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  • MIL-OSI USA: Senator Baldwin Introduces Bipartisan Legislation to Support More Wisconsin Dairy Businesses

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – Today, U.S. Senators Tammy Baldwin (D-WI) and Marsha Blackburn (R-TN) introduced the Dairy Business Innovation Act of 2025, bipartisan legislation that will strengthen the Dairy Business Innovation Initiatives (DBII) to help more American dairy farmers and processors add value to their businesses, including creating new products, expanding their markets, and modernizing their production facilities. To date, the Baldwin-backed program has supported over 250 dairy farmers and processors in the Midwest, including 109 in Wisconsin.

    “My Dairy Business Innovation Initiative has helped Wisconsin dairy farmers, producers, and cheesemakers grow their operations, tap into new markets, and innovate new products,” said Senator Baldwin. “From expanding facilities and growing their operations to improving packaging and lowering their shipping costs, this program has helped Wisconsin businesses grow their bottom lines and create jobs in our rural communities. I’m fighting to expand this vital program so more farmers, cheesemakers, and dairy processors have the tools to innovate and drive our rural economy forward.”

    “The dairy industry is an essential part of the American economy. It is crucial that we provide the resources that dairies in Tennessee need to expand and create new products,” said Senator Blackburn. “With many small Tennessee dairies struggling to remain open, this bill will allow these businesses to diversify and expand their market competitiveness.”

    After Senator Baldwin successfully created the DBII program in the 2018 Farm Bill, multiple dairy business and innovation centers were established to serve producers across the country. These centers, in partnership with dairy farmers and processors, are spurring innovation in dairy businesses, fostering the development of new dairy products and modernizing existing dairy plants. As a result, the program has gone on to add value to the milk produced by American farmers and expand their market access.

    Each regional initiative is tasked with providing technical assistance and grants to farmers and processors, including:

    • Supporting new and expanding dairy businesses—Centers provide assistance with business plan development, accounting, market evaluation, and strategic planning.
    • Promoting innovation in dairy products—Dairy businesses receive assistance with product innovation, marketing and branding, packaging, distribution, supply chain innovation, food safety training and consultation, and dairy product production training.
    • Assisting with dairy plant modernization and process improvement—Dairy businesses receive assistance with processing facility improvement, including assistance with plant upgrades, food safety modernization, energy and water efficiency, byproduct reprocessing and use maximization, and waste treatment.

    The Dairy Business Innovation Act of 2025 builds on the support for regional dairy research and innovation centers across the country by raising the program’s annual authorization from $20 million to $36 million.

    The legislation is endorsed by the International Dairy Foods Association, Midwest Dairy Coalition, National Milk Producers Federation, Organic Valley, Wisconsin Cheese Makers Association, and the Wisconsin Farm Bureau Federation.

    “Dairy Business Innovation Initiatives have spurred both farm and processor business growth over the past five years, strengthening rural economies and creating career opportunities, but our work is far from done. Increased program funding is critical now as the dairy industry faces new market volatility, labor challenges, and inflation,” said Rebekah Sweeney, senior director of programs and policy for the Wisconsin Cheese Makers Association, serving nearly 900 dairy industry companies and cooperatives nationwide.  “We’re deeply grateful for Sen. Baldwin’s championship of Dairy Business Innovation Initiatives and for the bipartisan coalition of lawmakers working hard to see this program continue.”

    “We thank Senators Baldwin and Blackburn for their continued bipartisan leadership in strengthening the Dairy Business Innovation Initiatives program. Dairy has a storied history of pioneering effective new products and practices as dairy farmers and their cooperatives work to supply the U.S. and the world with nutritious, sustainably produced food. This program helps support researchers and their industry partners working to drive this innovation forward,” said Gregg Doud, President and CEO of National Milk Producers Federation. 

    “Senator Tammy Baldwin and Senator Marsha Blackburn should be commended for a bill that enhances the assets and investments in the U.S. the dairy industry,” said Adam Warthesen, Vice President of Government and Industry Affairs at Organic Valley. “Dairy is an economic engine in rural communities – we at Organic Valley know dairy processors who are doing more with support from this initiative and American farmers who are better positioned to bring milk to market because of it.”

    “Wisconsin dairy farmers are a mainstay of our state’s rural economy and its essential we continue to support innovation in an effort to keep it relevant,” said Wisconsin Farm Bureau President Brad Olson. “The Dairy Business Innovation Act of 2025 will increase the funding available to dairy farmers and processors to maintain Wisconsin’s place as a national and global leader. Wisconsin Farm Bureau appreciate Sen. Baldwin’s commitment to providing the necessary funding needed to help Wisconsin’s dairy industry develop new products and access emerging markets with the introduction of the Dairy Business Innovation Act of 2025.”

    “The Midwest Dairy Coalition applauds Senators Baldwin and Blackburn for their continued leadership in providing dairy farmers and dairy businesses with the resources to innovate and diversify their operations for a more economically sustainable future,” said Steve Etka, Policy Director, Midwest Dairy Coalition. 

    “IDFA applauds Senators Baldwin and Blackburn for introducing the Dairy Business Innovation Act of 2025.  The bill promotes innovation in the dairy processing sector and will help industry members work together to address common challenges and create new market opportunities for healthy and nutritious dairy products,” said International Dairy Foods Association (IDFA) President and CEO Michael Dykes, D.V.M.

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER REVEALS: AFTER TRUMP’S FUNDING FREEZE FIASCO, HEAD START PROGRAMS ACROSS UPSTATE NY & U.S. STILL MISSING MILLIONS IN VITAL FUNDING TO KEEP CHILDCARE RUNNING — EVEN LEADING TO CLOSURES,…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Last Week Amid Trump’s Illegal Funding Freeze The Head Start Online Payment System Shut Down Across The Country, Despite The Admin Saying It Was Exempt From The Freeze And Has Provided No Explanation Why This Occurred

    Now A Week Later, Head Start Providers In NY And Across America Have Been Missing Payments They Rely On From Feds, Forcing Some Upstate Childcare Providers To Even Layoff Staff And Temporarily Shut Down Services Impacting Hundreds Of Families; Schumer Says This Cannot Continue And Is Demanding Immediate Action And Oversight

    Schumer: We Can’t Let NY’s Head Start Providers Be Left In Limbo, We Need This System Fixed & Answers NOW

    After Head Start providers in New York and across America were locked out of federal funding amid Trump’s federal funding freeze, U.S. Senator Chuck Schumer today revealed that a week later Head Start providers are now missing payments, facing delays and enduring severe technical issues with no end or clarity in sight. Schumer said after the payment management shutdown, despite the White House saying Head Start programs should be exempt, there have been continued reports of childcare programs in NY and across the country missing payments from the feds creating a growing problem, and even leading to some Head Start programs in NY temporarily closing or laying off staff, impacting hundreds of families in need of childcare.

    Schumer is now demanding HHS immediately address this problem, fix the payment system, and provide answers to give Head Start programs the assurances and funding they need to continue their essential childcare in rural and underserved communities. 

    “Trump’s illegal funding freeze created chaos for childcare programs across the country, and we still have no answer on why the payment system shut down. Now a week later Head Start programs still are missing federal payments, forcing some to shutter or even lay off staff, impacting hundreds of families here in Upstate NY. Enough is enough. Head Start providers cannot pay their teachers, staff or provide childcare without the assurances of payment,” said Senator Schumer. “I’m calling on HHS to take immediate action to ensure Head Start providers receive the funds and clarity they deserve. Right now Head Start providers and parents are worried sick this funding will continue to be delayed and they can be left high and dry when it comes to childcare. We can’t leave our children and families in limbo due to a chaotic and incompetent policy decision by this new administration. We need answers and this problem fixed now. Our parents, teachers, and children who rely on Head Start deserve nothing less.”

    Schumer explained after the Head Start programs across the country – including in Michigan, Connecticut, and Wisconsin – are still unable to access funding leading to major issues, and New York is now seeing these impacts as well. Head Start programs across Upstate NY and NYC have reported trouble getting paid, putting their cash flow at further risk and jeopardizing their ability to make payroll consistently for staff. For example, the Cattaraugus & Wyoming Counties Project Head Start, which serves 200+ children and employs 80+ staff across both counties, has said they are still unable to access funds. Without federal funding, the program has been unable to reopen and was forced to temporarily lay off all staff until this problem can be addressed.

    “As of Tuesday, January 28, 2025, all Head Start employees were sent home and program was closed due to the Executive Order to pause all federal grants and loans. Though this EO was rescinded, the pause has caused a back log of draw downs through the federal payment system. As of Tuesday, February 4, 2025, we still do not have answers. It seems the Department of HHS and the federal payment system are unable to agree where the problem is originating. We have almost 200 families without services and 84 employees without a job. To say it’s frustrating is an understatement,” said Cattaraugus & Wyoming Counties Project Head Start Board of Directors Chairperson, Andrea Aldinger. “I thank Senator Schumer for recognizing the importance of Head Start programs in local communities and for taking action to support affected families, children, and employees.” 

    “The New York State Head Start Association (NYSHSA) Board of Directors is concerned that the recent pause in funding had significant consequences for the thousands of children and families attending Head Start preschools and Early Head Start in NY,” said NYSHSA President Carolyn Wiggins. “We have heard from Head Start programs from across the state, from Western New York, to the Southern Tier and New York City, have experienced funding delays that rendered them unable to make payroll and, in some cases, temporarily close. We thank Senator Schumer for fighting to get answers and address this problem so we can continue our essential work to help children and families across NY.”

    Schumer is now leading Senate Democrats in demanding immediate action from the Trump administration and said HHS must fix this problem now and promptly disburse delayed funds to Head Start programs. The senators said programs and families deserve an explanation for why the funding freeze has continued and what the feds plan to do to ensure it never happens again. The lawmakers said families across America depend on this federal funding for childcare and their peace of mind.

    Schumer said Head Start programs cannot afford to continue normal operations without the assurances of payment processing and notices of grant renewals and that the feds must deliver the funding needed to resume operations and Head Start programs in New York and across the country need immediate answers about why this happening.

    “Despite reports of an end to a federal funding freeze, settlement house Head Start providers have still reported challenges and delays with payment since last week. Disrupting payments on contracted programs is devastating for child care providers who want to carry out their mission of caring for children and helping working parents get through their day to day. An interruption in cash flow, even for a few weeks, can have devastating consequences and puts providers in serious financial jeopardy to continue their operations. The Office of Head Start and the Department of Health and Human Services must prioritize the immediate payment of these vital child care services. Jeopardizing child care is no way to help working families,” said Susan Stamler, Executive Director of United Neighborhood Houses.

    A copy of Schumer’s letter he is leading with Senator Kaine and 27 of their colleagues in the Senate to Acting U.S. Department of Health and Human Services Secretary Dorothy Fink and Acting Director of the Office of Head Start Captain Tala Hooban can be found below:

    Dear Acting Secretary Dr. Fink and Acting Director Captain Hooban:

    We are writing today to raise ongoing, urgent concerns experienced by Head Start programs in our states and across the country. These concerns include (1) a lack of clarity on the status of renewals and notice of awards in the February 1st grant cycle, (2) delays in processing reimbursements through the Payment Management System (PMS), and (3) a lack of clear communication with grantees throughout this confusing time.

    We request your immediate action and assurance on the following:

    1. All requests for disbursements of funds submitted through PMS to be promptly processed to allow all Head Start programs to draw down federal funds;
    2. Programs on the February 1st grant cycle will be notified of their renewal or notice of award before the deadline to ensure no lapse in funding or program operations; and
    3. Transparent and consistent communication with Head Start programs to address the ongoing challenges.

    Since its inception in 1965, Head Start has provided critical early childhood education and comprehensive services to nearly 40 million low-income young children and their families in communities across the nation. Today, Head Start programs are supported by 250,000 staff to serve nearly 800,000 children across the nation. Head Start’s comprehensive services ensure children receive age-appropriate health care, dental care, immunizations, and health insurance, and they provide referrals to other critical services for parents, such as job training, adult education, nutrition services, and housing support. For the last several years, Congress has worked in a bipartisan manner to recognize this longstanding federal program’s important work by providing increased appropriations.

    Since the morning of Tuesday, January 28th, the Head Start community has faced immense uncertainty and disruptions by the Office of Management and Budget’s (OMB) memo (M-2513), directing federal agencies to “temporarily pause all activities related to obligation or disbursement of all federal financial assistance.” While the Trump Administration later clarified that Head Start would not be the target of the funding freeze, many Head Start programs across the country were unable to access the PMS to draw down federal funds. PMS was reinstated, but programs across the country have not had funding disbursed in a timely manner.

    Head Start programs cannot pay their teachers and staff and continue normal operations without the assurances of payment processing and notices of grant renewals and awards. This will impact children, families, and communities across the country, particularly the rural communities where these programs represent a large share of the childcare options.

    Even if this issue extends beyond the Office of Head Start, we urge you to do everything in your power to ensure these programs receive transparent and frequent communication on the progress of their funds being released. Head Start programs operate on razor-thin margins and cannot survive without timely intervention. Children, families, employees, and educators all depend on these critical federal funds.

    Once these issues are resolved, we request you provide responses to the following questions:

    1. What factors contributed to delayed disbursements to Head Start programs through the Payment Management System? What steps will be taken to ensure such delays will not occur in the future?
    2. How many Head Start programs were impacted by this delay and what were the immediate consequences on operations and services for children and families?
    3. What factors led to the lack of communication about grant renewals and awards for the February 1st cycle? What steps will be taken to ensure timely notices in the future?

    We thank you for your quick attention to this matter.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Martyn Oliver’s speech at the Sixth Form Colleges Association

    Source: United Kingdom – Government Statements

    Sir Martyn Oliver, Ofsted’s Chief Inspector, spoke at the Sixth Form Colleges Association (SFCA) 2025 Winter Conference/AGM in London.

    Thank you, it is a great honour to be here. I was actually a head of sixth form for quite a few years in my career. It is one of the best things I ever did.

    So, thank you so much for the invitation to speak to you today and my real sincere thanks to Bill for the very many numerous meetings that we’ve had over the past year – it really helped me significantly Bill.

    As you may know, on Monday we launched a consultation on our renewed education inspection framework. This is what we’ll use to inspect schools, early years providers, initial teacher education, and of course further education and skills providers including colleges like all of you.

    Now, hopefully some of you, all of you I hope, have already had a look at the proposals, or seen them reported in the media. Some of you may even have already taken part in the consultation. If so, thank you! But if you haven’t yet, please please do.

    We have designed what we believe will be a really strong new framework that will better inform parents and families, drive higher standards for children and learners, and reduce pressure on leaders and professionals like you.

    But we are sure there are things we can do to improve. So, take a look, take part, and let us know what you think. Maybe there’s a way we can better tailor things for you? Maybe there’s some language that could be clearer? Maybe there’s a way we can do more to highlight your strengths and help you improve?

    Whatever it is, please don’t miss the chance to make a real difference.

    Aims of the new framework

    If you haven’t had a chance to look yet, let me tell you a little bit about what we are proposing.

    We have designed our new approach very carefully. We have built on everything we heard in the Big Listen. We have worked closely with experts, parent groups, unions, professionals, and sector representatives. We have done all that with several aims in mind.

    First of all, we want to give parents and families better, more nuanced, and more helpful information about the places educating their children. We want reports that make sense to them, that give them the information they want and need, and that fairly represent what it is or would be like for their children at a provider.

    Secondly, we want to put a strong focus on inclusion. On the most disadvantaged and vulnerable. We are proposing a specific evaluation area for inclusion. But it will also be a thread running through everything else we look at. Because I believe that if you get it right for the most disadvantaged, you get it right for everyone. I don’t think there’s a provider out there getting it right for them, and wrong for everyone else.

    And thirdly, we want to make a better system for all of you. The people making a difference through educating young people. We will of course rightly continue to expect high standards for all, but we know we can do that in a better way for those being inspected.

    Improved reporting

    But let me start with our new report cards. As I said, we know from the Big Listen that parents wanted a more nuanced picture. They want to know what a provider is doing well, and what it could improve upon. They want an honest and fair appraisal of what it’s like for children at the provider.

    I think it’s fair to say, our old approach wasn’t doing that. Overall effectiveness judgements were too broad brush. They weren’t helpful. They weren’t doing you justice.

    So here’s what we’re proposing:

    We’ll be grading providers against a range of evaluation areas. Here you can see the areas for a 6th form college. We expect most providers to look something like this one – with most areas in the ‘secure’ column and perhaps a few in the ‘strong’ column. If we have any concerns, they would appear under ‘attention needed.’

    Then we have two grades at either end. We have ‘causing concern’ when serious improvement, and possibly intervention, is required. And we have ‘exemplary’ for the truly remarkable, sector-leading practice. The sort of things that we think others could learn from and want to highlight.

    We know that not everyone will be happy with idea of grades and this approach. But our top priority always has to be children and learners, and their families. Clarity and accountability for providers is not a nice to have for them, it’s a must have. Parents told us that’s what they wanted, and that’s what we’re delivering.

    But through grading specific areas, not providers as a whole, our reports, we hope, will be fairer.

    Through the secure grade, a high standard on its own, and then through the strong grade, our reports will really show off what providers do best.

    Through the attention needed grade we hope that will help guide leaders as to what you need to work on. And we will return sooner to check on progress.

    Through the causing concern grade, we will continue to call out unacceptably low standards.

    And through the exemplary grade, we will share the very best work in the sector, and drive standards ever higher.

    So, anyone reading the report will be able to get this sort of instant snapshot of a provider. What they’re doing well, and where they can do better. But they will also be able to click on to any of the areas and if they want to know more they can see the detail of what we found when we inspected.

    Now, congratulations because 6th form colleges have always been one of the strongest types of further education, with high grades and real added value for the young people that you educate. I’m sure that may well continue, but this way it will be possible to see in more detail what it is that you are doing well. A richer, a fuller, and a more representative picture.

    Inclusion

    As you will undoubtedly have heard, we now have inclusion as one of the evaluation areas. But if, after this, you take a look at the detail of what we’re proposing, you’ll also see that it is a theme throughout the other evaluation areas too.

    I make no apologies for that. Inclusion is important to me, but we know through the Big Listen, it’s important to children too. So we want to make sure providers are considerate of the most vulnerable and disadvantaged in everything that they do.

    I’m really interested in your views on what we’re proposing here. Many of you are already doing a great deal to help disadvantaged and young people. I know many 6th form colleges often do more than their neighbours to educate children with SEND, children from poorer backgrounds, children with lower grades, and children with other disadvantages.

    But of course, this is incredibly complicated, and only gets more so when trying to define what it is to be disadvantaged or vulnerable for young people once they turn 16. So, once again, your input will be really valuable to Lee and I.

    And of course, we need to be really clear on what we mean by inclusion. We have a working definition in the consultation as well, but we want to consider all views so it can be improved.

    So please do take part in this section of the consultation if you can. It’s something we absolutely have to get right, and with your help we will.

    Improved system for you

    But as well as improving the way that we report, and making sure we never lose sight of the most vulnerable, we also want to make sure we reduce the pressure on you. We want to let you focus on doing what’s best for the young people you educate.

    So, we will use new toolkits that are bespoke for the different types of provision. There will be a toolkit for further education and skills providers like you. And then different ones for schools, independent schools, early years, and initial teacher education.

    Obviously, there will be some overlap. Some of what you do is pretty similar to what schools with 6th forms do. And where appropriate we will use the same standards to inspect you both. But there are also differences, which we want to make sure we recognise and account for. Leadership of a school educating children from 11 to 18 is obviously different to a college. So, we want to be fair and balanced, while recognising the real differences that do exist.

    But no matter whether you’re a 6th form college or a nursery, or anything in between, we will still do what we can to reduce pressure and complexity for you.

    Here’s an example of one of the proposed toolkits that we’ll be using to inspect you.

    There’s a table like this for each of the evaluation areas that you saw on the previous slide. Within each area there are themes that say 6th form evaluation area curriculum and then you can see the theme is possibly attention needed, secure and strong. There is a description of what provision would look like at each of the grade levels too. You can see those as the standards on this slide.

    These will be published in full. We want to be fully transparent, and will be publishing our inspector training materials too. But we also want you to be able to use the toolkit when we inspect, and also in between inspections.

    And we have based these toolkits on the legal requirements and professional standards that you are already working to. We don’t want you doing anything different just ‘for Ofsted’.

    We’ll also be taking more account of your context, the circumstances in which you’re working. We of course can’t excuse unacceptably low standards, but we do want to do more to recognise the value you’re adding, the difference that you’re making.

    So our inspections will be different, but we also want them to feel different. We want to be more collaborative. We want to be more supportive. We want inspection based around professional dialogue. We’ll have a discussion, starting with the secure grade. We’ll ask you things like, “where do you think you are?”, and, “what evidence can you show us?”, “what are you really proud of”, and “what are you currently working on?”

