An introduction to the UBI Banca Group - August 2015
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An introduction to the UBI Banca Group August 2015
Disclaimer This document has been prepared by solicitation, offer, invitation or Group, please refer to publicly available Unione di Banche Italiane Scpa (“UBI”) for recommendation to purchase, subscribe or information, including Annual, Quarterly informational purposes only. sell for any investment instruments, to and Interim Reports. It is not permitted to publish, transmit or effect any transaction, or to conclude any By receiving this document you agree to be otherwise reproduce this document, in legal act of any kind whatsoever. bound by the foregoing limitations. whole or in part, in any format, to any third This document may contain statements party without the express written consent that are forward-looking: such statements Please be informed that some of the of UBI and it is not permitted to alter, are based upon the current beliefs and managers of UBI involved in the drawing manipulate, obscure or take out of context expectations of UBI and are subject to up and in the presentation of data any information set out in the document. significant risks and uncertainties. These contained in this document either The information, opinions, estimates and risks and uncertainties, many of which are participated in a stock option plan and were forecasts contained herein have not been outside the control of UBI, could cause the therefore assigned stock of the company or independently verified and are subject to results of UBI to differ materially from those possess stock of the bank otherwise change without notice. set forth in such forward looking acquired. The disclosure relating to They have been obtained from, or are statements. shareholdings of top management is based upon, sources we believe to be available in the half year and the annual reliable but UBI makes no representation Under no circumstances will UBI or its reports. (either expressed or implied) or warranty affiliates, representatives, directors, on their completeness, timeliness or officers and employees have any liability accuracy. whatsoever (in negligence or otherwise) for Nothing contained in this document or any loss or damage howsoever arising expressed during the presentation from any use of this document or its Methodology constitutes financial, legal, tax or other contents or otherwise arising in connection All data are as at 30th June 2015 unless advice, nor should any investment or any with the document or the above mentioned otherwise stated. other decision be solely based on this presentation. document. This document does not constitute a For further information about the UBI Page 1
Agenda
The UBI Banca Group
Background
UBI Banca and its Peers
UBI Banca’s profile in a snapshot
The Group Structure
Presence in Italy
The UBI Banca International Network
Contacts
Annexes
Page 2Background
Unione di Banche Italiane Scpa (“UBI Banca”) was formed following the merger of the BPU Banca and Banca
Lombarda e Piemontese Groups (1st April 2007)
The history of UBI Banca is marked by a succession of mergers which have led banks with strong roots in local
communities to become the significant reality that exists today and employs approximately 17,800 people.
Birth of the “BPU
Birth of the “Banca
Birth of the “Società Acquisition of Banca Group” from
Mutua Popolare
per la Stagionatura e “Banca the integration of
della Città e Acquisition of “Banca
l’Assaggio delle Sete Carime” by BPB-CV and BPCI 1st April 2007
Provincia di Popolare di Ancona”
ed Affini” Merger of BPB and BPCI 2003 Birth of
Bergamo” , (BPA) by BPB-CV. Birth of
subsequently “Credito Varesino” 2001 “UBI Banca”
subsequently the BPB-CV Group
renamed “Banca (BPB-CV) following the
renamed “Banca 1996
Popolare 1992 merger of the
Popolare di
Commercio e BPU Banca
Bergamo” (BPB)
Industria” (BPCI) Group and the
1869
1888 Banca
Lombarda e
2000 Piemontese
Acquisition of “Banca Regionale Group
Europea”* by Banca Lombarda.
1998 The Group takes the name of
Merger of CAB and BSPB “Banca Lombarda e Piemontese
1963 with the creation of “Banca Group”
1888 BSPB acquires Lombarda” as parent
1883
Birth of the “Banca “Banca di Valle company and contribution of
Birth of the
San Paolo di Camonica” (BVC) branch network of CAB and
“Credito Agrario
Brescia” (BSPB) BSPB to “Banco di Brescia”0
Bresciano” (CAB)
* Banca Regionale Europea was created in 1994 following the merger between “Cassa di Risparmio di Cuneo” and “Banca del
Page 3 Monte di Lombardia”Background
UBI Banca is a cooperative bank (“società cooperativa”). Its capital is represented by ordinary shares . Shareholders are divided
between unregistered shareholders (who have a right to share in dividends, options, etc. but have no voting rights) and registered
shareholders (who have both the right (i) to share in dividends, options, etc., and (ii) to vote at general meetings). To become a
registered shareholder, one must own and hold at least 250 shares and apply to the management board. Each registered shareholder
has only one vote. No one may hold shares amounting to more than 1% of the share capital (with the exception of collective
investment companies). As at June 2015, voting shareholders number nearly 81,750*.
A recent Law (March 2015) has established that cooperative banks with total assets above 8€ bln must transform into Joint Stock
Companies. Bank of Italy has recently issued instructions (11 June) and the Popolari involved have 18 months to transform into Joint
Stock Companies. UBI Banca, which totals €120 bln of total assets, is one of the Banks involved in this process.
UBI Banca is listed on the Milan Stock Exchange and included in the FTSE/MIB index.
UBI Banca’s governance model is based on a “dualistic” system. Under this dualistic governance system, the registered shareholders
appoints a Supervisory Board (strategy and supervision); the Supervisory Board, in turn, appoints a Management Board (day-by-day
management of the bank)
55.2
35.3 #3
Market Capitalisation* as at 27th August 2015 6.5
(EUR bln) 5.7
Source: “Il Sole 24ore” – Italian Financial Newspaper – 5.4
Dated 28th August 2015 4.2 3.8
* Total shareholders (voting and non voting) number around 155,000
Page 4UBI Banca and its Peers
No. of branches as at 30th June 2015 Total assets as at 30th June2015 (€ bln)
7,121 875
5,608
668
2,223 #5
1,813
1,530
178 #5
1,274
654 125 119.5
61 49
Customer loans as at 30th June 2015 (€ bln) Total direct funding as at 30th June 2015 (€ bln)
581
474
365
344
#4 #4
117 126
94
85 80 84
43 33 46
37
Page 5 Source: Press releases.The Group Structure
UBI BANCA provides management, co-ordination, control and supply of centralized services to the network
banks (single IT System, centralised risk management, centralised finance and treasury, commercial
coordination, credit coordination, logistics, purchasing, on line banking, etc...)
NETWORK BANKS
MAIN PRODUCT COMPANIES
100.00%
350 branches
ASSET MANAGEMENT UBI Pramerica
100.00% (partnership with Prudential US)
288 branches
FACTORING UBI Factor
83.76% (1)
Northern 196 branches
Italy LEASING UBI Leasing
74.77% (2)
208+3* branches LIFE BANCASSURANCE Lombarda Vita (partnership with Cattolica)
Aviva Vita Spa
66 branches
84.13% (3) Aviva Assicurazioni Vita Spa
Central 99.54%
208 branches
Italy
Southern 216 branches
99.99%
Italy
** 21 branches, ~ 772
financial advisors 100.00%
Information updated as at 31 March 2015, unless otherwise stated
* indicates branches outside Italy
**Merger between IW Bank and UBI Private Investment completed on 25 May 2015
1) moreover, 16.24% of capital held by Fondazione Banca del Monte di Lombardia
Page 6 2) further 24.90% of Banca Regionale Europea capital held by Fondazione Cassa di Risparmio di Cuneo and the rest by minority shareholders
3) moreover, 5.50% of capital held by Cattolica Assicurazioni and the rest by minority shareholders
7Presence in Italy
Introduction to the UBI Banca Group:
Predominant Retail Business and Strong Northern Italian Franchise
1 9
Approx. 3.6 million clients, mainly retail
1
759
27
1,557 branches, of which 759 in Lombardy (which
169
38 43 generates over 20% of Italian GDP)
7 80
Market share in terms of branches above 20% in
18 some of the richest Provinces such as Bergamo,
106
17 Brescia and Varese
6
Current
94 Market Shares*
78 Branches accounts Loans
% & deposits
19
1 Bergamo 22.4 30.5 40.7
84 Brescia 21.9 26.7 34.8
Varese 24.3 28.0 23.2
Cuneo 20.3 17.9 15.5
National market share of 5.1% in terms of branches
1,557 branches in Italy + 6 branches abroad * Market shares calculated as at 31st March 2015 in terms of branches and as at
31st December 2014 in terms of volumes.
As at 30th June 2015
Page 7Agenda
UBI Banca International Network
International Network
Presence in the world
Page 8International Network
COMMERCIAL BANKS SUBSIDIARIES REPRESENTATIVE
FOREIGN BRANCHES FOREIGN BRANCHES OFFICES
MENTON, NICE AND ANTIBES KRAKOW
(Banca Regionale Europea) MOSCOW SAO PAULO
(UBI Factor)
SHANGHAI SHANGHAI
MUMBAI
(Zhong Ou Asset
Management Company)
VIENNA
HONG KONG (Business Consultant)
NEW YORK
DUBAI
(Upcoming opening 2015)
FOREIGN BANKS
Head office in Luxembourg
SUBSIDIARIES BRANCHES
UBI TRUSTEE SA LUXEMBOURG
(Luxembourg) MADRID
MUNICH
Page 92015 upcoming opening of
Representative Office
New York
Presence in the world
Munich
Krakow
UBI Banca International
UBI Factor Branch
Branch Vienna
Business Consultant
Moscow
Representative Office
Luxembourg
• UBI Banca International
• UBI Trustee SA
• UBI Management Co SA Shanghai
Representative Office
Antibes, Menton, Nice
Banca Regionale Europea Shanghai
Zhong Ou Asset Management
Branches
Company Co. Ltd*
Madrid Hong Kong
UBI Banca International Representative Office
Branch
Dubai Mumbai
São Paulo Representative Office Representative Office
Representative Office
* Joint-venture in which UBI Banca holds 35% of the total share.
