Banca Popolare di Verona

Size: px
Start display at page:

Download "Banca Popolare di Verona"

Transcription

1 Banca Popolare di Verona Fabio Innocenzi, CEO Merrill Lynch Midcap Financial Conference London (UK), 12 December 2001

2 Brief Standalone Profile of BPV Merger between BPV and BPN

3 BPV Group Structure Corporate Retail Group Finance Operations and other BPV Creberg Service Unit (SGS) Gestielle Merchant Leasimpresa BPV Vita Creberg SIM Banca Aletti Aletti (Suisse) Gestielle AM Sgr Other companies Gestielle Alternative A.M. 1

4 BPV s Franchise LOMBARDY Share of national GDP: ~ 20.4% BPV market share (i) ~ 3% VENETO Share of national GDP: ~ 9.2% BPV market share (i) ~ 8% BPV s network of 589 branches is concentrated in an area which accounts for almost 40% of Italy s national GDP BPV enjoys a market share of 18% in its four key provinces (VR, BG, MO, RE) Note: (i) Market share based on number of branches 4 2 EMILIA ROMAGNA Share of national GDP: ~ 8.7% BPV market share (i) ~ 5%

5 Stock Option Plan The Board Meeting of 23 October 2001 approved a stock option plan which is fully operational, subject to approval at the next shareholders meeting. Key features: Underlying rationale 3 - year period top managers increase in share capital: - max 5 million new shares, or 2% of current shareholders equity Full alignment of management objectives with value creation fully cohesive management team retention of value creating managers attraction of best market talent Enhanced focus on value creation 3

6 Brief Standalone Profile of BPV Merger between BPV and BPN

7 Investment Case 7th largest Italian banking group retail customer/sme focused (3,000,000 clients) strongly rooted presence across Northern Italy Clear and simple corporate structure Transaction benefits all shareholders Increased profitability through rapid integration 4

8 Section 1 Highlights

9 Highlights Possible Inclusion in the MIB 30 Improved Visibility with Investors Market Capitalisation ( Bn) UniCredito Intesa-BCI Sanpaolo IMI MPS BNL 5,4 BP Verona e Novara (1) 4,2 Bipop 4,1 Banca di Roma 3,5 Banca Lombarda 2,7 BP Verona 2,5 BP Bergamo 2,4 Carige 1,9 BP Novara 1,7 Credem 1,5 BP Milano 1,5 BP Lodi 1,0 7,9 18,4 18,2 22, Source FactSet, 4 December 2001 Note 1) Combined market capitalization pre-distribution of extraordinary dividend 5

10 Highlights Highlights of the New Group Branches in Italy (30 June 2001) # Net Income (30 June 2001) MM 3,500 3,000 3,258 2,924 1,600 1,400 1,386 2,500 2,000 1,500 1, ,170 1,842 1,800 1, ,200 1, Intesa-BCI UCI SP IMI MPS BDR BPVN Antonveneta 0 Intesa-BCI UCI SP IMI MPS BNL BPVN BDR 6

11 Highlights Highlights of the New Group Customer Loans (30 June 2001) Bn AUM (30 June 2001) Bn Intesa-BCI UCI SP IMI BDR BNL MPS BPVN Intesa-BCI SP IMI UCI MPS BNL BDR BPVN 7

12 Highlights Strong Presence across Northern Italy BP Verona BP Novara BP Verona e Novara 0.3% 3.3% 7.6% 0.2% 5.3% 0.2% 1.1% 1.6% 1.2% 9.0% 0.4% 4.7% 0.5% 0.3% 4.9% 8.7% 9.2% 5.7% 5.0% 1.6% 0.3% 0.1% 0.4% 1.8% 0.4% 1.3% 0.8% 2.2% 0.5% 1.3% 1.2% 3.0% 0.5% 3.0% 0.5% 1.0% 1.0% BP Verona: 587 branches BP Novara: 529 branches BP Verona and Novara: 1,116 branches 8

13 Section 2 Clear and Simple Corporate Structure

14 Clear and Simple Corporate Structure Experienced Management Team Banco Popolare di Verona e Novara Chairman: Carlo Fratta Pasini CEO: Fabio Innocenzi General Manager: Piero Montani Staff Functions General Services Retail & Corporate Banking Private & Investment Banking, Investment Management BPV Branch Network BPN Branch Network Creberg Branch Network Novara Invest and Creberg SIM Leasimpresa and Italease Novara Vita and BPV Vita Banca Aletti Gestielle and Sogepo Aletti Suisse BUMF Gestielle Merchant 9

15 Clear and Simple Corporate Structure Governance of the New Group BP Verona e Novara Chairman: Carlo Fratta Pasini 2 Vice-Chairmen Board: 20 members, 7 drawn from the historical heartland of BPN Executive Committee: 9 members CEO: Fabio Innocenzi General Manager: Piero Montani 10

16 Clear and Simple Corporate Structure Governance of the New Group BP Novara SpA Chairman: Siro Lombardini Board: Principally from the historical heartland of BPN Board members Executive Committee: Constituted by the New BPN Chairman, by the CEOs of the New BPN and the New Bank and executive members of the board CEO: Piero Montani General Manager: nominated with the agreement of the Board of the New Bank 11

17 Section 3 Transaction Terms

18 Transaction Terms Transaction Terms Structure: Merger by union of BPV and BPN into a NewCo Spin off of BPN historical network in a New Bank Exchange ratio: 1 NewCo share per 1 BPV share 1 NewCo share per 2 BPN share Extraordinary dividend: 411 MM to BPN shareholders Conditions: Due diligence on specific areas Regulatory approval Approval at BPV and BPN extraordinary shareholder meetings 12

19 Transaction Terms Value Creation For All Shareholders... Financial Terms Nov Jan Mar Apr Jun Aug Oct through: Distribution of an extraordinary dividend Optimisation of the capital structure Exchange ratio in line with the market Exchange ratio: 0.50x post distribution Dividend distributed: 411 MM 13

20 Section 4 Increasing Profitability

21 Increasing Profitability Increasing Profitability Profitability Ratios BP Verona e Novara 2001E (Consensus) 2003E (Consensus) Cost/Income (1) 63.5% 57.0% EPS ROE (2) 9.2% 14.1% ROE Adjusted (3) 12.2% 17.3% (4) Note 1) Including amortisation & depreciation, excluding goodwill 2) Net Income/(Year End Book Value - Net Income) 3) Pre-goodwill; Adjusted Net Income/(Year End Adjusted Book Value - Net Income) 4) Post distribution of the extraordinary dividend Consensus: from brokers reports after 11 September 14

