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LCL WORKSHOP
1
26.05.2026
Revenues(1)
14%
14%
15%
€28.4bn
€27.8bn
€25.9bn
86%
86%
85%
2025
2024
2023
LCL
Other CAsa
Synergies between the business lines of CAsa and LCL, offering
a best-in-class expertise to customers
2
Excluding corporate center
Contents
LCL, a well-established, successful
retail bank
3
Reshaping client's relationship models
Industrial, technological and human transformation
An ambitious financial trajectory
Leader in serving affluent
clients and entrepreneurs
6.6m
Customers
1 mid-cap in 2, 1 SME in 3
Leader
among independent healthcare professionals
TOP 1
LBO financing for small and mid-caps
€77bn
AuM in Private Banking & Wealth Management (including Milleis)
Focused on expertise and customer satisfaction,
supporting entrepreneurs
90%
of branches in areas with high growth potential
70%
Mobile app user rate
Leader in customer
satisfaction since 2022
4 specialised subsidiaries
Financial
partner of independent professionals
Residential
real estate
Commercial
real estate
3rd largest
independent Private Bank in France
A full national coverage
c.1,400 branches
c.100 entrepreneur hubs
56 private banking centers
48 corporate banking centers
4 remote customer service centers
A best-in-class player for nearly 7 years
Revenues (€m)
+2.2% p.a.
vs panel
+0.9% p.a.
CAGR 19-25
Solid fundamentals
(2025)
€3,945m
Revenues
64%
Cost/income ratio
€663m
Net income group share
9.6%
RONE
NII growth (2) :
3,457 3,521 3,696 3,851 3,850 3,872 3,945
2019 2020 2021 2022 2023 2024 2025
NII
Fees
+1.3%
+3.2%
Volume effect +5.2%
Rate effect -4.9%
Fees growth (2) driven by:
Savings +3.6%
Non-life insurance +4.5%
Cost/income ratio (%)
76%
Best-in-class cost/income
69%
69%
70%
66%
67%
64%
68%
62%
63%
74%
63%
69%
64%
Panel1
LCL
ratio, reflecting operational
efficiency focus
2019 2020 2021 2022 2023 2024 2025
panel: Société Générale, BNP Paribas, Caisse d'Epargne, Banque Populaire, CA Regional Banks
2019-2025 CAGR
Peers productivity benchmarking
Net income Group
share (k€) / FTE
2025 indicators
-54 -26
18 19 35 37 43 44
TOP 1
45
Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8
Changes (2024-2019)
- -272%
-51%
-26%
+11%
-2%
+15%
+11%
+44%
Net income Group
share (€) / Customer
2024 indicators
-262
-62
56 62 72
87 125
TOP 2
130 133
Changes (2024-2019)
Peer 1
Peer 2
Peer 3 Peer 4 Peer 5
Peer 6
Peer 7 Peer 8
- -262%
-42%
-38%
+5%
+13%
-10%
+46%
+6%
Net income Group
share (€m) / Branch
2024 indicators
-0,9
-0,1
0,3
0,3 0,3 0,5
TOP 3
0,6 0,7 0,7
Changes (2024-2019)
Peer 1
Peer 2 Peer 3
Peer 4 Peer 5 Peer 6
Peer 7
Peer 8
- -283%
-26%
-0,1%
+0,6%
+27%
+80%
+46%
+6%
6
Panel: Société Générale, BNP Paribas, Caisse d'Epargne, Banque Populaire, Crédit Mutuel, La Banque postale, CCF, CA Regional Banks Source: external study based on annual reports
€3,945m
€3,945m
Corporates
Professionals
42%
from specialised markets
NII
50%
NII
Private banking &
wealth management
Affluent
82%
from high-potential clients
Life insurance
Non-life insurance
High potential
individuals
Account management and
payment instruments
50%
Fee and commission income
Mass market
Other
2025 revenues
by customer
2025 revenues by
product
A significant footprint into high potential customers
Off-balance sheet
savings
€94bn
€174 bn
Corporates
Professionals Consumer
. credit
Other on-balance sheet
savings
€165bn
Home loans
Sight
Deposits
2025 Loans
outstanding
2025 Savings
outstandings
61%
5%
15%
19%
A well-distributed balance sheet structure
Customer onboardings via digital channels
40% (x2 vs 2018)
Corporates failures
Share of products held by the main bank
67% (-11 pp vs 2021)
New employee expectations
Adaptation challenges
Social challenges
Role of public authorities
Penetration of digital players
in new customer captures
Disruption driven by AI and personalisation
Process automated
New cybersecurity
standards
Wait-and-see attitude ahead
