Building Cultural Capital in the Financial Services Industry: Emerging Practices, Risks and Opportunities
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Result of Tender Offer on Certain Perpetual
23 June 2016 LLOYDS BANKING GROUP PLC ANNOUNCES RESULTS OF TENDER OFFER FOR CERTAIN PERPETUAL NOTES Lloyds Banking Group plc (‘LBG’) today announced the final results of its previously announced U.S. dollar cash tender offer (the ‘Offer’) for any and all of certain series of outstanding perpetual notes (the ‘Notes’) issued by Lloyds Bank plc and Bank of Scotland plc (formerly The Governor and Company of the Bank of Scotland). The Offer was made on the terms and subject to the conditions set forth in the Offer to Purchase dated 16 June 2016 (the ‘Offer to Purchase’). Capitalised terms not otherwise defined in this announcement have the same meaning as in the Offer to Purchase. Based on information provided by the Tender Agent, $629,760,000 in aggregate principal amount of the Notes listed in the table below were validly tendered and not validly withdrawn by 5.00pm, New York City time, on 22 June 2016 (the ‘Expiration Deadline’), as more fully set forth below. LBG has accepted all Notes that were validly tendered and not validly withdrawn prior to the Expiration Deadline. The Any and All Settlement Date is expected to be 24 June 2016. No notes were tendered using the guaranteed delivery procedures. The table below sets forth, among other things, the principal amount of each series of Notes validly tendered and not validly withdrawn at or prior to the Expiration Deadline: Notes Issuer ISIN Purchase Price1 Aggregate Principal Amount Tendered Primary Capital Undated Lloyds Bank plc GB0005224307 $650 $138,160,000 Floating Rate Notes (Series 1) Primary Capital Undated Lloyds Bank plc GB0005205751 $650 $150,520,000 Floating Rate Notes (Series 2) Primary Capital Undated Lloyds Bank plc GB0005232391 $650 $193,460,000 Floating Rate Notes (Series 3) Undated Floating Rate Bank of Scotland plc GB0000765403 $650 $147,620,000 Primary Capital Notes 1 Per $1,000 in principal amount of Notes accepted for purchase. -
Third Supplemental Information Memorandum Dated 23 July 2019
Third Supplemental Information Memorandum dated 23 July 2019 LVMH FINANCE BELGIQUE SA (incorporated as société anonyme / naamloze vennootschap) under the laws of Belgium, with enterprise number 0897.212.188 RPR/RPM (Brussels)) EUR 4,000,000,000 Belgian Multi-currency Short-Term Treasury Notes Programme Irrevocably and unconditionally guaranteed by LVMH Moët Hennessy - Louis Vuitton SE (incorporated as European company under the laws of France, and registered under number 775 670 417 (R.C.S. Paris)) The Programme is rated A-1 by Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies, Inc. and, Arranger Dealers Banque Fédérative du Crédit Mutuel BNP Paribas BRED Banque Populaire Crédit Agricole Corporate and Investment Bank Crédit Industriel et Commercial BNP Paribas Fortis SA/NV Natixis Société Générale ING Belgium SA/NV ING Bank N.V. Belgian Branch Issuing and Paying Agent BNP Paribas Fortis SA/NV This third supplemental information memorandum is dated 23 July 2019 (the “Third Supplemental Information Memorandum”) and is supplemental to, and shall be read in conjunction with, the information memorandum dated 20 October 2015 as supplemented on 21 April 2016 and on 28 April 2017 (the “Information Memorandum”). Unless otherwise defined herein, terms defined in the Information Memorandum have the same respective meanings when used in this Third Supplemental Information Memorandum. As of the date of this Third Supplemental Information Memorandum: (i) The Issuer herby makes the following additional disclosure: Moody's assigned on 3 July 2019 a first-time A1 long-term issuer rating and Prime-1 (P-1) short-term rating to LVMH Moët Hennessy Louis Vuitton SE.; (ii) The paragraph 1.17 “Rating(s) of the Programme” of the section entitled “1. -
Case M.9539 — BNP Paribas/Deutsche Bank (Global
