SpareBank 1 Nord-Norge Tromsø, Norway

Transcription

1 DECEMBER 7, 2010 GLOBAL BANKING COMPANY PROFILE SpareBank 1 Nord-Norge Tromsø, Norway Table of Contents: COMPANY OVERVIEW 1 FINANCIAL HIGHLIGHTS (AS REPORTED) 2 BUSINESS ACTIVITIES 3 DISTRIBUTION CAPACITY AND MARKET SHARE 5 OWNERSHIP AND STRUCTURE 6 COMPANY MANAGEMENT 8 COMPANY HISTORY 9 PEER GROUPS 11 RELATED WEBSITES AND INFORMATION SOURCES 11 MOODY S RELATED RESEARCH 11 Analyst Contacts: LONDON Morten Damm Vice President - Senior Analyst Morten.Damm@moodys.com Janne Thomsen Senior Vice President Janne.Thomsen@moodys.com Simon Harris Managing Director-Financial Institutions Simon.Harris@moodys.com Company Overview SpareBank 1 Nord-Norge is a leading regional savings bank in northern Norway and the ninth-largest bank in the country in terms of consolidated assets, as of 31 December Its consolidated assets totalled NOK65.9 billion ( 8.3 billion) as of 30 June SpareBank 1 Nord-Norge provides a range of banking products and services including finance, savings as well as insurance and payment transmission services to retail and corporate customers. The bank is one of the founding members of the SpareBank 1 Alliance. The alliance is coordinated through SpareBank 1 Gruppen AS, a holding company owned collectively by Sparebank 1 Nord-Norge, SpareBank 1 SR-Bank, SpareBank 1 SMN, Sparebanken Hedmark, Samarbeidende Sparebanker (a group of 16 savings banks) and the Norwegian Confederation of Trade Unions and affiliated trade unions. SpareBank 1 Gruppen AS encompasses joint product companies (including fund management and life and non-life insurance businesses), joint marketing and the development of common IT and internet platforms. The bank was established via a series of mergers between 1989 and 1992, starting with the merger of Sparebanken Nord and Tromsø Sparebank in As of 30 June 2010, SpareBank 1 Nord-Norge s ten largest equity certificate (EC) holders accounted for 20.6% of ECs issued by the bank. As of this date, Pareto Aksjer Norge was the largest holder, with a 5.78% stake. The bank s ECs are listed on the Oslo Stock Exchange. Note: Currency converted using exchange rate of NOK as of 30 June 2010 Source: Company Reports (investor presentation June 10, financial statements June 10, annual report Dec 09 and Dec 07), Norwegian Financial Services Association, Moody s research, This report, exclusively provided to you by Moody s, presents a convenient summary of as reported, publicly available information. The information is not adjusted for Moody s analytic purposes. For Moody s Ratings, Opinion and Analytics on this company, please [Click here]. To access the latest Moody's Credit Opinion on this company, please [Click here].

2 Financial Highlights (as Reported) Note: The financials presented below are those reported by the entity and are not adjusted for Moody s analytic purposes. For Moody s generated ratios on SpareBank 1 Nord-Norge, please see <SpareBank 1 Nord-Norge page on moodys.com>. FIGURE 1 Latest Full-Year Results SpareBank 1 Nord-Norge Nok Million 31-Dec Dec Dec-2007 NOK/, Period end % Change 09/08 % Change 08/07 Total Assets 64,239 65,507 60,969 (1.94) 7.44 Total Shareholders' Equity 5,160 4,458 4, Shareholders' Equity excluding Minority Interest 5,157 4,452 4, Regulatory Capital 6,605 4,731 3, Tier 1 Ratio (%) bps 57 bps Net Income (50.50) Net Income Attributable to Equity Holders (50.50) Note: 1) Consolidated figures are considered 2) The bank reports Regulatory Capital as Net Subordinated Capital Source: Company Report (annual report 09), FIGURE 2 Latest First-Half Results SpareBank 1 Nord-Norge Nok Million 30-June June-2009 % Change 10/09 NOK/, Period end Total Assets 65,859 67,961 (3.09) Total Shareholders' Equity 5,302 4, Shareholders' Equity excluding Minority Interest 5,302 4, Regulatory Capital 5,322 4, Tier 1 Ratio (%) bps Net Income Net Income Attributable to Equity Holders Note: 1) Consolidated financials are considered 2) Shareholders Equity excluding Minority Interest has been calculated by deducting Minority Interest from Shareholders Equity 3) The bank reports Regulatory Capital as Equity and Related Capital Resources Source: Company Reports (financial statements June 10), 2 DECEMBER 7, 2010 COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

