DOCSLIB.ORG

Disclosure Report As at 31 December 2017

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Disclosure Report As at 31 December 2017 Disclosure Report as at 31 December 2017 Pursuant to Part Eight of Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms (Capital Requirements Regulation (CRR)) Contents Contents 2 Preliminary remarks 3 Risk management objectives and policies (article 435 CRR) 4 Scope of application (article 436 CRR) 30 Own funds and capital requirements (articles 437 and 438 CRR) 35 Counterparty risk (article 439 CRR) 53 Capital buffers (article 440 CRR) 58 Credit risk adjustments (article 442 CRR) 60 Unencumbered assets (article 443 CRR) 71 Use of ECAIs (article 444 CRR) 75 Market risk (article 445 CRR) 78 Operational risk (article 446 CRR) 78 Exposures in equities not included in the trading book (article 447 CRR) 79 Exposure to interest rate risk on positions not included in the trading book (article 448 CRR) 82 Exposure to securitisation positions (article 449 CRR) 84 Remuneration policy (article 450 CRR) 90 Leverage (article 451 CRR) 104 Use of the IRB approach to credit risk (article 452 CRR) 108 Use of credit risk mitigation techniques (article 453 CRR) 122 Use of the Advanced Measurement Approaches to operational risk (article 454 CRR) 126 Use of Internal Market Risk Models (article 455 CRR) 126 Liquidity coverage ratio (article 435 CRR) 127 Related publications 133 Appendix 134 Capital instruments main features 141 List of tables and charts 186 List of abbreviations 188 2 BayernLB · Disclosure Report as at 31 December 2017 Preliminary remarks This disclosure report as at 31 December 2017 has been drafted in accordance with the super­ visory provisions under Part Eight of the CRR (Capital Requirements Regulation/Regulation (EU) No 575/2013), CRD IV (Capital Requirements Directive IV/Directive 2013/36/EU), the EBA Guide­ lines on materiality, proprietary and confidentiality and on disclosure frequency (EBA/GL/2014/14), and with the EBA Guidelines on disclosure requirements under the CRR (EBA/GL/2016/11). The report contains qualitative and quantitative information regarding • own funds • risks undertaken • risk management procedures, including the internal models used • credit risk mitigation techniques at the BayernLB Group. The disclosure policies of all institutions must be examined on a regular basis in terms of appro­ priateness and practicality. BayernLB has established its own parameters for disclosure. The disclosure report is part of the Bank’s process map and internal control system. The disclosure process is regulated using clearcut responsibilities and control mechanisms for the data to be published in the disclosure report. The operative specialist instructions are furthermore regulated in functional plans. The disclosure report is released for publication by way of resolution by the Board of Management. As a parent company, BayernLB drafts its disclosure report in an aggregated form, i.e. at Group level. The disclosure report is published on the Bank’s website as a separate report alongside BayernLB’s own annual report as a single entity – prepared under HGB (German Commercial Code) accounting rules – and the BayernLB Group’s annual report, prepared under International Financial Reporting Standards (IFRS). It is based on IFRS. Deutsche Kreditbank AG, Berlin (DKB) publishes an additional stand­alone disclosure report, as required under article 13 of the CRR. It is available on the DKB website. Under the waiver rule, individual banks may apply for exemption from organisational and pro­ cedural rules relating to capital adequacy and disclosure requirements at individual bank level. BayernLB has opted not to apply the waiver rule under article 7 of the CRR. This report is subject to the processes and systems for testing used by the auditors. Quantitative information has not been audited. Note: The last unit in the tables may be rounded to the nearest digit. Any data which do not appear in this report have been omitted insofar as the particular disclosure requirement does not apply to the BayernLB Group and/or does