22.10.2019 EN Offi cial Jour nal of the European Union C 358/11 Prior notification of a concentration (Case M.9539 — BNP Paribas/Deutsche Bank (global prime finance and electronic equities business assets)) Candidate case for simplified procedure (Text with EEA relevance) (2019/C 358/05) 1. On 14 October 2019, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1). This notification concerns the following undertakings: — BNP Paribas SA (‘BNP Paribas’; France), — Certain assets of Deutsche Bank’s prime finance and electronic equities business (the ‘Deustche Bank Target Business’, Germany). BNP Paribas acquires within the meaning of Article 3(1)(b) of the Merger Regulation sole control of the Deutsche Bank Target Business. The concentration is accomplished by way of purchase of assets. 2. The business activities of the undertakings concerned are: — for BNP Paribas: international banking group active in retail banking, asset management, as well as corporate and investment banking, including prime financing and electronic execution services, — for Deutsche Bank Target Business: prime financing and electronic execution services. 3. On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under the Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice. 4. The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission. -
Bank of America Corporation Amicus Brief
Nos. 19-675 & 19-688 IN THE BANK OF AMERICA CORPORATION, et al., Petitioners, v. CITY OF MIAMI, FLORIDA, Respondent. WELLS FARGO & CO., et al., Petitioners, v. CITY OF MIAMI, FLORIDA, Respondent. On Petitions for Writs of Certiorari to the United States Court of Appeals for t he Eleventh Circuit BRIEF OF THE AMERICAN BANKERS ASSOCIATION, AMERICAN FINANCIAL SERVICES ASSOCIATION, BANK POLICY INSTITUTE, CONSUMER BANKERS ASSOCIATION, INDEPENDENT COMMUNITY BANKERS OF AMERICA, MORTGAGE BANKERS ASSOCIATION, CREDIT UNION NATIONAL ASSOCIATION AND NATIONAL ASSOCIATION OF FEDERALLY-INSURED CREDIT UNIONS AS AMICI CURIAE S UPPORT ING PETITIONERS Robert A. Long, Jr. Counsel of Record Jordan V. Hill COVINGTON & BURLING LLP One CityCenter 850 Tenth Street, N.W. Washington, DC 20001-4956 [email protected] (202) 662-6000 Counsel for Amici Curiae TABLE OF CONTENTS Page TABLE OF AUTHORITIES ....................................... ii INTEREST OF AMICI CURIAE ............................... 1 SUMMARY OF ARGUMENT .................................... 4 ARGUMENT .............................................................. 7 I. This Case Presents an Issue of Exceptional Importance That Warrants This Court’s Review. ........................................ 7 II. The Court of Appeals Failed to Heed This Court’s Decision. ............................................ 10 III. Other Plaintiffs Are Well-Positioned to Enforce the FHA ............................................ 13 CONCLUSION ......................................................... 17 i ii TABLE OF AUTHORITIES Page(s) Cases Associated Gen. Contractors of Cal., Inc. v. Carpenters, 459 U.S. 519 (1983) ................................ 6 Bank of America v. City of Miami, Florida, 137 S. Ct. 1296 (2017) ..................................... passim City of Miami Gardens, v. Bank of America Corp., No. 1:14-cv-22202 (S.D. Fla., filed June 13, 2014) ............................................................ 7 City of Miami Gardens v. Citigroup, Inc., No. 1:14-cv-22204 (S.D. -
Fitch Ratings ING Groep N.V. Ratings Report 2020-10-15
Banks Universal Commercial Banks Netherlands ING Groep N.V. Ratings Foreign Currency Long-Term IDR A+ Short-Term IDR F1 Derivative Counterparty Rating A+(dcr) Viability Rating a+ Key Rating Drivers Support Rating 5 Support Rating Floor NF Robust Company Profile, Solid Capitalisation: ING Groep N.V.’s ratings are supported by its leading franchise in retail and commercial banking in the Benelux region and adequate Sovereign Risk diversification in selected countries. The bank's resilient and diversified business model Long-Term Local- and Foreign- AAA emphasises lending operations with moderate exposure to volatile businesses, and it has a Currency IDRs sound record of earnings generation. The ratings also reflect the group's sound capital ratios Country Ceiling AAA and balanced funding profile. Outlooks Pandemic Stress: ING has enough rating headroom to absorb the deterioration in financial Long-Term Foreign-Currency