    Every provider will also be able to select a nominee. A senior staff member who will work with us closely throughout the process and be fully involved and informed.

    And we’re taking other steps like dropping deep dives as the only main method for gathering evidence, only having a single type of inspection so you know exactly what inspection to expect, developing inspection teams with experience of working in each remit, and introducing more iterative monitoring visits to support rapid improvement.

    We hope these will combine with steps that we’ve already taken to make life a little easier for you during inspections, and when you’re expecting one.

    Please take part

    So that’s a whirlwind tour of what we’re proposing. But please please do take part in the consultation and take a look at all of it in more detail. You can get straight to the consultation through the QR code on the slide there.

    As I said, we have developed it really carefully and deliberately over many months, and with lots of external input. But it is also not set in stone. I didn’t come here today just to tell you ‘this is what is happening’. I came to ask for your help.

    I want your scrutiny, your expertise, your consideration. So please let us know if you think something could be better, or clearer, or fairer. And if you think something’s great, definitely tell us that too! I’d be delighted, Bill, to receive a response from the Sixth Form Colleges Association too.

    We’re consulting until 28 April and we’ll be testing our approach during that time too. Our inspectors will complete full training on the new finalised approach before they start inspecting colleges like yours in November. That gives us the whole of the period from the consultation closing and all of September and all of October to train you and to train our staff. This will be an unprecedented amount of training that takes place if this consultation stands.

    With your help and input, we can build the best system for parents and families, for you, and most importantly for children, young people, and all learners.

    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: PM call with Prime Minister Trudeau of Canada: 5 February 2025

    Source: United Kingdom – Government Statements

    The Prime Minister spoke to the Prime Minister of Canada Justin Trudeau this afternoon.

    The Prime Minister spoke to the Prime Minister of Canada Justin Trudeau this afternoon.

    The leaders began by reflecting on the close and historic relationship between the UK and Canada. From global security to clean energy and growth, they agreed on the importance of shared values between the two nations. 

    Discussing recent global events, the Prime Minister said he welcomed an international conversation on the importance of trade and collaboration between allies and partners. The Prime Minister also paid tribute to Prime Minister Trudeau’s leadership, including his focus on stemming the deadly drug trade across Canada’s borders.

    The leaders also discussed the strong trading relationship between the UK and Canada, worth £26 billion, and how together both countries could go further to support growth and deliver for the hardworking Canadian and British people.

    As the third-year anniversary of Russia’s full-scale invasion of Ukraine approaches, both leaders underlined their commitment to ensuring Ukraine is in the strongest possible position. 

    On Syria, they agreed on the necessity of a political transition process leading to an inclusive, non-sectarian and representative government. 

    They looked forward to speaking soon.

    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Attorney General Labrador Defends Union Gospel Mission’s Authority to Hire Based on Religious Beliefs

    Source: US State of Idaho

    [BOISE] – Attorney General Raúl Labrador joined a coalition of 20 attorneys general in defending a religious organization’s broad authority to make employment decisions based on religious beliefs to accomplish the organization’s mission and goals.  The coalition filed an amicus brief with the Ninth Circuit Court of Appeals on Monday.
    In the case of Union Gospel Mission of Yakima Washington v. Ferguson, the coalition of attorneys general argues that Union Gospel Mission, a nonprofit religious organization, should be allowed broad decision-making authority over who they employ to ensure all employees share their religious beliefs and will not undermine the organization’s religious mission. However, the Washington Supreme Court and former State of Washington Attorney General Robert Ferguson wrongly interpreted that the Washington Law Against Discrimination’s (WLAD) religious exemption should only give the Mission authority to hire and fire employees with a direct role in sharing or teaching the organization’s religious beliefs.
    “The government should have no role in dictating the affairs, management, or mission of any religious organization,” said Attorney General Labrador. “The Union Gospel Mission should be free to hire who they believe best represents their values, from the CEO to the janitor, without government demanding otherwise and saying that one classification of employee does not sufficiently embody the spirit of the organization.”
    The church autonomy doctrine, which enables religious organizations to govern themselves and make employment decisions without interference from the state, protects the Mission’s hiring decisions. Courts have decided that not only does the church autonomy doctrine apply to churches and religious schools, but also organizations whose “purpose and character are primarily religious,” which includes organizations like the Mission.
    “The Mission’s hiring policy is a quintessential matter of church government. Allowing Washington’s antidiscrimination law to regulate those decisions ‘would impermissibly inject … [the] government into [decisions on] religious doctrine and governance,’” the attorneys general wrote.
    Attorneys general from Alabama, Arkansas, Florida, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nebraska, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, and West Virginia also joined the brief led by Montana Attorney General Austin Knudsen.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta: Owner of Santa Cruz Residential Care Home Arrested for Elder Abuse

    Source: US State of California

    Wednesday, February 5, 2025

    Contact: (916) 210-6000, agpressoffice@doj.ca.gov

    SANTA CRUZ – California Attorney General Rob Bonta today announced the arrest and charges against the owner of Rose Garden Residential Care Home and her employee for felony elder abuse that caused the death of a dependent adult in their care. Both defendants have been taken into custody and will face prosecution by the California Department of Justice Division of Medi-Cal Fraud and Elder Abuse, for a single count of felony elder abuse each.
     
    “Elders deserve care, respect, and protection,” said Attorney General Bonta. “Those who are responsible for the care of elderly and dependent adults carry a profound duty to ensure their safety and well-being. At the California Department of Justice, we are committed to standing against any form of elder abuse or neglect, and we will take immediate action to hold accountable those who exploit or harm these vulnerable individuals.”
     
    The victim, an 88-year-old dementia patient, was discovered deceased after departing from Rose Garden. The investigation revealed that the staff member responsible for his care fell asleep and was unaware of his absence. Dressed only in a t-shirt and diaper, the victim wandered .4 miles away from Rose Garden and died due to cold exposure. 
     
    It is important to note that criminal charges must be proven in a court of law. Every defendant is presumed innocent until proven guilty.

    DMFEA works to protect Californians by investigating and prosecuting those responsible for abuse, neglect, and fraud committed against elderly and dependent adults in the state, and those who perpetrate fraud on the Medi-Cal program.
     
    The Division of Medi-Cal Fraud and Elder Abuse receives 75 percent of its funding from the U.S. Department of Health and Human Services under a grant award totaling $69,244,976 for Federal fiscal year (FY) 2025. The remaining 25 percent is funded by the State of California. FY 2025 is from October 1, 2024, through September 30, 2025.
     
    A copy of the complaint can be found here.
     

    # # #

    MIL OSI USA News –

  • MIL-OSI Security: Former Soldier Sentenced to Over Seven Years in Prison for Sexual Abuse of a Child on Joint Base Lewis-McChord

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Defendant previously investigated in the Army and prosecuted in State Court for sexual assault crimes

    Tacoma – A former U.S. Army soldier was sentenced today in U.S. District Court in Tacoma to 87 months in prison for abusive sexual contact with a child, announced U.S. Attorney Tessa M. Gorman. Cameron James Taylor, 49, of Seattle, pleaded guilty in May 2024 and has been in custody since his guilty plea.  At today’s sentencing hearing Chief U.S. District Judge David G. Estudillo noted the conduct in this case may cause the victim lifetime torment. The victim “is a strong individual” and “shows courage to move on” Chief Judge Estudillo said.

    “This horrific conduct cannot go unpunished. Our work to protect children on our military bases is a priority in the Western District of Washington,” said U.S. Attorney Gorman. “Mr. Taylor sexually assaulted a child who was just 5 years old. He then pressured the child to hide the conduct when questioned by other adults. I commend the strength of the victim in this case.”

    According to records filed in the case, Taylor left the Army in 2016 with an “Other than Honorable” discharge after he was investigated for sexual assault of an unconscious female in Germany, and for assaulting soldiers who went to arrest him. Taylor resigned in lieu of Court Martial.

    Once back in the U.S., Taylor was convicted of the 2019 sexual assault of a 5-year-old neighbor child. Taylor forced the child to massage him and reach into his pants. In 2022, Taylor was sentenced in King County Superior Court to 18 months in prison.

    During the investigation related to the neighbor child, other children who had been in Taylor’s care were interviewed. Taylor had coached a child, who was now a teen about hiding his sexual assaults. Ultimately, the child disclosed to a relative that in 2012, while stationed on JBLM, Taylor locked the then 5- or 6-year-old in a closet and sexually assaulted the child.

    On the eve of trial, Taylor pleaded guilty.

    In asking for the 8-year sentence prosecutors wrote to the court, “Taylor’s crimes reveal a man who lacks empathy and who prioritized his own pleasure over others’ pain. Taylor is also no stranger to the justice system; this is his third criminal sex offense. The government hopes that a 96-month sentence, coupled with lifetime supervised release, will prevent Taylor from reoffending again.”

    Taylor is required to register as a sex offender following his prison term. Chief Judge Estudillo ordered that he be on supervised release for ten years following prison.

    The case was investigated by U.S. Army Criminal Investigations (CID), the King County Sheriff’s Office, and the FBI.

    The case was prosecuted by Assistant United States Attorneys Hillary K. Stuart and Erika J. Evans.

    MIL Security OSI –

  • MIL-OSI Security: Jefferson Parish Man Sentenced for Federal Gun and Drug Charges

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – U.S. Attorney Duane A. Evans announced that JAZZ GILDS (“GILDS”), age 39, a resident of Jefferson Parish, was sentenced on January 30, 2025, by United States District Judge Wendy B. Vitter, after previously pleading guilty to Counts 1 and 3 of a 3-count indictment.  Count 1 charged him with possession with the intent to distribute methamphetamine and cocaine, in violation of Title 21, United States Code, Sections 841(a)(1) and (b)(1)(C).  Count 3 charged him with being a felon in possession of firearms, in violation of Title 18, United States Code, Sections 922(g)(1) and 924(a)(2).

    GILDS was sentenced to 108 months’ imprisonment as to Counts 1 and 3 of the indictment, to run concurrently.  Judge Vitter also ordered GILDS be placed on supervised release for 3 years and pay a $200 mandatory special assessment fee.

    According to court documents, GILDS became involved in a physical altercation with two individuals at a Jefferson Parish hotel before fleeing in a stolen vehicle.  Jefferson Parish Sheriff’s Office deputies later apprehended GILDS, who had attempted to flee on foot.  A search of the vehicle uncovered a Ruger Model P942 .40-caliber semi-automatic pistol, and a stolen Anderson Manufacturing Model AM-15, 5.56×45 millimeter caliber semi-automatic rifle.  Additionally, during a search of GILDS’s hotel room, deputies seized illegal narcotics and ammunition.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone.  On May 26, 2021, the department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    U.S. Attorney Evans praised the work of the Bureau of Alcohol, Tobacco, Firearms and Explosives and the Jefferson Parish Sheriff’s Department.  The case was prosecuted by Assistant United States Attorney Troy Bell of the Violent Crime Unit.

    MIL Security OSI –

  • MIL-OSI Security: Indy Man Sentenced to 3 Years Probation for Manufacturing and Mailing 30,000 Fake IDs

    Source: Office of United States Attorneys

    INDIANAPOLIS— James Watt, 26, of Indianapolis, has been sentenced to 3 years of probation after pleading guilty to unlawful production of document or authentication feature and money laundering.

    According to court documents, between March 13, 2019, and February 16, 2023, James Watt worked for a public website that allowed customers to purchase fake driver’s licenses, paid for mostly by Bitcoin. The website’s tag line boasted “Your #1 Trusted Source for Fake IDs.”

    Over the course of four years, Watt manufactured more than 30,000 fraudulent driver’s licenses and other forms of false identification. Customers would upload photos of themselves and an address to which to send the new I.D. Watt then mailed the false identifications via U.S. Postal Service collection boxes throughout Indianapolis, usually late at night to avoid detection.

    In exchange for this work, Watt was paid more than 14 Bitcoin. As of January 16, 2025, 14 bitcoin was worth more than $1.3 million.

    Although many of the fake IDs were purchased by underage college students, many IDs were purchased by adults far older than 21, implying their use for another nefarious purpose. Identification is needed to board a plane, buy cough medicine, rent a car, open a bank account, apply for government assistance, pick-up a prescription, visit a casino, and purchase a firearm. Through Watt’s help, his customers were able to get fake identifications for all these purposes.

    “Watt nearly became a millionaire simply through the manufacturing and mailing of thousands of fake IDs, essentially running a one-man BMV,” said John E. Childress, Acting United States Attorney for the Southern District of Indiana. “While Watt was not the operator of the website, he had a far more critical role, utilizing equipment and skill to manufacture quality fake identifications and brazenly violate the law thousands of times over. I commend the IRS-CI and USPIS for their thorough investigative work leading to today’s outcome.”

    “I am proud of our inspectors who work so diligently to protect the mail from being utilized to further illicit activities,” said Acting Inspector in Charge Felicia George. “Thanks to our collaborative investigative efforts with IRS-CI, we were able to identify and take down part of a large-scale operation, while also seizing the proceeds of it from our area of responsibility. I would like to thank the inspectors, agents, and AUSA Eakman for their hard work on this case.”

    The U.S. Postal Investigation Service and IRS Criminal Investigation investigated this case. The sentence was imposed by U.S. District Judge James P. Hanlon.

    Acting U.S. Attorney Childress thanked Assistant U.S. Attorney Adam Eakman, who prosecuted this case.

    ###

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  • MIL-OSI Security: Morgantown Sex Offender Sentenced to 10 Years After Traveling to Mexico to Purchase Child

    Source: Office of United States Attorneys

    CLARKSBURG, WEST VIRGINIA – Scott David Bixler, 43, of Morgantown, West Virginia, was sentenced to the statutory maximum sentence of 120 months imprisonment for failing to update his sex offender registration.  Bixler will serve a lifetime of supervision following his prison sentence.

    Bixler is a convicted sex offender and is required to register under the Sex Offender Registration Act (SORNA) for life.  As part of his registration obligations, he is required to report any international travel. In July of 2023, Bixler fled to Mexico shortly before he was scheduled to appear in state court for sentencing related to criminal convictions for failure to register as a sex offender under West Virginia law.

    When Bixler and his spouse were arrested in Mexico, they possessed two pellet guns, methamphetamine, a cell phone jammer, and a large amount of cash.  The investigation also revealed that the Bixlers were attempting to purchase a young girl while in Mexico.  Fortunately, Mexican authorities thwarted the plan and arrested the couple.

    “The sentence handed down by the Court ensures that the Defendant will be confined in prison for the maximum time allowed by law,” said Acting United States Attorney Randolph J. Bernard.  “I shudder to think what might have happened but for the dedication of AUSA Perri, the federal and state law enforcement agencies, as well as the Mexican authorities.  Our community and children are safer because of their efforts and the sentence imposed.”

    Assistant U.S. Attorney David Perri prosecuted the case on behalf of the government.  The FBI, the U.S. Marshals Services, and the West Virginia State Police investigated this case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit Justice.gov/PSC.

    Chief U.S. District Judge Thomas S. Kleeh presided.

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office Collects More Than $26 Million in Civil and Criminal Actions in Fiscal Year 2024

    Source: Office of United States Attorneys

    New Haven – Acting U.S. Attorney Marc H. Silverman today announced that the District of Connecticut collected $26,212,307 in criminal and civil actions in Fiscal Year 2024.  Of this amount, approximately $14,110,085 was collected in criminal actions and approximately $12,102,222 was collected in civil actions.

    The Connecticut U.S. Attorney’s Office also worked with other U.S. Attorney’s Offices and components of the Department of Justice to collect an additional $20,069 in cases pursued jointly by these offices.

    “In the last fiscal year, our dedicated attorneys and staff have helped to recover more than $26 million,” said Acting U.S. Attorney Silverman.  “These funds are returned directly to crime victims, used to support victim services, and bolster federal, state, and local law enforcement efforts.  Through our criminal prosecutions and civil enforcement actions, we remain steadfast in our commitment to seeking justice, removing illicit profits from wrongdoers, and safeguarding the integrity of crucial government programs.”

    Significant criminal recoveries included more than a $1 million in restitution from multiple defendants involved in a bid rigging scheme related to insulation contracts, and the satisfaction of a restitution obligation from a Connecticut business owner who was required to pay more than $2 million in back taxes, interest, and penalties to the IRS.  Large civil recoveries included approximately $4.5 million from a network of healthcare companies who are alleged to have submitted false claims to Medicare and Connecticut Medicaid for telehealth psychological care services, and more than $1 million from the operators of Connecticut dental practices who are alleged to have paid patient recruiters to steer Connecticut Medicaid patients to their practice, in violation of federal and state laws.

    The U.S. Attorneys’ Offices, along with the department’s litigating divisions, are responsible for enforcing and collecting civil and criminal debts owed to the U.S. and criminal debts owed to federal crime victims.  The law requires defendants to pay restitution to victims of certain federal crimes who have suffered a physical injury or financial loss.  While restitution is paid to the victim, criminal fines and felony assessments are paid to the department’s Crime Victims Fund, which distributes the funds collected to federal and state victim compensation and victim assistance programs.

    Additionally, the Connecticut U.S. Attorney’s Office, working with partner agencies and divisions, collected $5,525,420 in asset forfeiture actions in FY 2024.  Forfeited assets deposited into the Department of Justice Assets Forfeiture Fund are used to restore funds to crime victims and for a variety of law enforcement purposes.

    The U.S. Attorney’s Office is charged with enforcing federal criminal laws in Connecticut and representing the federal government in civil litigation.  The Office is composed of approximately 68 Assistant U.S. Attorneys and 57 staff members at offices in New Haven, Bridgeport, and Hartford.

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  • MIL-OSI Security: Cincinnati men plead guilty to stealing mail, postal keys as part of armed robberies

    Source: Office of United States Attorneys

    CINCINNATI – Two local men pleaded guilty in U.S. District Court to stealing USPS arrow keys during armed robberies of postal carriers.

    Antonio Toombs, 21, and Lorenzo Brandon, 22, participated in two separate armed robberies on the same day.

    Toombs and Brandon each pleaded guilty to two counts of stealing mail or property of the United States Postal Service, a crime punishable by up to 25 years in prison.

    According to their plea agreements, on Oct. 21, 2023, Toombs, Brandon and a juvenile participated in the assaults and armed robberies of two postal carriers. At approximately 12:40pm, they assaulted the first victim near Hanna Avenue in Cincinnati and stole the postal carrier’s arrow key. Later that day, around 3:40pm, they did the same against a second victim near Harry Lee Lane in Cincinnati.

    Congress sets the maximum statutory sentence. Sentencing of the defendants is determined by the Court based on the advisory sentencing guidelines and other statutory factors and will be imposed at future hearings.

    Kenneth L. Parker, United States Attorney for the Southern District of Ohio, and Lesley Allison, Inspector in Charge, U.S. Postal Inspection Service (USPIS), Pittsburgh Division, announced the guilty pleas entered before U.S. District Court Judge Jeffery P. Hopkins. Assistant United States Attorney Timothy S. Mangan is representing the United States in this case.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: United States Attorney’s Office Underscores Enforcement of Executive Order on Immigration

    Source: Office of United States Attorneys

    SAN JUAN, Puerto Rico – The United States Attorney’s Office for the District of Puerto Rico, through United States Attorney W. Stephen Muldrow, issues the following statement to underscore support for the January 20, 2025, Executive Order, entitled “Protecting the American People Against Invasion.”

    Department of Justice agencies in Puerto Rico, including the U.S. Attorney’s Office, the Federal Bureau of Investigation, the U.S. Marshals Service, the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms & Explosives, and the Bureau of Prisons, underscore their support and partnership with the Department of Homeland Security (DHS) and all its components in Puerto Rico to enforce our nation’s immigration laws.

    The Justice Department and DHS will also continue to collaborate and work closely with our counterparts within the Government of Puerto Rico, to include the Puerto Rico Department of Justice, the Puerto Rico Department of Public Safety, the Puerto Rico Police Bureau, and other governmental agencies, as well as municipal police departments to protect our communities from harm.

    The U.S. Attorney’s Office’s implementation of the Executive Order will focus on the apprehension and prosecution of criminal aliens, as well as supporting the prosecution and/or expedited removal from the United States of aliens without legal status. The apprehension and prosecution or removal of aliens includes special interest aliens deemed by the DHS to be from a country that poses a national security or counterintelligence threat.

    “Those aliens who are involved in criminal activity, who are fugitives from justice, who have prior criminal convictions and/or come from nations that pose a threat to our national security, remain a priority for the Department of Justice,” said United States Attorney Muldrow. “We are also fully committed to supporting the efforts of the Department of Homeland Security, and all its components, to make Puerto Rico and the United States safer.”

