DOCSLIB.ORG

European Banks

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

European Banks High Grade Credit | Europe | Banks 01 August 2011 Data & drivers Richard Thomas +44 20 7996 0128 Research Analyst MLI (UK) Bi-annual data set; all investment cases updated [email protected] We publish our bi-annual data set on the banks. Financial statistics are updated to end-2010, the last available full data set. We have attempted to update all bank investment cases to Friday 29th July, however. We provide comparative charts for key income statement and balance sheet metrics and ratios, as well as country by country comparative analysis. We present our updated 1-pagers of our coverage universe. We have changed the format of this to make it more (we hope) user friendly. Hard copies of this publication will also be available. Please contact us or your salesperson if you would like a hard copy. How we classify the banks in terms of fundamental strength A List B List Grey List Watchlist Barclays ABN AMRO ↑ Banca MPS Alpha Bank BNP Paribas BBVA Banco Pastor Anglo Irish Bank Credit Suisse BPCE ↑ Banco Popolare Bank of Ireland HSBC Deutsche Bank Banco Popular Espanol BayernLB Nordea Deutsche Postbank ↑ Banco Sabadell EFG Eurobank Rabobank DNB NOR Bankinter Eurohypo Standard Chartered Erste Bank ↑ BES Millennium BCP ↓ Svenska Handelsbanken Intesa Sanpaolo BP Milano National Bank of Greece Lloyds Banking Group Caixa Geral ↓ Piraeus Bank RBS Commerzbank Spanish savings banks RZB ↑ Credit Agricole ↓ Santander Danske Bank SEB ↑ KBC Swedbank Societe Generale UBS ↑ UBI Banca Unicredit Source: BofA Merrill Lynch Global Research c58da9b710df662c BofA Merrill Lynch does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Refer to important disclosures on page 216 to 220. Analyst Certification on Page 215. Link to Definitions on page 215. 11074055 TM2 European Banks 01 August 2011 2 TM2 European Banks 01 August 2011 Sector Comparison Charts 3 TM2 4 TM2 5 Market Capin €bn Source: Bloomberg Bloomberg Source: 100,000 120,000 140,000 20,000 40,000 60,000 80,000 - Banca Popolare di Milano Scarl 619 Banco Pastor SA 816 Piraeus Bank SA 1,029 Allied Irish Banks PLC 1,225 EFG Eurobank Ergasias SA 1,498 Alpha Bank AE 1,635 Bankinter SA 2,021 Banco Popolare SC 2,347 Governor & Co of the Bank of I 2,560 Unione di Banche Italiane SCPA 2,963 Banco Espirito Santo SA 2,993 Banco de Sabadell SA 3,614 National Bank of Greece SA 4,522 Deutsche Postbank AG 5,008 Deutsche Postbank AG 5,008 Banco Popular Espanol SA 5,041 Banca Monte dei Paschi di Sien 5,730 Raiffeisen Bank International 6,737 KBC Groep NV 8,775 Skandinaviska Enskilda Banken 11,517 Danske Bank A/S 12,516 Erste Group Bank AG 12,535 Commerzbank AG 13,367 Svenska Handelsbanken AB 13,565 Swedbank AB 13,979 DnB NOR ASA 16,416 Credit Agricole SA 21,328 UniCredit SpA 23,655 Intesa Sanpaolo SpA 25,823 Societe Generale SA 26,713 Nordea Bank AB 29,725 Credit Suisse Group AG 29,929 Barclays PLC 30,806 Lloyds Banking Group PLC 33,852 BBVA 34,903 Deutsche Bank AG 35,530 Standard Chartered PLC 42,278 UBS AG 43,605 Royal Bank of Scotland Group P 44,693 BNP Paribas SA 54,372 Banco Santander SA 61,513 