2016 The Brave New World of Finance Strategic Transformation in an Uncertain World Paris 25 October 2016
Welcome We are delighted to have you join us for our annual Global Financial Services Leadership Roundtable, as we return for a second visit to Paris. Past roundtables have very much focused on the beginning, middle, and end of the global financial crisis. Today s session focuses on the rapidly changing financial services environment, with a frank assessment of where we are today, insights on the path of disruption, and debate on the imperatives for success over the next decade. We look forward to this year s debate and to gaining an understanding of the level of confidence in the market. We are grateful to the panelists who have kindly agreed to join us today to share their opinions. Our panelists cover a breadth of sectors and geographies and will bring richness and insight to our discussions. We hope you find the event thought-provoking and stimulating thank you for your participation and for bringing your own perspectives on the issues of today and the challenges for tomorrow. We also hope you enjoy the event, find time to catch up with old friends, and take the opportunity to make new ones. The Partners, Financial Services Practice, A.T. Kearney France Daniel Dadoun Partner Sébastien Declercq Chairman, A.T. Kearney France Cyril Garbois Partner Michel Jaubert Partner Nicolas Lioliakis Financial Services Leader, A.T. Kearney EMEA 2
Agenda Tuesday, 25 October 2016 8:00 a.m. Welcome breakfast Automobile Club de France 8:30 a.m. Introductory remarks Sébastien Declercq, Chairman, A.T. Kearney France 9:00 a.m. Panel discussion: Resilience of financial institutions Séverin Cabannes, Deputy CEO, Société Générale Olivier Klein, CEO, BRED Yves Perrier, CEO, Amundi and Deputy CEO, Asset Management, Insurance, and Real Estate, Crédit Agricole S.A. Moderated by Nicolas Lioliakis, Financial Services Leader, A.T. Kearney EMEA In the wake of the 2008 global economic crisis, financial institutions have seen radical changes in their operating environment, including tougher and more dynamic regulations, historically low interest rates, and customers higher expectations. Are financial institutions more resilient in this new environment? Or are we creating the next systemic crisis? 9:30 a.m. Panel discussion: Retail banks transformation Marie Cheval, CEO, Boursorama Michel Mathieu, CEO, LCL Javier Rodriguez Soler, Head of Strategy and M&A, BBVA Cezary Stypułkowski, CEO and President of the Management Board, mbank Moderated by Pedro Mateache, Chairman, A.T. Kearney Iberia Retail banks have been hurt by sluggish revenue growth and pressure on their cost-to-income ratios. Customers are more demanding, notably so in their expectations of the customer journey and new practices. At the same time, new players such as fintechs are attacking banks in their most lucrative business segments and enforcing new rules of the game. How can traditional banks transform their business models and operations to remain competitive? 10:15 a.m. Break 3
10:45 a.m. Panel discussion: Reshuffling financial service provisioning frontrunner digital payments Nicolas Huss, CEO, Visa Europe Andreas Kubli, Group Managing Director, UBS Switzerland Philippe Lazare, Chairman and CEO, Ingenico Group Marcus W. Mosen, CEO, Concardis Marco Siracusano, Head of BancoPosta, Poste Italiane Moderated by Andreas Pratz, Partner, Financial Services, A.T. Kearney Germany Payments are the bread and butter of banking. Each of us performs around 800 payment transactions per year, so it is no surprise that this space attracts a wealth of activities from outside the banking industry, with a third of the FinTech50 playing in the pure payments space. Payments are a hotspot of technological innovation, from smart data and biometrics to mobile technologies, an additional advantage for non-bank players. Regulations are opening up this area and forcing banks to provide access to their accounts through standards APIs and at no cost to other financial services providers. Who will shape this space? And what lessons can the wider financial services space learn from these payment disruptions? 11:50 a.m. Panel discussion: Wholesale business plasticity Jean-Luc Allavena Mathieu Chabran, Co-Founder and Managing Director, Tikehau Capital François Riahi, Member of Natixis Senior Management Committee, Global Co-Head of CIB Pierre Vergnes, former CFO and Deputy CEO, Dexia Moderated by Cyril Garbois, Partner, Financial Services, A.T. Kearney France Poor revenue growth, mounting regulatory demands, and low interest rates have crushed industry earnings and ROEs, creating a harsh environment that calls for a radical transformation of wholesale banking s operating model. At the same time, disintermediation of corporate lending is increasing with the expansion of alternative financing solutions. Depending on their internal capabilities and the strategic importance of owning operations, financial institutions can engage in a variety of actions, from reengineering and outsourcing to establishing strategic partnerships with banking or non-banking players. 12:45 p.m. Closing remarks Sébastien Declercq, Chairman, A.T. Kearney France Nicolas Lioliakis, Financial Services Leader, A.T. Kearney EMEA 1:00 p.m. Lunch 4