Page 10Agenda
Contacts
UBI Banca Correspondent Banking
Representative Offices Contacts
Page 11Sergio Passoni
UBI Banca Head of Global Transaction and Operations
Isabella Moavero - Head of Correspondent Banking and Representative Offices
Correspondent Banking - correspondent.banking@ubibanca.it
Alistair Newell
Relationship Manager • Indian Subcontinent, China & Far East, Oceania
alistair.robert.newell@ubibanca.it
Ernst Rolf Hartmann
Relationship Manager
• North America, Central America, South America,
ernst.rolf.hartmann@ubibanca.it Caribbean, Israel
Lorenzo Tassini
Relationship Manager • Turkey, Middle East, Africa
lorenzo.tassini@ubibanca.it
Marco Camozzi
Relationship Manager
• Global Players – Responsible for relationships with multi-
marco.camozzi@ubibanca.it regional banking groups & Special Projects
Riccardo Rossi van Lamsweerde
Relationship Manager • Europe & CIS Countries
riccardo.rossi.van.lamsweerde@ubibanca.it
Page 12Representative Offices Contacts
DUBAI
MUMBAI HONG KONG SHANGHAI (since Aug 2015)
Mr Andrea Croci Ms Lu Bo Mr Luigi Landoni
Ms Rajeshree Balsari
hongkong@ubihk.com office@ubibanca.sh.cn Office 113, Level 1, Tower 1
mumbai@ubibanca.com
Al Fattam Currency House,
Suite 2911, Tower Two, The Center Dubai Intl Financial Centre
92 Mittal Chambers, 9th Floor,
Times Square 1, Matheson St. - Suite 3304 Dubai, UAE
Nariman Point,
Causeway Bay Hong Kong - 989, Changle Road P.O. BOX 506989
400 021 Mumbai - India
S.A.R. 200031 Shanghai – China
Tel. +91 22 22023601 Tel +971 4 3277289
Tel. +852 2878 7393 Tel +86 21 61675333 Fax +971 4 3277290
Fax +91 22 22023603
Fax +852 2878 7932 Fax +86 21 61675582
MOSCOW SAO PAULO VIENNA (Business Consult.)
Mr Ferdinando Pelazzo Mr Isidoro Guerrerio Ms Annick Stockert
moscow@ubibanca.com saopaulo@ubibanca.com annick.stockert@esterni.ubibanca
.it
10, Nikolskaya str., 4th floor, Al. Ministro Rocha Azevedo,
Business Centre “Nikolskaya 456 Ed. Jaù - 4° And.Cj.402 Seilerstätte 16/11
Plaza” CEP 01410-000 São Paulo - 1010 Vienna
109012 Moscow - Russia Brazil Austria
Tel. +7 495 725 4466 Tel. +55 11 3063 0454 Tel. +43 1 514 37 26
Fax +7 495 725 4465 Fax +55 11 3063 3785 Fax +43 1 514 37 60
Page 13Agenda
Annex
Foreign Banks
Product Companies
Group Results
Group BIC codes
Page 14Product Companies
UBI Leasing offers its clients financing for asset acquisition such as: instrumental
leasing, real estate leasing, car leasing, aero naval leasing as well as specific insurance
and accessory services.
6.8 bln EUR in net Loans to Customers
UBI Factor offers highly specialized factoring services to companies and public
administrations. The company is based in Milan with a capillary structure across the
national territory and is present also in Poland with its Krakow subsidiary. Since 1984
UBI Factor is part of the Factors Chain International network which allows it to retain a
presence in more than 75 countries and with more than 270 foreign partners.
4.3 bln EUR Turnover; 2.1 bln EUR net Loans to Customers
Asset Management – Joint Venture with Prudential US
UBI Pramerica develops, manages, markets and distributes a wide range
of financial products and services dedicated to private customers and institutions. It
has been awarded various international prizes.
