ANNUAL REPORT 20 15
ANNUAL REPORT 2015 A STATEMENT OF RESPONSIBILITY
This document contains truthful and sufficient information regarding the business evolution of BanBif during 2015. Notwithstanding the issuer’s responsibility, the undersigned is responsible for its content pursuant to the applicable legislation.
Lima, March 31, 2016
Javier Arroyo Rizo Patrón Vicepresident and General Manager
ANNUAL REPORT 2015 B CONTENT
LETTER TO OUR 04 SHAREHOLDERS
COMPANY OVERVIEW CORPORATE 07 SOCIAL 07 CORPORATE PURPOSE 27 RESPONSIBILITY ECONOMIC GROUP / EDUCATION 08 OUR MISSION AND VISION 27 09 SHAREHOLDING STRUCTURE 29 CULTURE COMMUNITY / BOARD OF DIRECTORS 30 11 VOLUNTEER WORK 12 MANAGEMENT STAFF RISK 32 MANAGEMENT PERUVIAN 13 ECONOMY FINANCIAL INFORMATION BUSINESS 36 EVOLUTION 16 48 RELATED BANKS CORRESPONDENT BANKS QUALITY / ELECTRONIC 49 17 CHANNELS DEPOSITS AND 18 RETAIL BANKING/ ACTIVE PRODUCTS / PAYROLL LOANS AGREEMENT / MORTGAGE LOAN / CREDIT CARDS SERVICES FOR 20 COMPANIES INTERNATIONAL 21 BUSINESS 22 TREASURY 23 HUMAN RESOURCES PLAFT 26 (PREVENTION FOR MONEY LAUNDERING AND TERRORIST FINANCING)
ANNUALANNUAL REPORTREPORT 2015 3 LETTER TO OUR SHAREHOLDERS
LETTER TO OUR SHAREHOLDERS
Sandro Fuentes Acurio Chief Executive
Dear Shareholders,
On behalf of the Board of Directors and on my own behalf, it is a pleasure to present to you a brief introduction to the Annual Report, which will allow you to assess the soundness of your investments in BANBIF.
The Peruvian macroeconomic environment was not as expected during 2015, although, there were hints in 2014 that suggested that events in the world economy would affect our national economy, in particular the export of raw materials, as it indeed occurred.
ANNUAL REPORT 2015 4 LETTER TO OUR SHAREHOLDERS
The Peruvian economy grew 3.3% in 2015. This can be seen as a good result compared, for example, with the performance of other countries in the region and considering the context of the global economic downturn, and especially the case of our main trading partners. However, after years of sustained increase, the news of the growth rate of the Peruvian economy was not received as totally encouraging; as the slower growth was mainly due to the fall in metal prices, the slower growth in China, which is our main export market, and a certain decline in confidence from private investors in the performance of the economy and policy measures.
Considering that we are facing an electoral process that aims to renew all the Executive and Legislative branches in the first half of 2016; the economic situation was already influenced by the political activity in 2015 and it presented some doubts that we expect will dissipate with the beginning of the new term as we witness a return to the sustained and orderly growth of the Peruvian economy, with the main and imperative goal of overcoming the conditions of socioeconomic backwardness endured by many of our fellow countrymen.
In a way, this economic decline impacted the banking business and albeit not significantly, non- performing loans grew, but more than a sounding alarm, we must take this as a warning of the times to come, which requires more strict monitoring of loans, both in the analysis phase to grant loans and in the compliance phase thereof. In the area of provisions, BANBIF’s policy has been and shall continue to be, to maintain the best possible level of coverage of provisions of the direct portfolio calculated on the overdue portfolio. In 2015 BANBIF continued the efforts to let provisions reflect the policy of soundness and prudence that you, our shareholders, have entrusted us with.
At the end of 2015, BANBIF manages assets totaling more than US$3,300 million, which represents a growth of 21.6% compared to 2014, placing us in fifth place of the Peruvian banking system. During 2015 we have continued to increasing our market share, as the growth of our share placement show, which rose from 3.57% to 3.62%; and an important participation in specific products such as mortgage loans, foreign trade, discounts and factoring, among others, is solidifying. The performance of the different kinds of banking or products developed by BANBIF has been according to the expectations and the budget allocated. Certainly, in some cases we will have to double our efforts considering the context mentioned before and the difficulties that lie ahead.
ANNUAL REPORT 2015 5 LETTER TO OUR SHAREHOLDERS
Regarding liabilities, that is, the trust that our customers have placed in us, we are pleased to confirm that BANBIF grew by 3.4% referring to the Total Deposits compared to 2014. This growth is encouraging without a doubt, but we hope to continue this growth, mainly through our branch offices, for which year 2016 shall represent a significant strategic change to consolidate BANBIF’s position in the market, but acting wisely according to the current economic circumstances of the country and the economic environment worldwide.
Similarly, the placement of Junior Bonds and Negotiable Certificates of Deposit met our expectations and proved once again their validity in the Bank´s funding strategy due to their acceptance in the market.
We have strongly moved ahead with the commitment and social responsibility programs; several examples of which are included in the Annual Report for you to see.
Before concluding, I would like to express my most sincere gratitude to the Directors, the Management and Employees of the bank because it is their effort, commitment and professionalism that allow me to present this summary that reflects the optimism with which we see BANBIF’s future.
Yours faithfully,
Sandro Fuentes Acurio Chairman of the Board of Directors
ANNUAL REPORT 2015 6 COMPANY OVERVIEW
COMPANY OVERVIEW
CORPORATE PURPOSE
Banco Interamericano de Finanzas (BanBif) attract and place financial resources and was incorporated as an unlimited duration perform all types of banking services and corporation through Public Deed dated operations permitted to full-service banks. December 10, 1990, issued before Ricardo Ortiz de Zevallos, and registered in record Nº The International Standard Industrial 11026203 of the Registry of Legal Entities of Classification (CIIU) of the Bank is 6519, which Lima. The bank was authorized to operate corresponds to financial intermediation except through SBS Resolution Nº 089-91 dated for the funding of insurance plans. BanBif February 8, 1991. In 2011, through SBS undertakes, as part of its strategy as a full- Resolution Nº 10842-2011, the trade name service bank, the development of products and was authorized to change from “Banco services that satisfy the client’s needs and is Interamericano de Finanzas – BIF” to “Banco permanently implementing procedures and Interamericano de Finanzas”, thus authorizing tools, looking to achieve service excellence and the use of the abbreviated name “BanBif”. simplicity in benefit of its clients.
The corporate purpose of BanBif is to perform Moreover, it bases this strategy on the financial intermediation activities in order strength of a human team committed to the to promote the development of the national values of the Bank and who identifies with the economy. Furthermore, it is authorized to needs of their clients.
ANNUAL REPORT 2015 7 COMPANY OVERVIEW
ECONOMIC GROUP
AGROINPER S.A. VICTORIA HOLDING LTD.
GF SECURITIES COMPANY LTD BANCO INTERAMERICANO DE FINANZAS - BANBIF
GFS INVESTMENTS LTD BRITTON S.A.
GRAND FORTRESS RESOURCES LTD CARTAVIO RUM COMPANY S.A.C.
IBEROAMERICANA DE PLÁSTICOS S.A.C. CONSTRUCTORES INTERAMERICANOS S.A.C.
CORPORACIÓN INMOBILIARIA DE PROYECTOS S.A.C. FARMEX S.A.
LANDY S.A. FIRST CAPITAL CORPORATION LTD
QUIMIA S.A. FOSFORERA PERUANA S.A.
OUR MISSION AND VISION
MISSION To provide the best financial FINANCIAL solutions to our clients with excellent Service Quality SOLUTIONS allowing them to reach their personal and business dreams.
VISION
To be recognized in the market for our Service Quality with RECOGNIZED innovative products and services complying with all the IN THE MARKET expectations of our clients.
ANNUAL REPORT 2015 8 COMPANY OVERVIEW
SHAREHOLDING STRUCTURE
ISSUED AND NAME NATIONALITY FULLY PAID PAR VALUE S/ Soles S/ PERCENTAGE % SHARES
Britton S.A. Suisse 8,265,152.00 30.00 247,954,560.00 43.62%
Landy S.A. Suisse 8,281,713.00 30.00 248,451,390.00 43.71%
IFC USA 2,400,563.00 30.00 72,016,890.00 12.67%
18,947,428.00 568,422,840.00
Voting Shares
HOLDING NUMBER OF SHAREHOLDERS PERCENTAGE OF SHARES
Less than 1% - -
Between 1% and 5% - -
Between 5% and 10% - -
More than 10% 3 100%
TOTAL 3 100%
BanBif does not have non-voting shares, investment shares and shares in portfolio.
ANNUAL REPORT 2015 9 COMPANY OVERVIEW
RISK RATING
CLASS & PCR ASOCIADOS FS*AS OF FS*AS OF 09/30/2015 12/31/2015
Financial Strength A+ A+
Common Shares Pcn2 1st. Category
Short term deposits Category I Cla-1 +
Medium and large term deposit Paaa Unclassified
Third Program of Negotiable Certificates of Deposit P1+ Cla-1+
First Program of Financial Lease Bonds- First Issue Paaa Aa+
First Program of Financial Lease Bonds –Second Issue Paaa Aa+
First Program of Financial Lease Bonds – Third Issue Paaa Aa+
Second Program of Financial Lease Bonds Paaa Aa+
Subordinated Bonds– Fourth Issue Paa Aa
Subordinated Bonds– Fifth Issue Paa Aa
First Program of Subordinated Bonds – First Issue Paa Aa
First Program of Subordinated Bonds – Second Issue Paa Aa
Second Program of Subordinated Bonds – First Issue Paa Aa
Second Program of Subordinated Bonds - Second Issue Paa Aa
BanBif’s Perspective Stable Stable
* Note: FS stands for Financial Statement
ANNUAL REPORT 2015 10 COMPANY OVERVIEW
BOARD OF DIRECTORS
Standing: from left to right: Carlos Neuhaus Tudela, Javier Arroyo Rizo Patrón, Alfredo Torres Guzmán and José Antonio Talledo Arana. Sitting, from left to right: Mónica María Aparicio Smith, Sandro Fuentes Acurio, Ismael Benavides Ferreyros.
