Acquisition of the retail and credit card business of Citibank in Spain. June 2014

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1 Acquisition of the retail and credit card business of Citibank in Spain June 2014

2 Disclaimer This presentation has been prepared by Banco Popular Español solely for purposes of information. It may contain estimates and forecasts with respect to the future development of the business and to the financial results of the Banco Popular Group, which stem from the expectations of the Banco Popular Group and which, by their very nature, are exposed to factors, risks and circumstances that could affect the financial results in such a way that they might not coincide with such estimates and forecasts. These factors include, but are not restricted to, (i) changes in interest rates, exchange rates or any other financial variables, both on the domestic as well as on the international securities markets, (ii) the economic, political, social or regulatory situation, and (iii) competitive pressures. In the event that such factors or other similar factors were to cause the financial results to differ from the estimates and forecasts contained in this presentation, or were to bring about changes in the strategy of the Banco Popular Group, Banco Popular does not undertake to publicly revise the content of this presentation. This presentation contains summarised information and may contain unaudited information. In no case shall its content constitute an offer, invitation or recommendation to subscribe or acquire any security whatsoever, nor is it intended to serve as a basis for any contract or commitment whatsoever. 2

3 Strategic acquisition to reinforce our retail and credit card business Main terms & rationale of the deal 1 Reinforce our card business: Banco Popular, in an asset deal, has agreed to buy certain assets of Citibank s business in Spain for 240M. The acquired business includes the retail and credit card businesses, retail funds and AuM, and excludes mortgage loans 2 Adding a leading revolving franchise and private banking unit: Popular will integrate most of this new business into Banco Popular-e, which manages the entire card business within Banco Popular 3 Incorporating a highly profitable business with limited capital consumption and self-funded with the excess from deposits 4 The combined businesses will be a reference in the retail and credit card arena in Spain (6.90% combined market share) and we expect a positive evolution of the results thanks to the synergies attached to the deal 3

4 Main figures of Citibank s retail and credit card businesses in Spain Focus on flexible lending with attractive margins and low cost operating model 1.1M credit cards outstanding 1.4Bn loans Citi Credit card business Main focus: revolving cards 87% of total Multi-channel distribution network: 15 agencies, 900 commercial agents 9th issuer of cards in Spain, but it is considered leader among issuers who primarily use direct sales channels and revolving issuers with c. 10% share: Focus on gaining deposits and private banking 45 branches in Spain, located in main cities 51 ATMs c. 100,000 clients Citi Retail business 2Bn in time & demand deposits 2.3Bn in Assets under Management Mortgage loans excluded from the acquired perimeter 12,52% 11,41% (# outstanding cards) Latest available data 7,95% 6,90% 5,70% 4,38% 4,37% 4,26% 2,52% 2,49% 4

5 Transaction structure & impacts Transaction structure Acquisition of the retail business of Citi in Spain Integration of Citi business in: in Popular-e.com Private banking unit Deposits Cards loans 1.4 Bn AuMs 2.3 Bn 2.0 Bn Cards loans 0.5 Bn Cards loans 1.4 Bn Deposits 0.3 Bn Deposits 2.0 Bn AuMs 5.5 Bn AuMs 2.3 Bn Main financials of the transaction Synergies expected Main data of the acquired business Price paid: 240 Mn P/E (1) 2014e: 8,8x P/BV (1) : 2,1x EPS accretive from year 1 ROI (1) 2014e >10% & >15% 2017e Conservative synergies mainly coming from branch closures and early retirements c. 39 Mn (20% of total costs of the acquired business), expected to be achieved gradually over the next 3 years (1) Assuming as total price the price paid + capital consumption of the business and fair value adjustments (FVA) (2) Return over capital allocated to the business+ FVA NIM 2014e: 14% C/I (including amortizations) 2014e: 49% ROE (2) 2014e: c.28% 5

6 Final remarks 1 The transaction reinforces the strategic position of Banco Popular in the retail and credit card business 2 Creates a new platform with higher volume and a wider range of products, positioning ourselves as the 4 th player in the card business. Provides access to new customer segments and new distribution channels 3 Highly profitable business, with a limited size and financial appeal for our shareholders from day 1 4 Capital consumption of the deal (52 bps) will be financed through excess capital, organic generation and future disposals 6

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