US 5-year CMT +2.944% |
Feburary 2021 | USD | 1,250 | semi-annual | 4.625% | 10\u00a0years | US 5-year CMT +3.340% |
January 2022 | USD | 1,250 | semi-annual | 4.625% | 5\u00a0years | US 5-year CMT +3.196% |
August 2022 | USD | 2,000 | semi-annual | 7.750% | 7\u00a0years | US 5-year CMT +4.899% |
September 2022 | EUR | 1,000 | semi-annual | 6.875% | 7.25\u00a0years | EUR\u00a05-year Mid-swap +4.645% |
November 2022 | USD | 1,000 | semi-annual | 9.250% | 5\u00a0years | US 5-year CMT +4.969% |
January 2023 | EUR | 1,250 | semi-annual | 7.375% | 7\u00a0years | EUR\u00a05-year Mid-swap +4.631% |
Febuary 2023 | SGD | 600 | semi-annual | 5.900% | 5\u00a0years | SGD SORA\u00a05-year +2.674% |
Total euro-equivalent historical value at 31\u00a0December 2025 | 10,614 | (1) | \u00a0 | \u00a0 | \u00a0 |
(1) | Net of shares held in treasury by Group entities. |
\u00a0
BNP\u00a0Paribas has the option of not paying interest due on these undated super subordinated notes. Unpaid interest is not carried forward.
For notes issued before 2015, the absence of coupon payment is conditional on the absence of dividend payment on BNP\u00a0Paribas\u00a0SA ordinary shares or on undated super subordinated note equivalents during the previous year. Interest due is payable once dividend payment on BNP\u00a0Paribas\u00a0SA ordinary shares resumes.
The contracts relating to these undated super subordinated notes contain a loss absorption clause. Under the terms of this clause, in the event of insufficient regulatory capital, the nominal value of the notes may be reduced in order to serve as a new basis for the calculation of the related coupons until the capital deficiency is made up and the nominal value of the notes is increased to its original amount.
The proceeds from these issues are recorded in equity under \u201cCapital and retained earnings\u201d. In accordance with IAS\u00a021, issues denominated in foreign currencies are recognised at their historical value based on their translation into euros at the issue date. Interest on the instruments is deducted from shareholders' equity.
At 31\u00a0December 2025, the BNP\u00a0Paribas Group held EUR\u00a010\u00a0million of its own undated super subordinated notes which were deducted from shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_de4b03fc-7fed-4474-bdbb-f44625976710": { "value": "Basic earnings per share are calculated by dividing the net income for the period attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period. The net income attributable to ordinary shareholders is determined by deducting the net income attributable to holders of preferred shares.
Diluted earnings per share correspond to the net income for the period attributable to holders of ordinary shares, divided by the weighted average number of shares outstanding as adjusted for the maximum effect of the conversion of dilutive equity instruments into ordinary shares. In-the-money stock subscription options are taken into account in the diluted earnings per share calculation, as are performance shares granted under the Global Share-based Incentive Plan. Conversion of these instruments would have no effect on the net income figure used in this calculation. All stock option and performance share plans are expired.
\u00a0
\u00a0 | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Net profit used to calculate basic and diluted earnings per ordinary share (in millions of euros)(1) | 11,520 | 10,843 |
Weighted average number of ordinary shares outstanding during the year | 1,119,493,901 | 1,133,302,357 |
Effect of potentially dilutive ordinary shares | - | - |
Weighted average number of ordinary shares used to calculate diluted earnings per share | 1,119,493,901 | 1,133,302,357 |
Basic earnings per share (in euros)\u00a0 | 10.29 | 9.57 |
Diluted earnings per share (in euros) | 10.29 | 9.57 |
(1) | The net profit used to calculate basic and diluted earnings per share is the net profit attributable to equity shareholders, adjusted for the remuneration\u00a0 on the undated super subordinated notes issued by BNP\u00a0Paribas\u00a0SA treated as preferred share equivalents and on the convertible contingent bonds\u00a0 deducted from shareholders' equity, as well as the related foreign exchange gain or loss impact recognised directly in shareholders\u2019 equity\u00a0 in case of repurchase. |
The Board of directors of 23 July 2025 approved the payment of an interim dividend in September 2025, corresponding to 50% of the earnings per share as of 30 June 2025, amounting to EUR 2.59 per share.
The distribution amounted to EUR\u00a02,891\u00a0million as of 30 September 2025, date of the interim dividend payment.
The Board of directors will propose to the Annual General Meeting on 12 May 2026, a supplementary dividend of EUR 2.57 per share out of the 2025 net income, which will then raise the total dividend per share for 2025 to EUR\u00a05.16\u00a0(compared with EUR\u00a04.79\u00a0out of the 2024 net income).
The total proposed distribution amounts to a total of EUR\u00a05,761\u00a0million, compared with EUR 5,413 million paid out of the 2024 net income.
This distribution is raised to 60% of the 2025 net income including a share buyback programme of EUR\u00a01,150\u00a0million, realised during the fourth quarter of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_37935d41-68e4-4584-bd37-2f1816f01ac7": { "value": "The Board of directors of 23 July 2025 approved the payment of an interim dividend in September 2025, corresponding to 50% of the earnings per share as of 30 June 2025, amounting to EUR 2.59 per share.
The distribution amounted to EUR\u00a02,891\u00a0million as of 30 September 2025, date of the interim dividend payment.
The Board of directors will propose to the Annual General Meeting on 12 May 2026, a supplementary dividend of EUR 2.57 per share out of the 2025 net income, which will then raise the total dividend per share for 2025 to EUR\u00a05.16\u00a0(compared with EUR\u00a04.79\u00a0out of the 2024 net income).
The total proposed distribution amounts to a total of EUR\u00a05,761\u00a0million, compared with EUR 5,413 million paid out of the 2024 net income.
