2 0 2 3 I N T E G R AT E D R E P O R T

POSITIVE
FUTUREPOSITIVE
FUTUREI – OUTLOOK
P.6	BNP Paribas, a European leader
serving a sustainable economy
P.10 Message from Jean Lemierre
P.12 Interview with Jean-Laurent Bonnafé

II – AMBITIONS
P.18 GTS 2025 strategic plan: significant progress
P.22 Three operating divisions to serve our customers
P.28 A diversified and integrated model to create value
P.30 Our financial indicators
P.32 Our extra-financial indicators

III – TRANSITIONS
P.36 Experts’ views on transitions’ challenges
P.38	Our strategy: how to contribute to the transition
to a low-carbon world?
P.42 Our initiatives to support the transitions

IV – INNOVATIONS

How to build
a positive future?
Throughout 2023, we mobilised alongside our stakeholders in a complex economic, social and climate
context. We supported our customers, partners and employees in the execution of their projects, andwe’re determined to move into a positive future, that we are committed to building with them.

P.50 Experts’ views on technological challenges
P.52	Our strategy: how can we turn technologicalinnovation into a lever for efficiency and growth?
P.56 Our progress in innovation and technology

This positive future means successfully transitioning to a low-carbon economy, the only way to combat

V – INCLUSION

A positive future also involves choosing innovations that serve everyone and bring about progress for all.

P.64 Experts’ views on inclusion challenges
P.66 Our actions to foster inclusion

VI – GOVERNANCE
P.74 Listening to our stakeholders
P.76 Our governance bodies
P.77 Our shareholders and investors
P.78 Our Board of Directors
P.80 Our Executive Committee

climate change and preserve our planet’s vital ecosystems. A planet where economic players will be able
to create value while protecting nature for future generations.
A society where digital technology is simple, fluid and accessible, while guaranteeing users optimal security.
Finally, a future cannot be positive without being inclusive. A world where growth is better shared andopportunities more equitably distributed, in order to bring to life the values of diversity, equality and solidarity.

Proud of the progress we’ve made and optimistic about our collective ability to build a positive future,
we work alongside you every day to achieve it.

Outlook
BNP Paribas, a European leader serving a sustainable economy — 6
Message from Jean Lemierre,
Chairman of the Board of Directors of BNP Paribas — 10Interview with Jean-Laurent Bonnafé,
Director and Chief Executive Officer of BNP Paribas — 12

04

As the leading bank in the European Union, BNP Paribas works
as closely as possible with its clients to meet their needs, while
contributing to a sustainable economy. The consistency of ourstrategy enables us to continue our development across all ourgeographies, supported in particular by our technological advances
and the commitment of our teams. A solid course of action,
enabling us to move forward with confidence in the faceof major challenges.
05

2023 INTEGRATED REPORT - BNP PARIBASOUTLOOKBNP Paribas, a European
leader serving asustainable economy

S

ince its creation in 2000
through the merger of banks
embedded in the European
and global economy for overtwo centuries, the Group
has set itself the task ofcontributing to a sustainableeconomy. Driven by this ambition,
we ensure that our business has
a positive impact in our own operations,in the solutions for our customers
and in the role we play in society.

We support our customers
around the world

We have built a European leader with
global reach, able to advise and support
its customers around the world. Active
in 63 countries and regions, BNP Paribas
is the European Union’s leading bank(1).
In this region, most of our business lines
hold key positions, often as leaders intheir markets, such as our cash flow (CashManagement, Trade Finance and Factoring)and capital markets activities, as well as
our specialised businesses such as longterm leasing and asset management.
Through its retail activity, our Group
operates in four markets in the eurozone:
France, Italy, Belgium and Luxembourg.
It is also rolling out its integrated

commercial banking model in a numberof other countries, notably Ukraine, Poland,
Türkiye, Algeria, Morocco, Kosovo and in
China, through its minority stake in Bankof Nanjing. As a leading banking player,
BNP Paribas also has a strong presencein the Americas and a fast-growing capacity
to intervene in Asia-Pacific.

Our founding values hardbaked into our culture

BNP Paribas can count on the commitmentof its nearly 183,000 employees to support
all its customers – individuals, community
associations, small businesses, SMEs, large
corporates and institutional investors –at every stage of the economic cycle. At theheart of our collective dynamic, the sumof our expertise and the cohesion of ourteams feeds our responses to the needs
and expectations of our customers. We also
rely on the stability of our governancebodies, which guarantee the managementof our strategy over the long term, withthe objective of controlled development
and responsible growth. Our governing
bodies act in the joint interest of our Groupand our stakeholders. They ensure thatevery decision is marked by our intangible
demand for ethical responsibility.
To meet the key challenges ofenvironmental protection, regional
development and social inclusion,
we pursue a proactive approach to socialand environmental responsibility.
This is reflected in our commitment topromoting and rolling out sustainablefinance, with a view to building a
low-carbon and inclusive economy.

06

Our distinctive model
underpins our performance
Our diversified and integrated modelis based on our three operating divisions.
Their leading positions and theirconsiderable complementarity drive
our overall performance. Corporate& Institutional Banking brings together
corporate clients with financing needs
and institutional customers looking forinvestment opportunities. Commercial,
Personal Banking & Services encompasses
all our commercial & personal banking
and a number of specialised businesses.
Investment & Protection Services gathers
our protection, savings, investment and realestate services.
By combining our global footprint with theirlocal presence, our three divisions provide
a wide range of products and solutions
across all our regions. The synergies
among all our business lines and our ability
to meet the changing needs and usesof our customers in a coordinated way
give our business model its distinctive,
high-performance character. Resilient inall environments and drawing its power of
execution from the strong integration of all
our areas of expertise, this model gives usa tangible competitive advantage in all ourmarkets and ensures that our customers
receive long-term support at every stage of
their development. BNP Paribas also stands
out for its financial strength, as illustrated
by the scale of its balance sheet, its market
capitalisation, its Common Equity Tier 1
capital, its revenues and its net income.

182,656
employees(2)in 63 countries and territories

Our presence worldwide
As at 31 December 2023

4,846

21,348

employeesin North America

employees
in Asia-Pacific

4,263

employees
in South America

5,661
employees
in Africa

58,127
employees
in Europe488

employees
in the Middle East

55,71012,732

15,931

3,552

employees
in France(outside France, Belgium,
Italy and Luxembourg)

employees
in Italy

employees
in Belgium

employees
in Luxembourg(1) In terms of market capitalisation. (2) Figures as at 31 December 2023 on an FTE basis (Full-Time Equivalent, headcount pro rata to working hours). For permanentand fixed-term contracts; unpaid absentees are not included in these figures. Figures detailed on the above map have been rounded.

072023 INTEGRATED REPORT - BNP PARIBASOUTLOOK

The quality of our risk management,
which is simultaneously prudent, proactive
and forward-looking, is reflected in a low
cost of risk, of 32 basis points in 2023,
and a cost of risk to gross operating
income ratio that is one of the lowest
among European banks.

We mobilise the bestof technology

We prevent andmanage risks
In a changing and demanding
environment, we remain ever vigilant
in dealing with all the risks BNP Paribas
is exposed to.
By anchoring this risk management
culture in our practices, we preserveand strengthen the Group’s resilience
over time. We continuously optimise
our internal control system in order
to identify the main risks we areexposed to, while anticipating emerging
ones. This rigorous control, which
operates at all levels, is based on threelines of defence. The first is carried out
by the operational entities, businesslines and functions, and the second is
the permanent control managed by
the Compliance, LEGAL, RISK, Tax and
Finance functions. The third, under the
responsibility of the Inspection Générale
function, supplements their actions
with periodic controls. This control
system is reinforced by a strong cultureof compliance, widely shared in-house.

As long-term partners of our customers,
we are there to help them achieve theirprojects, whatever the circumstances.
We listen to them and provide them with
innovative solutions, while ensuring ahigh level of data and operational security.
To offer customers a smooth, personalised
and secure experience, we rely on our
powerful business platforms. Largely
digitised and at scale, they combine
global connectivity and speed of execution.
By focusing on digital technology
and agility, we are also supporting theongoing development of our employees’skills, with a view to nurturing all ourtalent, while collectively strengthening
our operational performance.
Because we are convinced that useful
innovation results from collaboration
between many players, we areprogressively building an ecosystemthat includes corporate clients,
institutions, start-ups, networks
and community organisations. Applied
for over 10 years, our open innovation
approach has become one of the driving
forces behind the digital transformationof our activities.

O U R P E RF O RMA N C E
I N 20 23 RE F L E C TSO U R P O SI T I O N A S T HE
E U RO P E A N U N I O N ’ S
L E A D I N G BA N K€46.9bn

Alongside our customers,
we are moving towards
a sustainable future

Distributablerevenues(3)Building on the strength of our solid
foundations and positions, the track recordof our transformation process and thestability of our management teams, we arecontinuing on the path of our development
trajectory. Its goal is to make BNP Paribas
an innovative company, combining thebest of people and technology, and a key
partner in helping its customers makethe transition to a low-carbon economy.

€11.2bn
Distributable net income,Group share(3)As a major player in the financing of
the energy transition, the Group is fully
aware of the role it must play, by directing
financing flows towards the generation of
low-carbon, mainly renewable, energies.
We are fully focused on achieving ourgoal that is to finance a carbon-neutral
economy by 2050. By 2030, low-carbon
energy will account for 90% of our energy
financing. We are thus reasserting
our commitment to a sustainablemodel, combining economic efficiency
with a positive impact, while helping
our customers embark in a just transition.

€474bnImmediately available
liquidity reserve

A D I ST I NCT I VE AN D PO WERFU L MODEL

13.2%

A customer-centric
model

An integratedmodel

A diversifiedmodel

A modelat scale

The Group has a long-term
approach to customer
relationships, relying specificallyon strong risk management.

Through collaboration across all its
business lines and its global presence,
the Group is able to meet a wide range ofits customers’ needs and support themin their development.

The Group’s diversification interms of customer segments,
regions, sectors and businesses
ensures great stability.

The Group’s development andexpansion are bolstered bydigitisation and new technologies,
enabling powerful execution
at marginal costs.

08

CET1 ratio(4)(3) Results used to calculate the payout in 2023 reflecting the Group’s intrinsic
performance after the impact of the disposal of Bank of the West and after
the contribution to the creation of the Single Resolution Fund (SRF), excluding
extraordinary items - Changes calculated on this basis. (4) Common Equity
Tier 1 (CET1), fully loaded Basel 3. Solvency ratio. Capital Requirements Directive(CRD 5); including IFRS 9 transitional arrangements.

09

OUR
STRENGTH
AND OURDISTINCTIVEMODELOUTLOOK

Message from Jean Lemierre,
Chairman of the Board of Directorsof BNP ParibasT

he year 2023 was marked by persistentarmed conflicts which produced dramaticconsequences for civilians. Ukraine has
shown great resilience in the face of theRussian invasion. This war directly affects
the 5,000 employees of our subsidiary
UKRSIBBANK. They have all demonstrated
an extraordinary commitment to maintaining the Bank’s
activity and meeting the essential needs of the economy
in times of war. In Israel, the terrorist attacks of 7 Octobersparked a new war in the region, with the death tollcontinuing to rise. From the outset, BNP Paribas
mobilised to aid the civilian population, the main victimsof the conflict. These conflicts disrupt global geopoliticalbalances and create worldwide tension.

give us the momentum
needed to meet climate andtechnological challenges.

2023 was also marked by natural disasters on an
unprecedented scale in Türkiye, Syria and Morocco.
Under these circumstances, and thanks to thesolidarity of our teams, our Group provided support
to the associations helping the victims.
In parallel to these events, the effects of climate change
continue to be felt ever more strongly. 2023 was thehottest year in history.
The world is also undergoing rapid changes in technologies
and their uses. These advances are generating newopportunities and raising significant societal challenges,
such as data security and protection, digital sobriety
and the fight against disinformation.
Our societies and economies are facing the convergenceof these economic, environmental, geopolitical, societal
and technological risks. In these circumstances, everyone
needs to act, starting with institutions, the European
Union and central banks, which are exercising theirregulatory powers to manage these risks and ensure
the stability of the economy. Companies – andbanks in particular – have an essential role to playin the transition to a low-carbon economy. Hence theimportance of the Corporate Sustainability Reporting
Directive (CSRD). Implemented on 1 January 2024,
the directive sets out a methodological framework
for assessing a company’s financial performanceand impact. Companies also have a decisive roleto play in adopting new technologies, which must be
deployed in a highly secure environment. In this context,
the protection of our clients’ data is crucial. Training
our teams in the reasoned and ethical use of various
technologies is also an essential prerequisite to making
the most of them in a responsible manner.

102023 INTEGRATED REPORT - BNP PARIBAS

A complex and uncertain
macroeconomic environment

When analysing the main trends in the global
economy, it’s clear that the repercussions of conflictare weakening it. The economic slowdown is visible
across all regions. Chinese growth slowed to +5.2%
in 2023, the lowest rate for three decades, not including
the Covid period. In the eurozone, Germany’s GDP
was down by 0.3%. On the inflation front, while
vigilance is still required, the tightening of monetary
policies seems to be starting to bear fruit. After fallingin the United States, inflation in the eurozone fell toits lowest level for two years at the end of 2023.
Faced with a high interest rate scenario, economic
agents are finding it harder to access financing,which is penalising their projects and investments,
with particularly tangible effects on certain sectors
such as real estate. After a rather sluggish 2023
and early 2024, economic growth should resume
in the second half of the year, buoyed by expectationsof lower interest rates and the prospect of monetary
policy beginning to ease. 2024 is thus a pivotal year,
especially as it’s marked by major electoral cycles,with the elections to the European Parliament in Junein Europe and the presidential election in Novemberin the United States, the results of which willundoubtedly have an impact on the economy.
As such, we call on the European Union to seize
the opportunities presented by this electoral calendar
to finalise the project to unite its capital markets.
Their relative share at the international level is too
small: 10%, while they represent 18% of global GDP.
The European economy is mainly financed by banks.
It’s our responsibility to expand the use of the financial
markets to increase its financing capacities.

“We’re committed to working
alongside our customers,building a progressive future
together in the face of the
major challenges posed by thetransition to a low-carbon world
and the support during therevolution brought about
by artificial intelligence.”11

We will only be able to achieve this through thecreation of a unified market, which is essential tostrengthening the European Union’s competitivenessand meeting the immense financing needs required by
the ongoing ecological and technological transitions.

Providing support
for societal changes

Our positioning as the leading bank in the European
Union and our financial strength enable us tocontribute to these major societal challenges overthe long term. We can rely on the power and efficiencyof our diversified and integrated model, as well as on
the consistency of our strategic vision, which enabledus, once again, to deliver solid financial results thisyear. Combined with our stable governance andprudent risk management, these strengths enable
us to continue our growth for the benefit of ourcustomers, our shareholders and the world we live in,by making a significant contribution to ecologicaland technological transitions. All over the world,
our teams work to support our customers in the faceof these major changes and challenges, collectively
building a prosperous and inclusive future.
In this respect, our Group is actively playing
its part in the transition to a low-carbon economy,
the only possible way to face the intensificationof climate change and the loss of biodiversity.
We’re also fully aware of the revolution brought
about by the use of artificial intelligence (AI),and, more recently, generative AI. This technology
is creating unprecedented opportunities for all
sectors of the economy but needs to be used ina responsible and controlled manner. Thanks to AI,
we can enhance the customer experience, improve
our operational efficiency and better prevent risks.
Faced with the numerous challenges that this entails,
we’re adopting a strategy of gradual, controlled
adoption and deployment.
To combine economic efficiency and positive impact,
we’re staying the course expressed by our Company
purpose: to serve our customers and the world
we live in, moving forward together towards a positiveand sustainable future in which we prioritise people
and their ecosystems. We intend to contribute to thisfuture through each of our actions.
INTERVIEW CONDUCTED ON 12 MARCH 2024.

OUTLOOK

Preparing for the futuremeans helping our clientsnavigate the cycles and

SUPPORTING
THEM IN THEIR
TRANSITION
to a low-carbon world.

2023 INTEGRATED REPORT - BNP PARIBAS

International news is dominated by conflicts,
which have lasted for months. How do you view
this situation?
JEAN-LAURENT BONNAFÉ The last few months have indeed
been marked by successive tragedies that cannot leave
us indifferent. In addition to the aggression against
Ukraine, which has continued and become a lasting
conflict, our world is grieving the events unfoldingin the Middle East. The unbelievable violence ofthe terrorist attacks in Israel led to the war in Gaza
and the terrible suffering of the local civilian population.
For a global bank such as BNP Paribas, these situations
are both complex and painful, especially as manyof our employees are directly concerned. BNP Paribas
is present in Ukraine, through UKRSIBBANK. We can only
admire and be extremely grateful to our subsidiary’s
5,000 employees for their commitment, which isessential if we’re to maintain the continuity of banking
services that the public and businesses so desperatelyneed. More generally, we strive to provide concrete
help to people in all the regions concerned throughour Rescue & Recover Fund.

How do these geopolitical events weighon the global economy and impact yourclients and their projects? What is
BNP Paribas’ role in this troubled context?

J.-L. B. Beyond their human impact, these conflicts,

which reflect the fragmentation of the world, disrupt
the global economy, which is operating in slow
motion. Growth in China hasn’t yet recovered.
And the economy remains depressed in Europe,with the slowdown particularly affecting households,
small and medium-sized enterprises (SMEs) andvery small enterprises (VSEs), which are being forced
to postpone or scale down their projects. Faced withthis instability, our customers are more vulnerable
than ever and need our help.
Our role is to listen to them, understand their specificneeds and help them manage this complexity, which
is a source of uncertainty for the future. This, our
responsibility as the leading bank in the European
Union, is vital in all phases of the economic cycle.
In this unstable context, it’s essential for us to
support, advise and finance all our clients – individual,
corporate and institutional – by providing them with acomprehensive range of solutions adapted to their needs.
In addition to helping our clients, under the best
possible conditions, to absorb the short-term shocks
that we all endure, we support them in their transition
to a low-carbon economy. We cannot lose sightof this long-term goal. On the contrary, we must
continue to help them move towards this inevitablechange in model.

Interview with
Jean-Laurent Bonnafé,
Director and Chief Executive Officerof BNP Paribas

Furthermore, over the last few months, majoradvances in artificial intelligence (AI), and in particular
generative AI, have prompted us to recognise,

12

13

11.2
billion euros of
distributable net income,Group share(1)for ourselves and for our customers, the considerable
potential for transformation offered by these newtechnologies, while at the same time establishing
the safeguards needed to ensure that they’re usedsensibly and responsibly.

Let’s turn to BNP Paribas’ results for 2023.
How do you rate its performance?

J.-L. B. In the lacklustre market environment we’re
experiencing, our Group delivered very strong results.
This performance is solid and creates value for all
our stakeholders. BNP Paribas continues to growfaster than the economy, developing and gaining
market share. With revenues of close to €47 billion
in 2023, our performance is reflected in our net
distributable income: in line with the target we
set ourselves, it amounted to €11.2 billion in 2023,
up 14.1% on 2022. As for our operating expenses,
they were down by 1%. The Group thus recorded
a positive jaws effect(2). The cost of risk is low, andthe risk profile is improving structurally. These results
allow us to confirm a steady growth trajectory for our
net income Group share through the economic cycle.
To follow our trajectory, we rely on our key principles,
which are the engine of our development:
the resilience of our diversified, integrated
and scalable model; the consistency of ourstrategic guidelines; the effectiveness of our
European platforms; and the unwaveringcommitment of our teams to meet the needsof our clients. As such, I would like to thankour 183,000 employees for their contributions,year after year, to the development of our Group.
Our three operating divisions make an effective
contribution to the overall performance of
BNP Paribas. In EMEA, Corporate & Institutional
Banking (CIB) is the leading European CIB and thethird-largest global CIB(3), alongside two US banks.

“2023 saw a sharp accelerationin the shift of our model towards
the financing of low-carbon,
mainly renewable, energies.”

