Banca Popolare di Vicenza

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1 Banca Popolare di Vicenza Company profile Latest update September 2015

2 Disclaimer This presentation does not constitute an offer or invitation to subscribe for or purchase, or a solicitation of any offer to purchase or subscribe for any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. This presentation is being communicated to and is directed only to (i) persons who have professional experience in matters relating to investments; (ii) persons to whom it may be lawful to communicate such presentation; and (iii) persons to whom it may be required by law or regulation to disclose such information (all such persons being referred to as relevant persons). This presentation is only directed at relevant persons. Other persons should not rely or act upon this presentation or any of its contents. This presentation is strictly confidential and has been prepared for information purposes only. You must not publish, reproduce, redistribute, disclose or pass on this presentation to anybody, in whole or in part, for any purpose. In particular, this presentation may not be taken or transmitted into the United States, Canada or Japan or distributed, directly or indirectly, in the United States, Canada or Japan or to any U.S. person. This document is not an offer to sell or the solicitation of an offer to purchase or subscribe for securities neither in the United States nor in any other jurisdiction. Securities may not be sold in the United States absent registration oran exemption from registration under the U.S. Securities Act of 1933, asamended (the Securities Act ). Distribution of this presentation and any information contained in it in any other jurisdictions may be restricted by law. Persons into whose possession this information comes should inform themselves about and observe any such restrictions. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. No reliance may be placed for any purposes whatsoever on the information contained in this document, or any material discussed in the context of the presentation of such material, or on its completeness, accuracy and fairness. Although care has been taken to ensure that the presentation is materially accurate, and that the opinions expressed are reasonable, the contents of this material has not been verified by Banca Popolare di Vicenza, its shareholders, consultants and advisors. Accordingly, no representation or warranty, express or implied, is made or given on behalf of Banca Popolare di Vicenza, its shareholders, consultants and advisors, or any of their respective members, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document or any other material discussed in the context of the presentation of this document. None of the company, its shareholders, consultants and advisors, or any of their respective members, directors, officers or employees or any other person accepts any liability whatsoever for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith. Certain statements contained in this presentation may be statements of future expectations and other forward-looking statements that are based on third party sources and involve known and unknown risks and uncertainties. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. There is no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. Any decision to purchase securities in the context of an offering of securities, if any, should be made solely on the basis of information contained in an offering circular or prospectus published in relation to such an offering. Although Banca Popolare di Vicenza has obtained the information provided from sources that should be considered reliable, it cannot guarantee its accuracy or completeness. The information provided is purely of an indicative nature and is subject to change without notice at any time. By participating in this presentation or by accepting a copy of the slides presented, you agree to have notice of and be bound by the foregoing. 2

3 BPVi Group BPVi turnaround Financial Results Capital ratios evolution Funding Breakdown Contacts

4 BPVi at a glance Highlights 1 8th largest Italian banking group * BPVi was established in The Bank offers retail and corporate banking services to 1.3 mln customers. BPVi is market leader in customers acquisition (on average +62 K per year ) and shows a consolidated loyalty and a strong long term relationship with its clients 2 Commercial bank BPVi is a commercial bank, active in 16 Italian Regions, representing 96% of Italian GDP. It has a strong regional footprint in some of wealthiest Regions of North East of Italy (above all in Veneto and Friuli VG with a market share above 7%). BPVi has a strong presence in the central Regions (Tuscany and Lazio) and in Sicily as well 3 Traditional banking business BPVi has a traditional banking business model. 37% of the loan book is represented by lending to households and 56% is represented by lending to corporates (mainly SMEs). From a liquidity perspective, 87% of its funding is realized through branches 4 Very active in capital markets BPVi is a very active player in capital markets both on secured and unsecured space. In the secured space, with its securitization Programme under the Berica brand (since early 2000 BPVi acted as originator in 14 RMBS, 2 SME ABS and 1 consumer ABS transactions). In Senior unsecured space BPVi was able to complete several transactions both on public and private side (*) Excluding Banks belonging to foreign groups Source: BPVi 4

5 BPVi Group s business areas as of 30 June 2015 Total assets: 41,139 mln (BPVi 93%) Banks Product Factories & Investment Co. Banca Nuova S.p.A. 100% Farbanca S.p.A % Prestinuova S.p.A. 100% BPV Finance International ppc 99.99% Proprietary Trading BPVi Multicredito Ag. in Attività Finanz. S.p.A. 100% Servizi Bancari S.c.p.A. 99% Sec Servizi S.c.p.A 49.81% Services Immobiliare Stampa S.c.p.A 100% Monforte 19 S.r.l 100% Cattolica Assicurazioni 15.07% ABC Assicura S.p.A. 40% Bankassurance 60% Cattolica Life Ltd 40% Berica Vita S.p.A. 40% Corporate & Investment Banking NEM SGR S.p.A. 100% Fondo NEM Imprese II Fondo NEM Imprese Indust. Opport. Fund Companies which are part of the Group Companies which are not part of the Group, but contribute to the business Source: BPVi Funds which are part of the Group 5

6 BPVi Group s market positioning as of 30 June 2015 (*) 10 largest banking groups in terms of branches 10 largest banking groups in terms of total assets Unicredit Intesa San Paolo Monte dei Paschi di Siena Banco Popolare BRANCHES (#) 7,121 5,608 2,213 1, Unicredit Intesa San Paolo Monte dei Paschi di Siena Banco Popolare TOTAL ASSETS ( /mln) 875, , , ,021 5 Ubi Banca 1,563 5 UBI Banca 119,454 6 Banca Pop. Emilia Romagna 1,273 6 Banca Pop. Emilia Romagna 60,925 7 Banca Popolare di Milano Banca Popolare di Milano 49,308 8 Gruppo BPVi Gruppo BPVi 41,139 9 Carige Veneto Gruppo Banca BPVi (**) 32,397 45, Veneto Banca (**) Carige 30,804 (*) Excluding Banks belonging to foreign groups (**) Excluding BIM and IPIBI Source: BPVi 6

7 Distribution network in Italy as of 30 June 2015 Geographical distribution BPVi Group distribution network June BPVi Banca Nuova Farbanca Multicredito Branches BPVi Group Points of sales 2 2 Financial Points 14 Private Banking Offices 36 Area Points of sales North East 51% North West 15% Center 18% South 16% Points of sales 703 Financial Promoters 116 Financial Agents 175 Source: BPVi 7

8 BPVi s market share as of 30 June 2015 Market share by branches Market share by performing loans 1.66% 1.94% 2.01% 2.13% 2.14% 1.95% 2.00% 1.96% 1.96% 1.84% Dec Dec Dec Dec March 2015 Dec Dec Dec Dec March % Market share by direct funding 1.39% 1.32% 1.30% 1.25% Dec Dec Dec Dec March 2015 Source: BPVi BPVi is the 8th largest Italian banking group - in terms of branches with a market share in Italy equal to 2.14%; the aforementioned market share by branches increased by 0.48 p.p compared to December 2010 and by 0.13 p.p. compared to year end Market share by performing loans increased by 0.12 p.p compared to December 2010 and it is almost in line with year end 2014 Market share by direct funding increased by 0.07 p.p. compared to December 2010 and, compared to year end 2014, shows a 0.05 p.p. reduction 8

9 BPVi ratings Latest rating actions The following table shows the current ratings assigned to Banca Popolare di Vicenza by Fitch and DBRS: Rating Agency Long Term Short Term Outlook Last assessment Fitch Ratings BB B Rating Watch Negative 15 July 2015 DBRS BB R-4 (Stable) Negative 2 September 2015 On 15 July 2015, Fitch Ratings as part of its annual revision of the ratings of Italian medium-sized banks, has placed BPVi s 'BB' Long-term Issuer Default Rating on Rating Watch Negative. Fitch has also affirmed BPV's Short-term rating at 'B. The Rating Watch Negative reflects Fitch's expectation that BPVi is likely to report significant losses that will require additional capital, potentially for a material amount and to be raised in a fairly short timeframe. On 2 September 2015 DBRS has lowered its ratings on Banca Popolare di Vicenza. The ratings include a Senior Long- Term Debt and Deposit Rating of BB and a Short-Term Debt and Deposit Rating of R-4 (Stable trend). The downgrade follows publication of BPVI s 1H15 results which revealed a meaningful deterioration in the Bank s capital position; the Negative trend on the Bank s Senior Long-Term Debt & Deposit Rating takes into account the risk related to complete the capital plan. Further progress on Bank s restructuring, IPO and capital position could contribute to a more supportive view of the rating by DBRS over the medium term. Source: BPVi 9

10 BPVi Group BPVi turnaround Financial Results Capital ratios evolution Funding Breakdown Contacts

11 BPVi turnaround Actions and timeline Management Balance Sheet Capital Company June 2015 on going June Dec renewed top management a second wave of credit impairments due to further strengthening of NPE Coverage Ratio and anticipation of new triggers introduction impairments on AFS and provisions for risk and charges impairments on goodwill application of prudential filters to CET1 as a consequence of recognition of non eligible Capital Sept April 2016 April 2016 New Lower Tier 2 Issuance (up to 200 mln) New capital increase to comply with regulatory requirements and sustain industrial plan transformation into Joint Stock Company (i.e. Italian S.p.A. ) listing on Italian Stock Exchange new governance Source: BPVi 11

12 Focus Management turnaround on going Anna Tosolini Francesco Iorio Former General Manager in UBI Banca 20 years of experience Former Head of Special Projects in BPER Previous experience in Meliorbanca and BNP Paribas 20 years of experience COMPLIANCE & AML DPT. Ferrante G. Compliance & AML Officer CORPORATE DEVELOPMENT DEPARTMENT Tosolini A. GENERAL SECRETATIAT DPT. Sommella M. General Secretary GROUP IDENTITY & COMMUNICATION DPT. ( ) CEO & GENERAL MANAGER (Iorio F.) INTERNAL AUDIT DEPARTMENT Bozeglav M. BUSINESS TRANSFORMATION & COST MANAGEMENT DPT. Siccoli L. RISK MANAGEMENT DPT. Piazza Spessa A. Risk Manager LEGAL AFFAIRS DPT. Papacchini A. Leonardo Siccoli Former Deputy General Manager in CentroBanca (CIB UBI Group) 25 years of experience Alberto Piazza Spessa Former Head of Risk Management in UBI Banca 18 years of experience FINANCIAL REPORTING & PLANNING DIVISION Pellegrini M. Financial Reporting Manager COMMERCIAL BANKING DIVISION De Francisco I. Senior Deputy GM OPERATIONS & HR DIVISION Cauduro A. Deputy GM FINANCE DIVISION Cavrioli D.P. LENDING DIVISION Beretta A. Iacopo De Francisco Former Chief Commercial Officer in BPM (since 2012) Former Deputy GM, Head of Retail Banking in CREDEM 18 years of experience Diego Paolo Cavrioli Former Head of Finance Division in UBI Banca 30 years of experience Alberto Beretta Former Head of Credit Underwriting Unit in BPM (since 2013) 30 years of experience Source: BPVi 12

13 BPVi Group BPVi turnaround Financial Results Capital ratios evolution Funding Breakdown Contacts

14 Statement of Financial Position as of 30 June Highlights Net customers loans ( /mln) Direct funding ( /mln, excluding repo CC&G) 29,985 30,713 30,893 28, % 26,779 25,960 28,069 29,194 28, % 27,017 Dec 2011 Dec 2012 Dec 2013 Dec 2014 June 2015 Dec 2011 Dec 2012 Dec 2013 Dec 2014 June 2015 Asset under custody Asset under mgm 16,727 4,320 Indirect deposits ( /mln) 17,589 4, % excluding BPVi shares depreciation 19,051-3,6% 20,520 19,779 5,038 6, % 7,417 Loan to Deposit ratios 99.8% 97.6% 98.2% 96.1% 96.9% 92.6% 12,407 13,240 14,013 13, % 12,362 Dec 2011 Dec 2012 Dec 2013 Dec 2014 June 2015 Dec 2013 Dec 2014 June 2015 loans to deposits ratio loans to deposits ratio (excl.repo via CC&G-LSE Group) Source: BPVi 14