This distribution is raised to 60% of the 2025 net income including a share buyback programme of EUR\u00a01,150\u00a0million, realised during the fourth quarter of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fc_215949": { "value": "5.16", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fc_215950": { "value": "4.79", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fc_215951": { "value": "5761000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "text_block_0e699420-47c5-4289-a573-2e87c78d0f9d": { "value": "In millions of euros | Capital and | Changes in assets | Changes in assets | Minority interests |
|---|---|---|---|---|
Balance at 31 December 2023 | 4,974 | 16 | 135 | 5,125 |
Appropriation of net income for 2023 | (364) | \u00a0 | \u00a0 | (364) |
Increases in capital and issues | 5 | \u00a0 | \u00a0 | 5 |
Remuneration on undated super subordinated notes | (8) | \u00a0 | \u00a0 | (8) |
Impact of internal transactions on minority shareholders | \u00a0 | \u00a0 | \u00a0 | - |
Movements in consolidation scope impacting minority shareholders | 258 | \u00a0 | \u00a0 | 258 |
Acquisitions of additional interests or partial sales of interests | 192 | \u00a0 | \u00a0 | 192 |
Change in commitments to repurchase minority shareholders\u2019 interests | 93 | \u00a0 | \u00a0 | 93 |
Other movements | 2 | \u00a0 | \u00a0 | 2 |
Changes in assets and liabilities recognised directly in equity | \u00a0 | 7 | 195 | 202 |
Net income for 2024 | 499 | \u00a0 | \u00a0 | 499 |
Balance at 31 December 2024 | 5,651 | 23 | 330 | 6,004 |
Appropriation of net income for 2024 | (253) | \u00a0 | \u00a0 | (253) |
Increases in capital and issues | 75 | \u00a0 | \u00a0 | 75 |
Remuneration on undated super subordinated notes | (7) | \u00a0 | \u00a0 | (7) |
Impact of internal transactions on minority shareholders | 35 | \u00a0 | \u00a0 | 35 |
Movements in consolidation scope impacting minority shareholders | 3 | \u00a0 | \u00a0 | 3 |
Acquisitions of additional interests or partial sales of interests | 247 | \u00a0 | \u00a0 | 247 |
Change in commitments to repurchase minority shareholders\u2019 interests | (88) | \u00a0 | \u00a0 | (88) |
Other movements | (2) | \u00a0 | \u00a0 | (2) |
Realised gains or losses reclassified to retained earnings | 4 | (4) | \u00a0 | - |
Changes in assets and liabilities recognised directly in equity | \u00a0 | 5 | 8 | 13 |
Net income for 2025 | 633 | \u00a0 | \u00a0 | 633 |
Balance at 31 December 2025 | 6,298 | 24 | 338 | 6,660 |
The assessment of the material nature of minority interests is based on the contribution of the relevant subsidiaries to the Group balance sheet (before elimination of intra-group balances and transactions) and to the Group profit and loss account.
In millions of euros | 31 December 2025 | Year to 31 Dec. 2025 | ||||||
Total assets | Revenues | Net income | Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity | Minority shareholders\u2019 interest (%) | Net income attributable to\u00a0minority | Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity - attributable to\u00a0minority | Dividends paid to\u00a0minority shareholders | |
Contribution of the entities belonging to the BGL BNP\u00a0Paribas Group | 104,153 | 2,090 | 726 | 771 | 34% | 249 | 262 | 148 |
Other minority interests | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 384 | 384 | 112 |
TOTAL | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 633 | 646 | 260 |
\u00a0
In millions of euros | 31 December 2024 | Year to 31 Dec. 2024 | ||||||
Total assets | Revenues | Net income | Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity | Minority shareholders\u2019 interest (%) | Net income attributable to\u00a0minority | Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity - attributable to\u00a0minority | Dividends paid to\u00a0minority shareholders | |
Contribution of the entities belonging to the BGL BNP\u00a0Paribas Group | 100,365 | 2,019 | 670 | 697 | 34% | 243 | 247 | 185 |
Other minority interests | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 256 | 454 | 187 |
TOTAL | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 499 | 701 | 372 |
\u00a0
There are no particular contractual restrictions on the assets of BGL BNP\u00a0Paribas related to the presence of the minority shareholder.
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||
Attributable to shareholders | Minority interests | Attributable to shareholders | Minority interests | |
BNP Paribas Asset Management Holding | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Internal sale of 33.33% of BNP Paribas Fortis and BGL BNP Paribas shares to\u00a0BNP Paribas SA, raising the BNP Paribas SA interest rate to 100% | (35) | 35 | \u00a0 | \u00a0 |
Others | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total | (35) | 35 | - | - |
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||
Attributable to shareholders | Minority interests | Attributable to shareholders | Minority interests | |
BNP\u00a0Paribas Bank Polska | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Partial disposal of 6% of the total share, decreasing the Group\u2019s share to 81.26% | \u00a0 | \u00a0 | 7 | 196 |
BNP Paribas Bank Polska | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Partial disposal of 6.23% of the total share, decreasing the Group's share to 75% | 6 | 255 | \u00a0 | \u00a0 |
Other | (4) | (8) | (3) | (4) |
Total | 2 | 247 | 4 | 192 |
\u00a0
In connection with the acquisition of certain entities, the Group granted minority shareholders put options on their holdings.
The total value of these commitments, which are recorded as a reduction in shareholders\u2019 equity, amounted to EUR\u00a0364 million at 31 December 2025, compared with EUR\u00a0369\u00a0million at 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_54e2a4c4-8319-4a43-bc8c-dbd11f2a6b25": { "value": "BNP\u00a0Paribas (the \u201cBank\u201d) is party as a defendant in various claims, disputes and legal proceedings (including investigations by judicial or supervisory authorities) in a number of jurisdictions arising in the ordinary course of its business, including inter alia in connection with its activities as market counterparty, lender, employer, investor and taxpayer.
The related risks have been assessed by the Bank and are subject, where appropriate, to provisions disclosed in notes\u00a04.n Provisions for contingencies and charges and 4.e Financial assets at amortised cost; a provision is recognised when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation arising from a past event and a reliable estimate can be made of the amount of the obligation.
The main contingent liabilities related to pending legal, governmental, or arbitral proceedings as of December 31, 2025 are described below. The Bank currently considers that none of these proceedings is likely to have a material adverse effect on its financial position or profitability; however, the outcome of legal or governmental proceedings is by definition unpredictable.
The Bank and certain of its subsidiaries are defendants in several actions pending before the United States Bankruptcy Court for the Southern District of New York brought by the Trustee appointed for the liquidation of Bernard L. Madoff Investment Securities\u00a0LLC (\u201cBLMIS\u201d). These actions, known generally as \u201cclawback claims\u201d, are similar to those brought by the BLMIS Trustee under the US Bankruptcy Code and New York state law against numerous institutions, and seek recovery of amounts allegedly received by BNP\u00a0Paribas entities from BLMIS or indirectly through BLMIS-related \u201cfeeder funds\u201d in which BNP\u00a0Paribas entities held interests. As a result of certain decisions of the Bankruptcy Court and the United States District Court between 2016 and 2018, the majority of the BLMIS Trustee\u2019s actions were either dismissed or substantially narrowed. However, those decisions were either reversed or effectively overruled by subsequent decisions of the United States Court of Appeals for the Second Circuit issued on 25\u00a0February 2019 and 30\u00a0August 2021. As a result, the BLMIS Trustee refiled certain of these actions and, as of end May\u00a02023, had asserted claims amounting in the aggregate to approximately USD\u202f1.2\u00a0billion. Since March 2025, following the dismissal of certain of the BLMIS Trustee\u2019s actions or claims, the aggregate amount of the claims stood at approximately USD 1.1 billion. BNP Paribas has substantial and credible defences to these actions and is defending against them vigorously.
