Corporate presentation. (Status: 31 December, 2015)

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1 (Status: 31 December, 2015)

2 Agenda 1. Profile & business model 2. Financial and business performance 3. Focus on customer groups 4. The Genossenschaftliche FinanzGruppe 5. Corporate citizenship 2

3 We are the cooperative central institution for the 182 cooperative banks in Rhineland and Westphalia WGZ BANK in a nutshell Central institution for 182 local cooperative banks in Germany s Rhineland and Westphalia regions for over 130 years Initiative and subsidiary supplements to the services provided by our member banks in national and international business As a corporate and trading bank, we are a long-standing partner for small and medium-sized entities in the Rhineland and Westphalia regions We offer a broad range of specialized and tailor-made products and services for corporate customers and capital market partners 3

4 WGZ BANK is situated in western Germany and at the heart of Europe The business region of WGZ BANK Rhineland and Westphalia Our core business territory is one of the leading economic regions in the world The No. 1 investment location: over a quarter of all foreign businesses in Germany are based in this region An attractive place to do business: population of almost 18 million 1), and GDP of around 637 billion 1) (which equates to 22 % of the German GDP 1) ) NRW is one of the most important economic regions in Europe, with a 4.6 % share of the European GDP 1) Federal Statistical Office and the statistical offices of the Federal States, February

5 Who we are: our guiding principles We work to promote the Genossenschaftliche FinanzGruppe. We listen to our customers. We operate sustainably. We are the cooperative central institution for our member banks, as well as being a corporate and trading bank. We seize opportunities. We actively pursue cooperations. We are only satisfied when you are. We drive forward new ideas. We are totally committed. 5

6 An overview of WGZ BANK Group Subsidiaries Client groups Equity investments % 100 % 100 % Member banks Corporate clients Capital market partners Public sector customers Real estate clients 50.0 % 22.0 % 20.5 % 1) 19.0 % 16.5 % 15.0 % 15.0 % 10.1 % 6.7% 2) 1) Direct (Union Asset Management Holding AG, Frankfurt) and indirect (via VR GbR, Frankfurt) participation 2) Indirect participation via DZ Holding GmbH & Co. KG 6

7 WGZ BANK offers a broad range of services to its customers Member banks Corporate clients Capital market clients Real estate clients Public sector customers Strategic bank management Lending business Securities business Payments processing Interest-rate and currency management Custodian bank services Finance Payments processing Public sector development loans Investment banking Interest-rate and currency management Investment products/ asset management Equities/ equity derivatives Interest-rate/ foreign exchange trading Derivatives trading Treasury Custody services/ asset services Payments processing Finance/ trade finance Home finance (retail business & cooperative financial network) Capital market loans and KfW development bank loans for the institutional housing sector Capital market loans for investment funds and investors Financing of housing, commercial real estate, office buildings, retail premises and specialpurpose property Financing of local authorities and municipal entities Short-term loans to local authorities and loans to public sector entities 7

8 Retail banking business of our member banks shows solid and continuous growth Business trend of the WGZ member banks ( billion) Total assets Customer deposits Customer loans The credit volume of the regional FinanzGruppe increased in 2014 by 4.6 % to 127 billion. Customer deposits increased by 4.3 % to 146 billion Source: Regional FinanzGruppe 8

9 and the number of members of the cooperative banks affiliated to WGZ has been constantly rising for years Number of members of the cooperative banks affiliated to WGZ BANK (million) In 2015, the number of members increased by more than 42,000 Members and customers not only have access to 2,095 branches for their banking transactions, but also to digital communication and transaction channels, as part of the omnichannel strategy of the Genossenschaftliche FinanzGruppe Source: Regional FinanzGruppe 9

10 Strong partners at your side the WGZ BANK Group Subsidiary of WGZ BANK (90.92% stake) Pfandbrief institute in the Genossenschaftliche FinanzGruppe Competence center for real estate finance and public sector customers Wholly owned subsidiary of WGZ BANK Participation in international syndicated loan business Expansion of international business, in particular business with international clients Wholly owned subsidiary of WGZ BANK Consulting and operational support for local authorities, the private sector and specialized service providers within the cooperative sector 10