not apply to the year under review. Article 441 of the CRR, furthermore, is not relevant for BayernLB as the Bank is not classified as a global systemic institution. BayernLB · Disclosure Report as at 31 December 2017 3 Risk management objectives and policies (article 435 CRR) Business model The BayernLB Group stands out through a business model that is akin to that of a universal bank but with a regional focus on Bavaria and the rest of Germany. BayernLB enjoys a presence on the market as a strong corporate and real estate lender and a reliable partner to the savings banks. DKB rounds out the business model by providing retail banking services as an online bank and as a specialist for infrastructure and business customers. BayernLB’s Mittelstand operations are focused on Germany, with additional activities in the bordering countries of Austria and Switzerland. Thanks to the high quality of its products and advisory services, good personal business relationships and years of experience, it has established a profile as a reliable partner to Mittelstand companies. With its extensive know­how, BayernLB helps Mittelstand companies export to new markets – every step of the way. BayernLB is also ex tremely well positioned in the subsidised loan market. As a long­term partner, BayernLB offers products that go far beyond traditional credit financing, tailoring them to the needs of its custo­ mers in the areas of acquisition & leveraged finance, export and trade finance, documentary busi­ ness, interest and currency management, derivatives, payment services and leasing. But BayernLB also prides itself on its successful and long­term relationships with large German and large, select international customers. Among these are DAX, MDAX and family­owned companies with annual sales of at least EUR 1 billion. The Bank’s core competencies are tradi­ tional credit financing such as working capital, capex and trade financing. BayernLB also sees its customers through its business endeavours worldwide, be it through currency and interest rate hedging, traditional trade finance, project and export finance, or transportation finance for e.g. rolling stock. Since the early completion of the EU proceedings, the transportation finance pro­ duct range has been complemented by aircraft finance. In addition, the Bank helps its customers tap capital markets for their financing needs, for example through traditional bonds or German Schuldschein note loans. For BayernLB, the savings banks are both important customers and sales partners and thus form one of the key pillars of its business model. They are also long­standing and reliable co­ owners of BayernLB. BayernLB and the Bavarian savings banks are linked together in a preferred partnership. The BayernLB Group acts as a central service provider for the savings banks, perfor­ ming tasks which would otherwise be too costly for each of them to do alone. It supplies them with tailored products and services for both their own business and their end customers. These include payment services, assistance in securities, investment and cross­border transactions, syn­ dicated and subsidised loans, as well as foreign notes and precious metal activities. For savings banks outside Bavaria, BayernLB offers a range of products in selected product segments. One of the ways that BayernLB provides savings banks with added value is by supplementing their own product lines. In addition, funding from the savings banks is an important source of refinancing for BayernLB and for strengthening the liquidity reserve fund. BayernLB’s real estate business includes long­term commercial real estate financing and services. It has a regional focus on Germany. To diversify the portfolio and risks, however, it also supports customers’ activities abroad. The target markets are Western Europe, the US and select parts of Eastern Europe and Scandinavia. In the commercial real estate area, products include financing 4 BayernLB · Disclosure Report as at 31 December 2017 for existing real estate assets, project development, housing developers and real estate port­ folios. In the area