HSBC Holdings PLC 121254 2011 August 01 European Banks Banks European TM2 6 6 Source: Company reports,BofA Lynch Merrill Global Research 2010 Total Assets in €mn 1,000,000 1,500,000 2,000,000 2,500,000 500,000 - BNP Paribas 1,998,158 Deutsche Bank 1,905,630 HSBC 1,833,898 Barclays 1,737,522 RBS 1,695,451 Credit Agricole 1,593,529 Santander 1,217,501 Lloyds Banking Group 1,156,572 Societe Generale 1,132,072 UBS 1,053,007 BPCE 1,048,442 Unicredito 929,488 Credit Suisse 824,985 Commerzbank 754,299 Intesa Sanpaolo 658,757 Rabobank 652,536 Nordea 580,839 BBVA 552,738 Danske Bank 431,304 Standard Chartered 385,909 ABN Amro 379,599 BayernLB 316,354 KBC Bank 276,723 Banca Monte dei Paschi 244,279 SEB 242,679 Svenska Handelsbanken 239,752 Median 239,299 DnB NOR 238,846 Eurohypo 229,010 Deutsche Postbank 214,684 Erste Bank 205,938 Swedbank 191,007 Caja Madrid 186,517 Bank of Ireland 167,473 AIB 145,222 Banco Popolare 135,156 Raiffeisen Bank International 131,173 Unione di Banche Italiane 130,559 Banco Popular 130,140 Caixa Geral 125,862 National Bank of Greece 120,745 Millennium bcp 100,010 Banco Sabadell 97,099 Bancaja 87,852 Eurobank EFG 87,188 Banco Espirito Santo 83,655 Anglo Irish Bank 72,183 CAM 70,667 Alpha Bank 66,798 Piraeus Bank 56,591 Bankinter 54,152 Banca Popolare di Milano 41,795 Banco Pastor 31,135 2011 August 01 European Banks Banks European TM2 7 Source: Company reports,BofA Lynch Merrill Global Research 2010 Risk Weighted Assets in €m 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 - HSBC 824,136 RBS 666,131 Santander 604,885 BNP Paribas 601,000 Lloyds Banking Group 473,992 Barclays 464,263 Unicredito 454,850 BPCE 399,016 Credit Agricole 371,700 Deutsche Bank 346,204 Societe Generale 334,795 Intesa Sanpaolo 332,158 BBVA 313,327 Commerzbank 267,500 Rabobank 219,568 Nordea 215,000 Standard Chartered 183,097 Credit Suisse 174,830 UBS 158,981 DnB NOR 131,944 BayernLB 124,107 ABN Amro 116,328 Danske Bank 113,293 KBC Bank 111,711 Banca Monte dei Paschi 109,238 Erste Bank 103,950 Median 101,359 AIB 98,768 Banco Popolare 94,878 Unione di Banche Italiane 94,361 Banco Popular 93,856 SEB 89,042 Bank of Ireland 79,045 Caixa Geral 76,989 Raiffeisen Bank International 75,601 Banco Espirito Santo 68,802 National Bank of Greece 68,198 Deutsche Postbank 66,363 Eurohypo 62,300 Banco Sabadell 60,525 Swedbank 60,266 Millennium bcp 59,564 Svenska Handelsbanken 59,243 Alpha Bank 49,000 Eurobank EFG 47,968 Piraeus Bank 37,900 Anglo Irish Bank 36,668 Bankinter 30,964 Banca Popolare di Milano 30,412 Banco Pastor 18,407 2011 August 01 European Banks Banks European TM2 8 8 Source: Company reports,BofA Lynch Merrill Global Research 2010 Gross Customer Loans in €m 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 - Santander 735,318 HSBC 730,999 Lloyds Banking Group 712,635 BNP Paribas 711,357 RBS 668,715 Unicredito 588,672 BPCE 573,807 Barclays 513,596 Rabobank 459,786 Deutsche Bank 411,025 Intesa Sanpaolo 398,245 Credit Agricole 397,240 Societe Generale 386,621 BBVA 348,253 Commerzbank 336,872 Nordea 316,709 ABN Amro 280,041 Danske Bank 253,384 UBS 211,013 Standard Chartered 181,502 Credit Suisse 175,755 Svenska Handelsbanken 165,578 Banca Monte dei Paschi 165,238 BayernLB 155,414 DnB NOR 151,661 KBC Bank 148,975 Median 141,787 Swedbank 134,600 Erste Bank 132,729 SEB 121,307 Caja Madrid 119,832 Eurohypo 119,493 Bank of Ireland 119,432 Deutsche Postbank 111,783 Unione di Banche Italiane 104,807 Banco Popolare 98,560 Banco Popular 98,389 AIB 93,637 Caixa Geral 84,517 National Bank of Greece 80,823 Millennium bcp 76,411 Banco Sabadell 76,191 Raiffeisen Bank International 75,657 Bancaja 67,932 Eurobank EFG 58,597 CAM 53,035 Banco Espirito Santo 52,606 Alpha Bank 51,074 Bankinter 43,387 Piraeus Bank 39,682 Anglo Irish Bank 33,941 Banca Popolare di Milano 30,503 Banco Pastor 23,436 2011 August 01 European Banks Banks European TM2 9 Source: Company reports,BofA Lynch Merrill Global Research 2010 Non-performing Loans in €m 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 - Lloyds Banking Group 75,356 Unicredito 67,336 RBS 45,021 Intesa Sanpaolo 37,245 Barclays 37,187 BNP Paribas 35,600 Santander 28,522 Societe Generale 23,100 Credit Agricole 21,769 Commerzbank 21,682 HSBC 20,987 BPCE 20,003 AIB 17,493 Bank of Ireland 16,874 Anglo Irish Bank 16,564 BBVA 15,472 Danske Bank 13,836 Banco Popolare 12,895 Banca Monte dei Paschi 11,381 Erste Bank 10,486 Caja Madrid 10,225 Rabobank 9,284 ABN Amro 8,808 Eurohypo 8,460 Unione di Banche Italiane 7,465 National Bank of Greece 7,142 Median 6,966 Raiffeisen Bank International 6,790 KBC Bank 6,531 Deutsche Bank 6,265 Banco Popular 6,055 Alpha Bank 5,379 BayernLB 5,146 Nordea 4,816 Eurobank EFG 4,534 Banco Sabadell 4,074 Swedbank 3,863 Deutsche Postbank 3,819 Bancaja 3,689 DnB NOR 3,552 UBS 3,352 Standard Chartered 3,090 SEB 2,609 Caixa Geral 2,478 Piraeus Bank 2,383 Millennium bcp 2,290 Banca Popolare di Milano 1,821 Banco Pastor 1,543 Credit Suisse 1,489 Bankinter 1,330 Svenska Handelsbanken 1,213 CAM 1,135 Banco Espirito Santo 1,107 2011 August 01 European Banks Banks European TM2 10 10 Source: Company reports,BofA Lynch Merrill Global Research 2010 Loan Loss Reserves in €m 10,000 15,000 20,000 25,000 30,000 35,000 5,000 - Unicredito 33,019 BNP Paribas 26,671 Lloyds Banking Group 21,430 RBS 21,059 Santander 19,697 Intesa Sanpaolo 19,010 HSBC 15,004 Societe Generale 14,723 Barclays 14,445 Credit Agricole 13,994 BPCE 11,242 Anglo Irish Bank 9,577 BBVA 9,396 Commerzbank 9,117 Banca Monte dei Paschi 9,000 AIB 7,287 Erste Bank 6,119 Danske Bank 5,323 Bank of Ireland 4,975 Caja Madrid 4,923 KBC Bank 4,910 Raiffeisen Bank International 4,756 ABN Amro 4,286 Banco Popolare 4,098 Rabobank 3,845 National Bank of Greece 3,562 Median 3,429 Deutsche Bank 3,296 Eurohypo 3,194 Unione di Banche Italiane 2,992 BayernLB 2,979 Caixa Geral 2,610 Bancaja 2,573 Millennium bcp 2,506 Nordea 2,498 Swedbank 2,426 Banco Popular 2,356 Eurobank EFG 2,329 Alpha Bank 2,220 Banco Sabadell 2,210 CAM 2,185 Standard Chartered 1,931 Banco Espirito Santo 1,777 Deutsche Postbank 1,764 SEB 1,640 DnB NOR 1,506 Piraeus Bank 1,196 UBS 869 Bankinter 861 Credit Suisse 813 Banco Pastor 749 Svenska Handelsbanken 623 Banca Popolare
Recommended publications
  • A New Era in Retail Banking 2Q: a Record Quarter Acquisitions Fire up Growth Strategy

    A New Era in Retail Banking 2Q: a Record Quarter Acquisitions Fire up Growth Strategy

    03 August 2007 A new era in retail banking 2Q: A record quarter Acquisitions fire up growth strategy ING Shareholder 03 – August 2007 Dear reader, In the past few months, ING has been in the ING’s goal is to be a leading global provider of This magazine is a quarterly publication news with several major announcements about wealth accumulation and retirement services for by ING Group for shareholders and others acquisitions, divestments and a major investment individuals. ING’s three insurance executive board interested in ING. in the Dutch retail banking market. They are all members, Jacques de Vaucleroy, Tom McInerney Subscribe to ING Shareholder part of ING’s strategy of efficiently using capital and Hans van der Noordaa explain how insurance Fax (+3) 4 65 2 25 to create long term growth. In this issue, we take is changing and how companies such as ING Mail P.O. Box 258, 5280 AG Boxtel a look at some of these projects and discuss the have the capacity to play a major role in wealth The Netherlands strategy underlying them. In the Netherlands, the accumulation. Internet: www.ing.com Postbank and ING Bank combination was indeed big news. As our story explains, it is all about In the ten years ING Direct has been in business, Editorial office bringing together the best of both entities and the direct bank has become the largest direct ING Group, Corporate Communications building a bank with the best selected range of bank in the world. We profile one of ING Direct’s Investor Relations Department products and services.
  • UBS Investment Research Post-Crisis Banking

    UBS Investment Research Post-Crisis Banking

    !"# Global Equity Research Global UBS Investment Research Banks Post-crisis banking Equity Strategy Basel III proposal 17 December 2009 ! Consultation paper www.ubs.com/investmentresearch Today, the Basel Committee for Bank Supervision published a consultation paper on financial regulatory reforms that set out to enhance capital and liquidity standards. The consultation paper is subject to an impact assessment and at this stage lacks definitive quantifications. Philip Finch Analyst ! Key proposals [email protected] Proposed changes to financial regulations include: 1) a capital ratio based on +44-20-7568 3456 common equity and retained earnings (excluding hybrids and DTAs); 2) an Peter Carter introduction of a leverage ratio based on a harmonised definition; 3) a 30-day Analyst liquidity ratio; 4) counter-cyclical buffers; and 5) a new risk weighting to reflect [email protected] counter-party risk. +44 20 7568 4043 ! Potential timeframe The proposed measures are subject to an impact assessment to be carried out in the first half of 2010. Feedback on the consultative documents should be submitted by 16 April 2010. The implementation deadline is year-end 2012, although extended transition arrangements might be permitted. ! Initial conclusion While the proposed framework appears to be robust and comprehensive, regulatory uncertainty will likely persist, given the absence of definitive quantifications, and could continue to weigh on sector growth and risk appetite. As such, we maintain our preference for banks that are well capitalised and strongly funded. Following coverage initiation, we add BAC to our preferred list. This report has been prepared by UBS Limited ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 8.
  • Investor Relations Release Postbank Will Process Payment Transactions

    Investor Relations Release Postbank Will Process Payment Transactions

    Investor Relations Release Postbank will process payment transactions for Deutsche Bank and Dresdner Bank - Deutsche Bank to contribute its subsidiary DB Payments - Dresdner Bank to contribute its subsidiary Dresdner Zahlungsverkehrsservice - Joint synergies Deutsche Bank and Dresdner Bank will have their payments processed by Postbank. Preliminary agreements for this have now been signed by the three companies. The partners see this as an important step in implementing their strategic objectives and as an important signal for the consolidation of the German banking market. For the three banks' clients, nothing will change: The clients' accounts will continue to be kept, as before, with their respective banks. As a result of this agreement, Postbank will become one of the leading payments clearing houses in Germany. A few days ago, Postbank announced it was examining the possibilities of an IPO within the next 18 months. For this reason, Professor Dr. Wulf von Schimmelmann, Chairman of the Board of Management of Deutsche Postbank AG, sees the transaction as "an important component of the planned IPO". It strengthens the bank’s new business field "Transaction Bank". "The capacity of our platform will be used more efficiently. Thus, we can present a win-win situation for everyone involved: Our partners will be able to reduce their costs; we will be able to increase our revenues." Already today, Postbank is one of the big players in clearing payments, handling over 10 million transactions per day. For Deutsche Bank, this is a further logical step in the concentration on its core businesses and represents a high-performance partnership. "Early on we signalized to the market that we wanted to achieve synergies in transaction banking.
  • A Solid Governance Structure As Basis for Economic Success

