CaixaBank - the leading force in Spanish retail banking

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1 CaixaBank - the leading force in Spanish retail banking Corporate Presentation November 2014

2 Disclaimer The purpose of this presentation is purely informative and the information contained herein is subject to, and must be read in conjunction with, all other publicly available information. In particular, regarding the data provided by third parties, neither CaixaBank, S.A. ( CaixaBank ), nor any of its administrators, directors or employees, is obliged, either explicitly or implicitly, to vouch that these contents are exact, accurate, comprehensive or complete, nor to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in any medium, CaixaBank may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, assumes no liability for any discrepancy. This document has at no time been submitted to the Comisión Nacional del Mercado de Valores (CNMV the Spanish Stock Markets regulatory body) for approval or scrutiny. In all cases its contents are regulated by the Spanish law applicable at time of writing, and it is not addressed to any person or legal entity located in any other jurisdiction. For this reason it may not necessarily comply with the prevailing norms or legal requisites as required in other jurisdictions. CaixaBank cautions that this presentation might contain forward-looking statements. While these statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. Statements as to historical performance, historical share price or financial accretion are not intended to mean that future performance, future share price or future earnings for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast. This presentation on no account should be construed as a service of financial analysis or advice, nor does it aim to offer any kind of financial product or service. In particular, it is expressly remarked here that no information herein contained should be taken as a guarantee of future performance or results. In making this presentation available, CaixaBank gives no advice and makes no recommendation to buy, sell or otherwise deal in CaixaBank shares, or any other securities or investment whatsoever. Any person at any time acquiring securities must do so only on the basis of such person s own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in this presentation. Without prejudice to legal requirements, or to any limitations imposed by CaixaBank that may be applicable, permission is hereby expressly refused for any type of use or exploitation of the contents of this presentation, and for any use of the signs, trademarks and logotypes which it contains. This prohibition extends to any kind of reproduction, distribution, transmission to third parties, public communication or conversion into any other medium, for commercial purposes, without the previous express permission of CaixaBank and/or other respective proprietary title holders. Any failure to observe this restriction may constitute a legal offence which may be sanctioned by the prevailing laws in such cases. In so far as it relates to results from investments, this financial information from the CaixaBank Group for 9M 2014 has been prepared mainly on the basis of estimates. 2

3 CaixaBank 1. Overview p The leading force in Spanish retail banking p International banking p Investment diversification p Solid balance sheet p M14 Activity and results p Strategy & Macro outlook p Final remarks p Appendices p. 60 3

4 1. Overview CaixaBank aiming for long term sustainable growth Strategic Plan Strategic Plan Leadership in retail banking Internationalization Criteria IPO Making the difference Growth in retail banking market share Rationalising cost base Leadership in Spanish retail Banking International banking: diversification IPO: access to stock market la Caixa Group Reorganisation Capital optimization Reaching 15% market share in Spain Reinforcing balance sheet strength Value creation: financial & social / IPO Acquisition Acquisitions Starts trading on the stock market Acquisitions Transformation of la Caixa in a banking foundation 1 Acquisition Barclays Bank SAU (1) According to the proposal of la Caixa Board of Directors that was presented at the General Assembly on May 22nd 4

5 1. Overview la Caixa Group reorganization Prior to 2007 Current structure (CaixaBank began operations on 1st of July 2011) New structure 3 Welfare Projects Banking Foundation 100% ~ 56% 1 100% 100% ~ 56% 1 Charitable Trust Banking Business Insurance Business Industrial & Financial stakes BV 2 : 25.3 bn Retail Banking & Insurance International Banking portfolio Repsol + Telefonica Industrial Portfolio Legacy Real Estate assets Retail Banking & Insurance International Banking portfolio Repsol + Telefonica Industrial Portfolio Legacy Real Estate assets (1) Including the conversion of the exchange of Bonds issued by la Caixa (2) As of end of September 2014 (3) Proposal approved by the Board of Directors of la Caixa that was presented at la Caixa Annual General Assembly scheduled for May 22,

6 1. Overview At a glance A flagship institution The leading retail franchise in Spain; listed since 1st July 2011 Competitive position reinforced by acquisitions (BCIV, BdV and BBSAU (closing pending ) Loans: bn Funds: bn Ranked 1 st in retail banking in Spain 13.5 million customers serviced by a segmented business model More than 1 out of 5 Spaniards have CaixaBank as their main banking relationship Multi-channel platform: branches (5,685); ATMs (9,659); leader in online and mobile banking Excellence in customer service and highly-rated brand Robust financial metrics Coverage ratio of 58% Liquidity at 61.2 bn LTD ratio at 102% Solid capital base: CET1 B3 FL at 12.7%. CET B3 phase-in at 13.1% As of September

7 CaixaBank 1. Overview 2. The leading force in Spanish retail banking 3. International banking 4. Investment diversification 5. Solid balance sheet 6. 9M14 Activity and results 7. Strategy & Macro outlook 8. Final remarks 9. Appendices 7

8 2. The leading force in Spanish retail banking The leading retail franchise in Spain Segmented business model sustained by high quality growth A specialized network (2008) Wealth Banking Corporate Banking 13.5 million customers Business volume breakdown 1 : As of September 2014 Specialized managers (2009) Private Banking Affluent Banking Business Banking SME Banking Retail banking (the main pillar) 9 1 Business Banking SME Banking Private Banking 2 Affluent Banking Corporate Banking 6% 9% 3% 11% 23% 47% Individuals (assets managed range, million ) Companies (turnover range, million ) Retail Banking (1) Loans + customer funds. Excludes RE developers and public institutions (2) Including Wealth Banking 8

9 2. The leading force in Spanish retail banking Focused on success in critical retail metrics 1st 20.3% Customer penetration 28.2% % 1st Direct deposit of salaries 15.1% 15.7% 15.9% 20.0% 21.6% 23.0% 1st Direct deposit of pensions 12.8% 13.6% 13.8% 19.5% 19.9% 20.0% 16.6% 13.0% Closest peer CABK Closest peer CABK Closest peer 24.1% as primary banking 2,866,086 payroll deposits 1,759,167 pension deposits entity Sustained track record of reinforcing customer loyalty and Capturing income flows of our customers to enhance share of wallet Latest available information Source: FRS Inmark (1) Includes BBSAU 9

10 2. The leading force in Spanish retail banking Segmentation Compte de Resultats is key to Recurrent better serving del Grup client la Caixa needs Affluent Banking Private Banking 1 1,261 Specialised staff 34 Specialised centres 466 Specialised staff SME Banking Business and Corporate Banking 613 Specialised staff 88 Specialised centres 85.2bn Customer funds 41.4bn Customer funds 7.5bn Loans 1 1,229 Specialised staff 35.6bn Loans % Customer penetration 1st (DBK April 2014) 13.0% Customer penetration 1st (DBK April 2014) 41.7% Customer penetration 1st (FRS Inmark Oct-2012) 17.9% Factoring & confirming (RK: 2nd) Note: Data as of September 2014 (1) Excluding loans to developers 10