Litigation was brought in Belgium by minority shareholders of the previous Fortis Group against the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement, Ageas and BNP Paribas seeking (amongst other things) damages from BNP Paribas as restitution for part of the BNP Paribas Fortis shares that were contributed to BNP Paribas in 2009, on the ground that the transfer of these shares was null and void. On 29 April 2016, the Brussels Commercial court decided to stay the proceedings until the resolution of the pending Fortis criminal proceeding in Belgium. The criminal proceeding, in which the Public Prosecutor had requested a dismissal, is definitively closed, as the Council Chamber of the Brussels Court of first instance issued on 4 September 2020 a ruling (which since became final) that the charges were time-barred. Certain minority shareholders continued the civil proceedings against BNP Paribas and the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement before the Brussels Commercial court. By a first instance judgment dated 3 April 2025, the court dismissed all of the claims made by these shareholders on the grounds that they are inadmissible, time-barred or without merit. These minority shareholders appealed the first instance judgement on 27 January 2026.
On 26\u00a0February 2020, the Paris Criminal Court found BNP\u00a0Paribas Personal Finance guilty of misleading commercial practice and concealment of this practice. BNP\u00a0Paribas Personal Finance was ordered to pay a fine of EUR\u00a0187,500 and damages and legal fees to the civil plaintiffs. On 28\u00a0November 2023, the Paris Court of Appeals upheld the Paris Criminal Court\u2019s decision relating to misleading commercial practice and the concealment of those practices. As for the damages owed to the civil plaintiffs, though the Paris Court of Appeals adjusted the calculation methodology, the majority of the damages had already been paid by provisional enforcement of the Paris Criminal Court\u2019s judgment. An agreement was also entered into with the Consommation Logement Cadre de Vie association to settle the case with customers wishing to do so.
The Bank and one of its US subsidiaries are defendants in a civil class action and related individual actions seeking money damages pending before the United States District Court for the Southern District of New York brought by former Sudanese citizens, now US citizens and legal residents, claiming they were injured by the government of Sudan between 1997 and 2011. Plaintiffs base their claims on the historical facts set forth in the Bank\u2019s 30 June 2014 settlement agreements with US authorities concerning the processing of financial transactions for entities in certain countries subject to US economic sanctions. In early 2024, both the Board of Governors of the Federal Reserve in the United States and the Secr\u00e9tariat G\u00e9n\u00e9ral of the Autorit\u00e9 de Contr\u00f4le Prudentiel et de R\u00e9solution in France announced the end of BNP Paribas\u2019s probationary period and the termination of the Cease-and-Desist Order entered into in 2014, marking the completion of BNP Paribas Group\u2019s US sanctions remediation as set forth under this Cease-and-Desist Order. Plaintiffs allege that the transactions processed by the Bank, predominately through its Swiss-based subsidiary (now a branch of the Bank), with Sudanese entities subject to US sanctions make the Bank and its US subsidiary liable for injuries perpetrated to plaintiffs by the government of Sudan. On 9 May 2024, the District Court granted plaintiffs\u2019 motion to proceed as a class of all refugees or asylees admitted by the United States who formerly lived in Sudan or South Sudan between November 1997 and December 2011. The District Court subsequently set 8 September 2025 as the date for the trial of the claims of three of the named individual plaintiffs in the action. On 6 October 2025, the District Court found in favor of the Bank\u2019s US subsidiary by dismissing the plaintiffs\u2019 claim against it. On 17 October 2025, the jury rendered a verdict against BNP Paribas S.A. awarding USD 20.75 million in total to the three individual plaintiffs. On 8 January 2026, the District Court granted the Bank\u2019s motion to certify an immediate appeal of the jury verdict. BNP Paribas continues to have substantial and credible defences, including the absence of liability and causation under Swiss law which governs these actions. The Bank will continue to defend against them vigorously and strongly believes this result should be overturned on appeal.
BNP\u00a0Paribas Bank Polska holds mortgage loan portfolios in Swiss franc or indexed to the Swiss franc. The Swiss franc loan agreements, a majority of which were concluded in 2006-2008, were entered into in accordance with industry practices at the time of entry. Like many other financial institutions in Poland, BNP\u00a0Paribas Bank Polska is a defendant in civil proceedings with retail customers who took out these Swiss franc mortgage loans. BNP\u00a0Paribas Bank Polska is not a party to any class action proceeding in relation to such mortgage loan agreements.\u00a0
As at 31 December 2025, BNP Paribas Bank Polska was a defendant in 5,865 individual pending court proceedings, in which plaintiffs are demanding either a declaration of invalidity or a declaration of non-enforceability of the mortgage loan agreement and the reimbursement of the payments made thereunder to date. The significant number of claims against banks in relation to these mortgage loans is believed to have been impacted by changes in exchange rates since 2009, and developments in EU and Polish court rulings since 2019. In particular, Polish courts to date have, in the vast majority of cases, ruled that such mortgage loan agreements were invalid or non-enforceable.
Since December 2021, BNP\u00a0Paribas Bank Polska has been conducting individual negotiations with clients with whom it remains in dispute or with whom there is a reasonable risk of entering into a dispute.
Since 2024, disputes relating to consumer credit in Spain have primarily focused on the issue of contractual transparency within revolving credit agreements. This trend was further solidified by the Supreme Court\u2019s judgments issued on 30 January 2025. Ongoing litigation aims to bring the lower courts to further specify the practical application, to the various contract vintages, of the Supreme Court transparency criteria.
On October 7, 2025, the Financial Conduct Authority (\u201cFCA\u201d) in the UK released consultation paper CP25/27, setting out a proposal for a statutory Motor Finance Consumer Redress Scheme. This proposed scheme, which is designed to apply to regulated motor finance contracts, aims to compensate motor finance customers who were treated unfairly.\u00a0 The FCA received a significant amount of feedback from industry participants to the proposed scheme by the deadline of 12 December 2025. The scope of the redress scheme, the applicable time period for relevant agreements, the methodology for determining eligibility and compensation and the interpretation of key concepts remain subject to ongoing engagement with the FCA and could lead to changes in the final design of the scheme.\u00a0 The FCA has indicated that it intends to publish final rules and a policy statement in February or March 2026. The Group is closely following these developments and responding to regulatory requirements.
Like many other financial institutions in the banking, investment, mutual funds and brokerage sectors, the Bank has received or may receive requests for information from, or be subject to investigations by supervisory, governmental or self-regulatory agencies. The Bank responds to such requests, and cooperates with the relevant authorities and regulators and seeks to address and remedy any issues that may arise.
