French banking groups consolidated their presence abroad despite the conflict in Ukraine
After a strong year in 2021, French banking groups’ net banking income (NBI) continued to expand in 2022: +4.2% year over the year. This strong performance is mainly attributable to the rise in interest rates over the period.
Overall headcount in the banking sector fell by 2.6%. This was due entirely to staff reductions at foreign entities (-6.6%), particularly in Russia and Ukraine, whereas headcount in France rose slightly by 0.2%. Despite lower staff numbers, personnel costs rose amid the global inflationary environment.
At the end of December 2022, French banking groups had branches and subsidiaries in nearly a hundred countries. The largest number of entities were in the United Kingdom, the United States and Luxembourg. Over the past three years, the geographical distribution of these entities has remained little-changed, although there has been a slight rise in the number of subsidiaries and branches in the euro area and a slight decline in the number outside the European Union.
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Updated on the 8th of February 2024