11 Our actions are oriented to the principle of sustainable development We operate sustainably. We see our cooperative values as an expression of sustainability. We always consider the consequences of our actions and use our resources responsibly. We promote the region. Prime Status C Rating Social and environmental rating: above average Industry: financials/ public & regional banks 72 Points Above average rating with 72 out of 100 points (ranked 25 out of 350 in the industry group "Banks") positive/ neutral Environment: average rating Social and governance: impressive performance 11

12 Current credit ratings of the WGZ BANK Group Rating Long-term bank deposits Aa1 Short-term bank deposits P-1 BCA 1) baa2 Outlook stable Risk profile Rating Public sector Pfandbriefe Mortgage Pfandbriefe Non-current liabilities Current liabilities Outlook AAA AAA AA- A-1+ stable Capital adequacy Liquidity Rating Long-term bank deposits A2 Short-term bank deposits P-1 BCA 1) baa2 Outlook positive Business model 1) BCA = Baseline Credit Assessment 12

13 Board of Managing Directors responsibilities Hans-Bernd Wolberg (Chairman) Uwe Berghaus Central services Human resources Member banks Internal audit Compliance Corporate customers Investment subsidies Legal affairs Karl-Heinz Moll Michael Speth Capital market partners & trading Treasury Finance Credit back office Financial control and planning Dr. Christian Brauckmann Financial markets operations Organization & services Payments processing 13

14 Agenda 1. Profile & business model 2. Financial and business performance 3. Focus on customer groups 4. The Genossenschaftliche FinanzGruppe 5. Corporate citizenship 14

15 We remain on a stable course thanks to our tried and tested business model With an operating profit of million in 2015, WGZ BANK Group exceeded the good result of the previous year by 12.6 % Administrative expenses rose by 3.1 % to million, mainly as a result of the contribution to the European Single Resolution Fund, which was due for the first time With a cost/income ratio of 47.6 %, WGZ BANK Group still ranks among the leading group of financial services providers Core Tier 1 capital ratio is 14.6 % 1) ; Tier 1 capital still consists solely of core Tier 1 capital and contains no hybrid capital instruments Moody s has assigned a long-term deposit rating of Aa1 to WGZ BANK. This is currently the highest rating assigned to a private bank in Germany 1) Taking into account the year-end results of 2015, in accordance with the new CRR regulations 15

16 Financial performance of WGZ BANK Group (IFRS) 16

17 WGZ BANK Group s financial performance as at December 31, 2015 and year on year change (IFRS) Change million million million (%) Net interest income Allowances for losses on loans and advances >+100 Net fee and commission income Gains and losses on trading activities Gains and losses on investment activities Gains and losses on equity investments Gains and losses arising on hedging transactions Administrative expenses Other net operating income >+100 Income before taxes Taxes Income after taxes Cost/income ratio

18 Net interest income including current income rose by 4.1 % year on year Net interest income including current income - of WGZ BANK Group under IFRS ( million) +4.1 % Net interest income is 21.1 million (4.1 %) higher than that of the corresponding period The increase especially reflects the positive development in interestbearing business transactions, in particular with the corporate clients of WGZ BANK and the real estate clients of WL BANK

19 WGZ BANK Group s net fee and commission income decreased by 15.4 million to 53.4 million Net fee and commission income of WGZ BANK Group under IFRS ( million) Net fee and commission income is 15.4 million (22.4 %) below the previous year s figure % 53.4 As a result of its extremely successful brokerage business, the commission expenses of WL BANK amounted to 45.9 million (previous year: 29.5 million), which will, however, be more than compensated over the coming years by sustained interest income from real estate financing

20 Net trading income decreased by 33.1 % to million Net trading income of WGZ BANK Group under IFRS ( million) Net trading income declined by 33.1% to million % The high income of the previous year ( million) resulted primarily from the continuing stabilisation of the sovereign debt crisis as well as the positive development of the financial markets, which did not occur to the same extent in