In 2023, BNP\u00a0Paribas premises (along with those of other financial institutions) were searched by the French financial prosecutor\u2019s office; BNP\u00a0Paribas was informed that the office had opened a preliminary investigation relating to French securities transactions.
There are no other legal, governmental or arbitral proceedings (including any such proceedings which are pending or threatened) that could have, or during the last twelve months have had, significant effects on the Bank\u2019s financial condition or profitability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_48de6365-0303-4ea9-8584-2931aeeecec0": { "value": "BNP\u00a0Paribas (the \u201cBank\u201d) is party as a defendant in various claims, disputes and legal proceedings (including investigations by judicial or supervisory authorities) in a number of jurisdictions arising in the ordinary course of its business, including inter alia in connection with its activities as market counterparty, lender, employer, investor and taxpayer.
The related risks have been assessed by the Bank and are subject, where appropriate, to provisions disclosed in notes\u00a04.n Provisions for contingencies and charges and 4.e Financial assets at amortised cost; a provision is recognised when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation arising from a past event and a reliable estimate can be made of the amount of the obligation.
The main contingent liabilities related to pending legal, governmental, or arbitral proceedings as of December 31, 2025 are described below. The Bank currently considers that none of these proceedings is likely to have a material adverse effect on its financial position or profitability; however, the outcome of legal or governmental proceedings is by definition unpredictable.
The Bank and certain of its subsidiaries are defendants in several actions pending before the United States Bankruptcy Court for the Southern District of New York brought by the Trustee appointed for the liquidation of Bernard L. Madoff Investment Securities\u00a0LLC (\u201cBLMIS\u201d). These actions, known generally as \u201cclawback claims\u201d, are similar to those brought by the BLMIS Trustee under the US Bankruptcy Code and New York state law against numerous institutions, and seek recovery of amounts allegedly received by BNP\u00a0Paribas entities from BLMIS or indirectly through BLMIS-related \u201cfeeder funds\u201d in which BNP\u00a0Paribas entities held interests. As a result of certain decisions of the Bankruptcy Court and the United States District Court between 2016 and 2018, the majority of the BLMIS Trustee\u2019s actions were either dismissed or substantially narrowed. However, those decisions were either reversed or effectively overruled by subsequent decisions of the United States Court of Appeals for the Second Circuit issued on 25\u00a0February 2019 and 30\u00a0August 2021. As a result, the BLMIS Trustee refiled certain of these actions and, as of end May\u00a02023, had asserted claims amounting in the aggregate to approximately USD\u202f1.2\u00a0billion. Since March 2025, following the dismissal of certain of the BLMIS Trustee\u2019s actions or claims, the aggregate amount of the claims stood at approximately USD 1.1 billion. BNP Paribas has substantial and credible defences to these actions and is defending against them vigorously.
Litigation was brought in Belgium by minority shareholders of the previous Fortis Group against the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement, Ageas and BNP Paribas seeking (amongst other things) damages from BNP Paribas as restitution for part of the BNP Paribas Fortis shares that were contributed to BNP Paribas in 2009, on the ground that the transfer of these shares was null and void. On 29 April 2016, the Brussels Commercial court decided to stay the proceedings until the resolution of the pending Fortis criminal proceeding in Belgium. The criminal proceeding, in which the Public Prosecutor had requested a dismissal, is definitively closed, as the Council Chamber of the Brussels Court of first instance issued on 4 September 2020 a ruling (which since became final) that the charges were time-barred. Certain minority shareholders continued the civil proceedings against BNP Paribas and the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement before the Brussels Commercial court. By a first instance judgment dated 3 April 2025, the court dismissed all of the claims made by these shareholders on the grounds that they are inadmissible, time-barred or without merit. These minority shareholders appealed the first instance judgement on 27 January 2026.
On 26\u00a0February 2020, the Paris Criminal Court found BNP\u00a0Paribas Personal Finance guilty of misleading commercial practice and concealment of this practice. BNP\u00a0Paribas Personal Finance was ordered to pay a fine of EUR\u00a0187,500 and damages and legal fees to the civil plaintiffs. On 28\u00a0November 2023, the Paris Court of Appeals upheld the Paris Criminal Court\u2019s decision relating to misleading commercial practice and the concealment of those practices. As for the damages owed to the civil plaintiffs, though the Paris Court of Appeals adjusted the calculation methodology, the majority of the damages had already been paid by provisional enforcement of the Paris Criminal Court\u2019s judgment. An agreement was also entered into with the Consommation Logement Cadre de Vie association to settle the case with customers wishing to do so.
The Bank and one of its US subsidiaries are defendants in a civil class action and related individual actions seeking money damages pending before the United States District Court for the Southern District of New York brought by former Sudanese citizens, now US citizens and legal residents, claiming they were injured by the government of Sudan between 1997 and 2011. Plaintiffs base their claims on the historical facts set forth in the Bank\u2019s 30 June 2014 settlement agreements with US authorities concerning the processing of financial transactions for entities in certain countries subject to US economic sanctions. In early 2024, both the Board of Governors of the Federal Reserve in the United States and the Secr\u00e9tariat G\u00e9n\u00e9ral of the Autorit\u00e9 de Contr\u00f4le Prudentiel et de R\u00e9solution in France announced the end of BNP Paribas\u2019s probationary period and the termination of the Cease-and-Desist Order entered into in 2014, marking the completion of BNP Paribas Group\u2019s US sanctions remediation as set forth under this Cease-and-Desist Order. Plaintiffs allege that the transactions processed by the Bank, predominately through its Swiss-based subsidiary (now a branch of the Bank), with Sudanese entities subject to US sanctions make the Bank and its US subsidiary liable for injuries perpetrated to plaintiffs by the government of Sudan. On 9 May 2024, the District Court granted plaintiffs\u2019 motion to proceed as a class of all refugees or asylees admitted by the United States who formerly lived in Sudan or South Sudan between November 1997 and December 2011. The District Court subsequently set 8 September 2025 as the date for the trial of the claims of three of the named individual plaintiffs in the action. On 6 October 2025, the District Court found in favor of the Bank\u2019s US subsidiary by dismissing the plaintiffs\u2019 claim against it. On 17 October 2025, the jury rendered a verdict against BNP Paribas S.A. awarding USD 20.75 million in total to the three individual plaintiffs. On 8 January 2026, the District Court granted the Bank\u2019s motion to certify an immediate appeal of the jury verdict. BNP Paribas continues to have substantial and credible defences, including the absence of liability and causation under Swiss law which governs these actions. The Bank will continue to defend against them vigorously and strongly believes this result should be overturned on appeal.