15 Income Statement as of 30 June Highlights Income Statement Eur K BPVi Group ( /K) 1H H 2014 Abs. chg. vs 2014 % chg. Vv 2014 Net interest income 257, ,975-2, % o.w. securities portfolio contrib. (managerial data) 31,621 40,006-8, % Dividends and profit from invest. carried at equity 31,384 18, , % Net fee and commission income 170, , , % Net profit for property portfolio 100, ,452-11, % Other operating income ,973-28, % Net Operating Income 559, ,328-6, % Administrative Costs -322, ,784-8, % o.w.: staff expenses -207, ,155-7, % o.w.: other administrative expenses -114, ,629-1, % Depreciation -17,730-18, % Net Operating Costs -339, ,793-8, % Net Profit from operating activities 219, ,535-14, % Net impairment adjustments -1,089, , ,111 n.s. - o.w. on loans and advances -703, , ,593 n.s. - o.w. on assets available for sale -119,319-27,369-91,950 n.s. - o.w. Impairment on goodwill -268, ,792 n.s. Net provisions for risk and charges -380,097-7, ,772 n.s. Net income before taxes -1,250,246 39,208-1,289,454 n.s. Further strengthening of NPE Coverage Ratio (from 35.1% in last quarter 2014 to 39.6%) Impairment on AFS led to a minimization of negative reserves Impairment of most of the goodwill, with negligible future risk of further devaluation (residual value of goodwill Eur 61 mln) Additional provisions for risk and charges to address potential claims for financed capital Net income -1,052,923 22,038-1,074,961 n.s. Cost to income I level 74.1% 73.1% +1.0 p.p. Cost to income 60.8% 58.7% +2.1 p.p. Cost of Risk 5.25% 1.05% +4.2 p.p. 15

16 Credit quality as of 30 June Highlights NPL 2013 Eur mln % 5,379 5,566 2, % 2, % +3.8% 5,937 3, % +4.1% % 6,280 6,474 3, % 3, % +4.3% 6,820 3, % +16.0% 7,615 4,112 Year End , % % Change 1 Half , % % Unlikely to pay 2, % 2,279 PastDue % on total loans +3.4% +51.3% 2,356 2, % 2,704 2,994 3, % % -43.8% dec'13 mar'14 jun'14 sep'14 dec'14 mar'15 jun'15 NPE 16.6% 17.9% 18.7% 20.5% 21.2% 22.1% 25.4% NPL 8.5% 9.4% 9.6% 10.3% 11.1% 11.5% 13.7% Unlikely to pay 6.5% 7.3% 7.4% 7.9% 8.9% 9.7% 11.2% PastDue 1.6% 1.2% 1.7% 2.3% 1.2% 0.9% 0.5% +2.4% +29.8% +12.1% -47.7% +11.7% % % +4.6 p.p p.p p.p p.p % % +4.2p.p. +2.6p.p. +2.3p.p p.p. 16

17 Coverage as of 30 June Highlights Δ 31 Dec Net of write-offs 35.1% 35.1% 39.6% 27.3% 27.9% 27.8% 27.6% AQR Impact +4.5 p.p. dec'13 mar'14 jun'14 sep'14 dec'14 mar'15 jun'15 PastDue 3.8% 3.8% 3.9% 3.9% 10.5% 11.1% 11.6% Unlikely to pay 12.2% 11.8% 12.9% 13.1% 19.5% 19.5% 19.8% NPL (excl. write-offs) 43.1% 43.4% 43.7% 43.9% 50.1% 50.2% 56.8% NPL (incl. write-offs) 48.7% 48.6% 48.7% 48.6% 54.1% 54.0% 59.6% NPE (incl. write-offs) 31.1% 31.6% 31.3% 30.8% 37.9% 37.8% 41.8% +1.1p.p p.p p.p p.p p.p. 17

18 BPVi Group BPVi turnaround Financial Results Capital ratios evolution Funding Breakdown Contacts

19 Capital plan Regulatory capital plan 3,293 1,783 up to 1,500 ~3,200 Potential upgrade related to AIRB validation and reimbursement of loans linked to capital not considered CET1 Dec CET1 June 2015 Capital Increase CET1 Pro-forma* RWA 29,048 26,172 > 26,000 CET % 6.81% > 12% TCR 12.49% 7.63% > 13% Actions Timing Lower Tier II Issuance up to 200 /mln Sept In progress ICPBI disinvesture net profit 150 /mln Dec Plan *post capital increase Capital Increase 1,500 /mln Spring 2016 Plan 19