of the 2027 presidential elections
Future political and budgetary priorities
Fears of increase of public
deficit
Changes in customer needs
Disintermediation and fragmentation of banking consumption
Ageing and transmission
New segments to be captured
Rising entrepreneurship
Employees
and society
Digitalisation
and AI
Political
uncertainty
Customer needs
and demography
2028 AMBITION
Customer capture
+1.2m
25-28 gross customer capture
Growth
+5%
25-28 CAGR revenues
Efficiency
<60% (1)
Cost/income ratio
Profitability
>13%
RONE
1. Excluding transformation costs
CUSTOMER CAPTURE
New digital acquisition levers
Enlarging our customer base
Synergies between markets
New differentiated relationship models
Strengthening expertise and
advisory capabilities
Excellence in customer experience
LCL
Liberté
LCL
Signature
RELATIONSHIP MODEL
INDUSTRIAL ORGANISATIONAL
Automated and digital standard services
AI-enhanced customer services
IT product/business organisation, driven by value
Greater agility and cost efficiency of the IT system
Under a single brand, offering a differentiated and innovative solution across all our markets
9
CUSTOMER CAPTURE
New Mouv by LCL app (teenagers)
New model L by LCL Pro
Development of the Start-up Bank
New models Private Banking First and Private Banking Premium
Centres of expertise by chapter of life
RELATIONSHIP MODEL
INDUSTRIAL
ORGANISATIONAL
AI at scale, writing assistant for advisors
Process redesign and automated processing
New tool orchestrating flows
IT product / business mode and agile mode
10
Acceleration of IT APIsation
Tour de France
Partnership renewal
To move ahead New brand positioning
Tour de France of Entrepreneurial energy Engaging with entrepreneurs
40 years partnership with the yellow
jersey
3rd most watched sporting event in the world
45m French viewers
10m roadside spectators
6,000 TV adverts
49m digital TV impressions
Continued investment in brand
recognition in 2026/2028
10,000 entrepreneurs met
12 stages across France
Publication of the Entrepreneurship report
11
12
Private client models
Customer capture engine
L by LCL
The innovative bank 100% digital, with competitive rates
Launch planned for September 2026
Autonomous
and digital
LCL Liberté
Responsive retail banking to meet customer standard needs
Branch-based, simple and responsive, entry-level advisory service
LCL Signature
The premium bank and its dedicated advisors, supporting all customer projects, both in branch and remotely
Need for tailored advice over the
long term
Client profiles
Tailored offers for each customer segments
Cost-to-serve engine
Value engine
Unified IT System
Unique brand
Unique IBAN
Unique legal entity
13
L by LCL Part, a unique digital experience
"VoiceBanking"
conversational agent
100% digital journey
& automated processes
A simple, competitive offering
A unique conversational experience
100% digital, real-time, mobile and AI industrialised
3 packaged offerings that will be progressively enhanced until 2028 (savings, credit, non-banking)
L by LCL, financial
coach
An app with a conversational
Live chat
Hotline
experience:
"the bank that talks to you"
Launch - Q3 2026
14
LCL Liberté, a cost-effective model
Meets customers' needs Optimises cost-to-serve
Branch access (shared advisors)
Complementarity Branch - Specialised
remote advice - Digital
Best-in class digital foundations with autonomous customers journeys
A comprehensive range to meet standard needs: 100% of standard products available digitally1, with some more advanced options2
Densification and pooling of portfolios
Value-added transactions handled by specialist remote advisors (remote customer service centers)
Commercial pro-activity
Everyday banking, Ordinary Securities Account/French equity savings account (PEA), life insurance, home loans <€200k
15
Home loans (any amount), interest-free loans, death & disability insurance etc.