22 Increasing Profitability Rapid Integration of the Two Groups Cost synergies Present value of cost synergies (1) 540 MM Product company integration IT systems unification Central office function rationalisation Revenue synergies Present value of revenue synergies (1) 400 MM Internal benchmarking Productivity growth through increased product range Note 1) Calculated using an 8.8% discount rate Present value as a % of the combined market value: 27% 15

23 Increasing Profitability Merger to Generate Important Synergies Preliminary Estimate of Gross Synergies MM 145 In addition to benefits from existing stand-alone rationalisation process % 37% 2.6% of 2000 pro-forma total income 58 38% 63% 63% 7.3% of 2000 pro-forma aggregated operating costs 12 75% 25% 62% Cost Synergies ( 91 MM) Revenue Synergies ( 54 MM) 12 MM 36 MM 48 MM 24 MM Integration costs 16

24 Increasing Profitability Cost Synergies Synergies in 2005 Network efficiency 18 MM Shared IT platform 20 MM Governance and control structures of the network/company 53 MM Fully achieved cost synergies 91 MM 17

25 Increasing Profitability Best Practice Alignment 2003 stand-alone (Consensus) Synergies in 2005 BPV BPN Alignment of profitability on indirect deposits (1) 0.99% 0.65% 24 MM Increase of network productivity Direct deposits per branch 33 MM 30 MM 30 MM Customer loans per branch 34 MM 29 MM Fully achieved revenue synergies 54 MM Note 1) Company data Consensus: from brokers reports after 11 September 18

26 Increasing Profitability Value Creation for Both Shareholders Financial Impact of the Transaction Assumptions BPN shares exchanged (# MM) Exchange Ratio (BPV shares for 1 BPN share) 0.5 Total shares of BP Verona e Novara (# MM) Extraordinary dividend distributed ( MM) E 2003E BPV Net Income ( MM) BPN Net Income ( MM) Impact on BPV EPS Pre synergies (2.1%) 3.4% Post net cost synergies (1) (2.6%) 3.5% Post net cost and revenue synergies (1) (2.1%) 6.8% Impact on BPN EPS (2) Pre synergies 20.7% 13.9% Post net cost synergies (1) 20.7% 13.9% Post net cost and revenue synergies (1) 20.6% 17.6% Notes 1) Including restructuring cost 2) Based on the re-investment of BPN extraordinary dividend in BPV shares 19

27 Section 5 Conclusions

28 Conclusions Timetable Date Principal Events 13 November 2001 Announcement 14 November 2001 Presentation to the financial community By end Dec 2001 Due Diligence By end Jan 2002 BPV and BPN Board meetings Approval of the merger document (based on financial data as at 30/09/2001) Extraordinary Shareholders meetings call Approval of Business Plan for the new Group February 2002 Road Show and One-to-One meetings with investors March 2002 Extraordinary shareholders meeting to approve merger project and establishment of the New Bank; ordinary BPN shareholder meeting to approve extraordinary dividend April 2002 Merger act and constitution of the New Bank 20

29 Conclusions Operation Consistent with Management Objectives Growth Strategy Preliminary conditions Required rationale Value creation Perfect complementarity Transferability of business model Industrial logic EPS accretion in the year following completion of the transaction Value increase after restructuring Capital optimisation Limited duplication of clients and branch network Wider product range for clients Complementary management skills Shared values and business culture Clear corporate governance Merger satisfies all criteria for both BPN and BPV 21

30 Section 6 Pro-forma Financial Data

31 Pro-forma Financial Data Key Financial Data Data as of 30 June 2001 BPV BPN Branches Financial advisors Employees 6,827 6,735 Financial Data Customer Loans ( MM) 18,561 12,423 Customer Deposits ( MM) 18,777 14,216 Total Assets ( MM) 29,305 20,989 Equity Book Value ( MM) 1,836 1,361 AUM ( MM) 17,308 8,554 Ratios Cost/Revenues 56.6% 66.9% (1) ROE 2001E 11.1% 6.7% ROE adjusted 2001E (2) 17.5% 6.7% NPL/Customer Loans 1.4% 6.0% Tier I Ratio 6.3% 9.2% Market Statistics (3) Market Value ( MM) 1,932 1,483 P/E 2001E 10.1x 16.3x P/E 2002E 9.3x 11.4x P/BV 2001E 1.01x 1.02x Note 1) Net Income/(Year End Book Value - Net Income) 2) Pre goodwill; Adjusted Net Income/(Year End Adjusted Book Value - Net Income) 3) As of 12 November 2001 E (Estimates): from brokers reports after 11 September 22

32 Pro-forma Financial Data Comparable Companies (1) Price Market Cash EPS Growth % Stated P/CE Cash P/E Stated P/NAV Cash P/NAV Stated ROE Cash ROE 04/12/01 Cap 00E 01E 02E 02E/01E 01E 02E 01E 02E 01E 02E 01E 02E 01E 02E 01E 02E ( ) ( bn) ( ) ( ) ( ) (%) (%) (%) (%) (%) Banca di Roma 2,5 3,4 0,17 0,09 0,16 77,1 11,7 20,8 27,5 15,6 0,6 0,6 0,6 0,6 4,9 2,7 6,1 3,8 BIPOP 2,0 4,0 0,22 (0,08) 0,08 (188,8) 50,7 28,7 (24,1) 27,2 2,4 2,3 3,7 3,5 4,7 8,2 9,7 16,1 Fideuram 8,1 7,4 0,28 0,26 0,26 2,2 35,5 34,7 31,9 31,2 8,2 7,4 9,1 8,1 24,2 22,5 30,3 27,5 Intesa-BCI 2,7 16,0 0,22 0,14 0,19 38,0 11,7 14,9 19,5 14,2 1,6 1,6 1,7 1,7 13,5 10,6 14,9 11,8 Unicredito 4,2 21,1 0,28 0,32 0,34 5,6 14,8 14,6 13,1 12,4 2,4 2,2 2,6 2,3 17,1 15,9 21,9 19,7 Bca Nazionale del Lavoro 2,5 5,3 0,07 0,18 0,19 4,0 13,8 13,5 13,6 13,0 1,3 1,2 1,2 1,1 9,6 9,2 9,1 8,8 Bca Lombarda 9,2 2,6 0,72 0,62 0,71 14,2 16,7 16,7 14,9 13,1 2,0 1,9 4,9 3,5 12,3 11,9 38,4 31,2 Monte dei Paschi di Siena 3,0 7,7 0,22 0,22 0,27 19,0 13,3 12,4 13,3 11,2 1,4 1,3 1,6 1,6 10,6 10,8 14,0 14,4 Bca Popolare di Milano 3,9 1,5 0,75 0,46 0,54 17,0 11,4 11,8 8,5 7,3 0,6 0,6 0,7 0,7 5,8 5,5 8,9 10,7 Bco Popolare VR-NO (2) 10,6 3,9 NM 0,88 0,98 12,1 14,0 12,3 12,1 10,8 1,4 1,5 1,4 1,5 8,9 9,9 11,9 14,0 Rolo Banca 16,6 8,1 1,14 1,01 1,05 4,1 17,5 17,0 16,5 15,8 2,9 2,8 2,9 2,8 16,9 16,9 19,1 18,2 Italian Weighted Average 18,6 14,4 15,6 15,4 13,7 2,0 1,9 2,2 2,1 13,8 12,4 17,8 15,6 European Average 9,1 14,3 14,2 14,2 13,0 2,0 1,9 2,2 2,0 15,7 14,6 Market Cap Weighted European Average 6,9 15,5 14,4 14,1 13,4 2,3 2,1 2,7 2,5 16,2 15,4 Note 1) Adjusted for goodwill amortisation 2) Morgan Stanley estimates, excluding Bco Popolare VR-NO (figures from brokers reports after 11 September) 23

