EFTA Document EFTA01378327

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > Europe Investment Grade BANQUE FED CRED MUTUEL Updated: Oct 30, 2015 Trade Idea: Buy Investment Rationale: - BFCM presents very solid fundamentals. It is part of the CM11-CIC Group (solidarity mechanism) which has a 13% market share of the French retail banking market. Strong geographic focus on France (around 74%), but small positions in Germany (Targobank), Benelux and Spain. - The business profile is healthy