LCL Signature, a premium bank with expert advice
Three pillars
HUMAN
Dedicated, expert, pro-active and committed advisors, offering personalised support to LCL Signature customers
A redesigned digital experience for LCL Signature customers, supported by a new wealth monitoring tool for customers and advisors
DIGITAL
OFFERS
A range of offers combining banking and non-banking benefits, access to sophisticated financial solutions and a rewarding loyalty programme
Driven by
Accelerate customer capture and intensify relationships
Customer capture engine
+0.9m
Gross customer capture 2025-2028
Large digital acquisition campaign
Synergies between markets
Personalisation of the offer and relationship model
Sponsorship, recommendation
Relationship engine
x[2]
Equipment rate on core products
40%
digital sales
Personalisation and relationship
intensification
Development of digital and human proactivity
Wealth advisors
Digitalisation of customer journeys
2028 AMBITION
Growth
+5%
Revenues CAGR 25-28
Three progressive solutions by wealth stages
Progression up the value chain from retail banking
Client profiles
LCL Banque Privée
First
€300k - €500k or affluent
customers
The leading wealth management bank, providing digital and local support to clients during the wealth creation phase
Entrepreneurs, high-potential executives and independent professionals
LCL Banque Privée
Premium
€500k - €5m
An expert private bank supporting clients in structuring, managing and transferring their wealth over time
Top-executives, entrepreneurs, HNW and independent professionals
LCL
Wealth Management
> €5m
Tailor-made wealth management to enhance, diversify and transfer high-value substantial fortune and complex wealth
UHNW, business leaders, top executives
Acquisition of Milleis, a new growth driver
Top 3 independent private bank |
€12bn 64,000 in assets customers €1.5bn €130m in deposits of revenues* 675 employees * Including Cholet Dupont Oudart, excluding Milleis Vie |
Transaction details
Acquisition by LCL announced on July 24th 2025 and finalised on April 30th, 2026
Milleis Vie sold to CAA on April 30th, 2026
LCL owns 100% of:
Milleis Banque
Cholet Dupont Oudart
Cholet Dupont AM
Strategy
2028 AMBITION
Growth
+5%
AuM per year
+5%
fee and commission income per year
Efficiency
€40m
in savings at least
Profitability
>20%
ROI
Maintain Milleis's brand and to expand discretionary advisor network
Create a reference player in wealth management: leverage on Milleis' fundamentals, LCL and CA Group's strength
To deliver the significant potential for revenue and cost synergies
A platform for further external growth, if
required.
20
Two models, from business creation to maturity
ENTREPRENEUR PORTAL
To create, manage and grow their business
Online banking L by LCL Pro
Branch based banking LCL Premier Pro
The 100% digital all-in-one bank to help entrepreneurs to get started and develop
The partner bank of entrepreneurs set up to support their projects
Client profiles
Independent, very small businesses and business founders
seeking autonomy, simplicity and competitiveness
Entrepreneurs, independent professionals and small business
owners who are established or with potential
Developing the dual individual / professional relationship
Possible transition in-between models (unique LCL IBAN)
21
< €7m turnover or< €21m for independent professionals
Client profiles
L by LCL Pro - The best of both worlds
A top online bank Coverage of banking and non-banking needs
Early results
500
A seamless, 100% digital and turnkey model: fast account opening, autonomous management, transparent pricing
First-class user experience
Day-to-day banking, payments, flows
Financing
Fiduciary
Treasury management
Insurance
Accounting and billing
Creation alongside administrative management
openings/week, 4 months after launch
Customer
capture
Mass campaigns
Ecosystem of referral partners
Synergies Part. /Pro (>6m LCL customers)
22
Premier Pro - More expert and specialised advice
2028 AMBITION
Growth
+5%
Revenues CAGR 25-28
Customer capture
+140k
new customers
1 customer/2
Independent professionals in private banking
25%
of independent professionals (targeted market share)
A value-creating model
A dedicated network of hubs for entrepreneurs
Dedicated, specialised pro-advisor
Pro insurance managers
Pro business line with enhanced and unified expertise
Reinforcement of expertise and solutions
New electronic payment services
E-invoicing (Kolecto)
Specialised Insurance
Executive banking
Expertise from the Corporate and
Institutional Banking expertise (1)
Synergies through with private banking (Top-executive advisor)