33 Section 7 Appendix

34 Appendix Analyst Consensus: BPV EPS 2002 Analysis Consensus: CSFB Cheuvreux I/B/E/S UBS Warburg EPS 2003 Analysis Consensus: Intermonte Mediobanca Merrill Lynch Banca Leonardo Euromobiliare Morgan Stanley Banca IMI UBS Warburg CSFB Cheuvreux I/B/E/S Intermonte Mediobanca Banca Leonardo Morgan Stanley Banca IMI

35 Appendix Analyst Consensus: BPN EPS 2002 Analysis EPS 2003 Analysis Consensus: Consensus: Intermonte Mediobanca Merrill Lynch Banca Leonardo Euromobiliare Banca IMI I/B/E/S Intermonte Mediobanca Banca Leonardo Banca IMI I/B/E/S

BANCA CARIGE SpA Cassa di Risparmio di Genova e Imperia

BANCA CARIGE SpA Cassa di Risparmio di Genova e Imperia -1- BANCA CARIGE SpA Cassa di Risparmio di Genova e Imperia European Banks & Misc. Financials KBW Conference 2006 -2- Agenda Banca Carige overview Carige share performance 1H06 results The Strategic Plan

More information

Alfredo Sanguinetto General Manager

Alfredo Sanguinetto General Manager Cassa di Risparmio di Genova e Imperia Genoa, 12 th October 2007 Alfredo Sanguinetto General Manager AGENDA A LONG SEASON OF SOUND ACQUISITIONS ISP BRANCHES DEAL PURCHASE OF 78 ISP BRANCHES COMPARED WITH

More information

Recommended Offer for Alliance & Leicester. 14 July 2008

Recommended Offer for Alliance & Leicester. 14 July 2008 Recommended Offer for Alliance & Leicester 4 July 008 Disclaimer This document does not constitute an offer to sell, or an invitation to subscribe for or purchase, any securities or the solicitation of

More information

Banca Popolare di Bergamo-CV

Banca Popolare di Bergamo-CV Banca Popolare di Bergamo-CV Price: 20.6 BANKS From Add to HOLD Y/E December 1998 1999 2000E 2001E 2002E 2003E Net operating income m 379 380 547 583 675 769 Net profit m 134 152 203 225 268 317 EPS m

More information

Carige s project: history and results. The The 2005-2007 Business Plan Plan. The adoption of IAS and 1H 2005 results. Carige share performance -1-

Carige s project: history and results. The The 2005-2007 Business Plan Plan. The adoption of IAS and 1H 2005 results. Carige share performance -1- Carige s project: history and results The The 2005-2007 Business Plan Plan The adoption of IAS and 1H 2005 results Carige share performance -1- Future evolution Independence through growth 1990-1998 1999-2003

More information

Analysts & Press Presentation. Fabrizio Viola - CEO Bernardo Mingrone - CFO

Analysts & Press Presentation. Fabrizio Viola - CEO Bernardo Mingrone - CFO Analysts & Press Presentation Fabrizio Viola - CEO Bernardo Mingrone - CFO Siena 7 th February 2013 Contents Description of transactions Impacts Capital Ratios page 2 Description of transactions Alexandria

More information

Milan January 29 th - 30 th, 2009 GRUPPO CARIGE 1

Milan January 29 th - 30 th, 2009 GRUPPO CARIGE 1 GRUPPO CARIGE Milan January 29 th - 30 th, 2009 GRUPPO CARIGE 1 Agenda Carige Group at a glance Key financial highlights Strategic Priorities 3Q08 results GRUPPO CARIGE 2 Banca Carige Group today ~53,000

More information

BNP Paribas. Italy : a New Home Market in Europe. Philippe Bordenave. Chief Financial Officer

BNP Paribas. Italy : a New Home Market in Europe. Philippe Bordenave. Chief Financial Officer BNP Paribas Italy : a New Home Market in Europe Philippe Bordenave Chief Financial Officer June 9 th 2006 1 Disclaimer Some information contained in this presentation and other information or material

More information

BANCA CARIGE SPA Cassa di Risparmio di Genova e Imperia BANCA CARIGE SPA

BANCA CARIGE SPA Cassa di Risparmio di Genova e Imperia BANCA CARIGE SPA BANCA CARIGE SPA BANCA CARIGE SPA Cassa di Risparmio di Genova e Imperia HSBC Italian Banks Conference London, 19 th January 2006-1- Agenda Carige s background The Strategic Plan 2005 first results The

More information

Unipol Gruppo Finanziario Bancassurance Strategy

Unipol Gruppo Finanziario Bancassurance Strategy UNIPOL GRUPPO FINANZIARIO UBS The Italian Financial Services Conference 2010 Unipol Gruppo Finanziario Bancassurance Strategy 21 January 2010 Carlo Cimbri, General Manager Agenda The Bancassurance scenario

More information

Today Eurocrea is organized in three different business units: Eurocrea Consulting; Eurocrea Financial Services; Eurocrea Merchant.