21 Investment income improved by 23.7 million Investment income of WGZ BANK Group under IFRS ( million) Investment income amounted to million (previous year million) and was above all affected by value adjustments in the equity investment portfolio % 21

22 Administrative expenses rose by 9.1 million to million Administrative expenses of WGZ BANK Group under IFRS ( million) % Administrative expenses increased by 3.1% to million, predominantly as a result of the contribution to the European Single Resolution Fund, which was due in 2015 for the first time. With a cost/income ratio of 47.6 % (previous year 47.2 %), WGZ BANK Group is still above average in comparison with the banking sector as a whole. 22

23 WGZ BANK Group achieved earnings after taxes of around 200 million in challenging market conditions WGZ BANK Group s profit/loss before and after taxes under IFRS ( million, rounded) Profit/loss before taxes Net profit/loss With operating income of million (under IFRS) in 2015, WGZ BANK Group exceeded the good result of the previous year ( million) by 12.6 % The result reflects in particular the positive development in interestbearing business transactions, the good risk quality of the lending portfolio and the stable cost development After taking into account taxes of million, WGZ BANK Group generated a net profit of million for

24 WGZ BANK Group s total assets declined by 5.4 % compared with the year-end figure for 2014 Total assets of WGZ BANK Group under IFRS ( billion) % 89.8 As part of a reduction of trading assets and securities portfolios, total assets declined under local as well as international accounting standards in comparison with the previous year Total assets declined as follows: WGZ BANK Group by 5.1 billion to 89.8 billion; WGZ BANK AG by 0.5 billion to 47.8 billion; and WL BANK by 1.5 billion to 36.7 billion. 24

25 WGZ BANK Group has a comfortable level of capital. Its Tier 1 capital ratio currently amounts to 14.6 % WGZ BANK Group s total capital ratio and Tier 1 capital ratio (%) Following the successful capital increase of 2014, the capital base was further strengthened in 2015 though profit retention. As at year end 2015, the Tier 1 capital ratio of WGZ BANK Group was 14.6%, and thus considerably higher than the minimum requirement imposed by the ECB. Under new CRR regulations Total capital ratio 1) Tier 1 capital ratio 1) Tier 1 capital still consists solely of core Tier 1 capital and contains no hybrid capital instruments (such as dormant capital contributions or Tier 1 bonds) 1) Taking into consideration the financial statements of

26 Financial Performance WGZ BANK AG (HGB) 26

27 WGZ BANK AG's financial performance as at December 31, 2015 and year on year change (HGB) December 31, December 31, Change million million million (%) Net interest income Current income Net fee and commission income Net trading income Other net operating income <-100 Administrative expenses Operating profit before allowances for losses on loans and advances Net allowances for losses on loans and advances Operating profit Net income from other business Income before taxes Taxes Income after taxes

28 Net interest income is below the previous year s level Net interest income of WGZ BANK AG under HGB ( million) -4.6 % Stable interest income from business with corporate clients despite continued pressure on margins. Volume growth from 7.9 billion to 8.5 billion. Calculated term mismatch showed improvement on a sustained low level compared with the previous year

29 Current income considerably higher than the previous year Current income of WGZ BANK AG under HGB ( million) Higher dividend payments from % Union Asset Management Holding ( 44.3 million, previous year: 36.3 million), DZ Holding ( 13.8 million, previous year: 10.4 million) as well as higher total contributions of WL Bank as a result of a higher tax allocation ( 23.0 million, previous year: 12.8 million) 29

30 Net fee and commission income slightly below last year s level WGZ BANK AG s net fee and commission income under HGB ( million) -5.6 % Growth mainly in securities business and asset management Decrease in commission income from derivatives trading and payments processing Income is below budget, partially as a result of reclassification of expenses for card business (previously material expenses, million) 30

31 Net trading income higher than the previous year s level Net trading income of WGZ BANK AG under HGB ( million) % 90.7 Market-driven income of 34.1 million (- 8.9 million) Interest and commission from trading activities amounted to 55.9 million (- 0.9 million) No allocation to 340e HGB Reserves ( 58.4 million), since mandatory minimum allocation has already been achieved