Two amplified lines of
leadership
Expertise for professionals
Large franchised networks
Very small businesses/SMEs
Artisans
Franchises
Independent professionals
23
1. A platform approach of expertise in support of entrepreneurs (corporate finance, trade finance etc.)
Accelerate customer capture and strengthen expertise
Customer capture engine
+320k new customers
by 2028 (vs 2025)
Access to additional customers (small business
owners, business founders)
Mass digital marketing acquisition campaigns
Targeted partnerships
Supporting the move from individual customers to entrepreneurs
Natural progression from L by LCL Pro to
Premier Pro
Relationship engine
100%
of Premium entrepreneurs' customers in
entrepreneurs hubs
40%
of entrepreneurs' customers on L by LCL
Relationship intensification within corners for professionals,
Specialisation and network / manager upskilling
Expansion of the ranges and platform approach to expertise of LCL Corporate Banking
Synergies with the Wealth Management and Private Banking network via the bank for top-executives
24
25
Solid foundations
Corporate
Finance
Cash
management
Trade Finance
Energy
transition
Sector-specific
approach
German desk
Recognised expertise
8.8K relationships, 32K business
registration numbers
1 SME1 in 3
1 mid-cap in 2
A proven model to build upon
A strategy of continuity and strengthening
1. SMEs with turnover of €30-50m
Expand the customer base in the core market (SMEs and mid-caps) and capture new growth drivers (start-ups, very small businesses in Ile-de-France, international)
1
2
2028 AMBITION
Customer capture
+ c. 1,300
relationships
+5 points
of primary bank share and
circle 1
Growth
+5%
Revenues CAGR 25-28
Increase relationship intensity with our customers
3
4
Strengthen coverage and business lines
Redesign our main customer journeys (loan journey, web banking)
5
Support Crédit Agricole S.A. initiative for mid-caps in Europe
A unique strategic support tool
Capture the mid-caps and
tomorrow unicorn companies by getting ahead of their growth trajectory
Support throughout the customer's trajectory from ideation to expansion
Renewal
of the customer base
Connection
to the innovation ecosystem
Be positioned as a platform
bank, at the heart of innovation ecosystems
Connect our teams and customers with key players to create opportunities throughout the value chain
Influence in support
of LCL
Consistent with LCL's DNA:
support those who take
initiatives and move ahead
Build on its strong external visibility and an already engaged community, LCL is recognised as a major player in entrepreneurship and innovation
2028 AMBITION
Customer
capture
>250
Start-ups
supported
28
Redesign physical network focused on high value customers
Entrepreneurs hubs (x2 by 2028) and
corporate business centers (+5 by 2028): Expertise and customer focus
2025
2020
2015
c.1,400
Change
in the number of branches
Continued adaptation of the regional
footprint to maintain the critical size of
retail branches and gather expertise
c. 1,900
Branches consolidation and focus on high value customers
Expand remote teams (LCL Mon Contact, helpers etc.)
Divide by 2
human intensity by transfering a part of the client relationship from branch to call center / remote
Lowering human resource intensity in client servicing
Invest in digital relationship models for autonomous customers
25%
selfcare
Migration of clients to digital models
Driver of productivity
gains
2028 Ambition
CUSTOMERS
Front
Middle and Back
Customer Service
Developing advisors and centers of expertise
Offer the possibility of an autonomous digital relationship
Automate front-to-back processes
Accelerate
time-to-market and
increase agility
Human capital
(Skills)
Technological capital and innovation
(IT, data, AI)
Attracting & developing skills for a higher differentiation
SKILLING
Business Digital Data
IA
RESKILLING & UPSKILLING
2028 AMBITION
300+
Certified/graduated employees by 2028
100%
of employees trained
and confident in using AI
100%
of managers coached
in leadership
100%
of new business
employees
trained by a specific on boarding program
Learning & Development
for On-boarding & Mobility
ATTRACT AND RETAIN TALENT
Employer brand
Career Recognition
Enablers
Strengthen our foundations
1 (data quality, technological foundations, governance)
Making our IT system more
2 agile (APIs, automation and
decoupling)
Shifting our IT / business
3 organization to a product-driven model
4
Using AI to boost our IT development rates
5
Ensuring our digital sovereignty (controlled sourcing)
2028 AMBITION
x2
ROI of digital marketing campaigns
X2
Conversion rate of digital customer journeys
Time-to-market
cut by half
to deliver a use case
33
Growth in RONE (2025-2028)
CAGR
c. 5%
A growing RONE trajectory, including Milleis
C/I
<60%(1)
9.6%
c. 22 bp
CAGR
c. 3%
>13%
Revenue growth as the main driver: customer capture, upscaling and structural improvement of NII
Positive jaws: efficiency gains absorb transformation investments
RONE 2025
Revenues Expenses Cost of risk
Tax
RWA
RONE 2028
Cost of risk under control, in line
with a historically prudent profile
Optimised management of scarce resources
Excluding transformation costs
34
Growth in revenues (2021-2028, €m)
+5% p.a.
c. 4,600
3,945
3,872
Fee and
CAGR 25-28
Cost/income ratio evolution
(2021-2028)
63%
A resilient and diversified revenue trajectory:
<60%2
64%
c. 62%1
Dynamic customer capture, especially via digital channels
2021 2022 2023
commission
income
NII
2024 2025 2028
MTP
+5%
+6%
2021 2022 2023
Targeted relationship intensification
for affluent customers and specialised markets
MTP
2024 2025 2028 2028
Structural improvement of NII, driven by the profitability of inflows
A model supported by strong
Cost of risk (2019-2028, bps/outstandings)
RWA trajectory (2019-2028, €Bn)
financial discipline:
Continuous optimisation of
Average
2019-2025 = 19bps 20
24 c.22
CAGR 25-28
MTP
2025 2028
2020 2021 2022 2023 2024
+3% p.a.