BNP\u00a0Paribas Bank Polska holds mortgage loan portfolios in Swiss franc or indexed to the Swiss franc. The Swiss franc loan agreements, a majority of which were concluded in 2006-2008, were entered into in accordance with industry practices at the time of entry. Like many other financial institutions in Poland, BNP\u00a0Paribas Bank Polska is a defendant in civil proceedings with retail customers who took out these Swiss franc mortgage loans. BNP\u00a0Paribas Bank Polska is not a party to any class action proceeding in relation to such mortgage loan agreements.\u00a0
As at 31 December 2025, BNP Paribas Bank Polska was a defendant in 5,865 individual pending court proceedings, in which plaintiffs are demanding either a declaration of invalidity or a declaration of non-enforceability of the mortgage loan agreement and the reimbursement of the payments made thereunder to date. The significant number of claims against banks in relation to these mortgage loans is believed to have been impacted by changes in exchange rates since 2009, and developments in EU and Polish court rulings since 2019. In particular, Polish courts to date have, in the vast majority of cases, ruled that such mortgage loan agreements were invalid or non-enforceable.
Since December 2021, BNP\u00a0Paribas Bank Polska has been conducting individual negotiations with clients with whom it remains in dispute or with whom there is a reasonable risk of entering into a dispute.
Since 2024, disputes relating to consumer credit in Spain have primarily focused on the issue of contractual transparency within revolving credit agreements. This trend was further solidified by the Supreme Court\u2019s judgments issued on 30 January 2025. Ongoing litigation aims to bring the lower courts to further specify the practical application, to the various contract vintages, of the Supreme Court transparency criteria.
On October 7, 2025, the Financial Conduct Authority (\u201cFCA\u201d) in the UK released consultation paper CP25/27, setting out a proposal for a statutory Motor Finance Consumer Redress Scheme. This proposed scheme, which is designed to apply to regulated motor finance contracts, aims to compensate motor finance customers who were treated unfairly.\u00a0 The FCA received a significant amount of feedback from industry participants to the proposed scheme by the deadline of 12 December 2025. The scope of the redress scheme, the applicable time period for relevant agreements, the methodology for determining eligibility and compensation and the interpretation of key concepts remain subject to ongoing engagement with the FCA and could lead to changes in the final design of the scheme.\u00a0 The FCA has indicated that it intends to publish final rules and a policy statement in February or March 2026. The Group is closely following these developments and responding to regulatory requirements.
Like many other financial institutions in the banking, investment, mutual funds and brokerage sectors, the Bank has received or may receive requests for information from, or be subject to investigations by supervisory, governmental or self-regulatory agencies. The Bank responds to such requests, and cooperates with the relevant authorities and regulators and seeks to address and remedy any issues that may arise.
In 2023, BNP\u00a0Paribas premises (along with those of other financial institutions) were searched by the French financial prosecutor\u2019s office; BNP\u00a0Paribas was informed that the office had opened a preliminary investigation relating to French securities transactions.
There are no other legal, governmental or arbitral proceedings (including any such proceedings which are pending or threatened) that could have, or during the last twelve months have had, significant effects on the Bank\u2019s financial condition or profitability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_57f1fee8-0d61-4094-9ff6-e692a2651bbf": { "value": "As part of the integration of BNP Paribas Asset Management, BNP Paribas Real Estate Investment Management and Axa Investment Managers entities, and also in order to restore BNP Paribas Real Estate\u2019s competitiveness, the management of these business lines presented to their employee representatives at the beginning of 2026 reorganisation plans including an enhanced mobility scheme and a voluntary departure plan in France. These reorganisation projects would result in the reduction of approximately 700 positions, alongside the creation of more than 250 positions by the beginning of 2028.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_48746d8e-710b-43c0-94bf-117d650616f9": { "value": "The main categories of consolidated structured entities are:
ABCP (Asset-Backed Commercial Paper) conduits: the ABCP securitisation conduits Starbird and Matchpoint fund securitisation transactions managed by the BNP\u00a0Paribas Group on behalf of its customers. Details on how these are financed and the Group\u2019s risk exposure are presented in chapter\u00a05 of the Universal registration document under Securitisation as sponsor on behalf of clients / Short-term refinancing.
Proprietary securitisation: proprietary securitisation positions originated and held by the BNP\u00a0Paribas Group are detailed in chapter\u00a05 of the Universal registration document under Proprietary securitisation activities (originator).
Funds managed by the Group: the BNP\u00a0Paribas Group structures different types of funds for which it may act as fund manager, investor, custodian or guarantor. These funds are consolidated when the Group is both the manager and a significant investor and is therefore exposed to variable returns.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_449b7a1a-3600-4cb8-b666-92ae235f1fce": { "value": "The BNP\u00a0Paribas Group has entered into relations with unconsolidated structured entities in the course of its business activities to meet the needs of its customers.
The main categories of unconsolidated sponsored structured entities are as follows:
Securitisation: the BNP\u00a0Paribas Group structures securitisation vehicles for the purposes of offering customers financing solutions for their assets, either directly or through consolidated ABCP conduits. Each vehicle finances the purchase of customers\u2019 assets (receivables, bonds, etc.) primarily by issuing bonds backed by these assets and whose redemption is linked to their performance.
Funds: the Group structures and manages funds to offer investment opportunities to its customers. Dedicated or public funds are offered to institutional and individual customers and are distributed and commercially monitored by the BNP\u00a0Paribas Group. The entities of the BNP\u00a0Paribas Group responsible for managing these funds may receive management fees and performance commission. The BNP\u00a0Paribas Group may hold units in these funds, as well as units in funds dedicated to the insurance activity not managed by the BNP\u00a0Paribas Group.
Asset financing: the BNP\u00a0Paribas Group establishes and finances structured entities that acquire assets (aircraft, ships, etc.) intended for lease, and the lease payments received by the structured entity are used to repay the financing, which is guaranteed by the asset held by the structured entity.
Other: on behalf of its customers, the Group may also structure entities which invest in assets or are involved in debt restructuring.
An interest in an unconsolidated structured entity is a contractual or non-contractual link that exposes the BNP\u00a0Paribas Group to variable returns from the performance of the entity.