BOARD OF DIRECTORS
Sandro Fuentes Acurio Chairman of the Board of Directors
Javier Arroyo Rizo Patrón Vice-Chairman of the Board of Directors
Carlos Alberto Neuhaus Tudela SPECIALIZED BODIES OF THE BOARD OF Director DIRECTORS
Ismael Alberto Benavides Ferreyros • EXECUTIVE COMMITTEE OF THE BOARD OF Director DIRECTORS Sandro Fuentes Acurio - Chairman Mónica Inés María Aparicio Smith Carlos Neuhaus Tudela Director Ismael Benavides Ferreyros Javier Arroyo Rizo Patrón Alfredo Miguel Torres Guzmán • AUDIT COMMITEE Director José Antonio Talledo Arana – Chairman Jose Antonio Talledo Arana Mónica Aparicio Smith Alfredo Torres Guzmán Director • RISK COMMITEE María Susana Eléspuru Guerrero Alfredo Torres Guzmán - Chairman Director until March 31, 2015 Javier Arroyo Rizo Patrón José Antonio Talledo Arana Aldo Renato Defilippi Traverso Director until March 31, 2015 ANNUAL REPORT 2015 11 COMPANY OVERVIEW
MANAGEMENT STAFF
Luis Castro Echecopar Manager of the Business Banking Division
Ana Cecilia Del Castillo Lizárraga Manager of the International Business Division
Juan Carlos Echeandía Chiappe Manager of the Products and Sale Force Division, Retail Banking
Javier Arroyo Rizo Patrón Vice-Chairman and General Manager Patricia Escalante Schuler Manager of the Operation Division Javier Arroyo Rizo Patrón Vicepresident and General Manager Glenn Fort Dasso Manager of the Corporate Banking Division Andrés Bowen Pareja Deputy General Manager of Retail Banking José Luis Guinand Llosa Manager of the Premium Banking Division Ana Cecilia Justo Deputy General Manager, Finance Ricardo Izaguirre Torres from March, 2015 Manager of the Internal Audit Division
Víctor Larrea Vilela Lizandro Morillo Viera Deputy General Manager, Legal Counseling Manager of the Information Technology Division
Juan Carlos Orrego Gonzales Hugo Palomino Forsberg Deputy General Manager, Comptroller Manager of the Products and Services for Companies Division Guillermo Quedas Lobatón Deputy General Manager, Risk Julio Ramos Chimpén Manager of the Accounting Division Isabel Quevedo Ocampo Deputy General Manager, Wholesale Banking Enrique Santa Gadea Ramírez Manager of the Risk Control Division Rosario Valdivia Valverde Deputy General Manager, Innovation, Pierre Ramírez Llanos Technology and Operations Manager of Human Resources and Administration until February, 2015 Javier Carrero Avanto Manager of the Human Resources Division - María Isabel Castro Silvestre from October, 2015 Manager of the Marketing Division until April, 2015
ANNUAL REPORT 2015 12 PERUVIAN ECONOMY
PERUVIAN ECONOMY
PRODUCTION
The growth of the Peruvian economy went from 2.4% in 2014 to 3.3% in 2015. The The growth of the greater dynamism of the economic activity Peruvian economy was due to the strong rebound of the primary expanded from sectors, mainly the mining sector (+15.5%) 2.4% in 2014 to 3% 3IN. 2015 due to the full entry into operation of important copper mining projects, such as Toromocho and Constancia. However, the group of non- primary sectors continued decelerating. In particular, the construction sector (-5.9%) and the non-primary industry sector (-2.6%) contracted as a consequence of the weakning of both investment (private and public) and external demand of manufactured products. On the other hand, activities more related to household consumption continued growing above the GDP, such as commerce (3.9%) and services (+5.2%), although at a lower rate compared to previous years due to the deterioration of the labor market.
ANNUAL REPORT 2015 13 PERUVIAN ECONOMY
MONETARY AND FISCAL POLICY represented a depreciation of the local currency of 14.4%, the lowest of the main currencies in In 2015 the Central Reserve Bank began an Latin America. adjustment process to the monetary policy, increasing its reference interest rate from EXTERNAL SECTOR 3.25% to 3.75% at the end of the year. The slow recovery of the economic activity allowed The trade balance showed a deficit of US$ the issuing entity to reduce the monetary 3,200 million (1.7% of GDP) in 2015. The stimulus, seeking to contain the increase of exports of goods totaled US$ 34,000 million, future inflation expectations, which were above which represented a reduction of 13.6% the target range (2%, +/- 1pp). At the end compared to 2014. This was a reflexion of a of last year, the lending rate in local currency decrease of 16.0% in exports of traditional (TAMN by its Spanish acronym) was 16.1% and products, especially in gold and copper, in an the borrowing rate in local currency (TPMN by its environment of falling international prices, Spanish acronym) was 3.0%. while shipments of non-traditional products showed a 7.5% contraction as result of the At the year-end 2015, the economic result of slower growth of important trade partners the nonfinancial public sector was negative by such as China and Latin America. In the same S/.13 billion soles (2.1% of the GDP). This figure period, the import of goods amounted to US$ is explained by the lower government income 37 billion, a reduction of 9.3% compared to as a result of the income tax cuts to individuals 2014. This is explained by the fewer purchases and legal entities, as well as the decline in prices of capital goods and supplies together with a of the minerals we export. The tax deficit was decrease in investment (private and public), reflected in an increase of gross public debt from and a significant reduction in international oil 20.0% of GDP in 2014 to 23.3% of GDP in 2015. prices.
CAPITAL MARKET
At the end of The General Index of the Lima Stock Exchange last year, the showed an accumulated loss of 33.4% in lending rate in % 2015 due to a reduction in international prices AND THE BORROWING.1 local currency 16 RATE IN LOCAL of minerals and the shallow depth of the (TAMN) was CURRENCY (TPMN) domestic capital market. On the other hand, WAS 3.0%. the net equity administrated by 107 operating mutual funds (87 in 2014) increased by 12.6% compared to December 2014, an amount of INFLATION AND EXCHANGE RATE US$ 6,272 million. Inflation increased from 3.2% in 2014 to 4.4% in 2015 and remained above the target BANKING SECTOR IN PERU rate set by the Central Reserve Bank (2%, +/- 1 pp) for a second consecutive year. The In 2015, the Peruvian banking sector continued showing a positive performance together depreciation of the sol was the main factor with a positive economic development. As that explained the greater increase in prices. of December 2015, the balance of direct Moreover, climate anomalities related to the placements was 227 billion soles (37% of “El Niño” Phenomenon had an impact in the GDP), an expansion of 17.3% compared to supply and prices of agricultural products. 2014. The most dynamic segment last year was In a strong-dollar environment worldwide, the commerce (+18.4%) followed by the consumer Peruvian exchange rate rose from 2.983 soles sector (+18.0%) and mortgages (+12.7%). It per dollar at the end of 2014 to 3.412 soles is worth mentioning that the dollarization level per dollar at the end of 2015. This behavior of direct credits fell from 42.9% in 2014 to
ANNUAL REPORT 2015 14 PERUVIAN ECONOMY
On the other hand, customer´s deposits in commercial 6% banking showed 18LAST .YEAR an increase of
32.9% in 2015 (10 percentage points lower) The dynamism of the placements was because of the new goals of de-dollarization accompanied by positive results in the banking imposed by the monetary entity to all banks management indicators. In this sense, as of the and an increase in the exchange rate that end of 2015, net earnings increased by 32% discouraged people from assuming debt in (+7% in 2014) while profitability (measured dollars. as net earnings divided by equity) reached 22.13% (19.69% in 2014). With regard to On the other hand, customer´s deposits in the risk management, delinquency had a slight banking system showed an increase of 18.6% increase from 2.47% at the end of 2014 to last year. As opposed to the placements, 2.62% at the end of last year, the smallest deposits in dollars showed an increase from increase in the last four years. In addition, 46.9% in 2014 to 53.2% in 2015 because the banks complied with the requirements of people preferred to have savings in foreign the regulator regarding liquidity and leverage, currency due to expectations of further exceeding the demands. increases in the exchange rate.
ANNUAL REPORT 2015 15 BUSINESS EVOLUTION
BUSINESS EVOLUTION
In 2015, we consolidated our presence in retail also launched the Click Fixed Term Deposit, the banking. In fact, we had an annual growth in start of a series of digital services that we will total liabilities of 22.2%, above the market have next year. average which was 17.7%. Assets represented This year we have initiated large digital projects a participation of 3.14% in contrast to 2.38% in that will be consolidated in the future. Among 2014 them is the renewal of our web page, with a new One of our main objectives is to continue design and more public and private functionality. improving our processes focused on customers, In addition, we have begun the technological to increase their satisfaction and achieve their development of the mobile app that will boost recommendation. For this reason we have our digital banking. implemented a new model of face-to-face service, so that every contact is a memorable experience for the customer. In this context we
ANNUAL REPORT 2015 16 BUSINESS EVOLUTION
QUALITY ELECTRONIC CHANNELS
In the past year our objectives and strategies Using electronic communication channels, our of service were focused on the demands customers have a simple and practical mean of a highly competitive market and the of service at their disposal; they have 99 ATMs constant endeavor for our customers to live and 2,300 partnering ATMs with Global Net, differentiated experiences. We focussed the largest ATM network in Peru our efforts to provide our customers with experiences that stand out for their cordiality, Our Internet banking service for individuals agility, convenience and closeness. and companies allows our customers to Our plan has been to monitor in detail the perform operations from any place, safely, experience and expectations of our customers quickly and easily, while our Mobile Banking both in their contact with our service channels, contains a web access where one can perform as well as their experiences during their contact transactions by means of a smartphone. with our processes to innovate; and to renew ourselves to obtain the preference, loyalty and Some 76% of transactions are done by recommendation of our valued customers. individuals while 24% by legal entities.
This is how we started a series of projects and The main electronic channels used by natural initiatives, among them: we have simplified and persons are the ATM (26%), Internet (8%), speeded up our processes in active products Saldomaticos (7%), Correspondents agents placement, improving our disbursements (2%), and Mobile banking (0.5%). time, we enabled new service channels so that our customers can open liabilities accounts without having to go to one of our offices and we implemented 24 x 7 attention in these areas. We implement and are monitoring a new presential service model.