    “The FBI remains committed to working alongside our law enforcement partners to uphold the rule of law and ensure public safety,” said Joseph González, Special Agent in Charge of the FBI’s San Juan Field Office. “Through this initiative, continued collaboration and intelligence-driven operations, we are supporting efforts to protect our communities, while adhering to our mission of upholding the Constitution.”

    “Homeland Security Investigations (HSI) is dedicated to identifying and prosecuting individuals who are illegally present in the United States, ensuring they are swiftly removed to their home countries,” said Rebecca González-Ramos, Special Agent in Charge of HSI San Juan. “The executive order aims to protect the United States from individuals who pose a threat to public safety by committing crimes.”

    “The Drug Enforcement Administration remains resolute in its mission to protect the communities of Puerto Rico and the U.S. Virgin Islands from the devastating impact of drug trafficking and transnational criminal organizations. These criminal networks not only threaten public safety through the distribution of dangerous narcotics but also exploit immigration vulnerabilities to further their illicit enterprises. Through intelligence-driven investigations, collaborative enforcement operations, and strategic partnerships with our federal, state, and local counterparts, the DEA will aggressively target those who pose a threat to our national security and the well-being of our citizens. Our enforcement efforts will focus on identifying, disrupting, and prosecuting individuals and organizations engaged in drug trafficking, money laundering, and violent crime. Additionally, we remain committed to supporting the efforts of the Department of Homeland Security and the Department of Justice in the apprehension and prosecution of criminal aliens involved in drug-related offenses. The DEA Caribbean Division will continue to conduct high-impact operations aimed at preventing narcotics and criminal elements from infiltrating our shores. These enforcement efforts are crucial in ensuring the safety and security of the people of Puerto Rico and the continental United States. The message is clear: those who attempt to use our territory as a gateway for illicit activities will be met with the full force of federal law enforcement,” stated Michael A. Miranda, Special Agent in Charge of DEA Caribbean Division.

    “We stand in unison with our Federal and Puerto Rico partners in this all-hands-on deck to stem the tide of illegal immigration,” said Christopher A. Robinson, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives, Miami Field Division.

    The United States Marshals Service, whose mission includes apprehending federal and state fugitives, will lead an initiative – Operation Homeland – to focus resources and coordinate enforcement operations with DOJ and DHS components on the apprehension of alien fugitives charged with federal and local crimes.

    “Historically, the United States Marshals have played a crucial role in serving our nation by apprehending and removing dangerous fugitives from our communities. In this instance, we have teamed up with our federal law enforcement partners to focus on apprehending non-U.S. citizens who have active criminal warrants. We are confident that these collaborative efforts will lead to safer communities. We encourage all citizens to continue cooperating with our investigations to help locate these fugitives and bring them to justice,” said Wilmer Ocasio-Ibarra, U.S. Marshal District of Puerto Rico.

    As recently announced by Immigration and Customs Enforcement (ICE), on January 30, 2025, the below-listed individuals entered into Puerto Rican waters without inspection and were detained by the CBP. Earlier that day, Coast Guard had previously boarded the sailing vessel Mistress, but the vessel was allowed to continue its voyage to St. Martin.  Instead of going to St. Martin, the S/V Mistress entered U.S. waters without inspection and anchored off La Parguera, where they were arrested and processed for expedited removal by DHS officials, including the United States Border Patrol and Immigration and Customs Enforcement (ICE). Specifically, the following eight individuals were encountered on a private boat off the southwest coast of Puerto Rico:

    Name                                    Country of Citizenship

    Erlanbek Narkoziev              Kyrgyzstan

    Jafar Valamatov                    Russia

    Kanal Assylbekov                 Kazakhstan

    Nikita Torshin                       Kazakhstan

    Sanjarjon Sidikov                  Uzbekistan

    Shackhat Uurustamov           Kyrgyzstan

    Odiljon Azimov                     Kyrgyzstan

    Shukrat Akhemodov              Russia

    “Every day CBP Officers are responsible with determining the admissibility of aliens arriving at our ports of entry.  Foreign travelers requesting entry undergo an inspection and determination of admissibility to the United States, and if they are not admissible, they are returned to their point of embarkation,” indicated Roberto Vaquero, Director of the San Juan Office of Field Operations. “Our officers will be vigilant in determining admissibility and will also inspect authorized presence from passengers in domestic flights as they try to reach the Continental US.”

    “The Ramey Sector of the US Border Patrol remains steadfast in protecting our Caribbean borders and deter irregular migration attempts.  U.S. immigration law makes it a crime to enter or attempt to enter without requesting admission at a port of entry designated for that purpose by immigration officials,” stated Reggie Johnson, Acting Chief Patrol Agent. “Migrants should know that they will face full legal consequences of unlawful entry.”

    “Air and Marine Operations agents and assets will support the whole of government effort to enforce immigration laws and protect our borders from emerging threats,” said Christopher Hunter, Director of the Caribbean Air and Marine Branch. “AMO safeguards our Nation by anticipating and confronting security threats through our aviation and maritime law enforcement expertise, innovative capabilities, and partnerships at the border and beyond.”

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    MIL Security OSI –

  • MIL-OSI Security: Stafford Man Indicted for Firearms, Meth Trafficking

    Source: Office of United States Attorneys

    KANSAS CITY, Mo. – A Stafford, Mo., man who purchased more than 50 firearms has been indicted by a federal grand jury for illegally trafficking firearms and methamphetamine.

    David Allen Gaunt, 57, was charged in a 16-count indictment returned by a federal grand jury in Kansas City, Mo., on Tuesday, Feb. 4. The indictment replaces a criminal complaint that was filed against Gaunt on Jan. 16, 2025.

    The federal indictment alleges that Gaunt participated in a conspiracy to traffic firearms from June 21, 2023, to Jan. 23, 2025. Those firearms, according to the indictment, included a Kalashnikov pistol, a Century Arms pistol, a Tokarev shotgun, a Canik pistol and an HS Produkt pistol. In addition to the conspiracy, Gaunt is charged with one count of trafficking those firearms to a recipient who was legally prohibited from possessing them.

    The federal indictment also charges Gaunt with being an unlawful user of a controlled substance while in possession of 15 different firearms. Gaunt is charged with four counts of making a false statement to a licensed firearms dealer in order to purchase firearms, four counts of possessing methamphetamine with the intent to distribute, four counts of possessing firearms in furtherance of a drug-trafficking crime, and one count of distributing methamphetamine.

    According to an affidavit filed in support of the original criminal complaint, Gaunt has personally purchased more than 50 firearms. On every purchase, the affidavit says, Gaunt marked “No” on the federal form that asked, “Are you an unlawful user of, or addicted to, marijuana or any depressant, stimulant, narcotic drug, or any other controlled substance?” Eighteen of these firearms have been recovered by law enforcement, from Gaunt and others. Additionally, 11 of the firearms Gaunt purchased have been either sold to or pawned at pawn shops.

    Springfield police officers seized three of those firearms during the execution of two search warrants in separate drug-trafficking investigations in June 2023, and the Greene County Sheriff’s Department seized one of those firearms during enforcement activities in July 2023. All of the firearms were seized from individuals who were legally prohibited from possessing firearms, the affidavit says, and were traced to Gaunt as the original purchaser.

    On Aug. 16, 2023, Springfield police officers stopped Gaunt near S. Glenstone Avenue and E. St. Louis Street. When officers searched his vehicle, they found six firearms. On Nov. 6, 2024, Springfield officers conducted a traffic stop of a vehicle operated by Gaunt. Officers seized a Sig Sauer 9mm pistol from Gaunt’s waistband. A clear plastic bag of methamphetamine was found in the center console of the vehicle.

    The charges contained in this indictment are simply accusations, and not evidence of guilt. Evidence supporting the charges must be presented to a federal trial jury, whose duty is to determine guilt or innocence.

    This case is being prosecuted by Assistant U.S. Attorney Stephanie L. Wan. It was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Greene County, Mo., Sheriff’s Department, the Springfield, Mo., Police Department, and the Missouri State Highway Patrol.

    MIL Security OSI –

  • MIL-OSI: Bpce: Groupe BPCE Results Q4-24 & 2024

    Source: GlobeNewswire (MIL-OSI)

    Paris, February 5, 2025

    STRONG PERFORMANCES IN 2024

    • Excellent performance in Q4-24 •
    • Net income (Group share) of €3.5bn in 2024, strong growth of +26% •
    • VISION 2030: dynamic implementation of the strategic project •

    Q4-24: net banking income at €6bn, up +11% YoY; very good performance achieved by retail banking and the global businesses; net income of €913m, +140% YoY
    2024: net banking income of €23.3bn, 5% growth YoY driven by all the business lines; gross operating income up by a strong 18% notably thanks to good cost control; reported net income2of €3.5bn, up by 26% YoY

    Very high levels of solvency and liquidity with a CET1 ratio of 15.6%3 and a LCR of 142%4 at end-2024

    RETAIL BANKING & INSURANCE    Sharp 14% growth in revenues in Q4-24 and 4% in 2024 driven in particular by the confirmed rebound in net interest margins and commissions. The Banque Populaire and Caisse d’Epargne retail banking networks enjoyed sustained growth in their customer bases with the addition of 846,000 new clients6in 2024

    • Local & regional financing: €84bn of funding for our clients of individual, professional, corporate, and institutional clients; 1% year-on-year growth in loan outstandings, rising to a total of €724bn at end-December 2024
    • Deposits & savings7up by €5bn year-on-year, reaching a total of €681bn at end-December 2024
    • Insurance: gross inflows8 of €14.9bn in life insurance in 2024. Premiums up 15% in 2024 YoY. The equipment rate9for P&C and Personal Protection insurance stood at ~35% at end-December 2024
    • Financial Solutions & Expertise: net banking income remained stable in Q4-24 and rose by 2% in full-year 2024 vs. a high basis of comparison in 2023. Good performance reported by the Leasing and Consumer Credit activities
    • Digital & Payments: +5% growth in the number of card transactions at end-December 2024 YoY. Oney net banking income up 8% in full-year 2024

    GLOBAL FINANCIAL SERVICES Strong revenue growth, +8% in Q4-24 and full-year 2024; very dynamic business development in Corporate & Investment Banking, net banking income up 5% in Q4-24 year-on-year; very good performance achieved by Asset Management with net banking income up 11% in Q4-24 year-on-year

    • Corporate & Investment Banking: net banking income of €1.1bn in Q4-24; +19% growth in revenues in Q4-24 YoY for Global Markets, driven by the Fixed-income and Equity segments; net banking income up 2% for Global Finance, driven in particular by Trade Finance activities, and up by 6% for Investment Banking activities in Q4-24
    • Asset & Wealth Management: Natixis IM’s assets under management up 13% YtD, reaching an all-time high of €1,317bn at end-December 2024; very high net fund inflows of €40bn in full-year 2024, particularly from Fixed-Income expertise; net banking income of €968m in Q4-24, reflecting strong growth of 11% YoY.

    Expenses remained stable year-on-year in 2024 and good improvement in the cost/income by 3.5pp

    Prudent provisioning policy: cost of risk of €2.1bn in 2024, i.e. 24bps, standing below the announced guidance level; €596 million in Q4-24, down 20% year-on-year

    Financial strength: CET1 ratio of 15.6%3at end-December 2024; liquidity reserves of €302bn

    VISION 2030 strategic project: fast-paced and dynamic implementation  

    • April 2024: announcement of the project to acquire SGEF, making Groupe BPCE the European leader in equipment leasing; completion of the transaction scheduled for Q1-25.
    • June 2024: plan to create France’s No. 1 payment processor in partnership with BNP Paribas with a view to becoming one of the top 3 players in Europe.
    • June 2024: commercial partnerships with two leaders in their respective markets: Leroy Merlin and Verisure
    • January 2025: announcement of plan to create Europe’s leading asset manager in a joint venture with Generali.
    • Plans to create a shared technology platform for retail banking activities

    1 See the notes on methodology annexed to this press release 2Group share 3 Ratio estimated at end-December 2024 integrating pro forma the coming impact of SGEF and Nagelmackers acquisitions 4Average end-of month LCRs in Q4-24 5 Estimated at end-December 2024 6 196,100 new active clients over the year 7 On-balance sheet savings & deposits within the scope of the Retail Banking & Insurance business unit 8 Excluding reinsurance treaty with CNP Assurance 9 Scope of the individual clients in the BP and CE retail banking networks

    Nicolas Namias, Chairman of the Management Board of BPCE, said: “2024 marked the return of strong performance across all our business lines. Groupe BPCE saw its earnings grow by 26% over the year as a whole and by a total of 140% in the fourth quarter of 2024.

    Banques Populaires and Caisses d’Epargne benefited from the confirmed rebound in their net interest margin along with an extremely buoyant level of commercial activity, illustrated by the arrival of 846,000 new clients in 2024. All the business lines serving the retail banking networks – Insurance, Payments, Financial Solutions & Expertise – generated growth both in full-year 2024 and in the 4thquarter of the year. It also proved to be a remarkable quarter and full-year period for the global business lines managed by Natixis CIB and Natixis IM with, in particular, 19% revenue growth in our capital markets activities in the fourth quarter, and a record-breaking 40 billion euros in net inflows for our asset management activities in the course of the year.

    These results testify to the dynamic implementation of our VISION 2030 strategic project. In the space of a year, we announced the planned acquisition of SGEF, making the Group the front-ranking European equipment leasing specialist, an initiative due to be completed early this year; the creation, with BNP Paribas, of the French leader in payment processing, with a view to becoming one of the top 3 players in Europe; plans to create a champion in asset management with Generali that would be No.1 in Europe in terms of revenues and one of the top 10 asset management specialists worldwide. Today, we announce our ambition to create a common technological platform for the Banques Populaires and Caisses d’Epargne by setting up a joint information system. Designed to further enhance the Group’s performance, this project sets out to optimize the service offered to our 35 million clients and to improve the day-to-day lives of our employees and, in the process, support the development of retail banking in France. These projects give concrete expression to our determination to pursue well-balanced development across our three priority growth areas: France, Europe, and the rest of the world.

    These extremely exciting prospects for the months ahead will be driven by our staff of employees, who this year demonstrated their tremendous mobilization and enthusiasm during the Olympic & Paralympic Games Paris 2024. We gave expression to our promise to share the Games with as many people as possible in every territorial region of France. This event enabled us to strengthen our ties with our clients both in regional France and around the world, and we will continue to foster these relationships by contributing to the sustainable development of the economies in which we do business, in line with our cooperative values.”

    The quarterly financial statements of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board on February 3, 2025, were verified and reviewed by the Supervisory Board, at a meeting chaired by Eric Fougère on February 5, 2025.

    In this document, 2023 figures have been restated on a pro-forma basis (see annex for the reconciliation of reported data to pro-forma data).

    Groupe BPCE

    €m1 Q4-24 Q4-23 % Change 2024 2023 % Change
    Net banking income 6,046 5,462 11% 23,317 22,198 5%
    Operating expenses (4,184) (4,129) 1% (16,384) (16,328) 0%
    Gross operating income 1,862 1,332 40% 6,933 5,870 18%
    Cost of risk (596) (744) (20)% (2,061) (1,731) 19%
    Income before tax 1,262 537 135% 4,956 4,182 19%
    Income tax (326) (159) 106% (1,357) (1,340) 1%
    Net income – Group share 913 381 140% 3,520 2,804 26%
    Exceptional items (64) (100) (35)% (155) (122) 28%
    Underlying2net income – Group share  977 481 103% 3,675 2,925 26%
    Underlying cost to income ratio3 67.8% 74.6% (6.8)pp 69.4% 72.9% (3.5)pp

    1 Reported figures as far as “Net income (Group share)” 2 “Underlying” means exclusive of exceptional items 3 The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on pages 18 and 24.  

    1.     Groupe BPCE

    Unless specified to the contrary, the financial data and related comments refer to the reported results of the Group and
    business lines; changes express differences between Q4-24 and Q4-23 and between full-year 2024 and full-year 2023.

    Groupe BPCE’s net banking income rose by 11% to reach 6,046 million euros in Q4-24 thanks to strong commercial activity in all business lines. At the end of December 2024, it stood at 23,317 million euros, up 5%.

    Revenues from the Retail Banking & Insurance business unit (RB&I) rose 14% in Q4-24 to 4,064 million euros and stood at 15,397 million euros in full-year 2024, representing growth of 4%. Banques Populaires and Caisses d’Epargne put up a strong commercial performance, attracting more than 846,000 new clients1 across all markets since the beginning of the year.

    Revenues in the Financial Solutions & Expertise business unit, stable in Q4-24 and up 2% in full-year 2024, were driven in particular by the leasing and consumer credit businesses. The Insurance business unit benefited from strong business momentum in life insurance with gross new inflows2 of 14.9 billion euros. Business was buoyant for the Digital & Payments business unit with renewed momentum for Oney.

    Revenues from the Global Financial Services (GFS) business unit were up 8% in Q4-24 and full-year 2024, reaching a total of 2,055 million euros and 7,947 million euros respectively. Corporate & Investment Banking revenues, buoyed up by strong commercial performance across all its business lines, came to 1,087 million euros in Q4-24, up 5%, and to 4,440 million euros in full-year 2024, up 7%. The net banking income generated by Asset & Wealth Management stood at 968 million euros in Q4-24, up 11%, and reached a total of 3,507 million euros in full-year 2024, up 10%. Assets under management, which rose to their highest level ever thanks to record-breaking fund inflows and positive market and currency effects, rose by 13% in the course of the year to reach 1,317 billion euros.

    The net interest margin stood at 7.6 billion euros, up 4% year-on-year, while commission income, which reached 11 billion euros in full-year 2024, was up 7% year-on-year.

    In full-year 2024, operating expenses remained stable at 16,384 million euros, rising 1% to 4,184 million euros in Q4-24, benefitting from positive jaws effects over the 2 periods.

    The underlying cost/income ratio3 improved by 6.8pp in Q4-24 to 67.8%, and by 3.5pp in full-year 2024 to 69.4%

    Gross operating income rose by 40% to 1,862 million euros in Q4-24, and by 18% to 6,933 million euros in full-year 2024.

    Groupe BPCE’s cost of risk, which came to -2,061 million euros in 2024, increased by a total of 19% vs. a low basis of comparison in 2023. In Q4-24, it stood at -596 million euros, down 20%.

    Performing loans are deemed to be rated ‘Stage 1’ or ‘Stage 2,’ while loans with proven risk are rated ‘Stage 3.’

    1    196,100 new active clients in full-year 2024 ² Excluding the reinsurance treaty with CNP Assurances3 The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on page 24

    For Groupe BPCE, the amount of provisions for performing loans rated ‘Stage 1’ or ‘Stage 2’ corresponds:

    • For the quarter, to a reversal of 31 million euros in Q4-24 vs. an allocation of 34 million euros in Q3-24 and vs. an allocation of 145 million euros in Q4-23,
    • For the 12-month period, a reversal of 177 million euros in 2024 vs. a reversal of 112 million euros in 2023.

    Provisions for loan outstandings with proven risk, rated ‘Stage 3,’ correspond:

    • For the quarter, to an allocation of 627 million euros in Q4-24 vs. an allocation of 488 million euros in Q3-24 and vs. an allocation of 598 million euros in Q4-23,
    • For the 12-month period, an allocation of 2,238 million euros in 2024 vs. an allocation of 1,843 million euros in 2023.

    In Q4-24, the cost of risk for Groupe BPCE stood at 28bps in terms of gross customer outstandings, down 7bps. This figure includes a reversal of 1bp on performing loans (vs. an allocation of 7bps in Q4-23) and an allocation on loan outstandings with proven risk of 29bps vs. an allocation of 28bps in Q4-23.
    In Q4-24, the cost of risk remained stable for the Retail Banking & Insurance business unit at 30bps, including a 1bp provision for performing loans (vs. a 5bps allocation to provisions in Q4-23) and a 30bps allocation on loan outstandings with proven risk, as in Q4-23.
    The cost of risk for the Corporate & Investment Banking business unit came to 55bps (vs. 37bps in Q4-23), including a 13bps reversal on performing loans (vs. a 16bps provision in Q4-23) and a 67bps provision on loans with proven risk (vs. a 21bps provision in Q4-23).

    In 2024, Groupe BPCE’s cost of risk stood at 24bps of gross customer loan outstandings. This figure includes a 2bps reversal of provisions on performing loans (vs. a 1bp reversal in 2023) and a 26bps provision on loans with proven risk (vs. a 22bps provision in 2023).
    The cost of risk was 24bps for the Retail Banking & Insurance business unit (21bps in 2023), including a 2bps reversal on performing loans (as in 2023) and a 26bps provision on loans with proven risk (vs. a 23bps provision in 2023).
    The cost of risk for the Corporate & Investment Banking business unit came to 40bps (24bps in 2023), including a 6bps reversal on performing loans (vs. a 4bps reversal in 2023) and a 46bps provision on loans with proven risk (vs. a 28bps provision in 2023).