Today Eurocrea is organized in three different business units: Eurocrea Consulting; Eurocrea Financial Services; Eurocrea Merchant. Eurocrea was established in 1988 aiming at providing SMEs with consulting and other services related to Subsidized Credit. Since then it has always played a leading role in this sector which had not been

More information

Analysis. Banco Popolare Di Verona e Novara S.c.r.l. Verona, Italy. January 2003. Ratings and Contacts. Key Indicators

Analysis. Banco Popolare Di Verona e Novara S.c.r.l. Verona, Italy. January 2003. Ratings and Contacts. Key Indicators Banco Popolare Di Verona e Novara S.c.r.l. Verona, Italy Ratings and Contacts Category Moody s Rating Bank Deposits A2/P-1 Bank Financial Strength C+ Issuer Rating A2 Senior Unsecured A2 Senior Subordinate

More information

BNP Paribas Proposed Acquisition of BNL

BNP Paribas Proposed Acquisition of BNL BNP Paribas Proposed Acquisition of BNL Creating a New Home Market in Europe February 7, 2006 1 Important notice The consummation of the proposed acquisition is subject to the following conditions precedent:

More information

Extract from. Études et Dossiers No. 342. KIDI International Conference 2007

Extract from. Études et Dossiers No. 342. KIDI International Conference 2007 International Association for the Study of Insurance Economics Études et Dossiers Extract from Études et Dossiers No. 342 KIDI International Conference 2007 New Risk Management Environment and Strategy

More information

Crédit Agricole Group in Italy. Milan, 21 January 2010

Crédit Agricole Group in Italy. Milan, 21 January 2010 Crédit Agricole Group in Italy Milan, 21 January 2010 Contents History of Crédit Agricole presence in Italy The second home market of the Group with local roots Cariparma FriulAdria Group Retail banking

More information

Prelios. 9M 2010 Results

Prelios. 9M 2010 Results Prelios 9M Results 1 Prelios 9M key Messages Separation process successfully completed. Shares assigned Real estate market shows signs of Stability Fixed cost savings target for already achieved NFP: Increasing

More information

LA VIA CATTOLICA CITIGROUP - ANNUAL PAN EUROPEAN SMALL/MID CAP CONFERENCE. Searching for new ways to create value and new value to create

LA VIA CATTOLICA CITIGROUP - ANNUAL PAN EUROPEAN SMALL/MID CAP CONFERENCE. Searching for new ways to create value and new value to create CITIGROUP - ANNUAL PAN EUROPEAN SMALL/MID CAP CONFERENCE LA VIA CATTOLICA Searching for new ways to create value and new value to create London, October 17th 2007 Contents Cattolica: a reshaped Group transformation

More information

Report of the auditors on the ratio for the exchange of shares pursuant to article 2501-sexies of the Italian Civil Code*

Report of the auditors on the ratio for the exchange of shares pursuant to article 2501-sexies of the Italian Civil Code* (Translation from the Italian original which remains the definitive version) Banca Intesa S.p.A. on the ratio for the exchange of shares pursuant to article 2501-sexies of the Italian Civil Code* The Banca

More information

Leveraging our capital strength to enhance shareholder value

Leveraging our capital strength to enhance shareholder value Leveraging our capital strength to enhance shareholder value 27 th March 2012 Important Note The purpose of this presentation is purely for information purposes. In particular, regarding the data provided

More information

Aviva Italy Italy s pre-eminent bancassurer Cesare Brugola

Aviva Italy Italy s pre-eminent bancassurer Cesare Brugola Aviva Italy Italy s pre-eminent bancassurer Cesare Brugola Avivaplc Agenda Growth market and Aviva s positioning Bancassurance partnerships Products Shareholder value Future opportunities Slide 77 The

More information

Cattolica Group: Strategy and Results

Cattolica Group: Strategy and Results Giulio Fezzi - Chief Financial Officer and IR Manager Andrea Battista - General Manager Duomo Assicurazioni and IR Borsa Italiana Italian Investor Conference 2006 : Strategy and Results New York, 3-4 April

More information

UBS Australian Financial Services Conference

UBS Australian Financial Services Conference UBS Australian Financial Services Conference Gail Kelly Chief Executive Officer Westpac Banking Corporation 26 June 2008 Today s agenda: proposed St.George merger Summary of proposed St.George merger Merger

More information

Montepaschi Vita Annual F orum. Rome, October 12th - Grand Hotel Plaza, via del Corso, 126

Montepaschi Vita Annual F orum. Rome, October 12th - Grand Hotel Plaza, via del Corso, 126 Montepaschi Vita Annual F orum Rome, October 12th - Grand Hotel Plaza, via del Corso, 126 2007 The Paradigms of the Value Insurance companies and banks: complementariness and competition How to produce

More information

Sanpaolo Wealth Management

Sanpaolo Wealth Management Sanpaolo Wealth Management Implementation update and operating results Analyst Meeting Milan, October 6 th 2003 AGENDA 1. SANPAOLO WEALTH MANAGEMENT: MISSION AND KEY FIGURES 2. RESULTS AND IMPACT ON VALUE

More information

Banca Leonardo Italian Banks Conference 2004

Banca Leonardo Italian Banks Conference 2004 1 Banca Leonardo Italian Banks Conference 2004 Giorgio Spriano Head of Corporate Development Pollenzo,, 24 November 2004 2 DISCLAIMER This presentation has been prepared by Sanpaolo IMI and provides information

More information

Old Mutual Acquisition of United Asset Management. 19 June 2000

Old Mutual Acquisition of United Asset Management. 19 June 2000 Old Mutual Acquisition of United Asset Management 19 June 2000 0 Speakers Johannesburg Mike Levett Old Mutual - Chairman and C.E.O. London Eric Anstee Old Mutual - Group Finance Director Boston James F.

More information

Banca Popolare di Vicenza

Banca Popolare di Vicenza Banca Popolare di Vicenza Company profile Latest update September 2015 Disclaimer This presentation does not constitute an offer or invitation to subscribe for or purchase, or a solicitation of any offer

More information

Acquisition of Corealcredit Bank AG December 23, 2013 Dr. Wolf Schumacher, CEO Hermann J. Merkens, CFO

Acquisition of Corealcredit Bank AG December 23, 2013 Dr. Wolf Schumacher, CEO Hermann J. Merkens, CFO LOCAL EXPERTISE MEETS GLOBAL EXCELLENCE Acquisition of Corealcredit Bank AG December 23, 2013 Dr. Wolf Schumacher, CEO Hermann J. Merkens, CFO Agenda Strategic rationale Transaction structure Financials

More information

FITCH PLACES BPM ON RWN; CHANGES POPOLARE'S OUTLOOK TO NEGATIVE

FITCH PLACES BPM ON RWN; CHANGES POPOLARE'S OUTLOOK TO NEGATIVE FITCH PLACES BPM ON RWN; CHANGES POPOLARE'S OUTLOOK TO NEGATIVE Fitch Ratings-Milan/London-21 April 2016: Fitch Ratings has placed Banca Popolare di Milano's (BPM) 'BB+' Long-term Issuer Default Rating