During 2015 the effort made to provide a high quality service has been pleasantly paid back by our customers, who have rewarded us with an Net Promoter Score (NPS) of 54, 64, 49 and 51 in our Commercial, Premium, Business and Corporate Banking respectively, according to the results obtained in our service assessments via surveys to our customers, in spite of this, we still have a long and exciting way to go to continue improving and giving our clients the excellent service that they deserve.
ANNUAL REPORT 2015 17 BUSINESS EVOLUTION
PAYROLL LOANS AGREEMENT
In 2015, this Product won market share, getting 24% of our a share greater than 5%; the portfolio grew transactions by 24%, due to the good sales performance correspond to (branch offices network and sales force) legal entities while 76%TO INDIVIDUALS We achieved key objectives such as to increase the productivity by executive and atomizing the portfolio by sectors. DEPOSITS AND RETAIL BANKING Our customers differentiate the value 2015 was a year of continuous growth; and we proposition of the product by associating it focused on obtaining a greater market share with a good service experience, with a quick and a stronger presence in Retail Banking response. The human resources areas of the products. companies, also recognize the benefits of Our Total Retail Banking Deposits showed an the product for their employees; therefore, annual variation of US$ 37 MM, 3.4% above maintaining the relationship with BanBif. the previous year; ending the year with a total MORTGAGE LOANS volume of US$ 1,136 MM in Retail Banking Deposits. In 2015 BanBif stood as the Bank with the healthiest mortgage portfolio in the Peruvian We continue to be the fifth bank in Total Retail financial system with a delinquency ratio of Banking Deposits with a share of 3.39%. We 0.34%, in contrast to the second place with had an annual growth (22.2%) above the 1.07% and a system average of 1.84% ; this average growth of the market (17.7%). low level delinquency was the result of a proper Our term Deposits had exceptional results, the credit rating policy and a correct segmentation new Click Fixed Term Deposit was launched of clients that did not affect the placements through Internet banking. It managed to level having disbursed 2,086 mortgages for capture US$ 110MM during the year and more than US$ 116 million, thus achieving maintained a current stock of US$ 47.7MM at a net portfolio growth of 13.1% over the the end of 2015. previous year compared to the system which grew 12.7% maintaining fifth place in the ACTIVE PRODUCTS mortgage loans ranking of the banking system with a stake of 4.1% and a stock of loans of Car Loans had a constant growth; we continued US$ 431 million. with the strategy of making alliances with the leading dealers in the market and a strong CREDIT CARDS focus on brand generation and presence in the sales channels. In 2015 the Credit Cards area concentrated their actions on the reduction of the delinquency Regarding product results, we achieved an ratio of the portfolio, resuming the placement annual production of 15.1 million, 14% more rate of new cards and increasing balances. than last year, closing 2015 with a turnover of The implementation of new credit policies US$ $ 24 million, growing by 24.7% compared and of the Administration System of Banking to 2014. Similarly, we closed the year with Risk Offices, as well as the orientation of the a market share of 3.14% compared to the product towards high-value customers with a 2.38% in 2014. conservative credit profile allowed us a healthy increase in placements and in the credit card In free availability loans, we managed to finish portfolio. the year with a business volume of US$ 34.1 million, growing by 7.1% compared to 2014.
ANNUAL REPORT 2015 18 BUSINESS EVOLUTION
With regard to the delinquency indicators of an in the first five months of the year the portfolio individual, we were able to reduce the overdue contracted by 2%. As of December 2015 accounts ratio from 6.22% to 4.16%. With the volume amounted to 249.3 million soles this we achieved the objective of stabilizing which allowed us to achieve a market share in the percentage to ideal levels according to Credit Cards of 1.1%*, placing us as the tenth the market average, as it can be seen in the competitor in the industry. following graph. (*)Considering current balance for Banks and Financial Institutions
We were able to recover the placement rate of By 2016 we plan to further develop presential new cards based on a better value offer of the and virtual acquisition channels in order to double product, as well as developing faster processes the placement of new cards, increase credit lines for our sales channels. indicators through invoicing of the the portfolio, The foregoing was supplemented with a growth achieving efficiencies in customer loyalty and in balances of 7.2% compared to the previous continuing with the good management of year, however it is important to highlight that delinquency control.
CREDIT CARD DELINQUENCY RATE OF A NATURAL PERSON
7.0% 6.5% 6.3% 6.5% 6.2%
6.0% 6.2% 5.7%
5.5% 5.7% 5.5% 5.4% 5.0% 5.0% 4.5% 4.5% 4.2% 4.0% 4.0% DELINQUENCY RATE DELINQUENCY 3.5%
3.0% JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2015
OUTSTADING CAPITAL STOCK IN CREDIT CARD OF A NATURAL PERSON (In millIons of S/)
260 249 250 243 238 240 233 230 229 227 228 227 227 230 224 224
220
MILLIONS OF S/ MILLIONS 210
200 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2015
ANNUAL REPORT 2015 19 BUSINESS EVOLUTION
SERVICES FOR COMPANIES In 2015, our technological developments related to Business Services were mostly The Services for Companies was defined as a aimed at Collections Services, generating an strategic business for BanBif in 2015, with the increase of 35% in volume of payments and an aim of improving the transactionality of our increase of 169% in the number of companies customers and providing a more integrated with active service and an increase of 25% in service. payment volumes.
In terms of volume, we had an increase of 16% In 2016 we will be completing the development passing from an annual cumulative volume of of the AFPnet and Automatic Debit service US$ 2,368 million to US$ 2,737 million. which will allow our customers to increase their Our customer portfolio showed an increase of collection and payment channels through our 20% compared to the end of 2014, handling offer of differentiated value. 3,565 active services by the closing of the year.
ANNUAL ACCUMULATED VOLUME - SE VICES FOR COMPANIES (In millIons of usd)
3,000 2,737
2,500 2,370 2,000 1,764 1,500
1,070 1,000 MILLIONS OF USD MILLIONS OF 500
0 2012 2013 2014 2015
NUMBER OF CLIENTS - SERVICE FOR COMPANIES
4,000 3,565 3,500
3,000 2,982 2,500 2,417 2,000 CLIENTS 1,559 1,500
500
0 2012 2013 2014 2015
ANNUAL REPORT 2015 20 BUSINESS EVOLUTION
PRODUCTS FOR COMPANIES Despite this scenario, the volume of operations originating in foreign trade in BanBif, including In 2015 the Division of Business Products letters of credit, financing and services, was and Services defined Leasing, and Discounted US$ 1,486 million; higher by US$ 49 million Drafts as its strategic products, defining its compared to 2014, achieving a growth of 3%. commercial strategy by increasing the volume through its main customers; thus, consolidating With these results, BanBif improved its market its position with them. Among the outstanding share in Letters of Guarantee, reaching 11.3% results are: an increase in market share in in December 2015 compared to 8.6% in Leasing, reaching 6% in spite of the fact that December 2014, thus maintaining the fourth the market shrank by 9.4%; in Discounted position within the financial system. In foreign Drafts, we reached a market share of 7% in trade financing, there was an increase in market spite of the fact that the market fell by 9.7%. share from 4.9% to 5.2% in the same period, ranking in fifth place in the ranking of financial institutions in the country. In this product, it is important to highlight the weighted 12% within Regarding a product portfolio provided by BanBif, which is Discounted Drafts, we reached a well above the average of the financial system market share of % (8%), affirming in this way the importance of 7 foreign trade operations to BanBif.
Other results to highlight in 2015 were the With these Letters of Guarantee that obtained a market results, BanBif improved its share of 3.5% when the market decreased by Letters of 3% 1.5%, and in Electronic factoring where our 11.IN DECEMBER 2015 Guarantee market COMPARED TO 8.6% IN portfolio grew by 25% mainly in the corporate share, reaching DECEMBER 2014 clients portfolio.
In 2016 we are optimizing the Leasing process, As part of the policy to be close to its customers improving our technological platform, as well by offering personalized service and specialized as our operating processes and after-sales advice, BanBif took part in different foreign service in order to provide better service to trade events in 2015. our customers and reduce waiting periods. In March, BanBif was present in the "XVI Agro Also, in Discounted Drafts, we are developing Exporter Lunch" and in August in the "Feria technological improvements that will allow us Expoalimentaria", both events organized by to achieve an optimal time of disbursement and the Peruvian Association of Exporters - ADEX. other more punctual developments focused on In September BanBif participated in the improving the interaction with our clients. "First International Symposium on Fisheries" organized by the National Society of Industries INTERNATIONAL BUSINESS and in November in the "X Foreign Trade International Summit" organized by the Lima Peruvian foreign trade continued its backward Chamber of Commerce. trend in 2015, explained by a 13.6% drop in exports compared to the previous year, In regards to international participation, the totaling US$ 34,000 million, mainly due "Annual Meeting of the International Monetary to lower prices of gold and copper and a Fund and World Bank”, was held in Lima contraction in imports of 9.3% compared to in October. During this event, BanBif had 2014, totaling US$ 37,000 million as a result numerous meetings with major international of lower domestic investment, as well as the banks and multilateral institutions. collapse of oil prices.
ANNUAL REPORT 2015 21 BUSINESS EVOLUTION
Also, in May, BanBif participated in the "31st Corporation - IFC (US$ 60MM), the Corporación Latin American Congress of Foreign Trade", Andina de Fomento - CAF (US$ 47MM), Banco which was held in San Jose, Costa Rica, and Latinoamericano de Comercio Exterior - in November in the 49th FELABAN Annual BLADEX (US$ 45MM), Deutsche Investitions Assembly" in Miami, both events organized - und Entwicklungsgesellschaft - DEG (US$ by the Latin America Federation of Banks, 25 MM), and the Inter-American Development obtaining valuable business and growth Bank - IDB (US$ 20MM) agreements and new lines of foreign trade.