\u00a0
\u00a0
The Group\u2019s assets and liabilities related to the interests held in sponsored structured entities are as follows:
In millions of euros, at 31 December 2025 | Securitisation | Funds | Asset Financing | Others | Total |
|---|---|---|---|---|---|
INTERESTS ON THE GROUP BALANCE SHEET | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial instruments at fair value through profit or loss | \u00a0 | 1,377 | 1 | 227 | 1,605 |
Derivatives used for hedging purposes | 12 | 1,385 | \u00a0 | 76 | 1,473 |
Financial instruments at fair value through equity | 49 | \u00a0 | \u00a0 | \u00a0 | 49 |
Financial assets at amortised cost | 21,872 | 273 | 2,375 | \u00a0 | 24,520 |
Other assets | \u00a0 | 135 | 4 | \u00a0 | 139 |
Investments and other assets related to insurance activities | \u00a0 | 43,786 | \u00a0 | \u00a0 | 43,786 |
TOTAL ASSETS | 21,933 | 46,956 | 2,380 | 303 | 71,572 |
LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial instruments at fair value through profit or loss | \u00a0 | 3,125 | 41 | 195 | 3,361 |
Derivatives used for hedging purposes | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial liabilities at amortised cost | 81 | 17,200 | 135 | 179 | 17,595 |
Other liabilities | \u00a0 | 352 | 10 | 2 | 364 |
TOTAL LIABILITIES | 81 | 20,677 | 186 | 376 | 21,320 |
MAXIMUM EXPOSURE TO LOSS | 32,652 | 47,840 | 2,380 | 438 | 83,310 |
SIZE OF STRUCTURED ENTITIES(1) | 85,813 | 396,822 | 8,131 | 2,309 | 493,075 |
(1) | The size of sponsored structured entities equals the total assets of the structured entity for securitisation vehicles, the net asset value for funds\u00a0 (excluding management mandates) and the structured entity\u2019s total assets or the amount of the BNP Paribas Group\u2019s commitment for asset\u00a0 financing and other structures. |
\u00a0
In millions of euros, at 31 December 2024 | Securitisation | Funds | Asset Financing | Others | Total |
|---|---|---|---|---|---|
INTERESTS ON THE GROUP BALANCE SHEET | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial instruments at fair value through profit or loss | 2 | 1,198 | 1 | 125 | 1,326 |
Derivatives used for hedging purposes | 5 | 1,367 | 6 | 58 | 1,436 |
Financial instruments at fair value through equity | 69 | \u00a0 | \u00a0 | \u00a0 | 69 |
Financial assets at amortised cost | 27,785 | 184 | 2,166 | 7 | 30,142 |
Other assets | \u00a0 | 105 | \u00a0 | 3 | 108 |
Investments and other assets related to insurance activities | \u00a0 | 37,026 | \u00a0 | \u00a0 | 37,026 |
TOTAL ASSETS | 27,861 | 39,880 | 2,173 | 193 | 70,107 |
LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial instruments at fair value through profit or loss | \u00a0 | 2,952 | 64 | 108 | 3,124 |
Derivatives used for hedging purposes | \u00a0 | \u00a0 | \u00a0 | 4 | 4 |
Financial liabilities at amortised cost | 90 | 13,313 | 240 | 210 | 13,853 |
Other liabilities | 2 | 326 | 7 | \u00a0 | 335 |
TOTAL LIABILITIES | 92 | 16,591 | 311 | 322 | 17,316 |
MAXIMUM EXPOSURE TO LOSS | 39,265 | 41,022 | 2,173 | 816 | 83,276 |
SIZE OF STRUCTURED ENTITIES(1) | 91,098 | 367,479 | 7,677 | 4,580 | 470,835 |
(1) | The size of sponsored structured entities equals the total assets of the structured entity for securitisation vehicles, the net asset value for funds\u00a0 (excluding management mandates) and the structured entity\u2019s total assets or the amount of the BNP\u00a0Paribas Group\u2019s commitment for asset\u00a0 financing and other structures. |
The BNP\u00a0Paribas Group\u2019s maximum exposure to losses on sponsored structured entities is the carrying amount of the assets, excluding, for financial assets at fair value through equity, changes in value taken directly to equity, as well as the nominal amount of the financing commitments and guarantee commitments given and the notional amount of credit default swaps (CDS) sold.
The main interests held by the BNP\u00a0Paribas Group when it acts solely as an investor in non-sponsored structured entities are detailed below:
Besides, in the framework of its asset financing activity, the BNP\u00a0Paribas Group provides financing to structured entities that are established by and for its clients and whose purpose is to acquire assets (aircraft, ships, etc.) intended for lease to those same clients. These financings amount to EUR\u00a03\u00a0billion at 31\u00a0December 2025 (EUR\u00a03\u00a0billion at 31\u00a0December 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_6ba26f14-142f-4e7d-9094-3a0b0e9a4b82": { "value": "The Group\u2019s corporate officers, their spouse and their dependent children are considered related parties.
The remuneration and benefits policy relating to the Group\u2019s corporate officers, as well as the detailed information on an individual basis, are presented in chapter\u00a02 Corporate governance of the Universal registration document.
In euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Gross remuneration | \u00a0 | \u00a0 |
Gross remuneration paid during the year including benefits in kind | 11,540,951 | 11,064,899 |
Remuneration linked to the term of directorship (paid to the trade unions) | 518,457 | 519,062 |
Welfare benefits: premiums paid by BNP\u00a0Paribas during the year | 29,049 | 28,179 |
Post-employment benefits | 1,254,010 | 1,207,702 |
Share-based payments: conditional long-term incentive plan (LTIP) - fair value at grant date | 2,062,158 | 1,185,001 |
\u00a0
At 31\u00a0December 2025, no corporate officer is eligible for a contingent collective defined-benefit top-up pension plan.
Remuneration linked to the term of directorship paid to all members of the Board of directors in 2025 amounts to EUR\u00a01,945,342. This amount was EUR\u00a01,850,000 in 2024. The amount paid in 2025 to members other than corporate officers was EUR\u00a01,790,560 compared with EUR\u202f1,696,445 in 2024.
At 31\u202fDecember\u202f2025, the total outstanding loans granted directly or indirectly to the Group\u2019s corporate officers and their spouse and dependent children amounted to EUR\u202f3,875,019 (EUR\u202f4,628,369 at 31\u202fDecember\u202f2024). These loans representing normal transactions were carried out on an arm\u2019s length basis.
Other related parties of the BNP\u00a0Paribas Group comprise consolidated companies (including entities consolidated under the equity method) and entities managing post-employment benefit plans offered to Group employees (except for multi-employer and multi-industry schemes).
Transactions between the BNP\u00a0Paribas Group and related parties are carried out on an arm\u2019s length basis.
A list of companies consolidated by the BNP\u00a0Paribas Group is provided in note\u00a08.l Scope of consolidation. Transactions and outstanding balances between fully-consolidated entities are eliminated. The tables below show transactions with entities accounted for under the equity method.