27.6 bln EUR in Assets Under Management
Page 15 Data as at 30.06.2015 unless otherwise statedOther foreign Banks
Recent merger between IW Bank (market leader in online trading in Italy with a strategy
based on three fundamental objectives: continuous product/service innovation, constant
development of technological platforms, professional support for the customer) and UBI
Private Investment, the network of financial agents of the UBI Group
Qualified and specific services offered to Corporate and Private customers
Page 16UBI Banca’s profile in a snapshot: predominant retail business, solid capital
base and low risk profile
1st Italian cooperative banking Group by market capitalization
Strong EUR 85.3 bn customer lending and EUR 94.3 bn direct funding (loan/deposit ratio: 90.5%)
competitive As at 30 June 2015, 81% of loans to customers were granted in Northern Italy, 10.7% in Central Italy
positioning and 8.3% in Southern Italy, while 73.2% of customer deposits came from Northern Italy, 12.1% from
Central Italy and 14.7% from Southern Italy
Capital ratios as at 30 June 2015:
Solid Capital CET 1 ratio phased in: 12.94% vs. 9.5% SREP requirement
CET 1 ratio fully loaded under Basel 3 rules: 12.33%
and Balance
Sheet Position Leverage ratio under Basel 3 (tier one capital / (on- and off-balance-sheet assets)) is at 6.14% phased in,
5.88% fully loaded
Sound Liquidity position: the Group already complies with the Net stable Funding Ratio and Liquidity
Coverage Ratio as per Basel 3 requirements (also net of TLTRO)
Good Asset Good asset quality compared to the Italian banking system
Quality
Annualised cost of credit of 91 bps of total loans vs. 98 bps of Italian Peers**
Focus on traditional banking activities: Customer loans/total assets at 71.38%
Low Risk Profile Funding mainly from own customer base (over 76%); limited recourse to institutional markets
Financial assets/total assets: 18.3%. Italian Govies represent approx. 17% of total assets
Figures as at 30th June 2015 unless otherwise stated
Page 17 * Data referred to banking perimeter only.
** UCG, ISP, BP, MPS, BPER and BPMThe UBI Banca Group: consolidated results as at 30th June 2015
MAIN INCOME STATEMENT ITEMS
1H14 1H15
% change Profit net of non recurring items to 136 million, the
Figures in € mln 1H15 vs 1H14
highest half year results since 2H2008
Net interest income 909 847 (6.8%) Stated Profit for the period to 124.4 million (+17.2%
Net commission income 610 669 9.7% vs 106.2 in 1H2014)
Net result from finance 137 111 (18.7%)
Profits from equity-accounted investees, include 8.5 mln/€ from Zhong Ou in
Profits of equity-accounted investees 21 20 (5.3%)
1H15 (vs. 0.7 mln/€ in 1H14) thanks to strong growth in AuM reaching close to
Other income items 60 62 2.7% €18 billion at end June15
Operating income 1,736 1,709 (1.6%)
OUTLOOK
Staff costs (648) (655) 1.1%
Other administrative expenses (311) (313) 0.6% The actions undertaken in the first half and the expected progressive
Net impairment losses on property, equipment and investment improvement in the macroeconomic environment should allow a further
(85) (78) (8.7%) increase in new grants of loans in the second half of the year in order to counter
property and intangible assets
the strong competitive pressure on pricing.
Operating expenses (1,044) (1,046) 0.1%
Net fee and commission income should benefit year-on-year from positive
Net operating income 692 663 (4.1%)
trends expected for assets under management and insurance and from possible
Net impairment losses on loans (429) (389) (9.3%) growth in fees and commissions associated with the trend for lending.
Net impairment losses on other financial assets and liabilities (2) (3) 67.3%
The continuation of the favourable evolution of the general macroeconomic
Net provisions for risks and charges (3) (29) n.s. environment and, hopefully, the absence of further tensions in the more critical
Profits (losses) from disposal of equity investments (0) 0 n.s. countries of the euro area could allow a result to be achieved for trading and
hedging activity in line with that of the first half.
Pre-tax profit from continuing operations 257 242 (6.0%)
Actions planned for 2015 allow to confirm our objective of containing operating
Taxes on income for the period from continuing operations (135) (99) (26.8%)
expenses in line with those for 2014, notwithstanding the additional costs in
Profits for the period attributable to non-controlling interests (16) (17) 8.7% relation to the contribution to the European Resolution Fund and the Deposit
Charges for exit incentives Guarantee Scheme, estimated at over €30 million for the entire year and which
(1) n.s. will be recognised in the item “other administrative expenses” once final
(net of tax and non-controlling interests)
quantification, expected before year-end, is received.
Profit for the period 106 124 17.2%
The improvements in the macroeconomic environment and the exit from
Profit for the period NET OF NON-RECURRING ITEMS 131 136 3.9% recession, recently confirmed by the principal economic research institutes,
should allow loan losses to be contained at a level lower than in 2014
Page 18Group BIC codes
BEPOIT21
BCABIT21
BREUITM1
BLOPIT22 POCIITM1
BPAMIT31
CARMIT31
BVCAIT21
BLPIIT21
UBIBESMM Madrid Branch
CABILULL
BEPODEMM Munich Branch
BIC ACTIVE
BIC NON ACTIVE
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