Credit lines with international and multilateral TREASURY banks reached US$ 740 million. These are The Treasury area of BanBif is characterized resources that allow us to firstly, have a source by a clear approach to customers, offering of additional funding to ensure the growth of excellent exchange rates. placements from the Bank both foreign trade as well as medium-term credit facilities, and Throughout 2015, Treasury applied expansion secondly, match the Bank's balance sheet by and diversification strategies of funding sources reducing the risk of mismatch between assets of BanBif. This strategy proved successful; and liabilities. It is important to mention that it managed to reduce the concentration of 46% (US$ 342 million) are medium and long deposits and major funding sources were term credit facilities, the most outstanding generated for the bank. institutions were the International Finance
FOREIGN TRADE FINANCING (2013-2015) TOTAL DISBURSEMENTS (THOUSANDS OF USD)
400,000 372,310
350,000 343,835 353,088 283,370 300,000 343,773
250,000 263,557
200,000
150,000 1st. semester 2nd. semester 1st. semester 2nd. semester 1st. semester 2nd. semester
DISBURSEMENTS IN THOUSAND OF USD IN THOUSAND DISBURSEMENTS 2013 2014 2015
ANNUAL REPORT 2015 22 BUSINESS EVOLUTION
import letters of credit (2013-2015) amount of emissions (thousands DE USD)
250,000 193,236 178,439 200,000 212,886 183,331 177,979 150,000 168,810
100,000 EMISSIONS IN USD IN EMISSIONS 50,000 1st. semester 2nd. semester 1st. semester 2nd. semester 1st. semester 2nd. semester 2013 2014 2015
As of December 31, 2015, there are US$ 23.45 HUMAN RESOURCES million in circulation from the Third Program of Negotiable Certificates of Deposit, US$ 39.32 Starting a new phase million from the First Program of Financial In 2015 our bank began a new phase, Lease Bonds and a total of US$ 43.40 million which generated substantial changes in of Subordinated Bonds (through the Fourth the organization to respond to the new Issuance, Fifth Issuance, First Program and requirements of the market. In this context, Second Program of Subordinated Bonds) we focused on identifying opportunities for In 2015, Fitch Ratings, the international rating improvement, streamlining processes and agencies, maintained BanBif at the "BBB- providing support to the organization. Below " rating, placing the bank within the range there are some of the programs developed as of investment grade, thanks to its strong part of this strategy: funding and liquidity profile, an adequate and • Trainee diversified funding structure, the good results and financial indicators of the bank and the This program that aims to incorporate new support of its shareholders, from the Grupo young talent was used for a third consecutive Fierro and IFC; awarding, in addition, a stable year. outlook. We currently have five promotions of Also, the rating agencies Pacific Credit Rating trainees, already 24 people in total who (PCR) and Class & Asociados maintained the have entered to go through a training and "A+" rating in Financial Strength awarded to internships program in different areas, BanBif, the highest rating at the local level. enabling them to acquire the necessary The reports stress the favorable evolution of experience and to get to know the business the financial indicators, the coherence between in detail. the strategy and the actions taken in 2015, the It should be noted that the website of this consolidation of its business, its conservative program was launched in 2015, which has and adequate credit management, the managed to become an important tool adequate funding strategy, good solvency among young professionals; with more than indicators and the solid support provided by 2,000 applications received in 2015. its shareholders. Both rating agencies also granted a stable outlook to BanBif. • Training Plan
BanBif has an annual training plan that integrates all the programs that are offered
ANNUAL REPORT 2015 23 BUSINESS EVOLUTION
throughout the year, including the objectives reimbursed the certification cost to the of each program, the target audience they first employees who participated in this are aimed at, the methodology, content and program through the Coursera platform. the general information (date, duration, location, etc.). In this context, a total of 31,422 class hours were given in 2015, with an average of 17.5 Among the main programs prepared this hours per employee. year we can mention: • Recognition - Certifications: For Operations and This is a key element which also allows Services Heads (JOS) and Head of Retail us to expand the levels of satisfaction and Banking (ENBC), with two certifications in retention of employees, as well as the the year. profitability and productivity of the bank.
- EDEX courses - Centrum PUCP: three In 2015 we have: specialization courses were offered in areas of specific management with a 50% - For years of service: we recognized subsidy, given in our own facilities. those employees who completed 10, 15 and 20 years as part of our team. - MOOC's: was incorporated to the training - Set of recognition: it is a tool that courses of the Bank, this is a new form allows leaders to give proper recognition to of education, which provides virtual their employees for their contributions and courses from the best universities and outstanding attitudes. This is a program business schools in the world. Also, that complements the recognition methods to provide greater incentives, BanBif and that makes it possible to standardize it.
ANNUAL REPORT 2015 24 BUSINESS EVOLUTION
• Interested for you demonstrate their talents in the field. On It is our flexible benefits program, this occasion the sports included were implemented to establish plans that suit in a football, volleyball and basketball. more precise manner the expectations and In December we again integrated in the needs of our employees. same event the final of our Night of the In 2015 this program continued to improve Stars "BanBif has talent" and our end of the variety of products and services offered, year party, this time with the participation the program also made more comprehensive of an important part of our teams from the proposal to contribute to the welfare of provinces. the members of our team and their families. • Family extension program As part of this approach, there were special In order to keep the employees identified events organized to celebrate Women’s’ day with the Bank, in the month of August we and Mother's Day. There was a preventive again reunited families in Family Day, where medical checkup intended for all workers. they could enjoy rides, games and shops as Also, due to its great acceptance, we well as sharing a meal. continue doing “closed doors” events in our facilities and we re-launched virtually the discounts coupon, and increased the attended number of facilities and promotions. the Lima
• Celebrating Together event 600children We promote the sense of belonging and camaraderie in the Bank, which is why we carried out a series of institutional cohesion activities as for example our anniversary In November, the children participated in celebration. a drawing contest for Christmas, which allowed us to choose the images to use This year also our employees received a in Christmas cards. They were grouped in present for Mother's Day and Father's Day, three categories and the winners received giving them the possibility to choose from a a special prize. range of options. Finally, in December we had the traditional In October we organized the BanBif Cup handing over of Christmas presents to sports championships, which gave the the children up to 10 years old of our opportunity to more than 200 people to
ANNUAL REPORT 2015 25 BUSINESS EVOLUTION
employees. It is important to add that this directors must be designed with an approach year more than 600 children in Lima and based on risk; that is to say, training according province received gifts and that 700 people to the exposure to PMLTF risk, considering attended the event in Lima. the geographical area in which they operate, the type of clients who attend as well as the Finally, the marathon teams and football products and service channels that customers teams were formed for the Interbank Games. use. They received all the support of BanBif to participate in this sports competition. It is BanBif is strictly complying with the adjustment worth pointing out that almost 100 workers plan, which was approved by the board and of BanBif participated in the marathon and which was sent to the SBS, with the aim of that Mrs. Giannina Lepiani and Mrs. Pamela complying with the new requirements before Espinoza occupied the first and second June 30, 2016. In this way BanBif reaffirms place in their respective categories. its commitment to establish a PMLTF system that meets regulatory demands and good PLAFT / PREVENTION OF MONEY international practices that prevents their LAUNDERING AND TERRORIST FINANCING products and services from being used to legitimize assets obtained illegally or to finance In May 2015 the SBS published new resolution terrorist activities or groups. 2660 with a risk-based approach, aligning itself in this way to the 40 recommendations from the Financial Action Task Force (FATF); the new approach will allow greater efficiency in Prevention of Money Laundering and Terrorism Financing (PMLTF) and also gaining effectiveness. In the same way, the training program to the employees, officers and
ANNUAL REPORT 2015 26 CORPORATE SOCIAL RESPONSIBILITY
Braiding of the Inca Q'eswachaka Bridge CORPORATE SOCIAL RESPONSIBILITY
EDUCATION
CEDEC Nuevo PachacÚtec
In the field of education, as we have been doing To date, there are 50 micro credits disbursed. since 2005, we continue working together with the Nuevo Pachacutec Center for Community • Work Inclusion Program Development and Studies (CEDEC by its With this program, BanBif provides these young Spanish acronym) located in the District of people with the opportunity to be part of the Ventanilla, Callao, and overseen by the Nuevo contracting process. Pachacutec Integrated Foundation. Since 2009, we have hired a total of 25 BanBif is carrying out actions and programs students, 19 of them are part of our institution that benefit the students of CEDEC, including: as of December 2015.
• Microenterprise promotion program A large part of the employees know this study Center and participate in volunteering activities BanBif finances projects and provides technical through its “Manos Unidas” (Joined Hands) assistance to the program. Its main objectives Program. are: An entrepreneurship workshop took place in -Generate employment for young people. June 2015, aimed at 70 administration and -To serve as seed capital. cosmetology students under the supervision of their Deputy Manager of Monitoring and Credit -To provide them the opportunity to create Risk Control. their own business.
ANNUAL REPORT 2015 27 CORPORATE SOCIAL RESPONSIBILITY
CEDHI-Arequipa
Since 2011, BanBif sponsors this program of the Archbishopric of Arequipa with the purpose of contributing to human preparation and technical-professional training of the population of the surrounding areas. COMMUNITY PLAY CENTERS
BanBif unites with World Vision International, adopting the Community Play Centers project. The Play Centers are areas implemented with teaching and game materials, built in benefit of communities living in poverty, having by 2015 some 15 play rooms set up in the Human Settlements of Ventanilla, Manchay, Villa Maria del Triunfo, and Carabayllo.
implemented in the Human Settlements of Ventanilla, Manchay, Employee member of the Work Inclusion Program Villa Maria del Triunfo and Carabayllo. 15play rooms of the infrastructure and the implementation of materials for its classrooms. Our recycling ALLIANCE WITH ENSEÑA PERU program also benefits CEBE Santo Toribio with what is collected through the sale of recyclable We maintain an alliance with the Association waste. Thanks to this, in March 2013, we Enseña Peru to create a movement formed by were able to implement an inclusive park with young people in order to eliminate the vast teaching games. inequality and low quality of education in Peru. • Puericultorio Pérez Araníbar (since 2006), we make an annual collection of books and Moreover, thanks to this alliance, BanBif school supplies among our workers and deliver employees have the possibility to participate this material directly to the primary and as volunteers and get involved in the project secondary school of this institution. through its programs. • Messengers for Peace Association Other Institutions supported by BanBif: (Asociación Mensajeros por la Paz) (2015), we donated 5 scholarships for their children.