In millions of euros, at | 31 December 2025 | 31 December 2024 | ||
Joint ventures | Associates | Joint ventures | Associates | |
ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On demand accounts | 1 | 5 | \u00a0 | 2 |
Loans | 3,605 | 141 | 3,343 | 705 |
Securities | 180 | 186 | 167 | 111 |
Other assets | 70 | 41 | 74 | 49 |
Investments and other assets related to insurance activities | 1 | \u00a0 | 1 | \u00a0 |
TOTAL ASSETS | 3,857 | 373 | 3,585 | 867 |
LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On demand accounts | 24 | 754 | 29 | 750 |
Other borrowings | \u00a0 | 272 | 7 | 470 |
Other liabilities | 55 | 22 | 46 | 32 |
Liabilities related to insurance contracts | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
TOTAL LIABILITIES | 79 | 1,048 | 82 | 1,252 |
FINANCING COMMITMENTS AND GUARANTEE COMMITMENTS | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financing commitments given | \u00a0 | 569 | \u00a0 | 248 |
Guarantee commitments given | \u00a0 | 227 | \u00a0 | 152 |
TOTAL FINANCING COMMITMENTS AND GUARANTEE COMMITMENTS | \u00a0 | 796 | \u00a0 | 400 |
\u00a0
The Group also carries out trading transactions with related parties involving derivatives (swaps, options and forwards, etc.) and financial instruments purchased or underwritten and issued by them (equities, bonds, etc.).
In millions of euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | ||
Joint ventures | Associates | Joint ventures | Associates | |
Interest income | 111 | 30 | 170 | 13 |
Interest expense | (1) | (19) | (7) | (38) |
Commission income | \u00a0 | 304 | 5 | 286 |
Commission expense | (2) | (110) | (1) | (107) |
Services provided | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Services received | \u00a0 | \u00a0 | 1 | \u00a0 |
Lease income | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net income from insurance activities | \u00a0 | 8 | \u00a0 | 6 |
Total | 108 | 213 | 168 | 160 |
\u00a0
In Belgium, BNP\u00a0Paribas Fortis funds a number of pension schemes managed by\u00a0AG Insurance in which the BNP\u00a0Paribas Group has a 25% equity interest.
In other countries, post-employment benefit plans are generally managed by independent fund managers or independent insurance companies, and occasionally by Group companies, in particular BNP\u00a0Paribas Asset Management and AXA IM.
At 31\u202fDecember\u202f2025, the value of plan assets managed by Group companies or by companies over which the Group exercises significant influence was EUR\u00a04,101 million (EUR\u00a03,858\u00a0million as at 31 December 2024). Amounts received by Group companies in the year to 31\u202fDecember\u202f2025 totalled EUR\u00a06 million, and were mainly composed of management and custody fees (EUR\u202f6\u202fmillion as at 31\u202fDecember\u202f2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_c23a53c4-8fb9-4277-afa0-5c49f5cfe7de": { "value": "The Group\u2019s corporate officers, their spouse and their dependent children are considered related parties.
The remuneration and benefits policy relating to the Group\u2019s corporate officers, as well as the detailed information on an individual basis, are presented in chapter\u00a02 Corporate governance of the Universal registration document.
In euros | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 |
|---|---|---|
Gross remuneration | \u00a0 | \u00a0 |
Gross remuneration paid during the year including benefits in kind | 11,540,951 | 11,064,899 |
Remuneration linked to the term of directorship (paid to the trade unions) | 518,457 | 519,062 |
Welfare benefits: premiums paid by BNP\u00a0Paribas during the year | 29,049 | 28,179 |
Post-employment benefits | 1,254,010 | 1,207,702 |
Share-based payments: conditional long-term incentive plan (LTIP) - fair value at grant date | 2,062,158 | 1,185,001 |
\u00a0
At 31\u00a0December 2025, no corporate officer is eligible for a contingent collective defined-benefit top-up pension plan.
Remuneration linked to the term of directorship paid to all members of the Board of directors in 2025 amounts to EUR\u00a01,945,342. This amount was EUR\u00a01,850,000 in 2024. The amount paid in 2025 to members other than corporate officers was EUR\u00a01,790,560 compared with EUR\u202f1,696,445 in 2024.
At 31\u202fDecember\u202f2025, the total outstanding loans granted directly or indirectly to the Group\u2019s corporate officers and their spouse and dependent children amounted to EUR\u202f3,875,019 (EUR\u202f4,628,369 at 31\u202fDecember\u202f2024). These loans representing normal transactions were carried out on an arm\u2019s length basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_61c24b46-ad49-4f35-91e6-267830e0ce83": { "value": "BNP\u00a0Paribas, a\u00a0soci\u00e9t\u00e9 anonyme\u00a0(Public Limited Company), registered in\u00a0France, is the Group\u2019s lead company, which holds key positions in its three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS).", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f7ecaffa-1cc6-4387-a25c-0a625a2ab59e": { "value": "soci\u00e9t\u00e9 anonyme", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f4c1b743-9747-4424-a704-2911f35748b1": { "value": "France", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fc_04e2f103-97ca-4953-b07d-d938e61f85b7": { "value": "16\u00a0boulevard des Italiens 75009 Paris", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fc_1de63cfc-60e8-4962-a1a3-a71f03ef19c5": { "value": "France", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_4247ffeb-0c49-43d1-873c-033ae308f542": { "value": "Year to 31 Dec. 2025 Excluding tax, in thousands of euros | Deloitte | EY | TOTAL | |||
Total | % | Total | % | Total | % | |
Certification of statutory audit | 33,756 | 81% | 33,873 | 78% | 67,629 | 79% |
Issuer | 10,212 | \u00a0 | 17,039 | \u00a0 | 27,251 | \u00a0 |
Consolidated subsidiaries | 23,544 | \u00a0 | 16,834 | \u00a0 | 40,378 | \u00a0 |
Certification of sustainability reporting and\u00a0sustainability-related information | 561 | 1% | 657 | 1% | 1,218 | 1% |
Issuer | 446 | \u00a0 | 458 | \u00a0 | 904 | \u00a0 |
Consolidated subsidiaries | 115 | \u00a0 | 199 | \u00a0 | 314 | \u00a0 |
Services other than those required for the certification of\u00a0statutory audit and sustainability reporting | 7,318 | 18% | 8,955 | 21% | 16,273 | 20% |
Issuer | 2,585 | \u00a0 | 3,846 | \u00a0 | 6,431 | \u00a0 |
Consolidated subsidiaries | 4,733 | \u00a0 | 5,109 | \u00a0 | 9,842 | \u00a0 |
TOTAL | 41,635 | 100% | 43,485 | 100% | 85,120 | 100% |
of which fees paid to External Auditors in France for\u00a0the\u00a0certification of statutory audit | 16,256 | \u00a0 | 15,175 | \u00a0 | 31,431 | \u00a0 |
of which fees paid to Statutory Auditors in France for\u00a0the\u00a0certification of sustainability reporting | 446 | \u00a0 | 589 | \u00a0 | 1,035 | \u00a0 |
of which fees paid to External Auditors and their network in\u00a0France for services other than those required for the certification of statutory audit and sustainability reporting | 2,218 | \u00a0 | 2,477 | \u00a0 | 4,695 | \u00a0 |