    A Solid Governance Structure As Basis for Economic Success

    Corporate Governance at Commerzbank A solid governance structure as basis for economic success Commerzbank AG, Group Investor Relations, Frankfurt, June 2021 1 Corporate Supervisory Board Supervisory Board Board of Managing Remuneration of Governance Composition Remuneration Directors Managing Directors Agenda No. Topic Page 1 Corporate Governance 2 2 Supervisory Board - Composition 4 3 Remuneration of the Supervisory Board 11 4 Board of Managing Directors - Composition 13 5 Remuneration of the Board of Managing Directors 17 Commerzbank AG, Group Investor Relations, Frankfurt, June 2021 2 Corporate Governance Chapter No. 1 Commerzbank AG, Group Investor Relations, Frankfurt, June 2021 3 Corporate Supervisory Board Supervisory Board Board of Managing Remuneration of Governance Composition Remuneration Directors Managing Directors Collaboration between the Supervisory Board and the Board of Managing Directors in the German “Two-tier Board System” A structure of the Board of Directors of a company used in certain Executive Control Ownership European countries, such as Germany, that comprises two tiers: Level Level Level › a Supervisory Board, on which representatives of employees and Two-tier Two-tier Management Supervisory shareholders are represented; Shareholders Board System Board Board › a Management Board (Board of Managing Directors or System Executive Board) that is concerned with the day-to-day running of One-tier the business. Board (Chair & CEO) Shareholders System Supervisory Board Board of Managing Directors › The Supervisory Board supervises and › The Board of Managing Directors is advises the Board of Managing Directors on responsible for independently managing the managing the bank. enterprise. › The Supervisory Board supervises the Board › It is obliged to act in the bank’s best interest of Managing Directors in particular with and undertakes to increase the enterprise respect to compliance with all respective value of the bank sustainably.
  • Deutsche Postbank 2006 Group Annual Report Postbank. More Bank

    Deutsche Postbank 2006 Group Annual Report Postbank. More Bank

    Deutsche Postbank Postbank Group in figures 2006 2006 Group Annual Report Jan. 1 – Dec. 31 2006 2005 Consolidated income statement Postbank. More bank. Balance sheet-related revenues ¤m 2,710 2,132 Total income ¤m 4,117 2,831 Administrative expenses ¤m –2,812 –1,886 2006 Group Annual Report Profit before tax ¤m 941 719 Consolidated net profit ¤m 695 492 Total cost/income ratio % 68.3 66.6 Cost/income ratio in traditional banking business % 66.7 63.7 Return on equity1 before tax % 18.9 15.0 Deutsche Postbank AG after tax % 14.0 10.3 Earnings per share ¤ 4.24 3.00 Dec. 31, 2006 Dec. 31, 2005 Consolidated balance sheet Total assets ¤m 184,887 140,280 Customer deposits ¤m 87,663 68,418 Customer loans ¤m 79,388 44,134 Allowance for losses on loans and advances ¤m 1,155 776 Equity ¤m 5,207 5,061 BIS regulatory indicators Tier 1 ratio % 5.5 8.3 Capital ratio % 8.1 10.7 Tier 1 ratio in accordance with Basel II2 % 6.6 – Headcount thousand 21.49 9.24 Long-term ratings Moody's A 1 A 1 Outlook stable stable Standard & Poor's A A Outlook negative negative Fitch A A Outlook stable stable Information on Postbank shares Dec. 31, 2006 Dec. 31, 2005 Share price at the balance sheet date ¤ 63.97 49.00 Share price (Jan. 1 – Dec. 31) high ¤ 65.45 50.84 low ¤ 48.21 32.16 Market capitalization on December, 31 ¤m 10,491 8,036 Number of shares million 164.0 164.0 678 107 017 1 Prior-period figures restated 2 Internal calculation in accordance with the Solvabilitätsverordnung (SolvV – Solvency Ordinance) and the Kreditwesengesetz (KWG – German Banking Act) Deutsche Postbank Postbank Group in figures 2006 2006 Group Annual Report Jan.
  • For Legal Reasons, Private Bankers Domiciled in Switzerland Were Not Included in This List