More information

Cheuvreux conference. Jean-Paul Chifflet CEO. 19 September 2012

Cheuvreux conference. Jean-Paul Chifflet CEO. 19 September 2012 Cheuvreux conference Jean-Paul Chifflet CEO 19 September 2012 Disclaimer This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent

More information

Integration Plan Unipol Fondiaria SAI. Presentation of the joint Business Plan to the financial community

Integration Plan Unipol Fondiaria SAI. Presentation of the joint Business Plan to the financial community Integration Plan Unipol Fondiaria SAI Presentation of the joint Business Plan to the financial community Bologna, December 20th, 2012 Context Today, the Board of Directors of Unipol Assicurazioni, Premafin,

More information

Acquisition of ABN AMRO businesses by Santander: A perfect strategic fit and a strong financial case

Acquisition of ABN AMRO businesses by Santander: A perfect strategic fit and a strong financial case Acquisition of ABN AMRO businesses by Santander: A perfect strategic fit and a strong financial case Alfredo Sáenz Santander Group CEO 29th May2007 Important Information 2 In connection with the proposed

More information

San Paolo IMI Banca Fideuram

San Paolo IMI Banca Fideuram San Paolo IMI Banca Fideuram Italy - Banking SPI: BUY (unchanged) - TARGT 16.2 BFI: ACCUMULAT (prev. HOLD) - TARGT 5.7 January 25, 2006 Price : SPI: 12.99 BFI: 4.89 BCI Index: 1,706 N 20 RORGANISATION

More information

FIRST HALF 2015 RESULTS Santander made ordinary profit of EUR 3.426 billion, a 24% increase

FIRST HALF 2015 RESULTS Santander made ordinary profit of EUR 3.426 billion, a 24% increase FIRST HALF 2015 RESULTS Santander made ordinary profit of EUR 3.426 billion, a 24% increase PRESS RELEASE The first half results show the soundness and consistency of Banco Santander s business model.

More information

Deutsche Bank 2014 Global Financial Services Investor Conference

Deutsche Bank 2014 Global Financial Services Investor Conference Connecting Markets East & West Deutsche Bank 2014 Global Financial Services Investor Conference Shigesuke Kashiwagi, CFO Nomura Holdings, Inc. May 28, 2014 Nomura Unique hybrid of retail brokerage/asset

More information

SPAR NORD ANNOUNCES CONDITIONAL PUBLIC OFFER FOR SHARES IN NØRRESUNDBY BANK A/S. Investor and analyst briefing, 10 November 2014

SPAR NORD ANNOUNCES CONDITIONAL PUBLIC OFFER FOR SHARES IN NØRRESUNDBY BANK A/S. Investor and analyst briefing, 10 November 2014 SPAR NORD ANNOUNCES CONDITIONAL PUBLIC OFFER FOR SHARES IN NØRRESUNDBY BANK A/S Investor and analyst briefing, 0 November 204 DISCLAIMER The information contained in this presentation shall not constitute

More information

The Acquisition of BrokerTec

The Acquisition of BrokerTec BROKERTEC ACQUISITION 16 JANUARY 2002 The Acquisition of BrokerTec FINANCIAL HIGHLIGHTS (6 months to 30 Sep 02) Profit* Turnover Adjusted earnings per share Cash inflow from operating activities Interim

More information

9M2015 GMPS Results. Fabrizio Viola CEO & General Manager

9M2015 GMPS Results. Fabrizio Viola CEO & General Manager 9M2015 GMPS Results Fabrizio Viola CEO & General Manager 6 th November 2015 Results Highlights CET1 ratio fully loaded at 11.7% (approx. +100bps vs. Jun-15 proforma * ) and CET1 transitional at 12% (+67bps

More information

BANCA CARIGE. Italian Large and Mid Cap Conference 2007. Giacomo Burro, CFO. Cassa di Risparmio di Genova e Imperia. Paris, 24 May 2007 -1-

BANCA CARIGE. Italian Large and Mid Cap Conference 2007. Giacomo Burro, CFO. Cassa di Risparmio di Genova e Imperia. Paris, 24 May 2007 -1- Cassa di Risparmio di Genova e Imperia Italian Large and Mid Cap Conference 2007 Paris, 24 May 2007 Giacomo Burro, CFO -1- Agenda Carige Group Overview Italian Large and Mid Cap Conference 2007 Strategic

More information

The Role of the Financial Advisor in an M&A Transaction. Andrea Foti 23 November, 2015

The Role of the Financial Advisor in an M&A Transaction. Andrea Foti 23 November, 2015 The Role of the Financial Advisor in an M&A Transaction Andrea Foti 23 November, 2015 My background 1999 Investment Banking (Internship) Rome 2000 Degree in Business Rome 2000 Financial Institution Strategy

More information

SECTION H - INFORMATION ON TRANSACTIONS WITH RELATED PARTIES

SECTION H - INFORMATION ON TRANSACTIONS WITH RELATED PARTIES SECTION H - INFORMATION ON TRANSACTIONS WITH RELATED PARTIES 1. Information regarding compensation of Directors and Top Managers with strategic responsibilities Pursuant to art. 78 of the Enacting Regulation

More information

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

Acquisition of the retail and credit card business of Citibank in Spain. June 2014 Acquisition of the retail and credit card business of Citibank in Spain June 2014 Disclaimer This presentation has been prepared by Banco Popular Español solely for purposes of information. It may contain

More information

Cattolica Group: Strategy and Results

Cattolica Group: Strategy and Results Giulio Fezzi - Chief Financial Officer and IR Manager Borsa Italiana Italian Large and Mid Cap Conference 2006 : Strategy and Results Paris, 16 th May 2006 1 Agenda at a glance Strategic framework and

More information

Westpac Banking Corporation

Westpac Banking Corporation Westpac Banking Corporation Philip Coffey Chief Financial Officer 31 March 2006 Westpac at a glance Established 1817 Top 40 bank globally 1 Core markets - Australia, New Zealand and near Pacific Total

More information

Presentation of Cattolica Group

Presentation of Cattolica Group Ezio Paolo Reggia General Manager Kepler Equities ITALIAN FINANCIAL CEO CONFERENCE Milan, September 28th 2004 Presentation of Cattolica Group 1 Agenda Group Profile Business Strategy First Half 2004 Results

More information

Methorios Capital. Small Cap Conference. Milan, 29th November 2012 Borsa Italiana Palazzo Mezzanotte 11.30 Room Gialla

Methorios Capital. Small Cap Conference. Milan, 29th November 2012 Borsa Italiana Palazzo Mezzanotte 11.30 Room Gialla Methorios Capital Small Cap Conference Milan, 29th November 2012 Borsa Italiana Palazzo Mezzanotte 11.30 Room Gialla 2 Methorios Capital Group Business overview Key Numbers & Strategies 3 3 Overview Methorios

More information

BPER GROUP 2011 Results. Luigi Odorici - Chief Executive Officer

BPER GROUP 2011 Results. Luigi Odorici - Chief Executive Officer BPER GROUP 2011 Results Luigi Odorici - Chief Executive Officer Milan, 14 March 2012 Disclaimer This document has been prepared by Banca popolare dell Emilia Romagna solely for information purposes, and

More information

Presentation of consolidated results as at 31 March 2014. Carlo Cimbri CEO Bologna, 15 May 2014

Presentation of consolidated results as at 31 March 2014. Carlo Cimbri CEO Bologna, 15 May 2014 Presentation of consolidated results as at 31 March 2014 Carlo Cimbri CEO Bologna, 15 May 2014 Consolidated results Insurance business Non-Life insurance business Life insurance business Agenda Banking

More information

Customer deposits and assets: net inflow in 2002 of some 4 billion. Total thus up to 46,301 million (+7.2%*).

Customer deposits and assets: net inflow in 2002 of some 4 billion. Total thus up to 46,301 million (+7.2%*). PRESS RELEASE of CREDEM GROUP: FY2002 consolidated net profit up to 109.5 million (+2%). Total income up by +4.6% to 800 million. Customer deposits and assets: net inflow in 2002 of some 4 billion. Total

More information

NATIONAL BANK OF GREECE

NATIONAL BANK OF GREECE NATIONAL BANK OF GREECE NBG may file a registration statement (including a prospectus) with the SEC for the rights offering referred to in this report. Before you invest, you should read the prospectus

More information

OTP Bank. 2004 Preliminary Performance Based on HAR

OTP Bank. 2004 Preliminary Performance Based on HAR 2 Preliminary Performance Based on HAR Presented by: Dr. Zoltán Spéder CFO March 25 Forward looking statements This presentation contains certain forward-looking statements with respect to the financial

More information

APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7

APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7 APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015 1 Details of the reporting period and the previous corresponding period Current period: 1 April 2014 to 31 March 2015

More information

Integration of Bank Pekao SA and Bank BPH SA. Warsaw, 16 November 2006

Integration of Bank Pekao SA and Bank BPH SA. Warsaw, 16 November 2006 Integration of Bank Pekao SA and Bank BPH SA Warsaw, 16 November 2006 AGENDA 1 Integration summary 2 Spin off Plan 3 New Pekao the clear market leader 4 New BPH platform for growth 5 Next steps 1 PREPARATION

More information

SPAR NORD AND SPARBANK CONTEMPLATE MERGER

SPAR NORD AND SPARBANK CONTEMPLATE MERGER Skriv dato in Vis hjælpeli ved placerin 1. Højreklik og vælg g 2. Sæt kryds hjælpelinj 3. Vælg OK SPAR NORD AND SPARBANK CONTEMPLATE MERGER Investor and analyst briefing 18 September 2012 DISCLAIMER The

More information

MOODY S CONFERMA IL RATING (A3) PER LA CAPOGRUPPO E LA CONTROLLATA BANCAPERTA E MODIFICA L OUTLOOK DA STABILE A NEGATIVO

MOODY S CONFERMA IL RATING (A3) PER LA CAPOGRUPPO E LA CONTROLLATA BANCAPERTA E MODIFICA L OUTLOOK DA STABILE A NEGATIVO COMUNICATO STAMPA MOODY S CONFERMA IL RATING (A3) PER LA CAPOGRUPPO E LA CONTROLLATA BANCAPERTA E MODIFICA L OUTLOOK DA STABILE A NEGATIVO Milano, 23 giugno 2011. In data odierna l Agenzia Moody s ha confermato

More information

PRESS RELEASE. RESULTS 2014 Santander grows business in all markets and makes a profit of EUR 5.816 billion in 2014

PRESS RELEASE. RESULTS 2014 Santander grows business in all markets and makes a profit of EUR 5.816 billion in 2014 RESULTS 2014 Santander grows business in all markets and makes a profit of EUR 5.816 billion in 2014 In 2014, Santander continued to support its clients, growing loans by 5%. We did it with a sustained

More information

START OF THE BANKING & INSURANCE PARTNERSHIP BETWEEN THE CATTOLICA AND BANCA POPOLARE DI VICENZA GROUPS

START OF THE BANKING & INSURANCE PARTNERSHIP BETWEEN THE CATTOLICA AND BANCA POPOLARE DI VICENZA GROUPS PRESS RELEASE START OF THE BANKING & INSURANCE PARTNERSHIP BETWEEN THE CATTOLICA AND BANCA POPOLARE DI VICENZA GROUPS Signature today of a memorandum of understanding for a long-term business partnership

More information

2013 Results. A Strong Bank, Ready for Growth

2013 Results. A Strong Bank, Ready for Growth 2013 Results A Strong Bank, Ready for Growth March 28, 2014 FY2013 Summary: a Strong Balance Sheet Positions ISP for Growth Strong balance sheet further strengthened: one of the first banks in the world

More information

Morgan Stanley Smith Barney Global Wealth Management Joint Venture. Presentation to Investors January 13, 2009

Morgan Stanley Smith Barney Global Wealth Management Joint Venture. Presentation to Investors January 13, 2009 Morgan Stanley Smith Barney Global Wealth Management Joint Venture Presentation to Investors January 13, 2009 Notice Statements about the expected effects, timing, benefits, financial and operating results,

More information

BANCA CR FIRENZE. Annual Report 2003

BANCA CR FIRENZE. Annual Report 2003 BANCA CR FIRENZE Annual Report 2003 Limited Liability Company Registered Office and Headquarters in Florence Share Capital 8 620,422,859.49 fully paid Reserves 8 255,956,237.64 Register of Companies, Fiscal

More information

PRESS RELEASE. Loyal customers grew by 1.2 million, to 13.8 million, and digitally active customers by 2.5 million, to 16.6 million.

PRESS RELEASE. Loyal customers grew by 1.2 million, to 13.8 million, and digitally active customers by 2.5 million, to 16.6 million. 2015 RESULTS Banco Santander delivers on its targets and earns EUR 5.966 million (+3%), with strong underlying performance of 13% based on increasing customer satisfaction and loyalty PRESS RELEASE In

More information

AIB Group. Interim Results 2002

AIB Group. Interim Results 2002 AIB Group Interim Results 2002 Forward looking statement A number of statements we will be making in our presentation and in the accompanying slides will not be based on historical fact, but will be forward-looking

More information

Well Positioned For Growth

Well Positioned For Growth Tony Comper Chairman & CEO Scotia Capital Financials Summit 2002 September 10, 2002 Divested Business Bancomer Global Custody Partners First Corporate Trust Branch Sales Total 1999 Revenue ($MM) $119 $12

More information

FIRST CAPITAL. Sound 2014 results and attractive dividend. Buy (maintained) Company Update

FIRST CAPITAL. Sound 2014 results and attractive dividend. Buy (maintained) Company Update FIRST CAPITAL Company Update Buy (maintained) MARKET PRICE: EUR1.03 TARGET PRICE: EUR1.28 (from EUR1.15) Financial Holding Data Shares Outstanding (m): 24.04 Market Cap. (EURm): 24.77 NAV (EURm): 34.1

More information

Acquisiton of. 2008 Brasil Brokers Todos os Direitos Reservados

Acquisiton of. 2008 Brasil Brokers Todos os Direitos Reservados Acquisiton of 2008 Brasil Brokers Todos os Direitos Reservados Acquisition of ABYARA BROKERS Acquisition of 51% of Abyara Brokers, with purchase option of the other 49% to be exercised in the next 3 years;

More information

Frankfurt, June 5th 2009. Goldman Sachs European Financials Conference Mr. Roberto Higuera, CEO

Frankfurt, June 5th 2009. Goldman Sachs European Financials Conference Mr. Roberto Higuera, CEO Frankfurt, June 5th 2009 Goldman Sachs European Financials Conference Mr. Roberto Higuera, CEO Disclaimer This presentation has been prepared by Banco Popular solely for purposes of information. It may

More information

[ ] 1% [ ]. 0.7 25% [ ] 1.5 2 5 [ ] [ ]. 23, 2004, [ ] 2005. #4 2 [ ] 2 #5 28.9 100% 14.5 12 2.5 [ ], TIM

[ ] 1% [ ]. 0.7 25% [ ] 1.5 2 5 [ ] [ ]. 23, 2004, [ ] 2005. #4 2 [ ] 2 #5 28.9 100% 14.5 12 2.5 [ ], TIM Good evening, ladies and gentlemen. Welcome to Pirelli s conference call, in which our chairman, Marco Tronchetti Provera, will debate about the capital increases of Pirelli & C. and Olimpia. I remind

More information

Banco Popolare Società Cooperativa

Banco Popolare Società Cooperativa Banco Popolare Società Cooperativa Registered and Head offices: Piazza Nogara, 2-37121 Verona Share capital as at July 1 st, 2007: euro 2,305,728,126 fully paid Tax code, VAT no. and enrollment no. in

More information

Media and Financial Analysts Meeting 2016 Carlo Gavazzi Holding AG

Media and Financial Analysts Meeting 2016 Carlo Gavazzi Holding AG Media and Financial Analysts Meeting 2016 Carlo Gavazzi Holding AG Media and Financial Analysts Meeting 2016 June 23, 2016 Media and Financial Analysts Meeting 2016 AGENDA FOR TODAY WELCOME & OVERVIEW

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT

More information

Various Rating Actions Taken On Italian Banks Due To Rising Economic And Industry Risks

Various Rating Actions Taken On Italian Banks Due To Rising Economic And Industry Risks Various Rating Actions Taken On Italian Banks Due Rising Economic And Industry Risks Analytical Group Contact: Financial Institutions Ratings Europe; FIG_Europe@standardandpoors.com In our opinion, Italian

More information

Financial Performance

Financial Performance Fundamental Value: $5.27 Market Price: $11.71 1 52 Week Range: $3.40 to $11.78 Recommendation: SELL 2 Symbol: JMMB Shares Outstanding: 1,463,386,752 units Market Value of Shares Outstanding: $17,136,258,865.92

More information

Banco Santander s profit rose 90% to EUR 4.370 billion in 2013

Banco Santander s profit rose 90% to EUR 4.370 billion in 2013 Press Release Banco Santander s profit rose 90% to EUR 4.370 billion in 2013 BUSINESS. Deposits were stable at EUR 607,836 million, while mutual funds grew by 14% to EUR 93,304 million. Loans decreased

More information

FITCH TAKES RATING ACTION ON ITALIAN MID-SIZED BANKS

FITCH TAKES RATING ACTION ON ITALIAN MID-SIZED BANKS FITCH TAKES RATING ACTION ON ITALIAN MID-SIZED BANKS Link to Fitch Ratings' Report: Peer Review: Italian Mid-Sized Banks http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=712790 Fitch

More information

BANCA FIDEURAM AT A GLANCE

BANCA FIDEURAM AT A GLANCE BANCA FIDEURAM AT A GLANCE Key ratios 2010 2009 2008 2007 2006 CUSTOMER FINANCIAL ASSETS Net inflows into managed assets ( m) 4,234 2,928 (3,850) (892) 681 Total net inflows ( m) 1,901 2,804 345 1,617

More information

US BLUECHIP EQUITY FUND

US BLUECHIP EQUITY FUND NFO Period: June 18, 2012 to July 02, 2012 Introducing US BLUECHIP EQUITY FUND An Open Ended Equity Scheme Contents 1 Why investing in US is a big opportunity? 2 Why invest now in US? 3 Presenting ICICI

More information

Highlights. The factoring market and group positioning. Strategies. Consolidated financial and economic data. Attachments

Highlights. The factoring market and group positioning. Strategies. Consolidated financial and economic data. Attachments 4 th Q. 2008 Highlights The factoring market and group positioning Strategies Consolidated financial and economic data Attachments The Credit Crunch : impact on Banca IFIS s activity The consequences for

More information

Company Overview. Financial Performance

Company Overview. Financial Performance Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 SPS Finquest Ltd CMP: 84.60 January 13, 2015 Stock Details BSE code 538402 BSE ID SPS Face value ( ) 10 No of shares

More information

QBE INSURANCE GROUP LIMITED. JP Morgan AUSTRALASIAN INVESTMENT CONFERENCE SINGAPORE OCTOBER 2004. Presenter: Neil Drabsch, CFO

QBE INSURANCE GROUP LIMITED. JP Morgan AUSTRALASIAN INVESTMENT CONFERENCE SINGAPORE OCTOBER 2004. Presenter: Neil Drabsch, CFO QBE INSURANCE GROUP LIMITED JP Morgan AUSTRALASIAN INVESTMENT CONFERENCE SINGAPORE OCTOBER 2004 Presenter: Neil Drabsch, CFO 1 Company overview QBE is an Australian-based general insurance and reinsurance

More information

The Italian Asset Management market

The Italian Asset Management market key figures Research Department 1. Summary statistics Open-end funds Mandates A snapshot of the insurance market The recovery, some tentative explanations 2. The European Investment Fund Industry Net assets

