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Outlook for the Global Economy, Interest Rates and the Impact on the Re/Insurance Industry Astrid Frey, Swiss Re Economic Research & Consulting
Outlook for the global economy, interest rates and the impact on the re/insurance industry Astrid Frey, Swiss Re Economic Research & Consulting The economic environment in 2009… Real GDP growth (%) Source: Swiss Re Economic Research & Consulting Astrid Frey | Swiss Re Economic Research & Consulting 2 … and in 2014 Real GDP growth (%) Source: Swiss Re Economic Research & Consulting Astrid Frey | Swiss Re Economic Research & Consulting 3 Table of Contents / Agenda • Outlook for the global economy, inflation and interest rates • How do interest rates affect re/insurers? • How can insurers manage interest rate risk? • Conclusions Astrid Frey | Swiss Re Economic Research & Consulting 4 Outlook for the global economy, inflation and interest rates Astrid Frey | Swiss Re Economic Research & Consulting 5 Economic indicators imply global growth acceleration Purchasing Managers Indices, monthly data PMIs are survey based indicators. Values above 50 indicate economic expansion, Sources: Datastream, values below 50 contraction Bloomberg Astrid Frey | Swiss Re Economic Research & Consulting 6 Economic recovery at different speeds Real GDP of selected euro area countries (indexed Q1 2008 = 100) Source: Datastream Astrid Frey | Swiss Re Economic Research & Consulting 7 Global economic outlook and key risks . The US expansion is expected to strengthen into 2014, driven by consumer spending, business investment and housing construction . Europe is growing again and will continue to improve – a huge improvement for global growth prospects, but growth is hampered by fiscal austerity, private deleveraging and tight credit conditions . Chinese growth will stay close to 7.5% for next several years. Some EM economies have been unsettled by Fed "tapering" discussions, but a strengthening global economy will alleviate the downside risks. -
Cross-Border Financial Institutions in the EU: Analysis of Total Assets and Ultimate Ownership
Directorate-General for Internal Policies Directorate A - Economic and Scientific Policy Policy Department A.: Economic and Scientific Policy and Quality of Life Unit Cross-Border Financial Institutions in the EU: Analysis of Total Assets and Ultimate Ownership Briefing Note IP/A/ECON/NT/2008-10 PE 408.550 Only published in English. Author: Josina KAMERLING Policy Department Economy and Science DG Internal Policies European Parliament Rue Wiertz 60 - ATR 00L046 B-1047 Brussels Tel: +32 (0)2 283 27 86 Fax: +32(0)2 284 69 29 E-mail: [email protected] Arttu MAKIPAA Policy Department Economy and Science DG Internal Policies European Parliament Rue Wiertz 60 - ATR 00L042 B-1047 Brussels Tel: +32 (0)2 283 26 20 Fax: +32(0)2 284 69 29 E-mail: [email protected] Manuscript completed in August 2008. The opinions expressed in this document do not necessarily represent the official position of the European Parliament. Reproduction and translation for non-commercial purposes are authorised provided the source is acknowledged and the publisher is given prior notice and receives a copy. Rue Wiertz – B-1047 Bruxelles - 32/2.284.43.74 Fax: 32/2.284.68.05 Palais de l‘Europe – F-67000 Strasbourg - 33/3.88.17.25.56 Fax: 33/3.88.36.92.14 E-mail: [email protected] IP/A/ECON/NT/2008-10 PE 408.550 Table of Contents 1. The Data on Financial Institutions in EU27 ......................................................................1 2. Largest Financial Institutions in Europe (Tables 1-5) .......................................................2 -
Annual Report SNS Bank NV 2015