11 2. The leading force in Spanish retail banking Market shares in key retail products have increased throughout the crisis Customer funds market shares Credit market shares Total deposits 1 2 nd Time deposits 2 nd Total loans 1 1 st Mortgages 10.1% 10.1% 10.3% 13.2% 14.4% 14.8% 9.9% 9.3% 9.3% 12.9% 14.0% 14.3% 10.0% 10.6% 10.6% 14.5% 15.0% 15.0% 10.5% 11.0% 11.1% 14.9% 15.8% 15.8% 1 st Demand deposits 2 nd Mutual Funds 2 nd Commercial loans 2 nd Factoring & Confirming 11.3% 11.8% 12.3% 14.4% 15.6% 16.2% 6.9% 8.5% 14.0% 14.1% 14.3% 12.2% 10.6% 8.9% 9.5% 10.4% 14.6% 14.4% 13.8% 11.6% 13.3% 15.2% 18.2% 17.6% 17.9% 3 rd Pension Plans % 15.1% 16.1% 16.9% 1 st Life/savings 1 st insurance 18.7% 19.2% 21.1% 21.3% 19.1% 15.9% 17.4% 13.8% Foreign trade- imports 17.8% 17.0% 15.2% 14.0% 12.7% 13.0% Foreign trade - exports 22.9% 19.8% 22.3% 17.1% 14.2% 9.4% (1) Other resident sectors according to Bank of Spain (2) Includes PPIs +PPAs Latest available information Source: INVERCO, ICEA and Bank of Spain 11

12 2. The leading force in Spanish retail banking Recent acquisitions have strengthened regional footprint and market leadership España Acquisition of Barclays Bank SAU Expected closing: Dec 14 / Jan 15 Expected final IT integration: 2Q15 BCIV and BdV add significant presence in their core regions Market share in core regions by business volume 1 Acquisition of Banco de Valencia Closing: February 2013 Burgos 3% 31% Final IT integration: July 2013 Tenerife 9% 37% Acquisition of Banca Cívica Closing: August 2012 Navarra Andalucía Occ. 5% 10% 35% 26% Final IT integration: April sequential integrations completed Acquisition of Bankpime s business Castellón 4% 9% Closing: February 2012 Final IT integration: February 2012 Valencia Alicante 6% 6% 7% 14% Caixa Girona merger Closing: January 2011 Final IT integration: December 2010 Murcia 7% 10% 2011 June 2014 (1) Market shares as of June 2014 include loans and deposits. Source: Bank of Spain 12

13 2. The leading force in Spanish retail banking Acquisition of Barclays Bank SAU improves competitive position in key segments and regions BBSAU: key figures 1 June 2014 % of Combined An affluent segment oriented bank with c customers Assets Net loans Deposits 2 AuM 3 Shareholder funds Branches 1 Customers 4 Employees 21.6 bn 18.4 bn 9.9 bn 4.9 bn 1.7 bn ,000 2,446 6% 9% 5% 8% 7% 5% 4% 7% Private banking 4,100 customers 2.6% market share (source: DBK) Affluent banking 178,200 customers 1.7% market share (source: DBK) Client AuM account for 33% of retail funds Transaction highlights Acquisition for cash consideration of 800 M; closing expected by January 2015 Builds shareholder value: EPS accretive from Year 1 with ROIC already above 10% by 2016 Limited capital impact: FL B3 75 bps NPV of cost synergies: 0.8 bn, net of restructuring costs (1) Not adjusted for the sale of 9 branches to Caja Rural Castilla La Mancha in 2014 (~ 350 M in loans and 150 M in deposits to be transferred) (2) Includes repos (3) Data for BBSAU includes average mutual funds and SICAVs as of June 2014 (4) Includes retail banking clients only 13

14 2. The leading force in Spanish retail banking Effective delivery of cost synergies and restructuring actions Fulfillment of rightsizing targets: number of branches -25% since ,013 branches closed since Jan 2013 ~60% of branches in BCIV and BdV regions closed 5,480 Dec'07 Employee departures in line with expected calendar Employee base to be reduced by 20% since 2007 Agreement to be fully executed by YE ,063 Dec'07 2,099 12,486 38,549-7,032 Acquisitions 1 Dec'07 Proforma 7,579 Dec'07 Proforma Net departures -20% Sep'14-25% 173 openings 1 Acquisitions -2,067 closings 31, Net departures 5,685 Sep'14 31,000 Dec'14e Delivery of synergies with the BdV and BCIV acquisitions Cost saving targets - In Million Euros Booked e 2015e Target 470 Booked 9M Target Expected cost synergies with the Barclays Bank SAU acquisition Estimated cost synergies of 42% of BBSAU's 1H14 annualised operating expenses ~ 150 MM of annual pre-tax costs savings achieved by 2016 Cost synergies NPV of 0.8 Bn (net of restructuring costs) 14 (1) Includes headcount and branches of Morgan Stanley Private Banking, Caixa Girona, Bankpyme, Banca Cívica and Banco de Valencia at the moment of the corresponding adquisition

15 2. The leading force in Spanish retail banking All of this supported by the leading multi-channel distribution network Data as of September 2014 Branches: the largest network (17.2% market share) 4 Breakdown of branch market share + ATMs: the widest network in Spain 9,659 ATMs 18.8% market share % absorption ratio % 7.6% 13.7% 16.1% 9.7% 8.1% 19.0% 9.2% 10.8% 11.7% 30.6% 30.0% 6.6% 22.9% 14.0% 13.9% 5,685 Branches + Internet banking: European leadership 9.8 million customers 34% market share % absorption ratio for businesses % 19.0% Ceuta 10.0% Melilla + Mobile banking: Global leadership 4.3 million customers Source: Nielsen (internet and mobile banking market shares) 1) Latest available data 2) In branch timetable. Operations considered: withdrawals, cash deposits, savings account updates, bill payments and cheque deposits. Last available data 3) Operations considered: national bank transfers, Buy/sell stocks, bank bills (bill discount and bill acceptance). Latest available data 4) As of June

16 2. The leading force in Spanish retail banking and by technological innovation, an integral part of our culture Some sample initiatives that reflects our digital focus Sustained increase in the number of transactions carried out via electronic channels 1st in Europe to launch a largescale contactless card payment 1st in Europe to introduce a bracelet with a contactless chip inside Leading adopter of banking mobility solutions Use of digital signature to close contracts away from the branch Ongoing rollout to all business segments Focus on better serving client needs Crowdsourcing platforms of ideas from clients and employees 2,000 ATMs 180,000 POSs 4 MM credit & debit Cards Released to 2,700 bank managers The Wall: 15,000 business banking clients Recibox: 800,000 users Total transactions (in million) 4,022 Automated ATMs Branches Internet & mobile 10% 9% 9% 8% 3,300 29% 28% % 5,830 55% (1) Last data available 16

17 2. The leading force in Spanish retail banking Focus on multi-channel banking reduces costs and increases perceived client value Electronic channels gain importance Transactions by channel 1 (%) 41% 18% 20% 21% 28% 55% 9% 8% OPSs and automated Internet (22% via mobile) ATMs Branches enabling the retail network to focus on value creation Exponential growth of active mobile and internet customers 2 Million of customers Active online banking customers X Q % +9% % +86% +26% +15% +10% Active Active mobile mobile banking banking customers customers X % % % Q % 3 Retail market penetration Closest competitor 17.9% Source: FRS (3) Includes BBSAU 33.3% Online market share Closest competitor 19.0% Source: ComScore (1) A transaction is defined as any action initiated by a client through a contract with CaixaBank. Last data available (2) Active customers include those who have been connected at least once in the last 12 months 17

18 Capillarity of the branch network provides ability to exploit niche market opportunities Specialised models by segment: recent launch of AgroBank 2. The leading force in Spanish retail banking Proximity Specialised sales force + Quality of service NETWORK CAPILLARITY SINGLE PLATFORM Bespoke product & service offering SEGMENTATION TECHNOLOGY 386 specialised branches ~ 2,000 specialised account managers overall One-stop financial services provider Agricultural business segment 1 M agricultural, livestock and farming businesses in Spain Leading adopter of mobility solutions 330,000 (28%) Clients (market penetration) 14 bn 5,685 Branches 1 o.w. 386 Branches Ceuta Melilla % of GDP Business volume # CaixaBank branches # AgroBank branches (1) Includes branches and representative offices abroad 18