    The ratio of non-performing loans to gross loan outstandings stood at 2.5% at December 31, 2024, up 0.1pp compared with end-December 2023.

    Reported net income (Group share) came to 913 million euros in Q4-24, up 140%. In full-year 2024, it stood at 3,520 million euros, up 26%.

    The impact of exceptional items on net income (Group share) was -64 million euros in Q4-24 vs. -100 million euros in Q4-23 and -155 million euros in full-year 2024 vs. -122 million euros in full-year 2023.

    Underlying net income (Group share)1 rose by 103% to stand at 977 million euros in Q4-24, and grew by 26% to 3,675 million euros in full-year 2024.

    1 “Underlying” means exclusive of exceptional items

    2.   A Group mobilized to decarbonize the economy and committed to making impact accessible to all

    Strong commitments in 2024

    • Climate commitments:

    The Group has published new decarbonization ambitions for the 111 most highly emissive industrial sectors: Aluminum, Aviation, Commercial real estate, Residential real estate, Agriculture, Automotive, Steel and Cement, and has strengthened its ambitions in the Power Generation and Oil & Gas sectors.

    • Environmental commitments:

    Groupe BPCE has strengthened its commitment by joining act4nature international.

    • Social commitments by providing financing for players in the social & solidarity-based economy, in social housing and the Public Sector.

    Innovative and concrete actions for our clients

    • The Banques Populaires and Caisses d’Epargne retail banking networks have launched innovations to facilitate home ownership and offer all individual customers energy-efficient renovation solutions to preserve the value of their real-estate assets: for example, by the end of November 2024, over 640 million euros in financing had been granted for energy-efficient home renovation, and the Advice and Sustainable Solutions digital module had received over 5 million unique visitors.
    • The Group serves the SME and ISE clients of the Banques Populaires and Caisses d’Epargne, as well as local communities by providing locally-based advice and by financing the transition of their business models. It has also strengthened its partnership with the European Investment Bank (EIB) for the innovation and energy transition with over one billion euros in transition and decarbonization financing.
    • Green revenues in the CIB rose by +14% in 2024 YoY, driven by sustainable finance and renewable energy & new energy activities including tailored-made solutions and dedicated expertise provided by the Green Hub.

    Groupe BPCE, a pioneer in sustainable finance, launched 5 green and social bond issues in the course of 2024 for an aggregate value of more than 3.6 billion euros, including the 1st Social Bond with a profit-sharing coupon for the benefit of the Institut Robert-Debré du Cerveau de l’Enfant (Children’s Brain Development Institute), supported by APHP (Paris Public Hospitals).

    1 Given the insignificant amount of Natixis CIB’s financing dedicated to freight and passenger ships, Groupe BPCE has not published its action plan for this industrial sector

    3.   Capital, loss-absorbing capacity, liquidity, and funding

    3.1        CET11ratio

    Groupe BPCE’s CET1 ratio at end-December 2024 stood at an estimated 16.2%, unchanged from the previous quarter. It includes the following impacts:

    • Retained earnings: +21bps,
    • Net issuance of cooperative shares: +3bps,
    • Change in risk-weighted assets: – 33bps,
    • Other changes, including variations in the prudential backstop provision, items included under Other Comprehensive Income, and other adjustments: +4bps.

    The Group’s CET1 ratio – presented on a pro-forma basis to reflect the inclusion of the future impacts of the SGEF and Nagelmackers acquisitions (-54bps) – stands at 15.6%,

    At end-December 2024, Groupe BPCE held an equity buffer estimated at 18.6 billion euros above the threshold for triggering the maximum distributable amount (MDA) for equity capital, taking account of the prudential requirements laid down by the ECB applicable on January 2, 2025.

    3.2         TLAC ratio1

    The Total Loss-Absorbing Capacity (TLAC) stood at an estimated 122.1 billion euros at the end of December 2024. The TLAC ratio, expressed as a percentage of risk-weighted assets, stood at an estimated 26.7%2 at the end of December 2024 (without taking account of preferred senior debt for the calculation of this ratio), well above the standard requirements of the Financial Stability Board that were equal to 22.4% at January 2, 2025.

    3.3        MREL ratio1

    Expressed as a percentage of risk-weighted assets at December 31, 2024, Groupe BPCE’s subordinated MREL ratio (without taking account of preferred senior debt for the calculation of this ratio) and the total MREL ratio stood at 26.7%2 and 34.6%, well above the minimum requirements laid down by the SRB at January 2, 2025 of 22.4%3 and 27.3%3 respectively.

    3.4        Leverage ratio1

    At December 31, 2024, the estimated leverage ratio stood at 5.1%, well above the requirement.

    3.5        Liquidity reserves at a high level

    The LCR (Liquidity Coverage Ratio) for Groupe BPCE is well above the regulatory requirement of 100%, at an average of 142% of month-end LCRs for the 4th quarter 2024.
    Liquidity reserves stood at 302 billion euros at December 2024, representing a coverage ratio of 177% of short-term financial debt (including short-term maturities of medium- to long-term financial debt).

    3.6        MLT funding plan: 32% of the 2025 objectives completed as at January 31, 2025

    The size of the MLT funding plan, excluding structured private placements and Asset Backed Securities (ABS), has been set at 23 billion euros for 2025. The breakdown per type of debt is as follows:

    • 10 billion euros in TLAC funding: 2.0 billion euros in Tier 2 funding and 8 billion euros in senior non-preferred debt,
    • 3 billion euros senior preferred debt,
    • 10 billion euros in covered bonds.

    The target for ABS is 8 billion euros.

    At January 31, 2025, Groupe BPCE had raised 7.3 billion euros, excluding structured private placements and ABS (32% of the 23 billion euro funding plan):

    • 5.6 billion euros in TLAC funding: 1.7 billion euros in Tier 2 funding (87% of requirements) and 3.9 billion euros in senior non-preferred debt (49% of requirements),
    • 1.7 billion euros in covered bonds (17% of requirements).

    At January 31, 2025, the amount of ABS raised came to a total of 0.7 billion euros, i.e. 8% of the target.

    Capital adequacy, Total loss-absorbing capacity – see the note on methodology
    1 Estimated at December 31, 2024 2 Groupe BPCE has chosen to waive the possibility provided by Article 72 Ter (3) of the Capital Requirements Regulation (CRR) to use senior preferred debt to ensure compliance with its TLAC/subordinated MREL requirements. 3 Following reception of MREL’s annual letter for 2024

    4.   Results of the business lines

    Unless specified to the contrary, the financial data and related comments refer to the reported results of the Group and
    business lines; changes express differences between Q4-24 and Q4-23 and between full-year 2024 and full-year 2023.

    4.1        Retail Banking & Insurance

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 4,064 14% 15,397 4%
    Operating expenses (2,497) (0)% (9,902) 1%
    Gross operating income 1,567 45% 5,495 10%
    Cost of risk (556) (13)% (1,751) 16%
    Income before tax 998 142% 3,807 8%
    Exceptional items (45) (60)% (115) 3%
    Underlying2income before tax 1,044 98% 3,922 8%
    Underlying cost/income ratio3 60.4% (8.5)pp 63.6% (2.2)pp

    At end-December 2024, loan outstandings rose by 1% to 724 billion euros. Outstanding home loans remained stables at 400 billion euros, while equipment loans rose by 3% during the year to 199 billion euros.

    At end-December 2024, on-balance sheet customer deposits & savings totaled 681 billion euros, representing an increase of 5 billion euros year-on-year, with a 5% rise in term accounts and a 3% year-on-year increase in both regulated and unregulated passbook savings accounts.

    Net banking income for the Retail Banking & Insurance business unit rose by 14% in Q4-24 to 4,064 million euros, and by 4% in full-year 2024 to 15,397 million euros. In Q4-24, these changes reflect the good level of business activities: in the networks, revenues rose by 17% for the Banque Populaire retail banking network and by 14% for the Caisse d’Épargne network. Net banking income for both networks also recorded growth in full-year 2024, by 4% for the Banque Populaire network and by 3% for the Caisse d’Épargne network.

    The Financial Solutions & Expertise business lines continued to benefit from strong sales momentum, particularly in the leasing segment. Revenues remained stable in Q4-24 but saw 2% growth in full-year 2024. In Insurance, premiums4 rose by 15% in 2024, driven by both Non-Life Insurance and Life & Personal Protection Insurance. The Digital & Payments business unit reported a 14% increase in revenues in Q4-24 and 7% growth in full-year 2024, driven by card transactions and instant payment operations.

    Operating expenses remained tightly managed, stable in Q4-24 at 2,497 million euros, and up by just 1% in full-year 2024 to 9,902 million euros.

    The underlying cost/income ratio3 improved by 8.5pp in Q4-24 to 60.4%, and by 2.2pp in full-year 2024 to 63.6%.

    The business unit’s gross operating income benefited from a strong positive jaws effect, rising by 45% in Q4-24 to
    1,567 million euros and by 10% in full-year 2024 to 5,495 million euros.

    The cost of risk amounted to -556 million euros in Q4-24, down 13%, and stood at -1,751 million euros in 2024, up 16%.

    For the business unit as a whole, income before tax amounted to 998 million euros in Q4-24, up 142%, and stood at 3,807 million in full-year 2024, up 8%.

    Underlying income before tax2 amounted to 1,044 million euros in Q4-24, up 98%, and came to 3,922 million euros in full-year 2024, up 8%.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4Excluding reinsurance treaty with CNP Assurance

    4.1.1         Banque Populaire network
    The Banque Populaire retail banking network is comprised of 14 cooperative banks (12 regional Banques Populaires along
    with CASDEN Banque Populaire and Crédit Coopératif) and their subsidiaries, Crédit Maritime Mutuel, and the Mutual
    Guarantee Companies.

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 1,614 17% 6,098 4%
    Operating expenses (980) 1% (4,047) 2%
    Gross operating income 634 56% 2,051 8%
    Cost of risk (266) (6)% (814) 25%
    Income before tax 352 137% 1,285 (2)%
    Exceptional items (17) 77% (51) ns
    Underlying2income before tax 369 133% 1,336 2%
    Underlying cost/income ratio3 59.7% (10.2)pp 65.5% (1.9)pp

    Loan outstandings remained stable year-on-year, standing at 301 billion euros at the end of December 2024.
    On-balance sheet customer deposits & savings decreased by 2 billion euros year-on-year at the end of December 2024, with term accounts remaining stable during the 12-month period, while both regulated and unregulated passbook savings accounts saw 2% year-on-year growth.

    Net banking income came to 6,098 million euros in full-year 2024, up 4% year-on-year. This included 3.2 billion euros in net interest margin4,5 up 5% year-on-year, and 2.9 billion euros in commissions5 (up 3% year-on-year).
    In Q4-24, net banking income came to a total of 1,614 million euros, up 17% year-on-year.

    Operating expenses rose by a limited 1% in Q4-24 to 980 million euros, and increased by 2% in full-year 2024, to 4,047 million euros.
    The underlying cost/income ratio3 consequently saw a 10.2pp improvement in Q4-24, to 59.7%, and a 1.9pp improvement in full-year 2024, to 65.5%.

    Gross operating income benefited from positive jaws effects, rising by 56% to 634 million euros in Q4-24 and by 8% to 2,051 million euros in full-year 2024.

    The cost of risk stood at -266 million euros in Q4-24, down 6%, and -814 million euros in 2024, up 25%.

    Income before tax came to 352 million euros in Q4-24 (+137%) and 1,285 million euros in 2024 (-2%).

    Underlying income before tax2 amounted to 369 million euros in Q4-24 (+133%) and 1,336 million euros in full-year 2024
    (+2%).

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Excluding provisions for home-purchase savings schemes 5 Income on regulated savings has been restated to account for the net interest margin and included under commissions

    4.1.2        Caisse d’Epargne network
    The Caisse d’Epargne retail banking network comprises 15 individual Caisses d’Epargne along with their subsidiaries

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 1,616 14% 6,054 3%
    Operating expenses (1,084) 0% (4,216) 1%
    Gross operating income 531 55% 1,838 10%
    Cost of risk (205) (6)% (640) 16%
    Income before tax 328 161% 1,200 7%
    Exceptional items (27) 171% (60) ns
    Underlying2income before tax 355 162% 1,260 13%
    Underlying cost/income ratio3 65.4% (9.8)pp 68.7% (2.7)pp

    Loan outstandings rose by 1% year-on-year to 376 billion euros at the end of December 2024.
    On-balance sheet customer deposits & savings increased by 5 billion euros year-on-year, with growth in term accounts (+12%) and an increase in regulated and unregulated passbook savings accounts (+3%).

    Net banking income rose by 3% to reach 6,054 million euros in full-year 2024, including:

    • 2.6 billion euros in net interest margin4,5, down 3% year-on-year,
    • 3.4 billion euros in commissions5 up 7% year-on-year.

    Net banking income came to a total of 1,616 million euros, up 14% year-on-year, in Q4-24 and stood at 6,054 million euros, up 3% year-on-year in full-year 2024.

    Operating expenses remained stable at 1,084 million euros in Q4-24, and rose by 1% in full-year 2024 to 4,216 million euros.

    The underlying cost/income ratio3 improved by 9.8pp to 65.4% in Q4-24 and by 2.7pp to 68.7% in full-year 2024.

    Gross operating income benefited from positive jaws effects in Q4-24 (+55%), rising to 531 million euros, and enjoyed 10% growth in full-year 2024, rising to 1,838 million euros.

    The cost of risk came to -205 million euros in Q4-24, down 6%, and to -640 million euros in 2024, up 16%.

    Income before tax rose by 161% to 328 million euros in Q4-24, and came to 1,200 million euros in 2024.
    (+7%).

    Underlying income before tax2 amounted to 355 million euros in Q4-24 (+162%) and 1,260 million euros in full-year 2024
    (+13%).

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Excluding provisions for home-purchase savings schemes 5 Income on regulated savings has been restated to account for the net interest margin and included under commissions

    4.1.3        Financial Solutions & Expertise

    €m1 Q4-24 %

    Change

    		 2024 %

    Change
    Net banking income 334 (0)% 1,303 2%
    Operating expenses (169) 1% (636) 1%
    Gross operating income 165 (2)% 667 3%
    Cost of risk (38) (30)% (108) 11%
    Income before tax 125 11% 555 2%
    Exceptional items 0 ns 0 ns
    Underlying2income before tax 125 11% 555 1%
    Underlying cost/income ratio3 50.7% 1.0pp 48.8% (0.3)pp

    Sales momentum remained strong in services designed for individual customers, particularly in consumer credit, with average loan outstandings (personal loans and revolving credit) up 7% year-on-year, consolidating the Group’s position as France’s leading bank for consumer credit.

    The Leasing activity continued to provide robust support to companies with growth in average outstandings (+10% year-on-year) chiefly driven by equipment leasing (+17%). Energéco, a player committed to the renewable energies sector, had an exceptional year with production exceeding, for the first time, one billion transactions arranged.

    Despite the unfavorable business environment, the business lines working in the housing and real estate sector demonstrated their resilience with confirmation in Q4-2024 of the positive upturn of activity in personal loan guarantees, leading to an increase in gross written premiums (+2% in Q4-24 year-on-year vs. -40% in the first 9 months of 2024).

    Net banking income for the Financial Solutions & Expertise business unit remained stable at 334 million euros in Q4-24, but rose 2% to 1,303 million euros in full-year 2024.

    Operating expenses, which stood at 169 million euros in Q4-24 and 636 million euros in full-year 2024, remained tightly managed.

    The underlying cost/income ratio3 increased by 1.0pp in Q4-24 to 50.7% and improved by 0.3pp in full-year 2024 to 48.8%.

    Gross operating income, which came to 165 million euros in Q4-24, was down 2%; it stood at 667 million euros in full-year 2024, up 3%.

    The cost of risk stood at -38 million euros in Q4-24, down 30%, and at -108 million euros in full-year 2024 (+11%).

    Income before tax rose by 11% to 125 million euros in Q4-24 and increased by 2% to 555 million euros in full-year 2024.

    Underlying income before tax2 rose by 11% in Q4-24 and by 1% in full-year 2024, to 125 million euros and 555 million euros respectively.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

    4.1.4        Insurance1
    The results presented below concern the Insurance business unit held directly by BPCE since March 1, 2022.

    €m2 Q4-24 % Change 2024 % Change
    Net banking income 171 17% 694 10%
    Operating expenses3 (36) (10)%4 (143) (12)%4
    Gross operating income 135 28% 550 17%
    Income before tax 141 32% 566 19%
    Exceptional items 0 ns 0 ns
    Underlying5income before tax 141 30% 566 17%
    Underlying cost/income ratio6 21.3% (5.3)pp 20.7% (4.1)pp

    In Q4-24, premiums7 reached 4.8 billion euros, up 12% thanks to the considerable dynamism demonstrated by Life Insurance and Life & Personal Protection insurance. In full-year 2024, premiums7 rose by 15% to 18.6 billion euros, with a 16% increase for Life & Personal Protection insurance and a 9% increase for Property & Casualty insurance.

    Life insurance assets under management7 reached 103 billion euros at the end of December 2024 thanks to record-breaking net inflows in both euro funds and unit-linked products. Since the end of December 2023, life insurance assets have risen by 12%, driven by significant positive inflows in both euro funds and unit-linked products. Gross inflows7 in life insurance stood at 14.9 billion euros in 2024. Unit-linked products accounted for 53% of inflows7 at the end of December 2024.

    In the Property & Casualty segment, the client equipment rate for both networks was approximately 35%8 at the end of December 2024, up 0.5pp since the end of December 2023.

    Net banking income rose by 17% in Q4-24 to 171 million euros, and rose by 10% to 694 million euros in full-year 2024.

    Operating expenses3 fell by 10%4 year-on-year in Q4-24 to 36 million euros, and by 12%4 in full-year 2024 to 143 million euros.

    The underlying cost/income ratio6 improved by 5.3pp to stand at 21.3% in Q4-24, and improved by 4.1pp to reach 20.7% in full-year 2024.

    Thanks to positive jaws effects in Q4-24 and full-year 2024, EBITDA rose by 28% and 17% respectively.

    Income before tax also improved, rising by 32% to 141 million euros in Q4-24 and by 19% to 566 million euros in full-year 2024.

    Underlying5income before tax came to 141 million euros in Q4-24 (+30%) and to 566 million euros in full-year 2024 (+17%).

    1 BPCE Assurances 2 Reported figures until “Income before tax” 3 “Operating expenses” corresponds to “non-attributable expenses” under IFRS 17, i.e. all costs that are not directly attributable to insurance contracts 4 At constant method: +7% in Q4-24 YoY and +4% in 2024 YoY 5 “Underlying” means exclusive of exceptional items 6 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 7 Excluding reinsurance treaty with CNP Assurance
    8 Scope: combined individual clients of the BP and CE networks

    4.1.5         Digital & Payments

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 227 14% 873 7%
    o/w Payments 128 10% 491 6%
    o/w Oney 99 19% 382 8%
    Operating expenses (173) 1% (646) (1)%
    o/w Payments (108) 9% (394) 3%
    o/w Oney (65) (10)% (252) (7)%
    Gross operating income 54 96% 227 39%
    Cost of risk (33) (52)% (126) (26)%
    Income before tax 20 ns 97 ns
    Exceptional items (1) (99)% (5) (96)%
    Underlying2income before tax 21 ns 102 125%
    Underlying cost/income ratio3 76.2% (3.5)pp 73.9% (2.1)pp

    Digital & AI

    At the end of December 2024, 11.8 million customers were active on Banques Populaires and Caisses d’Epargne mobile applications (up 3% vs. end-December 2023).

    The “AI for all” in-house generative AI solution was being used by over 26,000 employees at the end of December 2024 (i.e. 25% of all Group employees.)

    Thanks to transformative AI, 10 million documents had been verified automatically (+71%) by end-December 2024.

    Payments

    Net banking income enjoyed 10% growth in Q4-24 and 6% growth in full-year 2024, while operating expenses rose 9% in Q4-24 and 3% in full-year 2024.

    The widespread use of Wero (European Payments Initiative) enables all customers to send and receive money via instant account-to-account payments in less than 10 seconds. Wero handles 2 million transactions per month and serves over 2 million active customers.

    In the Payment Solutions business, the number of card transactions rose by 5% year-on-year, with continued growth in mobile and instant payments (+54% and +49% year-on-year respectively) and the ongoing rollout of Android POS terminals (multiplied by a factor of 2). The launch of Google Pay has strengthened our range of mobile products.

    Oney Bank

    Net banking income rose by 8% in 2024 thanks to improved margin rates and the asset repricing effect. Oney maintained its leadership position in the BNPL4 segment in France while business was robust in Europe outside France (+19% in volumes year-on-year).