    For Legal Reasons, Private Bankers Domiciled in Switzerland Were Not Included in This List

    Bank for International Settlements March 2010 Monetary and Economic Department RESTRICTED Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity Turnover in April 2010 FINAL list of reporting dealers by country, name and SWIFT code SWIFT ID Country Name (N: Not available) Note: For legal reasons, private bankers domiciled in Switzerland were not included in this list. 1 AR ABN AMRO BANK N V ABNAARBA 2ARAMERICAN EXPRESS BANK LTD SA AEIBARB1 3ARBANCO BI CREDITANSTALT SA BIINARBA 4ARBANCO BRADESCO ARGENTINA SA BBDEARBA 5ARBANCO CETELEM ARGENTINA SA N 6ARBANCO CMF SA CMFBARBA 7ARBANCO COLUMBIA SA N 8ARBANCO COMAFI SA QUILARBA 9ARBANCO CREDICOOP COOPERATIVO LIMITADO BCOOARBA 10 AR BANCO DE CORRIENTES SA N 11 AR BANCO DE FORMOSA SA BFSAARBF 12 AR BANCO DE GALICIA Y BUENOS AIRES SA GABAARBA 13 AR BANCO DE INVERSION Y COMERCIO EXTERIOR SA BICXARBA 14 AR BANCO DE LA CIUDAD DE BUENOS AIRES BACIARBA 15 AR BANCO DE LA NACION ARGENTINA NACNARBA 16 AR BANCO DE LA PAMPA PAMPARBA 17 AR BANCO DE LA PROVINCIA DE BUENOS AIRES PRBAARBADIV 18 AR BANCO DE LA PROVINCIA DE CORDOBA CORDARBA 19 AR BANCO DE LA PROVINCIA DEL NEUQUEN BPNEARBA 20 AR BANCO DE LA REPUBLICA ORIENTAL DEL URUGUAY BROUARBA 21 AR BANCO DE SAN JUAN SA N 22 AR BANCO DE SANTA CRUZ SA BPSCARB1 23 AR BANCO DE SANTIAGO DEL ESTERO SA N 24 AR BANCO DE SERVICIOS Y TRANSACCIONES SA N 25 AR BANCO DE VALORES SA BAVAARBA 26 AR BANCO DEL CHUBUT SA BPCHARBA 27 AR BANCO DEL SOL SA N 28 AR BANCO DEL TUCUMAN SA BDTUARBM 29 AR BANCO DO BRASIL SA BRASARBA 30 AR BANCO FINANSUR SA BFSUARBA
  • Keynote Address by Hyun Song Shin

    Keynote Address by Hyun Song Shin

    Bank capital, dividends and management compensation Hyun Song Shin* Bank for International Settlements 2017 Biennial IADI Research Conference Basel, 1 June 2017 * The views expressed here are mine, not necessarily those of the Bank for International Settlements. Equity as foundation for lending Annual changes in assets, equity and debt for a large European bank 1999–2015, in billions of euros Graph 3 300 y = 0.999x – 5.08 200 R2 = 0.999 100 0 –100 Debt (equity) change –200 –100 –50 0 50 100 150 200 250 300 350 400 Asset change Debt change Equity change Scatter plot showing how much of the change in assets is accounted for by changes in debt and equity, respectively. Annual changes in billions of euros are shown for large European bank (1999-2015). Sources: S&P Capital IQ; BIS calculations. 2 Bank capital as foundation for lending Equity foundation of the building Leverage height of the building 3 Sutyagin house 4 Sutyagin house 5 Sound banks lend more Some stylised facts on bank leverage1 Figure 1 Cost of funding Non-equity funding Lending y = 11.1 - 0.112x y = 2.46 + 0.0331x 6 2 y = 10.7 - 0.138x R = 0.12 21 21 R2 = 0.16 R2 = 0.14 5 14 14 4 7 7 3 0 0 2 Growth of non-equity funding Growth of lending Cost of non-equity funding 1 –7 –7 10 20 30 40 50 60 70 10 20 30 40 50 60 70 10 20 30 40 50 60 70 Total assets/Equity Total assets/Equity Total assets/Equity 1 The panels represent scatter plots between the average level of leverage for a group of 105 international banks and selected bank-specific indicators: average cost of funding, average growth rate of non-equity financing; average annual growth rate of lending.
  • Banking Automation Bulletin | Media Pack 2021

    Banking Automation Bulletin | Media Pack 2021

    Banking Automation BULLETIN Media Pack 2021 Reaching and staying in touch with your commercial targets is more important than ever Curated news, opinions and intelligence on Editorial overview banking and cash automation, self-service and digital banking, cards and payments since 1979 Banking Automation Bulletin is a subscription newsletter Independent and authoritative insights from focused on key issues in banking and cash automation, industry experts, including proprietary global self-service and digital banking, cards and payments. research by RBR The Bulletin is published monthly by RBR and draws 4,000 named subscribers of digital and printed extensively on the firm’s proprietary industry research. editions with total, monthly readership of 12,000 The Bulletin is valued by its readership for providing independent and insightful news, opinions and 88% of readership are senior decision makers information on issues of core interest. representing more than 1,000 banks across 106 countries worldwide Regular topics covered by the Bulletin include: Strong social media presence through focused LinkedIn discussion group with 8,500+ members • Artificial intelligence and machine learning and Twitter @RBRLondon • Biometric authentication 12 issues per year with bonus distribution at key • Blockchain and cryptocurrency industry events around the world • Branch and digital transformation Unique opportunity to reach high-quality • Cash usage and automation readership via impactful adverts and advertorials • Deposit automation and recycling • Digital banking and payments Who should advertise? • Financial inclusion and accessibility • Fintech innovation Banking Automation Bulletin is a unique and powerful • IP video and behavioural analytics advertising medium for organisations providing • Logical, cyber and physical bank security solutions to retail banks.
  • Patrick Cichy

    Patrick Cichy

    Patrick Cichy Partner Corporate and M&A excellent content, strong client focus Client, JUVE Handbook 2018/2019 Primary practice Corporate and M&A 29/09/2021 Patrick Cichy | Freshfields Bruckhaus Deringer About Patrick Cichy <p><strong>Patrick is a partner in our global transaction practice. </strong></p> <p>Since joining the firm, he has worked across many industries with a particular focus on financial institutions.</p> <p>Patrick is often recommended for financial institutions and corporate/M&amp;A advice and has built long-term relationships with clients for whom he has acted.</p> <p>He is very comfortable with complex, high-profile transactions. His MBA enables him to focus on and add value to the commercial aspects of each deal, while his nine-month secondment to Deutsche Bank&rsquo;s M&amp;A department in New York and his long-term advice in particular for Hamburg Commercial Bank mean Patrick understands the workings of large financial institutions. He also has good knowledge of the renewable energy and infrastructure/transport sectors.</p> <p>Patrick is our lead country partner for the Nordics, the author of various publications and&nbsp;a regular speaker at conferences.</p> <p>A native German speaker, Patrick also&nbsp;speaks English and French.</p> Recent work <ul> <li>Advising Hamburg Commercial Bank (ex HSH Nordbank) since 2009 on several large projects, including its restructuring, EU subsidy proceedings, recovery and resolution planning, AQR/stress test, sale of a &euro;5bn non-performing shipping portfolio to a state-owned
  • Rogue Trading at Lloyds Bank International, 1974: Operational Risk in Volatile Markets

    Rogue Trading at Lloyds Bank International, 1974: Operational Risk in Volatile Markets

    Catherine Schenk Rogue Trading at Lloyds Bank International, 1974: Operational Risk in Volatile Markets Rogue trading has been a persistent feature of international financial markets over the past thirty years, but there is remark- ably little historical treatment of this phenomenon. To begin to fill this gap, evidence from company and official archives is used to expose the anatomy of a rogue trading scandal at Lloyds Bank International in 1974. The rush to internationalize, the conflict between rules and norms, and the failure of internal and exter- nal checks all contributed to the largest single loss of any British bank to that time. The analysis highlights the dangers of incon- sistent norms and rules even when personal financial gain is not the main motive for fraud, and shows the important links between operational and market risk. This scandal had an important role in alerting the Bank of England and U.K. Trea- sury to gaps in prudential supervision at the end of the Bretton Woods pegged exchange-rate system. he persistent vulnerability of major financial institutions to rogue Ttrading is clear from the repeated episodes of this form of fraud, par- ticularly since the globalization of the 1990s. This article examines a scandal from 1974, when Lloyds Bank suffered the largest loss to date of any British bank by a single speculator. It shows how the cozy relation- ship between bankers and their regulators that had developed behind capital controls and uncompetitive markets was challenged by the col- lapse of the pegged exchange-rate system, acceleration of international This research was supported by ESRC ES/H026029/1 with the assistance of Dr.
  • TENANT CREDIT RATINGS 3Rd Quarter 2019