Negative performance due to the economic fallout from the coronavirus crisis. The Negative Outlook IDR reflects the downside risks to Fitch’s baseline scenario, as pressure on the ratings would Sovereign Long-Term Local- and Negative increase substantially if the downturn is deeper or more prolonged than we currently expect. Foreign-Currency IDRs Asset Quality: The Stage 3 loan ratio remained sound at 2% at end-June 2020 despite the economic disruption generated by the lockdowns in the countries where ING operates. Fitch Applicable Criteria expects higher inflows of impaired loans from 4Q20 as the various support measures mature, driven by SMEs and mid-corporate borrowers and more vulnerable sectors such as oil and gas, Bank Rating Criteria (February 2020) shipping and transportation. -
High-Quality Service Is Key Differentiator for European Banks 2018 Greenwich Leaders: European Large Corporate Banking and Cash Management
High-Quality Service is Key Differentiator for European Banks 2018 Greenwich Leaders: European Large Corporate Banking and Cash Management Q1 2018 After weathering the chaos of the financial crisis and the subsequent restructuring of the European banking industry, Europe’s largest companies are enjoying a welcome phase of stability in their banking relationships. Credit is abundant (at least for big companies with good credit ratings), service is good and getting better, and banks are getting easier to work with. Aside from European corporates, the primary beneficiaries of this new stability are the big banks that already count many of Europe’s largest companies as clients. At the top of that list sits BNP Paribas, which is used for corporate banking by 65% of Europe’s largest companies. HSBC is next at 56%, followed by Deutsche Bank at 43%, UniCredit at 38% and Citi at 37%. These banks are the 2018 Greenwich Share Leaders℠ in European Top-Tier Large Corporate Banking. Greenwich Share Leaders — 2018 GREENWICH ASSOCIATES Greenwich Share20 1Leade8r European Top-Tier Large Corporate Banking Market Penetration Eurozone Top-Tier Large Corporate Banking Market Penetration Bank Market Penetration Statistical Rank Bank Market Penetration Statistical Rank BNP Paribas 1 BNP Paribas 1 HSBC 2 HSBC 2 Deutsche Bank 3 UniCredit 3T UniCredit 4T Deutsche Bank 3T Citi 4T Commerzbank 5T ING Bank 5T Note: Based on 576 respondents from top-tier companies. Note: Based on 360 respondents from top-tier companies. European Top-Tier Large Corporate Eurozone Top-Tier Large Corporate Cash Management Market Penetration Cash Management Market Penetration Bank Market Penetration Statistical Rank Bank Market Penetration Statistical Rank BNP Paribas ¡ 1 BNP Paribas 1 HSBC 2 HSBC 2T Deutsche Bank 3 UniCredit 2T Citi 4T Deutsche Bank 4 UniCredit 4T Commerzbank 5T ING Bank 5T Note: Based on 605 respondents from top-tier companies. -
BNP Paribas and Deutsche Bank Receive Approvals on the Agreement Regarding Global Prime Finance & Electronic Equities
Paris, November 14, 2019 PRESS RELEASE BNP Paribas and Deutsche Bank receive approvals on the agreement regarding Global Prime Finance & Electronic Equities BNP Paribas and Deutsche Bank announce that the agreement to refer clients and to transfer technology and key staff from Deutsche Bank’s Global Prime Finance and Electronic Equities businesses to BNP Paribas has received the necessary approvals and is now unconditional. This important milestone was achieved within a short period thanks to the close collaboration between the teams of BNP Paribas and Deutsche Bank as well as the banks’ strong commitment to ensure a continuity of service to their global institutional clients. About BNP Paribas BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 72 countries, with more than 202,000 employees, of which more than 154,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the European leader in consumer lending. BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. -
Handelsbanken Nederland Factsheet