\u00a0
The amount of the External Auditors\u2019 fees for services other than those required for the certification of statutory audit and sustainability reporting is, as of 31 December\u202f2025, EUR\u202f1,158\u202fthousand for Deloitte\u202f&\u202fAssoci\u00e9s and EUR\u202f297\u202fthousand for Ernst\u202f&\u202fYoung\u202fet\u202fAutres.\u00a0
Year to 31 Dec. 2024 Excluding tax, in thousands of euros | Deloitte | EY | TOTAL | |||
Total | % | Total | % | Total | % | |
Certification of statutory audit | 34,381 | 82% | 34,531 | 82% | 68,912 | 82% |
Issuer | 10,771 | \u00a0 | 20,927 | \u00a0 | 31,698 | \u00a0 |
Consolidated subsidiaries | 23,610 | \u00a0 | 13,604 | \u00a0 | 37,214 | \u00a0 |
Certification of sustainability reporting and\u00a0sustainability-related information | 547 | 1% | 640 | 2% | 1,187 | 1% |
Issuer | 436 | \u00a0 | 448 | \u00a0 | 884 | \u00a0 |
Consolidated subsidiaries | 111 | \u00a0 | 192 | \u00a0 | 303 | \u00a0 |
Services other than those required for the certification of\u00a0statutory audit\u00a0 | 7,024 | 17% | 6,599 | 16% | 13,623 | 17% |
Issuer | 2,970 | \u00a0 | 4,362 | \u00a0 | 7,332 | \u00a0 |
Consolidated subsidiaries | 4,054 | \u00a0 | 2,237 | \u00a0 | 6,291 | \u00a0 |
TOTAL | 41,952 | 100% | 41,770 | 100% | 83,722 | 100% |
of which fees paid to Statutory Auditors in France for\u00a0the\u00a0statutory audit and contractual audit | 16,353 | \u00a0 | 18,784 | \u00a0 | 35,137 | \u00a0 |
of which fees paid to External Auditors and their network in\u00a0France for services other than those required for the certification of statutory audit and sustainability reporting | 436 | \u00a0 | 576 | \u00a0 | 1,012 | \u00a0 |
of which fees paid to External Auditors and their network in\u00a0France for services other than those required for the certification of statutory audit and sustainability reporting | 1,802 | \u00a0 | 2,123 | \u00a0 | 3,925 | \u00a0 |
\u00a0
The amount of the External Auditors\u2019 fees for services other than those required for the certification of statutory audit and sustainability reporting was, as of 31 December 2024, EUR\u202f1,337\u202fthousand for Deloitte\u202f&\u202fAssoci\u00e9s and EUR\u00a092\u00a0thousand for Ernst\u202f&\u202fYoung\u202fet\u202fAutres\u00a0
\u00a0
Audit fees paid to external auditors who are not part of the network of the external auditors certifying the individual and consolidated financial statements of BNP Paribas SA, as mentioned in the above table, amount to EUR 6,092 thousand for the year 2025 (EUR 8,176 thousand in 2024). Variation is mainly explained by the work performed by the PWC and Mazars firms whose scope of work significantly reduced in 2025 (EUR\u202f909 thousand) vs. 2024 (EUR 4,511 thousand dedicated to the review of the 2024 first quarter financial information of significant entities (of which BNP Paribas SA) and to the 2024 audit of several entities (Asset Management funds, Cardif Korea, Real Estate\u2026).
This year, services other than the ones required for the statutory audit mainly refer to issuance of attestation of accounting and financial information, review of the quality of the internal control as per the international standards (such as ISAE\u202f3402) within the framework of services provided to customers, especially in the Securities and the Asset Management Business Lines, expertise on the Bank\u2019s transformation projects, technical consultations on specific issues and assessment of the compliance of the entity\u2019s framework with Law/Regulation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_4ad254dd-a3ce-40db-ae7c-6384baa536cc": { "value": "To ensure the Group\u2019s sustainability, the Bank must maintain an adequate level of capital with respect to the risks to which it is exposed in the course of its activities and strategy. Capital is a rare and strategic resource, which requires stringent, clearly defined, rigorous management according to an approach, which takes account of the needs and demands of stakeholders, including shareholders, supervisors, creditors and depositors.
BNP\u00a0Paribas\u2019 capital management:
BNP\u00a0Paribas\u2019 capital management aims to ensure and verify that the Group has adequate capital to comply with the regulatory capital ratios, as well as specific requirements, for instance to operate as a Global Systemically Important Institution (G-SII) To ensure its capital adequacy, the Group abides by the following principles:
\u00a0
The governance of the development, approval and update of the capital planning process is handled by two committees:
Whenever relevant, the Capital Committee factors in reputational risk in its monitoring and decision-making process.
The Capital Committee is also the Group\u2019s competent Executive Management authority for all issues related to the internal credit and operational risk model and the methodologies used in the ICAAP.
Capital management at the consolidated level rests on the following indicators:
This management is based on two closely linked processes:
\u00a0
The BNP Paribas Group has to allocate available capital among its different entities. To ensure a free and efficient flow of capital throughout the group, the capital allocation process within the Group is centralised at head office level. It is mainly based on two principles: compliance with local regulatory requirements and analysis of the local business needs of the entity and growth prospects. In line with these two principles, the aim is to minimise capital dispersion.
Local Chief Financial Officers are responsible for the daily management and reporting of their subsidiaries\u2019 capital requirements. When a capital need arises, it is analysed on a case-by-case basis by dedicated teams at group level, taking into consideration the subsidiary\u2019s present position, its future strategy as well as the Group\u2019s one in the relevant country, the entity\u2019s growth prospects and the macroeconomic environment. Furthermore, each year, the group manages the subsidiaries\u2019 earnings repatriation process. The Group general policy stipulates that the entire distributable profit of every entity, including retained earnings, must be paid out. This policy ensures that the capital remains centralised at the BNP\u00a0Paribas\u00a0SA level and also contributes to reducing the foreign exchange risk. Exceptions are considered on a case-by-case basis.
Local Chief Executive officers are in charge to ensure financial sustainability of subsidiaries and its competitiveness in terms of capital. However, any mesure asked by the subsidiary regarding capital is subjected to Headquearters analysis and approval.
Otherwise, the Group yearly analyse the subsidiaries capital adequacy aiming to maintain own fund level appropriate concidering regulatory requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }