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Presentazione Di Powerpoint BANCABANCA CARIGECARIGE Cassa di Risparmio di Genova e Imperia September 2005 -1- BANCA CARIGE GROUP Agenda Carige’s project: history and results The 2005-2007 Business Plan The adoption of IAS and 1H 2005 results Carige share performance -2- BANCA CARIGE GROUP Carige’sCarige’s project:project: historyhistory andand resultsresults The 2005-2007 Business Plan The adoption of IAS and 1H 2005 results Carige share performance -3- BANCA CARIGE GROUP Historical evolution Independence through growth 1483 - 1989 1990 - 1998 1999 - 2003 A long history Capital base Expansion and as one of the strengthening and diversification: oldest banks in opening to new from a regional to the world shareholders: a multilocal from savings bank network and from to stock company a bank to a financial conglomerate -4- BANCA CARIGE GROUP Timeline of events Establishment of Change of name Creation of a IPO: first savings Capital increase Acquisition of 124 Establishment of Cassa di to Cassa di Multifunctional bank to be floated reserved to branches from Carige AM SGR Risparmio di Risparmio di group on the Italian institutional BdS, Intesa and SpA - acquisition Genova Genova e Imperia Stock Exchange investors Capitalia of Banca C. Ponti 14831483 18461846 19291929 19671967 19911991 19921992 19941994 19951995 19971997 19981998 19991999 2000–20022000–2002 22003003 20020044 Foundation of Merger of Monte di Banca Carige Commitment of Acquisition of the Italian International Sharecapital Monte di Pietà di Pietà into Cassa di becomes the the Foundation to insurance activities of partnership increase; Genova Risparmio di banking subsidiary privatise Banca Baloise Group; the non agreements acquisition of Genova of Foundation Carige. life company Carige (CNCE, WestLB Cassa di Ass.ni and the life and El Monte); Risparmio di Merger of financial company Carige Vita acquisition of BML Carrara subsidiaries Nuova (formerly Levante and Cassa di Ass.ni and Basilese Vita Risparmio di Nuova) Savona -5- BANCA CARIGE GROUP M&A activity Year Capital cash flows Amounts Year Investments Amounts Euro mn Euro mn 1994-95 IPO 105 1993-95-99 Cassa di Risparmio di Savona 225 1996-97 Bond conversion into new shares 61 1991-2004 Insurance companies 290 1997 Capital increase underwritten 46 1999 - 2002 Banca del Monte di Lucca 63 by La Basilese 2000 21 branches from Banco di Sicilia 60 Capital increase underwritten 1998 by institutional investors 116 2001 61 branches from Intesa 277 Capital increase underwritten 1999 By CNCEP, CDC, WestLB 236 2002 42 branches from Capitalia 127 2001 Issue of a subordinated loan 400 2003 Cassa di Risparmio di Carrara 176 Capital increase and issue of 2003 subordinated convertible bonds 306 2004 Banca Cesare Ponti 38 Total 1,270 Total 1,256 -6- BANCA CARIGE GROUP The structure of the Group Fondazione CR Genova e CNCE WestLB Others Imperia 43.37% 11.02% 6.41% 39.20% Banca Carige S.p.A. - Cassa di Risparmio di Genova e Imperia Banking Trustee Insurance Financial Real Estate 76.93% 95.90% 100.00% 99.50% 100.00% 20.00% Centro Fiduciario 0.50% Carige AM SGR S.p.A. Galeazzo S.r.l. C.F. S.p.A. 54.00% 0.01% 98.24% 99.99% 60.00% 90.00% Columbus Carige Immobiliare S.p.A. CR Carrara 1,25% as own shares 60.00% 51. 09% 90.00% Cesare Ponti PRIAMAR Immobiliare Ettore Finance Srl Vernazza S.p.A. 47.50% 10% as own shares 100.00% Immobiliare Carisa S.r.l. -7- BANCA CARIGE GROUP Expansion of Carige in Italy in the period 1989-2005 1989 2005 4 7 1 1 40/62 12/30 3 35/24 2 19/19 245/15 131 53/27 245 (~50%) 2/11 branches 1/5 in Liguria 13 131 (96%) branches 33/37 Loans and 2 9/34 in Liguria and deposits Market 94 (69%) in share in Liguria 9 Genoa province ~33% 3 7/24 27 Banking branches 38/53 Insurance outlets Insurance outlets only Branches/ Branches Employees Regions Provinces outlets Employees Regions Provinces Bank 137 2,962 4 8 Banks (*) 495 4,777 12/20 55/103 Insurances 407 375 20/20 98/103 Group 902 5,152 20/20 99/103 (*) Nice (France) included. -8- BANCA CARIGE GROUP Carige Group results (1989-2004) Total intermediation Capital and reserves 41,820 1,500 CAGR*: CAGR*: 11.3% 13.4% 8,380 226 1989 2004 1989 2004 Net profit Employees CAGR*: CAGR*: 100,9 3.3% 4,787 11.2% 2,962 20,5 1989 2004 1989 2004 Millions of Euro. Banca Cesare Ponti included. *CAGR = compound annual growth rate -9- BANCA CARIGE GROUP Carige Group: ranking in Italian Market Total assets 17th Total Intermediation from customers 18th Shareholders' equity 13th Employees 16th Branches 14th Net Profit 16th FitchFitch AA Moody’sMoody’s AA22 Standard&Poor’sStandard&Poor’s A-A- -10- BANCA CARIGE GROUP Carige’s project: history and results ThThee 2005-20072005-2007 BusinessBusiness PlanPlan The adoption of IAS and 1H 2005 results Carige share performance -11- BANCA CARIGE GROUP Future evolution Independence