Banking with a human The original financial statements were drafted in Dutch. This document is an English translation of the original. In the touch case of any discrepancies between the English and the Dutch text, the latter will prevail. Annual report 2015 2 SNS Bank NV Annual report 2015 > 86 168 192 268 30 286 1 SNS BANK AT A GLANCE 8 5 SNS BANK PERFORMANCE 50 1.1 Mission and vision 9 5.1 Financial and commercial developments 51 1.2 Strategy 9 5.2 Our strategic themes 58 1.3 History 10 5.3 Brand performance 67 1.4 Value creation 11 5.4 Our People 76 5.5 The importance of information technology 81 5.6 Tax policy 83 2 FOREWORD 14 3 REPORT OF THE 20 6 RISK, CAPITAL & LIQUIDITY 88 SUPERVISORY BOARD MANAGEMENT 6.1 Summary 90 4 SNS BANK AND ITS STRATEGY 32 6.2 Risk management organisation 91 6.3 Risk profile and risk appetite 96 4.1 Developments 33 6.4 Capital management 104 4.2 Developments in the regulatory environment 39 6.5 Credit risk 116 4.3 Stakeholder engagement 42 6.6 Market risk 143 4.4 SWOT Analysis 45 6.7 Liquidity management and funding 149 4.5 Mission and strategy 46 6.8 Credit ratings 159 6.9 Key non-financial risks 161 SNS Bank NV Annual report 2015 > Table of contents 3 86 168 192 268 30 286 7 CORPORATE GOVERNANCE 170 Independent auditor's report 272 Independent Auditor's Assurance Report 282 7.1 Composition, appointment and duties of the 171 Board of Directors 7.2 Composition, appointment and duties of the 173 Supervisory Board ADDITIONAL INFORMATION 286 7.3 Bank and society 175 Composition of the Board of Directors 288 -
F. Van Lanschot Bankiers N.V. Credit Update
F. van Lanschot Bankiers N.V. Credit Update May 2013 Content Profile of Van Lanschot 2012 annual results and Q1 2013 trading update Funding and liquidity 1 1 Executive summary Profile of Van Lanschot Key financials Who•The weoldest are independent bank in the Netherlands with Q1 2013 FY 2012 history dating back more than 275 years Core Tier 1 ratio (%) 11.9% 11.0% •A relationship-oriented bank, with genuine personal Funding ratio (%) 83.1% 84.4% attention, whereby the interests of the client really do What we do Leverage ratio (%) 7.4% 7.5% come first Client assets (€) 53.0 billion 52.3 billion •Local visibility with 34 offices and client meeting centres Underlying profit (€) 26.3 million 2 million in the Netherlands, Belgium and Switzerland What sets us apart Strategy Financial targets 2017 •Our objective is to preserve and create wealth for clients Core Tier I ratio > 15% •We choose to be a pure-play, independent wealth manager Return on Core Tier I equity of 10-12% •We strongly believe that wealth management offers attractive growth opportunities and that we have inherent Cost-income ratio of 60-65% and distinctive strengths •Private banking, asset management and merchant 2 banking are the areas in which we excel 2 Evolution into an independent Private Bank 1737 2013 1737 29-6-1999 30-9-2004 1-1-2007 14-05-2013 Established as Listed on Acquisition Acquisition Strategic Review: a trading Euronext CenE Bankiers Kempen & Co focus on private house in Amsterdam banking, asset ‘s-Hertogenbosch management and merchant banking • Our objective -
Dutch Institutional Investors and Climate Change
Dutch Institutional Investors and Climate Change Becoming part of the solution Colofon Lead Jacqueline Duiker Stijn Eekhof Mart van Kuijk Nina van Dam Utrecht, the Netherlands November 2019 More information Jacqueline Duiker Senior Manager [email protected] +31 (0) 30 234 00 31 This report has been made possible thanks to the contribution of The Shared Resources Joint Solutions programme. 2 Ranking RANKING DUTCH INSTITUTIONAL INVESTORS ON CONSIDERATION OF CLIMATE CHANGE RISKS AND OPPORTUNITIES 79 Institutional investors representing €1,48 trillion in assets under management 2,9 average score: Pension funds 3,4 & Insurance companies 1,9 a.s.r. Pensioenfonds ABP Pensioenfonds Metaal en Techniek (PMT) Bpf voor de Bouwnijverheid (bpfBOUW) Pensioenfonds PGB Pensioenfonds van de Metalektro (PME) Pensioenfonds Zorg en Welzijn (PFZW) Pensioenfonds voor de Woningcorporaties (SPW) Achmea VIVAT Bpf voor het Schilders- Afwerkings- en Glaszetbedrijf BPL pensioen Aegon Spoorwegpensioenfonds Pensioenfonds Horeca & Catering Algemeen Pensioenfonds Unilever Nederland: kring progress NN Ahold Delhaize Pensioen SBZ Pensioen Pensioenfonds SNS REAAL Scildon Pensioenfonds UWV Pensioenfonds PostNL Pensioenfonds KPN Pensioenfonds Openbaar Vervoer (SPOV) Pensioenfonds Werk- en (re)integratie Alianz Menzis Bpf voor het Levensmiddelenbedrijf Bpf voor het Bakkersbedrijf Bpf voor de Media PNO (PNO Media) Pensioenfonds Achmea Pensioenfonds DSM Nederland Bpf voor de Detailhandel Philips Pensioenfonds Shell Pensioen Fonds (SSPF) Bpf voor de Meubelindustrie en -
Convertible Weekly: Focus on Financials and Energy
Convertible Bond Research 4 February 2013 Convertible Weekly Volatility returns CB InsightTM Revisiting financial convertibles: After a buoyant period for returns and issuance, today’s https://live.barcap.com/keyword/ selloff follows some jitters and profit-taking last week. We now ask whether this bout of CBINSIGHT Our online convertibles portal, providing volatility will be sustained or transient. Although our strategists remain constructive on risky interactive analytical tools, market data assets and recommend the financials sector in both equities and credit, albeit mostly for and research core euro area subordinated debt, last week’s SNS REAAL nationalisation also raises concerns. We take the opportunity to survey financial convertibles, which offer a variety of Angus Allison equity, credit and structure risks. Our preferences include the Ageas FRESH, BES - Bradescos, +44 (0) 20 7773 5379 [email protected] Fortis CASHES, and Temasek - Standard Chartered. Barclays, London Also in this Weekly: Our equity strategist believes Oil & Gas is well positioned to benefit Luke Olsen in a shift from bonds to equities; we provide a screen of these bonds. The convexity +44 (0) 20 7773 8310 profile of Parpublica – Galp ‘17 makes it preferable to ENI – Galp ‘15. However, we [email protected] believe there is merit in diversifying between the bonds but recommend a slightly Barclays, London higher allocation towards the former. Kim Berg Upcoming action dates: Altran ’15 and Clariant ’14 are very close to becoming +44 (0)20 3555 0289 callable; KfW --- Deutsche Post ’14, Atos ‘16, Subsea 7 ‘13 and Eurazeo --- Danone ‘14 [email protected] remain just below their triggers. -
Van Lanschot Kempen
Van Lanschot Credit Update SEPTEMBER 2012 - Profile of Van Lanschot - 2012 half-year results - putting solidity before profit - The best Private Bank in the Netherlands and Belgium - Funding and liquidity 1 Evolution into an independent Private Bank 1737 2012 1737 29-6-1999 30-9-2004 2006 1-1-2007 30-11-2007 2012 Established as Listed on Acquisition Strategy to be the Acquisition Sale of 51% of Sale of Van Lanschot a trading Euronext CenE Bankiers best Private Bank Kempen & Co insurance arm Curacao and trust house in Amsterdam in the Netherlands to De Goudse activities ‘s-Hertogenbosch and Belgium Van Lanschot aims to be the best Private Bank in the Netherlands and Belgium • Van Lanschot’s strategy is focused on offering high quality financial services • Van Lanschot has a solid capital base, strong funding and liquidity position • Van Lanschot has offices in the Netherlands and Belgium and also has a presence in Switzerland (Zurich and Geneva), Edinburgh and New York 2 Van Lanschot: a local and authentic bank • Widespread presence in the Netherlands and Belgium • Around 15% market share in the Private Banking market making it the number 2 player in the Netherlands and Belgium • Almost 2,000 employees • International Private Banking concentrated in Switzerland • Target client groups: - wealthy individuals - entrepreneurs and their businesses - business professionals and executives - charitable associations - institutional investors 3 Van Lanschot is unique compared with other banks Predominantly retail banking Extensive branch network -
BASE PROSPECTUS CETELEM ČR, A.S. Five-Year Bond Issue
BASE PROSPECTUS CETELEM ČR, a.s. Five-Year Bond Issue Programme with maximum amount of CZK 10,000,000,000 in outstanding bonds guaranteed by BNP Paribas This document constitutes a base prospectus (the Base Prospectus) for bonds under an offering programme pursuant to Section 36a(1)(a) of the Act No. 256/2004 Coll., on Capital Market Undertakings, as amended (the Capital Markets Act). Pursuant to the provisions of Section 11 of the Act No. 190/2004 Coll., on Bonds, as amended (the Bonds Act), the bonds will be issued under a bond programme (the Bond Programme or the Programme) launched by CETELEM ČR, a.s., with its registered office at Prague 5, Karla Engliše 5/3208, Postal Code 150 00, Identification No. 250 85 689, Czech Republic, entered in the Commercial Register administered by the Municipal Court in Prague, Section B, Insert No. 4331 (the Issuer or CETELEM ČR or the Company). Under the Bond Programme, the Issuer may issue series of bonds guaranteed by BNP Paribas in accordance with applicable laws (the Bond Issues or Issues or Bonds). The aggregate nominal value of all outstanding Bonds issued under the Bond Programme may not exceed CZK 10,000,000,000 at any time. The term of the Bond Programme during which the Issuer may issue the Bonds under the Programme will be five (5) years. The Bond within any Issue under the Bond Programme will be at least in nominal value equal to EUR 100,000. In respect of each Bond Issue, the Issuer will prepare a special document (the Issue Supplement) containing a supplement to the Bond Programme, namely a supplement to the general terms and conditions of the Bond Programme for the Issue in question (in Czech, doplněk dluhopisového programu) (the Bond Programme Supplement). -
Bnp Paribas in Spain About Bnp Paribas
BNP PARIBAS IN SPAIN ABOUT BNP PARIBAS A financial entity that provides services to its clients worldwide “Global reach is key BNP Paribas is one of the largest and most stable financial institutions in the world with a for BNP Paribas to presence in 75 countries and 189,000 employees, including 157,000 in Europe. The Group has four domestic markets (Belgium, France, Italy and Luxembourg) remain closely focused on our Europe, Middle East clients' and Africa requirements” America 157,060 Asia Pacific employees 12,180 19,840 employees employees A rock solid balance sheet 189.000 **Staff numbers as at 31.12.2015 Employees High CET1 solvency ratio Fully-loaded Basel 3 BNP Paribas holds key positions in its two core activities: Corporate & Institutional Banking and Retail Banking & Services (comprised of Domestic Markets and International 10.9% Financial Services). 10.910.9%%%% In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the A strong liquidity position Americas and solid and fast-growing businesses in Asia-Pacific. BNP Paribas is rolling out its integrated Retail Banking model across Mediterranean basin countries, Turkey, Eastern Europe and a large network in the western part of the €€€266bn€266bn United States. € 42,938 million €6,694 million 75 revenues 2015 net income attributable to equity holders Countries Strong presence in the Spanish market BNP Paribas is the leading international bank in Spain by revenues, volume of assets “A leading group and its wide range of products and services. in the Spanish The Group has 3,400 employees, offices and points of sale throughout the Spanish market that geography. -
SNS Reaal Groep Rating Change NEUTRAL
SNS Reaal Groep Rating Change NEUTRAL Equity | Netherlands | Insurance - Multi-line 19 June 2012 Unlikely to repay state in 2013, downgrade to Neutral Michael van Wegen >> +44 20 7995 7806 Research Analyst MLI (UK) Downgrade to Neutral, cut PO to €1.1 [email protected] We no longer see SNS Reaal being able to repay the Dutch state by the end of Jelena Bjelanovic +44 20 7995 6039 2013, after we cut our earnings forecasts to reflect higher than initially estimated Specialist Sales MLI (UK) loan losses. If SNS indeed fails to repay next year, the Dutch state will have to re- [email protected] notify the EC, and SNS’s restructuring plan will be reviewed. In our view, material dilution in that case is likely, with the government potentially taking a majority stake in SNS Reaal, assuming the capital securities are converted at new terms, Stock Data close to the current share price. We are downgrading our rating to Neutral from Price EUR1.05 Buy and lowering our PO to €1.1 from €3.5 reflecting this potential dilution, which Price Objective EUR1.10 translates into 4x P/E’13, and 0.2 P/BV, both on a diluted basis Date Established 19-Jun-2012 Lowered earnings forecasts due to higher loan losses Investment Opinion C-2-9 Volatility Risk HIGH We are lowering our earnings forecasts for SNS Reaal to €173m for 2012, €225m 52-Week Range EUR0.914-EUR3.23 for 2013 and €350m for 2014, a cut of 29%, 34% and 12% respectively. The Mrkt Val / Shares Out (mn) EUR301 / 287.6 impact is a combination of higher forecasted loan losses for the Dutch mortgage Average Daily Volume 2,732,516 operations, plus a slower recovery in property finance than previously forecasted. -