• C.E.B.E. Santo Toribio in the city of Trujillo • National Music Conservatory (2015) (since 2006) through a yearly remuneration in sponsoring the concert of laureates of the exchange for its students making the art for III International Chopin Piano Competition - the Christmas cards we send to our clients. 2015" with the participation of talented young This is an institute that trains children and performers of piano from South America. teenagers with different severe physical or neurological problems and our yearly • Municipality of San Isidro, participation in contribution helps them with the improvement their "Earth Hour" bike ride.
ANNUAL REPORT 2015 28 CORPORATE SOCIAL RESPONSIBILITY
CULTURE than 600 years. Due to different factors such as the weather, rain and sun, it deteriorates every year; for this reason, it is renovated annually thanks to the decision of the Huinchiri, Chaupibanda, Ccollana Quehue and Choccayhua participating communities that, showing their culture, repeat the techniques and ceremonies of purely Andean origin.
Each year, in the second week of June, the annual bridge renovation festival is performed, which involves its complete physical replacement. The preparation and weaving techniques of this bridge have passed from generation to generation since it was first built by the Inca Culture.
This is why, in June 2009, BanBif made an alliance with the Machu Picchu Culture Board and accepted becoming the Official Sponsor of this important cultural legacy, promising to work with the acting communities responsible for its annual renovation. That same year, the bridge was declared as Intangible Cultural Heritage of the Nation by the then National Culture Institute.
Q’ESWACHAKA CREDIT CARD
In September 2010, BanBif launches the first Ceremony of the Inca Q'eswachaka Bridge. Credit Card in Peru directed to a peer group interested in contributing to our Cultural Q’ESWACHAKA INCA BRIDGE – INTANGIBLE Heritage. CULTURAL HERITAGE OF HUMANITY According to the agreement signed with the The “Q’eswachaka” Inca Bridge, recognized in Machu Picchu Culture Board, a percentage 2013 by UNESCO as INTANGIBLE CULTURAL of the return is donated to this institution to HERITAGE OF HUMANITY due to the knowledge, contribute to the maintenance and cultural abilities and rituals associated to its yearly management of the Q’eswachaka Inca Bridge renovation, is located in the district of Quehue, and benefiting four Cusco communities that province of Canas, to the south of the city of live in extreme poverty and is responsible for Cusco at 3,675 masl. It is the only current the annual renovation of the Q’eswachaka Inca Inca Bridge in Peru. It is made of Andean hay Bridge. The annual renovation is of the highest or Q’oya ichu and has been part of the large importance for the life and communication of Inca road system or Qhapac Ñan for more these communities.
ANNUAL REPORT 2015 29 CORPORATE SOCIAL RESPONSIBILITY
• Donate Your Change Program
The “Donate your Change” program was launched by BanBif in 2007; it was created with the purpose of collecting funds in order to benefit an important social program. This program consists of motivating the Bank customers and users in general to donate the change of their transactions in cash. Since 2014, the funds of this program are allocated to provide a better quality of life to the members of the four communities involved in the renovation of
the Q’eswachaka Inca Bridge. BanBif volunteering at "Manos Unidas" with the NGO Techo Para mi País
CULTURAL ALLIANCES Bridge, began this program in 2013; a program - Thanks to the alliance with Teatro that has benefited as of today 39 families of La Plaza, BanBif invites economically Percaro (annex of Ccollana Quehue), Huinchi disadvantaged children and young and Chaupibanda communities; allowing them students to attend several theater to have the opportunity to have access to performances for free. A total of 1,298 decent and good quality homes. children and teenagers have benefited with this alliance up to December. EMERGENCY HOMES BanBif, in an agreement with the NGO “Un - BanBif sponsored the concert series Techo Para mi País”, financed in the last quarter of the Philharmonic Society of Lima and of the year, five emergency homes in benefit of its efforts to preserve and disseminate families in extreme poverty conditions living in classical music, featuring orchestras, very precarious houses. Three of these houses soloists and conductors of international were built by our “Manos Unidas” volunteering renown. program together with the members of the above-mentioned NGO. It is worth mentioning COMMUNITY / VOLUNTEERING that, as of today, BanBif has financed the construction of 56 houses, 24 of which were built through the “Manos Unidas” volunteering HEALTHY HOMES program.
Since 2013, BanBif has had an alliance with VOLUNTEERING the NGO World Vision International, in order to implement healthy homes with permaculture BanBif has a volunteering program called principles in the district of Quehue, where a “Manos Unidas” (Joined Hands), which large number of families living under extreme purpose is to channel the solidarity of BanBif poverty conditions were identified. These employees. families do not have the basic resources The main activities performed by the necessary for a life of quality. Thus, BanBif, volunteering program in 2015 were as follows: in line with its strategy to provide support to the Quehue communities responsible for the • Construction of a Community Play center annual renovation of the Q’eswachaka Inca in I.E. No. 7235 Mariscal Andres Avelino
ANNUAL REPORT 2015 30 CORPORATE SOCIAL RESPONSIBILITY
BanBif volunteers painting Playrooms.
Caceres, located in Villa Maria del Triunfo. • Christmas hot chocolate parties; the most Prior to the opening of this play center; BanBif important took place in benefit of the children employees did the work of painting this area of CEDEC Nuevo Pachacútec School in Lima, and interacting with children who will make CEDHI Nuevo Arequipa and CEBE Santo Toribio use this play center; a total of 200 children in Trujillo, 670 children benefited. will benefit. • Workshops on the basics of finance taught • Painting Marathon: Paaint maintenance in schools operated by Enseña Perú in Lima, of three play-centers and a bakery that was Arequipa and Cajamarca to a total number of implemented years ago and deteriorated by 301 students. the climate (700 children benefited).
• Construction of three emergency houses ENVIRONMENT by 30 BanBif employees together with the Since 2008, BanBif has implemented a “Waste members of the NGO “Un Techo Para mi Recycling” program, which allows the planned País”, benefiting three families of the Cerro classification of waste and its later sale to Puquiourban settlement in San Juan de processing companies. Proper dispensers have Miraflores. been placed on each floor in the Headquarters • Blood Donation Campaign, together with and all the branches in Lima and provinces, ALINEN, where our employees participated where recyclable materials such as plastic, for the benefit of the Instituto Nacional de glass and paper are deposited. This program Enfermedades Neoplásicas (National Institute of benefits the environment and the children of Neoplasic Diseases) (63 volunteers). CEBE Santo Toribio in the city of Trujillo since the sale of the recyclable waste makes possible • Annual collection to fight against the andean the donation. As a direct result, this institution cold winters in benefit of the communities of was able to implement a center with teaching the District of Quehue (Cusco); 1,500 benefited games in 2012 children and the End of Year Collection in benefit of the Asociación Esperanza y Caridad.
ANNUAL REPORT 2015 31 RISK MANAGEMENT
RISK MANAGEMENT
The Comprehensive Risk Management (GIR interrelationships and whose proper control in Spanish) in BanBif is a process to ensure can prevent significant adverse impacts on the the solvency of the organization over time. results of BanBif and therefore in the value of Similarly, GIR supports the Institution in the entity. achieving its objectives and obtaining solid growth with adequate risk levels. CREDIT RISK
The General Risk Deputy Management is This process seeks to identify the risks to which in charge of managing according to the BanBif is exposed to and from then on, to take regulatory rules and standards, as well as the the necessary steps to substantially mitigate internal policies and procedures that allow us the effects that these risks may have on the to properly evaluate the credit operations and management indicators of the bank, both in maintain the quality of the credit portfolio. the short and in the long term. Credit risk management includes the internal It is vital to understand that GIR is a process control of exposure limits by client, banking, that involves the entire organization and which economic sector, among others, according to is evaluated as a transverse process of various the credit risk appetite approved by the Board.
ANNUAL REPORT 2015 32 RISK MANAGEMENT
Thus, the Credit Risk is applied differentially Thus, the tools and methodologies already to meet portfolios of wholesale and retail established in the area were better implemented banking, which encompasses, the quantitative and strengthened in 2015 in order to optimize assessment: financial statement analysis, the monitoring of the loan portfolio, both in cash flow and business projections; and terms of customers and products. qualitative: shareholders, management and the market. It is important to remember that BASEL we need to keep contact with our customer, so it is managed under the model of customer In order to strengthen its financial soundness, care and repeated visits. BanBif defines its capital levels according to the magnitude of the risks assumed. Since In the world of the retail portfolio, we use 2010, it has applied the standards established statistical and predictive methods that help us by the SBS, based on recommendations and to have a better credit risk discrimination. principles proposed by the Basel Committee. We promote a risk culture within the The Bank seeks at all times to optimize the organization, for which training plays an use of the Institution’s capital, by managing important role; in addition to constantly financial risks, and trying to prevent these monitor the Risk Acceptance Criteria. from affecting the normal growth of the organization. Also, the implementation process It is important to mention the participation of the Banking Risks Office for Bank Operation of independent Directors in the Executive continued in 2015, according to the regulatory Committee every week; a committee delegated framework established by the regulator on this by the Board to participate in approvals matter. of major credit operations, providing their experience and knowledge in this area. SOCIAL AND ENVIRONMENTAL RISK
The predictive models and monitoring The bank has a Social and Environmental mechanisms of the loan portfolio were Management System integrated to risk strengthened in 2015 to anticipate any management and credit assessment, eventuality; thereby, we believe we have according to the guidelines of our shareholder an adequate Risk Management which has IFC and the new legislation on the matter. In contributed to maintaining low levels of 2015, the SBS issued the first local financial defaults in the portfolio and strengthening the regulations on the subject, which were Bank's growth. incorporated into the Bank's Management System, enabling compliance with the RISK MONITORING applicable legal requirements and with the social and environmental guidelines of our BanBif believes that credit risk monitoring "stakeholders". is an important piece for an optimum credit process. In this regard, the Deputy Manager MARKET AND LIQUIDITY RISK of Monitoring and Control of Credit Risk, (member of the Risk Control Management), The objective of the management of market being responsible for monitoring the loan and liquidity risks is to monitor and control portfolio, has as main objective to maintain that the evolution of variables in financial the quality of this portfolio, through continuous markets, such as interest rates and the assessment of the evolution of credit risk, and exchange rates, do not generate impacts on the early identification of adverse situations the normal development of bank activities. This in order to develop actions to mitigate and has been achieved by measuring these risks, / or solve. This area is also responsible for determining the exposure limits according to the assessment and classification of the loan the risk appetite established by the Bank and, portfolio and provisioning for loan losses. finally, by having an appropriate organizational
ANNUAL REPORT 2015 33 RISK MANAGEMENT
structure with clear segregation of duties The Bank has implemented a decentralized between the business area, the "back office" operational risk management throughout the and the risk area. In 2015, BanBif, the same organization, which through the Operational as the rest of the banking system, initiated a Risk Department, member of the Risk Control process of de-dollarization of loans, promoted Management, assists the entire organization, by the regulatory framework established constantly seeking to maintain a solid culture by the Banco Central de Reserva del Perú and operational risk management, covering (Central Reserve Bank of Peru) this year. On the entire organization, including Senior the other hand, the bank worked intensively Management. on optimizing the estimation of market and liquidity risk processes, through the use of In the 2015 period, the Operational Risk software tools. Department has worked steadily in conducting self-evaluations of risks and certifications of the main processes of the bank, by encouraging the Processes Leaders, Risk Managers and We look for Partners with the award of Operational Risk consistency with Incentives. The Operational Risk Department the risk appetite of is also actively involved in self-assessments of the Institution´s “Back to senior management operational risks before the launching of new and an appropriate products and / or significant changes in the organizational office” operational and technological environment structure with clear BUSINESS AREA AND THE RISK AREA that the bank conducts. The evaluation of segregation of functions between the significant subcontracted services is also performed periodically.