19 2. The leading force in Spanish retail banking Reputation and excellence in retail banking continue to be recognized by the market Bank of the Year in Spain 2013 by The Banker (Financial Times Group) Recognition of CaixaBank s strength and solvency position The Best Bank in Spain 2012 and 2013 and the Best Bank for Technology Innovation 2013 and 2014 Europe's best bank in mobile banking European Seal of Excellence Granted by the European Foundation for Quality Management (EFQM) The world's most innovative bank in 2011 and 2013 Bestowed at the Global Banking Innovation Awards, organized by the Bank Administration Institute and Finacle TrailBlazer Award, in recognition of CaixaBank s technology position The best Spanish bank in Internet banking Innovation in Green IT Recognition of CaixaBank s new Data Centre for its high level of efficiency and low energy consumption The most innovative business model in Private Banking 19

20 2. The leading force in Spanish retail banking Reinforced by a premium brand reputation Certification EFQM +600: Renewed EFQM Seal of Excellence becoming the first company that manages to jump two sections of score in the renewal process. Renewed Certification AENOR for Affluent Banking: CaixaBank affluent banking receives the AENOR certification for the Affluent Banking business model in June 2014 FRS Inmark Financial performance of Businesses between 1 to 100 million in Spain ( bi-annual publication ): la Caixa leader institution on the following aspects: Standard of satisfaction among its customers Most recommended company Level of its customer loyalty la Caixa is also leader in customers loyalty and continues as a leader in market penetration and participation share (FRS Inmark Financial performance of individual segment ). Highest rated Internet service for all segments (individuals and businesses) (AQmetrix) Quality service Best Bank in Spain 2012 and 2013 Best Retail Bank of Technology Innovation for the second consecutive year

21 2. The leading force in Spanish retail banking The insurance business is a perfect complement to the banking business A top insurance group with the widest distribution network ~3 million individual life customers ~5 million non-life customers 50.4 bn assets under management Leader in Spanish complementary pension market Diversified product offering (life, pension plans, health, household, auto) Strong distribution capacity 5,685 CaixaBank branches VidaCaixa 208 specialized own agents in SMEs segment and self-employees 5 private pension advisors SegurCaixa Adeslas 1,333 own agents 848 external agents 1,403 brokers 153 delegations and offices Figures as of September 30th 2014 Life insurance business: Sustained increase in investments + AUMs In Million Euros 46,366 47,628 48,627 +9% Premiums and contributions In Million Euros Premiums and contributions 49,485 50,430 Sep'13 Dec'13 Mar'14 Jun'14 Sep'14 9M14 Life/Risk 475 Life/Savings 2,994 Contr. to pension plans 971 TOTAL 4,440 21

22 CaixaBank 1. Overview 2. The leading force in Spanish retail banking 3. International banking 4. Investment diversification 5. Solid balance sheet 6. 9M14 Activity and results 7. Strategy & Macro outlook 8. Final remarks 9. Appendices 22

23 3. International banking Our process of internationalisation WHY? HOW? 1. Likely slowdown of the Spanish banking sector 2. Search for growth 3. Risk diversification 4. Supporting international growth of our customers la Caixa Group Strategic Plan : decision to grow internationally 1 2 Organic growth Representative offices International Branches Non-Organic growth Investment in growth markets (Asia, America, Central and Eastern Europe) 2007: the right strategic vision at the right time 23

24 3. International banking Focused on growth markets International banking 1 Representative offices: Non-European Union European Union Beijing, Shanghai Dubai New Delhi Istanbul Frankfurt, Stuttgart London Paris Milan 20.5% 218 M 3 9.1% 776 M Singapore Cairo Santiago de Chile 9.0% 1,369 M 44.1% 1,021 M 18.0% 1,368 M Bogotá New York (January 2015) Pending regulatory approval: Sao Paulo and Algiers International branches: Warsaw (Jun 07) Casablanca (Jul 09) and Tangier (Nov 13) Loan Portfolio: : 171 M 2 Representative Offices International Branches Banking investment Pending regulatory approval: London Banking investments: Market value 1 : 4.8 bn (1) Market value as of 28th October 2014 (2) As of August 14 (3) Non listed. Market value based on the price of the Public Offer launched by Société Générale as of May 14 24

25 3. International banking Development of a partnership model + Control/Synergies/Risk Controlling Acquisitions Investing in winners Well-managed banks with solid competitive positions Strong local partners with common views Retail focus / low reliance on wholesale funding High solvency levels & sound credit quality Partnership model Investment profile Long term horizon Influential positions Investment at fair value - no control premium paid - Financial positions Control/Synergies/Risk Building strong international alliances Long-term strategic agreements Sharing best practices Exporting know-how where appropriate Development of joint businesses and projects 25

26 CaixaBank 1. Overview 2. The leading force in Spanish retail banking 3. International banking 4. Investment diversification 5. Solid balance sheet 6. 9M14 Activity and results 7. Strategy & Macro outlook 8. Final remarks 9. Appendices 26

27 4. Investment diversification Repsol and Telefónica provide revenue diversification Income diversification: two international leaders in defensive sectors Financial flexibility: very liquid stakes Potential capital buffer 5.2% 2 Value: solid fundamentals, excellent track record and high dividend yield Profitability: attractive return Limited regulatory capital consumption 11.9% 2,3 Tax-efficient ( 5%) Geographical diversification: ~65% revenues generated outside Spain Market value 1 : 5.6 bn (1) As of 28th October 2014 (2) As of 30th September 2014 (3) CaixaBank s stake in Repsol could be reduced by a maximum of 2.5% considering the exchange of the M mandatorily exchange bond maturing in Nov 16 27

28 CaixaBank 1. Overview 2. The leading force in Spanish retail banking 3. International banking 4. Investment diversification 5. Solid balance sheet 6. 9M14 Activity and results 7. Strategy & Macro outlook 8. Final remarks 9. Appendices 28

29 5. Solid balance sheet Best-in-class balance sheet strength Reinforced asset quality Strong liquidity position Robust capital base Total credit provisions of 12.4 bn NPL Coverage ratio at 58% Coverage of foreclosed assets: 53% 61.2 bn of available liquidity Sound loan-to-deposit ratio: 102% BIS-III Core Capital (fully loaded) at 12.7% BIS-III Core Capital (phasein) at 13.1% Maintaining balance sheet strength is a key priority for management Figures as of September 30th

30 Asset quality 30

31 5. Solid balance sheet Steady reduction of NPLs while maintaining robust coverage Well-established downward trend in NPLs and NPL ratio NPLs (in Billion Euros) Refinanced loans 22.5 BdV bn yoy NPL stock falls for the fifth consecutive quarter (-15% YTD, -5% qoq) NPL coverage strong and stable at 58%, with 12.4 bn of credit provisions 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 NPL ratio declines for the third consecutive quarter (-30 bps qoq) supported by clean-up and lower entries bn qoq NPL ratio (in %) 9.41% 11.17% 11.40% 11.66% 11.36% 10.78% 10.48% YTD change: -118 bps Deleveraging: (lower denominator) Net NPL formation: +62 bps -180 bps 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 31

