Excellent retail-banking franchise in France, where it ranks a clear No. 1; Diversified business profile and sources of income, with solid positions in domestic bancassurance and asset management, and in consumer finance in Europe; Fairly low risk profile and conservative risk management; and Completion of the complex Crédit Lyonnais integration and subsequent end of the troubles it brought in 2004 on both operations and profitability. Average profitability by international standards, and corporate and investment banking performance below that of peers; Only average capital position and financial flexibility constrained by a shareholder structure that limits ability to finance external growth with shares; and Additional revenue volatility and inherent risks related to the development of complex trading activities, including equity derivatives. The