3 Business Activities SpareBank 1 Nord-Norge is a regional savings bank offering a range of banking products and services to retail and corporate customers. In addition, it provides various products and services either through its subsidiaries or the product companies within the SpareBank 1 Gruppen AS. Services include trading and asset management services (SpareBank 1 Nord-Norge Forvaltning ASA), leasing and secured financing facilities (SpareBank 1 Finans Nord-Norge AS), factoring (SpareBank 1 Factoring AS) and real estate brokerage (EiendomsMegler 1 Nord-Norge AS). The bank organises its business activities through the following divisions: Retail Market, Corporate Market and SB1 Finans AS. Retail Market: This division provides financing, products and services including deposits, loans and credit card and payment transmission services to retail customers. In addition, it offers savings and insurance products (life and non-life). Given SpareBank 1 Nord-Norge s origins as a savings bank, the retail market is a core business for the bank. As of 31 December 2009, 62.0% of the bank s total loans were to retail customers (excluding loans transferred to SpareBank 1 Boligkreditt). Corporate Market: This division mainly provides services to corporates, primarily small & medium sized enterprises (SMEs) and public sector clients. It provides a range of financial solutions such as deposits and finance activities. Other facilities offered include securities trading, asset management, property management, investment management, pensions, liquidity management, insurance products, capital market services, foreign exchange services and real estate brokerage services. As of 31 December 2009, 38.0% of the bank s total loans were to corporates. SB1 Finans AS: This division includes leasing operations. The Unallocated segment comprises the bank s own investment activities and other activities that cannot be allocated to either the retail or corporate segments. For the financial year ended 31 December 2009 (FYE December 2009), retail banking customer segment was the largest contributor to the bank s net interest income (48.4%). 1 Source: Company Reports (annual report Dec 09 and Dec 07, investor presentation June 10), Moody s research 1 Unallocated items have been excluded due to their negative contribution. 3 DECEMBER 7, 2010 COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

4 FIGURE 3 Business Segment (% of Net Interest Income, consolidated, for FYE December 2009) SB1 Finans AS 7.9% Retail banking customers 48.4% Business customers 43.7% Note: Unallocated items have been excluded due to their negative contribution Source: Company Report (annual report Dec 09, Pg 52) FIGURE 4 Pre-tax Profit per Business Segment (consolidated, in NOK million) (50) (100) (97) Retail banking customers Business customers SB1 Finans AS Unallocated Source: Company Report (annual report Dec 09, Pg 52 and 53) The bank s gross loan portfolio (excluding loans transferred to Sparebank 1 Boligkreditt) according to sectors is as follows: 4 DECEMBER 7, 2010 COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