Speakers Séverin Cabannes has been deputy chief executive officer at Société Générale since May 2008. Séverin Cabannes Deputy CEO, Société Générale He is a graduate of the École Polytechnique and the École Nationale Supérieure des Mines de Paris. In 1983, he joined Crédit National as a financial analyst. From 1986 to 1997, he held different positions at Elf Atochem. In 1997, he joined La Poste Group and in 1998 he was appointed Deputy CEO and CFO of La Poste. In 2001, he joined Société Générale Group as CFO and management committee member. In 2002, he joined Stéria Group, where he was appointed CEO in 2003. In January 2007, Séverin was appointed CAO of Société Générale Group. Mathieu Chabran is co-founder and managing director of Tikehau Capital. He co-founded Tikehau Capital in 2004 and is currently managing partner of Tikehau Capital Advisors and managing director and CIO of Tikehau Investment Management. Previously he was in the London office of Deutsche Bank, which he joined in 2002. He started his career at Merrill Lynch, first in Paris and then in London. Mathieu Chabran Co-founder and MD, Tikehau Capital He is a graduate of the Institut d Etudes Politiques (Aix-en-Provence) and ESCP Europe. Marie Cheval has been CEO of Boursorama since 2013. She joined Société Générale Group in July 2011 as head of global transaction and payment services. Previously, in 2002, she joined the French Post Office and was deeply involved in the launch of La Banque Postale (the French Postal Bank), where she served as head of strategy from 2004 to 2006, as sales and marketing director until 2008, and eventually as head of operations until 2011. Marie Cheval CEO, Boursorama Marie began her career in the Inspection Générale des Finances after graduating from the Institute of Political Studies of Paris and the Ecole Nationale d Administration. 5
Nicolas Huss is chief executive officer of Visa Europe Limited. Since joining Visa Europe in 2013, he has embarked on a radical change strategy, driving a customer-centric focus built on innovation and consumer insight. Under Nicolas s leadership, Visa Europe has performed extremely strongly with substantial growth in transactions and revenue leading up to its acquisition by Visa Inc. in June 2016. Following the acquisition, Nicolas continues to lead Visa Europe as a wholly owned subsidiary of Visa Inc., operating as a single global company. Nicholas Huss CEO, Visa Europe Olivier Klein CEO, BRED Olivier Klein has been CEO of BRED since October 2012. BRED is the largest commercial bank of Groupe BPCE (Banque Populaire and Caisse d Epargne) including a retail, a corporate, and a private bank, a trading desk, an asset management and an insurance company, and bank subsidiaries in Southeast Asia, the Pacific, Africa, and Switzerland. Prior to joining BRED, he was CEO of commercial banking and insurance for the group BPCE, sat on the boards of Natixis and CNP, and chaired the board at Banque Palatine. He joined the Caisse d Epargne group in 1998 where, among other achievements, he was appointed CEO of Caisse d Epargne Rhône- Alpes in 2007. Previously, he worked for BFCE (Banque Française du Commerce Extérieur). Olivier is also an affiliated professor of economics and finance at HEC and member of scientific committees at HEC and Pantheon-Sorbonne. Andreas Kubli is group managing director at UBS Switzerland AG in Zurich. Since 2013 he has been head of multichannel management and digitization at UBS Switzerland. Prior to this, he led strategy and business development at UBS Switzerland. Before joining UBS, he was a partner with McKinsey & Company. Andreas is an authorized attorney at law in Zurich and New York. Andreas Kubli Group Managing Director, UBS Switzerland 6
Philippe Lazare is chairman and CEO of Ingenico Group. Before joining Ingenico Group in 2007, he was executive vice president of La Poste and CEO of its retail activity, where he was in charge of developing and optimizing France s largest distribution network. Within La Poste, he also held various positions such as director of purchasing, property, and cost control. Philippe Lazare Chairman and CEO, Ingenico Group Philippe has extensive experience in managing operations: he has served as CEO of Eurotunnel where he managed the operations of the Channel Tunnel infrastructure (2001 2002) and as chief operating officer of Air France, in charge of the industrial logistics division and fleet maintenance. He also held management positions at Sextant Avionics, a division of Thales, between 1990 and 1994, and at Groupe PSA from 1983 to 1990. He is a graduate of the Ecole Supérieure d Architecture de Paris-La Défense. Since August 2015, Michel Mathieu has been deputy managing director of Crédit Agricole S.A. He has been CEO of its retail banking subsidiary LCL since April 2016 and a member of the executive committee of Crédit Agricole S.A. Michel Mathieu CEO, LCL He began his career at the Crédit Agricole Gard Regional Bank in 1983. Appointed head of commitments in 1990, he joined Midi Regional Bank as deputy CEO in 1995. In 1999, he became CEO of the Gard Regional Bank, in 2005 of the Midi Regional Bank, and of Languedoc Regional Bank in 2007. In 2010, he joined Crédit Agricole S.A. as deputy managing director in charge of Group Central Functions and headed asset management and insurance from May 2015. Michel is a director of Eurazeo and several Crédit Agricole group entities. He is also president of the Manège de Chaillot endowment fund. He holds a doctorate in corporate and business law. Marcus W. Mosen CEO, Concardis Marcus W. Mosen has been CEO of Concardis since July 2015 and has a professional record of more than 20 years in the telecommunications and financial services industry. He has led on C-level growth and expansion plans for industry and private equity-owned payment services companies (for example: First Data International, easycash Holding, and ogone). He is an angel investor and board member in financial services and payment start-ups such as allpago.com, n26. com, or orderbird.com. In November 2013, Marcus joined Concardis as COO. Concardis is a leading German e-money institution and payment services provider with an international footprint. 7
