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Editorial
Banque Saudi Fransi solid results 2015 by Mr. Patrice Couvegnes
Mr. Patrice Couvegnes, Managing Director, commented “Continuing on the positive momentum of 2014, BSF is launching well into 2015 with a very solid set of results for the first quarter driven by good revenues generation from business lines and a well-controlled cost of risk. He also added that “the Transformation Plan launched through Medium Term Plan 2014-2016 "Bank of Excellence" is bearing fruit ensuring a healthy and diversified growth of the Bank’s activities along with an in-depth modernization of its operations and development of its staff.”
Mr. Couvegnes finally emphasized the ability of the bank to continue supporting KSA’s economy and respond to its corporate and individual client’s needs.
Journal
In 2013, BSF has gone through a major reorganization and transformation, which was tough but necessary for BSF to lay ground for future developments and strong results in the coming years. We have closed two years (2012-2013) of restructuring with a clean-up of our books and significant build-up of general provisions in line with conservative risk policy of the Bank. This exercise obviously had a negative financial impact on the results for 2013 but it clearly makes the Bank stronger allowing starting the new Medium Term Plan (2014-2016) on strong footing.
Business Lines have shown good momentum in terms of revenues supported by sound growth in balance-sheet. Business has indeed been solid in the Corporate Banking, Business Banking, Global Markets Group along with Wealth Management and High Net Worth. In the meantime, Retail Banking has been completing its restructuring and is now ready to deploy its strategy and position as a key contributor to the results of BSF. We could not have negotiated the 2013 changes without the commitment and dedication of each of you at all our entities, for which we thank you for.
BSF Medium Term Plan (2014-2016) was approved by the Board of Directors on 16th of September 2013. This Medium Term Plan is our roadmap for the next three years in a still-complex economic environment. Along with the Senior Management of the Bank, I strongly believe in this plan which ensures a coherent and sustainable development of our activities.
We reaffirm the fundamental importance we must give to customers as the core focus of all our business lines. Our customers expect us to excel in product, service, advice and relationships positioning BSF as a solution-provider. This will be our priority, at all levels of the bank and in every business and support area: “Excellence at clients’ service.”
As we enter a new year, the significant effort accomplished over the past two years gives strong foundations to grow the Bank successfully in 2014 continuing to support local economy. The hard work and dedication of all of you will, again, be the key differentiating factor with competition and the engine of our successful development in 2014.
