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    Tarik El Mejjad • Bank of America

    Tarik El Mejjad's questions to ING Groep NV (ING) leadership

    Tarik El Mejjad's questions to ING Groep NV (ING) leadership • Q2 2025

    Question

    Tarik El Mejjad of Bank of America Merrill Lynch questioned ING's deposit gathering strategy, asking about major campaigns in Q2 and Q3. He also inquired if the M&A focus is shifting more towards acquiring deposits rather than fee-based businesses.

    Answer

    CEO Steven van Rijswijk explained that there were no major deposit campaigns in Q2, following a large one in Germany in Q1. He clarified that the strategy is not a shift away from fees but a diversification of the business, aiming to broaden services for specific customer segments and fill in product gaps in existing markets, highlighting the continued strong growth in fee income as a key priority.

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    Tarik El Mejjad's questions to ING Groep NV (ING) leadership • Q1 2025

    Question

    Tarik El Mejjad from Bank of America inquired about ING's deposit growth strategy in Germany, the rationale for shifting the replication portfolio's duration, and whether the higher CET1 target was also intended to retain capital for potential M&A.

    Answer

    CEO Steven van Rijswijk clarified the German deposit strategy focuses on targeted campaigns to attract primary customers and affirmed the higher CET1 target is purely macro-driven, not for M&A. CFO Tanate Phutrakul explained the portfolio duration was adjusted to match anticipated client behavior in a declining rate environment, enhancing income stability.

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    Tarik El Mejjad's questions to ING Groep NV (ING) leadership • Q2 2024

    Question

    Tarik El Mejjad questioned the competitive dynamics and pricing pressure on deposits in ING's main Eurozone markets. He also asked about cost control levers to offset inflation and whether to expect negative operating jaws in the near term.

    Answer

    Executive Steven van Rijswijk described the deposit market as having different dynamics, with marketing actions more prevalent in Germany, loyalty premiums in Belgium, and a relatively high base rate in the Netherlands. CFO Tanate Phutrakul addressed costs by reaffirming the Capital Markets Day guidance for the cost/income ratio to rise to around 54% in 2025 before gravitating back to a 52-54% range by 2027, acknowledging near-term pressures.

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    Tarik El Mejjad's questions to ING Groep NV (ING) leadership • Q2 2024

    Question

    Tarik El Mejjad inquired about the competitive dynamics and pricing pressure on deposits in ING's main Eurozone retail markets. He also asked about potential levers for cost optimization to offset inflation and whether negative jaws should be expected this year and next.

    Answer

    CEO Steven van Rijswijk described the deposit market, noting that Germany sees more marketing actions, while the Netherlands has a relatively high base rate and Belgium uses loyalty premiums. CFO Tanate Phutrakul addressed costs, confirming the full-year expense guidance of around EUR 12 billion and reaffirming the Capital Markets Day guidance for the cost/income ratio to rise to around 54% in 2025 before gravitating back towards 52-54% by 2027.

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    Tarik El Mejjad's questions to Deutsche Bank AG (DB) leadership

    Tarik El Mejjad's questions to Deutsche Bank AG (DB) leadership • Q2 2025

    Question

    Tarik El Mejjad from Bank of America Merrill Lynch asked about the execution risk of the German fiscal stimulus and the potential growth multiplier for Deutsche Bank. He also sought clarity on whether the 14% CET1 ratio is a hard cap for capital, and if there is potential for further buybacks beyond what has been applied for.

    Answer

    CEO Christian Sewing addressed the stimulus, noting a real mindset change in the German government and that defense-related financing is starting immediately, with infrastructure impact mainly in 2026. CFO James von Moltke clarified that the 14% CET1 ratio is not a hard cap but a threshold, above which excess capital could be distributed, suggesting the 50% payout ratio is more of a floor.

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    Tarik El Mejjad's questions to Credit Agricole SA (CRARY) leadership

    Tarik El Mejjad's questions to Credit Agricole SA (CRARY) leadership • Q1 2025

    Question

    Tarik El Mejjad from Bank of America inquired about future cost efficiency efforts for the next strategic plan, the potential for a reversal of the positive Q1 Basel IV capital impact, and the company's intentions regarding the offer on Banco BPM.

    Answer

    Executive Jerome Grivet stated that cost efficiency is strong, with a 55% cost/income ratio, and will remain a decentralized responsibility for each business line. He confirmed the 44 bps positive impact from CRR3 (Basel IV) is definitive with no reversal expected. Regarding Banco BPM, Grivet explained that as a major shareholder, Crédit Agricole S.A. must make a decision on the offer before it closes, but that decision has not yet been made.

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    Tarik El Mejjad's questions to Credit Agricole SA (CRARY) leadership • Q1 2025

    Question

    Tarik El Mejjad inquired about future cost efficiency measures for the next strategic plan, the permanence of the positive Basel IV capital impact, and the company's intentions regarding the offer on Banco BPM.

    Answer

    Executive Jerome Grivet defended the current cost efficiency, highlighting the 55% cost/income ratio, and stated that cost management responsibility remains decentralized. He confirmed the 44 bps positive impact from Basel IV is definitive with no expected reversal. Regarding Banco BPM, Grivet explained that as a major shareholder, Crédit Agricole will make a decision on the offer before its closing period ends.

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    Tarik El Mejjad's questions to Credit Agricole SA (CRARY) leadership • Q4 2024

    Question

    Tarik El Mejjad inquired about a potential upward revision of guidance, whether the bank has structurally shifted to a higher ROTE, the strategic implications of the Capital Markets Union, and Crédit Agricole's position regarding the fluid banking landscape in Italy.

    Answer

    Jerome Grivet, Executive, stated that a new Medium-Term Plan with updated targets for 2028 will be presented in Q4, but for 2025, the bank aims to exceed the previous plan's 12% ROTE target. He confirmed that securitization is an important tool for capital management at CACIB and a growth area for Amundi. Regarding Italy, Grivet reiterated that Crédit Agricole will not decide the reshaping of the Italian banking landscape but will remain positioned to actively defend its interests.

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    Tarik El Mejjad's questions to Credit Agricole SA (CRARY) leadership • Q2 2024

    Question

    Tarik El Mejjad from Bank of America inquired about a potential new solidarity levy on Italian banks, the scope of Credit Agricole's European consolidation strategy, and the integration progress of Degroof Petercam.

    Answer

    Executive Jerome Grivet stated he had no specific view on a potential Italian bank levy but noted it would apply to all banks, maintaining competitive balance. He reiterated that the consolidation strategy remains focused on specialized business lines, not large cross-border retail deals. For Degroof Petercam, he confirmed the profit contribution target of EUR 150-200 million by 2028 and noted the full solvency impact was already booked in Q2.

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