2025 Integrated Report

The world continued to be put to the test in 2025. Conflicts that arise or persist serve, first and foremost, as a stark reminder of their human cost, and we must hope they will be resolved swiftly and in the long term. On top of these conflicts, growing geopolitical tensions are fuelling uncertainty and undermining the stability of the global economy, in turn leading to an increasingly unstable and challenging environment for all players.

In this context, the European economy has nevertheless shown remarkable resilience, buoyed by the strength and adaptability of its economic fabric. However, this resilience cannot conceal the scale of the transformations taking place: the realignment of global power dynamics, shifts in international trade, the energy and climate emergency, the need for increased investment in defence and technological breakthroughs. These are all signals that necessitate a collective awakening: Europe can no longer move forward playing to yesterday’s rules while facing today’s challenges.

The convergence of these challenges can and must therefore pave the way for a stronger Europe, one that upholds its values and harnesses the full potential of its researchers, entrepreneurs and talents. Because Europe has considerable assets, of which it has yet to fully take advantage. These include abundant savings, which could be channelled into the European economy. The Savings and Investments Union, which has been under discussion for quite some time now, would allow us to mobilise these savings towards financing European companies, and in turn foster innovation, spur economic development and, ultimately, boost employment. It is up to us to put it into action. With this in mind, strong European banks are essential to meeting these challenges. For our part, we continue to leverage our local presence, the power of our platforms, the diversity of our expertise and the strength of our model to support our clients through all phases of the economic cycle.