5 FIGURE 5 SpareBank 1 Nord-Norge Gross Loans By Sector (%) 31-Dec Dec-08 Financing, property management and business services Agriculture, forestry, fisheries, hunting and fish farming Building and construction, power- and water supply Other transport and communications Wholesale and retail trade; hotel- og restaurant industry Industry and mining International shipping and pipeline transport County municipalities and municipalities Insurance, securities funds and other financial enterprises Extraction of crude oil and natural gas Government and social security administration 0.6 Other service industries Total corporate sector Retail sector (domestic and international) Gross Loans Distribution Capacity and Market Share SpareBank 1 Nord-Norge is a leading regional saving bank that operates mainly in northern Norway, including the regions of Finnmark, Troms, Nordland, and Svalbard. As of 30 June 2010, SpareBank 1 Nord-Norge operated through a network of 75 local branches (June 2009: 81). In September 2010, SpareBank 1 Nord-Norge commenced its branch banking operations in Russia through the acquisition of 75% of North-West 1 Alliance Bank (NW1AB) in partnership with Bank Tavrichesky, which holds the remaining 25% stake. Bank Tavrichesky is the 11 th -largest regional bank in North-Western Russia, mainly servicing medium-sized corporate customers. It is headquartered in St. Petersburg and has an office in Murmansk. SpareBank 1 Nord-Norge also benefits from SpareBank 1 Alliance s nationwide distribution network, comprising around 350 branches located throughout Norway. In addition, the bank distributes its offering through a number of alternative channels including ATMs as well as telephone and internet banking. SpareBank 1 Nord-Norge holds market shares of around 30% in lending and 35% in deposits in the three most northern counties in Norway. As of 31 December 2009, SpareBank 1 Nord-Norge was the ninth-largest bank in Norway in terms of total consolidated assets. Based on consolidated financials as of 31 December 2009, the bank s comparative position among the top ten banks in Norway is as follows: 5 DECEMBER 7, 2010 COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

6 FIGURE 6 Comparative Position of Largest Norwegian Banks, as of 31 December 2009 Assets (In Nok Million) 1. DnB NOR Bank 1,615, Nordea Bank Norge 534, Fokus Bank 210, Handelsbanken 160, SpareBank 1 SR-Bank 124, Skandinaviska Enskilda Banken 104, Sparebanken Vest 97, SpareBank 1 Midt-Norge 84, SpareBank 1 Nord-Norge 64, BNbank 47,549 Source: Company Reports (investor presentation June 10, financial statements June 10, annual report Dec 09), Norwegian Financial Services Association, Company data, Moody s research Ownership and Structure As a Norwegian savings bank, SpareBank 1 Nord-Norge has a specific ownership structure, being an independent foundation with EC holders rather than shareholders or traditional owners. The main difference between ECs and shares is that ECs give ownership rights to specific parts of a bank s capital. In addition, the governing bodies of a savings bank have a broader representation than a commercial bank. However, the amendments to the legislation in July 2009 have reduced the differences between ECs and shares. The bank s ECs are traded on the Oslo Stock Exchange (Stock code: NONG), which is regulated by Finanstilsynet. As of 30 June 2010, SpareBank 1 Nord-Norge had 17,912,073 ECs in issue. No single entity held more than 6% of ECs, with Pareto Aksjer Norge the largest holder, holding a 5.78% stake. As of the same date, the ten largest EC holders jointly accounted for 20.6% of ECs issued by the bank and the top 20 accounted for 28.1%. 6 DECEMBER 7, 2010 COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

7 Organisational Structure (as of 30 June 2010) SpareBank 1 Nord-Norge SpareBank 1 Nord- Norge Invest ASA 100% SpareBank 1 Finans 100% EiendomsMegler 1 Nord-Norge AS 100% Eiendomsdrift AS 100% Nord-Norge Securities ASA 100% Investment company Leasing Factoring Real estate brokerage Real estate management Securities firm SpareBank 1 Gruppen AS 19.5% SpareBank 1 Utvikling DA 17.74% Bank 1 Oslo AS 19.5% SpareBank 1 Boligkreditt AS 14.63% SpareBank 1 Næringskreditt AS 23.5% BNbank ASA 23.5% Product Companies Systems Developments Commercial bank located in Oslo Covered bond company (residential mortgages) Covered bond company (commercial real estate) Commercial bank located in Oslo and Trondheim Ownership Structure As of 30 June 2010, SpareBank 1 Nord-Norge s top 10 EC holders were as follows: FIGURE 7 SpareBank 1 Nord-Norge Top 10 Ec Holders Number % Held Pareto Aksjer Norge 1,035, Pareto Aktiv 494, MP Pensjon 418, Frank Mohn AS 381, Tonsenhagen Forretningssentrum A/S 319, Framo Development AS 238, Euroclear Bank S.A 229, Grunnfond Invest AS 207, Sparebanken Rogalands Pensjonskasse 195, Forsvarets Personellservice 174, Government Support Programme In 2008, the Norwegian government established a swap arrangement to allow banks to swap covered bonds for government bonds in order to support their liquidity. The swap arrangement amounted to NOK350 billion and was for maturities up to five years. SpareBank 1 Nord-Norge participated in the 7 DECEMBER 7, 2010 COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