32 5. Solid balance sheet NPLs continue to decline across all segments QoQ changes in NPLs by segments and evolution of NPL ratios NPL ratios NPLs qoq var. ( M) 30 th Sep14 30 th Jun st Mar 14 Loans to individuals Residential mortgages - home purchase Other Loans to businesses Corporate and SMEs Real Estate developers Public sector (134) (51) (83) (989) (101) (888) (16) 5.32% 4.28% 8.43% 21.33% 11.54% 56.27% 1.01% 5.30% 4.29% 8.16% 21.76% 11.29% 57.80% 1.26% 5.40% 4.32% 8.56% 22.77% 11.21% 58.68% 1.36% Fourth consecutive quarterly decline in residential mortgage NPL ratio RE developer book largest contributor to decline (- 0.9 bn qoq) Ratio of corporate (ex RE) NPLs impacted by denominator effect Total 1 (1,139) 10.48% 10.78% 11.36% Ex- Real Estate developers 2 (251) 6.70% 6.70% 6.80% (1) NPL ratios include contingent liabilities (2) Note that this ratio differs slightly from the segment reporting NPL ratio (6.5%) due to different segmentation criteria 32

33 5. Solid balance sheet Performing RE developer loan book stabilising after intensive clean up RE developer loans breakdown evolution In Billion Euros bn (-34%) NPL Substandard Performing % 16.7 Coverage % ( 4.7 bn) 34% ( 0.2 bn) Target of reducing the book to 15 bn by YE within reach RE developer credit exposure down -34% yoy and -6.7% qoq: o Mostly attributable to NPL reduction through foreclosures and write-offs RE developer book has 4.9 bn of provisions: o Coverage of RE problematic loans at 52% o Coverage of total RE loans exposure: 32% Sep'13 Dec'13 Mar'14 Jun'14 Sep'14 33

34 5. Solid balance sheet Wind-down of RE developer portfolio leads to higher net foreclosed stock Building Center 1 repossessed real estate Assets As of September Net amount in Million Euros Net amount Coverage % coverage 49% 54% 53% 53% 53% RE assets from loans to construction and RE development Finished buildings Buildings under construction 5,084 2, % 45% 59% Land 2,098 63% 6,327 6,169 6,412 6,747 6,956 RE assets from mortgage loans to households Other repossessed assets 1, % 50% 1,850 2,064 2,285 2,479 1,531 Sep'13 Dec'13 Mar'14 Jun'14 Sep'14 Total RE assets for sale (net) Rental portfolio (net) Stable coverage of 53% since 4Q13 6,956 2, bn rental portfolio with a 87% occupancy ratio Net real estate exposure (RE developer loans and repossessed RE assets) down -4.5% YTD 53.1% (1) The real estate holding company of CaixaBank, S.A. 34

35 5. Solid balance sheet High pace of disposals continues to increase Building Center commercial activity In Million Euros +10% Building Center commercial activity In number of units +26% 1,544 1,706 16, Rental assets Sales 4,291 2,022 2,269 12,988 6,717 6,271 6,384 9,983 Rental assets Sales 9M12 9M13 9M14 9M12 9M13 9M14 Disposals increase by 10% yoy and 26% in terms of units : o Sales up 22% yoy o Rentals now make up 43% of disposals Real estate prices stabilising but still generate losses 35

36 Ample liquidity position 36

37 5. Solid balance sheet TLTRO and ECB stance improve liquidity landscape even further Closing funding gap reduces LTD ratio by 16% yoy LTD ratio evolution 1 118% 110% 105% 102% 102% TLTRO: 3 bn in September and remaining 3.6 bn expected in December LTRO reduced by 5.4 bn qoq ECB funding In Billion Euros Sep'13 Dec'13 Mar'14 Jun'14 Sep' % Total available liquidity In Billion Euros bn Dec' Sep' Balance sheet liquidity 2 Unused ECB discount facility Liquidity and funding requirements for BBSAU can be comfortably managed LTD ratio will increase to 106% BBSAU has 5.5 bn of ECB funding Dec'13 Sep'14 (1) Defined as: gross loans ( 194,447 M) net of loan provisions ( 11,832 M) (total loan provisions excluding those corresponding to contingent guarantees) and excluding pass-through funding from multilateral agencies ( 7,032 M) / retail funds (deposits, retail issuances) ( 171,419 M) (2) Banking liquidity: includes cash, interbank deposits, accounts at central banks and unencumbered sovereign bonds 37

38 5. Solid balance sheet ALCO portfolio reinvestment risk partially mitigated by wholesale funding maturities ALCO portfolio evolution 1 In Billion Euros Wholesale funding maturities schedule In Billion Euros Yield 3.3% 3.4% 3.4% 3.4% Average life 2.1y 2.2y 2.6y 2.5y Wholesale maturities as of September 30 th 1.3 bn 6.7 bn bn Dec'13 Mar'14 Jun'14 Sep'14 Significant potential to reduce current cost of wholesale funding (2.4%) as issues gradually mature Spanish sovereign bonds Other (1) Banking book fixed-income securities portfolio, excluding trading book assets, as of the end of the quarter. As part of its ALCO management CaixaBank holds a portfolio of fixed income investments including, among others, bonds guaranteed by the Kingdom of Spain (such as ICO,FADE,FROB and others); ESM bonds; as well as Spanish covered bonds. 38

39 Solvency & Capital management 39

40 5. Solid balance sheet Gradual capital build-up leads to best-in-class metrics CET1 ratio evolution - In % January 2014 September % % +103 bps 12.7% 9M capital generation -38 bps FL impact Phase-in Total Capital 16.2% Leverage ratio 5.9% Fully Loaded 16.0% 5.7% CET1 13.1% 12.7% B3 phase-in B3 phase-in B3 fully loaded CET1 RWAs 18.4 bn bn 18.6 bn bn Solid capital ratios regardless of metric involved BBSAU acquisition is expected to have a limited capital impact of ca. 75 bps (1) The January 2014 figure has been revised to take into account current Basel III phase-in arrangements. The CET1 phased-in ratio computed according to these criteria would have been 12.8% as of 30 June 2014 instead of the 12.7% reported in the 1H 2014 webcast 40

41 5. Solid balance sheet ECB comprehensive assessment confirms excellence in solvency The most solvent 1 amongst the top 10 Euro Area banks 2 BIS III Phase-in CET1 as % of RWA in the adverse scenario Results breakdown BIS III Phase-in CET1 as % of RWA CaixaBank BBVA Santander 10.3% 9.0% 8.9% 10.9 % 10.8 % 12.6 % 10.3% 1,1-4 bps +180 bps -230 bps +110 bps 11.4% Deutsche Bank Crédit Agricole 8.9% 8.8% 2013 Pre- AQR 2013 Post AQR 2016 Baseline 2016 Adverse 2016 Adverse post MCB 3 ING Intesa Sanpaolo Société Générale 8.7% 8.3% 8.1% AQR: Minimal impact (-4bps) Lower impact than peers 2 Overall excess provisioning relative to AQR standard BNP Paribas 8.1% ST Adverse Scenario: UniCredit Threshold 6.8% 5.5% 8bn surplus 3 CABK outperforms Euro Area and Spanish peers 2 Capital surplus of 9.5bn with MCB converted in (1) Source: EBA and ECB. Results for CaixaBank implicit in those officially published by the EBA and the ECB at la Caixa group level. Differences between CaixaBank and la Caixa group results stem from impact of non-financial assets and minority interests in CABK at la Caixa level. (2) Comparison group: top 10 by market capitalization as of October 24 th 2014 at closing. (3) Including the conversion of mandatory convertible bonds ( 1.9 bn) during 1H14, the capital surplus over the minimum threshold reaches ~ 9.5 Bn. 41