Through targeted investment and the mobilisationof all our fields of expertise, our second pillar,
Technology, is continuing to develop, further
optimising the experience for our clients andemployees, as well as reinforcing our operational
performance. We’re also stepping up our drive toindustrialise artificial intelligence (AI), with morethan 750 use cases under production. We’re adopting
generative artificial intelligence, whose fields
of application are paving the way for significant
transformations that we’ll need to support. As withany innovation, we’re making sure that we deploy
AI in a secure environment that protects our data
and that of our customers. Guidelines for use arenecessary, namely by defining a regulatory framework
for the responsible use of AI to make this technology
a lever for progress and development. Lastly, we’recontinuing our collaboration with the technology
ecosystem, notably through partnerships with morethan 200 start-ups.

Regarding the third pillar, Sustainability, at thestart of 2023 you accelerated your support ofthe ecological transition. How are things going?

J.-L. B. 2023 saw a sharp acceleration in the shift of ourmodel towards the financing of low-carbon, mainly
renewable, energies. We’re turning the page on fossil

1,000

Up 10 basis points since the end of 2022, its global
market share benefits from synergies among its
three business lines – Global Banking, Global Markets
and Securities Services – serving our corporate andinstitutional clients. For its part, Commercial, Personal
Banking & Services (CPBS) posted growth in businessactivity of over 4% due to the dynamism of ourcommercial & personal banking and to the continued
growth of the specialised business lines, in particular
Arval, BNP Paribas Leasing Solutions and BNP Paribas
Personal Investors. Lastly, despite headwinds having
a significant effect on BNP Paribas Real Estate, as
on all players in the real estate market in the current
context and interest rate scenario, our Investment& Protection Services (IPS) division continued to rollout its plan and pursue its strategic initiatives.
Our Insurance results improved, driven by protection
activities. BNP Paribas Wealth Management and
BNP Paribas Asset Management recorded strong
revenue performance in all their regions.

The roll-out of the GTS 2025 strategic plan,
launched in February 2022, is now at its halfway
point. Will you achieve your targets?
J.-L. B. Despite an uncertain economic environmentthat is very different from the assumptions on which
our plan was based when it was first conceived,
we can say that, at the halfway point, we’re on track
to meet our targets, and to do so for the three pillarsof our GTS 2025 plan.

Concerning the first pillar, Growth, our activity
is growing in many business lines, most of which
are market leaders in Europe. We’re successfully
rolling out cross-functional initiatives, particularlyin the fields of mobility and payments, two strategic
growth drivers. As a result, we met our additional
revenue targets in payments two years aheadof schedule. Last October, we launched our new
brand dedicated to mobility, BNP Paribas Mobility,
designed to bring together the expertise of all ourbusiness lines involved in this topic to strengthen
our European leadership.

14#12023 INTEGRATED REPORT - BNP PARIBASOUTLOOK

AI use cases under
production in 2025

worldwide in ESG bonds
and loans with62.5 billion US dollars in 2023(4)fuels and accelerating our transition strategy: we’ve
pivoted our energy production financing activities.
Today, 65% of our loan portfolio is already made up
of low-carbon energies. This share will reach 80% by
2028, two years ahead of our target, and 90% in 2030.
Low-carbon energies will then represent nine-tenthsof our financing in the energy sector, compared toonly one-tenth in 2012. These positive advances
illustrate the transformative momentum at workthroughout the Group. In addition to this fast pivotingof our energy portfolio, we are reducing the intensityof financed CO2 emissions for new sectors such asaviation, shipping and commercial real estate.

will change certain professions. It’s just as crucial
to attract new profiles to take full advantage of therange of potentials technological innovations offer.

What is BNP Paribas’ outlook from now until
the end of the plan, and in the longer term?

J.-L. B. The strategic course that the Group has set
for itself is clear and guides us in a context thatis quite uncertain, with many unknowns. Central
banks have managed to contain inflation at theexpense of tightening their monetary policy. Despite
this encouraging sign, inflation remains above thetarget rate of 2% set by the ECB which decided inearly March 2023 to keep its key rates unchanged.
High interest rates will therefore continue to weighon economic momentum, and particularly on loans.
In this context, we remain both vigilant in controlling
our costs, and determined to achieve our targets,so that we can use our strengths to build a positive
future that puts people, and therefore theirenvironment, at the heart of our priorities. We willbuild this sustainable future through the strengthof the collective we create with all our stakeholders.
I am of course thinking of our clients and partners,
whom we support in their transition and projects;of our employees, whose commitment and expertiseare essential to achieving this; of our shareholders
whose loyalty I commend; and of the players in civilsociety, alongside whom we act through our corporate
sponsorship activities and our initiatives to promote
the inclusion of the most vulnerable.
INTERVIEW CONDUCTED ON 15 APRIL 2024.

In addition to these actions, we keep in mind
that our impact is strongest when we’re playing
the role of catalyst and accelerator for theenergy transition of our corporate and individual
customers. This is why, for the second year ina row, the Group was the world leader in green
bond issues(5). We’re stepping up action on thisfront, alongside our clients from all sectors,
to support the immense and essential
transformation that the entire economy must
make, while doing our utmost to contributeto a just transition.
I would add that the three pillars of our plan are
based on an essential asset, our teams, without
which none of this progress would be possible.
To achieve all the goals of the plan, we’re paying
close attention to the development of the skills
and potential of each team member, and we
attach particular importance to strengthening
the commitment of all our teams. In this fastchanging world, we need all our talents, with all
their diversity, to build the future in an environmentthat fosters cohesion and equal opportunities.
It’s therefore essential to support and train them,
particularly at a time when the massive arrival of AI

15(1) Based on the distributable income used to calculate the distribution in 2023 and reflecting the
intrinsic performance of the Group after the impact of the disposal of Bank of the West and after
the contribution to the creation of the Single Resolution Fund (SRF) and excluding extraordinary
items – Changes calculated on this basis. (2) +1.0 point on a distributable basis and excluding
exceptional operating expenses and taxes subject to IFRIC 21. (3) Coalition Greenwich 3Q23 YTD
Competitor Analytics. Ranking based on the banks in the Greenwich Coalition index and on the
product structure of BNP Paribas, EMEA: Europe, Middle East, Africa. (4) Dealogic 2023: total ESG
bonds (sustainable, green, social, sustainability-linked bonds) and ESG loans (green, social, ESG-linked
loans/sustainability-linked loans). (5) Bloomberg, bookrunner in volume as at 31 December 2023.

Ambitions

In 2023, BNP Paribas once again performed very well, despite an
uncertain market environment. It is in this context that we continue
to pursue our transformation, driven by our GTS 2025 strategic plan,by making the most of our distinctive and efficient model based on thediversity and complementarity of our business lines. A value-creating
dynamic involving all Group entities.

GTS 2025 strategic plan: significant progress — 18
Three operating divisions to serve our customers — 22
A diversified and integrated model to create value — 28
Our financial indicators — 30
Our extra-financial indicators — 32

1617

2023 INTEGRATED REPORT - BNP PARIBASAMBITIONSGTS 2025
strategic plan:significant
progress

O UR G TS 20 25
STR ATEGI C PL A N

B

NP Paribas continued theroll-out of GTS 2025 with great
determination, despite a difficult
geopolitical context and an
uncertain economic scenario.
Thanks to the commitmentof our 183,000 employees,
who are fully committed to our clients,
we are steadily advancing at the set
pace. We’re making faster-than-expected
progress on certain major topics, such as
our trajectory to phase out financing for fossil
fuels. This is a true source of satisfaction
for the Group, especially after we raised
our targets at the start of the year.

Three structuring pillars

GROWTH: pursue profitable growthby building on our positions as a European
leader;GrowthContinued profitable
growth by leveraging
the Group’s leading
positions in Europe

Our employees are the main architectsof our roadmap’s progress. As they’realso a high priority, we’re implementing
numerous actions to develop their expertiseand strengthen their individual andcollective performance.

Sustainability

Accelerated mobilisationof the Group’s businesslines on sustainablefinance issues… with the full
benefit of ourintegrated anddiversified
operating model

built on three strengths
Technology andindustrialisation
at the heart of ourmodel

Deploymentof sustainablefinance and ESG
at scaleDevelopmentof employees’
potential andengagement

in order toFosterorganic
growth18… strategicallyaligned to best
serve clients andpartners…

Leading
Europeanplatforms…

SUSTAINABILITY: sharply accelerate andmobilise all our business lines on sustainablefinance issues.

Human capital, the foundationof our successTechnology

Technology for optimisedclient/employee
experience andoperational performance

fuelled by a powerful model

TECHNOLOGY: use technology for thecontinuous improvement of our clients’ andemployees’ experience and our operational
performance;

Halfway through its implementation, GTS 2025
is on track to meet its key objectives. Launchedin February 2022, our strategic plan aims toconsolidate BNP Paribas’ European leadershipand accelerate the transition of our clients toa low-carbon economy. Through the powerof its diversified, integrated and scalable model,
the Group made significant progress in 2023
for the benefit of its customers and society.

Strong ambitions

GainmarketsharesDevelopnew
opportunities

Generate
economiesof scale2023 INTEGRATED REPORT - BNP PARIBASAMBITIONS700GROWTH
Building on our European
leadership to continue our growthWith GTS 2025, we continue to grow,driven by our diversified, integrated
and scalable model. Our three operating
divisions – Corporate & Institutional
Banking (CIB); Commercial, Personal
Banking & Services (CPBS); Investment& Protection Services (IPS) – made fullcontributions to the Group’s value creationin 2023 through their performanceand the complementary nature of theirareas of expertise.

Strong and sustainable
development levers

In addition to the performance achieved,
the unique positioning of our threedivisions helps to strengthen our leading
positions in Europe, notably in financing
and market activities, the commercial
banking business lines, the sustainablemobility sectors, and payment and savings
products. These strengths enable us tosteadily gain market share and to movefaster and further along the road to growth.

“Through the mobilisationand expertise of our teams,
who benefit from ourtechnological advances,
BNP Paribas continues
to grow and gain market
share.“
Jean-Laurent Bonnafé,
Director andChief Executive Officer

Over

SUSTAINABILITY
Accelerating the substitutionof fossil fuels by low-carbon
energies

AI specialists
workingin the Group.

As part of GTS 2025, in 2023 we launched
a new strong phase of acceleration in ourenergy transition financing activities.
While BNP Paribas had, for the most part,
already shifted its stock of energy financing
towards low-carbon energies, with a shareof 54% at the end of 2022, we strongly
accelerated in early 2023.

TECHNOLOGY
Placing technology
at the heart of our efforts
to improve our customers’
and teams’ experience
With GTS 2025, we’re stepping up theindustrialisation of our technologies, focusing
on both our customers, to whom we provide
innovative and secure services that meet their
expectations, and our employees, by infusing
more autonomy and cross-functionality at theheart of working methods.

Multiple levers for ouroperational efficiency

We also continued to redeploy thecapital released by the sale of Bank of
the West. Nearly €3 billion has alreadybeen reinvested, one-third of which inorganic growth and two-thirds of which
in targeted partnerships and acquisitions,such as the strategic partnership signedwith BCC Iccrea in Italy.

As we continuously strive to protect our Groupand our clients from cyber risks:+10.2%
increase in 2023
distributable net income,vs 2022 reported.

2022 reported net income: €10,196m, inc. Bank of the West.

“Our drive toindustrialise throughtechnology is notablyreflected in ourwidespread adoptionof AI and our capacity
to make generative AI
an additionaltransformation lever.“Laurent David,
Deputy Chief Operating Officer
20

 fully invest in the field of artificial
weintelligence (AI), with more than 750 use
cases under development and over 300
under investigation or experimentation.
We regularly amplify this ramp-up andextend it to the fields of generative AI,
with all the necessary management andcontrol precautions.
(1) APIsation: systematic use of APIs (application programming interfaces) in an information
system, through a library available to all users. (2) Open banking: use of open IT interfaces,
which allow third-party software and systems developers to create applications andservices around financial institutions.

Sofia Merlo,
Head of Human Resources

A sustained rateof progress

Placing people at the heart of an
innovative and inspiring future

The strong collective mobilisation of ourteams alongside our clients already allowed
us to reach 65% by the end of 2023.
It should further enable us to cross the 80%
low-carbon milestone in the Group’s stockof energy production financing by 2028.
This decisive step has led us to raise ourtarget to 90% by 2030. As a result, fossil-fuelfinancing will have fallen from 90%(3) tobelow 10% in less than 20 years. Anotherconcrete indicator of our leadership in
the transition to a sustainable economy is
our ranking as #1 in 2023 for ESG bonds andloans(4). At the same time, we’re pursuing
our trajectory of reducing the financing of
the highest-emitting energies, in accordancewith our commitments.
(3) Figure as at 31 December 2012. (4) Environmental, social and governance. Source:
Dealogic 2023, total ESG bonds (sustainable, green, social, sustainability-linked bonds)
and ESG loans (green, social, ESG-linked loans/sustainability-linked loans).

 use the cloud for nearly half of ourweIT applications; implement our APIsation approach(1)weon a very large scale in order to generalise
open banking(2). Our 900 APIs generate
700 million transactions per monthon the Group’s platforms;“To meet the challenges
posed by the acceleration oftechnology, the environment
and the changing relationshipwith the workplace, we are
more than ever a learningcompany.“90%

In a continuously evolving context, our “People
Strategy” strives to create the conditions forindividual and collective performance by working,notably, on the challenges relating to recruitment,
attractiveness and commitment.

Recruitment: preparing for the future“2023 saw a sharp
accelerationin our financing of
low-carbon energies
to contribute to thenecessary transitionof our economies
and our societies.“

Antoine Sire,
Head of Company Engagement

Faced with the significant challenge ofrecruiting certain profiles, particularly in data,
IT and artificial intelligence, we have initiateda comprehensive internal work-study programme.
Our employees can benefit from internal mobility
and then receive ongoing training in their new
position. The first 30 employees took up theirBusiness Analyst positions while following training
to strengthen the skills related to this new
position. Building on its success, this initiative
will soon be extended to other professions.

Attractiveness: reinforcing our“employer offering”
To meet the new aspirations of our current
and future employees, we have made our overall
compensation package easier to understand.
We also strengthened the scope and qualityof our training offering. It relies, notably, on our
Digital, Data & Agile Academy and our Sustainability
Academy, which are open to all our teams andaddress technological, societal and environmental
challenges.

Commitment: making involvement
possible for everyone
We involve our teams in the implementation of
our societal commitments, such as social inclusion.
By participating in our international volunteer
programme – #1MillionHours2Help – they canconduct solidarity actions during their working time.
Moreover, we have built HR pathways adapted
to the different stages of their life (for the birthof a child or on retirement, for example) in order
to continuously improve the employee experience.

of our energy financing will
be dedicated to low-carbon
energies by 2030.

21

2023 INTEGRATED REPORT - BNP PARIBASAMBITIONS

Three operating
divisions serving ourcustomers
BNP Paribas is structured around three operating divisions:
Corporate & Institutional Banking (CIB); Commercial,
Personal Banking & Services (CPBS); and Investment& Protection Services (IPS). Centred on the needsof our customers and partners, they represent the threepillars of our diversified and integrated business model.
Designed to foster cooperation among all our business lines
and to meet the expectations of our stakeholders, thesedivisions implement a global, shared approach in orderto mutually enhance expertise and provide our customers
with bespoke, long-term support for all their projects.

Corporate& Institutional
Banking22

Corporate & Institutional
Banking (CIB) acts asa bridge between two
types of clients:
corporate clients andinstitutional clients —banks, insurancecompanies and asset managers.
It connects the financing needsof the former with the investment
opportunities sought by the latter,by offering them tailor-madesolutions in the areas of capital
markets, securities services,financing, risk management, cash
management and financial advice.

As part of our GTS 2025 strategic plan,
CIB is pursuing its aim of becoming theleading European player among the major
global investment banks, as well as thepreferred partner of its clients in theirtransition to sustainable development.
Working in three major regions – Europe,
Middle East, Africa (EMEA); Americas; andAsia-Pacific (APAC) – CIB’s teams deliver
tailor-made solutions to meet their clients’needs through three dedicated business lines.
GLOBAL BANKING
By combining a global platform withlocal presence, Global Banking provides
corporate clients with a comprehensive
range of products and services, including
financing solutions and securitisation incollaboration with Global Markets, as wellas primary activities in the bond and equity

markets, advice on mergers and acquisitions,and transaction banking expertise.
Global Banking supports its clientsin their transition to a low-carbon economy
by mobilising a comprehensive rangeof products and services, and a networkof sustainable transition experts.
“Western Europe’s Best Investment Bank“(Euromoney Awards 2023)

GLOBAL MARKETSAs a specialist in capital markets investment
and financing, Global Markets offers a wide
range of investment, hedging, financing,research and market analysis products andservices across all asset classes. It is aimed
at a wide range of institutional and corporateclients operating internationally. Global Markets
contributes to the emergence of a carbonneutral economy and a more socially responsible
world by helping clients to integrate ESG(1)criteria into their market activities and by
developing sustainable solutions.
“Corporate, Lead Manager & Financial Institution,
Lead Manager of the Year Green Bonds“(Environmental Finance Bond Awards 2023)

SECURITIES SERVICES
Ranked among the world’s
leading players in securities
custody, the business line
securely stores and manages
the assets of banks, fundmanagers, insurance companies,
pension funds and sovereign
wealth funds, while ensuring
the smooth running of theirfinancial transactions.
It helps to increase their global
investment opportunities,
manage their risks and improvetheir operational efficiency.
With a view to helping
institutional investors along
their transition path, Securities
Services is incorporating new,customisable and flexible ESG
criteria, thus enabling more responsible
monitoring of their portfolios.

“The unwavering commitment of
our teams is one of the key factors
setting us apart. Our priority is tocultivate this unique DNA, which
underpins the longevity of ourpartnerships and our clients’ trust.
We are always there to help them,wherever they might be in the world,at every stage of their projects, andnotably in their transition.““European Custodian of the Year“(Funds Europe Awards 2023)

Our 2025 strategy
The CIB division aims to be thepreferred European partner for
its corporate and institutional
clients over the long term. It isespecially committed to supportingthem in their transition to a moresustainable model.
The development of this strategy
is based on three priorities:	capitalise on the Group’s
diversified, integrated andat-scale model;	leverage its ability to connect
its corporate and institutional
franchises;	gain new market sharein a consolidating industry.

Our progress in 2023
Against a persistently disrupted
market backdrop in 2023, CIB drew
on its three powerful and integrated
business lines to pursue its long-term
strategy to serve its clients. The threebusiness lines demonstrated their
growth potential and heightened
resilience in the face of economic
cycles. Through increasing market
shares, the division consolidated
its position as the leading European
CIB in EMEA.
Thus, in 2023, CIB:	strengthened its position
as a key partner in the transition
to a low-carbon economy,
by mobilising its teams andreinforcing its expertise, notably
through the Low-Carbon
Transition Group (LCTG).
CIB is the leader in sustainablefinancing worldwide and in
the EMEA(2) region;	accelerated its development
as a result of the investments
made to strengthen its franchises;	made full use of the potentialof the integrated model to serve
clients and finance the economy,
by boosting cross-selling andinter-regional dynamics.

YannGérardin,Chief Operating
Officer,
Corporate& Institutional
Banking(1) Environmental, social and governance.
(2) Dealogic – All ESG Fixed Income, Global & EMEA
Sustainable Financing (ESG Bonds and Loans), volume
bookrunner, 2023.

23

2023 INTEGRATED REPORT - BNP PARIBASAMBITIONS

Commercial,
Personal Banking& Services

By bringing together all ourcommercial & personal banking
and several specialised businesses,
Commercial, Personal Banking& Services (CPBS) positions itself
as a long-term and trusted partner
for our customers. Efficient andagile, the division meets their financial needs
and much more, serving their best interests
and those of society as a whole.