32 Administrative expenses unchanged compared to previous year Administrative expenses of WGZ BANK AG under HGB ( million) Administrative expenses remained basically unchanged % 32

33 Net allowances for losses on loans and advances improved considerably Net allowances for losses on loans and advances of WGZ BANK AG under HGB ( million) % Fair value gains and losses on securities in the liquidity reserve declined compared with the very good figure of the previous year 77.3 ( million) Fair value gains and losses on loans and advances was positive, at 4.9 million

34 Development of operating profit Operating profit of WGZ BANK AG under HGB ( million, rounded) Operating profit (after allowances for losses on loans and advances) amounted to million, 6.4 % above the previous year s level Operating profit before allowances for losses on loans and advances Operating profit after allowances for losses on loans and advances 34

35 WGZ BANK AG s efficiency is reflected in a good cost/income ratio compared with the banking sector average Cost/income ratio of WGZ BANK AG under HGB (%) (50 %) We were able to maintain the cost/income ratio at well below our self-defined goal of 50 % Unternehmenspräsentation

36 Agenda 1. Profile & business model 2. Financial and business performance 3. Focus on customer groups 4. The Genossenschaftliche FinanzGruppe 5. Corporate citizenship 36

37 Member banks: as a subsidiary service provider, we offer a comprehensive portfolio of services Products and services for member banks Strategic bank management Lending business Securities business Payments processing Provision of a range of specialized products for investments, funding and management Support regarding the management of interest-rate risk and counterparty risk and of regulatory changes; asset allocation Advice on development programmes and preliminary checking and processing of development loan requests (Finanzgruppe is No. 1 for development lending) Risk partner in lending business for corporate customers; acquisition of and support for corporate customers in the joint lending business Extensive range of products for the retail clients of the local cooperative banks, e.g. investment certificates, subordinated bonds, online brokerage Research on all relevant capital market products Processing of securities/ money market/ currency transactions Payments processing in Germany International payments processing and documentary business services Comprehensive range of e-commerce, electronic banking, and card processing products 37

38 Corporate customers: WGZ BANK is a partner to SMEs in Rhineland and Westphalia Products and services for corporate customers Finance Payments processing Risk management Investment banking Working capital finance Investment finance Export/ project finance, structured finance Equity financing Euro payments processing (SEPA) Domestic/ international payments processing Card payment systems E-commerce Interest-rate management Currency management Country risk Insurance risk Acquisition finance Structuring advice Advice on succession planning and business valuations M&A business 38

39 Capital market partners: active in all the key marketplaces worldwide, offering numerous capital market products Products and services for capital market partners Equities/ equity derivatives Interest-rate trading/ foreign exchange trading Derivatives trading Financing, Custody services, Payments Individual advice, equity research Trading on all stock markets worldwide, order routing services Special expertise in small and mid caps Structured equity products; trading on Eurex & international derivatives exchanges Interest-rate/ foreign exchange trading Syndicated business Issuing business Currency derivatives Interest-rate derivatives Credit derivatives Financial engineering Structured bonds Classic and tailored finance, trade finance Custodian bank role for mutual funds and special funds, asset reporting Innovative payments processing solutions, cash management, card services 39

40 Real estate clients: real estate competence centres in four operating segments Real estate products and services Cooperative financial network Institutional housing sector Investment funds & investors Products offered for retail home finance brokered by the local cooperative banks throughout Germany on a closely integrated technical platform In addition, processing of financing for investors resulting from agency and brokerage business conducted by local cooperative banks Provision of mainly long-term finance Products offered in the form of capital market loans and KfW development bank loans Business is generated either as direct business or as agency and brokerage business Capital market loans with medium-term or long-term fixed interest rates Capital market loans are fixed-rate or floating-rate financing facilities Business is generated either as direct business or as agency and brokerage business Commercial real estate finance at WGZ BANK Financing of housing, commercial real estate, office buildings, retail premises and special-purpose property (e.g. hotels and old people s care homes) Carefully targeted use of derivatives for foreign-currency loans and use of innovative repayment options that are geared to customers cash flows 40