42 CaixaBank 1. Overview 2. The leading force in Spanish retail banking 3. International banking 4. Investment diversification 5. Solid balance sheet 6. 9M14 Activity and results 7. Strategy & Macro outlook 8. Final remarks 9. Appendices 42

43 6. 9M14 Activity and results Shift in client savings mix to more value-added products still underway Total funds breakdown In Billion Euros 30 th Sep. YTD qoq Weight of time deposits falls relative to current accounts and managed funds 3 I. Funds on balance sheet Demand deposits Time deposits Retail debt securities Subordinated liabilities (0.8%) 10.7% (6.4%) (2.7%) (6.6%) (1.9%) (2.2%) (4.1%) (0.8%) (6.6%) +11% % % Institutional issuance Insurance Other funds (11.5%) 3.1% (23.9%) 0.4% 1.1% 13.2% Dec'13 Sep'14 Managed funds Time deposits Demand deposits II. Off-balance sheet funds Mutual funds 1 Pension plans Other managed resources 2 Total funds o.w. Retail funds % 26.5% 11.0% (31.5%) 1.2% 3.4% 4.5% 8.3% 3.4% (8.2%) (0.7%) (0.8%) Retail funds grow 3.4% YTD Quarterly evolution impacted by 2Q seasonal effects Structural shift to managed products as low rates persist Current accounts also grow as opportunity cost of liquidity falls (1) This category includes SICAVs and managed portfolios besides mutual funds. (2) Primarily includes regional govt. securities and la Caixa Banking Foundation sub debt (3) Managed Funds encompasses mutual funds, pension funds and insurance volumes 43

44 6. 9M14 Activity and results Intensive RE developer and NPL clean-up contribute to deleveraging trends Loan-book breakdown In Billion Euros, gross 30 th Sep. YTD qoq I. Loans to individuals (4.1%) (2.5%) Residential mortgages home purchases 84.5 (3.4%) (1.1%) Asymmetric deleveraging continues Other II. Loans to businesses (6.1%) (12.1%) (6.5%) (4.4%) Performing loan-book (ex RE) down 1.4% qoq, adjusting for seasonality 1 Corporates and SMEs Real Estate developers la Caixa Banking Foundation and RE subs (10.2%) (21.9%) 110.0% (3.8%) (6.7%) 0.2% 40% of 12.8 bn deleveraging YTD attributable to RE and NPLs : RE developer loan book has declined 22% YTD Loans to individuals & businesses III. Public sector (7.3%) 16.4% (3.2%) 9.3% NPL stock has declined 15% YTD Exposure to public sector increases as ratings improve Total loans (6.2%) (2.6%) Performing loans (ex RE) (4.3%) (1.4%) 1 (1) The Other Loans to individuals category includes pension prepayments which were seasonally higher in June by 1.4 bn 44

45 6. 9M14 Activity and results Net income driven by improvement in core operating results and lower loan loss charges Consolidated income statement In Million Euros Net interest income Net fees Income from investments 1 Gains on financial assets Other operating revenue & exp. 2 Gross income Recurring operating expenses Recurring pre-impairment income Extraordinary operating expenses 9M14 3,074 1, (148) 5,244 (2,824) 2,420 9M13 2,936 1, (150) 5,276 (3,007) 2,269 (832) yoy (%) (35.5) (4.0) (1.6) (0.6) (6.1) 6.7 qoq (%) 3.6 (6.8) 93.2 (77.9) (10.6) (0.5) (21.3) Solid operating performance o NII grows 4.7% yoy as improvement in funding costs accelerates o Fees improve 4.1% yoy while quarter affected by 2Q exceptional performance and seasonality o Strong YTD pre-impairment income recovery slowed by reduction in 3Q trading income Pre-impairment income Impairment losses 2,420 (1,799) Profit/loss on disposal of assets and others 3 (156) 1,437 (3,449) 2, (47.8) (21.3) (26.9) 10.4 o Maintaining cost discipline drives recurrent operating costs down -6.1% yoy / flat qoq Pre-tax income Taxes 4 Profit for the period Minority interests (6) (8.8) 5.9 Loan loss charges improve significantly on a path to normalisation Profit attributable to the Group (1) Includes dividends and income from associates (2) 2014 includes 101 M income from the insurance business and -249 M deposit guarantee fund contribution includes 79 M income from the insurance business and -215 M deposit guarantee fund contribution (3) 2014 includes losses from the sale of foreclosed assets includes mainly BdV badwill and the capital gain of the partial disposal of Inbursa (4) Taxes mainly affected by the exemption of income from investments 45

46 6. 9M14 Activity and results Consolidated income statement, by business segment Core business leads recovery in profitability In Million Euros 9M14 Banking & insurance (ex -Real Estate) Real Estate activity 1 Equity Investments Net interest income 3,074 3,306 (1) (231) Net fees 1,374 1,369 5 Income from investments Gains on financial assets & other oper. rev. & exp (116) 73 Gross income 5,244 5,245 (112) 111 Recurring operating expenses (2,824) (2,744) (78) (2) Pre-impairment income 2,420 2,501 (190) 109 Impairment losses (1,799) (1,107) (692) Profit/loss on disposal of assets and others (156) (174) 18 Pre-tax income 465 1,394 (1,056) 127 Taxes Profit attributable to the Group (357) 1, (742) Own funds (average, Bn) ROE (%) Cost-to-income (9 mths) % 53.9% % 52.3% 1.8 (54.5%) % Banking & insurance (ex RE) Core businesses leads to a gradual improvement in profitability Significant improvement in CoR Real Estate activity Strong provisioning effort continues 305 Investments 305 Income normalises after the 2Q one off impact from EBS profit warning (1) The Real Estate activity includes primarily loans to RE developers and foreclosed real estate assets 46

47 6. 9M14 Activity and results 2014 NII to benefit from lower funding costs and slowing pace of deleveraging NII up ~5% yoy driven by lower funding costs- more than offsetting deleveraging and lower loan yields NII, in Million Euros +4.7% 9M13: 2,936 9M14: 3,074 Customer spread up 8 bps qoq driven by sustained reduction in time deposit costs In % Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q , ,022 1,059 Loans and credits Customer funds Customer spread NIM improvement fuelled by stable asset yields and funding cost improvement In % 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q % Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Total assets Total liabilities NIM 47

48 6. 9M14 Activity and results Retail funding costs remain on a clear downward trend Sustained reduction in time deposits costs Time deposits and retail CP - Back vs. front book (bps) Loan yields flex as low rates passed on Loan book yields - Back vs. front book (bps) Back Front bps bps bps bps bps +158 bps bps +103 bps +172 bps +124 bps +123 bps bps +96 bps +76 bps Back Front 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Front book falls 79 bps in 12 months New ECB measures reinforce these trends Still some room for improvement in the front book Loan yields compress as lower cost of funding is passed on to clients New production still generates attractive returns 12M Euribor affecting mortgage back book 48

49 6. 9M14 Activity and results Positive performance in insurance and mutual funds offset by seasonality and 2Q exceptionals Net fees In Million Euros Net fee breakdown In Million Euros 9M14 yoy (%) qoq (%) +4.1% Banking fees 964 (4.0) (10.4) 9M13: 1,320 9M14: 1,374 Mutual funds Insurance and pension plans Net fees 238 1, (4.9) (6.8) 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q % 4.1% yoy fee growth above 14E guidance of 2-3% 3Q impacted by seasonality and 2Q strong performance Mutual funds still showing strong quarterly growth 49