As part of our GTS 2025 strategic plan, CPBS is
working to keep improving the recommendation
rate of its customers and employees by simplifying
its product and service offering, enhancing it
and making it ever more responsible. By relying
on an ecosystem of partners, its teams combine
the best of digital technologies and human
support to offer customers an innovative andquality relationship.

is to lease 350,000 100% electric vehicles by 2025,
and to provide sustainable mobility solutions at
all its entities around the world. To do so, Arval
is positioning itself as a key player in the energy
transition and in sustainable mobility.
Arval is the 2nd largest player in the multi-brandvehicle long-term leasing sector in Europe,ranked #1 in Poland, #2 in France, Spain, Italy
and Belgium, and #3 in the Netherlands(2)Our commercial& personal banking
With its four commercial & personal banking
entities in the eurozone (France, Belgium, Italy,
Luxembourg) and its commercial & personalbanking networks outside the eurozone(in Ukraine, Poland, Türkiye, Morocco, Algeria
and Kosovo, as well as its minority stake in Bankof Nanjing in China), BNP Paribas offers its
customers a wide range of products and services,
including financing and savings solutions.
	Commercial & Personal Banking

Thierry
Laborde,Chief Operating
Officer,
Commercial,
Personal Banking& Services“Our commercial & personalbanking and specialised
businesses are performing
very well, making a fullcontribution to the Group’s
sustainable value creation.
Thanks to the hard work of
our teams, we are innovating
day after day to improve ourcustomers’ experience while
consolidating our leading
positions in Europe.“
24

in France (CPBF)
Nearly 8 million customers
	BNP Paribas Fortis in Belgium
Nearly 3.4 million customers(1)	BNL in Italy
Nearly 2.7 million customers
	BGL BNP Paribas in Luxembourg
More than 188,000 customers
	Europe-Mediterranean in Ukraine,
Poland, Türkiye, Morocco, Algeria, Kosovo,and through a minority stake in China
More than 15 million customers

Our specialised businesses

ARVAL
Arval is a major player in the multi-brandvehicle leasing market in France and offersa range of mobility solutions: car-sharing,
long-term bicycle leasing and bike-sharing.
It offers customers (large international groups,
SMEs or mid-caps, freelancers and private
individuals) flexible solutions to make theirjourneys smooth and responsible. Arval’s goal

BNP PARIBAS LEASING SOLUTIONSBNP Paribas Leasing Solutions provides businessclients operating in key sectors with leasing andfinancing solutions for their equipment, throughvarious commercial channels (industrial partners
such as manufacturers, distributors and resellers;
direct business customers or companies fromthe commercial & personal banking network).
BNP Paribas Leasing Solutions contributes to
its customers’ ecological transition by financing
low-carbon equipment and providing services
to promote and support the circular economy.
More than 323,000 projects financed in 2023,
amounting to €15.5 billion. In total, €39.6 billion in
assets under management at the end of December 2023

BNP PARIBAS PERSONAL FINANCE
BNP Paribas Personal Finance is a major player
in consumer credit in Europe. Its commercial
brands offer a full range of consumer loans
through a variety of distribution channels.
BNP Paribas Personal Finance is developing
an active partnership strategy with large
retailers, car manufacturers and distributors,
e-merchants and other financial institutions.
In addition, the company is pursuing its efforts
in sustainable finance in four areas: financial
inclusion, the energy transition in housing,sustainable mobility, and the circular economy.
At the end of 2023, sustainable finance outstandings
amounted to €8.9 billion, i.e. 8% of total outstandings,
including the financing of the energy transition in
housing, to the tune of €4 billion

BNP PARIBAS PERSONAL INVESTORSIn addition to its traditional online brokeragebusiness, BNP Paribas Personal Investors offers
its individual customers a wide range of banking,credit and savings services, as well as short andlong-term investment solutions. This businessline also provides innovative digital services toindependent financial advisers, asset managers
and fintechs. BNP Paribas Personal Investors
works in Germany, through three brands,
including Consorsbank for individual customers,
and in India(3).

HELLO BANK!
BNP Paribas’ 100% digital offering provides its
individual customers with real-time daily banking
services, with credit, savings, investment andinsurance solutions adapted to their new uses
and ways of working. In France, it also provides
a range of services and support to entrepreneurs.
Hello bank! operates in France, Belgium andGermany.
Created in 2013, Hello bank! celebrated its
10th anniversary in France and has been ranked #1
in digital customer relations for 4 years(4)Our 2025 strategy
Drawing on its market-leading positions
in two-thirds of its business lines andthe ongoing transformation of its operating
model, the CPBS division has significant
growth potential. Its vision for 2025 fuels
the action plans of its business lines to ensure
the growth of revenues and profitability.

NICKEL
Nickel, launched in France in 2014, offers acurrent account available in five minutes fromits partners at tobacconists or Nickel Points (over10,000 in Europe at the end of 2023). Its customers
can pay, and be paid, via a simple and inclusive
offer, based on four values: universality, simplicity,usefulness and kindness. On the strength of its
digital model and a local distribution network
in France, Spain, Belgium and Portugal, Nickel
maintained a sustained rate of customer
acquisition throughout the year and launchedits business in Germany in September 2023.

To achieve its goals, CPBS aims to:

Nearly 3.7 million individual customer accounts havebeen opened since it was launched in 2014(5)Our progress in 2023

FLOA
FLOA, already the leading provider of payment
facilities in France, is also present in Spain,
Belgium, Italy and Portugal, and is a pioneerin this field, offering consumers fractional
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.
4 million customers and over €2.5 billion in goods
and services financed each year

Cash Management (#1 in Europe for large
corporates), Trade Finance (#1 in Europe) andFactoring (#1 in Europe), operating in synergy
with the Global Banking business line of
the Corporate & Institutional Banking division,
complete the offering provided to commercial& personal banking corporate clients, basedon the One Bank for Corporates approach.
For its part, the Wealth Management activity
is developing its private banking modelin commercial & personal banking.

5.3 million individual customers(including 2 million in Germany)(1) Excluding the 600,000 active customers of bpost bank and Fintro customers. (2) Frost& Sullivan at the end of December 2022, taking into account the merger of ALD and LeasePlan,
which was finalised in 2023. (3) On 13 December 2023, the Group finalised the sale of 100%of its Indian business to Mirae. Closing is subject to obtaining all the necessary regulatory
authorisations. (4) 2023 Deloitte study comparing the applications of branch network banks,
online banks and fintechs on the French market. (5) Figure as at 31 December 2023.

25

	accelerate the significant and profitable
growth of its specialised business lines;	strengthen its leadership in Europe
for corporate clients and the privatebanking segment;	reposition its retail banking activities
to become even more attractive, while
adapting its operating model;	pursue the continuous improvementof its operational efficiency.

In an economic environment that remains
complex and uncertain, commercial& personal banking and the specialised
businesses have combined agility andperformance to serve both their customers
and society, consolidating the division’s
development strategy and confirming
the goals of the GTS 2025 plan.
In 2023, CPBS:	developed its sustainable financing
solutions, its services and the expertiseof its teams, to provide customised
support to all its customers in theirtransition, for example in developing
sustainable mobility and renovating
homes for energy efficiency;	continued to develop its relationshipmodel to offer its customers thebest available people and digitaltechnologies, by reinforcing the knowhow of its teams and developing selfcare, for example through the launchof virtual assistants;	accelerated the industrialisation of
its operating model and its technologicaltransformation, notably by developing
the potential of artificial intelligenceto strengthen the efficiency of customer
journeys, the relevance of commercial
actions, the refinement of pricing andthe optimisation of its processes;
	increased the cross-functional natureof its approach and the cooperation
among its business lines, providing
BNP Paribas with unique added-valueon the market and boosting its crossrevenues.

2023 INTEGRATED REPORT - BNP PARIBASAMBITIONS

Investment& Protection
ServicesO

ur Investment & Protection Services(IPS) division brings together ouractivities dedicated to protection,savings, investment and real estateservices. The division designs androlls out innovative and responsible
products to support individuals,
professionals, corporate clients and institutional
investors in their projects and their transition
to a sustainable economy.

“In a market context thatis normalising but remains
affected by the real estatecrisis, IPS’ diversified
model once again
demonstrated its agility
and resilience.
We also continued our
digital transformationand stepped up our
support for the sustainableeconomy, which enables
us to better meet ourclients’ expectations.”

RenaudDumora,Deputy Chief
Operating Officer,
Investment& Protection
Services

As part of our GTS 2025 strategic plan, IPS aims
to become a European benchmark in responsible
protection, savings and investment. To this end,
the division is enhancing its range of services
and solutions, expanding its distribution network,and consolidating its leadership in social andenvironmental responsibility. It also strives
to continue the digitisation of its business lines
to make them ever more agile, efficientand at the cutting edge of technology.

Leading wealth and asset
management business lines
BNP PARIBAS CARDIF
BNP Paribas Cardif is a global leader inbancassurance partnerships. In collaboration
with over 500 distribution partners, it designs,
develops and markets savings and protection
products to insure people and their property.
It helps its policyholders to carry out their projects
while protecting them against the vagaries of life.
As a player committed to its partners, theircustomers and society, BNP Paribas Cardif’s
mission is to make insurance more accessible.
As an investor, it contributes to giving meaning
to the investments of its policyholders and has
set itself a target of allocating an average of€1 billion per year by 2025 to positive impact
investments. The insurer has joined the Net-Zero
Asset Owner Alliance and has committed toaligning its portfolios with a carbon neutrality
trajectory by 2050.
#1 in the credit protection insurance market(1);€255 billion in assets under management
at the end of 2023

BNP PARIBAS WEALTH MANAGEMENT
BNP Paribas Wealth Management supports
its client base of entrepreneurs, family offices
and high-net-worth individuals in their wealthmanagement and financing projects. In Europe,
it is developing with the backing of BNP Paribas’commercial & personal banking. In all regions,notably in Asia, it also relies on the Corporate& Institutional Banking business lines to meetthe most sophisticated needs of its Entrepreneur
clients. As part of its ongoing drive for innovation,
BNP Paribas Wealth Management continues toenhance its range of digital solutions to provide
a customised client experience. It also ensuresthat it creates the right ecosystems to help clientsreach their goals on sustainability.
With €415 billion in assets under management in 2023,
BNP Paribas Wealth Management is a world-leading
private bank and the leading private bank in the
eurozone(2)BNP PARIBAS ASSET MANAGEMENT
BNP Paribas Asset Management provides
investment solutions integrating a sustainability
approach to individual savers, corporate clientsand institutional investors. It offers a rangeof specific expertise: high-conviction active
strategies, liquidity solutions, emerging markets,
multi-asset investments, systematic, quantitative& index, and private assets. In 2023, BNP Paribas
Asset Management completed the acquisition of amajority stake in leading Danish natural resources
specialist International Woodland Company,
thus completing its natural capital offering.
It also integrated the private asset management
expertise of the IPS division into a dedicatedbusiness unit, Private Assets.
90% of the assets under management of its European
open-ended funds are classified as article 8 or 9 within
the meaning of the European SFDR regulation, equivalentto €254.2 billion(3)BNP PARIBAS REAL ESTATEBNP Paribas Real Estate provides support for its
clients – investors, institutions, owners, corporateclients, local authorities, individuals, etc. –at all stages of the real estate asset life cycle:
property development, transactions, consulting,valuation, investment management and property
management. It operates in all asset classes, fromoffices to housing, including industrial premises,
logistics, hotels and retail spaces. Committed toa sustainable and long-term approach, BNP Paribas
Real Estate is recognised as a leading player interms of social and environmental responsibility.
Active in 24 countries with offices in 11 European
countries, platforms in Hong Kong (SAR China), Dubai
and Singapore, and a network of commercial allianceswith local partners

26

27

Our 2025 strategy
As part of the GTS 2025 strategicplan, IPS aims to become a leading
European player in sustainable savings,
investments and protection. To thisend, the division is ramping up thedevelopment of its service offering andstrengthening its distribution networks.
IPS has defined three priorities:	accelerate financial savings
development;	capture growth in private assets;	strengthen leadershipin responsible investments.

Our progress in 2023
Against a backdrop of high interest
rates, IPS was able to pivot its
diversified offering to support thechanging needs of its clients.
In line with its strategic plan,the division:	reinforced its client franchises:
development of the Entrepreneurs& Families segment andacquisition of an insurance
business in Italy;	consolidated its distribution:solid partnership momentumat BNP Paribas Cardif, successful
start of the BNP Paribas AssetManagement joint venture
in China;	expanded its product offering:
positive dynamics by the entity
dedicated to private assets,
success of the new listed
sustainability funds;	strengthened its CSR positions:recognised quality of theinvestment process;	boosted its operational efficiency
and accelerated its technologicaltransformation by integrating
digitisation and artificial
intelligence into its businessprocesses and customer journeys.

(1) Finaccord, 2023. (2) Investor communications, in amount of assets
under management as published by the main banks in the eurozone
on 31 December 2023. (3) BNP Paribas Asset Management figures,as at 31 December 2023. According to the European Sustainable
Finance Disclosure Regulation (SFDR), which identifies funds according
to their sustainability potential, funds classified as article 8 declarethe consideration of social and/or environmental criteria, while thoseclassified as article 9 present a sustainable investment objective.

2023 INTEGRATED REPORT - BNP PARIBASAMBITIONS

A diversified and integrated
model to create value
O U R STREN GTH SOUR DIVER S IF IED AND INTEGR ATED M O D E L

A European leader
with global reach

Solid financial
structureoperating in 63 countries
and territories

Corporate& Institutional
Banking (CIB)

Commercial,
Personal Banking& Services (CPBS)—

employees (3)employees (3)Broad diversification

Revenues (4)—182,656 (1) committed
employees worldwide€16.5bnby customer segment,
geography, sector
and business line—

Solid capital structurewith €128.9bn in equity

101,456

40,005

Sectordiversificationand prudent risk
management—

Comprehensive
and long-termclient-centric approach

Investment& Protection
Services (IPS)€26.6bn

Revenues (4)Integrated
platforms andapproaches

employees (3)to meet all our

Revenues€5.6bncustomers’ needs

intelligence use cases
under production in 2023—

A leading group insustainable finance,
world leader in ESG bonds
and loans in 2023, for an
amount of US$62.5bn (2)GrowthTechnology

Sustainability(1) As at 31 December 2023, this figure includes employees from each of the three divisions presented above, as well as employees from the central functions. (2) Dealogic 2023:
total ESG bonds (sustainable, green, social, sustainability-linked bonds) and ESG loans (green, social, ESG-linked loans/sustainability-linked loans). (3) Figure at end of 2023.
The number of employees is reported in Full-Time Equivalents (headcount in proportion to their working time) on permanent or temporary contracts, excluding employees on
unpaid leave. (4) For CPBS, revenues include 100% of Private Banking in commercial & personal banking (excluding PEL/CEL effects).

28—

Payments—

Advisory—

Investments

OU R GTS 2 02 5 STRATEGIC PLAN

with over 750 artificial

Everydaybanking—(4)—

Technology and innovation
at the heart of our model

O UR S O LUTIO NS

Financing

18,501

Cooperation between
business lines

Thanks to the solidity of our Group and the strength of our diversified and integrated model, we support ourcustomers and society in general by drawing on our teams, our resources and our expertise. Our commitment to themextends over the long term and in all phases of the economic cycle. By leveraging our leading business platforms andour unique position as a European leader, we create value and support the development of a sustainable economy.

—

Savings

O UR VALUE CR E ATIO N
For all our stakeholders: customers, shareholders andinvestors, employees, partners and suppliers, local authorities
and civil society.

Promoting useful
innovation for ourcustomers(individuals, entrepreneurs,
SMEs and mid-caps, large
companies, institutional
clients, community
organisations)

900

application programming
interfaces (APIs) enabling

700 million

transactions per monthon the Group’s API
platforms

45%

of applications using
the cloudnearly 3.7 million
Nickel:accounts opened since
its creation in France,
Spain, Belgium and Portugal,
as well as the start ofoperations in Germany
in September 2023

Encouraging sustainablegrowth for the economy

Developing ourcontribution to society

in assets undermanagement in BNP Paribas
Asset Management openended funds distributedin Europe, classified as
article 8 or 9 according
to the SFDR regulation(5)budget for the Group’s
corporate philanthropy
in 2023 (including€20m from the budgets
accompanying its sharebuyback programme)€254bn€32bn

in loan exposure to lowcarbon energy production(6)at end-September 2023

€67bn

in sustainable bonds
issued for customers
in 2022 and 2023(7)Over €90m€6.8bnin taxes paid in 2023

Over 1,000

employees committed
to mentoring in France

1,268,515 hours

in solidarity initiatives
carried out by employees(#1MillionHours2Help)in 2022 and 2023—

Protection(5) Figure as at 31 December 2023. The European Sustainable Finance Disclosure Regulation (SFDR) identifies funds according to their sustainability potential. The article 8classification concerns funds declaring that social and/or environmental criteria are taken into account. The article 9 classification concerns funds with a sustainable investment
objective. (6) Renewable energies, biofuels and nuclear. (7) Cumulative amount over the 2022-2023 period of all types of bonds identified as sustainable, according to the guidelinesof the International Capital Market Association issued by corporate clients, financial institutions and sovereign clients and arranged by BNP Paribas.

292023 INTEGRATED REPORT - BNP PARIBASAMBITIONS

Our financial
indicators

Thanks to its financial solidity
combined with the power ofits diversified and integrated
model, BNP Paribas achieveda very good performancein 2023, confirming therelevance of its GTS 2025
strategic plan. The ability to support ourcustomers and the economy globallyby mobilising our teams, resources andexpertise continues to underpin thestrong growth in business and results.

All three of our operating divisions
contributed to the increase in ourrevenues, up by 3.3% compared to 2022.
We also recorded a strong 10.2% increasein distributable income compared toresults reported in 2022(1). The strengthof our balance sheet is reflected in our
CET1 ratio of 13.2%. We apply a payout
ratio of 60%, with net earnings per shareof €9.21 and a net dividend per shareof €4.60. These last two indicators wereup on 2022.

Net earnings
per share(4)Grouprevenues

9.21(in euros)€46,927m
2023
distributable(2)7.26€45,874m

2023 reported

2021

30

2022

Short-term /long-term ratings

2023

Standard & Poor’s
Stable outlook
24 April 2023

Common Equity
Tier 1(5) (CET1) ratio

Net income,Group share€9,848m

3.67€45,430m

2021

2022(3)7.80(in euros)2022(3)€11,232m
For more informationon all of our financial
indicators, see the 2023
Universal Registration
Document on
invest.bnpparibas

Net dividend
per share€10,975m

2023 reported

2023
distributable(2)Fitch
Stable outlook
3 July 2023

Moody’s
Stable outlook
15 February 2024

13.2%
2023

DBRS
Stable outlook
21 June 2023

12.3%

2022

3.90

4.60(6)

2022

2023

A-1 / A+
F1+ / AAP-1 / Aa3
R-1 (Middle) /AA (Low)(1) €10,196m, inc. Bank of the West. (2) Based on the distributable income used as the basis for the calculation of the 2023
distribution and reflecting the Group’s intrinsic performance after the impact of the disposal of Bank of the West and after
the contribution to the creation of the Single Resolution Fund (SRF) excluding extraordinary items - Changes calculated on
this basis. (3) Including IFRS 17 and 9 impacts. (4) Earnings per share for 2023, calculated on the basis of 2023 distributable
income and the number of shares outstanding at the end of the period (€8.79 based on the average number of shares).
(5) Common Equity Tier 1 (CET1), fully loaded Basel 3. Solvency ratio. Capital Requirements Directive (CRD 5); including IFRS 9transitional arrangements. (6) Subject to the approval of the Annual General Meeting of 14 May 2024 (for the dividend) andnot taking the €1.055bn share buyback programme, launched on 4 March 2024, into account.

12.9%
2021

31

2023 INTEGRATED REPORT - BNP PARIBASAMBITIONS

Our extra-financial
indicators
CSR policy management
dashboard(1)B

NP Paribas set up
a CSR dashboard with
10 indicators to help guideits strategy in this area.
This CSR dashboard ismonitored on an annual
basis by the Group’s
Executive Committee and Board of
Directors. In 2023, BNP Paribas was
generally well positioned to achieve
the 2025 targets set in its GTS 2025
strategic plan.
In addition, in 2023, BNP Paribas
once again set itself apart witha remarkable performance inthe assessments conducted by themain extra-financial rating agencies.
These results reflect the Group’scommitments in terms of CSR andresponsible practices as well as its
strict application of environmental,social and governance criteria in
its activities.