More information

Not for distribution in the United States, Canada, Australia or Japan

Not for distribution in the United States, Canada, Australia or Japan The distribution of this press release, directly or indirectly, in or into the United States, Canada, Australia or Japan is prohibited. This press release (and the information contained herein) does not

More information

The Italian Asset Management market

The Italian Asset Management market key figures 23 April 2014 Research Department 1. Summary statistics Open-end funds Mandates The recent mkt recovery, some tentative explanations 2. The European Investment Fund Industry Net assets & sales

More information

Financial Data Supplement 2Q2013

Financial Data Supplement 2Q2013 Deutsche Bank Financial Data Supplement 2Q2013 30 July 2013 1 2 2Q2013 Financial Data Supplement Deutsche Bank consolidated Financial summary 2 Group Core Bank Non-Core Operations Unit 3 Consolidated Statement

More information

EUROCASTLE INVESTMENT LIMITED. Proposal to Convertible Debt Investors February 28, 2013

EUROCASTLE INVESTMENT LIMITED. Proposal to Convertible Debt Investors February 28, 2013 EUROCASTLE INVESTMENT LIMITED Proposal to Convertible Debt Investors February 28, 2013 Disclaimer The information in this document has been prepared by Eurocastle Investment Limited (the "Company") solely

More information

Presentation of consolidated results as at 30 June 2014. Carlo Cimbri CEO Bologna, 6 August 2014

Presentation of consolidated results as at 30 June 2014. Carlo Cimbri CEO Bologna, 6 August 2014 Presentation of consolidated results as at 30 June 2014 Carlo Cimbri CEO Bologna, 6 August 2014 Unipol Group key operations Consolidated results Insurance business Non-Life insurance business Agenda Life

More information

The Italian NPL market

The Italian NPL market www.pwc.com/it The Italian NPL market 1H 2013 Market update 1 At a glance The NPL volume and coverage levels The Gross NPL volume continues to grow and reached 140 bn in July 13. Despite 2012 YE and 1H

More information

25 May 2010 GRUPPO CARIGE 1

25 May 2010 GRUPPO CARIGE 1 GRUPPO CARIGE 25 May 2010 GRUPPO CARIGE 1 Agenda Carige Group at a glance Key financial highlights FY09 results 1Q10 results Strategic Priorities GRUPPO CARIGE 2 Banca Carige Group today Fondazione CR

More information

MMS Group FY15 Results Presentation. August 2015

MMS Group FY15 Results Presentation. August 2015 August 2015 Group Overview 2 Overview MMS generated a record financial result in FY15 o EBITDA up 20%, NPAT up 23%, EPS up 18% MMS has entered a new stage in its evolution o Step change in scale, competitiveness

More information

Merger proposal between and

Merger proposal between and Merger proposal between and 29 May 2006 Agenda The transaction Presentation of the merged company Financials highlights Shareholder matters Timetable 2 The transaction main terms Eltek ASA ( Eltek ) and

More information

One-to-one bank for the modern investor comdirect bank WestLB German Mid & Small Cap Conference London, 19 May 2004

One-to-one bank for the modern investor comdirect bank WestLB German Mid & Small Cap Conference London, 19 May 2004 One-to-one bank for the modern investor comdirect bank WestLB German Mid & Small Cap Conference London, 19 May 2004 Dr. Achim Kassow, CEO Agenda Performance After the bubble: record result and first dividend

More information

2013 Full Year Results. 28 March 2014

2013 Full Year Results. 28 March 2014 2013 Full Year Results 28 March 2014 Agenda 1. Full year highlights 2. Business performance 3. Corporate strategy 4. Summary Full year highlights 3 Full year highlights Exceptional full year results -

More information

NN GROUP FINANCIAL SUPPLEMENT 4Q2014

NN GROUP FINANCIAL SUPPLEMENT 4Q2014 NN GROUP FINANCIAL SUPPLEMENT 4Q2014 NN GROUP FINANCIAL SUPPLEMENT 4Q2014 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Rounding could

More information

Financial Data Supplement 4Q2011

Financial Data Supplement 4Q2011 Deutsche Bank Financial Data Supplement 4Q2011 20 March 2012 4Q2011 Financial Data Supplement Deutsche Bank consolidated Financial summary 2 Consolidated Statement of Income 3 Net revenues 4 Net interest

More information

NN GROUP FINANCIAL SUPPLEMENT 1Q2016

NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Figures are

More information

Deutsche Bank London Conference. June 2004. Tom Boardman Chief executive

Deutsche Bank London Conference. June 2004. Tom Boardman Chief executive Deutsche Bank London Conference June 2004 Tom Boardman Chief executive Road map Five point plan Reconstitute EXCO Strategic review Improve transparency Deliver on merger Customer service focus Chairman

More information

BNY Mellon s Acquisition of PNC s Global Investment Servicing Business. February 2, 2010

BNY Mellon s Acquisition of PNC s Global Investment Servicing Business. February 2, 2010 BNY Mellon s Acquisition of PNC s Global Investment Servicing Business February 2, 2010 Cautionary Statement A number of statements in our presentation, the accompanying slides and the responses to your

More information

Yard Group. Mortgage valuations. Title search Property documentation. Technical Due Diligence Construction, as-built surveys Valuations.

Yard Group. Mortgage valuations. Title search Property documentation. Technical Due Diligence Construction, as-built surveys Valuations. Mortgage valuations Technical Due Diligence Construction, as-built surveys Valuations Title search Property documentation Advisory Agency Mortgage underwriting services e-discharge of mortgage NPL management

More information

>Analysts conference. Dr. Andre Carls, CEO Karin Katerbau, CFO. Frankfurt/Main, 14 February 2006

>Analysts conference. Dr. Andre Carls, CEO Karin Katerbau, CFO. Frankfurt/Main, 14 February 2006 >Analysts conference Dr. Andre Carls, CEO Karin Katerbau, CFO Frankfurt/Main, 14 February 2006 > Agenda comvalue taking effect Convincing growth programme record results Offering and sales expanded More

More information

Berenberg Bank Swiss Small-Mid Cap Conference

Berenberg Bank Swiss Small-Mid Cap Conference Berenberg Bank Swiss Small-Mid Cap Conference Rudy van den Steen, CFO Brocket Hall, 28 March 2007 Disclaimer This presentation has been prepared by EFG International solely for use by you for general information

More information

15

15 15 15 15 15th 15th ) business's Debt/ Turnover (expressed as %) 30 25 20 17.0 24.6 20.7 23.2 19.5 23.6 15 10 8.6 9.4 5 0 2008 June 09 2009 Jun-10 2010 Jun-11 2011 Jun-12 Net debt/members' equity

More information