50 6. 9M14 Activity and results Asset management is a significant and growing contributor to fee income InverCaixa: growth in AuM and investors Growth in AuM and number of investors YTD, in % Breakdown by type of investment vehicle 1 In Billion Euros AuM # of Investors +27% +28% +17% % % % 11.3 Dec'13 Sep'14 Dec'13 Sep'14 Dec'13 Passively managed Actively managed Sep'14 SICAVs, managed portfolios and third party Clients find guaranteed and FI funds an attractive alternative to low-yielding term deposits Asset management mix improves towards higher value added products Wide range of funds offering provides an operating hedge for low rates (1) These figures differ from the AuMs of InverCaixa due to the category SICAVs, managed portfolios and third party funds. The actively managed funds category includes stock, balanced and fixed income funds; the passively managed funds category includes guaranteed funds with a target return. 50

51 6. 9M14 Activity and results Cost base reduction evolves in line with expectations Evolution of operating costs In Million Euros ,839 Recurrent costs -6.1% 832 Extraord. 9M13: 3,007 9M14: 2,824 1,019 1, Impact of BCIV/BdV cost synergies reduce expenses by -6.1% yoy Cost discipline expected to keep recurring cost base flat 9M13 Total costs 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 51

52 6. 9M14 Activity and results Recovery in core operating income sets a clear path for sustainable profitability Core Operating Income: clear upward trend NII + Fees - Recurring Expenses (In Million Euros) +30% 9M13: 1, M14: 1, Solid evolution of Core Banking Operating Income based on: o Recovery of NII based on spreads improving as funding costs normalise o Improvement in fees driven by a shift in client savings mix to life insurance and assets under management o Strict cost discipline keeping costs flat 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q % 52

53 6. 9M14 Activity and results Loan loss charges make a step change on path to sustainable cost of risk Positive trends in Cost of Risk continue despite denominator effect Sustained reduction of recurrent credit provisioning In Million Euros 2.98% 2.30% 1.95% 1.86% 1.08% % 1.17% 1,07% average: ~ average: ~ Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 2,764 M Progressive normalisation in the level of charges with CoR down 87 bps yoy Decline in quarterly charges supported by: more benign macro and collateral environment lower NPL entries absence of major extraordinary items recoveries related to sales of written-off loans and NPLs ( 40 M capital gain) (1) CoR is the ratio of YTD loan loss provisions (annualised) divided by the gross amount of loans, advances and contingent liabilities to customers, as of the end of the quarter 53

54 6. 9M14 Activity and results Delivering on our guidance Target: ~5% growth in NII NII, in Million Euros Target: +2-3% growth in net fees Net fees, in Million Euros 3,955 ~ 5% 1, % 9M13: +5% 9M14: 2,936 3,074 9M13: +4% 9M14: 1,320 1,374 FY2013 FY2014 FY2013 FY2014 Target: Cost efficiency Recurring operating costs, in Million Euros Target: Gradual reduction of the cost of risk Cost of risk, in basis points 3,947-5% bps 9M13: -6% 9M14: 3,007 2,824 FY13: 108 FY14: 60 FY2013 FY2014 4Q13 9M14 Normalised level 54

55 CaixaBank 1. Overview 2. The leading force in Spanish retail banking 3. International banking 4. Investment diversification 5. Solid balance sheet 6. 9M14 Activity and results 7. Strategy & Macro outlook 8. Final remarks 9. Appendices 55

56 7. Strategy & Macro outlook Key strategic initiatives Strengthen leadership in retail banking Diversify operations towards corporate banking 15% market share in business volume 35% of loan book (excluding Real Estate developers) geared towards corporate banking (from 29% in 2010) TBD 3 Balance out geographical presence Accelerate growth outside Catalonia and Balearic Islands (to 65% share in business volume, up from 55% in 2010) 4 Develop international strategy Strengthen existing alliances Increase business abroad with existing and new clients 5 Maintain financial strength Pre-emptive management of solvency, liquidity and risk. Core capital B3 8%-9% 6 Improve profitability Targeted ROE in mid-teens in the medium term TBD 7 Increase efficiency and structural flexibility 8 Manage talent 9 Communicate Structural optimisation Leverage new technologies Appraise performance Enhance professional growth opportunities Internal communication External communication to all stakeholders 56

57 7. Strategy & Macro outlook A weak macroeconomic outlook with low interest rates Macroeconomic outlook-spain Y-o-y growth, Annual averages (%) Real GDP growth e 2015e Base case Interest rates Inflation (end of period) Unemployment rate ,5 4,0 3,5 ECB Euribor 3m Euribor 12m Housing prices (nominal growth) ,0 Financial outlook Deposit growth (end of period) ,5 2,0 1, Loan growth (end of period) 1 3 month Euribor rate (%) 12 month Euribor rate (%) ,0 0,5 0, J A Jl O J A Jl O J A Jl O J A Jl O J A Jl O (1) Deposits and credit to the private sector excluding monetary financial institutions; deposits do not include commercial paper. Source: la Caixa Research Department. Forecasts as of October 3,

58 CaixaBank 1. Overview 2. The leading force in Spanish retail banking 3. International banking 4. Investment diversification 5. Solid balance sheet 6. 9M14 Activity and results 7. Strategy & Macro outlook 8. Final remarks 9. Appendices 58

59 8. Final remarks Key takeaways 1. Business volumes in line with prior trends Retail funds up 3.4% YTD with quarter impacted by seasonality (-0.8% qoq) Ongoing structural shift to managed funds (+14% YTD/4% qoq) Deleveraging continues: performing loan-book (ex RE) down 1.4% qoq Barclays Spain provides M&A volume boost in a low-growth environment 2. Solid core income progression NII improvement continues (+4.7% yoy / +3.6% qoq): o driven by reduction in funding costs o front book now at 58 bps (vs 77 bps 2Q) Fees (+4.1% yoy / -6.8% qoq) reflect positive trends in managed funds and 2Q strong performance/seasonality Recurrent operating costs as expected: -6.1% yoy/flat qoq Net income (1.6% yoy / +5.3% qoq) underpinned by core income growth and steep decline in loan loss charges 3. Continued asset quality improvement NPL stock falls for fifth consecutive quarter (-5% qoq,-15% YTD) while ratio declines for third consecutive quarter to 10.48% RE developer loan book undergoes an intensive clean-up (-21.9% YTD / -6.7% qoq) and leads correction in NPLs Cost of Risk improves further to 108 bps 4. Best in class capital metrics 12.7% CET1 16.0% Total capital 5.7% Leverage Ratio BIS 3 Fully loaded 59

60 CaixaBank Corporate presentation Appendices 60

61 Appendices Refinanced loans p. 61 Segment reporting p. 63 Ratings p. 65 Financial statements p. 67 International banking p. 70 Corporate governance p. 75 Acquisition of Barclays SAU p

62 Refinanced loans Total refinanced loans as of 30 September 2014 Bn Performing Substandard NPL Total Public Sector Corporates (ex-re) RE Developers Retail Total Of which: Total Non-RE Existing provisions

63 Appendices Refinanced loans Segment reporting Ratings Financial statements International banking Corporate governance Acquisition of Barclays Bank SAU 63

64 Segment reporting Segment reporting: methodological considerations Banking & Insurance Includes: banking income (retail banking, corporate, treasury and markets); income from insurance activities; liquidity management and ALCO (which funds and allocates capital to other businesses) 2014 data reports separately real estate activity, which has as assets: o Loans managed by a business unit that operates, mainly, through specialized real estate loan centers o Foreclosed real estate assets owned, mainly, by the real estate subsidiary Building Center o Other real estate-related assets and subsidiaries Equity investments Includes international banking investments, the stakes of Repsol and Telefónica, as well as other significant stakes Cost of financing from the banking and insurance business: 10 year Spanish Government yield + a spread Capital allocation Capital allocation by business: o According to BIS III fully-loaded regulatory capital consumption (based on credit, market and operational risks and deductions). Corporate target for the CaixaBank Group: CET1 10% of RWAs o The capital surplus is allocated to the Banking & Insurance business 64