Handelsbanken Nederland Factsheet HANDELSBANKEN GROEP HANDELSBANKEN NEDERLAND - Opgericht in 1871 in Stockholm, Zweden; - Bank voor particulieren, ondernemers en - Beursgenoteerde, internationaal opererende bank bedrijven. Maatwerk, hoge servicekwaliteit in meer dan 20 landen, met ruim 800 kantoren en en een persoonlijke aanpak kenmerken onze meer dan 12.000 medewerkers; dienstverlening; - Lokale aanwezigheid, diepgaande kennis van de - Sterk in hypotheken en financieringen; een volledig lokale markt, hoge klanttevredenheid en hoge aanbod van diensten voor particulieren op het kwaliteit van uitstaande kredieten; gebied van betalen en sparen; - Conservatief risicoprofiel resulteert in lage - Vermogensbeheer via Optimix, een volledige kredietverliezen (2018: 0,04%); dochteronderneming van Handelsbanken; - De bank heeft geen verkoopdoelstellingen; - Internationale financierings- en cashmanagement- - Handelsbanken heeft nooit overheidssteun nodig oplossingen via wereldwijd kantorennetwerk; gehad, ook niet tijdens de financiële crisis; - Geen bonussen voor management en - Nederland is één van de zes thuismarkten van medewerkers; Handelsbanken, naast Zweden, het Verenigd - Aantal medewerkers in Nederland: 307 (Q4 2018). Koninkrijk, Denemarken, Finland en Noorwegen. LANDELIJK KANTORENNETWERK ONZE FILOSOFIE 29 kantoren door heel Nederland, met opening van Handelsbanken is een bank met een sterk nieuwe kantoren in de planning. gedecentraliseerde en kostenefficiënte manier van werken. Kantoren kunnen lokaal, dicht bij de klant, Alkmaar Breda Maastricht -
Lloyds Banking Group PLC
Lloyds Banking Group PLC Primary Credit Analyst: Nigel Greenwood, London (44) 20-7176-1066; [email protected] Secondary Contact: Richard Barnes, London (44) 20-7176-7227; [email protected] Table Of Contents Major Rating Factors Outlook Rationale Related Criteria Related Research WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JUNE 5, 2020 1 THIS WAS PREPARED EXCLUSIVELY FOR USER CIARAN TRELLIS. NOT FOR REDISTRIBUTION UNLESS OTHERWISE PERMITTED. Lloyds Banking Group PLC Major Rating Factors Issuer Credit Rating BBB+/Negative/A-2 Strengths: Weaknesses: • Market-leading franchise in U.K. retail banking, and • Geographically concentrated in the U.K., which is strong positions in U.K. corporate banking and now in recession owing to the impact of COVID-19. insurance. • Our risk-adjusted capital (RAC) ratio is lower than • Cost-efficient operating model that supports strong the average for U.K. peers, which partly reflects the pre-provision profitability, business stability, and deduction of Lloyds' material investment in its competitiveness. insurance business. • Supportive funding and liquidity profiles anchored by strong deposit franchise. WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JUNE 5, 2020 2 THIS WAS PREPARED EXCLUSIVELY FOR USER CIARAN TRELLIS. NOT FOR REDISTRIBUTION UNLESS OTHERWISE PERMITTED. Lloyds Banking Group PLC Outlook The negative outlook on Lloyds Banking Group reflects potential earnings pressures arising from the economic and market impact of the COVID-19 pandemic. Downside scenario If we saw clear signs that the U.K. systemwide domestic loan loss rate was going to exceed 100 basis points in 2020, and not be offset by the prospect of a quick economic recovery, we would likely lower the anchor, our starting point for rating U.K. -
ING Credit Update 4Q2020
ING Credit Update 4Q2020 ING Investor Relations 12 February 2021 Key points . 2020 was a year marked by the Covid-19 pandemic and the unprecedented challenges it presented to our customers, employees and society. We continue to take actions to provide support and with vaccination programmes being rolled out globally, we look forward to return to more normal circumstances in the near future . We continue our efforts to build a sustainable company, also reflected in our strong ESG profile . The current environment underscores the strength of our digital business model. We continued to grow primary customers, as they choose us as their go-to bank, while mobile interactions further increased . Pre-provision result was resilient, though the impact from Covid-19 is visible, most notably on lending and savings. After years of growth, 2020 net core lending was down by €2.5 bln, while net deposit inflow was high at €41.4 bln . Fee growth was good, as our actions on investment products and daily banking more than compensated for the impact of the Covid-19 pandemic on fees for payments and lending . 2020 risk costs were €2.7 bln with ~30% in Stage 1 and 2, mainly due to Covid-19, reflecting IFRS 9 related provisions and management overlays. For 2021 we expect to move close to our through-the–cycle average of ~25 bps . The Stage 3 ratio remained low at 1.7% and we are confident on the quality of our loan book, supported by a proven risk management framework with a strong track record, also compared to peers . -