20 BPVi Group BPVi turnaround Financial Results Capital ratios evolution Funding Breakdown Contacts

21 Direct funding breakdown as of 30 June 2015 Direct funding by segment ( /mln) 30,373-2, % 1,762-1, % 3, % 27, ,043 Direct funding decreased by 2,727 /mln (compared to year end 2014) due to a consistent reduction of Repo Transaction and funding with wholesale clients (due to a strong repricing action aimed to reduce cost of funding and optimize LCR) Thanks to the sound liquidity position, Institutional funding decreased by 9.8% (in line with 2015 Funding Plan targets) 25,237-1, % 23,974 Direct Funding (4) with Retail/Network Clients decreased by 1,263 /mln (-5%) Funding from Clients (1) Institutional Funding (2) Other (3) 31 Dec June 2015 (1) Bank accounts, Deposits (restricted and unrestricted), Deposit Certificates, Retail Bonds (excl. EMTN and Private Placement) and Other Bonds (2) EMTN and Private Placement (3) Repo transactions via CC&G (LSE Group) and Other Debts (4) Direct Funding includes 2.5 /bln of Securitization placed in the market Source: BPVi 21

22 First half 2015 Group s Funding Plan Main achievements in capital markets ( /mln) Eur 2.4 bln secondary market selldown 46 Berica PMI 5 yrs Public deal 3 yrs public deal 125 Berica ABS 3 ABS/RMBS EMTN 5 yrs Public deal Berica ABS Oct Nov Jan Apr May Jul Aug Oct Nov Dec Jan Mar Apr Jun Jul Aug Sep Jan Mar July 2015 BPVi has been very active in the last years in EMTN/senior unsecured space: 750 /mln of a public 5 year senior bond under EMTN Programme in March /mln of senior bonds under EMTN Programme (mainly based on reverse inquiries) issued in 2014 Primary market deals in RMBS space: Adriano (Private Placement) 267 /mln in January 2015 Berica ABS4 729 /mln in July 2015 (fully retained) Source: BPVi 22

23 Liquidity risk management perspective Liquidity risk metrics BPVi implemented the liquidity risk measurement framework required by EU Regulation 575/2013 CRR and Directive 2013/36/EU CRD IV. The Risk Management Department, reporting to the Board of Directors, is in charge of monitoring the short term liquidity risk, which encompasses the intraday liquidity risk, the operational maturity ladder and the LCR, and the structural liquidity risk, that includes funding composition, structural balance sheet risk and the NSFR. In the course of 2015, regulatory LCR has highlighted values on average equal to 100%, well above the minimum regulatory level of 60% which, following the approval of the Delegated Act, must be reached by 1 October BPVi monitors the Basel 3 NSFR (considering that the CRR standards haven t prescribed the rules for the computation of a structural liquidity indicator) on a monthly basis: during 2015, the indicator was well above the minimum threshold set in Basel 3 phase-in. BPVi belongs to the panel of banks monitored on a weekly basis by SSM-ECB. From a liquidity perspective, in the course of the current year, the 1 and 3 months net liquidity cumulated position, on average, have highlighted values respectively above 8% and 5% in terms of total asset. Source: BPVi 23

24 ECB collateral breakdown 39.18% 51.05% ECB collateral by asset type 11.56% 1.01% 17.12% 10.68% 7.93% 2.42% 5.14% 2.21% 76.74% 73.17% 1.79% As of June 2015 (compared with year end 2014), Net (of haircut) ECB collateral market value decreased by 20% The available credit line to access ECB main refinancing operations decreased, since December 2014, by 36% (around 1 /bln) 31 Dec Dec June 2015 Central Government Credit Claims (eligible loans) Financials & Others Retained securitization & other RMBS/ABS Senior bond issued with Gov. Guarantee ECB exposure represented by TLTRO is around 1.85 /bln As of August 2015 collateral available is around 3.15 /bln ECB Collateral Pool: 31 Dec as % of Total 31 Dec as % of Total 30 June 2015 as % of Total Collateral used % % % Collateral (credit line) available % % % Net ECB market value % % % Source: BPVi 24

25 BPVi Group BPVi turnaround Financial Results Capital ratios evolution Funding Breakdown Contacts

26 Contacts Senior unsecured bond/emtn Direct line: Structured Finance/ABS Direct line:

27 27

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