65 Appendices Refinanced loans Segment reporting Ratings Financial statements International banking Corporate governance Acquisition of Barclays Bank SAU 65

66 Ratings Ratings Long term CaixaBank credit rating Short term Outlook Rating of CaixaBank s covered bond program 1 Moody s Investors Service Baa3 P-3 stable A1 2 BBB- A-3 positive A BBB F2 positive 3 - A (low) R-1 (low) negative 4 - (1) On May 29, 2014, Moody s Investor Services confirmed the rating and the outlook. On February 25, 2014, Moody s Investor Services upgraded the rating of CABK s covered bond program from A3 to A1 (2) On June 4, 2014, Standard & Poor s affirmed the rating and revised the outlook from stable to positive. On October 14, 2014, Standard & Poor s downgraded the rating of CABK s covered bond program from AA- to A as a result of a methodology revision. (3) On July 1, 2014, Fitch affirmed the rating and revised the outlook from negative to positive (4) On September 5, 2014, DBRS affirmed the rating and the outlook 66

67 Appendices Refinanced loans Segment reporting Ratings Financial statements International banking Corporate governance Acquisition of Barclays Bank SAU 67

68 Financial statements Balance sheet million Sep. 30, 2013 Sep. 30, 2014 Cash and Central Banks Trading portfolio Available-for-sale financial assets Loans Deposits at credit institutions Customer loans Debt securities Investment portfolio at maturity Non-current assets held for sale Investment portfolio Property and equipment Intangible assets Other assets Total assets Liabilities Trading portfolio Financial liabilities at amortized cost Deposits by credit institutions and Central Banks Customer deposits Marketable debt securities Subordinated debt securities Other financial liabilities Insurance liabilities Provisions Other liabilities Equity Shareholders' equity Profit attributable to the Group Equity adjustments by valuation Total liabilities and equity

69 Financial statements P&L January-September Change million % Financial income (6,7) Financial expenses (3.494) (4.107) (14,9) Net interest income ,7 Dividends Share of profit (loss) of entities accounted for using the equity method (43,4) Net fees and commissions ,1 Gains on financial assets and exchange rate differences (4,0) Other operating income and expenses (148) (150) (1,6) Gross income (0,6) Recurring expenses (2.824) (3.007) (6,1) Extraordinary expenses (832) Pre-impairment income ,4 Pre-impairment income stripping out extraordinary costs ,7 Impairment losses on financial assets and others (1.799) (3.449) (47,8) Gains/(losses) on disposal of assets and others (156) Pre-tax income ,9 Income tax Profit for the period ,0 Minority interest (6) Profit attributable to the Group ,6 69

70 Appendices Refinanced loans Segment reporting Ratings Financial statements International banking Corporate governance Acquisition of Barclays Bank SAU 70

71 International Banking International banking investments: Erste Bank Net loss attributed to extraordinary impacts; comfortable capital position M 9M14/ Sep 14 % Change 1 Gross Loans 128, % Deposits 120, % Total Assets 196,973 (1.6%) Net Interest Income 3,369.6 (4.2) Operating profit 2,348.1 (0.6%) Net profit -1, Cost to income ratio 52.3% NPL ratio 8.9% Coverage ratio 68.8% Loan to Deposit % Core Tier I (BIS III) 10.8% Employees 46,037 Branches 2,809 Main Agreements (Jun 09) Preferred Partner Agreement: CaixaBank may increase its stake in Erste Group up to 20% with prior consent of Erste Foundation (main shareholder) Strategic collaboration agreement: o o CaixaBank: preferred co-investor partner Cooperation between Erste and la Caixa in the development of banking services and products Share price performance Erste Bank MSCI World Banks 0 Jan-09 Nov-11 Oct % +23% (1) Balance Sheet % Change refers to YTD variations (2) Loan to deposit calculated over net loans (1) Share price evolution from 1st Jan 09 to 28 th October 14 71

72 International Banking International banking investments: The Bank of East Asia Solid, positive results. Above market expectations HKD M 6M14/ Jun 14 % Change 1 Gross Loans 2 438,802 8% Deposits 559,512 5% Total Assets 805,349 7% Net Interest Income 6,241 10% Net operating Income 4,309 13% Net Profit 3,580 6% Cost to income ratio 53% NPL s 0.44% Coverage ratio 60% Loan to Deposit 2 83% Core Tier l 11.6% Employees 12,801 Branches 234 (1) Balance Sheet % Change refers to YTD variations (2) Includes Loans and trade bills Main Agreements (Jun 09) Strategic investment agreement: CaixaBank may increase its stake in BEA up to 20% with prior agreement of BEA Strategic collaboration agreement: o BEA: exclusive platform for potential financial investments in the Asia Pacific region o Cooperation between BEA and CaixaBank in the development of banking services and products o Collaboration between BEA and la Caixa Foundations Established an agreement to create a joint- venture for autoloans business in China (Aug 12) Share price performance BEA MSCI World Banks 0 Jan-09 Nov-11 Oct-14 (1) Share price evolution from 1st Jan 09 to 28 th October % +48% 72

73 International Banking International banking investments: Grupo Financiero Inbursa Impressive solvency and solid business MXN M 9M14/ Sep 14 % Change 1 Gross Loans 191,853 (4%) Total Customer Funds 439,150 8% Total Assets 366,999 2% Net Interest Income 11,047 14% Net Operating Income 17,248 5% Net profit 13,168 57% NPL's 3.8% Coverage ratio 274% Loan to Deposit 118% TIER % Employees 7,115 Branches 326 Sales Force 15,884 Main Agreements (Jun 13) Existing shareholders agreement certifies the exclusivity of CaixaBank as a partner of Inbursa Retail Banking Business Plan in Mexico: Reaching 500 light commercial branches by 2015 Clear customer orientation: product development to boost retention and cross-selling A CABK resident executive manager ensures on-site transfer of retail banking know-how from CABK to Inbursa Share price performance GFI MSCI World Banks 40 Jan-09 Nov-11 Oct % +48% (1) Balance Sheet % Change refers to YTD variations (2) August 2014 (1) Share price evolution from 1st Jan 09 to 28 th October 14 73

74 International Banking International banking investments: Grupo Financiero Inbursa Inbursa: successful implementation of our Partnership Model An increasingly successful alliance Strategic Alliance since Oct 08 Retail Business Plan The Plan has been successfully implemented despite the crisis Collaboration extended to Corporate Banking Excellent relations further reinforced 9.01% stake 2 board members + 1 executive member Focus on Final Retail Customer : maximize cross-selling and customer retention, with support of la Caixa s know-how. Branch network development to enhance commercial effectiveness and service quality Branch Network growth: 326 branches in September 2014 (3x since 2008). Appointment of a new Commercial Director who coordinates Product and Regional Directors. Creation of a Quality & Service Department to guarantee proper levels of service. Implementation of Management Control and Commercial Agenda tools. 9 workshops in Spain with all of Inbursa s Commercial Managers. Knowledge transfer in key Retail Banking areas: branch network management, sales-force effectiveness, product design, data mining, electronic channels and IT management. Joint innovation in electronic banking, ATMs, point-of-sale. Client referral: joint corporate lending to Spanish/Mexican companies. Since Feb. 2013, a CABK senior relationship manager has joined Inbursa s Corporate Banking division Preferred Correspondent Bank: joint campaigns in foreign trade products. Inbursa Foundation: endowment and joint projects in Mexico. Potencial for inorganic growth Inbursa shall become platform for new equity investments in Latin America. 74