8 government swap scheme through the alliance s covered bond company, SpareBank 1 Bank Boligkreditt AS. Due to improved market conditions, this arrangement has now been phased out. In February 2009, the government announced a crisis relief package whereby two new funds were established one to provide core capital to Norwegian banks and another to invest in fixed-income securities issued by Norwegian banks and other corporates. The banks had until the end of September 2009 to apply for capital from the former: SpareBank 1 Nord-Norge has not applied for any capital. Source: Company Reports (annual report Dec 09, financial statements June 10 and investor presentation June 10), Moody s research, Company Management Company Directors Current Title Age Tenure Hans Olav Karde Chief Executive Officer N/A 20 Oddmund Åsen Deputy Chief Executive Officer N/A 13 Rolf Eigil Bygdnes Senior Group General Manager, Chief Financial Officer N/A 5 Geir Andreassen Senior Group General Manager, Risk Management N/A 5 Board Of Directors Affiliation Age Tenure Kjell Olav Pettersen Chairman of the Board of Directors; N/A 4 COOP Nord BA: Chief Executive Officer Erik Sture Larre jr. Vice Chairman of the Board of Directors 48 N/A Roar Dons Director N/A 2.5 Elisabeth Johansen Director N/A N/A Ann-Christine Nybacka Director N/A 2.5 Pål Andreas Pedersen Director N/A 2.5 Anita Persen Director N/A N/A Vivi Ann Pedersen Director (elected from the employees) N/A N/A Gunnar Kristiansen Director (elected from the employees, deputy) N/A N/A Note: Tenure represents years in current position As a savings bank, SpareBank 1 Nord-Norge is required to have a supervisory board, an audit committee and a board of directors. Its statutory supervisory board comprises 40 members, who represent EC holders (16 members), county councils (4 members), depositors (12 members) and employees (8 members). 8 DECEMBER 7, 2010 COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

9 Corporate Governance Structure Supervising, Management and Other Bodies Independent Control Bodies Supervisory Board Control Committee Election Committee External Auditor Main Board of Directors Internal Auditor Chief Executive Officer Risk Management Source: Company Reports (annual report Dec 09 and Dec 07, financial statements June 10), Moody s research, Company data Company History SpareBank 1 Nord-Norge ( Sparebanken Nord-Norge before May 2008) was created via a series of mergers between 1989 and 1992, starting with the merger of Sparebanken Nord and Tromsø Sparebank in 1989 and the absorption of Nordkapp Sparebank and Sparebanken Nordland in 1991 and 1992, respectively. However, the bank s roots can be traced back to 1836, with the establishment of Tromsø Sparebank. In 1996 SpareBank 1 Nord-Norge co-founded the SpareBank 1 Alliance with three other Norwegian savings banks in response to increasing competitive pressures within the Norwegian banking sector. The alliance was later extended to include other members. The alliance is co-ordinated through SpareBank 1 Gruppen AS, which is collectively owned by SpareBank 1 SR-Bank, SpareBank 1 SMN, Sparebanken Nord-Norge, Samarbeidende Sparebanker AS, Sparebanken Hedmark and the Norwegian Confederation of Trade Unions (LO) and affiliated trade unions. While there are no legally binding joint or several liability guarantees amongst members of the alliance, they have both commercial and moral obligations if another member is in distress. However, these are complex, with any member able to veto any decision concerning SpareBank 1 Gruppen AS, a jointly owned financial company of SpareBank 1 members. Members preferred an alliance to a merger in deference to each member savings bank s strong local ties. In January 2004, a founding member, Sparebanken Vest, left the alliance. In 2000, SpareBank 1 Gruppen acquired Vår Bank. Each member bank integrated operations with Vår Bank units within its own region, while Vår Bank s operations in Oslo were maintained as a group branch, currently known as Bank 1 Oslo. In January 2010, Bank 1 Oslo was separated from 9 DECEMBER 7, 2010 COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