Our economic responsibility
Amount of sustainable loans
Amount of sustainable bonds
Amount of assets under management of openended funds, distributed in Europe and classified
article 8 or 9 according to the SFDR

Our social responsibility
Percentage of women in the SMP (Senior
Management Position) population
Number of solidarity hours performedby employees over 2 rolling years(#1MillionHours2Help)
Percentage of employees who completed
at least four training courses during the year

Our civic responsibility
Number of beneficiaries of products
and services supporting financial inclusion

Extra-financial ratingsand distinctions
2023€117bn€67bn€254bn37.1%

1,268,515(in 2022 and 2023)

98.2%

2025
objectives€150bn€200bn€300bn40%

1 million(over 2 rolling years)90%

3.9 million

6 million€104bn€200bnOur environmental responsibility
Amount of support enabling our clientsto transition to a low-carbon economy
For more informationon all of our extra-financial
indicators, see the 2023
Universal Registration
Document, on
invest.bnpparibas

Amount of financing to companies contributing
to protect terrestrial and marine biodiversity
Greenhouse gas emissions in tonnes of CO2
equivalent (CO2e) per Full-Time Equivalent32€4.3bn1.56t
of CO2e/FTE

€4bn

1.85t
of CO2e /FTE

Extra-financial
ratings

Other CSR distinctions
and commitments• In 2023, BNP Paribas was awarded
a score of 4.4/5 by FTSE Russell.
This rating places BNP Paribas amongthe 11% of the best companiesof the banking sector.

• For the 3rd consecutive year, BNP Paribas
was named “World’s Best Bank for
Sustainable Finance” at Euromoney’s(3)Awards for Excellence 2023.

• In 2023, BNP Paribas was awarded
a score of 73/100 in the S&P Global
Corporate Sustainability Assessment,
placing the Group in the 4% of the bestranked players in the banking sector.
• Moody’s ESG Solutions awarded theGroup a score of 70/100 in 2023, which
again places it above the sector average,
and #2 in the “Diversified Banks” category.

Inclusion insustainability indexes• BNP Paribas is listed in the DJSI Worldand Europe indices(2), as well as in
the Euronext-Vigeo Eiris World 120,
Europe 120, Euro 120 and France 20
indices and in the FTSE4Good Global
Index Series.

• BNP Paribas is the only French bankin the 2024 ranking of the “100 mostsustainable companies in the world”
published by the Canadian magazine
Corporate Knights(4), where it features
for the 10th consecutive year.
• BNP Paribas is the top French bankin Equileap’s international genderequality ranking.
• BNP Paribas was recognised for
its commitment to combatting
deforestation by the NGO Global
Canopy, which placed the Groupamong the leaders of the 150 financial
institutions assessed in its Forest500
ranking for 2023(5).

(1) The definitions of the indicators are available on page 639 of the 2023 Universal Registration Document. (2) Dow Jones Sustainability Index. (3) https://www.euromoney.com/
article/2bwybay1ueyxw43kl143k/awards/awards-for-excellence/euromoney-names-the-worlds-best-banks-in-its-awards-for-excellence-2023 (4) https://www.corporateknights.com/rankings/
global-100-rankings/2024-global-100-rankings/the-20th-annual-global-100. Corporate Knights is a leading Canadian trade magazine, as well as an independent investment research andadvisory firm. (5) https://forest500.org/sites/default/files/forest_500-2023_annual_report.pdf

33

Transitions
Expert’s view: Yann Vincent, Chief Executive Officer of Automotive Cells Company — 36
Expert’s view: Dr Grethel Aguilar, Director General of the International Union
for Conservation of Nature — 37
Our strategy: how to contribute to the transition to a low-carbon world? — 38
Our initiatives to support the transitions — 42

34

As a global Group embedded in the heart of many territories,
BNP Paribas is fully aware of the challenges posed by climate change
and the erosion of biodiversity. With this in mind, we are redirecting
our financing towards low-carbon energies, while helping ourcorporate and individual clients to achieve their energy andecological transition. Our leading experts analyse these major
challenges, which we are tackling at a strong pace as we movetowards a net-zero economy.
35

2023 INTEGRATED REPORT - BNP PARIBAS

TRANSITIONS

Automotive Cells
Company (ACC)
Operating in theelectric car battery sector,
ACC has experienced
dazzling growth since
its creation in 2020, witha Research & Development
centre in Bruges (Bordeaux,France) and a state-of-the-art
pilot plant in Nersac

Yann Vincent,Chief Executive
Officer of Automotive
Cells Company“Contributing toEuropean sovereignty
in electric mobility“

23.2%
The share of transport – of goods
and people – in total greenhousegas emissions in the European
Union. Nearly 72% comes fromroad transport.
Source: Eurostat, August 2023.

T

he automotive industry is undergoinga revolution. The transition fromcombustion engine to electric vehicle
is fundamentally changing the way
vehicles are designed and how
they are used. This technologicalrevolution is accompanied bya reconfiguration of international trade in this
sector, insofar as new car manufacturers haveentered the electric vehicle market directly.
China is a case in point, as it decided to invest
significantly in developing its electric mobility
ecosystem in the 2000s because it was lagging
behind in the internal combustion engine.
Its capital goods suppliers and its commodity
production and refining players now dominate
the market. This situation is bound to change.
Car manufacturers want to diversify their
supply chains and the European Union has
taken up the issue in order to develop industrial
sovereignty in the area of mobility.
In this context, Automotive Cells Company
is a pioneer and one of the European flagshipsof this emerging industry. Our roadmap
is simple to articulate, but very ambitious:

36(Angoulême, France)since 2021, and its firstgigafactory inaugurated
in mid-2023. ACC is a joint
venture of Stellantis,
Mercedes-Benz andSaft-Total Energies.
Supported by France,
Germany, Italy and theEuropean Union, it currently
employs 1,500 people.

Dr Grethel
Aguilar,Director Generalof the International
Union for Conservationof Nature

www.acc-emotion.com

we intend to produce enough electric batteries
by 2030 (about 2.5 million per year) to equippart of the vehicles of European manufacturers
and thus help guarantee France’s independence.
We have a long way to go and extremely tightdeadlines to meet! 2023 was a pivotal year for us,
with production starting up at our first gigafactory(1)at Billy-Berclau Douvrin in northern France.
It’s a defining and emotional moment of
which I am doubly proud: from an environmental
standpoint, because our first batteries will soon
be fitted in the Peugeot e-3008, contributing tozero-emissions mobility; and from an economic
and social standpoint, because we are fostering
growth based on sustainable jobs and a new
industrial revolution in the Hauts-de-France
region, the cradle of combustion engines.
Things are gathering pace, with the openingof a second gigafactory production blockin the same municipality scheduled for early
2025, and others in Kaiserslautern (Germany)
and Termoli (Italy) in the coming years.
Our production capacity is ramping up and moving
towards the target set, of 120 GWh by 2030,
i.e. nearly 2.5 million batteries produced per year.
Our industry is extremely capital-intensive in termsof investment for the construction of gigafactories,and expensive at the operational phase. While wecan count on the support of our three shareholders
and the public authorities, there’s no way we could
have grown as fast as we have without the help of
the countries in which we operate or without our
financial partners, first and foremost BNP Paribas,
which believes in the relevance of our project andhas created an unprecedented financing scheme
to help us write the next chapter in our history.
(1) The term “gigafactory” derives from the prefix “giga”, a unit of measurement corresponding to
one billion, and the word “factory”. The concept refers to factories that build equipment, batteries
and other systems in very large volumes.

The International Union
for Conservation of Nature(IUCN)Created in 1948 to contributeto a just world that values
and conserves nature, IUCN
celebrated its 75th anniversary
in 2023. It is the globe’s
largest and most diverse
environmental network.
It draws on the knowledge,“Overcoming
climate change andbiodiversity loss“320organisations are committed
to reporting on nature as part of
the TNFD. Operating in 46 countries,
they represent US$4 trillion in market
capitalisation and US$14 trillion
in assets under management.
Source: TNFD (Taskforce on Nature-related Financial Disclosures),
World Economic Forum, Davos, 16 January 2024.

resources and responsivenessof over 1,400 members,
governments and civil society
organisations, and a networkof 16,000 experts around theworld. This diversity andexpertise make IUCN the global
authority on the status of thenatural world and the measuresneeded to safeguard it.
www.iucn.org

the IUCN Red List of Threatened Species,
which now includes 157,190 assessed species
around the world(1). This list has sincedeveloped into a powerful tool to inform andcatalyse action for biodiversity conservationand policy change.
More recently, we moved to support theTaskforce on Nature-related Financial
Disclosures (TNFD), an initiative we strongly
believe in. The launch of the taskforce isan important step towards redirecting
international financial flows so that theyno longer have a negative impact on natureand living systems. Its final recommendations
were published in September 2023.

T

he International Union forConservation of Nature (IUCN)
was created in 1948. It was
during this post-war period,
which was also difficult forthe planet, that citizens andgovernments began expressing
a desire to protect it. 75 years on, our world
is at a crossroads. We have to choose which
way to go: we can take action to preserve
the planet, or we can continue to destroy it.
Faced with this huge challenge, I wake up
every day feeling energised and optimistic.
I know that we, human beings, are capableof mobilising to change the course of
events. We can fight climate change
and the loss of biodiversity, which I see as
two sides of the same crisis: our planet’s.
With its global network, IUCN is a
powerful platform able to coordinate theactions of our members. One of our major
contributions is to generate the knowledge
required to help make the right decisions.
For example, 60 years ago, we established37

The TNFD involves companies and private
financial institutions, and this is crucial toachieving our goals in terms of protecting
the planet. It gives me great satisfaction thatso many of them have already adopted thisframework. It shows they are aware of just
how important biodiversity conservation
is when it comes to building a sustainable
future. They must now implement therecommendations as quickly as possible.
At IUCN, we’re available to help themdo so, with tools that have demonstrated
their effectiveness(2).
Banks such as BNP Paribas (which, in 2020,
was involved in the initial design of the
TNFD) can have an impact on the courseof events by guiding their customers
towards practices that benefit our planet.
The sustainability-linked loans set up
by BNP Paribas are an example of suchpractices. Their interest rates are indexed
to companies’ CSR performance. This typeof initiative must be adopted more widely,because we don’t have much time to turnthings around.
(1) This list is the world’s most comprehensive inventory of the global conservation
status and extinction risk of biological species. (2) https://www.iucn.org/resources.

2023 INTEGRATED REPORT - BNP PARIBAS

TRANSITIONS

How to contributeto the transition
to a low-carbon
world?
While Sustainability is at the heart of the
GTS 2025 strategic plan, setting ambitious
sustainable finance objectives, BNP Paribas
continued to strengthen its commitments topromote the transition in 2023: by significantly
accelerating the shift of its energy production
financing towards low-carbon energies;
by continuing to support the decarbonisationof high-emitting sectors; and by ensuring thecontinuous integration of environmental andsocial issues into its products and services,
decision-making tools, operational processes
and information systems.

T

he development of ourcontemporary societies haslargely been built on fossil
fuels and still depends muchon them. To reverse thetrend and achieve a net-zerotarget by 2050, BNP Paribas
has undergone a major transformationin the past 14 years. In 2010, the Grouppublished its first policy to restrict its
financing in the coal sector before
deciding in 2020 to completely
withdraw from thermal coal, with a
total effective exit by 2030 in theEuropean Union and OECD(1) countries
and by 2040 in the rest of the world.
In 2017, BNP Paribas was the first bankin the world to cease all financing(loans and bonds) to specialists
in unconventional hydrocarbons(shale oil and gas, tar sands, coalbed
methane, etc.).
In January and May 2023, we madea major strategic shift in the financing
of energy production by withdrawing
from the financing for oil and gas
exploration-production and redirecting
our financial flows towards the
production of low-carbon energies,
in line with the International Energy
Agency’s (IEA) 2050 net-zero scenario.
This scenario highlights the need fora very significant increase ininvestments in low-carbon energies,
which are essential for a complete
withdrawal from fossil fuels,
and for carbon neutrality by 2050.
Concretely, this involves stopping

To follow theevolution of our
key CSR indicators,
please refer tothe dedicated pageon the website
group.bnpparibas

38

all financing, of any kind, dedicatedto the development of new oil or gas
fields. We’re also committed to
dedicating more than 80% of our energy
financing to low-carbon energy, mainly
renewable, to reach a minimum credit
exposure of €40 billion by 2030. This lasttarget has since been brought forward
to 2028, and raised to 90% by 2030.
The residual share of fossil energy
production loans in our energy
production loan portfolio will thenrepresent less than 10%. Lastly, by 2030,
we’re targeting an 80% reduction in ourcredit exposure to oil exploration andproduction, and a 30% reductionin our gas exploration and production
financing compared to September 2022.
At the start of 2024, our credit exposure
to low-carbon energy production
amounted to 65% of our total energy
production exposure. The shift has
taken place.
Our commitments on our loan portfolio
is also reflected on the bond market.
Thus, the Group has become the world
leader in ESG(2) bonds and loans, whichamounted to US$62.5 billion in 2023(3).
It now ranks only 41st worldwide interms of bonds issued in the fossil fuelsector(4), and has not participated in asingle bond issue in the oil and gas
sector since mid-February 2023.

AntoineSire,
Head of Company
Engagement

Three questions
on the transformation
process

How is the role of the Company
Engagement Department changing?

ANTOINE SIRE Our roadmap has expanded
as we enter a phase of industrialisation
and acceleration of ESG issues within
the Group. The urgency of the situation,highlighted by scientists, regulators, theexpectations of civil society and COP 28,
calls for a massive mobilisation of thefinancial sector to support the energy
transition.

What role do financial actors, in particular
BNP Paribas, play in financing thetransition?
A.S. Changing models involves significant

investments. Financial actors must mobilise
their resources to support the economic
system towards a low-carbon world. They playa key role in supporting economic actors.

“At BNP Paribas, we areturning the page on
fossil fuels. The shift
has taken place.
We now mainly financelow-carbon energies.“

Could you cite examples of key
transformation challenges for BNP Paribas?

A.S. To name but two: access to robust
ESG data, which is essential to measure,assess, act on and report our progress; andthe acquisition of sustainable development
skills by all our teams, which is a priority
to enable everyone to contribute.

(1) Organisation for Economic Cooperation and Development.
(2) Environmental, social and governance. (3) Dealogic 2023: total ESG bonds(sustainable, green, social, sustainability-linked bonds) and ESG loans (green,social, ESG-linked loans/sustainability-linked loans). (4) Bloomberg, end of 2023.

39

2023 INTEGRATED REPORT - BNP PARIBAS

TRANSITIONS

Committing to
a net-zero future
Laurence
Pessez,Global Head ofCorporate Social
Responsibility“By choosing to allocate
financing to one sector rather
than another, by making thisfinancing conditional on theachievement of ESG objectives
or the adoption of responsible
practices, banks play a very
important role in financing asustainable economy. However,they cannot act alone. In viewof the major challenges ourworld faces, all stakeholders
must work together to promotea sustainable and just transition.“

Energy, however, is only a small part of
BNP Paribas’ loan portfolio. This is why theGroup has committed, as part of the Net-Zero
Banking Alliance, which it joined in 2021,
to aligning the greenhouse gas emissions
related to its lending activities with the
reduction trajectory required to finance a
carbon-neutral economy by 2050. Significant
work is therefore being done to align loan
portfolios, starting with the hard-to-abate
sectors (oil and gas, power generation,
automotive, steel, aluminium and cement).
In addition, in November 2023, metallurgicalcoal, intended for the steel industry, was
excluded from our project financing.
This work will be complemented in 2024with the aviation, shipping and commercial
real estate sectors.
We’re also committed to combatting the lossof biodiversity. In May 2021, BNP Paribas
published a public position on biodiversity
and made new commitments in the fieldas part of act4nature, such as:• establishing a dialogue with clients
operating in the commodities sector andin sensitive countries, and asking themto demonstrate their commitment tocombating deforestation (long-term action
plan, annual reports on volumes traced
and monitored, etc.);• providing support to clients as theytransition to more biodiversity-friendly
models, through specific financial tools(sustainability-linked loans, green bonds, etc.);• expanding the budget for direct
investments in start-ups working on theecological transition, with an objective of€250 million by 2025.

40

The Group has set a target of providing€4 billion in financing for companies
contributing to the protection of terrestrial
and marine biodiversity, by 2025. This target
was exceeded as at the end of 2023.
BNP Paribas is also working on methodologies
to measure risks and opportunities in relation
to biodiversity. Notably, the Group has beena member of the Taskforce on Nature-related
Financial Disclosures (TNFD) since its
creation. This methodological framework
helps businesses to better analyse, manage
and communicate their impacts, as well as
their dependencies, risks and opportunities
in relation to biodiversity. The publicationof its final recommendations, in September
2023, marked a key milestone on the pathto an economy which holds living beingsin greater respect.

Providing support to our clientsas part of a large-scaletransformation

BNP Paribas’ role goes beyond aligningits loan portfolios with a net-zero economy
by 2050. Our desire for positive impact isalso reflected in the innovative solutions

Séverine
Mateo,
Head of the
Low-Carbon
Transition Group“The Low-Carbon Transition Group
works alongside energy companies
and industry players, for whom
the transition is absolutely criticaland who must shift their businessmodel, as well as with the Group’s
institutional clients, by supporting
the development of their low-carbon
activities. We are also looking to
identify the next ‘green unicorn’ byhelping innovative companies grow.“

we provide our clients with, to help
them transition towards a low-carbon
economy.
We aim to work alongside a society andan economy that are transforming.
After all, it is our customers – individual,
corporate and institutional – who are
implementing the ecological transition.
Our role is to support them by directing
our financial flows towards the activities
that contribute to this transition. To thisend, we have set up teams dedicatedto supporting companies in their transition
to low-carbon activities: in 2021, theLow-Carbon Transition Group (LCTG),
which includes 200 dedicated professionals,
for large companies, and in 2023, theLow-Carbon & Sustainable Transition,
MidCaps & SMEs (LCTM) team for small
and medium-sized enterprises (SMEs) andmid-caps. Our role is to advise corporateclients so they can make progress in theirown transition, and to support individual
clients who wish, for example, to improvethe energy performance of their homes or
acquire an electric vehicle.
The progress we have made in sustainablesavings is another illustration of thisdynamic. At the end of 2023, for example,
90% of BNP Paribas Asset Management’s
assets under management were classified
as article 8 and 9 of the European
Sustainable Finance Disclosure Regulation(SFDR)(1). Likewise, we provide support

41

for SMEs and mid-caps by advising themon the investments needed to implement
their transition, offering concrete solutions,such as improving the energy consumptionof their buildings and enabling theelectrification of their vehicle fleets.

Reinforcing our teams’
expertise

As we too are transforming, we havecreated the measurement and collecting
tools necessary to manage our business.
We are going even further by offering ourteams the opportunity to develop their skills
through the Sustainability Academy.
This training programme provides our
183,000 employees in 63 countries andterritories with a shared knowledge on the
major environmental and social challenges,
and on sustainable finance. Over 86,000
people were trained in 2023. In addition tothese trainings, we are integrating these
topics into their HR experience andin the calculation of the variable
compensation of our top managers.

Convinced that a justtransition is a necessity

While the current transition creates
opportunities, it also generates risks
of inequality. Integrating social justiceis an essential condition for success.
It’s the essence of the notion of a justtransition, which we’re working on toensure that we don’t leave behind
individuals without the financial capacity,
expertise or information, and businesses
operating in sectors that are destined totransform, adapt or even disappear.

(1) Assets under management of open-ended funds distributed in Europe.
The European Sustainable Finance Disclosure Regulation (SFDR) identifies
funds according to their sustainability potential. The article 8 classification
concerns funds declaring that social and/or environmental criteria aretaken into account. The article 9 classification concerns funds with asustainable investment objective.

BNP Paribas Mobility,
mobility in all its forms
In October 2023, BNP Paribas launched
a dedicated brand, BNP Paribas Mobility,
to unite all its business lines involved
in developing mobility. Building on
the strength of its integrated model,
it reinforces the Group’s European
leadership on this key issue, one of themain challenges in the transition toa low-carbon world. Explanations.

Chargepoly, a start-up specialising in ultra-fastrecharging for electric vehicles, on its €15 million
fundraising operation. A leasing financeprogramme with the start-up was also set up
with BNP Paribas Leasing Solutions. A fineexample of synergies for sustainable mobility.

BNP Paribas Mobility brings together all
our cross-functional initiatives on mobility.
In this highly competitive market, thisumbrella brand stands out for the qualityof its offering and the complementary
nature of its lines of expertise. BNP Paribas
Mobility thus strengthens our position
as a preferred partner of our corporate
and individual clients in their transition
to new, more sustainable, safer and moreaccessible forms of mobility.