57.1
2025 2028
expenses to maintain best-in-class positioning
Cost of risk under control, in line
with a prudent profile
Disciplined capital allocation for sustainable profitability
MTP
35
Including transformation costs
Excluding transformation costs
Loans evolution (2021-2028, €bn)
Growth in on-balance sheet savings
(2021-2028, €bn)
Keeping the same deposit mix.
Home loans outstanding+2% p.a.
Demand deposits
and fixed-term deposit
Passbooks+2% p.a.
Improved profitability of new loan origination, with a mix oriented towards higher-value specialised markets
2021 2022 2023 2024 2025 2028
NII evolution on outstanding loans (base
= 100)
2021 2022 2023 2024 2025 2028
Scenario (average 2025-2028)
Maintaining our prudent ALM strategy, having demonstrated its effectiveness
Assumptions for interest rate
LCL
Panel1Eurozone Growth of GDP
c. 1.4%
Eurozone inflation
c. 1.9%
scenarios: moderate growth,
normalised inflation, slight rise in interest rates
Euribor
3 months
c. 2.2%
SWAP
10 years (EUR)
c. 2.9%
Growth in NII (2025-2028, €m)
c. +6%
1,977
2025 Volume effect
+6% p.a.
c. +2%
Credit rate effect (mix effect)
c. +10%
Liability rate effect
c. 2,300
2028
Sustainable growth in NII:
Volume effect: Controlled growth in outstanding loans
Change in customer mix: Growth of specialised markets with higher margins (Entrepreneurs and Corporates)
Revaluation of liabilities: Gradual normalisation of the funding margin, supported by a stable demand deposits base
Trajectory resilient to restrained
interest rate changes:
A sensitivity to a +50 bps move is marginal
Main sensitivity driven by volumes of non-remunerated demand deposits (€1bn = +/- €25m margin)
Growth in fee and commission income (2025-2028, €m)
Customer capture in all markets
1,968
+6% p.a.
c. +3%
+5% p.a.
c. +11%
c. +7%
c. -4%
c.2,300
Upscaling linked to the LCL Signature offering (savings, insurance)
Intensification of the relationship with all our customers (equipment rates and use)
Conquête
Equipement et
montée en gamme
Milleis
Contraintes
réglementaires
Fee and commission income on accounts and payment instruments driven by an expected, partly regulatory, decrease in certain fee and commission income (succession, incident fees)
2025
Customer capture
Customer equipment and up-selling
Milleis Regulatory constraints
2028
Growth in costs (2025-2028, €m)
+4% p.a.
c.+3%
c.+3%
c.+6%
c.-4%
c.+4%
c. 2,900
c. 2.5 pts
Cost/income ratio dedicated per year to transformation costs
2026-2028 investments: targeted and
managed acceleration
c. 50% of investments dedicated to new relationship and customer capture models; c. 50% dedicated to industrial and organisational drivers
2,524
2025
Inflation
Marketing et
support digital
Inflation Marketing and digital
support
Milleis Structural cost savings
Coûts de
transfo
Transfo. costs
2028
Offset by structural efficiency levers:
Milleis
Economie de coûts structurels
relationship model: reallocation of distributive resources to affluent clients
Focus on the costs of the LCL 2030 transformation plan (2026-2028, €m)
and continued adaptation of the regional footprint
2026
2027
2028
€95m
Modèles LbyLCL
Modèles humain et industriel
L by LCL models Human and industrial models
€120m
€130m
A total of
c. €350m
Cumulative 26-28
Industrial model: digitalisation of journeys, IT productivity gains (rationalisation) and operational (AI)
A high-quality portfolio, cost of risk under control
Trajectory High-quality customers
Corporate customers
Average
Corporate portfolios remain predominantly
investment grade (62%)
38%
62%
Growth in corporate outstandings but cyclical
2019-2025 = 19bps
c.22 bps
by 2028
Investment Grade Non-investment
grade
prudence maintained
Secure retail development in professional segments
CoR bps/ outstandings 12 months and outstanding loans by market (2025 and 2028)
Corporate c.65 Retail
c.60
c.13
c.12
Q1 2026: high and prudent provisioning level
3 years of normative cost of risk (high
level vs history)
NPL ratio: 2.2%
Average 2019-2024 c.45 bps
Average 2019-2024 c.12 bps
A clear sign of resilience, beyond sector-specific provisions and in line with the models
2025 2028
Encours
bps/ encours
Outstandings bps/outstandings
Outstandings
2025 2028
Encours
bps/ encours
Outstandings bps/outstandings
2