of managed real estate, the Bank provides financing concepts primarily for hotels, logistics centres, hospitals, clinics and care homes. The Real Estate division also arranges syndicated loans with the savings banks and other partners. Moreover, it works in close partner­ ship with BayernLB’s real estate subsidiaries (Real I.S., BayernGrund, LBImmoWert, BayernImmo and BayernFM) to offer customers an even more comprehensive one­stop shop. In its public­sector business, BayernLB focuses particularly on expanding its market share in its home market of Bavaria and intensifying sales in close partnership with the Bavarian savings banks. It provides a wide range of customised financing and investment solutions to state govern­ ments, local authorities and public institutions. The BayernLB Group stands out in this segment thanks to its long­standing experience and its expertise in public­private partnership projects and the renewable energy sector. Liquidity management is particularly important for these customers. Thanks to its subsidiary DKB, “Your bank on the web”, BayernLB already boasts around 3.7 million retail customers. DKB is specialised in retail customers, but it is also focused on business custo­ mers in such segments as environmental technology, residential, municipal and social infrastruc­ ture, and utilities. BayernLabo is responsible for the non­competitive residential construction and urban develop­
Load more

Recommended publications
  • Factsheet(US AIF USD September)
    Investment management by Gresham Defined Funds US Accelerator Index Fund (US Dollar) Performance Update September 2013 Fund features US Accelerator Index Fund (US Dollar) In September, the Fund recorded a positive performance, below that of the The US Accelerator Index Fund reference index for the Month. The Fund is designed to provide 115% of the growth (US Dollar) provides exposure to in the S&P 500® Index above 1379.85 points as of the 12th of November 2013. For the S&P 500 ® Index over a one further information please visit www.commerzbank.com/gresham year period. The Fund will give an upside participation of 115% of the US Accelerator Index Fund (US Dollar) growth in the S&P 500 ® from strike date to 12 November NAV as of 30 September 2013 131.60 2013, subject to a maximum rise in the Index of 12% and a Return (30 August 2013 – 30 September 2013) 0.96 % maximum return of 13.8% Return (Launch to date) 32.12 % If the S&P 500 ® falls below the Maximum possible return (to maturity on 12 November 2013) -0.63 % Initial Index Level the Fund will Performance Summary track the performance of the Fund Total Ranking 1 Historical Fund Index on a 1:1 basis at maturity. Rank Funds Quartile Returns Period 1 month 326 330 4 Annualised return 4.84 % 3 months 325 330 4 Return over 1 month 0.96 % 6 months 312 325 4 Contacts 1 year 261 320 4 Return over 3 months 2.18 % 3 yrs 114 283 2 Return over 1 year 15.24 % Kleinwort Benson Since Launch 34 236 1 (Investment Manager) (09 Nov 2007) Return YTD 13.22 % Thom Gascoigne +44 (0)20 3207 7141 1 Source:
    [Show full text]
  • Copyrighted Material
    Index Ahern, Bertie, 54 Bank of America: Allied Irish Bank, 55, 56, 57, 61, acquisitions, 85–86, 88, 95, 127 62, 94 bad banks, 92–93 Almunia, Joaquín, 41, 42, 43, 46 capital ratio, 90, 91 Alpert, Daniel, 102, 123 Countrywide Financial, acquisition of, 85, Alwaleed bin Tahal, Prince, 83–84 86 American Bankers Association, 89 credit rating uplift, 6, 9, 86 Andersen, Gunnar T., 70, 71 derivative holdings, 127, 128 Anglo Irish Bank: Europe, exposure to, 154 Burton and, 57 job cuts, 119 capital injections by government, 62 Merrill Lynch, acquisition of, 85–86, 88, condition of, 56, 57 95 developers, loans to, 54–55 mortgage-backed securities, 122, 123, winding down of, 58, 61, 75, 135 154 Arion Banki, 75–76 mortgage servicing, 115, 116, 119, 121 Árnason, Árni Páll, 73, 75 price-to-book ratio, 93–94 Assets, synthetic, 35–36, 39, 41 rescue of, 99 Austerity measures: Safe Banking Act and, 107 Greece, 49–50 second liens and revolving credit, 115, Ireland, 49–50, 52–53, 66 116 PIGS (Portugal, Ireland, Greece, and size of, 146 Spain), 27–28, 73 subsidiaries, 94–95 TARP fund repayment, 100 Bad banks, 92–93 Bank of Ireland, 55, 56, 57, 61, 62, 139 Bair, Sheila. See also Federal Deposit Bank of Japan, 18, 19 Insurance Corporation (FDIC) Bank of New York Mellon, 103 bank-holding companies, 98 Bank of Spain, 30 bank liabilities blanket guarantee proposal, Bank One, 108 81–82, 83 Barclays, 111, 141 banks, return of cash by, 92 Barroso, José Manuel, 58, 59 capital rules, 90 Basel Committee on Banking Supervision, derivatives, 127–128 28, 44, 140–141 Dodd-Frank