As part of the cross-functional BNP Paribas
Mobility initiative, CPBF offers individuals
an “all-in-one” digital platform, Mobility4you,
developed with Arval, BNP Paribas Personal
Finance and BNP Paribas Cardif, to build
their mobility projects in France. By crossreferencing their travel needs, budget andenvironmental impact criteria, everyone canaccess a personalised selection of turnkey
offers to find and finance the most appropriate
mobility solution.
For its part, BNP Paribas Bank Polska
launched, again under the BNP Paribas Mobility
brand, the mamGO platform, which enables
people to find a car and finance it.
The initiative was implemented in close
collaboration with BNP Paribas Personal
Finance, Arval, BNP Paribas Cardif and
BNP Paribas Leasing Solutions.

Accelerating the electrificationof transport

Through BNP Paribas Mobility, we support
the roll-out of low-carbon mobility. It’s in thiscontext that we signed a long-term strategic
partnership with the car manufacturer ZEEKR
on financing for electric mobility. Working
with BNP Paribas Personal Finance andArval, this premium brand offers its European
clients a comprehensive range of financing,leasing and insurance services. Other Groupbusiness lines support the manufacturer:
BNP Paribas Cardif for insurance products
and Corporate & Institutional Banking
for banking services.
We’re also working to accelerate thedevelopment of electric and hydrogencharging stations. It was against thisbackdrop that Commercial & Personal
Banking in France (CPBF) advised

2023 INTEGRATED REPORT - BNP PARIBAS

TRANSITIONSProviding individuals with solutions
combining mobility and financing

Providing leasing services in 56 countries

Lastly, as part of their Global Alliance, Arval
and its partner Element Fleet Management
signed a strategic agreement with Sumitomo
Mitsui Auto Service extending the geographicalcoverage of their alliance, which now manages
4.4 million vehicles worldwide. Their clients
benefit from car rental and fleet management
services in 56 countries. The agreement
also highlights the partners’ joint commitment
to supporting their global clients in pursuingthe energy transition of their vehicle fleets
and in meeting their CSR objectives.

BNP Paribas, helping
Germany to financeits climate change
strategy
In June 2023, our Corporate& Institutional Banking division
acted as joint bookrunner
for a new green bond issue
for the Federal Republicof Germany. Worth €4.5 billion,
it will mature in August 2053.
This transaction illustrates
BNP Paribas’ commitment
to supporting its sovereignclients’ transition to a moresustainable economy.

BNP Paribas Personal Finance and Arval,
working towards more responsible mobility
Having become one of the preferred means of transport for Europeans,the electrically assisted bicycle remains expensive to purchase.
To improve affordability, BNP Paribas Personal Finance has designed
a long-term leasing service marketed by its Cetelem brand for individuals
in France. Available for electric and standard bicycles, it includes anannual maintenance and service package allowing subscribers to equipthemselves with complete peace of mind. In addition, BNP Paribas
Personal Finance has signed a partnership agreement with Canyon,
the German manufacturer and distributor of high-end bicycles. Alreadya partner of Consors Finanz, BNP Paribas Personal Finance in Germany,
Canyon now extends this partnership to Spain, Italy, France and Belgium
through a platform of standardised multi-country APIs(1). For its part,through a partnership with Zenride, a start-up specialising in bicycle
hire, Arval is giving companies the opportunity to offer their employees
an “all-in-one” package available in over 700 sales outlets in France
and on specialised websites.
(1) Application programming interfaces.

42

43

BNP Paribas’ leadershipin sustainable finance isregularly recognised
In 2023, BNP Paribas received
the award for “World’s Best Bank”
and, for the third consecutive year,
was recognised as the “World’s
Best Bank for Sustainable Finance”
by Euromoney. This leading
financial publication underlined
the Group’s continuous support
for its clients and for a moresustainable economy. BNP Paribas
was also the only French bankselected among the “100 Most
Sustainable Companies of 2024”
by Corporate Knights and the only
major international bank in theinternational ranking of the CDP(formerly known as the “Carbon
Disclosure Project”) to receive
an A rating. Lastly, International
Financing Review (IFR) awarded
BNP Paribas eight prizes, including“ESG Financing House”, at the
IFR Awards 2023.

2023 INTEGRATED REPORT - BNP PARIBAS

TRANSITIONSBNP Paribas Real Estate,accelerating the reductionof carbon emissions

Supporting companies
in their energy and ecologicaltransition

Committed since 2016 to a low-carbon
trajectory aimed at reducing its direct
and indirect emissions, BNP Paribas Real
Estate signed an innovative partnershipwith Materrup, a young French industrial
company which produces low-carbon
building materials based on uncalcined
clay. This cement helps reduce the carbon
emissions of new buildings. As part ofthis collaboration in France, five regionalpilot programmes are being implemented,
two in Nouvelle-Aquitaine region and three
in Auvergne-Rhône-Alpes region, covering
81,800 sqm and 700 housing units.

Faced with the environmental and climate
emergency, companies must accelerate theirtransition to a more planet-friendly economy.
As a financier of the energy and ecologicaltransition of its clients, BNP Paribas has
positioned itself as their preferred partnerin terms of support and advice. Overview
of the Group’s initiatives.

BNP Paribas AssetManagement expands its rangeof sustainable ETFs
BNP Paribas Asset Management has steppedup the development of its sustainable Exchange
Traded Funds (ETF) range by launching two newfunds that exclude fossil fuels. BNP Paribas AssetManagement also launched its first ETF in Ireland,
the first to track an S&P 500 ESG Index, whichmeasures the performance of stocks, adopting
a best-in-class ESG approach. With this new fund,
BNP Paribas Asset Management is expanding its
offer to investors in countries and regions such as
the United Kingdom, Switzerland, the Netherlands
and the Nordics. BNP Paribas Asset Management
also won the “Best ESG ETF provider” award
in Europe at the 2023 ESG Investing Awards.

44

To provide expertise and advice to its clients,
small and medium-sized enterprises (SMEs)
and mid-caps in the energy transition sector,
Commercial & Personal Banking in France(CPBF) set up its “Green Desk”, a businesscentre dedicated to this clientele. The companies
in this growing ecosystem are backed bya team of specialised bankers, who are alsoable to liaise with the Group’s experts.
CPBF also created a dedicated service panel
to support all companies in their CSR transition
initiatives. Through an ecosystem of targeted
partners, they can be introduced to players
providing non-banking solutions, ranging fromcarbon assessments to extra-financial rating
and impact strategy consultancy.
Lastly, CPBF is offering its business clients andvery small businesses (VSEs) a new “Crédit Green”
package, which complements the existing products
provided to businesses by Arval and BNP Paribas
Leasing Solutions. It aims at financing sustainableequipment (electric vehicles, batteries, etc.) andprojects (photovoltaic, methanisation).

Contributing to the creation of the first
offshore wind farm in the Baltic Sea

Corporate & Institutional Banking (CIB) is oneof the main arrangers, acting alongside otherfinancial institutions, of the €4.4 billion financing

line for the first wind farm to be built in the
Polish waters of the Baltic Sea. This projectis sponsored by the Orlen Group and Northland
Power. This transaction was made possibleby the in-depth local knowledge and supportof the teams at BNP Paribas Bank Polska and
BNP Paribas Canada, as well as the significant
renewable energy expertise of the CIB teams.
This 76-wind-turbine farm will provide green
energy to over 1.5 million Polish households
by 2026.

Providing targetedfinancing solutions

For their part, BNP Paribas Personal Financeand BNP Paribas Leasing Solutions are joining
forces to provide businesses with targetedfinancing solutions for assets in the “greentech” sector – solar panels, heat pumps
and chargers for electric vehicles – in Poland,
Italy and France.

Launching impact financing
in Luxembourg

BGL BNP Paribas was the first bankto launch impact financing in Luxembourg.
This type of loan, which links interest
rates to sustainable indicators, encourages
companies to strengthen their CSR
commitments while financing theirdevelopment projects. The loan’s interest
rate is lowered if environmental, socialand governance (ESG) objectives are met.
Impact financing is an accelerator
of a company’s CSR policy, regardlessof its degree of maturity.

45

The Group, helping
clients undertake
their first sustainablefinancing projects
BNP Paribas arranged twopioneering sustainable financing
operations:• The first sustainability-linked
loan in Morocco was carried out
through a BMCI and Corporate& Institutional Banking (CIB)
collaboration, with a view tofinancing the acquisition of Atlas
Bottling Company by Equatorial
Coca-Cola Bottling Company
Morocco (for €200 million).
This loan is tied to the company’s
performance in reducing its CO2
emissions, cutting water use andcollecting used bottles.
• The first ESG rating-linked loan
for the Polish public services
company GPEC was carried out
by teams at BNP Paribas
Bank Polska and CIB Germany(for €11 million). This financing
is conditional on the improvementof the company’s ESG ratings.

2023 INTEGRATED REPORT - BNP PARIBAS

TRANSITIONS

Helping improve the energy
footprint of homes
BNP Paribas supports the transformationof consumption patterns acrossEurope. Aware of the need to reduce
the energy footprint of housing, theGroup supports its individual clients inthe decarbonisation of their real estate
assets. Overview of proactive initiatives
and solutions implemented.
In the eurozone’s current economic
climate, marked by severe pressure on
household purchasing power, individuals
need reassurance and support before
they embark on energy-efficiency
renovations to their homes. BNP Paribas
Personal Finance is aware of thischallenge and has joined forces with Effy,
the French leader in energy renovation
for individuals, to make energy work
simple and accessible to as many people
as possible. The two partners thus
designed and rolled out a programmethat covers everything from identifying
a home’s needs to securing State funding
and the renovations themselves.
The work, which includes the installationof heat pumps, photovoltaic panels
and thermal insulation, is carried out
by Effy’s partner craftsmen, who are
certified as RGE (“Reconnus Garants
de l’Environnement“ - Recognised
Environmental Guarantors).

Providing an ecosystemof services around housing

In Italy, the energy renovation challenge
is just as crucial, with 70% of the

BNP Paribas, supporting
the full nationalisation of EDF

residential housing stock scoring E,
F and G in energy performancecertificates. These homes represent
76% of BNL BNP Paribas’ residential
real estate portfolio. The bank is taking
action to encourage its customers to buy
homes with better energy performance.
To do so, it created the “BNL Abito”
ecosystem, bringing together banking
and non-banking products and services.
With this system, BNL BNP Paribas relies
on a 360° view of all housing-related
needs - purchase, sale, energy conversion,
management, security - in order to playa role of facilitator of energy renovation
projects for its customers.
This ecosystem recently integrated
Harley & Dikkinson, the leader in property
renovation and energy efficiency in
Italy, expanding its range with newservices: energy assessment of the home,
identification of its energy rating andindication of the renovation work needed
to improve it.

In June 2023, the French State fully
nationalised the energy company EDF
in order to ensure the country’s energy
independence and sovereignty, and inparticular its ability to plan and invest
over the very long term in electricity
generation, transmission and distribution
resources. Serving the European
economy’s energy transition, Corporate& Institutional Banking acted as EDF’s
financial advisor for this €9.6 billion
buyout. The French State has now taken
full control of EDF, which operates thelargest group of nuclear power plants
in Europe.

Designing a green mortgage solution

BNL BNP Paribas is going one step further
in supporting individuals looking to buy
their own homes, through a green mortgage
solution, “Mutuo Green”, dedicated to thepurchase of property with A and B energy
ratings. It addresses customers’ growinginterest in financial products geared
towards energy efficiency, while anticipating
the increasing legislative and regulatory
requirements in this field.

46

Greenhouse gas
emissions calculator
for Polish breeders
As the sixth largest food producer
in the European Union, Poland
relies on a highly developed
meat industry, which generates
significant greenhouse gas(GHG) emissions. To help
breeders move towards a moresustainable production method,
BNP Paribas Bank Polska
launched the only GHG
emissions calculator focusedon livestock on the Agronomist.plplatform.

TOP

3

Consorsbank’s position as oneof the top 3 most committed and active
online banks in terms of CSR is the resultof a qualitative consumer survey carriedout by the German financial magazine
Euro. The German bank is also the main
contributor to the sharp increase in thenumber of BNP Paribas Personal Investors
new customers from 2022 to 2023 (+67%).

47

Climate Report:
an enhanced
second edition
In May 2023, BNP Paribas
published its Climate Report,thus presenting, in a single
document, its climaterelated strategy, risks andopportunities, and putting into
perspective the alignment of
its financing with the carbon
neutrality objectives of 2050.
The 2024 edition uses thesame format, with additional
portfolio alignment data for
new sectors: aviation, shippingand commercial real estate.
These are added to the six
sectors already covered:
power generation, oil and gas,
automotive, steel, aluminiumand cement.

Innovations
Expert’s view: Yosra Jarraya, Cofounder and Chief Executive Officer of Astran — 50
Expert’s view: Philippe Limantour, Chief Technology and CyberSecurity Officerof Microsoft France — 51
Our strategy: how can we turn technological innovation into a lever
for efficiency and growth? — 52
Our progress in innovation and technology — 56

48

With innovation at the heart of its practices, BNP Paribas anticipateschanges in usage and harnesses the potential of new technologies.
In this context, we are improving the customer experience, making
it simpler and more fluid. We are also using technology to improve
operational performance by taking full account of the revolution
brought about by artificial intelligence, which we intend to use
in a secure environment. Our leading experts explain thesestructural changes, in response to which we are mobilisingand forging strategic partnerships.

49

2023 INTEGRATED REPORT - BNP PARIBASINNOVATIONSMicrosoft’s responsible AI

AstranFounded in March 2021 by
Yosra Jarraya, Gilles Seghaierand Yahya Jarraya, Astran is
a French data resilience andsecurity specialist that acts
as the last line of defence
against cyberattacks bycontinuously providing
companies with their cyberand business digital survival
kits (emergency procedures

Yosra Jarraya,
Cofounderand Chief Executive
Officer of Astran“Reinventing
the resilienceof companies
to cyberattacks“

8,000billion US dollars per year.
This was the global costof cybercrime in 2023.
It is expected to be
10,500 billion in 2025.

Source: Cybersecurity Ventures, the world’s leading
researcher and publisher in the field of cybereconomics.

Over the last few decades,
digital applications havebecome the norm at companies.
This evolution is based on
two phases. The first, withthe adoption of the internet,
instant messaging and document
sharing, was characterised by considerable
productivity gains. We quickly saw thebenefits of integrating these new applications.
This first phase of adoption now coexists
with a more comprehensive vision that
understands the dependence on digitaltechnology and raises fundamental
questions of trust and resilience.
At the heart of the business, information
systems have taken on a significant roleand data is centralised in the hands ofa limited number of non-European suppliers,
threatening the principle of sovereignty.
Cyberattacks are increasing in frequency
and intensity. Companies are faced witha paradox: they need IT, in particular cloudservices, to grow, but they must protect
their data and those of their customers

50

and contacts, critical data, keys,
active directory). Astran thus
makes it possible to strengthenbusiness continuity systems
by providing a highly available
and secure storage location.
Astran’s clients include public
and private players, such as
BNP Paribas, Eiffage and Sanofi,
as well as mid-caps and SMEs.

Philippe
Limantour,
Chief Technology
and CyberSecurity
Officer of Microsoft
Francewww.astran.ioand ensure their business continuity.
Faced with this issue, I am convinced that
it is not up to the user – whether a company
or an individual – to take responsibility forthe protection of their data. It is up to us,
the solution providers, to rise to the challenge.
Astran was born out of a simple desire
to enable everyone to regain control overtheir data, while benefiting from the fullvalue thereof. Our solution uses advanced
cryptographic algorithms to encode,fragment and distribute data acrossmultiple cloud storage nodes, ensuringconfidentiality, high availability and data
integrity. This method makes it impossible
to reconstitute data without authorisationand ensures a high level of availability,
making the data stored in this way thebusiness‘ last line of defence in the eventof a major cyberattack.
We work with major public and private
players, including BNP Paribas. We are
currently working with the latter on two
projects, and we have also joined its“We are Innovation” accelerator, which
gives us access to its network and allows
us to benefit from its expertise.
Our goal is to make our solution a secure
cloud storage standard. To do so, we areworking with the NIST(1). Although theprocess will take several years, we aredetermined to make progress on the matter,as achieving a high level of resilience anddata security is one of the key challengesof the decade for all companies.
(1) The National Institute of Standards and Technology is an agency of the US
Department of Commerce. Its aim is to promote the economy by developing
technologies, metrology and standards in collaboration with industry.

In 2017, Microsoft created anadvisory committee to advise its
customers on the implementationof responsible artificial
intelligence. The company alsoestablished six key principles fortrustworthy AI – accountability,
inclusion, reliability and safety,
impartiality, transparency,
confidentiality and security –with controls on AI systems.

“Entering the new
era of artificial
intelligence“

15,700billion US dollars: this is
AI’s expected contribution
to the global economy by 2030.

Source: PwC, Global Artificial Intelligence study.

S

ince the launch of ChatGPT(1)in November 2022, generative
artificial intelligence (AI) has
been integrated into our working
methods. It marks the startof a new digital era, on a scale
probably equivalent to thatof the arrival of the internet. We often readthat AI is revolutionising content creation.
Above all, what makes it unique is thatit allows us to talk to computer systems
in natural language. With generative AI,
all you need to do is ask a question to get
an instant answer. As there is no longer
a need to learn technical language, it breaks
down the digital barrier, which in turnpromotes inclusion. Its second key strengthis its ability to reason about sophisticatedfields of expertise, for example analysing
and processing financial information.
As its use has accelerated aroundthe world, the issue of how it should
be managed and used responsibly
has come to the fore. In this context,
on 2 February 2024, the European

51

To facilitate the implementationof these principles, Microsoft
provides processes and tools
which are integrated into its
services, and regularly publishestransparency notes on the internet
to make its AI technology easierto understand and to help users
make the right choices.
www.microsoft.com/en-us/ai/
responsible-ai

Union adopted a regulation to frameits development. In the United States,
the National Institute of Standards andTechnology has proposed a frameworkfor securing its deployment with a view
to ISO/IEC 42001 certification, while theG7 has its Code of Conduct.
At Microsoft, we launched Copilot,
an artificial intelligence assistant integrated
into all our applications and experiences.
Its name says it all: it assists the user,
who has the choice of relying on whatgenerative AI produces, while retaining
the same critical mindset as usual. We also
ensure that we inform and train users inorder to foster informed use. Specifically,
we must learn to ask generative AI
questions, commonly called “prompts”,
so as to avoid the risk of generating
incomplete or even irrelevant answers.
Many safeguards exist at this time to
manage potential risks, such as asking
Copilot to explain its responses or providing
the generative AI model with verified
sources of information from which to draw
on and cite. To oversee the responsible useof AI, we have put in place strict governanceand a stringent execution framework.
In the banking sector, generative AI provides
a very wide range of possibilities. With thisin mind, we are working with BNP Paribas’
business lines, IT and data teams on theimplementation of generative AI solutions.
The first stage of this collaboration involves
business and process-oriented work on
a secure cloud services environment,
while the second stage focuses on useroriented work on Copilot’s ready-to-use
solutions for teams.
(1) An artificial intelligence chatbot capable of generating text in natural language.

2023 INTEGRATED REPORT - BNP PARIBASINNOVATIONS

How can we turntechnologicalinnovation
into a lever for
efficiency
and growth?

At a time of intense digitaltransformation, BNP Paribas
is adapting to the new usesof its clients without losing
sight of an essential
prerequisite: continuityof service. Our bank must
operate daily with the highest levelof quality, efficiency and security,and continue to rely on technologicaldevelopments to provide our customers
with a simple and fluid experience
while re-imagining services,
both financial and beyond.

Meeting several
major challenges

Driven by this ambition, we continuously
anticipate the needs of our clients andthose of our teams. We’re investingin technology to address several
major challenges: data security inthe face of cyberattacks; continuous
improvement of customer experience;
optimisation of our operational
performance; adaptation of ouremployees’ skills; and digital sobriety.
To this end, we’re focusing ourinvestments in five areas:• the cloud, to develop the secure useof this technology;• data, to create value for our clients,
partners and employees;• the roll-out of an IT Marketplace andAPIs(1) to create an open information
system;Over the past 15 years, digitisation andits amplification by the 2020 health crisis
has profoundly transformed the banking sector.
At the forefront of the movement, BNP Paribas
innovates to meet the expectations of its clients,
the needs of its employees and the growing
requirements of regulators, while seizing newopportunities generated by technologicaladvances. By placing technology at the heartof our GTS 2025 plan, we are making it a major
lever to optimise our quality of service andstrengthen our operational performance.