    TENANT CREDIT RATINGS 3Rd Quarter 2019

    TENANT CREDIT RATINGS 3rd Quarter 2019 Provided to you by: The O’Shea Net Lease Advisory The O’Shea Net Lease Advisory TENANT CREDIT RATINGS MOODY’S AND STANDARD & POOR’S Table of Contents Tenant Credit categories 1 Auto-related 2 Telecommunications 3 Financial Services 4 Home Improvement/Home Furniture 5 Big Box Retailers 6 Retailers: Department Stores/Clothing 7 Specialty Retailers, Health/ Hotels 8 Drug Stores 9 Grocery Store 10 QSR's 11 Medical 12 The O’Shea Net Lease Advisory TENANT CREDIT RATINGS MOODY’S AND STANDARD & POOR’S RETAIL TENANT LIST WITH TICKER SYMBOLS & CREDIT RATING -3rd Quarter 2019- CREDIT TENANCY MOODY’S STANARD & POOR’S Highest Quality Aaa AAA High Quality Aa AA Upper Medium Grade A A Medium Grade Baa BBB Lower Medium Grade* Ba BB Lower Grade* B B Poor Quality” Caa CCC Speculative* Ca CC No Interest Being Paid or BK Petition Filed” C C Note: The ratings for Aa to Ca by Moody’s may be modified by the addition of a 1, 2, or 3 to show the relative standing within the category. 1=High 3=Low * Below investment Grade 01 The O’Shea Net Lease Advisory TENANT CREDIT RATINGS MOODY’S AND STANDARD & POOR’S TENANT TICKER MOODY’S S&P SUBSIDIARIES, AFFILIATES, AND BRAND NAMES AUTOMOTIVE Advanced Auto Parts, Inc. AAP Baa2 Stable BBB- Stable Advanced Auto Parts, Western Auto Supply, Discount Auto Parts, Autopart International, Motologic, General Parts International, Worldpac, Carquest Ashland, Inc. ASH Ba1 Stable BB Negative Ashland Oil, Valvoline AutoNation, Inc. AN Baa3 Stable BBB- Stable AutoNation AutoZone, Inc.
  • Bank M&A Activity 1999-2000

    Bank M&A Activity 1999-2000

    SPOTLIGHT Bank Relationships Bank M&A activity 1999-2000 There has been a considerable amount of activity and consolidation in the international banking industry during the past 18 months. The Bankers’ Almanac compiles its extensive database of global banks through regular contact with the market and has provided the following tables, based on data supplied to it by the banks themselves. The tables show mergers and acquisitions completed during 1999 and some recent and expected mergers and acquisitions during 2000. Each table is listed alphabetically by bank name. These tables include information received by The Bankers’ Almanac up until May 2000. They do not include merg- ers where the share ownership has changed but the acquired business continues to operate as a separate business (such as the Royal Bank of Scotland takeover of National Westminster Bank earlier this year). Some recent and expected mergers reported during 2000 Country Bank name Action Bank name 2 Date merger completed or expected USA The Anchor Bank Merged into Carolina First Bank September Japan The Asahi Bank Ltd; The Sanwa Bank Ltd; and The Tokai Bank Ltd Merge to form Not yet advised April 2001 Italy Banca Popolare di Verona-Banco S Geminiano e S and Banca Popolare Merge to form Not yet advised Tbc di Bergamo-Credito varesino SCaRL Spain Banco de Alicante Merge into Banco Bilbao Vizcaya Argentaria April Costa Rica Banco del Istmo (Costa Rica) Merge into Banco Banex SA February Ecuador Banco del Pacifico SA Merge with Banco Continental SA June Uruguay Banco Frances