    [Show full text]
  • [ Bayernlb | Group Financial Report ] 30 September 2010
    [ BayernLB | Group Financial report ] 30 September 2010 < 2 [ Contents ] b ayernl . Group Financial report – 30 September 2010 ›› Contents 3 > 4 Foreword 6 BayernLB Group at a glance as at 30 September 2010 8 Business performance as at 30 September 2010 8 Earnings 10 Banking supervisory capital and ratios 10 Net assets and financial position 12 BayernLB in a process of transformation 13 Segment reporting 17 Outlook 18 Administrative bodies of BayernLB n ote: this Group financial report as at 30 September 2010 has been prepared with great care. the information is presented voluntarily for our customers and the public. the report does not contain all the information and data required under iaS 34 (interim Financial reporting) nor does it fully comply with the disclosure and valuation standards of iFrS. the results have not been audited or reviewed for correctness. b ayernl . Group Financial report – 30 September 2010 < 4 Foreword i n the first nine months of 2010, bayernlb posted earnings before taxes of eur 669 million. this was an increase of four percent on the previous year period and is therefore in line with our forecasts. contributing to this with satisfactory results in all segments was the third quarter of 2010, which closed with earnings before taxes of eur 115 million and operating earnings of eur 125 million. our regained earnings power puts us in a position to absorb even one-off charges, such as the high banking levy in Hungary (eur 38 million) and charges for writing down the present value of our hybrid capital instruments (eur 81 million).
    [Show full text]
  • German Corporate Culture in the Twenty-First Century: the Ni Terrelation Between the End of Germany, Inc
    University of Minnesota Law School Scholarship Repository Minnesota Journal of International Law 2002 German Corporate Culture in the Twenty-First Century: The nI terrelation between the End of Germany, Inc. and Germany's Corporate Capital Gains Tax Reform Benjamin W. Johnson Follow this and additional works at: https://scholarship.law.umn.edu/mjil Part of the Law Commons Recommended Citation Johnson, Benjamin W., "German Corporate Culture in the Twenty-First Century: The nI terrelation between the End of Germany, Inc. and Germany's Corporate Capital Gains Tax Reform" (2002). Minnesota Journal of International Law. 141. https://scholarship.law.umn.edu/mjil/141 This Article is brought to you for free and open access by the University of Minnesota Law School. It has been accepted for inclusion in Minnesota Journal of International Law collection by an authorized administrator of the Scholarship Repository. For more information, please contact [email protected]. Commentary German Corporate Culture in the Twenty- First Century: The Interrelation Between the End of Germany, Inc. and Germany's Corporate Capital Gains Tax Reform Benjamin W. Johnson* INTRODUCTION From 1945 until 1989, the world operated in two distinct economic spheres: the Soviet controlled economies and the United States and its allies.' In 1989, the governments of the Soviet bloc began collapsing and the wall dividing the two worlds crumbled. During the 1990's, Europe's economic growth was impressive considering the integration of the two distinct economic systems of the capitalist West and the communist East. Currently, the merging of the Eastern European econo- mies into the larger Western European market is not complete, but the countries have taken Herculean steps in this unprece- dented effort.