10 SpareBank 1 Gruppen AS and is now directly owned by the SpareBank 1 banks and the Norwegian Confederation of Trade Unions. SpareBank 1 Nord-Norge acquired 19.5% of the shares in Bank 1 Oslo. In May 2008, SpareBank 1 Nord-Norge acquired 10% of Russia-based Bank Tavrichesky OJSC (Bank Tavrichesky). In October 2008, SpareBank 1 Nord-Norge and other banks in the SpareBank 1 Alliance acquired Glitnir Bank ASA (renamed BNbank ASA in January 2009), one of the leading mortgage lenders in Norway, together with its subsidiary Glitnir Factoring (now part of SpareBank 1 Factoring AS) for a total of NOK300 million ( 34.9 million). SpareBank 1 Nord-Norge acquired a 20% stake in Glitnir Bank ASA. The acquisition was approved by the authorities in December The ownership interest was further increased by 3.5% in September In the fourth quarter of 2008, the bank entered into an agreement to sell its factoring business to SpareBank 1 Gruppen AS for up to NOK40 million ( 4.0 million). The transaction was completed in March 2009 and its factoring subsidiary, SpareBank 1 Nord-Norge Factoring AS, was merged into Sparebank 1 Factoring AS. In February 2009, SpareBank 1 Nord-Norge increased its stake in Hurtigruten ASA, a Norwegian travel industry company, to 15.3% from 8.7% by subscribing for 50.0 million shares in a share issue. Following Hurtigruten ASA s subsequent share issue in March 2009 in which SpareBank 1 Nord- Norge did not participate the bank s stake was reduced to 12.5%. In November 2009, the bank s stake in Hurtigruten ASA was further reduced to 7.5% and, in the first quarter of 2010, the remaining shares were sold. In continuation to the agreement signed with Bank Tavrichesky in May 2008, SpareBank 1 Nord- Norge completed the acquisition of a 75% stake in North-West 1 Alliance Bank (NW1AB) in September Note: Currency converted using exchange rate of NOK- as of date of the event Source: Company Reports (annual report Dec 09 and 07, investor presentation Dec 08) Moody s research, Company data 10 DECEMBER 7, 2010 COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

11 Peer Groups» Aktia Bank p.l.c.» Länsförsäkringar Bank AB (publ)» Ringkjøbing Landbobank A/s» SpareBank 1 SMN» SpareBank 1 SR-Bank» Sparebanken Møre» Sparebanken Øst» Sparebanken Sør» Sparebanken Vest» Spar Nord Bank A/S» Storebrand Bank» Sydbank A/S Related Websites and Information Sources For additional information, please see:» the company's website: the regulator s website: the central bank s website: MOODY S has provided links or references to third party World Wide Websites or URLs ("Links or References") solely for your convenience in locating related information and services. The websites reached through these Links or References have not necessarily been reviewed by MOODY S, and are maintained by a third party over which MOODY S exercises no control. Accordingly, MOODY S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party web site accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party. Moody s Related Research Credit Opinion:» SpareBank 1 Nord-Norge Banking System Outlook:» Norway, December 2009 (121542) Research Guide:» Norway, June 2009 (117781) To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available. All research may not be available to all clients. 11 DECEMBER 7, 2010 COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

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