41 Public sector customers: WL BANK is the competence centre for business with domestic public sector entities Products and services offered for public sector customers Within the WGZ BANK Group, WL BANK is the competence centre for all business with public sector customers Local authority business The main focus is on lending to German public sector entities (conventional cash advances and public sector loans) Direct distribution also involving the primary cooperative institutions is focused on German towns and municipalities 41

42 WGZ BANK Ireland plc s principal activity is the management of securities portfolios Business activities of WGZ BANK Ireland plc WGZ BANK Ireland plc was set up in November 1995 as part of the WGZ BANK Group s international strategic development and received its full banking licence in May 1996 Background Its purpose was to expand the WGZ BANK Group s international business relationships, in particular with institutional clients WGZ BANK Ireland plc s current principal activities are the management of securities portfolios (essentially fixed-income paper) for its own account and the management of its securitization portfolio that is being wound down Business activities In addition, WGZ BANK Ireland plc manages the hedging of its interest-rate and currency risks (management of interest rate book as well as credit-spread portfolios) and conducts bond repo business 42

43 Agenda 1. Profile & business model 2. Financial and business performance 3. Focus on customer groups 4. The Genossenschaftliche FinanzGruppe 5. Corporate citizenship 43

44 WGZ BANK is tightly integrated within the Genossenschaftliche FinanzGruppe Overview of the Genossenschaftliche FinanzGruppe The Genossenschaftliche FinanzGruppe is one of the largest banking groups in Germany, with around employees and total assets of 1,136 billion In 2014 the Genossenschaftliche FinanzGruppe realized a pre-tax profit of 10.7 billion Cooperative values such as solidarity, fairness, partnership, closeness, and the advancement of members and customers interests help to forge a common corporate culture 44

45 Current ratings of the Genossenschaftliche FinanzGruppe (GFG) Joint group rating of the Genossenschaftliche FinanzGruppe Long-term AA- AA- The creditworthiness of Genossenschaftliche FinanzGruppe is viewed positively by the rating agencies Fitch and Standard & Poor s Short-term A-1+ F1+ Outlook Stable Stable The long-term rating is encouraging in comparison with other banks and GFG holds a leading position in Europe. This rating demonstrates the vitality and financial stability of its business model, with a very strong position in the retail banking market Source: BVR and WGZ BANK 45

46 The protection scheme of the FinanzGruppe: the oldest privately funded deposit guarantee fund for banks in the world All member institutions of the FinanzGruppe belong to the protection scheme of the National Association of German Cooperative Banks (BVR) Institutional protection ( Institutsschutz ) for all members 100 % protection for all customer deposits and bearer bonds issued by members without amount-related restrictions Annual review and monitoring of the protection scheme by the BVR and by the Federal Financial Supervisory Authority (BaFin) All legal requirements are entirely fulfilled Since its establishment no customer of an affiliated bank has ever lost their deposits no compensation has ever had to be paid to depositors no affiliated bank has ever become insolvent 46

47 A comparison with protection schemes of other German banks shows the comprehensive protection provided to customers Form of protection Statutory deposit protection Genossenschaftliche FinanzGruppe Volksbanken Raiffeisenbanken Comprehensive bank protection from the National Association of German Cooperative Banks (BVR). As well as the BVR protection scheme there is also the officially recognised BVR Institutssicherung GmbH deposit protection scheme which fully complies with the legal requirements of the German deposit protection legislation. Sparkassen- Finanzgruppe (savings banks) Comprehensive institutional protection though the crossguarantee system of the Sparkassen-Finanzgruppe. The institutional protection scheme is officially recognised as a deposit protection scheme under the German deposit protection legislation. Private banks Statutory deposit guarantee and voluntary membership of the deposit guarantee fund Under statutory protection, customers are entitled to compensation for deposits up to 100,000. Voluntary deposit protection Institutional protection ( Institutssicherung ): No protection limit (100 % of the deposits) Institutional protection ( Institutssicherung ): No protection limit (100 % of the deposits) Up to max. 20 % of the bank s liable capital 47