Classroom training aimed to all BanBif members ranging from the Board, the General COUNTRY RISK Manager, Processes Leaders, Risk Managers, and all Employees continued actively to keep According to current regulations, BanBif the organization sensitized on the importance monitors their country risk represented by of proper management of operational risk, operations held by the Bank abroad. To do this, which we continue to consolidate and improve international events and the macroeconomic in the Institution. situation in other countries are monitored in order to identify events that may increase BanBif has the Operational Risk Management country risk, which may compromise the Information System tool (SIGRO, by its Spanish operations of the Bank abroad. BanBif acronym). This tool has been developed maintains a clear focus on operations that internally to manage operational risks and it is provide support to the business of our constantly kept up to date. All staff has access customers. to it according to the level of responsibility they have: Leader, Manager or Employee.
OPERATIONAL RISK Our Operational Risk Management Information BanBif considers the Operational Risk System (SIGRO) has a centralized database management as a very important practice, of event risk and losses, which allows for the which guarantees identifying the opportunities tracking of the management action plans. for improvement in our processes and the It also generates reports for monitoring threats that can jeopardize the achievement of the operational risk events that are in the our goals. In this sense, it has in place a proper process of mitigation and makes possible identification, management and supervision of the management of Key Risk Indicator (KRI) operational risk. identified in the evaluated processes.
ANNUAL REPORT 2015 34 RISK MANAGEMENT
We have provided training courses by holding impact, both in the commercial activity and the frequent meetings with all areas to continue operational processes. Also, the Operational the process of raising awareness throughout Risk Department quarterly consolidates, the organization in the knowledge, monitoring, develops and presents reports and also reports and control of operational risk, in order to on operational risk management by process mitigate the potential negative impact on the or business units, and provides support to main activities of the bank. the Board and General Management on the exposure to operational risk faced by the Bank.
We developed an internal During the 2015 tool to manage SIGRO COMPUTERIZED SYSTEM period, BanBif operational risks FOR OPERATIONAL RISK applied and obtained MANAGEMENT approval from the SBSTO APPLY ITS Banking and Insurance Superintendence ASA METHOD Relevant information on how to manage this risk is regularly published through virtual means, such as the Operational Risk bulletin, Finally, a sign that the bank complies E-Learning courses, among others, which satisfactorily with the proper management allow the entire organization to easily access of this risk is that during the 2015 period, theoretical and practical information on BanBif applied and obtained the approval operational risk and on the importance of its from the Superintendence of Banking and management. Insurance (SBS by its Spanish acronym) to apply the Alternative Standardized Approach Operational risk management is the (ASA) for calculating the capital requirement responsibility of each area. Training courses for operational risk, which meant significant are offered in order to provide better savings in capital requirement for that risk, management; frequent meetings are held with which is required to all banking and financial all areas to raise awareness throughout the institutions by the regulator of the financial organization regarding knowledge, monitoring system. and control of this risk in order to mitigate the
ANNUAL REPORT 2015 35 FINANCIAL INFORMATION
FINANCIAL INFORMATION
In 2015, BanBif continued, maintaining solid million and consist of Subordinated Bonds management indicators and a proper leveraging for US$ 48 million, Finance Lease Bonds for level. In that sense, our coverage (direct US$ 39 million and Negotiable Certificates of portfolio provisions on performing loans) and Deposit for US$ 23 million; it should be noted efficiency indicators improved significantly; that during the year, BanBif made placements and by December 2015, the level of coverage of Negotiable Certificates of Deposit in the reached 206.9% (as of December 2014 this amount of US$ 23 MM (S/. 80 MM). It is also was 171.3%) and an efficiency ratio of 42.2% important to mention that the Second Program (as of December 2014 it was 47.1%). Also, of Subordinated Bonds was put in place - First the profit of the year reached US$ 31 million, Issue, Series A, in the amount of US$ 8 MM 10.9% higher than that obtained in 2014. (S/. 26 MM)..
It is also important to highlight our growth Pacific Credit Rating and Class & Asociados S.A. in market share of net loans from 3.57% to (two of the major rating companies in Peru), 3.62%.. ratified the A+ Financial Strength rating (highest As of the end of December, the bank financing rating existing in Peru); also the international reached US$ 513 million with its structure rating agency Fitch Ratings (one of the three composed primarily of foreign debt (US$ 250 rating agencies recognized by the Securities and million). The BCRP Repos become relevant Exchange Commission - SEC) confirmed the during the year reaching 5% share of total liabilities (US$ 146 million). (BBB-) investment grade.
In addition, own issues reached US$ 111 Also, in November the SBS gave the approval
ANNUAL REPORT 2015 36 FINANCIAL INFORMATION
for BanBif to use the Alternative Standardized Approach for calculating the Capital Requirement for Operational Risk, enabling the Bank to grow optimizing the use of Effective Equity.
Three offices (Palao, Las Malvinas and Makro Villa El Salvador) were opened in 2015 and one office located in the province of Chiclayo (Moshoqueque) was closed down. By December 2015, BanBif had 89 offices nationwide, more than 2,300 BanBif ATMs and Global Net, more than 4,000 Kasnet agents, as well as Internet Banking, Mobile Banking and Telephone Banking.
ASSETS
As of December 31, 2015, the total assets of BanBif amounted to US$ 3,304 million, 21.6% over the level recorded at the closing of the previous year.
The net credit portfolio, the main component of the assets, amounted to US$ 2,294 million, representing 69% of the asset and registering a 19% increase in relation to the closing of 2014. The second main component was available funds, in terms of participation, which amounted to US$ 823 million, representing 25% of the total assets.
The Bank maintains an optimum average liquidity ratio. At the end of December 2015, it was 13.06% in local currency and 56.78% in foreign currency, levels highly above the legal minimum limits required by the SBS of 8% and 20% respectively.
STRUCTURE OF TOTAL ASSETS
(In millions of dollars)
2014 % 2015 %
Net Direct Credits 1,928 71 2,294 69
Available Funds 606 22 823 25
Marketable Investments 48 2 35 1
Other Assets 134 5 151 5
TOTAL ASSETS 2,716 100 3,304 100
TC constant of S/ 3.411 per US$
INVESTMENTS
The investment portfolio amounted to US$ 35 million mainly composed of CDBCRP (US$ 25 million) and Sovereign Bonds (US$ 10 million).
ANNUAL REPORT 2015 37 FINANCIAL INFORMATION
PLACEMENTS
As of the closing of 2015, BanBif’s gross portfolio amounted to US$ 2,300 million which represents a 19.7% increase over the levels registered in the previous year. This increase was based mainly on the growth of the Bank in the following products: Loans (US$ 196 million), Mortgage Credits (US$ 49 million), International Business (US$ 53 million) and Discounts (US$ 33 million).
STRUCTURE OF CURRENT PLACEMENTS (IN MILLIONS OF USD)
2014 % 2015 %
Loans 719 37 915 40
Financial Leases 385 20 434 19
Mortgage Credits 373 19 411 18
International Business 222 12 275 12
Discounted Documents 117 6 151 7
Credit Cards 69 4 73 3
Others 31 2 37 2
Advances and Overdrafts 4 0 4 0 TOTAL ASSETS 1,921 100 2,300 100
TC constant of S/ 3.411 per US$
As of December the distressed portfolio reached US$ 42 million. It fits to mention that the loans ratio stood at 1.77%, which indicates that we are maintaining the loans ratio level below the Financial System at 78 basis points, achieving the second position as the bank with the healthiest portfolio in the system.
LOANS RATIO - OVERDUE PORTFOLIO / GROSS PORTFOLIO (In PERCENTAGE) 5.0
4.0
3.0 2.47 2.55 2.14 1.75 2.0 1.63 1.56 1.49 1.47 1.26 1.27 1.72 1.65 1.77 1.0 1.14 1.33 0.92 0.99 0.83 0.76 0.90 0.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
BanBif Financial System
ANNUAL REPORT 2015 38 FINANCIAL INFORMATION
At the end of 2015, the volume of provisions for credit risks amounted to US$ 87 million. As of the closing of 2014, the portfolio coverage ratio was 206.9%.
coverage ratio - provisions / overdue portfolio (in porcentage)
310.0 295.0 278.0 274.0 278.0 259.0 262.0 251.0 242.0 246.0 234.9 253.0 253.5 242.0 246.0 246.0 206.9 214.0 167.6 223.6 188 182.0 171.3 179.9 166.0 167.6 15.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
BanBif Financial System
CONTINGENTS
As of the closing of 2015, indirect credits amounted to US$ 617 million. The Letters of Guarantee performed a significant role within the indirect credit portfolio with a participation of 86% (an increase of US$ 84 million), followed by letters of credit 14% of participation (a growth of US$ 13 million).