Report on Environmental and Social Responsibility 2008
Report on Environmental and Social Responsibility 2008 Contents Statement from the Chairman and Chief Executive Officer 02 PRESENTATION OF THE BNP PARIBAS GROUP 03-23 Group presentation 04 Key figures 04 History 05 Presentation of business lines 06-23 THE GROUP’S APPROACH TO CORPORATE SOCIAL RESPONSIBILITY 24-32 Responsibility based on core values and guiding principles 25 A strong commitment to sustainable development 25-26 Combining CSR and economic performance 27-29 Recognition from SRI rating agencies 29-30 Organised dialogue with stakeholders 31-32 SHAREHOLDER RELATIONS 33-45 Share capital 34 Changes in share ownership 34 Listing information 35-36 Key shareholder data 37 Creating value for shareholders 37-38 Communication with shareholders 39-40 Shareholder Liaison Committee 40-41 Dividend 41 BNP Paribas registered shares 42 Annual General Meeting 42-45 Disclosure thresholds 45 HUMAN RESOURCES DEVELOPMENT 46-68 Group values underpinning HR management 47 Human Resources policy framework 47-50 Key challenges of human resources management 50-68 RELATIONS WITH CLIENTS AND SUPPLIERS 69-81 Closely-attuned relationships 70-75 Socially Responsible Investment 75-80 Supplier relations 80-81 IMPACT ON THE NATURAL ENVIRONMENT 82-94 Action areas 83-86 Levers 87-89 Means of action 90-94 A PARTNER IN SOCIETY 95-106 A deeper commitment to microfinance 96-98 Projet Banlieues three years on 98-99 BNP Paribas Foundation: imaginative and active support 100-106 CORPORATE GOVERNANCE 107-150 The Board of Directors 108-110 Report of the Chairman on internal -
Mise En Page 1
Présentation Investisseurs / Investor Presentation PROGRAMME 12.15 – 13.30 12.15 – 13.30 Accueil Buffet Welcome Buffet 13.30 – 17.00 13.30 – 17.00 SFDI, une plate-forme de croissance pour BNP Paribas IRFS, a growth engine for BNP Paribas - Introduction - Introduction (Pierre Mariani) (Pierre Mariani) Cetelem et le crédit à la consommation Cetelem and consumer credit - Cetelem, un atout majeur de BNP Paribas - Cetelem, a competitive advantage for BNP Paribas (François Villeroy de Galhau) (François Villeroy de Galhau) - L’activité de Cetelem en France - Cetelem in France (Yves Gaudin) (Yves Gaudin) 15.10 – 15.25 15.10 – 15.25 Pause Break - Le développement international de Cetelem - International development of Cetelem (Bruno Salmon) (Bruno Salmon) - Savoir-faire et innovation : - Know-how and innovation : des facteurs clés du succès de Cetelem key success factors of Cetelem (Philippe Reffay / Marc Campi) (Philippe Reffay / Marc Campi) - Conclusion - Conclusion (François Villeroy de Galhau) (François Villeroy de Galhau) 17.00 – 17.45 17.00 – 17.45 Questions / Réponses Questions / Answers Pierre Mariani / François Villeroy de Galhau Pierre Mariani / François Villeroy de Galhau Jean Clamon / Philippe Bordenave Jean Clamon / Philippe Bordenave 17.45 – 19.00 17.45 – 19.00 Cocktail Cocktail CURRICULUM VITAE CURRICULUM VITAE Pierre MARIANI Head of International Retail and Financial Services, Member of the Executive Committee Pierre Mariani holds a MBA from the Ecole des Hautes Etudes Commerciales (HEC business school), graduated in Law from Paris University and is an alumni from the National School of Public Administration (ENA). He joined the Ministry of Finance, as a Senior Treasury official (1982-1986) and then, the Budget Department of the Ministry as Head of the Transports Sector (1986-1988), head of Budgetary and Fiscal policy (1988-1992), and Deputy Director in charge of the Department of Employment, Health and Social Security (1993).