48 Current advertising campaign of Genossenschaftlichen FinanzGruppe: Because everyone has different needs The Genossenschaftliche FinanzGruppe offers all its members and clients the right finance solution for their needs. This is exactly the message of the new advertising campaign Because everyone has different needs The German-wide campaign started in September 2015 The campaign focuses on the core competencies of Genossenschaftlichen FinanzGruppe: Strong partners Individual solutions Directly with the local cooperative bank 48

49 Agenda 1. Profile & business model 2. Financial and business performance 3. Focus on customer groups 4. The Genossenschaftliche FinanzGruppe 5. Corporate citizenship 49

50 SME Initiative Group in dialogue with public figures from business and academia Remit of the Initiative Group Regular dialogue between WGZ BANK, its small and medium-sized corporate customers, and key people from various areas of business and academia Objectives Thought-provoking discussions about real-life and visionary topics Intensive exchange of experience The results should have a lasting effect so that companies are more aware of current challenges and are better able to deal with them 50

51 From the region, for the region WGZ BANK acknowledges its corporate social responsibility Principles of corporate citizenship at WGZ BANK Ongoing commitment and reliable partnerships are at the heart of WGZ BANK s activities and provide the basis for sustained success Corporate social responsibility with a particular focus on people and projects in WGZ BANK s business region Support for projects that reinforce WGZ BANK s selfperception as an initiative-led institution WGZ BANK s corporate social responsibility activities are divided into three areas: education & science, business & social issues, and art & culture 51

52 WGZ BANK supports education and science Based on the principles of the cooperative idea, WGZ BANK is committed to supporting scientific and socio-political education The objective is in particular to foster economic education in schools and other institutions, and to support training and further education in the field of economics The WGZ BANK Foundation aims to provide modern impetus to the idea of helping people to help themselves WGZ BANK is a member of the Initiativkreis Ruhr and is involved in the school project Dialogue with young people As part of this project, several school classes have the opportunity to visit WGZ BANK and are even able to engage in a dialogue with executive board members. They are then in a position to compare their knowledge from the classroom with the practical arguments of business leaders WGZ BANK supports and promotes several research institutes and scientific institutions 52

53 WGZ BANK provides impetus for the economic and social development The initiative sozialgenial Schüler engagieren sich combines learning with civic engagement based on the concept of Service Learning Young people support others and the community out of school; they encounter social fields of activity and gain new experience, which they can in turn use in the classroom Since 2009, WGZ BANK has supported the initiative - which is offered throughout its entire business region - with an amount of more than EUR 1.5 million There has been a longstanding partnership with the foundation Aktive Bürgerschaft, the competence centre for civic involvement of the Genossenschaftliche FinanzGruppe Volksbanken Raiffeisenbanken Aktive Bürgerschaft is an advocate for a community of active citizens and committed companies With exemplary models, new ideas and professional competence, it contributes to improving civic involvement in Germany The social and civic involvement of medium-sized family-owned enterprises in North-Rhine Westphalia is recognised with the Initiativpreis NRW, which WGZ BANK offers annually together with the newspapers of the Funke media group 53

54 WGZ BANK s strong commitment to promoting art and culture WGZ BANK has been collecting works of art for almost three decades, predominantly pieces by young artists from the region who are deserving of support The contemporary art on display at WGZ BANK has become an integral element of everyday working life, helping shape the bank s culture and self-perception WGZ BANK has been a sponsor of Deutsche Oper am Rhein s opera company since the start of the 2010/ 2011 season and thus one of the key partners of the Deutsche Oper am Rhein in Düsseldorf and Duisburg Since the start of the 2012/ 2013 season WGZ BANK has also been a sponsor of Martin Schläpfers Ballett am Rhein WGZ BANK has supported the Ruhr Piano Festival since

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