52• artificial intelligence (AI), to solve use
cases that meet the concrete needs ofour clients and teams;• technology watch and active
collaboration with the fintech ecosystem,
to prepare for the future.
In general, innovation must be useful
to our clients and employees, whileconsidering the cost of ownership andmaintenance of the technologies on
which it is based. These technologies
are also a lever to optimise our processes
so that we can meet more stringent
regulatory requirements on time andat required standards.

Enhancing and streamlining
our clients’ experience

We’re pursuing our process tocontinuously improve the digital
experience and provide our clientswith ever simpler, smoother and safer
interactions. This is a process thatcomplements the customised support
provided by their banking advisors,
to whom they remain highly loyal.
We invest in our IT infrastructure tosimultaneously improve efficiency andsecurity. For example, we’re accelerating
the roll-out of our hybrid cloud, which
combines speed and flexibility of use withdata protection. We’re developing a
growing collection of 900 APIs(1), which
already manage 700 million transactions
per month. Our corporate clients also
remain at the forefront of our minds and,to better serve them, we’re continuously
improving the efficiency of our solutions
by investing in robust pan-European
digital platforms, such as Centric,“For us, innovatingmeans making the mostof each technology
in an industrial andcontrolled manner.“53

Laurent
David,
Deputy Chief
Operating Officer

Three questions on the roleof Technology & Operational
Performance
Created in the wake of the GTS 2025
plan, what is Technology & Operational
Performance’s mission?

LAURENT DAVID With the expertise of its
teams, Technology & Operational Performance(T&OP) positions itself as an essential partnerin the Group’s sustainable transformation
through a 360° approach, ranging fromour processes to our ways of working andmanaging projects. We strive to be efficient,innovative and responsible in serving ourclients, our partners and our teams.

2023 was marked by decisive advancesin the field of AI. Could you give us someexamples?
L. D. The AI strategy is part of ourtransformation, under the T pillar of
GTS 2025. Among the advances we’ve made,it’s worth mentioning our cutting-edge
Data Science platforms and the creationof an additional environment dedicated togenerative AI experiments. We’re harnessing
the full potential of this revolution. We’realso the leading European bank in terms ofrecruitment of AI specialists in the banking
industry.

What values structure the way
your teams behave?

L. D. From all the active forces driving the

T&OP ecosystem, we’ve chosen four: acting
collectively, being agile, seeking simplicity
and, in turn, placing responsibility at theheart of all our decisions and actions.

(1) Application Programming Interfaces.

2023 INTEGRATED REPORT - BNP PARIBASINNOVATIONS

HuguesEven,
Group Chief
Data Officer“Artificial Intelligence is oneof the pillars of the technology
component of our GTS 2025
strategic plan, which also
includes APIs, the cloudand our IT Marketplace.
We are implementing an ambitious
artificial intelligence programme,
which will enable us to unlock€500 million in value creation
by 2025, resulting from theimprovement of the customer
experience, additional revenue
generation, cost optimisation,and stronger risk management.“

including training, will be available on this
IT Marketplace.
To strengthen our operational performance,
we’re also focusing on simplifying andautomating processes as part of our“Make-Buy-Share” pooling approach.
We’ve thus developed several specialisedinternal shared service centres, for which,with a 25% increase in resources in 2023,
we’ve already achieved the target initiallyset for 2025 as part of our strategic plan.

which meets all their banking needs:
cash management, fixed-income products,
etc. Thanks to these platforms, our businesslines provide a complete portfolio of relevant
and scalable solutions, while developing
synergies to serve our clients.
Lastly, we cannot talk about innovation
to serve our clients without mentioning
payment methods, for which we areproviding new services, such as the
FLOA application, which allows themto pay in several instalments, before,
during or after a purchase.
In 2023, we also continued to strengthen
our range of services around mobility,
notably through the creation of a new
dedicated brand, BNP Paribas Mobility,
which brings together the expertiseand know-how of the Group’s specialised
businesses in this field.

Exploring all dimensionsof applied AI

We are investing in the technologies of the
future and in new uses – notably artificial
intelligence – and making rapid progress
across the board.
By instantly processing a large volumeof data, AI enables the Group to reduce
its costs, strengthen its risk management,
improve its clients’ experience and generate
additional revenues. In 2023, we continued
our industrialisation, and also increased
the number of use cases. More than 750 ofthem are under production, added to which
over 300 are being studied or tested.
We’re also anticipating the rise of generativeAI, which represents an additional lever
for transformation. We’re conducting arounda hundred experiments on promising use
cases, such as the production of analyses tofacilitate the work of our teams. The Groupalready has over 700 specialists working
on different generations of AI.
We’re moving forward with caution, bothbecause the regulations require us to do so,
particularly the Artificial Intelligence Act

54

Collaborating with thetechnology ecosystem

To identify and anticipate future trends,
we follow an open and collaborative
approach focused on start-ups andfintechs at different stages of theirdevelopment. Over 210 partnerships
with start-ups are under way. We support
each of them in a targeted and structured
way to ensure the industrialisation of
our projects, with a view to accelerating
our development and improving
the customer experience.

(AI Act) recently adopted by the European
Union, and to ensure the security of ourclients’ data. This is why we defined acharter for the responsible use of artificial
intelligence, and why we’re strengthening
the infrastructure and governance,
including risk management, in this area.

Unifying our internal tools
and simplifying our processes

In addition to this tip of the innovation
iceberg, consisting of the cloud, APIs,
mobile applications and AI, there isan underwater side, just as crucial for
improving operational efficiency: sharing
tools internally. We designed and developed
our own IT Marketplace within the Group.
This single interface, which brings together
all the services from our technicalplatforms, accelerates exchanges between
IT producers and consumers. As a sourceof collective intelligence, it optimises theconsumption of IT services, contributing
to the shift towards more sustainable IT.
In 2025, almost all of our IT offering,

SophieHeller,Chief Operating
Officer,
Commercial,
Personal Banking& Services“Initially, artificial intelligence
was mainly used to improve
our internal processes, suchas optimising our pricing,but also our credit scores.
In recent years, it has been
increasingly used to serve
our clients, meeting their needs
for speed and customisation.
By 2025, generative AI will
enable us to perfect our virtualassistants to help our teams
and offer our customers a fluid
dialogue with their mobilebanking application.“
55

Supporting our teams
through change
Meeting technological challenges
also simplifies the daily lives of ourteams. We homogenised the entire
IT network and the workstations of our
183,000 employees, in all our regions,to build a unified working environment.
We’re also developing our organisationand helping our teams to adapt to new
ways of working and learning.
This means both continuing to roll out
agile methods on a large scale andstepping up our training programmes.
We thus created the IT Academy,a platform on which our teams canaccess a wide range of training
modules independently. Lastly, we train
and support our employees throughthe Digital Data & Agile Academy.
This digital academy helps both tostrengthen their skills (upskilling) andto explore new ones (reskilling) with anissue of a diploma recognised throughout
the Group. By mapping key skills, thisacademy helps us reinforce our teamsof experts, in particular our Chief Data
Officers, our Data Scientists and our AI
Business Analysts.

The payment experience
reinvented
Payment: an essential act at the heartof the relationship with our customers.
To provide them with a simple, fluid,
bespoke and secure experience,
BNP Paribas is innovating on several
fronts. Focus on advances that will
benefit all our customers.
BNP Paribas has launched an
unprecedented partnership in the fieldof payment solutions. Faced with the
explosion of online sales platforms,a growth driver for e-commerce,
and to meet new needs, such as the saleof second-hand products, the Groupis working with 321Founded, a businessincubator that brings together startups and large companies. At the endof 2023, this collaboration gave rise
to 1POINT6, a brand new fintech thatguarantees smooth, secure transactions
for online sales platforms. With this“all-in-one” offer, based on the best
standards on the market and enabling
the secure management of payments
and the redistribution of funds to thirdparty sellers, BNP Paribas, alreadypresent throughout the payment value
chain, offers these platforms witha European alternative able to competewith the biggest names in the sector.
Launched in the first half of 2024,
this offer will gradually accept several
types of payments (cards or split
payments, for example) and will provide
management and control tools to limit
fraud. It’s aiming to turn a profit by theend of its third year.

Contributing to a unified European
digital payment solution

The European Payments Initiative (EPI),of which BNP Paribas is a shareholder
and founding member, has taken a numberof decisive steps towards European

INNOVATIONS

2023 INTEGRATED REPORT - BNP PARIBAS

bpost bank joins
BNP Paribas Fortis

sovereignty in payments. The EPI
was strengthened with the acquisitionof Currence iDEAL, a leading payment
scheme in the Netherlands, and of
Payconiq International, a payment
solutions provider based in Luxembourg.
As a first step, these two acquisitions will
enable the EPI to launch Wero, a digital
payment solution between individuals,
in Belgium, France and Germany in
mid-2024. Soon to be available throughout
Europe, Wero is powered by instanttransfer technology and will offer a rangeof payment options: one-off transactions,subscriptions, instalments, cash on
delivery and reservations.

On 22 January 2024, bpost bank was
integrated into BNP Paribas Fortis.
By joining BNP Paribas Fortis, nearly
1 million customers now have accessto a wider range of products, services
and retail outlets. The consolidated
group represents a total of over
4.7 million customers. Around2,270 bpost bank employees
received in-depth training to support
customers during the migrationand to provide them with the best
possible advice on the solutions
offered by BNP Paribas Fortis.

Hello bank! celebrates
its 10th anniversary inFrance and accelerates
its development

Collecting payments
using a smartphone

In 2023, Commercial & Personal Banking
in France announced that it would belaunching two new payment solutions
for its professional and business customers
from 2024: Tap to Pay on iPhone and Tap
to Phone on Android. These solutions will
enable the collection of payments by bankcard directly on the merchant’s smartphone,
without additional equipment.
These offers will make life easier for
retailers at a time when most consumers
want to pay for their purchases using
contactless technology, even for amounts
over €50.

Managing budgets made easy
with FLOA

As a major player in fractional payments,
FLOA now offers consumers greater
flexibility in managing their budget bydecoupling their payment from the timeof purchase. With the FLOA app, they
can choose to pay in instalments before,
during or after their purchase. Each person
can adapt their payments to their needs.

56

Alcala 546, BNP Paribas Real
Estate Spain’s first project
The result of a collaboration between L’Oréal
and BNP Paribas, Alcala 546, the headquartersof L’Oréal Spain and Portugal in Madrid,
was designed by Fenwick Iribarren
Architects for a turnkey development jointly
promoted by BNP Paribas Real Estate(majority developer) and Therus Investment.
Financed by Corporate & Institutional
Banking, it was sold through BNP Paribas
Real Estate to a fund managed by Amundi
Immobilier. This ambitious undertaking
stands out for its modernity and connection
to the city, and meets the requirements ofenvironmental, social and governance (ESG)
standards. Alcala 546 has earned two major
certifications: LEED Platinum Shell & Coreand WELL Platinum.

57

On the occasion of its 10th anniversary,
Hello bank! passed the milestoneof 800,000 customers. Thanks to thequality of its service, Hello bank! has
been ranked #1 in digital customer
relations for 4 years and is one of
the most recommended banks in
France by its customers, with a 2023
Net Promoter Score of +57(1).
In 2023, Hello bank! continued toinnovate and enhance its offering,
notably by launching the Hello Extra
cashback service, a limited seriesof Hello+ savings accounts, a term
account, an app entirely devoted
to the stock market and, lastly,
the ability to open a “Livret d’Épargne
Populaire” savings account via
the app – an exclusive feature
among online banks in France.
Since June 2023, Hello bank! has
been preparing to welcome Orange
Bank customers and thus enter a newstage in its development, following
the Orange group’s decision towithdraw from the online banking
market in France.
(1) The Net Promoter Score is used to measure the propensity andlikelihood of customers to recommend a brand, product or service.
BNP Paribas survey, October 2023.

INNOVATIONS

2023 INTEGRATED REPORT - BNP PARIBAS

Helping corporate clients to protect
themselves against cybercrime

Providing ever more useful
digital solutions to our customers
To meet its customers’ expectations andprovide them with the best possible service,
BNP Paribas is enhancing its digital services.
The Group is capitalising on its cultureof innovation as well as its privileged
partnerships with a large ecosystem of startups. Spotlight on some major advances.
With a view to making insurance ever simpler
and just a click away, BNP Paribas Cardif
is teaming up with insurtech Lemonade
to reinvent multi-risk home insurance inFrance. The two co-insurers are offering
tenants a 100% digital experience, fromsubscription to claims management. Accessible
in seconds from any device, this solution
simplifies the user experience. It also sets
itself apart from other insurers with specificcoverage: adaptation of cover to policyholder
needs, single excess, coverage of goods
transported outside the home and additional
cover against theft and glass breakage.
Also to facilitate access to insurance,
BNP Paribas Cardif is continuing to develop
its ONE System platform, designed by
its teams in Taiwan in 2022. Winner of the“Technology Initiative of the Year” award
at the 2023 Asia Insurance Industry Awards,
ONE System sets up simple, fluid and 100%
digital solutions for distributor partners andtheir customers. It now covers other Asian
countries where BNP Paribas Cardif operates.

Facilitating investment decisions

CapLink Investor and CapLink Private:these two solutions, available on the
Securities Services NeoLink customer service
portal, target alternative fund managers
and their investors. To improve transparency
and support their investment decisions,

According to “l’Agence nationale de la sécuritédes systèmes d’information” (ANSSI – the French
Cybersecurity Agency), cyberattacks in France haveincreased by 400% since 2020. Small and mediumsized enterprises (SMEs) and mid-caps are boththe most affected by and the least well protectedagainst what has become their No. 1 risk. To remedy
this situation, Commercial & Personal Banking
in France entered into a unique partnership withSTOÏK, Europe’s leading cyber insurtech, specialisingin cyber risk for SMEs and mid-caps.
To protect them against cybercrime, the twopartners offer a 100% online product that’s easy
to take out, with comprehensive, transparent
coverage and tools to help them manage theirrisks. SMEs and mid-caps thus have access tocoverage including crisis management assistance,
the restoration of their IT system, coverage forintangible damage and cyber-liability protection.

the platform provides simple and secureaccess to environmental, social and governance(ESG) information and data analysis tools.
CapLink Investor provides fund managers
and investors with essential information
about the funds in which they invest.
CapLink Private, for its part, provides themwith digital reporting functions for unlisted
investments in several asset classes.
These offerings were co-created withcustomers, drawing on the design thinking
and lean start-up methodologies of the bank’s
Digital Innovation Lab and its partnershipwith AssetMetrix, a fintech specialisingin unlisted investments.

Optimising budgets with
the Easy Banking App

With the Easy Banking App, BNP Paribas Fortis
helps its customers optimise their budget byproviding a clear overview of their income andexpenditure, automatically divided into twelve
categories. Customers can choose how often
to view their budget and set spending targets
not to be exceeded. An ideal tool to help themsave, or simply manage their budget. This tool
is used by 2.5 million customers and is alreadyattracting more than 600,000 users a month.

Contributing to the business continuityof SMEs in UkraineUKRSIBBANK has created the UKRSIB businessapplication for small and medium-sizedenterprises (SMEs). The app enables themto manage their accounts and carry outtransactions in local currency from mobile
phones. SMEs can thus access remote banking
and ensure the continuity of their businessin the current context of war in Ukraine.

58

A new customised experience
thanks to AI
Securities Services and Global Banking
have launched a virtual assistant poweredby artificial intelligence (AI) called NOA– the NextGen Online Assistant. The solution
is based on the cognitive technologyof Amelia, a leading player in enterpriseconversational AI. This virtual agent helps
customers quickly find the information they
are looking for. For Securities Services, NOA– available on its client portal NeoLink –continues to be rolled out and will soon
be extended to include new services.
For Global Banking, NOA is hosted on theCentric global banking platform. The virtual
agent answers customer questions about
their cash management transactions.
Available in Europe, it is being rolled out inother regions and will also see its uses grow.

59

BNP Paribas2023 INTEGRATED REPORT - BNP PARIBASINNOVATIONS

An approach focusing
on the needs ofentrepreneurial families

BNP Paribas,
the main distributorof the participatory
recovery loan
In May 2021, the French Statelaunched the participatory
recovery loan (PPR – “prêtparticipatif relance“) to support
the development of small andmedium-sized enterprises(SMEs) and mid-caps, while
enabling them to bolster their
cash flow thanks to its four-year
grace period. A long-standing
partner of SMEs and midcaps, BNP Paribas naturally
mobilised its resources to rollout this scheme, available until
the end of 2023. With a total
amount of €2.3 billion in PPRloans, the Group was the main
distributor of this financing
facility. In doing so, Commercial& Personal Banking in France
has helped to speed up
the digital transformation,
the energy transition, themodernisation of production
facilities and the developmentof new activities in France andabroad for many of its SME
and mid-cap clients, who havebenefited from the scheme.

consolidates its
international
positions

The vast majority of businesses in Europe arefamily-owned - from 61% in the Netherlands
to over 80% in Spain, Italy and France(1).
They’re a key driver of economic growth,
employment and social development.
BNP Paribas Wealth Management provides
these entrepreneurial families with support
tailored to their needs. The business line
puts its dedicated team of 300 people at theirdisposal. Drawing on BNP Paribas’ integrated
model, it also facilitates their access to
all the Group’s areas of expertise, notably
those of Global Markets, BNP Paribas AssetManagement and BNP Paribas Real Estate.

Established in 63 countries andterritories, the Group is consolidating
its positions to provide its customers
with solutions that meet their needs
as closely as possible. Focus onsome flagship diversification anddevelopment projects.

Opening of an office in Florida(1) Report on “The challenges of family governance in Europe and emerging trends”,
BNP Paribas Wealth Management and SDA Bocconi School of Management, June 2023.

FLOA, the benchmark
customer experience
Blending digital innovationand human support, the customer
experience provided by FLOA,
the French leader in payment
facilities, was awarded the “CX Award
by Contentsquare”, which identifies
the best user experience initiatives
on the market. FLOA also won the“Customer Service of the Year 2024”
award for the fourth time in the“Credit institution” category, and,for the second time in a row, in the“Payment Solutions” category.

60

1,000
This is the number of new FLOA
partners in Europe, accelerating
its international development.
Among them, the airline Iberia
and Portugal’s leading pricecomparison site, KuantoKusta.

On 6 December 2023, BNP Paribas
officially opened the doors of its new
office in the heart of the financial centreof Miami. This strategic position brings
it closer to its customers, in particularasset managers and institutional clients,
which are increasingly establishing
operations in this fast-growing region.

Strategic life insurance partnershipin Italy

BNP Paribas Cardif entered into a
strategic alliance with the cooperativebanking group BCC Iccrea, the second
largest banking group in Italy (by numberof branches). This long-term partnership
involves the acquisition of a 51% stakein BCC Vita, the life insurance companyof the BCC Iccrea group, in order todeploy their sales force across the 115 local
banks and strengthen the range of savings
products. The Group’s insurer isthus continuing to diversify into new
distribution networks while remainingtrue to its mission: to make insurance
more accessible.

61

Creation of a wealth management
joint venture in China
BNP Paribas Asset Management and
ABC Wealth Management, the wealthmanagement arm of Agricultural Bankof China, one of the largest commercial
banks in China, partnered to forma wealth management joint venture.
51% owned by BNP Paribas AssetManagement, BNP Paribas ABC Wealthaims to meet the growing demand
from Chinese investors for access todiversified asset management products.

Launch of a wealth managementbusiness in Thailand

BNP Paribas Wealth Management
has launched a wealth managementbusiness in Thailand. Building on
its leading positions, particularly inHong Kong, Singapore and Taiwan,
BNP Paribas Wealth Management isreinforcing its wealth management
activity on the Asian continent.
This new wealth management entity
facilitates access to international
capital markets for its customers,
high-net-worth individuals andentrepreneurs with their families,
by leveraging BNP Paribas’ extensive
platform in Singapore.