    [Show full text]
  • Questions & Answers
    Questions & Answers Proposed scheme for the transfer of the entirety of the Transfer to become effective on 6 November 2017. If business of Kleinwort Benson Bank Limited to SG Kleinwort this date changes we will place a notice confirming the Hambros Bank Limited. effective date of the Transfer on our website at www. kleinwortbenson.com. This questions and answers (Q&As) document provides you with further information in relation to the transfer of your 1.3 Please see Part C (Part VII Banking Business Transfer Kleinwort Benson Bank Limited services and investment and/ Scheme) for further details of the Transfer. or savings account or mortgage or other accounts to SG 2 What is transferring? Kleinwort Hambros Bank Limited and explains any implications which may be of relevance to you. We are proposing to Transfer the entire business of KBBL to Kleinwort Hambros. This will include all clients, all assets If, having read these Q&As, you have any further questions you under our management, all deposits placed with us and any can contact your designated private banker in the usual way or mortgages or loans provided by us. All contracts with external our dedicated team at the address and/or phone numbers set third parties will also transfer; one effect of this is that payment out below. instructions will be unchanged. By phone: 3 Why is KBBL transferring these accounts? UK clients: please call us on 0800 085 7138 The combination of KBBL and Kleinwort Hambros will make Clients calling from overseas: please call us on Kleinwort Hambros one of the largest private banking groups in +44 203 207 7045.
    [Show full text]
  • Fitch Affirms Helaba's, Bayernlb's and HVB's Public Sector Pfandbriefe at 'AAA', Outlook Stable
    12/4/2020 Fitch Affirms Helaba's, BayernLB's and HVB's Public Sector Pfandbriefe at 'AAA', Outlook Stable RATING ACTION COMMENTARY Fitch Afrms Helaba's, BayernLB's and HVB's Public Sector Pfandbriefe at 'AAA', Outlook Stable Thu 03 Dec, 2020 - 2:39 PM ET Fitch Ratings - Frankfurt am Main - 03 Dec 2020: Fitch Ratings has afrmed Landesbank Hessen-Thueringen Girozentrale's (Helaba; A+/Negative/F1+), Bayerische Landesbank's (BayernLB; A-/Negative/F1) and UniCredit Bank AG's (HVB; BBB/Negative/F2) public sector Pfandbriefe at 'AAA' with Stable Outlooks. The afrmations follow the update of Fitch's Covered Bonds and CDOs Public Entities Asset Analysis Criteria published on 16 October 2020. KEY RATING DRIVERS The 'AAA' rating of Helaba's public sector Pfandbriefe is based on the bank's Long-Term Issuer Default Rating (IDR) of 'A+', the various uplifts above the IDR granted to the programme and the overcollaterialisation (OC) protection for Pfandbriefe holders. The public sector Pfandbriefe are rated four notches above the bank's Long-Term IDR. This is out of a maximum achievable uplift of nine notches, consisting of a resolution uplift of two notches, a payment continuity uplift (PCU) of ve notches and a recovery uplift of two notches. As the 'AAA' rating is based on a recovery only basis we did not test for timely payments in our cash ow model. https://www.fitchratings.com/research/structured-finance/covered-bonds/fitch-affirms-helaba-s-bayernlb-hvb-public-sector-pfandbriefe-at-aaa-outl… 1/11 12/4/2020 Fitch Affirms Helaba's, BayernLB's and HVB's Public Sector Pfandbriefe at 'AAA', Outlook Stable The 'AAA' rating of BayernLB's public sector Pfandbriefe is based on the bank's Long- Term IDR of 'A-' and the various uplifts above the IDR granted to the programme.