through growth 1990 - 1998 1999 - 2003 2004 - 2007 Capital base Expansion and strengthening and diversification: Rationalisation and opening to new from a regional to profitability shareholders: a local network enhancement from savings bank and from a bank to to stock company a financial conglomerate -12- BANCA CARIGE GROUP Our mission The strategic objective of Carige Group is to become a national financial conglomerate equipped to provide banking, financial, insurance and pension solutions establishing strong ties with local markets, able to differentiate in the quality of service through an integrated multi-channel distribution system and the quality of resources and structures. Quality of resources Conglomerate National Quality of service and structures • Complete offer of • Stronghold in • Focus on retail • Specialisation of banking, financial and Liguria distribution and insurance products • Widespread and production structures and services • Out of Liguria it intensive use of distinguishes itself technology • Unitary management of • Aggregation point for for the attention to the Group’s key- smaller banks the relationship expertises with local communities • Professional development of human resources -13- BANCA CARIGE GROUP The core priorities of the 2005-2007 Strategic Plan • Profitability enhancement of each business area Strengthening of (lending, wealth management, payment system, operating efficiency insurance) and profitability • Profitability enhancement of banking and enhancement insurance subsidiaries • Cost Management • Increase of volumes per employee: Growth through ¾ cross-selling, up-selling and retention in Liguria productivity improvement ¾ rising of market share outside Liguria, also in synergy with insurance agents • Re-engineering of business processes Risk management • Control of the economic impact of risks -14- BANCA CARIGE GROUP Expected results CAGRCAGR 20042004 20072007 07-0407-04 Total Intermediation (€ bn) 41.8 48.2 4.8% Net profit (€ mn) 100.9 184.5 22.3% Capital and reserves (€ mn) 1,500 1,730 4.9% CARIGE ROE 6.7% 10.7% CARIGE Cost Income Ratio 65.1% 57.6% GROUPGROUP Tier 1 ratio 7.4% 8.8% Total capital ratio 9.6% 9.9% Capital in excess (€ mn) 204 279 11.0% Total Intermediation (€ bn) 34.3 40.2 5.3% Net profit (€ mn) 107.5 188.3 20.5% Dividends 83,6 86,5 1.1% Capital and reserves (€ mn) 1,622 1,883 5.1% CARIGECARIGE BANKBANK ROE 6.6% 10.0% Cost Income Ratio 61.6% 54.0% P/BV 2.07 1.99 P/E 31.29 19.9 EPS (€) 0.097 0.163 18.9% Data PRE-IAS -15- BANCA CARIGE GROUP The Group’s operating income 1200 CAGR*: 1,108.6 7.4% 1000 OPE 894.2 RAT 800 CAGR*: 576.2 5,6 % ING Net operating income 600 489.1 INC 400 CAGR*: 450 OME 532,4 CAGR*07-04: 9,5 % 200 405.1 400 14.6% 350 0 300 2004 2007 250 Net interest income non interest income 200 421 150 CAGR*: 280 800 3.8% 100 687.4 50 700 - C 600 614.4 CAGR*: 312.3 2004 ... 2007 O 500 2.3% S 400 291.9 Cost income CAGR*: 300 2.7% ratio 65.1% ... 57.6% T 193.6 200 178.7 S CAGR*: 100 8.1% 143.8 181.5 - 2004 2007 Depreciations and *CAGR = compound annual growth rate amortisation of assets administrative costs personnel -16- BANCA CARIGE GROUP New Openings 2005-2009 In addition to the Strategic Plan, the Group has drawn up a plan to increase the number of its branches between 2005 and 2009. The new branches will be localised in the regions next to Liguria (Lombardia, Piemonte, Emilia Romagna, Toscana), in order to enforce the brand where it already exists. The Plan foresees 82 openings (59 with Carige brands and 23 with brands of the other banks of the Group). The localisation of the new branches responds to two main principles: - market attractiveness: client potential, competition. -achievement of a minimum market share: in the most attractive areas, we have selected those where the new openings allow us to achieve a market share of 5 p.c., which we consider to be the minimum (market share) to grant a sufficient presence to develop the business. -17- BANCA CARIGE GROUP Main Projects of Business Plan 2005-2007 In order to achieve the goals of Business Plan 2005-2007 Banca Carige has implemented these projects: Re-definition of the organisational structure Commercial strengthening program The enforcement of the collaboration “branches - insurance agents” Liguria project Cost management program -18- BANCA CARIGE GROUP Main Projects of Business Plan 2005-2007 Re-definition of the organisational structure Commercial strengthening program The enforcement of the collaboration “branches - insurance agents” Liguria project Cost management program -19- BANCA CARIGE GROUP The new organisational structure ManManaagegementment PlanningPlanning andand PublicPublic InInternternalal // AuditingAuditing ControlControl relationsrelations AuditingAuditing Wealth Management Payment Loans dept.
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