    Management expenses remained well under control, falling by 7% in full-year 2024.

    The sharp drop in the cost of risk in 2024 (-26% YoY) confirms the positive impact of our action plans.
    Net banking income for the Digital & Payments business unit rose by 14% in Q4-24 and by 7% in full-year 2024, to reach 227 million euros and 873 million euros respectively.

    The business unit’s operating expenses were up 1% in Q4-24 and down 1% in full-year 2024, to reach 173 million euros and 646 million euros respectively.

    This led to a 3.5pp improvement in the underlying cost/income ratio3 to 76.2% in Q4-24 and a 2.1pp improvement to 73.9% in full-year 2024.

    Gross operating income, which benefitted from positive jaws effects, rose by 96% in Q4-24 to 54 million euros, and by 39% to 227 million euros in full-year 2024.

    The cost of risk fell by 52% in Q4-24 to -33 million euros, and by 26% in full-year 2024 to -126 million euros.

    Income before tax amounted to 20 million euros in Q4-24 and 97 million euros full-year 2024.

    Underlying2income before tax came to 21 million euros in Q4-24 and 102 million euros in full-year 2024, equal to a sharp rise of 125%.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Buy Now Pay Later

    4.2 Global Financial Services
    The GFS business unit includes the Asset & Wealth Management activities and the Corporate & Investment Banking activities of
    Natixis.

    €m1   Q4-24 % Change Constant Fx % change 2024 % Change Constant Fx % change
    Net banking income   2,055 8% 7% 7,947 8% 8%
    o/w CIB   1,087 5% 5% 4,440 7% 7%
    o/w AWM   968 11% 10% 3,507 10% 10%
    Operating expenses   (1,501) 8% 7% (5,651) 7% 7%
    o/w CIB   (738) 5% 5% (2,889) 8% 8%
    o/w AWM   (763) 11% 10% (2,763) 6% 6%
    Gross operating income   553 8% 7% 2,296 10% 10%
    Cost of risk   (86) 18%   (268) 73%  
    Income before tax   479 14%   2,051 4%  
    Exceptional items   0 ns   0 ns  
    Underlying2income before tax   479 10%   2,051 3%  
    Underlying cost/income ratio3   73.1% 0.7pp   71.1% (0.1)pp  

    GFS revenues rose by 8% in both Q4-24 and full-year 2024 to respectively 2,055 million euros (+7% at constant exchange rates) and 7,947 million euros (+8% at constant exchange rates). These trends are the result of the robust performance of our global business lines.

    In Q4-24, revenues generated by the Corporate & Investment Banking business rose by 5% to 1,087 million euros thanks, in particular, to the strong performance achieved by the Global Markets (+19%) and Global Finance (+2%) activities in full-year 2024. Net banking income for the CIB business in full-year 2024 rose by 7% to 4,440 million euros.

    In Q4-24, Asset & Wealth Management revenues rose 10% at constant exchange rates to 968 million euros, chiefly thanks to higher management fees year-on-year. Assets under management rose by 13% since the begging of the year to reach a historic high of 1,317 billion euros, with record inflows and a strong positive market and change effects.

    GFS operating expenses increased by 8% in Q4-24 and by 7% in 2024, to respectively 1,501 million euros (+7% at constant exchange rates) and 5,651 million euros (+7% at constant exchange rates). This rise in expenses is in line with revenue growth, leading to positive jaws effects in full-year 2024.

    In Q4-24, Corporate & Investment Banking operating expenses rose by 5% in line with revenue growth. Asset & Wealth Management expenses rose by 10% at constant exchange rates in Q4-24.

    The underlying cost/income ratio3 was 73.1% in Q4-24 and 71.1% in full-year 2024, up 0.7pp and down 0.1pp respectively.

    Gross operating income rose 8% in Q4-24 to 553 million euros (+7% at constant exchange rates); it rose 10% in full-year 2024 to 2,296 million euros (+10% at constant exchange rates).

    The cost of risk increased by 18% in Q4-24 and by 73% in full-year 2024, to -86 million euros and -268 million euros respectively.

    Income before tax rose by 14% in Q4-24 to 479 million euros, and by 4% in full-year 2024 to 2,051 million euros.

    Underlying2income before tax for Q4-24 was 479 million euros, up 10%, and stood at 2,051 million euros in full-year 2024, up 3%.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

    4.2.1        Corporate & Investment Banking
    The Corporate & Investment Banking (CIB) business unit includes the Global markets, Global finance, Investment banking and
    M&A activities of Natixis.

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 1,087 5% 4,440 7%
    Operating expenses (738) 5% (2,889) 8%
    Gross operating income 349 5% 1,551 3%
    Cost of risk (98) 60% (282) 78%
    Income before tax 262 3% 1,293 (3)%
    Exceptional items 0 ns 0 ns
    Underlying2income before tax 262 1% 1,293 (4)%
    Underlying cost/income ratio3 67.9% 0.2pp 65.1% 1.2pp

    Global Markets revenues rose by 19% to 452 million euros in full-year 2024. Revenues generated by the Equity business rose 53% to 96 million euros in Q4-24, driven by a strong performance in the Global Securities Financing activity. FIC-T revenues rose by 14% to 354 million euros in Q4-24, driven by a strong performance in the Credit and Foreign Exchange segments.

    Global Finance revenues were up 2%, rising to 466 million euros in Q4-24 thanks to the sustained momentum of Trade Finance activities.

    Investment Banking revenues were up 6% to 50 million euros in Q4-24, driven by the Acquisition & Strategic Finance and SECM business lines.
    The M&A business lines recorded revenues of 361 million euros in full-year 2024, up 11% year-on-year.
    Natixis Partners has acquired a stake in Financière de Courcelles in order to strengthen its position in the French M&A market within the small, mid, and upper mid-cap segments.

    Net banking income generated by the Corporate & Investment Banking business unit rose by 5% in Q4-24 and by 7% in full-year 2024, to 1,087 million euros and 4,440 million euros respectively.

    Operating expenses, which stood at 738 million euros in Q4-24, reflect 5% growth; expenses rose 8% in full-year 2024 to 2,889 million euros, in line with revenue growth.

    The underlying cost/income ratio3 increased by 0.2pp to 67.9% in Q4-24, and by 1.2pp to 65.1% in full-year 2024.

    Gross operating income rose by 5% in Q4-24 to 349 million euros, and by 3% in full-year 2024 to 1,551 million euros.

    The cost of risk stood at -98 million euros, up 60%, in Q4-24, and at -282 million euros, up 78%, in full-year 2024.

    Income before tax was up 3% to 262 million euros in Q4-24, and down 3% to 1,293 million euros in full-year 2024.

    Underlying2income before tax was up 1% to 262 million euros in Q4-24, and down 4% to 1,293 million euros in full-year 2024.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

    4.2.2        Asset & Wealth Management
    The business unit includes the Asset & Wealth Management activities of Natixis.

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 968 11% 3,507 10%
    Operating expenses (763) 11% (2,763) 6%
    Gross operating income 205 12% 744 27%
    Income before tax 217 32% 759 21%
    Exceptional items 0 ns 0 ns
    Underlying2income before tax 217 24% 759 16%
    Underlying cost/income ratio3 78.8% 1.0pp 78.8% (2.0)pp

    In Asset Management, assets under management4 reached an all-time high of 1,317 billion euros at the end of December 2024, up 13% since the beginning of the year, with record net inflows and strong positive market and currency effects.

    Net inflows into Asset Management4 reached 40 billion euros in full-year 2024, chiefly thanks to fixed-income products from Loomis Sayles and DNCA, and to life insurance products. Private asset inflows remained positive on an annual basis.

    ESG assets accounted for 40.3% of assets under management at the end of December 2024.

    Asset management revenues grew at constant exchange rates by 10% in full-year 2024 but also in Q4-2024, driven by a higher level of average assets under management (+10% in Q4-2024).

    In Asset Management4 in full-year 2024, the total fee rate (excluding performance fees) stood at 25.2bps (stable) and at 36.8bps excluding insurance asset management (-1.1bp).

    Net banking income for the Asset & Wealth Management business unit rose by 11% in Q4-24 to 968 million euros, and by 10% in full-year 2024 to 3,507 million euros.

    Operating expenses came to 763 million euros, up 11% in Q4-24, and to 2,763 million euros, up 6% in full-year 2024.

    The underlying cost/income ratio3increased by 1.0pp in Q4-24 to 78.8%, and improved by 2.0pp in full-year 2024 to 78.8%.

    Gross operating income rose by 12% to 205 million euros in Q4-24, and by 27% to 744 million euros in full-year 2024.

    Income before tax came to 217 million euros in Q4-24 (+32%), and to 759 million euros in full-year 2024 (+21%).

    Underlying2income before tax rose by 24% to 217 million euros in Q4-24, and by 16% to 759 million euros in full-year 2024.
            

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Asset management: Europe includes Dynamic Solutions and Vega IM; North America includes WCM IM; excluding Wealth Management

    ANNEXES

    Notes on methodology

    Presentation on the pro-forma quarterly results

    The 2023 quarterly series are presented pro forma with changes in standards and organization:
    The sectoral reallocation of the results of the private equity activities of the entities BP Développement & CE Développement from Corporate center to RB&I and GFS divisions.
    The new management standards adopted by Natixis (including the normative allocation of capital to the business lines) within the GFS division.
    The main evolutions impact RB&I, GFS and the Corporate center.
    The data for 2023 has been recalculated to obtain a like-for-like basis of comparison.
    The quarterly series of Groupe BPCE remain unchanged.
    The tables showing the transition from reported 2023 to pro-forma 2023 are presented on annexes.

    Exceptional items

    Exceptional items and the reconciliation of the reported income statement to the underlying income statement of Groupe BPCE are detailed in the annexes.

    Net banking income

    Customer net interest income, excluding regulated home savings schemes, is computed on the basis of interest earned from transactions with customers, excluding net interest on centralized savings products (Livret A, Livret Développement Durable, Livret Épargne Logement passbook savings accounts) in addition to changes in provisions for regulated home purchase savings schemes. Net interest on centralized savings is assimilated to commissions.

    Operating expenses

    Operating expenses correspond to the aggregate total of the “Operating Expenses” (as presented in the second amendment of Group’s universal registration document, note 4.7 appended to the consolidated financial statements of Groupe BPCE) and “Depreciation, amortization and impairment for property, plant and equipment and intangible assets.”

    Cost/income ratio

    Groupe BPCE’s cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annexes.
    Business line cost/income ratios are calculated on the basis of underlying net banking income and operating expenses.

    Cost of risk

    The cost of risk is expressed in basis points and measures the level of risk per business line as a percentage of the volume of loan outstandings; it is calculated by comparing net provisions booked with respect to credit risks of the period to gross customer loan outstandings at the beginning of the period.

    Loan oustandings and deposits & savings

    Restatements regarding transitions from book outstandings to outstandings under management are as follows:
    Loan outstandings: the scope of outstandings under management does not include securities classified as customer loans and receivables and other securities classified as financial operations,
    Deposits & savings: the scope of outstandings under management does not include debt securities (certificates of deposit and savings bonds).

    Capital Adequacy

    Common Equity Tier 1 is determined in accordance with the applicable CRR II/CRD IV rules, after deductions.
    Additional Tier-1 capital takes account of subordinated debt issues that have become non-eligible and subject to ceilings at the phase-out rate in force.
    The leverage ratio is calculated in accordance with the applicable CRR II/CRD V rules. Centralized outstandings of regulated savings are excluded from the leverage exposures as are Central Bank exposures for a limited period of time (pursuant to ECB decision 2021/27 of June 18, 2021).

    Total loss-absorbing capacity

    The amount of liabilities eligible for inclusion in the numerator used to calculate the Total Loss-Absorbing Capacity (TLAC) ratio is determined by article 92a of CRR. Please note that a quantum of Senior Preferred securities has not been included in our calculation of TLAC.
    This amount is consequently comprised of the 4 following items:

    • Common Equity Tier 1 in accordance with the applicable CRR II/CRD IV rules,
    • Additional Tier-1 capital in accordance with the applicable CRR II/CRD IV rules,
    • Tier-2 capital in accordance with the applicable CRR II/CRD IV rules,
    • Subordinated liabilities not recognized in the capital mentioned above and whose residual maturity is greater than 1 year, namely:
      • The share of additional Tier-1 capital instruments not recognized in common equity (i.e. included in the phase-out),
      • The share of the prudential discount on Tier-2 capital instruments whose residual maturity is greater than 1 year,
      • The nominal amount of Senior Non-Preferred securities maturing in more than 1 year.

    Liquidity

    Total liquidity reserves comprise the following:

    • Central bank-eligible assets include: ECB-eligible securities not eligible for the LCR, taken for their ECB valuation (after ECB haircut), securities retained (securitization and covered bonds) that are available and ECB-eligible taken for their ECB valuation (after ECB haircut) and private receivables available and eligible for central bank funding (ECB and the Federal Reserve), net of central bank funding,
    • LCR eligible assets comprising the Group’s LCR reserve taken for their LCR valuation,
    • Liquid assets placed with central banks (ECB and the Federal Reserve), net of US Money Market Funds deposits and to which fiduciary money is added.

    Short-term funding corresponds to funding with an initial maturity of less than, or equal to, 1 year and the short-term maturities of medium-/long-term debt correspond to debt with an initial maturity date of more than 1 year maturing within the next 12 months.
    Customer deposits are subject to the following adjustments:

    • Addition of security issues placed by the Banque Populaire and Caisse d’Epargne retail banking networks with their customers, and certain operations carried out with counterparties comparable to customer deposits
    • Withdrawal of short-term deposits held by certain financial customers collected by Natixis in pursuit of its intermediation activities.

    Business line indicators – BP & CE networks

    Average rate (%) for residential mortgages: the average client rate for residential mortgages corresponds to the weighted average of actuarial rates for committed residential mortgages, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made, net of cancellations) over the period under review. The calculation is based on aggregate residential mortgages, excluding zero interest rate loans.

    Average rate (%) for consumer loans: the average client rate for consumer loans corresponds to the weighted average of the actuarial rates for committed consumer loans, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made net of cancellations) over the period under review. The calculation is based on the scope of amortizable consumer loans, excluding overdraft and revolving loans.

    Average rate (%) for equipment loans: the average customer rate for equipment loans is the average of the actuarial rates for equipment loans in each volume-weighted market.

    Digital indicators

    The number of active customers using mobile apps corresponds to the number of customers who have made at least one visit via one mobile apps over one month.
    The number of documents checked automatically corresponds to the number of documents transmitted by customers through their digital spaces or in a physical branch and checked automatically: eligibility for the LEP popular passbook savings account and customer intelligence documents (KYC) for consumer loans, mortgages (digital) and new business relationships (digital and physical branches).

    Impact indicators

    Financing for energy-efficient home renovation for individual clients: this indicator calculates the aggregate annual production of loans granted to individual customers (natural persons) to finance energy renovation work, expressed in €m:

    – Rénovation Energétique (Energy Renovation): consumer credit for environmentally-friendly properties,
    – ECO PTZ MPR: consumer credit designed for renovation work eligible for the MaPrimeRenov program (government scheme to support energy-efficient home renovation work) for up to a total of €30,000,
    – ECO PTZ: interest-free regulated home improvement loan for up to a total of €50,000

    Number of unique visitors to the ‘Advice and Sustainable Solutions’ digital module: this indicator calculates the aggregate annual number of unique visitors who consult the ‘Advice and sustainable solutions’ page on BP and CE mobile applications.

    Financing BtoB clients in their transition and decarbonization efforts: this indicator calculates the aggregate annual amount of loans granted to businesses to help finance their transition and decarbonization efforts, expressed in €m. This aggregate total is derived from the sum of BtoB loan amounts (Green loans + Impact loans + Vehicle Leasing + Green Lease with Purchase Option/Long-Term Rental agreements (LOA/LDD Green).

    Within the scope of CIB activities, Green revenues are comprised of:

    • Sustainable Finance (GSH scope)
    • Renewable & new energies franchises
    • Activities with clients/assets rated Dark & Medium Green (Green Weighting Factor).

    (restated for scope reconciliations).

    Reconciliation of 2023 data to pro forma data

    Retail banking and Insurance Q1-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 3,891 (2,496) 1,107 (269) 840
    Sectoral reallocation 12 (1) 11 0 11
    Pro forma figures 3,903 (2,497) 1,118 (269) 851
    Global Financial Services Q1-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,822 (1,303) 590 (146) 432
    Sectoral reallocation 0 0 0 0 0
    New rules 32 (2) 30 (4) 26
    Pro forma figures 1,854 (1,305) 621 (151) 458
    Corporate center Q1-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 102 (788) (729) (10) (739)
    Sectoral reallocation (12) 1 (11) 0 (11)
    New rules (32) 2 (30) 4 (26)
    Pro forma figures 57 (785) (771) (5) (776)
    Retail banking and Insurance Q2-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 3,655 (2,459) 952 (224) 729
    Sectoral reallocation (15) (1) (15) (0) (15)
    Pro forma figures 3,640 (2,460) 936 (224) 713
    Global Financial Services Q2-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,798 (1,282) 429 (115) 300
    Sectoral reallocation (0) (0) (0) (0) (0)
    New rules 31 (5) 26 (3) 22
    Pro forma figures 1,829 (1,287) 455 (118) 322
    Corporate center Q2-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 13 (58) (44) (14) (56)
    Sectoral reallocation 15 1 16 0 16
    New rules (31) 5 (26) 3 (22)
    Pro forma figures (3) (52) (54) (10) (63)
    Retail banking and Insurance Q3-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 3,721 (2,358) 1,072 (268) 799
    Sectoral reallocation (13) (1) (14) 0 (14)
    Pro forma figures 3,709 (2,359) 1,058 (268) 785
    Global Financial Services Q3-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,736 (1,279) 444 (114) 319
    Sectoral reallocation (0) (0) (0) 0 (0)
    New rules 31 (4) 27 (4) 23
    Pro forma figures 1,767 (1,283) 470 (118) 341
    Corporate center Q3-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures (3) (175) (176) (23) (200)
    Sectoral reallocation 13 1 14 0 14
    New rules (31) 4 (27) 4 (23)
    Pro forma figures (21) (170) (189) (19) (210)
    Retail banking and Insurance Q4-23      
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income    		      
    Reported figures 3,557 (2,497) 395 (122) 294      
    Sectoral reallocation 19 (1) 18 (0) 18      
    Pro forma figures 3,576 (2,499) 413 (122) 312      
                 
    Global Financial Services Q4-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,874 (1,389) 391 (118) 255
    Sectoral reallocation 0 (1) (0) (0) (0)
    New rules 33 (4) 29 (3) 26
    Pro forma figures 1,908 (1,394) 420 (121) 280
    Corporate center Q4-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 31 (243) (249) 81 (168)
    Sectoral reallocation (20) 2 (18) 0 (18)
    New rules (33) 4 (29) 3 (26)
    Pro forma figures (22) (237) (296) 84 (211)

    Q4-24 & Q4-23 results : reconcialiation of reported data to alternative performance measures

    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Reported Q4-24 results   6,046 (4,184) (596) (35) 1,262 913
    Transformation and reorganization costs Business lines/Corporate center 0 (86)   (1) (87) (64)
    Disposals Corporate center       (1) (1) (1)
    Q4-24 results excluding exceptional items   6,045 (4,098) (596) (34) 1,349 977
    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Pro forma reported Q4-23 results   5,462 (4,129) (744) (43) 537 381
    Transformation and reorganization costs Business lines/Corporate center (5) (54) (34)   (93) (57)
    Disposals Corporate center       (43) (43) (43)
    Pro forma Q4-23 results excluding exceptional items   5,467 (4,076) (710) (0) 672 481

    2024 & 2023 results : reconcialiation of reported data to alternative performance measures

    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Reported 2024 results   23,317 (16,384) (2,061) 28 4,956 3,520
    Transformation and reorganization costs Business lines/Corporate center 3 (208)   (1) (206) (153)
    Disposals Corporate center 0     (3) (3) (3)
    2024 results excluding exceptional items   23,314 (16,176) (2,061) 32 5,165 3,675
    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Pro forma reported 2023 results   22,198 (16,328) (1,731) 8 4,182 2,804
    Transformation and reorganization costs Business lines/Corporate center 2 (213) (32)   (242) (164)
    Disposals  Corporate center       (45) (45) (44)
    Litigations Business lines/Corporate center 87       87 87
    Pro forma 2023 results excluding exceptional items   22,108 (16,115) (1,699) 53 4,381 2,925