Wall Street Money in Washington Report Here
2017-18 Election April 2019 Cycle Wall Street Money in Washington 2017-2018 Campaign and Lobby Spending by the Financial Sector In the 2017–18 election cycle, Wall Street banks and financial interests reported spending almost $2 billion to influence decision-making in Washington.1 That total – of officially reported expenditures on campaign contributions and lobbying – works out to more than $2.5 million per day. A total of 443 financial sector companies and trade associations spent at least $500,000 each during this period.2 Since 2008, financial industry spending has increased to levels even higher than they were before the financial crisis, and the spending in this cycle was the highest yet for a non-presidential year. This continued high level of spending reflects the ongoing battle to reshape the financial system and the industry’s persistent efforts to repeal or win exemptions from parts of the Dodd-Frank financial reform law, to weaken implementing regulations, to further deregulate, and to forestall proposals for accountability and change. Additional Highlights Campaign Contributions. Individuals and entities associated with the financial sector reported making $921,790,861 in contributions to federal candidates for office during this election cycle (2017-18 for House candidates and 2013-2018 for Senate candidates) through December 31, 2018 (as reported by February 12, 2019).3 The financial sector’s contributions were significantly greater than those of any other specific business sector identified in the Center for Responsive Politics data. Of the $519,619,263 in party-coded contributions by individuals and PACs associated with finance, 53% went to Republicans and 47% went to Democrats. -
BNP Paribas Helps Pirelli Gain Traction
Success Story: BNP Paribas Helps Pirelli Gain Traction “As the use of credit When Pirelli launched its new P Zero™ tyre, BNP Paribas put together derivatives and hedge fund a €675 million revolving credit line for them. BNP Paribas knew speed and security were essential to the deal. And because Pirelli was activity has grown, so has launching the product to coincide with the Uma Thurman sci-fi movie the interest in trading Mission Zero, timing was critical. loans. The transparency BNP Paribas’ mission involved syndicating the loan through its Milan, London and Paris offices and of IntraLinks allows BNP working with a raft of banking partners all over the world. Paribas to show who For many banks, coordinating such a complex deal might be “mission impossible”— but by using IntraLinks® On-Demand Workspaces™, BNP Paribas was able to keep everything on schedule, while has access to what adhering to the bank’s rigorous security guidelines. information, and when.” BNP Paribas ranks consistently among the top three European bookrunners; in 1Q07, they were the most active player, by number of deals, in Europe in all financial league tables. They are one of the top 10 globally, and serve some of the world’s most demanding clients. - Simon Ellis Business Manager, According to Simon Ellis, Business Manager, IntraLinks helps the bank deliver the level of speed and Operations & Systems security its clients expect. “The recent merger with BNL has built on our strong global franchise. BNP Paribas Our European teams operate from many centres, including London, Paris and Milan, so cross-border communication must be secure and fast in order to maintain turnaround times of six to eight weeks on loans.” Because many deals are co-arranged in Europe, BNP Paribas needs a system that allows its bankers to seamlessly share information with other arrangers.