Inclusion
Expert’s view: Laure Coussirat-Coustère, Deputy Chief Executive Officer
of “Association pour le droit à l’initiative économique” (Adie) — 64
Expert’s view: Antonio Riva, Chairman of Fondazione Alberto e Franca Riva — 65
Our actions to foster inclusion — 66

Convinced that growth should be shared more equitably,
BNP Paribas has a long-standing commitment to helping
the most vulnerable. With this in mind, we act on a daily basis
to create a more inclusive environment, while also providing
our support to affected populations in emergency situations.
Our leading experts explain these crucial issues against
which we are mobilising in solidarity.
62

63

2023 INTEGRATED REPORT - BNP PARIBASINCLUSION“Association pourle droit à l’initiativeéconomique“ (Adie)
Created in 1989 by Maria
Nowak, a microloan pioneer
in France and Europe, Adie
(Association for the right toeconomic initiative) supports
the idea that businesscreation must be open to all.
This community association

Laure Coussirat-Coustère,
Deputy Chief Executive Officer
of “Association pour le droit àl’initiative économique”“Empowering
entrepreneurshipfor all“+43%This is the increase in thenumber of professional
microloans granted in France
in 2022 compared to 2021.

Source: 2022 report of the “Observatoire de l’inclusion
bancaire”, published on 26 June 2023.

B

usiness creation has
doubled in France in thespace of 10 years. From2012 to 2022, 8.2 million
companies were createdaccording to Bpifrance.
The million mark was
exceeded in 2021 and 2022, with alevel almost twice as high as in 2012
and 2013. However, the growing
desire to be an entrepreneur contrasts
with persisting restrictive conditions
for access to credit, especially for
microentrepreneurs. In other words,
without formal qualifications, without
networks and without capital, it is far
more difficult to obtain bank financing.
It was to combat these obstacles
that Maria Nowak created the French
microfinance institution “Association
pour le droit à l’initiative économique”(Adie - Association for the right toeconomic initiative) 35 years ago,
to provide everyone with access tocapital and support in setting up theirown business, a mission that remains
relevant today.

64

Fondazione Alberto
e Franca Riva

provides entrepreneurs withfinancing and professional
support to help them launch
their business, regardless of theirprofession and status. Adie relies
on a network of specialists inmore than 180 branches and
300 meeting points throughout
mainland France and in the
French Overseas Departments
and Territories.

Antonio Riva,
Chairman of
Fondazione Alberto
e Franca Riva

www.adie.org

The process has been complicatedas a result of two technologicaldevelopments that have further
excluded vulnerable groups from accessto credit: the digitisation of application
for financing, on the one hand, andthe omnipresence of risk scores in thedecision-making process on the other.
This is where Adie comes in. In 2023,
we financed and supported nearly
26,000 business creators. We also helped
7,000 future employees or employees
in insecure jobs to buy or repair a vehicle
in order to get back onto the job market
or remain employed. We have achieved
concrete results, which we measurein our surveys: three years after our
involvement, 93% of people supported
are still employed and 81% of thecompanies created are still in business.
We could not fulfil our mission without
our partners, with BNP Paribas occupyinga special place among them. Throughour joint work carried out over the past
30 years and the €210 million in loans
granted by the bank for the direct
financing of our microloan portfolio,
we have supported 46,000 people
in getting back to work. We also draw
on the expertise of BNP Paribas’ current
and former employees, who boost theranks of our volunteers and engage
in philanthropy and skills-based
sponsorship. We’re delighted to havesigned a new three-year partnershipthat will enable us to think even bigger
for microentrepreneurs.

This non-profit familyfoundation was created in2013 by Giorgio, Elisabetta
and Antonio Riva in memoryof their parents, who werevery committed to social
issues. It uses innovative
resources to provide support
for disadvantaged young
people in their education,

training, and employment.
The foundation is active
mainly in Italy, but alsoworldwide. It works inpartnership with a wide
range of players, both in
the non-profit and private
sectors, with a view toincreasing the impact of
its actions and achieving
lasting benefits.
www.fondazioneriva.it/“Joining forces
to reduce social
exclusion“

23.1%of young Italians aged 15 to 29 haveno opportunities in terms of work,
education, or training.
Source: “In search of lost time” report, Save the Children,
published in April 2023.

I

n Italy, as in many other
European countries, certain
categories of people have fewer
opportunities because of theirsocial background and/or
where they live. This exclusion
hinders their economic,
social, cultural, and civic integration.
The specific aim of social inclusion
is to create or restore conditions thatfavour participation in community life
and to strengthen equal opportunities.
At Fondazione Riva, we pave the way
for people to find their place in society.
We see social inclusion as a way ofbringing out the best in everyone.
For the past 10 years, our familyfoundation has been working withindividuals in Italy as well as inIndia, Uganda, Bolivia, and Brazil.
Our projects have a significant impact,some of them aiming to provide
vocational and soft skills training,job placement, and prevent the riskof reoffending for detained individuals.
We invest a great deal of time and65

energy in education, particularly in our
school, the “Scuola del Fare” (Schoolof Doing), through an innovative fouryear programme. To help each student
take ownership of their future, we workwith their families and develop bespoke
pathways to independence. To this end,
we use travel as a life experience, a leverfor personal development and a way foreach person to find out about themselves.
We carry out all our projects in acollaborative way. At the heart ofour approach are the partnerships weforge, which amplify and perpetuate
the results of our actions. With this inmind, we are very proud to be one of thepartners chosen by BNL BNP Paribas for“Progetto IncluCity”, which pursues thegoals of BNP Paribas’ “Projet Banlieues”
in Italy. The extensive experienceacquired by the Group in France since2006 through this programme allows
us to act on a larger scale. At the“Scuola del Fare”, we rely on the local
presence and active involvement of
the BNL BNP Paribas teams to makeour educational programmes available tomore beneficiaries. We are also working
to strengthen our network by bringing
new players into our ecosystem. In creatingthese new synergies, we’ll foster new,and sometimes unexpected ideas. We areleaving no stone unturned to transformthe lives of young people.

2023 INTEGRATED REPORT - BNP PARIBASINCLUSION

First three inclusive& sustainability-linked financing
granted by BNP Paribas
In partnership with the Just Sustainability
Transitions Institute (JuST Institute)(1),
BNP Paribas is innovating in microfinanceby launching inclusive & sustainabilitylinked financing. Presentation of the first
three financing lines granted to players
in inclusive finance.
BNP Paribas has acquired considerable
experience in sustainable loans (notably
sustainability-linked loans), which, bytying the financial terms of the loans
granted to the achievement of predefinedenvironmental, social or just transition
objectives, encourage companies toimprove their ESG(2) performance.

Transposing sustainable loans
to microfinance players

Building on this expertise, the Groupis adapting this financial mechanism
to microfinance institutions (MFIs) bylaunching inclusive & sustainability-linked
financing (ISLF+) in partnership with the
JuST Institute. When achieving predefinedenvironmental, social and just transition
objectives, microfinance institutions will beable to benefit from reduced interest rates
or technical assistance from BNP Paribas
and the JuST Institute.

Granting initial financing to threerecognised institutions

During the European MicrofinanceWeek in November 2023, BNP Paribas
announced it was granting the first
three inclusive & sustainability-linked
financing. The MFIs chosen wereAdie in France, PerMicro in Italy
and Banco da Familia in Brazil.

Founded in 1989, Adie (“Association
pour le droit à l’initiative économique”– Association for the right to economic
initiative) has already financed over
180,000 small businesses in France(see page 64). As part of its inclusive& sustainability-linked financing,several goals are monitored: thenumber of business loans granted to
women; the number of loans granted toentrepreneurs from priority urban areas
and to recipients of minimum social
benefits; and the share of microloansthat finance the environmental transitionof its customers and reduce the carbon
footprint of its activities.
Founded in 2007, PerMicro grants
microloans to entrepreneurs andhouseholds throughout Italy. Throughits ISLF+, PerMicro will strive toincrease the number of microloans for
microbusinesses run by young people
and women, the value of the portfolio
dedicated to financing green technologies
and practices, as well as the volume
of loans with an environmental impact
and climate vulnerability assessment.
The third MFI, Banco da Familia, hasbeen promoting economic development
in southern Brazil through loans to small
businesses since its inception, in 1998.
As part of its ISLF+, several indicators aremonitored: the number of loans dedicatedto renewable energy and water accessprojects; the percentage of loan officers
trained in managing biodiversity risks
and opportunities; and the number ofagricultural loans analysed with climate
and biodiversity indicators during the year.
(1) Launched in 2022 and cofounded by BNP Paribas, this institute works topromote the inclusion and protection of biodiversity, notably with IFSPs (Inclusive
Finance Service Providers); https://justinstitute.org/.
(2) Environmental, social and governance.

66

Making insurance moreaccessible to vulnerable people
As the world leader in creditor insurance,
BNP Paribas Cardif’s mission is to makeinsurance more accessible. In France,
for several years the insurer has been
supporting medical research to take into
account the latest advances in treatment
and offer the best insurance conditions
to people suffering from illnesses such as
gestational diabetes, asthma and Parkinson’s
disease. BNP Paribas Cardif is now extending
this approach to individuals affected bychronic inflammatory bowel disease (IBD) –including Crohn’s disease – of whom there
are more than 270,000 in the country(3).
(3) Ameli; People treated for IBD in 2020, published on 18 January 2023.

Nickel accelerates its development
Launched in 2014, Nickel, the leading current
account distribution network in France now
relies on more than 10,000 points of sale
to serve its nearly 3.7 million customers acrossall its locations. Through its expansion in
Spain, Belgium, Portugal and Germany, Nickel
is targeting 5.5 million customers in Europe,and aims to become the leading current
account distribution network in the region by
the end of 2025. The company has remainedtrue to its initial promise of being accessible
to all, regardless of income. The fintech isalso diversifying its services, offering a credit
package in partnership with FLOA and a homeinsurance package for tenants with BNP Paribas
Cardif and the insurtech Lemonade. The next
step: launching a savings offering.

30

years

BNP Paribas and Adie (“Association
pour le droit à l’initiative économique”– Association for the right to economic
initiative) have a partnership
dating back 30 years which aims todevelop microloans in France. Whilecelebrating the exceptional longevityof this collaboration (see page 64),
the two partners sealed a new threeyear commitment.

A new fund accelerating
the development of
impact bonds
In 2019, BNP Paribas launched
the first fund dedicated to investingin impact bonds in the European
Union, notably in France. The impact
bond is a unique financial partnership
involving the public and private
sectors and the social and solidarity
economy (SSE), intended to develop
positive solutions for society or
the environment, and focusing
on prevention, innovation and thesystemic transformation of public
policies.
On the strength of its contribution
to the work that led to therecommendations of the Cazenave
report(4), the Group is launching its
second edition: the BNP Paribas
European Impact Bonds Fund 2.
The project was initiated by the teamresponsible for impact bonds at theGroup’s Positive Impact BusinessAccelerator, in association withBNP Paribas Asset Management,
which manages the fund. Threestrategic investors have alreadysigned up alongside BNP Paribas:
Banque des Territoires, theEuropean Investment Fund (EIF)
and BNP Paribas Cardif.
With a target size of €70 million,
this fund aims to accelerate thedevelopment of the impact bondmarket in the European Union.
Notably, it will fund projects onthemes such as the professional
inclusion of young people inprecarious situations (scholarship
holders, refugees, people from priority
urban neighbourhoods), the circular
economy, the employment of people
with disabilities and the fight against
food waste. As of 31 December 2023,
the new fund had already financed
nine projects.
(4) Proposals for the development of impact bonds in France.
Conclusion of the work of the working group chaired by Thomas
Cazenave (January 2022).

672023 INTEGRATED REPORT - BNP PARIBASINCLUSION

With “Progetto IncluCity”,
the “Projet Banlieues” programmeis being rolled out in Italy

Exceptional mobilisation
for the Group’s Philanthropy

Since 2006, “Projet Banlieues” has provided support
for 1,200 charities in France, working in areas suchas education, integration and fostering a “living
together” approach. On the back of this success,
BNL BNP Paribas, together with the Group and the
BNP Paribas Foundation, is launching the “Progetto
IncluCity” scheme, which is pursuing its goals
in Italy. The programme supports social inclusion
initiatives targeting young people, by promoting theco-creation of new projects and activities, as wellas the development of a network of associations
in certain disadvantaged neighbourhoods of Milan,
Padua, Prato, Rome and Naples. Already working
actively in these areas, the three benchmark
charities chosen – Save the Children, Comunitàdi Sant’Egidio and Fondazione Riva (see page 65)– will pilot initiatives involving other local
associations committed in these neighbourhoods.

In 2023, the Group’s Philanthropy devoted
more than €90 million to its activities
towards general interest, of which morethan €30 million came from exceptional
donations. These exceptional donations
include €20 million drawn from the Group’s
share buyback programme, to respondto social emergencies, overcome extreme
poverty and contribute to environmental
causes. A look back at an exceptional year.

A space dedicated to nonprofit and social projects
at BNP Paribas Fortis
BNP Paribas Fortis intends to makeits head office a space for real dialogue.
As a committed bank, it has decided
to develop a collective space of over
700 sqm for non-profit and social
projects. Five not-for-profit associations
involved in educational projects
for children and young people indisadvantaged situations now havea collective space called “Inclusion Lab
by BNP Paribas Fortis”, where they canshare their resources and expertiseto better combat social inequalities.

68

In 2023, the Group provided support forover 650 associations, notably in France,
including around a hundred throughits exceptional donations. The funds
earmarked for the acquisition of shares
have contributed to promoting the causes
on which more than 90 organisations(1)are working: food aid and fighting severe
hardship, combatting substandard
housing, assistance to families and earlychildhood, equal opportunity, socialand professional inclusion, climate andbiodiversity, access to water, support
for women in vulnerable situations andvictims of violence, assistance to refugees
and emergency assistance.

Combatting food insecurity

involved since 2011. To respond to the appeal
launched by its Chairman, Patrice Douret, facedwith a situation described as “unbearable on ahuman level (…) and financially unsustainable”,
BNP Paribas has stepped up its support
by donating €1 million to “Restos du Cœur” for2023 and has committed itself to supportingthe charity in 2024 and 2025 as well.
Working in many regions affected by thecrisis, the Group also extended its support
to address all forms of poverty, increasing
its commitment to €7 million worldwide.
Arval also provided “Restos du Cœur”
with vehicles for “Les Enfoirés”(2) tour.
Lastly, as part of the skills-based
philanthropy programme, 30 Group
employees have placed their skills andexpertise at the service of the charity.

Promoting access to culture for all

Another highlight in 2023: a uniquephilanthropic initiative to auction off someof the Group’s furniture and works of art.
This sale, the proceeds of which were donatedto the BNP Paribas Foundation, helped tosupport philanthropic projects that promoteculture and the arts to the widest possible
audience, particularly in the fields of music,
dance and new circus arts.

The high inflation that hit the global
economy in 2023 is having a major impact Assisting in times of emergency
on people, particularly the most vulnerable.
Following the earthquakes in Türkiye andFaced with this situation, the Group has
Morocco, BNP Paribas made an exceptional
stepped up its commitment, mainly incontribution to help the victims (see page 71).
terms of food and housing.
Alerted in June 2023 to the scale of thecrisis in France by its partner associations,
the Group drew up a plan to combat food(1) To see the list of associations receiving support, visit:
insecurity worth €1.6 million over three years, https://group.bnpparibas/en/news/more-than-30-million-euros-in-exceptional-donationsin-2023-to-address-urgent-needs.
notably by supporting “Restos du Cœur”,(2) “Les Enfoirés” (The Bastards) is the name given to the singers and performers in thea French association with which it has been yearly charity concert for “Restos du Cœur”.

69

Isabelle Giordano,Head of Group Philanthropy and General
Delegate of the BNP Paribas Foundation“While corporate philanthropy
must respond to crises andemergencies, it also has
a role to play in tackling theroot causes of society’s ills,
particularly by engaging withyoung people and combatting
all forms of insecurity.
The fight against inequalities
that can determine destiny
is one of our priority causes.
Fostering equal opportunity,
inclusion and education
is vital if we are to giveeveryone the chance toachieve financial security
and independence.”

2023 INTEGRATED REPORT - BNP PARIBASINCLUSION

Developing innovative solutions
to access housing
BNP Paribas has long worked toprovide individuals with housing andaccommodation solutions that are moreaccessible, sustainable and inclusive.
A closer look at two innovative deals,
signed by BNP Paribas Fortis to help
would-be homeowners, and BNP Paribas
Asset Management to help people whoare getting on in years.
BNP Paribas Fortis, Belgium’s leading
mortgage lender, has teamed up
with Matexi, a key player in property
development, to launch HappyNest.
This unprecedented lease-purchaseformula targets new and energy-efficienthouses and apartments.

Making the purchaseof sustainable housing
more accessible in Belgium

HappyNest offers an innovative alternative
to the immediate acquisition of a newsustainable home, which is difficult
for many individuals in Belgium.
By joining forces, the two partners
aim to make the new sustainable andenergy-efficient construction segment
more accessible. More specifically,
with HappyNest, the prospective buyer
initially rents the home at a market price.
Then, during the 5th and 6th years, thescheme allows them to buy the home,

without obliging them to do so. The rent
paid is then partly deducted from thepurchase price.

Designing appropriate housing solutions
for senior citizens in France
For its part, BNP Paribas Asset Management
has invested, in equal shares with “Banque desTerritoires” (Territories Bank), in “Entreprendre
pour Humaniser la Dépendance” (EHD –Undertaking to Humanise Dependence),
one of the real estate companies of the“Mouvement Habitat et Humanisme”(Housing and Humanism Movement),
as part of its €34 million fundraising operation.
BNP Paribas Asset Management’s €10 million
contribution was split into equity interests(90%) and a capital contribution (10%).
It has extended the support provided to EHD
for more than 10 years via its employeesavings and banking funds.
This operation enabled the real estatecompany to strengthen its development
throughout mainland France in order toprovide a range of housing and accommodation
solutions to the most modest senior citizens,from institutions for dependent elderly
people (French EHPADs) to intergenerational
residences and inclusive housing. BNP Paribas
Asset Management’s acquisition of this stake
illustrates its involvement with operators
looking to provide solutions with a strongsocial impact for the elderly.

A new training centre in France
for the NGO WPDI
As an extension of its support for the Whitaker
Peace & Development Initiative (WPDI), foundedby the artist and social activist Forest Whitaker,
BNP Paribas is helping to finance theestablishment of the NGO’s training centre
in Aubervilliers, France, which marks thelaunch of the WPDI’s activities in Europe.

70

Helping disaster victims in Türkiye,
Syria and Morocco

BNP Paribas provides
support for two social
bonds in South Korea

When the deadly earthquakes struck Türkiye and Syria in
February 2023, the Group was quick to activate its Rescue& Recover Fund, which enables Group employees, pensioners
and customers to make donations to provide rapid financial
support to its partner NGOs on the ground (CARE, the French
Red Cross, “Médecins Sans Frontières” – Doctors Without
Borders – and IFAW) and to help local populations. For each
donation made, BNP Paribas doubled the amount, which raised
a total of nearly €1.3 million after the Group’s matching
contribution. In addition, in Türkiye, TEB has donated nearly€12.5 million to help victims of the earthquake.
In September 2023, when Morocco was also hit, the Group again
activated its Rescue & Recover Fund to support the French Red
Cross, through the Moroccan Red Crescent, and CARE through its
local CARE Morocco branch. Through fundraising and the Group’s
matching contributions, more than €250,000 was raised to help
the local communities. At the same time, BNP Paribas also madean exceptional contribution of €500,000 via the BMCI Foundation,bringing the Group’s total support to €750,000. BMCI also
contributed €3 million to the national effort to support victims.

The former headquarters of
AP-HP become the largest
social “third place” in Paris
For eighteen months, the former
headquarters of “Assistance Publique– Hôpitaux de Paris” (AP-HP) became“Les Arches Citoyennes” (The Citizen
Arches), a “third place” (a social
area separate from the home or the
workplace) focused on care, solidarityand local connections. This temporary
installation was part of the project won
in July 2022 by the consortium led by
BNP Paribas Real Estate, in association
with APSYS and RATP Solutions Ville, todevelop the first “building with a mission”
in Paris. Covering nearly 30,000 sqm andfacing the city hall, the site is considered
to be the largest “third place” dedicatedto social activities in Paris.