    [Show full text]
  • Kleinwort Benson Elite PCC Limited Annual Report and Audited Financial Statements for the Year Ended 31 July 2016
    Kleinwort Benson Elite PCC Limited Annual Report and Audited Financial Statements For the year ended 31 July 2016 Guernsey Registered Company Number: 42365 Kleinwort Benson Elite PCC Limited Annual Report and Audited Financial Statements For the year ended 31 July 2016 Guernsey Registered Company Number: 42365 Contents Investor Information 3 Alternative Investment Fund Manager’s Report 7 Directors’ Report 13 Custodian Report 18 Independent Auditor’s Report 19 Statement of Total Return 20 Statement of Change in Net Assets Attributable to Shareholders 20 Balance Sheet 24 Notes to the Financial Statements 28 Cell Portfolio of Investments 62 Cell Summary of Material Portfolio Changes 71 Alternative Investment Fund Managers Directive 78 Annual Report & Audited Financial Statements 2 Investor Information General information to, warrants, convertible preference shares and structured The Company was incorporated as a company with limited products) as the Alternative Investment Fund Manager may liability in Guernsey on 30 September 2004 and is authorised consider appropriate in achieving the overall objective of the by the Guernsey Financial Services Commission (“GFSC”) Cell. The Cell may use derivatives for investment purposes as as a Class B Scheme under The Protection of Investors well as for efficient portfolio management. (Bailiwick of Guernsey) Law, 1987. The Company is an open-ended investment Protected Cell Company governed by the provisions of The Companies (Guernsey) Law, 2008 Kleinwort Benson Elite Multi Asset Balanced (“The Law”). The assets of each cell are held in a segregated Fund portfolio. Persons investing and dealing in a cell of the This Fund was launched on 3 October 2005, the investment Company only have recourse to the assets attributable to objective of the Cell is to achieve long term equity returns with that particular Cell.
    [Show full text]
  • Fitch Places German and Austrian Banks Under Criteria Observation
    3/4/2020 Press Release Fitch Places German and Austrian Banks Under Criteria Observation Fitch Ratings - Frankfurt am Main - 04 March 2020: Fitch Ratings has placed Austrian and German banks' Long-Term (LT) Issuer Default Ratings (IDRs), Derivative Counterparty Ratings (DCR), debt ratings and Deposit Ratings under criteria observation (UCO). The rating actions follow the publication on 28 February 2020 of Fitch's updated bank and non-bank financial institution rating criteria that include changes to the way the agency notches senior and junior ratings from their IDR or Viability Rating (VR) anchors. The updated criteria better reflect continuing developments in bank resolution, notably developments in bank resolution plans, the build-up of 'bail-in' debt buffers that protect more senior creditors and their implication for default risk and recovery prospects for senior and junior liability classes. Fitch has also reduced the base case notching for non-performance on additional tier 1 (AT1) instruments, narrowing the relative gap between Tier 2 and AT1 instruments where Fitch has reappraised its baseline treatment of non- performance risk. Ratings designated as being UCO will be reviewed and resolved as soon as practical and in any case within six months. Key Rating Drivers Fitch has placed UCO the IDRs, DCRs, senior debt, deposit, subordinated debt and hybrid debt ratings of the various issuers as outlined in the rating sensitivities section below. The rating actions reflect the possibility that these ratings will be upgraded or downgraded as a result of the publication of our new Bank Rating Criteria on 28 February 2020, as outlined in more detail in the Rating Sensitivities section of this rating action commentary.
    [Show full text]
  • Bayernlb Date: 27/04/2020 Issue Date: 09-04-2020 Maturity Date: 09-10-2030 Tenor: 10.5
