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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.

Administrative management Primexis

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
discussion entre collègue

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)​

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 
Financing Companies

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 
Subsidiaries and Branches of International Groups

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.

  • A dedicated team of 30 specialists 
  • Strong experience in banking group subsidiary services  
  • Specific expertise in the field of asset financing and leasing 

 

Our firm offers multi-sector assistance 

Our international network LEA Global

International Business Services

Banking and Insurance

Need assistance? 

A website can’t tell you everything. Contact us if you have any questions, and we would be happy to answer them.