An introduction to the UBI Banca Group - June 2015
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An introduction to the UBI Banca Group June 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 information, including Annual, Quarterly informational purposes only. or 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 otherwise reproduce this document, in legal act of any kind whatsoever. be 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 forecasts contained herein have not been outside the control of UBI, could cause the were therefore assigned stock of the independently verified and are subject to results of UBI to differ materially from company or possess stock of the bank change without notice. those set forth in such forward looking otherwise acquired. The disclosure They have been obtained from, or are statements. relating to shareholdings of top based upon, sources we believe to be management is available in the half year reliable but UBI makes no representation Under no circumstances will UBI or its and the annual 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) Nothing contained in this document or for 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 All data are as at 31st March 2015 unless advice, nor should any investment or any connection with the document or the otherwise stated. other decision be solely based on this above mentioned 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 18,000 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 March 2015, voting shareholders number nearly 81,000*.
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)
54.2
37.7
Market Capitalisation** as at 12th June 2015 #3
(EUR bln) 6.7
Source: “Il Sole 24ore” – Italian Financial Newspaper – 5.5
Dated 13th June 2015 4.1 3.7
* Total shareholders (voting and non voting) number around 150,000
** MPS quotations not reported as the Bank is under capital increase
Page 4UBI Banca and its Peers
No. of branches as at 31st March 2015 Total assets as at 31st March 2015 (€ bln)
7,361 840
5,779
682
2,225 #5
1,852
1,560
188 #5
1,273
702 126 120 61 49
Customer loans as at 31st March 2015 (€ bln) Total direct funding as at 31st March 2015 (€ bln)
573
483
370
346
#4 #4
123 132
91
85 81 86
44 33 44
37
Page 5 Source: Press releases.UBI 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 84.6 bn customer lending and EUR 91.1 bn direct funding (loan/deposit ratio: 92.9%)
competitive As at 31 December 2014, 81.5% of loans to customers were granted in Northern Italy, 10.2% in
positioning Central Italy and 8.3% in Southern Italy, while 72.5% of customer deposits came from Northern Italy,
12.6% from Central Italy and 14.9% from Southern Italy
Capital ratios as at 31 Mach 2015:
Solid Capital CET 1 ratio phased in: 12.45% vs. 9.5% SREP requirement
CET 1 ratio fully loaded under Basel 3 rules: 12.20%
and Balance
Sheet Position Leverage ratio under Basel 3 (tier one capital / (on- and off-balance-sheet assets)) is at 5.82% phased in,
5.73% 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 90 bps of total loans
Focus on traditional banking activities: Customer loans/total assets at 70.6%
Low Risk Profile Funding mainly from own customer base (over 80%); limited recourse to institutional markets
Financial assets/total assets: 19.4%. Italian Govies represent approx.18% of total assets
Figures as at 31 March 2015 unless otherwise stated
Page 6 * Data referred to banking perimeter only.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%
351 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
74.76% (2)
208+3* branches LIFE BANCASSURANCE Lombarda Vita (partnership with Cattolica)
Aviva Vita Spa
84.13% (3) Aviva Assicurazioni Vita Spa
66 branches
Central 99.54%
208 branches
Italy
Southern 216 branches
99.99%
Italy
** 23 branches, ~ 750
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 7 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
8Presence in Italy
Introduction to the UBI Banca Group:
Predominant Retail Business and Strong Northern Italian Franchise
1
9 Approx. 3.7 million clients, mainly retail
1
762
27
1,560 branches, of which 762 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 22.3 28.7 40.2
84 Brescia 22.5 27.1 35.0
Varese 23.7 27.8 21.0
Cuneo 23.4 18.4 16.0
National market share of 5.4% in terms of branches
1,560 branches in Italy + 6 branches abroad * Market shares calculated as at 30th June 2014 .
As at 31st March 2015
Page 8Agenda
UBI Banca International Network
International Network
Presence in the world
Page 9International 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
(Opening 2015) (Opening 2015)
FOREIGN BANKS
Head office in Luxembourg
SUBSIDIARIES BRANCHES
UBI TRUSTEE SA LUXEMBOURG
(Luxembourg) MADRID
MUNICH
Page 10Presence in the world 2015 opening of
Representative Offices
in New York and Dubai
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
Mumbai
São Paulo Representative Office
Representative Office
* Joint-venture in which UBI Banca holds 35% of the total share.