75 Appendices Refinanced loans Segment reporting Ratings Financial statements International banking Corporate governance Acquisition of Barclays Bank SAU 75

76 Corporate Governance CaixaBank Board of Directors and Committees Board of Directors Proprietary directors 10 Banking Foundation la Caixa 8 Cajas 1 2 Executive director 2 The Internal Relations Protocol between the Banking Foundation la Caixa and CaixaBank has as main objectives: To define the general parameters that are to govern any business or services intragroup To govern the proper flow of information Independent directors 6 Commitees Audit and control Members: 3 Proprietary ( la Caixa BF): 1 Independents: 2 Executive Members: 8 Executives: 2 Proprietary ( la Caixa BF): 4 Independents: 2 Appointments Members: 3 Proprietary ( la Caixa BF): 1 Independents: 2 Remuneration Members: 3 Proprietary ( la Caixa BF): 2 Independent: 1 Risks Members: 5 Proprietary ( la Caixa BF): 2 Independents: 3 (1) Fundación Caja Navarra, Fundación de Carácter Especial Monte San Fernando, Caja General de Ahorros de Canarias and Caja de Ahorros Municipal de Burgos 76

77 Appendices Refinanced loans Segment reporting Ratings Financial statements International banking Corporate governance Acquisition of Barclays Bank SAU 77

78 Acquisition of Barclays Bank SAU Transaction Summary CaixaBank ( CABK ) to acquire 100% of shares in Barclays Bank SAU ( BBSAU ) from Barclays PLC in exchange for cash consideration of 800 MM (1) BV of BBSAU 2014E of 1.7 Bn. Implies P/BV of 0.47x Fair Value adjustments estimated at approximately 0.4 Bn post-tax Restructuring costs of ~ 0.3 Bn post-tax The scope includes 100% of Barclays Bank s Retail, Wealth and Corporate businesses in Spain, excluding the investment banking and credit cards businesses Comprehensive due diligence process successfully completed Earnings-accretive from year 1 with ROIC already above 10% in 2016 Subject to approvals by Bank of Spain, CNMV and Spanish competition authorities Expected closing of the transaction in December 2014 / January 2015 (1) Final price and fair value adjustments to be determined post closing based on actual net asset value at 31/12/14. 78

79 Acquisition of Barclays Bank SAU Net customer loans (1) ( Bn) June 2014 BBSAU: 18 CABK: Deal consolidates retail banking leadership in Spain Customer deposits + AuMs (2) ( Bn) 1 st June st BBSAU: 15 CABK: CABK + BBSAU PF Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 CABK + BBSAU PF Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Customer penetration (3) (%) December % 1 st Payrolls - Market share (%) December % 1 st 14% 11% 10% 6% 3% 16% 11% 9% 6% 3% CABK + BBSAU PF Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 CABK + BBSAU PF Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Latest available information. Peer group includes BBVA Spain (inc RE and pro forma Catalunya Banc), Santander Spain (inc RE), Bankia, Sabadell and Popular. (1) Net loans as shown in H interim statements and other public information (2) Includes customer deposits as shown in H1 interim statements and AuMs. Figures for BBSAU include 9.9 Bn deposits and 4.9 Bn AuMs (3) Customer penetration defined as primary banking relationship Source: FRS, Company Information 79

80 Acquisition of Barclays Bank SAU BBSAU: the largest international bank franchise in Spain BBSAU: key figures (1) June 2014 Assets Net loans Customer Deposits (2) AuMs (3) Shareholder funds Total Capital Branches (1) Customers (4) Employees 21.6 Bn 18.4 Bn 9.9 Bn 4.9 Bn 1.7 Bn 14.5% 271 c. 555,000 2,446 Ranked 13 th by Total Assets % of Combined 6% 9% 5% 8% 7% n.a. 5% 4% 7% Domestic Branch Network (1) June branches < >50 33 Serves most important economic regions, with a focus on Madrid (1) Not adjusted for sale of 9 branches to Caja Rural Castilla La Mancha in 2014 (~ 350 MM in loans and 150MM in deposits to be transferred). (2) Includes repos (3) Data for BBSAU includes average mutual funds and SICAVs for June 2014 (4) Includes retail banking clients only 80

81 Acquisition of Barclays Bank SAU An affluent segment oriented bank with c. 555,000 customers 1 Loan book breakdown (2) June 2014 Customer Funds breakdown (2) June 2014 In % Corporates & SMEs (ex. RE) 3.1 Bn Other Retail 0.9 Bn RE Developers 0.9 Bn 15.9% 4.4% 4.7% 0.4% Public Sector 0.1 Bn 74.6% Residential Mortgages 14.6 Bn In % AuMs Bn Other Deposits 0.7 Bn Term Deposits 2.6 Bn 33.3% 4.9% 17.3% 44.6% Sight Deposits 6.6 Bn Total gross loans 19.6 bn (2) Total Customer Funds 14.8 bn (2) (1) Includes retail banking clients only (2) Not adjusted for sale of 9 branches to Caja Rural Castilla La Mancha in 2014 (~ 350 MM in loans and 150MM in deposits to be transferred). (3) Includes 4.3 Bn mutual funds and 0.7 Bn SICAVs 81

82 Acquisition of Barclays Bank SAU Attractive shareholder value creation Key Terms (In Billion Euros) BBSAU Book value as of 31 st December 2014E 1.7 Price of the transaction (1) 0.8 Implied P/BV multiple 2014E 0.47x FV Adjustments post-tax (1) 0.4 Restructuring costs post-tax 0.3 Earnings accretive from Year 1 onwards ROIC already above 10% in 2016 Estimated ~ 80 MM of Net Income contribution in 2016 Fair Value adjustments mostly associated to credit adjustments and partially compensated by revaluation adjustments Restructuring costs related to efforts to right-size the combined entity (1) Final price and FV adjustments to be determined post closing 82

83 Acquisition of Barclays Bank SAU We expect ~ 150 MM of pre-tax cost synergies by 2016 with an NPV of 0.8 Bn Annual pre-tax cost savings target ( MM) E 2016E Estimated cost synergies of 42% of BBSAU's 1H14 annualised operating expenses ~ 150 MM of annual pre-tax costs savings achieved by 2016 Cost synergies NPV of 0.8 Bn (net of restructuring costs) Significant potential to generate income synergies Lower cost of customer deposits is a key driver Cross-selling of insurance products to promote growth in net fee income CABK s superior digital banking platform to drive growth in transactional banking and build client loyalty Access to more convenient distribution network and wider product range to increase loyalty and product penetration 83

84 Acquisition of Barclays Bank SAU CaixaBank will maintain better asset quality than its peer group 1 NPL ratio (%) NPL coverage (%) June 2014 June 2014 PF for Transaction and FV Adj. (2) (2) (2) (2) (3) (3) NPL ratio below the peer average NPL coverage above the peer average. Coverage PF post FV adjustments increases (1) Peer group includes: BBVA Spain (inc RE but not adjusted for acquisition of Catalunya Banc), Bankia, Bankinter, Popular, Sabadell and Santander Spain (inc RE) (2) Reported NPL and coverage ratios as of June 2014 (3) Calculated including contingent liabilities. BBVA Spain and Santander Spain figures do not include contingent liabilities 84

85 Institutional Investors & Analysts Contact We are at your entire disposal for any questions or suggestions you may wish to make. To contact us, please call or write to us at the following address and telephone number: Av. Diagonal, Barcelona

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