    Groupe BPCE : underying cost to income ratio

    €m Net banking income Operating expenses Underlying
    cost income ratio
    Q4-24 reported figures 6,046 (4,184)  
    Impact of exceptional items 0 (86)  
    Q4-24 underlying figures 6,045 (4,098) 67.8%
    €m Net banking income Operating expenses Underlying
    cost income ratio
    Q4-23 Pro forma reported figures 5,462 (4,129)  
    Impact of exceptional items (5) (54)  
    Q4-23 Pro forma underlying figures 5,467 (4,076) 74.6%

    Groupe BPCE : underying cost to income ratio

    €m Net banking income Operating expenses Underlying
    cost income ratio
    2024 reported figures 23,317 (16,384)  
    Impact of exceptional items 3 (208)  
    2024 underlying figures 23,314 (16,176) 69.4%
    €m Net banking income Operating expenses Underlying
    cost income ratio
    2023 Pro forma reported figures 22,198 (16,328)  
    Impact of exceptional items 89 (213)  
    2023 Pro forma underlying figures 22,108 (16,115) 72.9%

    Groupe BPCE : quarterly income statement per business line

      RETAIL BANKING
    & INSURANCE    		 GLOBAL FINANCIAL SERVICES CORPORATE CENTER GROUPE
    BPCE
    €m Q4-24 Q4-23 Q4-24 Q4-23 Q4-24 Q4-23 Q4-24 Q4-23 %
    Net banking income 4,064 3,576 2,055 1,908 (73) (22) 6,046 5,462 11%
    Operating expenses (2,497) (2,499) (1,501) (1,394) (186) (237) (4,184) (4,129) 1%
    Gross operating income 1,567 1,077 553 514 (259) (259) 1,862 1,332 40%
    Cost of risk (556) (643) (86) (73) 46 (28) (596) (744) (20)%
    Income before tax 998 413 479 420 (215) (296) 1,262 537 x 2
    Income tax (222) (122) (124) (121) 19 84 (326) (159) x 2
    Non-controlling interests (5) 21 (18) (19) 0 1 (23) 3 ns
    Net income – Group share 772 312 337 280 (196) (211) 913 381 x 2

    Groupe BPCE : 2024 income statement per business line

      RETAIL BANKING
    & INSURANCE    		 GLOBAL FINANCIAL SERVICES CORPORATE CENTER GROUPE
    BPCE
    €m 2024 2023 2024 2023 2024 2023 2024 2023 %
    Net banking income 15,397 14,828 7,947 7,358 (27) 12 23,317 22,198 5%
    Operating expenses (9,902) (9,815) (5,651) (5,269) (831) (1,244) (16,384) (16,328) 0%
    Gross operating income 5,495 5,013 2,296 2,088 (858) (1,232) 6,933 5,870 18%
    Cost of risk (1,751) (1,505) (268) (154) (43) (72) (2,061) (1,731) 19%
    Income before tax 3,807 3,526 2,051 1,966 (902) (1,310) 4,956 4,182 19%
    Income tax (891) (882) (534) (507) 67 49 (1,357) (1,340) 1%
    Non-controlling interests (14) 18 (66) (56) 1 1 (79) (38) x 2
    Net income – Group share 2,902 2,661 1,452 1,402 (834) (1,260) 3,520 2,804 26%

    Groupe BPCE : quarterly series

    GROUPE BPCE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 5,815 5,467 5,455 5,462 5,753 5,626 5,892 6,046
    Operating expenses (4,587) (3,799) (3,812) (4,129) (4,151) (4,008) (4,041) (4,184)
    Gross operating income 1,228 1,667 1,642 1,332 1,602 1,618 1,851 1,862
    Cost of risk (326) (342) (319) (744) (382) (560) (523) (596)
    Income before tax 968 1,337 1,339 537 1,233 1,124 1,336 1,262
    Net income – Group share 533 973 917 381 875 806 925 913

    Groupe BPCE : Consolidated balance sheet

    ASSETS
    €m    		 Dec. 31, 2024 Dec. 31, 2023
    Cash and amounts due from central banks 133,186 152,669
    Financial assets at fair value through profit or loss 230,521 214,582
    Hedging derivatives 7,624 8,855
    Financial assets at fair value through other comprehensive income 57,166 48,073
    Securities at amortized cost 27,021 26,373
    Loans and advances to banks and similar at amortized cost 115,862 108,631
    Loans and receivables due from customers at amortized cost 851,843 839,457
    Revaluation difference on interest rate risk-hedged portfolios (856) (2,626)
    Financial investments of insurance activities 115,631 103,615
    Insurance contracts issued – Assets 1,134 1,124
    Reinsurance contracts held – Assets 9,320 9,564
    Current tax assets 640 829
    Deferred tax assets 4,160 4,575
    Accrued income and other assets 16,444 14,611
    Non-current assets held for sale 438 –
    Investments in accounted for using equity method 2,146 1,616
    Investment property 733 717
    Property, plant and equipment 6,085 6,023
    Intangible assets 1,147 1,110
    Goodwill 4,312 4,224
    TOTAL ASSETS 1,584,558 1,544,022
    LIABILITIES
    €m    		 Dec. 31, 2024 Dec. 31, 2023
    Amounts due to central banks 1 2
    Financial liabilities at fair value through profit or loss 218,963 204,023
    Hedging derivatives 14,260 14,973
    Debt securities 304,957 292,598
    Amounts due to banks and similar 69,953 79,634
    Amounts due to customers 723,090 711,658
    Revaluation difference on interest rate risk-hedged portfolios, liabilities 14 159
    Insurance contracts issued – Liabilities 117,551 106,137
    Reinsurance contracts held – Liabilities 119 149
    Current tax liabilities 2,206 2,026
    Deferred tax liabilities 1,323 1,640
    Accrued expenses and other liabilities 20,892 22,492
    Liabilities associated with non-current assets held for sale 312 –
    Provisions 4,748 4,825
    Subordinated debt 18,401 18,801
    Shareholders’ equity 87,768 84,905
    Equity attributable to equity holders of the parent 87,137 84,351
    Non-controlling interests 630 553
    TOTAL LIABILITIES 1,584,558 1,544,022

    Groupe BPCE : Goodwill

    €m Dec. 31, 2023 Acquisitions IRFS5 reclassifications Translation adjustments Dec. 31, 2024
    Retail Banking & Insurance 822 58     879
    Asset & Wealth Management 3,257 1 (72) 95 3,280
    Corporate & Investment Banking 144     7 151
    Total 4,224 58 (72) 102 4,312

    Groupe BPCE: Statement of changes in shareholders’ equity

    €m Equity attributable to shareholders’ equity
    December 31, 2023 84,407
    Restatements1 (56)
    December 31, 2023 restated 84,351
    Distributions (833)
    Change in capital (cooperative shares) 90
    Impact of acquisitions and disposals on non-controlling interests (minority interests) (48)
    Income 3,520
    Changes in gains & losses directly recognized in equity 144
    Capital gains and losses reclassified as reserves (31)
    Others (56)
    December 31, 2024 87,137

    1 Opening shareholders’ equity has been adjusted for Funding Valuation Adjustments whose non-material impact on income has not given rise to a change in the latter in the 2024 consolidated financial statements

    Retail Banking & Insurance: quarterly income statement

      BANQUE POPULAIRE NETWORK CAISSE D’EPARGNE NETWORK FINANCIAL SOLUTIONS & EXPERTISE INSURANCE DIGITAL & PAYMENTS OTHER NETWORK RETAIL BANKING & INSURANCE
    €m Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 %  
    Net banking income 1,614 1,382 17% 1,616 1,423 14% 334 335 (0)% 171 146 17% 227 199 14% 101 91 12% 4,064 3,576 14%  
    Operating expenses (980) (975) 1% (1,084) (1,081) 0% (169) (167) 1% (36) (41) (10)% (173) (171) 1% (53) (63) (16)% (2,497) (2,499) (0)%  
    Gross operating income 634 407 56% 531 343 55% 165 168 (2)% 135 105 28% 54 27 96% 48 28 75% 1,567 1,077 45%  
    Cost of risk (266) (282) (6)% (205) (218) (6)% (38) (54) (31)%       (33) (69) (52)% (15) (19) (23)% (556) (643) (13)%  
    Income before tax 352 149 x2 328 126 x3 125 112 12% 141 107 32% 20 (89) ns 33 9 x4 998 413 x2  
    Income tax (73) (45) 62% (78) (20) x4 (33) (27) 22% (29) (25) 16% 0 (2) ns (8) (2) x4 (222) (122) 82%  
    Non-controlling interests (0) (6) (94)% (1) (3) (66)% 0 (0) ns 0 (1) ns (3) 30 ns       (5) 21 ns  
    Net income – Group share 278 98 x3 248 103 x2 92 85 8% 112 81 39% 16 (61) ns 25 7 x4 772 312 x2  
      BANQUE POPULAIRE NETWORK CAISSE D’EPARGNE NETWORK FINANCIAL SOLUTIONS & EXPERTISE INSURANCE DIGITAL & PAYMENTS OTHER NETWORK RETAIL BANKING & INSURANCE
    €m 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 %  
    Net banking income 6,098 5,862 4% 6,054 5,858 3% 1,303 1,274 2% 694 633 10% 873 816 7% 375 384 (2)% 15,397 14,828 4,%  
    Operating expenses (4,047) (3,970) 2% (4,216) (4,181) 1% (636) (630) 1% (143) (163) (12)% (646) (652) (1)% (213) (218) (2)% (9,902) (9,815) 1%  
    Gross operating income 2,051 1,892 8% 1,838 1,677 10% 667 644 3% 550 470 17% 227 164 39% 162 166 (2)% 5,495 5,013 10%  
    Cost of risk (814) (651) 25% (640) (553) 16% (108) (98) 11%       (126) (171) (26)% (62) (33) 89% (1,751) (1,505) 16%  
    Income before tax 1,285 1,308 (2)% 1,200 1,125 7% 555 545 2% 566 475 19% 97 (68) ns 103 140 (26)% 3,807 3,526 8%  
    Income tax (307) (329) (7)% (264) (254) 4% (146) (140) 4% (123) (99) 24% (27) (25) 9% (24) (35) (30)% (891) (882) 1%  
    Non-controlling interests (9) (24) (64)% (5) (7) (24)% 0 (0) ns 0 (0) ns (0) 49 ns       (14) 18 ns  
    Net income – Group share 970 954 2% 931 864 8% 409 405 1% 443 376 18% 70 (43) ns 79 106 (25)% 2,902 2,661 9%  

    Retail Banking & Insurance: 2024 income statement

    Retail banking & insurance: quarterly series

    RETAIL BANKING & INSURANCE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 3,903 3,640 3,709 3,576 3,763 3,701 3,869 4,064
    Operating expenses (2,497) (2,460) (2,359) (2,499) (2,547) (2,456) (2,403) (2,497)
    Gross operating income 1,406 1,180 1,350 1,077 1,217 1,245 1,467 1,567
    Cost of risk (308) (252) (302) (643) (296) (475) (423) (556)
    Income before tax 1,118 936 1,058 413 934 831 1,044 998
    Net income – Group share 851 713 785 312 709 637 785 772

    Retail Banking & Insurance: Banque Populaire and Caisse d’Epargne networks quarterly series

    BANQUE POPULAIRE NETWORK
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 1,569 1,442 1,469 1,382 1,489 1,489 1,506 1,614
    Operating expenses (1,018) (1,015) (961) (975) (1,043) (1,025) (999) (980)
    Gross operating income 551 427 508 407 445 464 508 634
    Cost of risk (132) (110) (127) (282) (125) (228) (195) (266)
    Income before tax 434 328 398 149 329 290 315 352
    Net income – Group share 332 240 284 98 252 210 230 278
                     
    CAISSE D’EPARGNE NETWORK
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 1,537 1,465 1,432 1,423 1,454 1,467 1,517 1,616
    Operating expenses (1,066) (1,041) (993) (1,081) (1,085) (1,038) (1,008) (1,084)
    Gross operating income 470 424 440 343 368 429 509 531
    Cost of risk (136) (84) (115) (218) (100) (176) (159) (205)
    Income before tax 334 340 325 126 270 252 350 328
    Net income – Group share 253 256 253 103 208 194 281 248

    Retail Banking & Insurance: FSE quarterly series

    FINANCIAL SOLUTIONS & EXPERTISE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 315 306 318 335 327 320 322 334
    Operating expenses (157) (151) (154) (167) (162) (154) (151) (169)
    Gross operating income 158 155 164 168 166 166 171 165
    Cost of risk (6) (19) (18) (54) (24) (22) (24) (38)
    Income before tax 151 136 146 112 141 143 146 125
    Net income – Group share 112 102 107 85 104 106 108 92

    Retail Banking & Insurance: Insurance quarterly series

    INSURANCE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 180 126 181 146 188 118 217 171
    Operating expenses (43) (37) (42) (41) (42) (25) (40) (36)
    Gross operating income 137 89 139 105 146 93 177 135
    Income before tax 139 93 137 107 149 99 177 141
    Net income – Group share 109 83 103 81 113 92 126 112

    Retail Banking & Insurance: Digital & Payments quarterly series

    DIGITAL & PAYMENTS
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 205 203 209 199 215 214 218 227
    Operating expenses (161) (163) (157) (171) (160) (159) (154) (173)
    Gross operating income 44 40 52 27 55 55 64 54
    Cost of risk (32) (41) (29) (69) (31) (32) (30) (33)
    Income before tax 8 (6) 19 (89) 24 22 32 20
    Net income – Group share 7 (3) 13 (61) 17 16 21 16

    Retail Banking & Insurance: Other network quarterly series

    OTHER NETWORK
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 97 97 99 91 91 93 90 101
    Operating expenses (51) (52) (52) (63) (55) (55) (51) (53)
    Gross operating income 46 45 47 28 37 38 39 48
    Cost of risk (2) 2 (14) (19) (16) (17) (14) (15)
    Income before tax 52 47 33 9 20 25 25 33
    Net income – Group share 39 36 25 7 16 19 20 25

    Global Financial Services: quarterly income statement per business line

      ASSET AND WEALTH MANAGEMENT CORPORATE & INVESTMENT
    BANKING    		 GLOBAL FINANCIAL
    SERVICES
    €m Q4-24 Q4-23 Q4-24 Q4-23 Q4-24 Q4-23 %
    Net banking income 968 874 1,087 1,034 2,055 1,908 8%
    Operating expenses (763) (691) (738) (703) (1,501) (1,394) 8%
    Gross operating income 205 183 349 331 553 514 8%
    Cost of risk 12 (12) (98) (62) (86) (73) 18%
    Share in net income of associates 0 0 12 4 12 4 x3
    Gains or losses on other assets 0 (7) 0 (17) 0 (24) ns
    Income before tax 217 165 262 255 479 420 14%
    Net income – Group share 143 105 194 176 337 280 20%

    Global Financial Services: 2024 income statement per business line

      ASSET AND WEALTH MANAGEMENT CORPORATE & INVESTMENT
    BANKING    		 GLOBAL FINANCIAL
    SERVICES
    €m 2024 2023 2024 2023 2024 2023 %
    Net banking income 3,507 3,192 4,440 4,166 7,947 7,358 8%
    Operating expenses (2,763) (2,604) (2,889) (2,666) (5,651) (5,269) 7%
    Gross operating income 744 588 1,551 1,500 2,296 2,088 10%
    Cost of risk 14 4 (282) (158) (268) (154) 73%
    Share in net income of associates 0 0 23 13 23 14 67%
    Gains or losses on other assets 0 35 0 (17) 0 18 ns
    Income before tax 759 627 1,293 1,338 2,051 1,966 4%
    Net income – Group share 500 425 952 977 1,452 1,402 4%

    Global Financial Services: quarterly series

    GLOBAL FINANCIAL SERVICES
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24  
    Net banking income 1,854 1,829 1,767 1,908 1,933 1,983 1,976 2,055  
    Operating expenses (1,305) (1,287) (1,283) (1,394) (1,368) (1,366) (1,415) (1,501)  
    Gross operating income 549 542 483 514 564 617 561 553  
    Cost of risk 27 (91) (17) (73) (58) (82) (41) (86)  
    Income before tax 621 455 470 420 510 539 525 479  
    Net income – Group share 458 322 341 280 364 384 366 337  

    Corporate & Investment Banking: quarterly series

    CORPORATE & INVESTMENT BANKING
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24  
    Net banking income 1,074 1,056 1,002 1,034 1,102 1,133 1,118 1,087  
    Operating expenses (661) (651) (650) (703) (706) (694) (751) (738)  
    Gross operating income 412 405 352 331 396 439 367 349  
    Cost of risk 21 (90) (28) (62) (54) (91) (39) (98)  
    Income before tax 437 318 328 255 346 352 333 262  
    Net income – Group share 321 233 247 176 255 261 242 194  

    Asset & Wealth Management: quarterly series

    ASSET & WEALTH MANAGEMENT
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24  
    Net banking income 781 773 764 874 830 850 858 968  
    Operating expenses (644) (636) (633) (691) (662) (673) (664) (763)  
    Gross operating income 137 137 131 183 168 178 194 205  
    Cost of risk 6 (1) 11 (12) (5) 9 (2) 12  
    Income before tax 184 136 143 165 163 187 192 217  
    Net income – Group share 137 89 94 105 109 123 124 143  

    Corporate center: quarterly series

    CORPORATE CENTER
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 57 (3) (21) (22) 57 (58) 46 (73)
    Operating expenses (785) (52) (170) (237) (236) (186) (223) (186)
    Gross operating income (728) (55) (191) (259) (179) (244) (176) (259)
    Cost of risk (46) 1 0 (28) (28) (2) (59) 46
    Share in income of associates 2 0 1 (9) 3 0 1 5
    Gains or losses on other assets (0) 0 (0) (0) (6) 1 3 (8)
    Income before tax (771) (54) (189) (296) (210) (245) (232) (215)
    Net income – Group share (776) (63) (210) (211) (198) (215) (226) (196)

    DISCLAIMER

    This document may contain forward-looking statements and comments relating to the objectives and strategy of Groupe BPCE. By their very nature, these forward-looking statements inherently depend on assumptions, project considerations, objectives and expectations linked to future events, transactions, products and services as well as on suppositions regarding future performance and synergies.

    No guarantee can be given that such objectives will be realized; they are subject to inherent risks and uncertainties and are based on assumptions relating to the Group, its subsidiaries and associates and the business development thereof; trends in the sector; future acquisitions and investments; macroeconomic conditions and conditions in the Group’s principal local markets; competition and regulation. Occurrence of such events is not certain, and outcomes may prove different from current expectations, significantly affecting expected results. Actual results may differ significantly from those anticipated or implied by the forward-looking statements. Groupe BPCE shall in no event have any obligation to publish modifications or updates of such objectives.

    Information in this presentation relating to parties other than Groupe BPCE or taken from external sources has not been subject to independent verification; the Group makes no statement or commitment with respect to this third-party information and makes no warranty as to the accuracy, fairness, precision or completeness of the information or opinions contained in this press release. Neither Groupe BPCE nor its representatives shall be held liable for any errors or omissions or for any harm that may result from the use of this presentation or of its contents or any related material, or of any document or information referred to in this presentation.

    The financial information presented in this document relating to the fiscal period ended December 31, 2024 has been drawn up in compliance with IFRS standards, as adopted in the European Union.
    This financial information is not the equivalent of summary financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting”.

    Preparation of the financial information requires Management to make estimates and assumptions in certain areas regarding uncertain future events.

    These estimates are based on the judgment of the individuals preparing this financial information and the information available at the date of the balance sheet. Actual future results may differ from these estimates. For further information, see chapter 5, part 5.1, note 2.3 “Use of estimates and judgments” of the Universal Registration Document 2023 filed with the Autorité des Marchés Financiers, the French financial markets authority.
    With respect to the financial information of Groupe BPCE for the quarter ended December 31, 2024, and in view of the context mentioned above, attention should be drawn to the fact that the estimated increase in credit risk and the calculation of expected credit losses (IFRS 9 provisions) are largely based on assumptions that depend on the macroeconomic context.

    Significant factors liable to cause actual results to differ from those anticipated in the projections are related to the banking and financial environment in which Groupe BPCE operates, which exposes it to a multitude of risks. These potential risks liable to affect Groupe BPCE’s financial results are detailed in the “Risk factors & risk management” chapter of the latest amendment to the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers.

    Investors are advised to consider the uncertainties and risk factors liable to affect the Group’s operations when examining the information contained in the projection elements.

    The financial results contained in this presentation have not been reviewed by the statutory auditors. The quarterly financial information of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board at a meeting convened on February 3, 2025, were verified and reviewed by the Supervisory Board at a meeting convened on February 5, 2025.

    The sum of the values shown in the tables and analyses may differ slightly from the total reported owing to rounding effects.