STRUCTURE OF CONTINGENT PLACEMENTS
(IN MILLIONS OF USD)
2014 % 2015 %
Endorsements, Bonds and Guarantees 445 86 529 86
Irrevocable Documentary Credit 75 14 88 14
Total ASSETS 520 100 617 100
TC constant of S/ 3.411 per US$
ANNUAL REPORT 2015 39 FINANCIAL INFORMATION
LIABILITIES At the end of December, debts and financial obligations reached US$ 513 million, mainly At the end of tax year 2015, the total liabilities due to foreign outstanding debt (US$ 250 of the Bank amounted to US$ 3,064 million, million). The BCRP Repos became relevant which represented an increase of US$ 559 during the year, reaching 5% of the share on million (22.3%) compared to the closing of total liabilities (US$ 146 million). the previous year. The main sources of funds were deposits made by the public and financial On the other hand, own emissions reached US$ institutions which accounted for 72% of total 111 million and consist of Subordinated Bonds liabilities, amounting to US$ 2,206 million. for US$ 48 million, Finance Lease Bonds for Compared to the closing of the previous year, US$ 39 million and Negotiable Certificates of there was an increase of US$ 347 million Deposit for US$ 23 million; it should be noted (18.7%) supported by the good performance that during the year BanBif made placements of savings, term and sight accounts (they of Negotiable Certificates of Deposit in the achieved growth of 21.8%, 19.5% and 14.3% amount of US$ 23 MM (S/. 80 MM). It is also respectively). important to mention that the placement of the Second Program of Subordinated Bonds Pacific Credit Rating and Class & Asociados took place - First Issuance, Series A, in the S.A. (two of the more important rating amount of US$ 8 MM (S/. 26 MM). companies in Peru), awarded the A+ rating to BanBif on Financial Strength, (the highest The position of our own issues in fiscal year ranking in Perú), also the international rating 2015 is as follows: agency Fitch Ratings (one of the three rating • Financial Lease Bonds: US$ 39 million agencies recognized by the Securities and • Subordinated Bonds: US$ 48 million Exchange Commission - SEC) confirmed the • Negotiable Certificates of Deposit: (BBB-) investment grade. US$ 23 million
STRUCTURE OF LIABILITIES
(IN MILLIONS OF CONSTANT USD)
2014 % 2015 %
Term Deposits 1,195 48 1,428 47
Call Deposits 401 16 458 15
Savings Deposits 262 10 319 10
BCRP Repos 0 - 146 5
Outstanding and Financial Obligations 477 19 513 17
BAF Bonds 38 2 39 1
Subordinated Bonds 39 2 48 2
Negotiable Certificates of Deposit 29 1 23 1
Other Liabilities 62 2 88 3
Total 2,505 100 3,064 100
TC constant of S/ 3.411 per US$
ANNUAL REPORT 2015 40 FINANCIAL INFORMATION
EQUITY
The net equity of BanBif amounted to US$ 239 million at the end of 2015, representing an increase of US$28 million compared to December 2014 (13.1%). Share capital in 2015 amounted to US$ 167 million, 22 million more compared to the amount to December 2014.
In 2015, the Effective equity increased US$ 47 MM (14.1%), reaching US$ 378 MM. This increase was mainly due to Share Capital (US$ 167 million) and Subordinated Bonds (US$ 115 million). Risk- weighted assets reached US$ 3,063 million, growing to 379 million (14.1%) more than the amount obtained in December 2014. The ratio is above the minimum regulatory level of 10%.
EQUITY STRUCTURE (IN MILLIONS OF USD)
2014 % 2015 %
Share capital 144 68 167 70
Additional capital 24 11 24 10
Reserves 16 7 18 8
Equity adjustments 0 -0 -1 -0
Accumulated results 0 0 0 0
Net result of the tax year 28 13 31 13
Total 212 100 239 100
ANNUAL REPORT 2015 41 FINANCIAL INFORMATION
RESULTS
In 2015, all margins were above the margins obtained in 2014, mainly due to an improvement in the level of financial income, more income from net financial services and an improvement inthe effectiveness level.
RESULTS (IN MILLIONS OF USD)
2014 Estruc. % 2015 Estruc. %
Financial Income 197 100.0 228 100.0
Financial Expenditure -63 -31.9 -77 -33.6
Gross Financial Margin 134 68.1 152 66.4
Provisions for Direct Credits -33 -16.7 -46 -20.3
Net Financial Margin 101 51.4 105 46.1
Income for Net Financial Services 22 11.1 22 9.8
Operational Margin 123 62.6 128 55.9
Administration Expenses -72 -36.9 -72 -31.7
Net Operational Margin 50 25.7 55 24.3
Provisions, Depreciation and Amortization -8 -4.1 -10 -4.6
Other Income and Expenditure -1 -0.7 -1 -0.4
Income before Income Tax 41 20.9 44 19.3
Income Tax -13 -6.7 -13 -5.7
NET EARNINGS 28 14.2 31 13.6
TC constant of S/ 3.411 per US$ FINANCIAL INCOME
During the 2015 tax year, financial income amounted to US$ 228 million, representing an increase of US$ 31.9 million (16.2%), compared to the end of 2014. This behavior is explained mainly by the growth of the portfolio obtained in the year.
FINANCIAL INCOME (IN MILLIONS OF CONSTANT USD)
2014 % 2015 %
Available 0 0.2 1 0.3
Interbanking Funds 1 0.5 1 0.2
Investments 1 0.6 1 0.4
Direct Credit Portfolio 186 94.5 213 93.0
Others 8 4.2 14 6.0
TOTAL 197 100.0 228 100.0
TC constant of S/ 3.411 per US$
ANNUAL REPORT 2015 42 FINANCIAL INFORMATION
FINANCIAL EXPENDITURES
At the end of the 2015 tax year, financial expenditures showed an increase of US$ 114 million (22.7%) compared to 2014. This was caused mainly by an increase in the payment of interests by debtors, financial obligations and for the Deposits of the Financial System and the International Financial Organizations, as a result of an increase in the volume of assets and an appreciation of the dollar.
FINANCIAL EXPENDITURE (IN MILLIONS OF USD)
2014 % 2015 %
Obligations with the Public 34 54.3 38 49.9
Deposits of Fin. Syst. Comp. and Intern. Fin. Org. 3 4.0 4 5.5
Outstanding and Obligations with the Fin. Syst. 24 39.1 32 42.0
Other Expenses 2 2.6 2 2.6 TOTAL 63 100.0 77 100.0
TC constant of S/ 3.411 per US$
PROVISIONS FOR UNCOLLECTBALE CREDITS
In the tax year 2015, the provisions for uncollectable credits reached US$ 46 million.
INCOME FOR NET FINANCIAL SERVICES
In 2015, the income for net financial services totaled US$ 22 million.
Income from Net Financial Services
28% 34% Warranties and Letters of Guarantee 34% Commission on Policies 15% Income for Import Operation 7% Commission on Collections 8% Credit cards 7% 7% Others 28%
8% 15% 7%
ANNUAL REPORT 2015 43 FINANCIAL INFORMATION
ADMINISTRATION EXPENSES NET EARNINGS
The administration expenses as of December As of the closing of the fiscal year 2015, 2015 amounted to US$ 72 million, similar BanBif obtained net earnings of US$ 31 million to the amount obtained in December 2014. (10.9%), 3 million (10.9%) more compared to This is associated to the improvements the previous year. implemented in 2015, which allowed complying with the strategic objective of improving the OUTSTANDING LIABILITIES effectiveness levels. BanBif is an active participant in the issuance DEPRECIATION, AMORTIZATION AND of securities in the primary market. As of December 31, 2015 there are US$ 39.32 million PROVISIONS OF OTHER ASSETS worth of outstanding Financial Lease Bonds, In fiscal year 2015, the depreciation, US$ 43.39 million worth of Subordinated Bonds amortization and provisions of other assets and US$ 23.45 million worth of Negotiable amounted to US$ 10 million; this as a result Certificates of Deposit. of the stocks of assets maintained by the Bank and the investments made throughout the year.