Page 11Agenda
Contacts
UBI Banca Correspondent Banking
Representative Offices Contacts
Page 12Sergio 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 13Representative Offices Contacts
HONG KONG MUMBAI SHANGHAI
Mr Andrea Croci Ms Rajeshree Balsari Ms Lu Bo
hongkong@ubihk.com mumbai@ubibanca.com office@ubibanca.sh.cn
Suite 2911, Tower Two, 92 Mittal Chambers, 9th Floor, The Center
Times Square 1, Matheson St. - Nariman Point, Suite 3304
Causeway Bay Hong Kong - S.A.R. 400 021 Mumbai - India 989, Changle Road
200031 Shanghai – China
Tel. +852 2878 7393 Tel. +91 22 22023601
Fax +852 2878 7932 Fax +91 22 22023603 Tel +86 21 61675333
Fax +86 21 61675582
MOSCOW SAO PAULO VIENNA (Business Consultant)
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, Seilerstätte 16/11
Business Centre “Nikolskaya Plaza” 456 Ed. Jaù - 4° And.Cj.402 1010 Vienna
109012 Moscow - Russia CEP 01410-000 São Paulo - Austria
Brazil
Tel. +7 495 725 4466
Fax +7 495 725 4465 Tel. +55 11 3063 0454 Tel. +43 1 514 37 26
Fax +55 11 3063 3785 Fax +43 1 514 37 60
Page 14Agenda
Annex
Foreign Banks
Product Companies
Group Results
Group BIC codes
Page 15Foreign Banks
Qualified and specific services offered to Corporate customers:
establishment of international companies
trustee operations and corporate financing
payment services
corporate and syndicated loans
issuance of bonds and international guarantees
cash pooling
factoring
Services offered to Private customers:
wealth management and investment advisory;
heritage and personal wealth planning with tailor made financial engineering solutions;
investment Funds and Sicav;
financial and asset planning with tailored engineering solutions;
term deposits in all major currencies,;
trading and safekeeping of securities on all the major stock and bond markets;
spot and forward foreign exchange transactions;
services for the establishment of Trust Companies through UBI Trustee SA based in Luxembourg.
Leasing
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
Page 16 Data as at 31.03.2015Product Companies
Factoring
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.
1.9 bln EUR Turnover; 2 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.
39.6 bln EUR in Assets Under Management
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
Page 17 Data as at 31.03.2015 unless otherwise statedThe UBI Banca Group: consolidated results as at 31st March 2015
Strength of balance sheet ratios confirmed
CET 1 PHASED IN
CET 1 FULLY LOADED
12.45%
12.33% 12.20%
11.50%
Dec '14 Mar '15 Dec '14 Mar '15
LEVERAGE RATIO
TOTAL CAPITAL Phased in Fully loaded
PHASED IN
5.82%
5.78%
5.73%
15.34%
15.29%
5.42%
Dec’14 Mar’15 Dec’14 Mar’15
Dec '14 Mar '15
Page 18The UBI Banca Group: consolidated results as at 31st March 2015
Income statement
Mln€; LLPs in % of net loans
Operating income
COST/INCOME
+1.6% down to 59.4%
excluding PPA Stated net profit
882.5 in 1Q15 (excluding impairment in 4Q2014)
853.4 852.0 866.0
821.7
75.9
58.1 48.1 43.6
7.1
1Q14 2Q14 3Q14 4Q14 1Q15 Loan Loss provisions / Net loans
1Q14 2Q14 3Q14 4Q14 1Q15
+1.5% 1.41%
+30.6%
0.91% 1.06% 0.93% 0.90%
Operating costs
1Q14 2Q14 3Q14 4Q14 1Q15 Net profit
-4.4%
excluding non recurring items
521.2 523.1 518.3 545.6 521.4
71.8 81.7
59.0
44.6
(28.9)
1Q14 2Q14 3Q14 4Q14 1Q15
1Q14 2Q14 3Q14 4Q14 1Q15
+0.0%
+38.4%
Page 19
Page 20Group 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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