Examples of BFCM Group in a sentence
The BFCM GroupThe BFCM Group consists of:- BFCM, the parent company of the BFCM Group, which also carries out financing and capital markets activities ;- CIC, the parent company of the CIC Group and lead bank for the branch network, which is also a regional bank in the Ile-de-France region and carries out investment, financing and capital markets activities ; and- specialized institutions by business line in France and abroad.
CM11 Group, which consists of the cooperative sector and BFCM Group, is controlled by 11 Crédit Mutuel federations: Centre Est Europe, du Sud-Est, Île-de-France, Savoie-Mont Blanc, Midi- Atlantique, Loire-Atlantique et Centre-Ouest, du Centre, Normandie, Dauphiné-Vivarais, Méditerranéen and Anjou.
The restructuring was intended to clarify the functions performed by the BFCM Group’s various entities by distinguishing the cooperative activities of BFCM’s parent entities , being the local cooperative banks, CF de CM and the 11 federations, from the diversified operations of BFCM.BFCM owns and coordinates the activities of its subsidiaries within the BFCM Group.
CF de CM, and the Crédit Mutuel local and regional cooperative banks of the 11 federations control BFCM, owning 93% and 5.1%, respectively, of the BFCM’s share capital.I.1.2 - BFCM GroupThe current configuration of the BFCM Group is the result of restructuring operations carried out in 1992.
The adjustments and their impact on each of the Group and the BFCM Group are described in note 1.1 to each of the Group’s and the BFCM Group’s audited consolidated financial statements as at and for the year ended 31 December 2012.
OrganisationThe BFCM Group forms part of the structure of the CEE Group which itself forms part of the decentralised structure of the Crédit Mutuel Group.
The principal difference between the Group and the BFCM Group is that the BFCM Group does not include any of the Local Banks.
The unaudited consolidated interim financial statements of the BFCM Group and the Crédit Mutuel Alliance Fédérale as at June 30, 2019 and for the six months ended June 30, 2019 included in the BFCM Universal Registration Document (as defined herein) have been prepared in accordance with IAS 34 on interim financial reporting.
The audited consolidated financial statements of the BFCM Group and the Group as of 31 December 2012 and 2011 and for the years ended 31 December 2012, 2011 and 2010 have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS).
The consolidated financial statements of the BFCM Group as at and for the years ended December 31, 2017, 2018 and 2019 have been prepared in accordance with International Financial Reporting Standards, as adopted in the European Union, and have been audited by Ernst & Young et Autres and PricewaterhouseCoopers France.