Yves Perrier CEO, Amundi AM A member of Crédit Agricole S.A. executive committee since 2003, Yves Perrier is CEO of Amundi Asset Management and deputy CEO of asset management, insurance and real estate at Crédit Agricole S.A. Previously, he was head of asset management, securities, and investor services (2007 2015). From 2003 to 2007 he served as deputy CEO of Calyon (CACIB today). He began his career in auditing and consulting (1977 1987). He then joined Société Générale where he was named chief financial officer (1995 1999). He then moved to Crédit Lyonnais as a member of its executive committee with responsibility for finance, risk, and inspection functions (1999 2003). Mr. Perrier has also chaired the Association Française de Gestion Financière since May 2015. He graduated from ESSEC Business School and is a certified public accountant (CPA). François Riahi is Member of Natixis Senior Management Committee, Global Co-Head of CIB. He served the French State from 2001 to 2009, holding a number of positions in the ministry of finance and in the office of the President of the French Republic. He joined Groupe BPCE in 2009, first as deputy CEO in charge of strategy, and then within Natixis CIB as chief executive officer of Asia Pacific, before taking up his current role. François Riahi Member of Natixis Senior Management Committee, Global Co-Head of CIB Javier Rodriguez Soler joined the BBVA Group in 2008 as managing director and in 2010 was appointed head of strategy and M&A. A seasoned M&A and corporate development executive, he also has a dual profile as a strategic consultant and a start-up top executive that enables him to understand the issues behind entrepreneurship and innovation-driven ventures. Javier Rodriguez Soler Head of Strategy and M&A, BBVA He worked as director of strategy and M&A and head of investor relations at Endesa Group (currently Enel) and previously as a CFO at Buongiorno-MyAlert (currently NTT DoCoMo). He was an engagement manager at McKinsey & Co, where he spent six years. He began his career teaching at CEU University. In 1992 Javier studied at CUNEF (Madrid) for a bachelor s degree in business administration and finance. Five years later, he completed his MBA with honors from Columbia University (New York). 8
Marco Siracusano is head of Poste Italiane group, division BancoPosta. He is also a member of MasterCard Europe s advisory board, of Assolombarda council, and of the board at Assofin and Banca del Mezzogiorno. Marco Siracusano Head of BancoPosta Division, Poste Italiane Prior to rejoining Poste Italiane in 2014, he served as country manager of Unicredit Consumer Financing Bank and head of marketing at Intesa Sanpaolo s Banca dei Territori, the same position he held at BancoPosta for five years until 2007. Previously, he covered leadership roles at Europay International (now MasterCard Europe) and Banco Ambrosiano Veneto. Cezary Stypułkowski has been CEO and president of the management board of mbank (formerly BRE Bank) since 2010. Previously, he served as J.P. Morgan managing director responsible for Central and Eastern Europe for three years and as president of the management board at PZU group and at Warsaw s Bank Handlowy, for four and 12 years, respectively. Cezary Stypułkowski CEO and President of the Management Board, mbank In the 1980s, he held several advisory roles for the Polish government and public bodies dedicated to economic reforms. He has a degree with honors and a doctorate in law from the University of Warsaw. He also studied at Columbia University Business School, NYC. He has been a member of the Deutsche Bank and the INSEAD international advisory boards and of the Geneva Association. Since 2012, he has co-chaired the Emerging Markets Advisory Council of the Institute of International Finance in Washington (IIF). Pierre Vergnes is the former CFO, deputy CEO, and executive director of Dexia. In this role, he designed and implemented the largest resolution plan in the world from 2011 to June 2016. Having sold more than 20 business units, discussed daily with local, American, and European regulators, and operated a 250 billion bank with around 1,200 people in 12 countries, he is a keen observer of the financial services transformations. Pierre Vergnes Former CFO and Deputy CEO, Dexia 9
The Global Financial Services Leadership Roundtable Past Editions GFSLR: The brave new world of finance 2015, New York Winning in a world of accelerating change building profitable business after the regulatory reforms: trade-offs and business challenges 2014, London Simplify to succeed: the imperative for financial institutions 2013, Madrid Financial services: on the road to recovery 2012, Paris Getting out of the doldrums but how and when? 2011, Frankfurt Preparing for new surprises 2010, London The global financial crisis and the seismic changes in the financial services landscape 10
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