    About Groupe BPCE
    Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the wholesale banking expertise of Natixis Corporate & Investment Banking and with the asset & wealth management services provided by Natixis Investment Managers.
    The Group’s financial strength is recognized by four financial rating agencies: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

             groupebpce.com

    Attachment

    The MIL Network –

  • MIL-OSI Global: Turkey’s earthquake reconstruction efforts must balance speed with fairness

    Source: The Conversation – Canada – By Fatma Ozdogan, PhD Candidate & Researcher, Université de Montréal

    Earthquake survivors in Hatay Province, Turkey, on Sept. 6, 2024. (Fatma Özdoğan)

    Two years after the devastating 2023 earthquakes in Turkey that killed about 60,000 people and caused the collapse of 57,000 buildings, the country’s recovery remains slow, fragmented, and heavily politicized.

    Despite large-scale reconstruction efforts, branded the “Reconstruction of the Century,” there is no clear strategy or timeline, and affected communities are still excluded from decision-making.

    Given the scale of destruction, reconstruction efforts will likely take years. Large-scale government housing projects on city outskirts are being prioritized due to their speed and the ease of land acquisition. However, these developments often come at the cost of uprooting established communities, pushing people into peripheral areas with limited access to services like transport and education and fewer economic opportunities.

    Temporary accommodations like container cities continue to deteriorate. Overcrowding, inadequate sanitation and unreliable access to clean water, electricity, health care and education are widespread. Women face heightened safety risks, and schools are overwhelmed, forcing many families to relocate unwillingly or leaving children with no option but to hitchhike to school.

    ‘Disaster of the century’ narrative

    From the outset, Turkey’s political leadership framed the 2023 earthquakes as the “disaster of the century,” using their scale to deflect scrutiny from governance failures. Weak enforcement of earthquake regulations and systemic negligence played a key role in the destruction, yet officials have avoided accountability.

    This narrative was reinforced by contractors facing trial, who claimed the devastation was caused by an extraordinary natural event rather than poor construction practices or regulatory failures. By portraying the disaster as unavoidable, they have sought to shift responsibility away from those who contributed to the destruction.

    The rapid removal of debris further weakened efforts to establish accountability. Clearing ruins so quickly erased critical evidence that could have explained why some buildings collapsed while others remained standing. Many structures were never properly assessed, and legal cases against those responsible have struggled to move forward due to missing documentation.

    Survivors seeking justice remain trapped in lengthy legal battles with little hope for accountability. Among them are initiatives like Families in Pursuit of Justice and the Association for the Survival of the Champion Angels, led by relatives of victims, continue to demand accountability from contractors and officials.

    It is important to note that earthquake-induced ground motions in a few localities did exceed the parameters defined in the building codes, but this should only have resulted in damage, not total building collapses.

    Land expropriation and legal battles

    Turkey’s construction industry, closely tied to political power, has benefited from disaster recovery, reinforcing existing economic and political hierarchies. Large-scale reconstruction projects serve as an economic engine, giving firms with close government ties an advantage while sidelining local communities.

    The awarding of large-scale projects without competitive bidding has fuelled concerns that reconstruction is prioritizing political and economic interests over the needs of local communities.

    One of the key mechanisms enabling top-down reconstruction is the designation of reserve areas, a legal tool allowing the state to expropriate land for redevelopment under the justification of disaster recovery and urban renewal. This process has often led to forced displacement, particularly in areas with high land value or where redevelopment aligns with broader political and economic interests.

    This is evident in Akevler, a neighbourhood in central Antakya, where residents received sudden expropriation orders, even for structurally sound or repaired homes. Many launched legal challenges, marking their buildings with signs reading “Do not demolish; in court” to resist state-led destruction.

    In November 2024, there was a significant legal victory for residents when a court issued a stay within the reserve area in Akevler. The court cited “irreparable harm” and ruled that demolitions and evictions could not proceed without due legal process. This decision also extended to vacant parcels, reinforcing concerns about arbitrary land seizures.

    Beyond urban areas, rapid recovery decisions have also disregarded environmental concerns. In Defne, Hatay, earthquake survivor Çiğdem Mutlu Arslan has been fighting to protect her family’s ancestral olive grove. In July 2024, a contractor — citing post-disaster road construction — cut down 32 of 40 trees, some more than 150 years old, without an expropriation decision.

    Determined to resist further encroachment, Arslan set up camp on her land, documenting the destruction and raising awareness of how recovery policies are exacerbating environmental degradation. Her struggle reflects broader post-disaster consequences, where recovery efforts threaten communities, heritage and the environment.

    ‘Building Back Better’

    While these struggles highlight the shortcomings of post-disaster recovery, there are potentially better and fairer ways to approach reconstruction. Building Back Better (BBB) has become a central principle globally accepted, shaping expectations for reconstruction.

    Introduced by the United Nations after the 2004 Indian Ocean tsunami, BBB promotes rebuilding stronger, more resilient and more equitable communities rather than simply restoring pre-disaster conditions. BBB prioritizes disaster-resistant infrastructure, social equity and sustainability to reduce future risks.

    Yet, BBB faces significant challenges. The tension between rapid reconstruction and long-term resilience often leads to trade-offs, where speed takes priority over equity and sustainability. Vulnerable communities, particularly low-income groups with insecure land tenure rights, frequently receive inadequate attention, exacerbating pre-existing inequalities.

    For BBB to be effective, recovery strategies must be inclusive and adapted to local contexts. However, many disaster-prone regions lack the social safety nets and institutional capacity to implement BBB successfully. Additionally, the framework’s broad and ambiguous goals often result in inconsistent applications, where vulnerabilities are reinforced rather than addressed.

    A more effective path forward

    Drawing from these examples and considering the global discourse around post-disaster recovery, a more effective approach must prioritize social justice, transparency and long-term resilience. Several key measures should be considered:

    A people-centred recovery: Reconstruction must prioritize affected communities rather than external economic or political interests. Ensuring access to stable housing, education and health care while addressing existing inequalities is crucial. Organized civil society groups can assist with articulating needs and developing community-driven plans. Decentralized access to financing for communities coupled with technical support can help with realizing these plans.

    Transparency and accountability: Decision-making must be open to public scrutiny, and legal rulings must be enforced.

    Challenging dominant narratives: Moving beyond narratives that frame disasters as inevitable is critical. Acknowledging governance failures and addressing systemic issues will be key to preventing future tragedies.

    Balancing speed with resilience: While urgent needs must be met, reconstruction should incorporate more sustainable planning to prevent future displacement and social impacts.

    Reforming the construction industry: Ensuring the effective enforcement of regulations and addressing systemic gaps in oversight are essential to reducing vulnerability to future disasters.

    Without these measures, Turkey risks repeating past mistakes, deepening inequalities and failing to provide stability for disaster-affected communities.

    Cassidy Johnson receives funding from UK Engineering and Physical Sciences Research Council, “Learning from Earthquakes: Building Resilient Communities Through Earthquake Reconnaissance, Response and Recovery,” grant EP/P025951/1.

    Fatma Ozdogan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Turkey’s earthquake reconstruction efforts must balance speed with fairness – https://theconversation.com/turkeys-earthquake-reconstruction-efforts-must-balance-speed-with-fairness-248730

    MIL OSI – Global Reports –

  • MIL-OSI USA: Schatz Statement On Trump’s Comments On Gaza

    US Senate News:

    Source: United States Senator for Hawaii Brian Schatz

    WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i), a member of the Senate Foreign Relations Committee, today released the following statement after President Donald Trump said the United States will “take over the Gaza Strip.”

    “A two-state solution, which Democratic and Republican administrations have supported for decades, must continue to be U.S. policy. Palestinians, including those in Gaza, deserve a chance at a better future, one where they can live with dignity and security. Israelis and Palestinians each deserve distinct, inalienable, and mutually-recognized states that coexist side-by-side in peace.”

    MIL OSI USA News –

  • MIL-OSI Canada: New B.C. council will advocate for forestry workers

    Source: Government of Canada regional news

    The Province has formed a new council to advance British Columbia’s interests in the long-standing softwood lumber dispute with the United States.

    The council brings together leaders from the forestry sector and labour, alongside experts on U.S. relations and officials from the B.C. government.

    The B.C. Softwood Lumber Advisory Council convened its first meeting on Jan. 30, 2025, and will meet regularly. It advises the Minister of Forests on the dispute, including the sixth administrative review, providing recommendations on steps B.C. can take to eliminate the 14.4% softwood lumber duties. The council will also help the Province advocate to the federal government as these duties continue to take their toll on B.C.’s forestry sector.

    “The U.S. has imposed unjustified softwood lumber duties on Canada for years, and we anticipate that they will likely double before the end of this year,” said Ravi Parmar, Minister of Forests. “Bringing this team together, I am ready to throw the full weight of B.C. in the ring to fight these duties. We are going to defend the hard-working forestry workers of B.C. from these unfair duties.”

    Parmar will chair the council with a focus on diplomatic and trade strategy and measures to fight for B.C.’s interests in the softwood lumber dispute with the U.S. Council members are:

    • Harry Bains, former minister of labour, Government of B.C.
    • Dan Battistella, former president, Interior Lumber Manufacturers’ Association
    • Linda Coady, former president and CEO, BC Council of Forest Industries
    • Geoff Dawe, national president, Public and Private Workers of Canada
    • Rick Doman, chairman, Boreal Carbon Corporation and former forestry executive
    • Scott Lunny, western director, United Steelworkers
    • Gavin McGarrigle, western regional director, Unifor
    • Ric Slaco, former vice-president and chief forester, Interfor
    • Dallas Smith, president and CEO, Na̲nwak̲olas Council

    “The U.S. forest industry alleges that Canadian softwood lumber is subsidized and companies sell in the U.S. at below-market prices,” Parmar said. “This is wrong; these allegations couldn’t be farther from the truth. We’ve been very clear that we’re happy to come to the table, but that can’t happen if  the U.S. industry isn’t willing to negotiate.”

    Although this dispute with the U.S. goes back decades, this most recent iteration of the dispute follows the expiry of the Softwood Lumber Agreement in 2015. At the request of the U.S. lumber industry, the U.S. imposed duties on Canadian softwood lumber, starting in 2017. The B.C. government has worked with the Government of Canada to pursue claims through all available avenues, including under the North American Free Trade Agreement, the Canada-U.S.-Mexico Agreement, the World Trade Organization and the U.S. Court of International Trade.

    Past dispute settlement panels have consistently ruled in Canada’s favour in the ongoing softwood lumber dispute, determining that B.C.’s forest policies are compliant with international agreements.

    Quick Facts:

    • B.C. softwood lumber accounts for nearly 10% of lumber used to build American homes.
    • Canada is the U.S.’s largest source of forest product imports, making up 44% in 2023.
    • U.S. consumers will pay for these tariffs and duties, leading to higher prices for the goods and materials people need to build homes, or repair and remodel them.
    • In 2023, B.C. exported more than $3.3 billion worth of softwood lumber to the U.S.

    Learn More:

    To learn more about the history of softwood lumber dispute and the actions B.C. has taken, visit: https://www2.gov.bc.ca/gov/content/industry/forestry/competitive-forest-industry/softwood-lumber-trade-with-the-u-s

    MIL OSI Canada News –

  • MIL-OSI Canada: Lawyers Appointed to the King’s Counsel

    Source: Government of Canada regional news

    Thirteen accomplished Nova Scotian lawyers are being recognized with the distinguished King’s counsel designation.

    Attorney General and Justice Minister Becky Druhan announced the appointments today, February 5.

    “I offer my sincere congratulations to this deserving group of outstanding lawyers,” said Minister Druhan. “This honour recognizes their significant and commendable contributions to our province’s justice system and their profession.”

    The appointees are:

    • Nadine Smillie, Nova Scotia Department of Justice
    • Gregory Hardy, C3 Legal
    • Shawn O’Hara, Nova Scotia Department of Justice
    • Colleen Keyes, Stewart McKelvey
    • Jennifer Glennie, Nova Scotia Department of Justice
    • Kim McOnie, Nova Scotia Public Prosecution Service
    • Shelley Wood, Stewart McKelvey
    • Derek Land, Blackburn English
    • Michael Dull, Valent Law
    • Scott Campbell, Stewart McKelvey
    • Naiomi Metallic, Burchell Wickwire Bryson/Dalhousie University’s Schulich School of Law
    • Robert Kennedy, Nova Scotia Public Prosecution Service
    • Heidi Walsh-Sampson, National Research Council.

    The King’s counsel designation is awarded annually to members of the legal profession to recognize exceptional merit and outstanding contributions to the legal community.

    A formal ceremony to honour the appointees will be held this spring.

    Quick Facts:

    • an independent advisory committee makes King’s counsel recommendations to the attorney general and minister of justice
    • criteria include a minimum of 15 years as a member of the Nova Scotia bar, demonstrated professional integrity and good character

    MIL OSI Canada News –

  • MIL-OSI USA: Attorney General James’ Office of Special Investigation Releases Report on Death of Ervin Zacarias Antonio Agustin

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James’ Office of Special Investigation (OSI) today released its report on the death of Ervin Zacarias Antonio Agustin, who died on May 19, 2024 following a motor vehicle collision involving a New York City Police Department (NYPD) officer in Queens County. Following a thorough investigation, which included review of the vehicle’s dashboard camera, an interview with the involved officer, and comprehensive legal analysis, OSI determined that a prosecutor would not be able to prove beyond a reasonable doubt at trial that the officer committed a crime, and therefore criminal charges would not be pursued in this matter.

    In the early morning hours of May 19, 2024, an NYPD officer was traveling in a marked police vehicle with his turret lights and siren activated, traveling to the scene of a motor vehicle collision investigation in Queens. The officer was traveling southbound on the Van Wyck Expressway, a multi-lane highway that runs north-south with three lanes in each direction, separated by a concrete divider, and no pedestrian traffic. The speed limit of the expressway was 50 MPH, and 40 MPH in construction zones. As the officer approached the vicinity of Archer Avenue, he was traveling at a speed of 63 MPH. Mr. Agustin attempted to run across the expressway and was struck by the officer’s vehicle. The collision occurred near a construction site, with construction equipment parked behind the concrete barriers lining both sides of the southbound lanes.

    Under OSI’s analysis of New York’s Vehicle and Traffic Law, Penal Law, and case law from New York’s highest court, a police officer who causes a death while properly responding to an emergency in a police vehicle cannot be charged with a crime unless the officer acts recklessly or intentionally. The criminal charge that requires recklessness is Manslaughter in the Second Degree, in which a person is guilty when they recklessly cause the death of another person. “Recklessly” means that the person consciously disregards a “substantial and unjustifiable” risk of death and that their actions are a “gross deviation” from a reasonable standard of conduct.

    In this case, while the officer caused Mr. Agustin’s death, the evidence does not establish beyond a reasonable doubt that the officer’s conduct was a gross deviation from the standard that would have been observed by a reasonable officer in the same circumstances, or that the officer consciously disregarded a substantial and unjustifiable risk of death. The officer was speeding because he was responding to an emergency. In addition, the officer had no reason to expect that a person would attempt to cross the expressway on foot, as the Van Wyck Expressway is closed to pedestrians. There was no evidence that the officer was impaired by drugs or alcohol, and no evidence that he was otherwise distracted at the time of the collision. Therefore, OSI concluded that there was insufficient evidence to pursue criminal charges.  

    MIL OSI USA News –

  • MIL-OSI USA: Governor Stein Announces Cold Storage Company Will Create 123 Jobs In Robeson County

    Source: US State of North Carolina

    Headline: Governor Stein Announces Cold Storage Company Will Create 123 Jobs In Robeson County

    Governor Stein Announces Cold Storage Company Will Create 123 Jobs In Robeson County
    bwood

    Raleigh, NC

    Today, Governor Josh Stein announced that Cold-Link Logistics, a cold storage management firm, will create 123 new jobs in Robeson County. The company will invest $85.5 million to build a cold storage warehouse in Lumberton.

    “North Carolina is consistently ranked as a top state to do business thanks to our skilled workforce, robust transportation infrastructure, and friendly business climate,” said Governor Josh Stein. “We are proud to welcome Cold-Link Logistics to our state and to partner with them to bring more jobs to Robeson County.” 

    A subsidiary of family-owned Mandich Group, Cold-Link Logistics is a full-service third-party logistics cold storage company. Headquartered in Florida, the company’s cold storage locations provide customized product handling, storage, order picking and load preparation, blast freezing, and other value-added logistics services. Cold-Link Lumberton will be a modern 233,000-square-foot temperature-controlled building that will serve the local and regional poultry business, as well as a broad variety of other food companies, manufacturers, and distributors. The company is building on 55 acres in the new Southeast Crossroads Industrial Park.

    “We are excited to expand our footprint into the great State of North Carolina,” said Michael Mandich, Managing Partner of Cold-Link Logistics. “We have listened to our customers and their need for additional cold storage warehousing in the Southeast regions surrounding Lumberton. There’s a strong interest among the protein and other food manufacturers in this area to work with a family owned and operated company like Cold-Link that can offer first-class, value-added services. The Robeson County Community has welcomed us with open arms. After looking into many areas to expand our business we knew this was the right place to locate our 10th facility.”

    “North Carolina’s supply chain for food and agriculture has always been an economic driver for our state,” said N.C. Commerce Secretary Lee Lilley. “Our agricultural legacy and commitment to innovation will help companies like Cold-Link establish its operations and increase its footprint in the southeastern United States.”

    New positions for the company include managers, supervisors, warehouse staff, and shipping and receiving personnel. Wages for the positions will vary, but altogether, the average annual salary will be $50,128, which exceeds the Robeson County average of $42,964. These new jobs could create a potential annual payroll impact of more than $6.1 million.

    A performance-based grant of $375,000 from the One North Carolina Fund has been awarded to MG88 Lumberton Cold Storage, LLC, which does business under the name Cold-Link Logistics Lumberton, LLC, to support the project locating to Robeson County. The OneNC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All OneNC grants require a matching participation from local governments, and any award is contingent upon that condition being met.

    “This is fantastic news for region and the entire state,” said Senator Danny Earl Britt, Jr. “Being situated along the I-95 corridor, Lumberton is a great location for warehouse and distribution companies looking to invest in growing markets with a solid pipeline of talent.”

    “Cold-Link’s decision to build in the Southeast Crossroads Industrial Park is yet another symbol of the strong collaboration to grow our state’s economy,” said Representative Jarrod Lowery. “We are grateful for all the state, regional, and local partners that helped prepare the site and Robeson County for economic development wins such as this.”

    In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, North Carolina Community College System, Golden LEAF Foundation, Electricities, Robeson County, Robeson County Committee of 100, North Carolina’s Southeast, and the City of Lumberton. 

    Feb 5, 2025

    MIL OSI USA News –

  • MIL-OSI: TrendPulse Quantitative Think Tank Center Leads Innovation in FinTech Under Johnathan Walker

    Source: GlobeNewswire (MIL-OSI)

    Denver, CO, Feb. 05, 2025 (GLOBE NEWSWIRE) — TrendPulse Quantitative Think Tank Center continues to lead innovation in the financial technology (FinTech) space, under the guidance of Johnathan Walker. The center’s commitment to integrating advanced technologies into financial strategies has created groundbreaking tools for investors looking to stay ahead of market trends, manage risk more effectively, and streamline investment processes.

    Pioneering Financial Technology

    In an era where the financial landscape is rapidly evolving, TrendPulse has positioned itself at the forefront of FinTech innovation. The center has developed cutting-edge solutions that integrate powerful data analytics, machine learning, and automation to reshape investment strategies. By combining quantitative investment models with state-of-the-art technology, TrendPulse provides investors with the tools they need to make better decisions and drive growth in an increasingly competitive market.

    Empowering Investors with Data and Automation

    A key pillar of TrendPulse’s success has been its ability to harness the power of data and automation. Under Johnathan Walker’s leadership, the center has introduced machine learning algorithms that analyze vast amounts of market data, enabling real-time predictions and automated trading. These tools allow investors to react quickly to market changes, optimize their portfolios, and execute strategies with minimal manual intervention. As a result, investors can capitalize on opportunities faster and more efficiently, significantly improving their potential for returns.

    The center’s use of automated systems also reduces human error, enhances accuracy, and provides a scalable solution that adapts to changing market conditions. Whether institutional investors or individual clients, TrendPulse’s automated solutions make it easier for users to optimize their investments while minimizing risks.

    Transforming Investment Strategy with Predictive Analytics

    One of the standout features of TrendPulse’s offerings is its use of predictive analytics to forecast market trends and guide decision-making. By leveraging advanced algorithms and big data, the center helps investors identify emerging opportunities, detect potential risks, and allocate assets more strategically. This approach enables investors to stay ahead of the curve, making data-driven decisions that have a higher probability of success.

    TrendPulse’s predictive tools have proven particularly valuable for identifying undervalued assets, recognizing short-term trading opportunities, and optimizing long-term investment strategies. The integration of these data-driven insights ensures that investors are not just reacting to market movements, but proactively shaping their portfolios for better outcomes.