ANNUAL REPORT 2015 44 FINANCIAL INFORMATION
FINANCIAL INSTRUMENTS AS OF DECEMBER 31, 2015
INTEREST RATE OUSTANDING PAYMENT DATE OF EXPIRATION TYPE OF VALUE PROGRAM ISSUE SERIES CURRENCY PLACED AMOUNT (YEARLY NOMINAL TERM AMOUNT FREQUENCY ISSUANCE DATE. RATE)
Financial Lease 1 1 A US$ $10,000,000 $10,000,000 3.75% Quarterly 4 years 24/05/13 24/05/17 Bonds
Financial Lease 1 2 A Sol S/ 30,000,000 S/ 30,000,000 6.00% Quarterly 3 years 31/01/14 31/01/17 Bonds
Financial Lease 1 2 B Sol S/ 50,000,000 S/ 50,000,000 5.40% Quarterly 3 years 18/07/14 18/07/17 Bonds
Financial Lease 1 2 C Sol S/ 20,000,000 S/ 20,000,000 5.30% Quarterly 3 years 28/08/14 28/08/17 Bonds
TOTAL FINANCIAL $39,316,916 $39,316,916 LEASE (IN US$)
Subordinated Bonds 4 A Sol (VAC) S/ 15,000,000 S/ 15,000,000 4.50% Half-yearly 10 years 24/07/09 24/07/19
Subordinated Bonds 4 B Sol (VAC) S/ 15,000,000 S/ 15,000,000 4.95% Half-yearly 10 years 4/09/09 4/09/19
Subordinated Bonds 4 C Sol (VAC) S/ 15,000,000 S/ 15,000,000 4.40% Half-yearly 10 years 29/01/10 29/01/20
Subordinated Bonds 5 A US$ $2,200,000 $2,200,000 8.16% Half-yearly 10 years 24/07/09 24/07/19
Subordinated Bonds 1 1 A Sol (VAC) S/ 15,000,000 S/ 15,000,000 4.20% Half-yearly 10 years 13/04/12 13/04/22
Subordinated Bonds 1 1 B Sol (VAC) S/ 15,000,000 S/ 15,000,000 4.10% Half-yearly 10 years 20/04/12 20/04/22
Subordinated Bonds 1 2 A Sol (VAC) S/ 30,000,000 S/ 30,000,000 4.09% Half-yearly 10 years 26/06/13 26/06/23
Subordinated Bonds 1 2 B Sol (VAC) S/ 10,000,000 S/ 10,000,000 4.35% Half-yearly 10 years 18/10/13 18/10/23
Subordinated Bonds 2 1 A Sol (VAC) S/ 25,500,000 S/ 25,500,000 5.30% Half-yearly 10 years 12/06/15 12/06/25
TOTAL SUBORDINATED BONDS $43,390,267 $43,390,267 (US$)
Negotiable Certificates 3 1 C Sol S/ 50,000,000 S/ 50,000,000 4.40% Annual 360 days 16/01/15 11/01/16 of Deposit
Negotiable Certificates 3 1 D Sol S/ 30,000,000 S/ 30,000,000 4.70% Annual 360 days 17/04/15 11/04/16 of Deposit
Total Negotiable Certificates of $23,453,533 $23,453,533 Deposit(US$)
ANNUAL REPORT 2015 45 FINANCIAL INFORMATION
DIVIDEND DISTRIBUTION 2015 (SOLES)
The Meeting of Shareholders, after hearing the proposal of the Board, agreed the following distribution of Accumulated Results as of December 31, 2015 and its capitalization as follows:
1. PROFITS 2015 Accumulated (Loss) profit S/ 16.80 Profit for tax year 2015 105.902,435.85 Accumulated Results S/ 105.902,452.65
2. APPLICATION: For legal reserve Deduction of 10% S/ 10.590,243.59 For dividends According to agreement S/ 20.647,009.39 For capital Available for capitalization S/ 74.665,199.67 Earnings to capitalize S/ 74.665,170.00 Accumulated Results Balance for future capitalization S/ 29.67
3. EQUITY SITUATION Share capital Former share capital S/ 568.422,840.00 Earnings to capitalize 74.665,170.00 New share capital S/ 643.088,010.00
4.SHAREHOLDING SITUATION Initial number of shares 18.947,428 Dividends per shares in cash S/ 1.089700 Dividends per shares in shares % 13.135498 Share value S/ 30.00 New shareholding situation Initial balance 18.947,428 Increase of new shares 2.488,839 Final balance 21.436,267
ANNUAL REPORT 2015 46 FINANCIAL INFORMATION
As a result of this, the new Shares Capital amount is S/ 643,088,010.00 represented by 21,436,267 shares with a nominal value of S/ 30.00 each.
The non-capitalized Net Balance of S/. 29.67, obtained by rounding off the nominal value of the shares, is reserved in the account of Accumulated Results for future capitalization.
5. LEGAL RESERVE
Previous Reserve S/ 63.089,775.96 A l l o c a t i o n o f e a r n i n g s 10.590,243.59 New legal reserve S/ 73.680,019.55
ANNUAL REPORT 2015 47 INFORMACIÓN FINANCIERA FINANCIAL INFORMATION
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ANNUAL REPORT 2015 48 INFORMACIÓN FINANCIERA FINANCIAL INFORMATION
CORRESPONDENT BANKS CHILE Banco de Chile, Santiago GERMANY Banco de Crédito e Inversiones - BCI, Bremer Landesbank, Bremen Santiago Commerzbank AG, Frankfurt Banco Santander Chile, Santiago Deutsche Bank AG, Frankfurt Corpbanca, Santiago UniCredit Bank AG, Hamburgo CHINA Agricultural Bank of China (The), Beijing ARGENTINA Bank of China, Beijing Banco Credicoop Cooperativo Limitado, Bank of Communications, Shanghai Buenos Aires China Construction Bank, Beijing Banco de la Provincia de Buenos Aires, Industrial & Commercial Bank of China (The) Buenos Aires - ICBC, Beijing Banco Francés, Buenos Aires Banco Industrial, Buenos Aires COLOMBIA Banco Supervielle, Buenos Aires Banco de Bogotá, Bogota Banco de Comercio Exterior, Bogota Banco de AUSTRALIA Occidente, Cali Australia and New Zealand Banking Group, Bancolombia, Medellin Sydney Corpbanca, Bogota Bendigo and Adelaide Bank Limited, Bendigo SOUTH KOREA AUSTRIA Industrial Bank of Korea, Seoul Raiffeisenlandesbank Oberoesterreich Korea Exchange Bank, Seoul Aktiengesellschaft, Linz Standard Chartered First Bank Korea, Seoul UniCredit Bank Austria, Viena The Export-Import Bank of Korea, Seoul Woori Bank, Seoul BELGIUM COSTA RICA BNP Paribas Fortis, Bruselas Banco BCT S.A., San Jose KBC Bank, Bruselas Banco Nacional de Costa Rica, San Jose
BOLIVIA CURAÇAO Ebna Bank, Willemstad Banco Bisa S.A., La Paz Banco de Crédito de Bolivia, La Paz DENMARK Banco Mercantil Santa Cruz, La Paz Danske Bank, Copenhague Banco Nacional de Bolivia, La Paz ECUADOR BRAZIL Banco de Guayaquil, Guayaquil Banco Bradesco, Sao Paulo Banco del Pacífico, Guayaquil Banco do Brasil, Sao Paulo Banco de la Producción, Quito Banco Itaú, Sao Paulo Banco del Pichincha, Quito Banco Internacional, Quito CANADA EGYPT Bank of Nova Scotia (The), Toronto Export Development Bank of Egypt, El Cairo Bank of Montreal, Toronto
ANNUAL REPORT 2015 49 INFORMACIÓN FINANCIERA FINANCIAL INFORMATION
SLOVAKIA Bank of Communications Ceskoslovenska Obchodna Banka A.S., East-West Bank Bratislava Hang Seng Bank Limited Nanyang Commercial Bank SPAIN Shanghai Commercial Bank Limited Banco Bilbao Vizcaya Argentaria, Madrid Standard Chartered Bank Limited Banco de Sabadell, Sabadell Banco Popular Wing Lung Bank Ltd. Español, Madrid Banco Santander, Madrid INDIA Bankinter, Madrid Caixabank, Barcelona Axis Bank, Mumbai ICICI Bank Limited, Mumbai UNITED STATES OF AMERICA BAC Florida Bank, Miami INDONESIA Branch Banking & Trust, North Carolina Bank Mandiri, Jakarta Citibank, New York Bank Rakyat Indonesia, Jakarta Deutsche Bank Trust Company ENGLAND Americas, New York Barclays PLC, London Eastern National Bank, Miami Standard Chartered Bank, London International Finance Bank, Miami Israel Discount Bank, New York IRELAND Mercantil Commerce Bank, Miami Danske Bank A/S, Dublin Standard Chartered Bank, New York The Bank of New York Mellon, New York ISRAEL Wells Fargo Bank, San Francisco Bank Leumi Le Israel BM, Tel Aviv FINLAND Israel Discount Bank, Tel Aviv Nordea Bank Findland, Helsinki Mercantile Discount Bank, Tel Aviv ITALY FRANCE Banca Monte dei Paschi di Siena, Milán BNP Paribas, Paris Banca Popolare di Vicenza, Vicenza Crédit Agricole, Paris Banco Popolare, Milán Credit Industriel et Commercial - CIC, Paris Intesa Sanpaolo, Milán Credit Cooperatif, Nanterre UniCredit Spa, Milán Natixis, Paris Unione di Banche Italiane - UBI Banca, Société Générale, Paris Bergamo GRECE JAPAN National Bank of Greece, Atenas Bank of Tokyo - Mitsubishi UFJ (The), Tokio Mizuho Bank, Tokio GUATEMALA Sumitomo Mitsui Banking Corporation Banco Internacional, Guatemala MALASIA Cimb Bank Berhad, Kuala Lumpur NETHERLANDS Malayan Banking Berhad - Maybank, Kuala ABN AMRO Bank, Amsterdam Lumpur Rabobank Nederland, Utrecht HONG KONG Bank of China Limited
ANNUAL REPORT 2015 50 INFORMACIÓN FINANCIERA FINANCIAL INFORMATION
MEXICO SOUTH AFRICA Banco del Bajío, Guanajuato Absa Bank Limited, Johannesburg Banco Nacional de Comercio Exterior, México DF Standard Bank of South Africa, Johannesburg Banco Nacional de México, México DF Scotiabank Inverlat, México DF SWEDEN Skadinaviska Enskilda Banken, Stockholm NORWAY Nordea Bank Norge, Oslo SWITZERLAND Skandinaviska Enskilda Banken, Oslo Banque Cantonale Vaudoise, Lausanne Credit Suisse, Zurich PAKISTAN Zürcher Kantonalbank, Zurich Habib Metropolitan Bank, Karachi THAILAND PANAMA CIMB Thai Bank Public Company Limited, Banco Aliado, Panamá Bangkok Banco Internacional de Costa Rica, Panamá Kasikornbank Public Company Limited, Bangkok PARAGUAY Thanachart Bank Public Company Limited, Banco Familiar, Asunción Bangkok BBVA Paraguay, Asunción TAIWAN POLAND Cosmos Bank, Taipei Bank Polska Kasa Opieki – Bank Pekao, Varsovia Land Bank of Taiwan, Taipei Raiffeisen Bank Polska, Varsovia Taipei Fubon Commercial Bank, Taipei PORTUGAL The Export-Import Bank of The Republic of Banco Comercial Portugués, Lisboa China, Taipei Novo Banco, Lisboa TURKEY CZECH REPUBLIC AK Bank, Istanbul Ceskosdeutczpx, Praga Kuveyt Turk Katilim Bankasi, Istanbul UniCredit Bank Czech Republic, Praga Turkiye Cumhuriyeti Zirat Bankasi, Ankara RUSSIA URUGUAY Intercommerz, Moscow Banco de la República Oriental del Uruguay, Zenit Bank, Moscow Montevideo Bapro Uruguay, Montevideo SERBIA Vojvodjanska Banka D.D., Novi Sad VENEZUELA Banco de Venezuela, Caracas SINGAPORE Banco del Caribe, Caracas Standard Chartered Bank, Singapore Banco Exterior, Caracas Banco Mercantil, Caracas SRI LANKA Banco Provincial, Caracas Indian Bank, Colombo
ANNUAL REPORT 2015 51