Banking Group Subsidiaries

Our team of 30 employees specializes in banking groups and managing their subsidiaries or dedicated vehicles. We take care of the accounting, tax, and regulatory obligations for banking group subsidiaries. We work with our clients in outsourcing engagements, in particular for financing companies, SPVs, holding companies, online brokers, investment companies, and payment service providers.

Your challenges

Have you created a new activity, and now, your tools and processes are still under development and your team has not been recruited yet? Do you want to cease an activity and reclassify your employees without waiting for the entity’s liquidation? Is your team’s workload irregular, and you face periods of under- or over-activity? Is your subsidiary’s activity different from your core business? Does your subsidiary have specific accounting and tax regulations? As an international group, have you created a subsidiary in France, but its activity is too low to recruit employees with the necessary skills?

Primexis’ team dedicated to Banking Group Subsidiaries can help you find a solution tailored to your specific needs.

Our offers

Special Purpose Vehicle (SPV)

Financing Companies

Subsidiaries & Branches of International Groups

Special Purpose Vehicle (SPV)

We are able to produce accounts for multiple SPVs in a very short turnaround time. The financial instruments carried by these SPVs (in various legal forms) can be different in nature: asset financing in the form of finance leasing or Collateralized Debt Obligation (CDO). These SPVs are generally subject to French Corporate GAAP (PCG 2022) instead of the French Bank GAAP (PCEC) like financial institutions.

Our areas of expertise

Accounting
Reporting
Tax obligations (including tax integration)
Legal
Consolidation packages

Financing Companies

Our area of expertise covers the middle office, back office, accounting, tax, and regulatory functions. We use the Cassiopae lease management software.

These companies work in financing in the form of real estate and equipment leasing as well as PPP (Public & Private Partnership)
Certain operations have a tax effect, and these companies are consolidated

Subsidiaries & Branches of International Groups

Accounting is generally done abroad by the parent company or by the SSC. Our firm assists subsidiaries or branches that typically do not have the critical mass in France to have a finance function. Their activity is varied: payment service providers, online brokers, online banks, or investment companies.

Our areas of expertise

Correspondence plan between the group chart of accounts and PCEC
Reprocessing IFRS, UK GAAP, or US GAAP to comply with the PCEC accounting principles
Corporate accounts, current tax declarations, and tax returns
Regulatory statements

Collaboration & Teamwork

Concrete examples of engagements

SPV (Special Purpose Vehicle)

Financing Companies

Subsidiaries and Branches of International Groups

Client

French bank with an international scope

Engagement objective
Take over PCG 2022 accounting obligations and tax obligations for more than 150 asset financing SPVs: airplanes, ships, Girardin real estate, and trains

Results obtained

Produced final balance sheet and income statement D + 10 after closing date for all SPVs
Established corporate accounts and managed CAC relationship
Produced current tax declarations and tax returns
Provided accounting and tax advice, forecasted accounts, financial amortization, contribution on the added value (CVAE) for single-asset financing companies, Quemener case law, and hedge accounting

Client

French bank in resolution

Engagement objective

Outsource middle office, back office, accounting, tax, and regulatory functions for multiple financing companies: PPP, real estate leasing, equipment leasing, and tax lease

We have the PSEE (outsourced essential services) status.

Results obtained

Invoiced rent, provisions for general maintenance and replacement (GER), fees, and commission and monitored loans and financial flows in Cassiopae
Prepared payments, followed up on unpaid invoices, calculated guarantee commission, and submitted ELA/TRICP
Bookkeeping under PCEC and produced corporate accounts, current tax declarations, and tax returns
Produced consolidated package: IFRS 16 leases, IFRS 9 financial instruments, and IAS 12 income taxes
Produced regulatory statements: RUBA and central risks
Various feedback for the group: risks, permanent control, and watchtower

Client

French branch of an international investment firm

Engagement objective

Respect the accounting, tax, and regulatory obligations in France and the accounting handled in an SSC abroad

Results obtained

Created a correspondence plan between the group chart of accounts and the PCEC
Restatements according to the PCEC accounting principles
Produced current tax declarations and tax return
Produced RUBA, anti-money laundering, and IFR regulatory statements
Prepared and filed parent company’s corporate accounts for the branch

Our teams,
Our skills

Primexis’ Banking Group Subsidiaries team specializes in operational assistance and will provide you with advice and expertise while allowing you to benefit from the latest advancements in digitalization and collaborative work.