    A Vision for the Future of FinTech

    Looking forward, TrendPulse Quantitative Think Tank Center aims to further expand its FinTech capabilities. The center plans to incorporate even more advanced technologies such as artificial intelligence and blockchain into its offerings, providing an even greater level of sophistication in its investment tools. Johnathan Walker’s vision for the future is clear: to provide users with next-generation technology that empowers them to navigate the complexities of modern financial markets with confidence.

    The goal is not just to keep up with market changes, but to stay ahead of them. By continuously refining its investment tools and integrating the latest technological advancements, TrendPulse remains at the cutting edge of the FinTech industry.

    Building a Stronger Investment Ecosystem

    TrendPulse is not just creating innovative tools for individual investors; it is also fostering a broader investment ecosystem. The center has built a collaborative platform where investors can share knowledge, engage in discussions, and learn from each other. By promoting a community-driven environment, TrendPulse ensures that users not only have access to advanced technologies but also a network of like-minded individuals who are committed to shared financial success.

    Conclusion

    TrendPulse Quantitative Think Tank Center’s commitment to innovation in financial technology is reshaping the way investors approach the markets. Through advanced data analytics, machine learning, and automation, the center has empowered users to make smarter, data-driven decisions. As Johnathan Walker continues to lead the charge, TrendPulse will undoubtedly remain at the forefront of the FinTech revolution, providing investors with the tools, insights, and community needed to succeed in a rapidly evolving financial landscape.

    The MIL Network –

  • MIL-OSI Economics: Join the IADC YP Committee at Topgolf this Month!

    Source: International Association of Drilling Contractors – IADC

    Headline: Join the IADC YP Committee at Topgolf this Month!

    Join the IADC Young Professionals Committee at Topgolf – Katy on 13 February from 4:00 – 7:00pm for networking, golf, and good times! Whether you’re a seasoned golfer or a first-timer, this event is perfect for making connections and having fun.

    2025 YP Committee Events:

    13 March: Luncheon with Leaders
    Topic: Steering Success without Field Experience

    22 March: Houston Chapter Clay Shoot
    Be on the lookout for information on how to join a YP Committee team.

    17 April: Professional Development Webinar (Virtual)

    22 May: Networking Happy Hour

    23 October: Young Professionals Summit
    This one-day event is specifically designed to empower the next generation of leaders as they share their experiences navigating our evolving industry, growing brands, and leveraging unique strengths to forge a path in oil and gas. The summit provides a great opportunity for YPs to connect and network with fellow young professionals, helping to build a strong community as the future of our industry.

    MIL OSI Economics –

  • MIL-OSI Economics: IADC Lexicon Featured Term for February 2025

    Source: International Association of Drilling Contractors – IADC

    Headline: IADC Lexicon Featured Term for February 2025

    The IADC Lexicon is an oil and gas dictionary of upstream-related terms, which, unlike conventional glossaries, are official definitions drawn from legislation, regulation and regulatory guidance, standards (global, national and regional), IADC guidelines, and Well Control Institute. Terms often have multiple definitions from different sources.

    This month’s featured term is:

    Yarn Creep

    The characteristics of the yarn that undergo a time related non-recoverable increase in length when subjected to sustained load.

    Source: API RP 2SM Design, Manufacture, Installation, and Maintenance of Synthetic Fiber Ropes for Offshore Mooring, Second Edition, July 2014. Global Standards

    Source: API RP 2SM, Design, Manufacture, Installation, and Maintenance of Synthetic Fiber Ropes for Offshore Mooring, First Edition, July 2014. Global Standards

    MIL OSI Economics –

  • MIL-OSI Economics: IADC Welcomes 2 New Regional Reps for Latin America

    Source: International Association of Drilling Contractors – IADC

    Headline: IADC Welcomes 2 New Regional Reps for Latin America

    IADC recently welcomed two new Regional Representatives for the IADC Latin America (LATAM) Regional Chapter: Soraya Carvalho and Ricardo Carvalho of Soraya & Carvalho Consulting. 

    Soraya and Ricardo each bring over 17 years of industry experience and have been actively involved with the IADC LATAM Chapter since its beginning. Their extensive backgrounds include leadership roles at NOV, Transocean, and IADC, where they gained deep expertise in business development, sales, project management, contract negotiations, strategic planning, and overall business operations. In addition to running their own consulting firm, Soraya and Ricardo are key members of Sophia Oilfield Supply Services — Ricardo serves as the Director of Operations – LATAM, while Soraya is the VP of Sales – LATAM. 

    IADC is very pleased to welcome Soraya and Ricardo as the new IADC LATAM Chapter Regional Representatives. Their dynamic leadership will be key to strengthening our community and enhancing Member value throughout the region.

    MIL OSI Economics –

  • MIL-OSI Economics: Jason’s Story: Just one simple conversation can have a lifelong impact

    Source: International Association of Drilling Contractors – IADC

    Headline: Jason’s Story: Just one simple conversation can have a lifelong impact

    The following is part of IADC’s 85th anniversary campaign, “Many Stories, One Voice,” which aims to showcase the real human stories behind the drilling industry. 

    Jason McFarland

    When I think about the importance of mentorship in our industry, one person is top of mind: Ken Fischer. Our professional relationship spanned decades, and he fundamentally shaped who I am today.

    Over Thanksgiving in 2008, Ken and I traveled to the UAE on IADC business, then to Oman for the IADC Well Control Middle East Conference. I was IADC’s VP of Membership at the time; I’d been working with Ken since 1996, a year after I started with our Association in what’s known today as the IADC Bookstore.

    We were staying at the Grand Hyatt Muscat Oman, and the hotel was hosting a Thanksgiving dinner for its American guests. Ken and I got our plates and sat out on the patio, and that’s when a seemingly ordinary moment changed the trajectory of my career and my life.

    After our meal, Ken pulled out a scrap piece of paper that had the cab driver’s phone number from the night before. He started drawing out a leadership assessment grid, listing key attributes like vision, leadership, management, and technical competency. Then, he began evaluating several individuals—including me—and grading them on each of these attributes.

    The exercise Ken drew out and the conversation that followed were straightforward, because that was Ken’s way, but they changed my life. There were two things that made this moment transformative for me.

    Most importantly, this was the first time anyone had pulled me aside and told me that they thought I had potential. He believed in me at a time when I didn’t yet believe in myself. He showed me that I have something to offer, even though it took me a while to fully believe what we discussed that day.

    Secondly, he provided a clear, honest roadmap for my personal and professional growth. We talked about my weaknesses and the areas I could improve in, which motivated me to take action.

    At the time of our conversation, serving as IADC’s president was simply nowhere on my radar. But I kept that piece of paper with me, a constant reminder of Ken’s wisdom and encouragement. Years later, in 2015, I was honored to be given an opportunity to serve as IADC’s President—a journey, I believe, that truly began with that simple but powerful conversation in Oman.

    A few years ago, I visited Ken at his ranch during his battle with cancer. I pulled out the same worn piece of paper from Oman. He was astonished I still had it, and I told him what a pivotal moment that had been for me. I’m so grateful I had the opportunity to express to Ken how much he meant to me and what an impact he’d had on my personal and professional life before he passed away.

    Mentors like Ken don’t just guide careers—they change lives. They see potential in young professionals and nurture it with care, wisdom, and genuine belief. In our industry, these connections can be a truly invaluable resource.

    To everyone reading this: If you have a mentor who’s inspired you, tell them. Let them know how much you appreciate them and the impact they’ve had on you. And if you’re in a position to mentor others, don’t underestimate the profound impact you can have on someone with a simple, encouraging conversation.

    MIL OSI Economics –

  • MIL-OSI Economics: From the Chairman: Advancing advocacy necessitates a more nuanced energy dialogue

    Source: International Association of Drilling Contractors – IADC

    Headline: From the Chairman: Advancing advocacy necessitates a more nuanced energy dialogue

    In a new editorial from the Jan/Feb issue of Drilling Contractor, IADC Chairman Kevin Neveu reflects on the Association’s 85th anniversary, offering a powerful perspective on the critical role of the drilling industry in today’s complex energy landscape.

    Neveu emphasizes the need for more sophisticated advocacy, challenging oversimplified narratives about energy. He argues that the current dialogue often unfairly characterizes hydrocarbons and CO2 as “bad” while branding renewable energy as “good,” ignoring the intricate realities of global energy infrastructure.

    According to Neveu, 

    “This black-and-white, either-or approach ignores the complexity of highly engineered energy infrastructure and the intricate relationship between different energy sources in powering our world. Even more troubling is that it undermines our ability to address real challenges.”

    A bright spot in Neveu’s message is the growth of IADC’s Student Chapter program, which has expanded from three to 21 chapters since 2019, including 12 in the US and 9 outside the US. He finds hope in the enthusiasm of young industry professionals who are eager to be part of innovative solutions.

    The 2025 Chairman calls for active engagement across the industry, encouraging Members to participate through committee work, conference involvement, mentorship, and advocacy. As IADC celebrates its milestone 85th year, Neveu’s vision is clear: to advance the energy dialogue step by step, building a foundation for more nuanced discussions and collaborative future solutions.

    MIL OSI Economics –

  • MIL-OSI Submissions: Tech – Ivo raises $16M Series A to deliver reliable AI contract review at scale, as it launches Ivo Search Agent

    Source: Ivo

    AI-powered legal assistant cuts contract review time by 75%, as demand surges for intelligent automation in corporate legal departments.

    San Francisco, California – February 6, 2024; Contract negotiation remains the most challenging bottleneck in the contract lifecycle, with legal teams spending hours on manual redlining and revisions while ensuring perfect accuracy. As contract volumes surge, in-house lawyers face mounting pressure to review more agreements than ever before – yet traditional automation tools prioritize speed over accuracy, forcing legal teams to choose between efficiency and reliability. Today, Ivo announces a $16 million Series A funding round to scale its AI-powered contract review solution that has already helped over 150 corporate legal teams negotiate their agreements. Ivo’s customers include companies like Canva, Fonterra, Pipedrive, Weightwatchers, Eventbrite, Blue Cross Blue Shield Kansas City, and several Fortune 500’s.

    The Series A funding round is led by Costanoa Ventures, with participation from Fika Ventures, Uncork Capital, NFDG, Blackbird VC, GD1, and Phase One Ventures. It brings Ivo’s total funding to $22.2 million, following early backing from Daniel Gross and a $4.8 million seed round led by Fika Ventures and Uncork Capital.

    Ivo has developed a breakthrough approach to contract review that sets new standards for accuracy. The platform automatically checks agreements against company requirements, generates specific suggestions for resolving discrepancies, and creates compromise language between conflicting clauses. Unlike competitors that treat legal review as a simple automation problem, Ivo’s sophisticated AI produces naturalistic redlines that mirror the work of experienced attorneys, maintaining consistent terminology and making minimal necessary changes.

    “When I was a corporate lawyer, contract review was amongst the most manual and time-consuming tasks,” says Min-Kyu Jung, CEO and Co-founder of Ivo. Determined to solve this problem himself, Jung left his legal career, taught himself to code, and began building what would become Ivo. After speaking with hundreds of legal professionals and iterating through multiple versions of the product, his team developed a solution that lawyers could use in confidence.

    The impact on legal teams has been immediate and significant. “Ivo reduced our average time to approve counterparty NDAs for signatures from four days to two, while first pass turn improved from an average of 11 hours to 5 minutes,” says Adrie Christiansen, Legal Operations Lead at Quora. Similarly, Geotab’s legal team reports an average savings of 45 minutes per contract review – a 75% efficiency gain that allows their lawyers to focus on strategic work. This improvement comes without sacrificing accuracy, as Ivo’s transparency allows lawyers to understand and validate every suggestion. The platform has proven particularly valuable for high-volume contract review, where maintaining consistency across thousands of agreements is critical. Through extensive customization options and playbook features, legal teams can establish clear guardrails that enable business users to handle initial contract reviews while ensuring proper escalation protocols.

    The timing of Ivo’s expansion is critical. As artificial intelligence emerges as potentially the most transformative technology since the internet, legal teams face mounting pressure to adopt solutions that can scale their capabilities. Yet most AI tools lack the sophistication to handle complex legal analysis, creating more work for lawyers who must double-check every output. With its team of in-house lawyers continually refining and enhancing the platform, Ivo has developed an approach that augments rather than replaces legal judgment – acting as a “powerful force multiplier” for teams handling increasingly large volumes of contracts.

    Today’s launch of Ivo Search Agent marks another milestone in the company’s mission to transform how legal teams work. This new capability revolutionizes contract search and analysis by eliminating the need for manual metadata tagging — a significant pain point in traditional contract lifecycle management systems. Legal teams can now search and generate reports across their entire contract portfolio regardless of where documents are stored, whether in cloud storage solutions like Box and SharePoint or local computers. The system works seamlessly across various data sources, including CLM integrations, requiring minimal implementation while delivering comprehensive insights.

    “Ivo is fundamentally transforming contract review for lawyers and legal teams,” said Amy Cheetham, Partner at Costanoa Ventures. “By leveraging AI to manage the meticulous, painstaking work of contract review, Ivo gives legal teams tools designed by lawyers to work faster with greater accuracy. In a world where legal organizations are constantly under pressure to meet business demands and improve efficiency, the launch of Ivo’s new search tool will allow legal teams to search and generate reports across their entire contract portfolio, significantly reducing their workload and increasing efficiency.”

    “The legal profession is in the early stages of an AI-driven transformation,” adds Min-Kyu Jung. “We’re building Ivo to ensure this change enhances rather than diminishes the crucial role of legal judgment. Our vision is to give every legal team the power to handle enterprise-scale contract volumes while maintaining the highest standards of accuracy and control.”

    About Ivo

    Ivo is on a mission to reduce the time, effort and cost spent on contracts. Ivo was founded out of a belief that contracts are foundational to commerce. The founders saw first-hand how contract review was slowing down mission-critical projects, and decided to do something about it.

    Founded in New Zealand and now headquartered in San Francisco, Ivo powers the world’s most comprehensive and accurate AI Contract Review platform, designed to help legal and business teams accelerate time-to-close and unblock contracts from key business processes.

    By using AI to reduce the time, effort, and cost of negotiating contracts, Ivo makes it easier for businesses to work together. For more information please visit https://www.ivo.ai/ or follow via LinkedIn

    About Costanoa Ventures

    Founded in 2012, Costanoa Ventures partners with technical and product founders as early as company formation, with a focus on apps and infrastructure in data, dev and fintech. Costanoa is a long-term partner to entrepreneurs who want hands-on help in their earliest company stages on all things go-to-market and talent. For more information, please visit https://costanoa.vc/

    MIL OSI – Submitted News –

  • MIL-OSI USA: Secretary Collins’ message to Veterans and VA employees

    Source: US Department of Veterans Affairs

    Skip to content

    It is my life’s honor to serve America’s Veterans as secretary of Veterans Affairs, and I thank President Donald J. Trump as well as the U.S. Senate for their confidence in me.

    America is the greatest nation on Earth precisely because of the Veterans willing to step forward and defend our freedom. I’ve witnessed this firsthand throughout my two decades in the military, as I’ve served with some of the finest men and women our nation has to offer.

    In addition to being a Navy Veteran, I am an Air Force Reserve colonel and chaplain. During my time in the military, I’ve learned that leadership is about listening, serving, motivating and setting a good example for those around you. That is the approach I will bring to the Department of Veterans Affairs.

    When President Trump offered me this job, he gave me simple instructions: take great care of America’s Veterans. Here is how we’re going to accomplish the task the president has set out for us:

    • We’re going to deliver timely access to care and benefits for every eligible Veteran, family member, caregiver and survivor.
    • We’re going to put Veterans at the center of everything VA does, focusing relentlessly on customer service and convenience.
    • We’re going to challenge the status quo in order to find new and better ways of helping VA beneficiaries.
    • We’re going to celebrate the vast majority of VA employees who do a great job every day and hold employees accountable when they fall short of the mission.
    • We’re going to provide Veterans with the health care choices they have earned while maintaining and improving VA’s direct health care capabilities.
    • And we’re going to do a better job reaching Veterans at risk of homelessness or suicide – especially those who have had no contact with VA.

    My commitment to my fellow servicemembers and Veterans will serve as my compass for the way ahead, and I am honored to be working with the men and women of VA to accomplish our noble and vital mission.

    Together, we will strengthen VA so it works better for America’s heroes. Let’s get to work.

    Reporters and media outlets with questions or comments should contact the Office of Media Relations at vapublicaffairs@va.gov

    Veterans with questions about their health care and benefits (including GI Bill). Questions, updates and documents can be submitted online.

    Contact us online through Ask VA

    Veterans can also use our chatbot to get information about VA benefits and services. The chatbot won’t connect you with a person, but it can show you where to go on VA.gov to find answers to some common questions.

    Learn about our chatbot and ask a question

    Subscribe today to receive these news releases in your inbox.

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    MIL OSI USA News –

  • MIL-OSI: PawnTrust celebrates the start of Black History Month and launches its weekly “CEO Corner”

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, GA, Feb. 05, 2025 (GLOBE NEWSWIRE) — Dinewise, Inc (OTC PINK-DWIS) (referred to as “Dinewise”, “we”, “us”, “our” or the “Company”) a fintech company operating as PawnTrust Inc., providing solutions to the pawn shop industry celebrates the start of Black History Month and launches its weekly “CEO Corner” on its You Tube Channel.

    As America commemorates Black History Month, PawnTrust honors the invaluable contributions of African American pioneers who have shaped this nation and upon whose shoulders we stand today. The company recognizes the sacrifices and resilience of its forebears and remains committed to preserving their legacy. “When I was young, I was fortunate to accompany my father to meetings with African American disruptors of change. At the time, I didn’t understand the significance of those gatherings, but now realize I am a direct beneficiary of their efforts,” Michael Farr, CEO.

    As previously announced in shareholder updates, Dinewise, Inc. will officially change its name to PawnTrust, Inc. in Q1 2025. Along with this rebranding, the company will undergo a ticker symbol change and file a new registration statement. Additionally, the final agreement for the acquisition of TitlePal, a fintech title loan company, is progressing ahead of schedule. The transaction is expected to close within the same timeframe as the registration statement, further strengthening PawnTrust’s strategic growth initiatives. Furthermore, PawnTrust is in talks regarding a major acquisition and expects to announce it in early Q2 2025.

    PawnTrust’s commitment to perseverance and integrity is ingrained in its corporate culture. The company stands on three fundamental pillars: transparency, timeliness, and trust. The upcoming name change to PawnTrust amplifies the critical pillar of trust. To reinforce these values and foster direct engagement with shareholders and the investment community, CEO Michael Farr will host a weekly “CEO Corner” on YouTube. This series will provide an in-depth look into the business, its strategies, and its leadership vision. The first episode of “CEO Corner” will premiere on Friday, February 7, 2025, at 2 PM Eastern Time. Tune in on http://www.youtube.com/@pawntrust

    About PawnTrust

    PawnTrust is an exclusively tailored marketplace for the estimated 11,000 pawn shops nationwide. The online marketplace (www.pawntrust.com) digitizes the inventory using advanced image recognition algorithms to automate item descriptions of the participating pawn shops and markets them on a national scale. The marketplace contains cutting-edge technology that streamlines the borrowing, buying, and bartering transactions typically found at a pawn shop. The platform plans to leverage Artificial Intelligence (AI) to optimize pricing, reduce fraud, and create personalized search recommendations to enhance the customer’s experience. These enhancements let consumers experience a frictionless shopping experience on their mobile app that gives them instant access to this nationwide inventory of pawn shops. Not only does this provide a more efficient way for consumers to shop, eliminating the need to visit multiple stores, but it also amplifies the reach of individual pawn shop owners. By joining the PawnTrust- ‘Pawn Partners’ network, shop owners gain access to a broader audience, enhancing their visibility and sales opportunities. This innovative approach aligns customer convenience with business growth, reshaping how people interact with the pawn industry. Consumers that purchase items outside of their local area will have their items conveniently shipped to them. As the intermediary in each transaction, PawnTrust earns a fee on every item sold in the marketplace. Many of these local pawn shops lack an online presence or the capital to market their inventory on a national scale. By bridging this gap, PawnTrust opens up opportunities for incremental sales from a wider buying base, effectively transforming the pawn shop and micro-lending industries. This model not only supports local businesses but also extends their reach, driving growth and innovation within the market.” 

    Forward-Looking Information

    This release includes statements that may constitute ”forward-looking” statements, usually containing the words ”believe,” ”estimate,” ”project,” ”expect” or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company’s current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, risks and uncertainties related to the current unknown duration and severity of the COVID-19 pandemic and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

    Investor Relations:
    Resources Unlimited
    718-269-3366
    mike@resourcesunlimitedllc.com

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