Thursday, 26 February 2015

Biggest French banks in tax havens

According to a report by the European Network on Debt and Development:
  • One third of the foreign subsidiairies of the five largest French banks are located in tax havens;
  • 26% of French banks international turnover are located in tax havens;
  • Subsidiaries in tax havens are mainly specialised in investment solutions, structured finance and asset management. Their retail activities are a lot less important than in other countries (two times less than in other countries for BNP-Paribas, 3 times less for Credit Agricole);
  • Employees of banks located in tax havens are two times more profitable than employees located in other countries (more than 3 times for Societe Generale and 13 times for the BPCE Irish employee);
  • Luxembourg is the favourite tax haven of French banks: 117 of their subsidiairies are located in Luxemburg (followed by Belgium, Hong Kong and Switzerland);
  • The Cayman Islands are the black hole of banking business, with a very disparate turnover (sometimes negative), fifteen subsidiaries for the major French banks and no employees; and
  • Tax havens are more attractive than emerging countries: the turnover of French banks in emerging countries is 5 times less important in the BRICS than in tax havens.

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