BNP Paribas 30th European Financials Conference Key Takeaways

Management at the Goldman Sachs European Financials Conference highlighted high growth targets for Belgium, the ongoing integration of AXA IM, and the use of AI to double back-office cost savings.

Key Takeaways

• 1.Management projects a c.25% pre-tax return by 2030 for its Belgium banking activities (CPBB), supported by a c.+9% revenue CAGR for 2025-28.
• 2.AXA IM integration is progressing with legal entities merged, though complexities remain regarding the integration of AXA IM's six distinct IT systems.
• 3.AI is a primary lever for efficiency, with the potential to double annual cost savings in support functions like KYC and money laundering prevention.

Table of Contents

• European Financials Conference
• Key Takeaways
• Valuation/Risks
• Investment Thesis
• Disclosure Appendix
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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