71

Our Corporate & Institutional
Banking division worked with two
major Korean banks as joint leadmanager and bookrunner of twosocial bonds. The first, issued
by Shinhan Bank with a maturityof five years and an amount of
US$500 million, is the first South
Korean gender equality-themedbond. The funds raised will be used
exclusively to finance and refinancesocial projects for women looking
to borrow. These women will thus
have the necessary capital to set
up a business, buy their own home
and, generally, be more financiallyindependent.
For its part, KEB Hana Bank
raised €600 million via an SME
Empowerment Social Covered Bond
that will increase the lender’scapacity to extend loans to small
and medium-sized enterprises.
This breakthrough is all the moredecisive given that local SMEs
make a vital contribution to
the country’s economy.

Governance

BNP Paribas’ stable and balanced corporate governance structure,
based on the Board of Directors and General Management, assisted by
its Executive Committee, defines and implements the Group’s strategy.
Faced with a turbulent environment, our main governing bodies steer
our strategy with a view to continuous sustainable growth and value
creation. A long-term vision that enables us to act in the joint
interests of the Group and all its stakeholders.

Listening to our stakeholders — 74
Our governance bodies — 76
Our shareholders and investors — 77
Our Board of Directors — 78
Our Executive Committee — 80

72

73

2023 INTEGRATED REPORT - BNP PARIBAS

GOVERNANCE

T

hrough a transparent andcontinuous dialogue with
its stakeholders, BNP Paribas
is able to anticipate their
expectations and track changes
in society. This interactive
process is central to ourstrategic priorities.
BNP Paribas pays close attention to allplayers in its ecosystem. They aresegmented into two categories. The firstincludes contractual stakeholders: clients,
employees and employee representative
bodies, individual shareholders andinstitutional investors, as well as suppliers.
The second group includes other strategic
stakeholders, such as candidates (potential
future employees), companies in which
BNP Paribas invests, regulatory bodies
and public authorities, financial andextra-financial rating agencies, networks
and think tanks, civil society and its
organisations (local communities, NGOs,consumer associations, charities, etc.),
the media and opinion makers.

Our materiality matrix
Important

Interacting with
our stakeholders
In line with our company purpose,
we have chosen to regularly engage withall of our stakeholders through an open
and constructive dialogue. A dedicatedinformation approach, structured
dialogue, and mechanisms for sharing
information and monitoring relationships
are all forms of this interaction.
This listening and dialogue approachis key to anticipating changes in ourbusinesses, improving the quality ofour products and services, optimisingrisk management and designinginnovative solutions that havea positive impact on society.

Mapping and prioritising
our challenges

To inform the analysis of our
stakeholders’ expectations, ourmateriality matrix, which was revisedin 2021, maps and prioritises thechallenges facing BNP Paribas.
It is based on an assessment of theimportance of 21 extra-financial issues
and compares the perceptions of theGroup’s employees(1) with those of
its external stakeholders(2).

Three categoriesof challenges

The materiality matrix has identified
three categories of challenges, classified
as crucial, major and important. The six
crucial challenges for our Group are:

74

Major

CrucialData privacy
and security

Ethics& compliance

Political andsocietal risk

Responsible
investing andfinancingdata confidentiality and security; climatechange and the energy transition;
ethics and compliance; human rights;
responsible investments and financing;business continuity.
The eight major challenges are:corporate economic value; customer
expectations; digital transformation andinnovation; employer policy; fair andinclusive workplace; governance; talentmanagement; transparent practices.
The six crucial and eight major
challenges represent the 14 key priorities
at the heart of our GTS 2025 strategicplan. Its three pillars – profitable growth(Growth), optimising the customer andemployee experience (Technology),
and scaling up sustainable finance(Sustainability) – are cross-cutting
themes that unite these 14 priorities.
As part of the transposition into
French law of the European Corporate
Sustainability Reporting Directive(CSRD)(3), we are working on a new
update of our materiality matrix, which
will be published in 2025.

Importance for external stakeholders

Listening
to ourstakeholders

Fair andinclusive
workplaceHumanrightsBusiness
continuity

Corporateeconomic value
Customer
expectations

Governance
Employment
practices

Transparent
practices

Accessibility for
all to products
and services

Talentmanagement

Fair
competitive
practices

Digitaltransformation& innovation

Biodiversity

Local
community
supportResponsible
procurement-

Climate change& energy transition

Operational
environmental
impactImportance for BNP Paribas employees(1) These perceptions were collected from more than 1,200 Group employees.
(2) These perceptions were assessed through an analysis of the publicationsof our main peers, over 2,500 regulations applicable to our activities and regions,over 20,000 sectoral press articles and over 450 million messages posted
on X (formerly Twitter). (3) The CSRD aims to harmonise companies’ sustainability
reporting and improve the availability and quality of published ESG data.

75

2023 INTEGRATED REPORT - BNP PARIBAS

GOVERNANCE

Our governancebodiesOur main governance bodies
are the Board of Directors
and the Executive Officers(Chief Executive Officer andChief Operating Officers).
They steer the strategy
with a long-term vision anda sustainable growth objective. They act
in the interest of the Group and its
stakeholders, and notably its shareholders
and investors. The Board of Directors
determines the strategic orientationsof BNP Paribas based on proposals madeby the General Management, which,assisted by its Executive Committee,
implements them and manages
day-to-day business.

Shareholders and investors

Their main responsibilities are threefold:• electing Directors (excluding Directors
representing employees);• voting on resolutions;• conducting dialogue, exchanging ideas
and participating in discussions:- the Investor Relations team informs
them about the Group’s strategy,
significant developments and results;- the Shareholder Relations teamanswers questions from the Bank’s
301,200 individual shareholders;- the “Cercle des actionnaires”(Shareholders’ Club) brings together
some 57,700 individual shareholders who
own at least 200 BNP Paribas shares;- in 2023, the Shareholder Liaison
Committee held two meetings to discuss,among other topics, the capital structure
and its evolution, the quarterly results,
and the economic outlook in a complex
and uncertain environment.
Shareholder equality is at the heart of ourgovernance principles, meaning no double
voting rights, no limitation on the exercise
of voting rights, and no rights to increased
dividends.

Board of Directors

Assisted by four specialised committees,
the Board brings together the expertise of
14 Directors (see page 79). Its mission covers:• the representation of all shareholders
and the quality of shareholder relationships;• determining the Group’s strategicorientations, on the recommendation of the
Executive Management, with an objectiveof creating long-term value, whilst taking
into account the social and environmental
challenges of BNP Paribas’ activities;• the quality of the information provided
to shareholders and the markets;• reviewing and approving the Group’s
financial statements whilst ensuring
their fairness;• preventing and managing risk;• ensuring compliance with internal
control obligations;• determining the compensation policy
for the Company’s Directors, Corporate
Officers and regulated employees;• appointing the Chairman, the Chief
Executive Officer and, upon proposalof the Chief Executive Officer, the Chief
Operating Officers;• conducting the periodic review of theselection, appointment and succession
process of Directors and Corporate Officers.

General Management

General Management is composedof a Director and Chief Executive Officer,
two Chief Operating Officers andtwo Deputy Chief Operating Officers.
It is assisted by its Executive Committee.
Meeting at least once a week, General
Management:• recommends and implements the strategy,
oversees the Group’s development
and manages its day-to-day activities;• informs and reports to the Board of Directors.
The Executive Committee comprises
General Management and the Heads
of BNP Paribas’ main business lines
and functions (see page 80).

Our shareholders
and investors
A shareholder base that stands out for its stability and loyalty
Shareholding structure as at 31 December 2023 (in % of voting rights)

37.7%

32.5%

Our governance system forsustainable finance is reinforced
every year. Since 2021, threecommittees have been working tostrengthen the integration of theseissues into the Group’s strategy
and within each entity.

STRATEGIC COMMITTEE

THE INFRASTRUCTURE COMMITTEEREGULATORY COMMITTEE

Under the leadership of the
Director and Chief Executive Officer,
this committee met five times in
2023. It notably ruled on the newGroup loan portfolios alignment
commitments for new sectors
and on updating the Risk Appetite
Statement and the Pillar 3 ESG
disclosures.

Under the direction of the
Deputy Chief Operating Officer,
this committee met nine times tomonitor the deployment – at themethodological, normative andoperational levels – of processes
and reports related to sustainablefinance, such as the ESG
Assessment.

Chaired by the Group General Counsel
and the Head of Company Engagement,
this committee met three times in 2023
to inform its members about the main
regulatory texts. Among the topics discussed
were the notion of sustainable investmentin the context of the SFDR(1) regulation,and the French and European legal
frameworks on the Duty of Care (CS3D)(2).
(1) Sustainable Finance Disclosure Regulation.
(2) Corporate Sustainability Due Diligence Directive.

76

6.9%

European Non-European BlackRock
institutional institutionalInc.
investors (1) investors (2)5.9%Individual
shareholders

5.5%

SFPI (3)

5.4%

3.5%

AmundiGroup
FCPE (4)

1.5%

1.1%

Directly heldby employees

Grand
Duchy of
Luxembourg(1) Excluding Amundi. (2) Excluding BlackRock Inc. (3) Société Fédérale de Participations et d’Investissement: a public-interest limited company (société anonyme) acting on
behalf of the Belgian State. (4) Mutual funds held via the Group’s employee savings plan.

Shareholder dashboard
In euros

Net income attributable
to the shareholders
per share (1)Net book value
per share(2)Net dividend
per share
Cash payout
ratio (%) (9)Share priceHighest (10)Lowest (10)Sustainable financeat the heart of ourgovernance

Informing our shareholders:the Investor Relations teamYear-end
CAC 40 index
on 31 December

2019

6.21

79.0

0.0 (3)

2020

5.31

82.3

2.66 (4)

2021

7.26

88.0

3.67 (6)

2022

7.80

89.0

3.90 (7)

2023

9.21
96.0
4.60 (8)0.0 (3)50.00 (5)50.00 (6)50.00 (7)50.00 (8)

53.81
38.14
52.83

54.22
24.51
43.105

62.55
39.71
60.77

68.07
40.67
53.25

67.02
47.02
62.59

5,978.06

5,551.41

7,153.03

BNP Paribas provides all its shareholders
with rigorous, regular, consistent and highquality information, in accordance withthe recommendations of the stock market
authorities and best market practices.
Our Investor Relations team informs
institutional investors and financial
analysts about the company’s strategy,
significant developments and thefinancial results, published each quarter.

Communicating with ourindividual shareholders: theShareholder Liaison Committee
This Committee is made up of
10 shareholders, chosen for theirgeographical and socio-professional
representativeness, as well as two
employees or former employees.
They are appointed for a term of three
years. It meets several times a year.

Leading the shareholder
community: the “Cercle
des actionnaires“

The “Cercle des actionnaires”(Shareholders’ Club) brings together
some 57,700 shareholders owningat least 200 BNP Paribas shares.
Its members benefit from a wide rangeof events in line with the Group’scommitments. In 2023, they were offeredover 300 exceptional events occurring
all over France. The members can also
listen to interviews with historians,
speakers and artists in its podcasts.

6,473.76 7,543.18(1) Based on the average number of shares outstanding during the year. Calculated in 2023 on the basis of the distributable 2023 earnings and the number of shares outstanding at year-end. (2) Before distribution. Revalued net book value based on the numberof shares outstanding at year-end 2023, net earnings per share calculated on a number of shares outstanding at year-end. (3) Following ECB/2020/19 recommendation of the European Central Bank of 27 March 2020 on dividend distribution policies during theCovid-19 pandemic, the distribution of €3.10 per share initially proposed to the Annual General Meeting of 19 May 2020, was appropriated to “Other reserves”. (4) €1.11 distributed following the approval of the Shareholders’ Combined General Meeting of 18 May 2021,
plus €1.55 distributed following the approval of the Ordinary Annual General Meeting of 24 September 2021; taking into account only the distribution of the 2020 dividend. (5) Taking into account only the distribution of the 2020 dividend. (6) Taking into account only
the distribution of the 2021 dividend and not taking into account the €900 million share buyback programme, executed between 1 November 2021 and 6 December 2021. (7) Taking into account only the distribution of the 2022 dividend and not taking into accountthe €962 million share buyback programme in respect of the so-called “ordinary” distribution. (8) Subject to approval by the Annual General Meeting of 14 May 2024 and not taking into account the €1.05 billion share buyback programme planned for 2024. (9) Cashdividend distribution recommended at the Annual General Meeting expressed as a percentage of distributable net income attributable to shareholders. (10) Recorded intra-day during trading session.

772023 INTEGRATED REPORT - BNP PARIBAS

GOVERNANCE

Our Boardof Directors

Members of the Board of Directors
As at 16 February 2024

A

Chairman of the Boardof Directors of BNP Paribas
B

C

D

T

It is composed of 14 Directors,
including one representing employee
shareholders and two representing
employees. Their terms of office last
three years.

This committee reviews the overall
strategy in terms of risks, including
social and environmental risks, basedon the indicators communicated toit under the framework set by theregulations in force. It considers any
specific issues related to these mattersand methods. It also examines issues
relating to internal control, complianceand monitoring of compensation
principles with regard to risks.
5 members

Corporate Governance, Ethics,
Nominations and CSR Committee

This committee is responsible formonitoring compliance with corporate
governance principles, taking accountof regulatory developments and bestpractices in corporate governance.
Its missions also include:

78

B

C

JACQUES ASCHENBROICH,J ULIETTE BRISAC,
Chief Operating Officerof the BNP Paribas Group
Company Engagement,
Director representing
employee shareholders

Financial Statements Committee

Internal Control, Risk Management
and Compliance CommitteeA

Chairman of the Boardof Directors of Orange

Established within the Board of
Directors, these committees makeproposals to facilitate its work.

This committee monitors the process
for preparing financial information,
the effectiveness of internal control andrisk management systems in accounting
and financial matters, the statutory
audit of the annual and consolidated
financial statements by the Statutory
Auditors, and the independence of
the Statutory Auditors.
6 members

J EAN-LAURENT BONNAFÉ,
Director and Chief
Executive Officerof BNP Paribas

The support of four
specialised committees

he Board of Directors sets
the Group’s strategic priorities
on the recommendation of
the General Management,
which implements them.
It strives to promote
long-term value creation,in line with the social and environmental
challenges facing the Group.
It has three general powers: to examine
the Group’s strategic choices,to contribute to its smooth runningand to give its prior approval to any
significant investment or divestment
decision, as well as to any significant
strategic transaction falling outside
the approved guidelines. It is also
responsible for promoting CSR andoverseeing risk management. It ensuresthat high-quality financial informationis communicated.

J EAN LEMIERRE,

E

D

E

F

P IERRE-ANDRÉDE CHALENDAR,
Chairman of the Boardof Directors of Compagniede Saint-GobainF• identifying, selecting and ensuring
the succession of Directors andcommittee members;• conducting the periodic review of theprocess for the selection, appointment
and succession of corporate officers;• assessing the Board of Directors;• assessing the independence of
Directors;• monitoring CSR issues and integratingthem in the performance of its duties.
5 members

Remuneration Committee

This committee is responsible forthe annual review of the Group’s
compensation policy principles, as well as:• the remuneration, allowances andbenefits granted to the Company’s
Directors and Corporate Officers andthose of some of the Group’s major
French subsidiaries;• the remuneration of the regulated
categories of personnel;• overseeing the remuneration of the
Head of Risk Management, the Headof Compliance and the Head of theInspection Générale.
4 members

MONIQUE COHEN,
Senior Advisor of Seven2G

H UGUES EPAILLARD,
Business Manager
Real Estate,
Director representing
employees of BNP Paribas

G

H 	MARION GUILLOU,

Independent Director
I 	VANESSA LEPOULTIER,

Financial Advisor,
Director representing
employees of BNP Paribas
J 	LIEVE LOGGHE,

Director of companies

J

K

L

K 	MARIE-CHRISTINE LOMBARD,
Chief Executive Officer
and Chairwoman of the
Executive Board of Geodis

L 	CHRISTIAN NOYER,
Director of companies

M	DANIELA SCHWARZER,Member of the Executive
Board of the Bertelsmann
Foundation

M

N 	MICHEL TILMANT,
Director of companies

79

N

H

I

2023 INTEGRATED REPORT - BNP PARIBAS

GOVERNANCE

Our Executive
Committee

A
B

C

K

J
L

Members of the Executive CommitteeC

As at 18 March 2024

omprising the five membersof the General Management
and 13 members responsible
for the business lines orcentral functions, our Executive
Committee sets and implements
the Group’s strategy.
In 2023, it accelerated the implementationof the Growth, Technology, Sustainability
2025 (GTS 2025) strategic plan, the goalof which is to make BNP Paribas an evenstronger, more profitable group and, above
all, of greater use to its customers andsociety at large.
This roadmap is underpinned by theexpertise and commitment of ouremployees, who are both its architects
and a key priority of it.

A 	JEAN-LAURENT BONNAFÉ,
Director and Chief
Executive OfficerB 	YANN GÉRARDIN,

Chief Operating Officer
in charge of Corporate& Institutional Banking

C 	THIERRY LABORDE,

N

Chief Operating Officer
in charge of Commercial,
Personal Banking& Services

M
O

D 	LAURENT DAVID,
Deputy Chief
Operating Officer
E	RENAUD DUMORA,
Deputy Chief Operating
Officer in charge ofInvestment & Protection
Services

Achieving a successfultransition to a sustainableeconomyD
F

With GTS 2025, the Executive Committee
pools all of BNP Paribas’ efforts tosuccessfully complete the collective
transition to a sustainable economic
model and to support all of our customers
along the way. This large-scale roll-out
of sustainable finance involves all our
teams and all our entities.

F	MICHAEL ANSEEUW,
Director and Chief
Executive Officer andChairman of the Executive
Board of BNP Paribas
FortisE

G 	CHARLOTTE DENNERY,
Director and Chief
Executive Officerof BNP Paribas
Personal FinanceH 	BERNARD GAVGANI,
Chief Information Officer

More women in governing
bodiesG
H I

PQI	ELENA GOITINI,
Chief Executive Officerof BNLR

Women currently make up one third of the
Executive Committee. BNP Paribas plans
to increase this 2023 figure to 40% by 2025.
The G100, which comprises the Group’s
top 100 senior managers, is already morethan one third female. Among the Group’s
Talents, the future successors to the
management teams, the goal of parity has
been achieved on average since 2020.

80

81

J 	YANNICK JUNG,
Head of Corporate& Institutional Banking
Global Banking
K 	PAULINE LECLERC-GLORIEUX,
Director and Chief
Executive Officer of
BNP Paribas Cardif
L 	ISABELLE LOC,
Head of Commercial& Personal Banking
in FranceM 	STÉPHANIE MAAREK,
Head of ComplianceN 	LARS MACHENIL,
Chief Financial Officer
O 	SOFIA MERLO,
Head of Human ResourcesP 	OLIVIER OSTY,
Head of Corporate& Institutional Banking
Global Markets
Q 	FRANK RONCEY,
Chief Risk Officer
R 	ANTOINE SIRE,
Head of Company
Engagement

2023 INTEGRATED REPORT - BNP PARIBAS

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(1) The digital version of our Integrated Report has been e-accessible since its creation in 2018. It provides an optimalbrowsing experience for the visually impaired (font size, contrast setting and vocalisation) and for people withdyslexia (dyslexia-friendly font).

DIGITAL VERSION — The digital version of thisdocument is compliant with the PDF/UA (ISO14289-1), WCAG 2.1 level AA and RGAA 4.1 accessibility standards with the exception of thecolour criteria. Its design enables people withmotor disabilities to browse through this PDF
using keyboard commands. Accessible for people
with visual impairments, it has been tagged infull, so that it can be transcribed vocally by screen
readers using any computer support.
E-accessible version by

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We wish to thank all employees and partners
who contributed to the production of this report.
We would also like to extend our warm thanks
to the external speakers who agreed to share theirviews in this report.

ADEME number: FR200182_01XHWE
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BNP Paribas
Head office: 16, boulevard des Italiens
75009 Paris (France)
Tel.: +33 (0)1 40 14 45 46

Ref.: A_2023_EN_RI

Public Limited Company (société anonyme)
with a capital of 2,294,954,818 euros
RCS Paris 662 042 449