    Green Bond Fact Sheet BayernLB Date: 27/04/2020 Issue date: 09-04-2020 Maturity date: 09-10-2030 Tenor: 10.5 Issuer name BayernLB Amount issued EUR50m/USD56m Country of risk Germany CBI Database Included Issuer type1 Government-Backed Bond type Sr Non Preferred Entity Green bond framework Link to Framework Second party opinion ISS-oekom Certification Standard Not certified Assurance report N/A Certification verifier N/A Green bond rating N/A Use of Proceeds ☒ Energy ☒ Solar ☐ Tidal ☐ Energy storage ☒ Onshore wind ☐ Biofuels ☐ Energy performance ☒ Offshore wind ☐ Bioenergy ☐ Infrastructure ☐ Geothermal ☐ District heating ☐ Industry: components ☐ Hydro ☐ Electricity grid ☐ Adaptation & resilience ☒ Buildings ☒ Certified Buildings ☐ Water performance ☐ Industry: components ☐ HVAC systems ☐ Energy storage/meters ☐ Adaptation & resilience ☒ Energy ☐ Other energy related performance ☒ Transport ☐ Electric vehicles ☐ Freight rolling stock ☐ Transport logistics ☐ Low emission ☐ Coach / public bus ☒ Infrastructure vehicles ☐ Bicycle infrastructure ☐ Industry: components ☐ Bus rapid transit ☐ Energy performance ☐ Adaptation & resilience ☒ Passenger trains ☒ Urban rail ☐ Water & wastewater ☐ Water distribution ☐ Storm water mgmt ☐ Infrastructure ☐ Water treatment ☐ Flood protection ☐ Industry: components ☐ Wastewater ☐ Desalinisation plants ☐ Adaptation & resilience treatment ☐ Erosion control ☐ Water storage ☐ Energy performance ☐ Waste management ☐ Recycling ☐ Landfill, energy capture ☐ Waste to energy ☐ Waste prevention ☐ Energy performance ☐
    [Show full text]
  • Bayerische Landesbank
    13 May 2013 Bayerische Landesbank Registration Document pursuant to Art. 5(3) of Directive 2003/71/EC, as amended by Directive 2010/73/EU, (the "Directive") and Art. 8(3) of the Luxembourg Prospectus law on prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières, the "Luxembourg Prospectus Law") in combination with Art. 14 of the Commission Regulation (EC) No 809/2004 This registration document (the "Registration Document") has been approved pursuant to Art. 7(1) of the Luxembourg Prospectus Law by the Commission de Surveillance du Secteur Financier (the "CSSF") of the Grand Duchy of Luxembourg. By approving this Registration Document, the CSSF shall give no undertaking as to the economic or financial opportuneness of the transaction or the quality and solvency of the issuer pursuant to Art. 7(7) of the Luxembourg Prospectus Law. It has been made available to the public on the date of its approval by publication in an electronic form on the website of Bayerische Landesbank (www.bayernlb.de) and on the website of the Luxembourg Stock Exchange (www.bourse.lu). Upon request, Bayerische Landesbank will provide, free of charge, a paper copy of this Registration Document to any interested person. The same publication arrangements apply in relation to any prospectus or base prospectus of which this Registration Document is a constituent part and to any document incorporated herein or therein by reference. This Registration Document is valid for a period of twelve months from the date of its approval. It reflects the status as of the date of its approval and will be updated in accordance with the provisions of the Directive and the provisions of any applicable national laws implementing the Directive.
    [Show full text]
  • Kleinwort Hambros Elite PCC Limited Scheme Particulars
    28 August 2020 Kleinwort Hambros Elite PCC Limited Scheme Particulars Scheme Particulars Kleinwort Hambros Elite PCC Limited (A protected cell company registered with limited liability in Guernsey with registration number 42365.) Important Information This document is not available for general distribution in, from or into the United Kingdom because the Company is an unregulated collective investment scheme whose promotion is restricted by sections 238 and 240 of the Financial Services and Markets Act 2000 (“FSMA”). SG Kleinwort Hambros Bank (CI) Limited (formerly Kleinwort Benson (Channel Islands) Investment Management Limited) has given written notification to the FCA for the purposes of regulation 59 of the Alternative Investment Fund Management Regulations 2013 (the “AIFMR”). When distributed in, from or into the United Kingdom, this document is only intended for professional investors within the meaning of regulation 2(1) of the AIFMR, investment professionals within article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (as amended) (“SPO”)); sophisticated investors within article 23 of the SPO, being individuals who have signed within a period of 12 months a statement complying with article 23 of the FPO; high net worth companies, unincorporated associations and others within article 22 of the SPO; (together “eligible persons”), persons outside the European Economic Area receiving it electronically, persons outside the United Kingdom receiving it non-electronically and any other persons to whom it may be communicated lawfully. No other person should act or rely on this document. Other persons distributing this document in, from or into the United Kingdom must satisfy themselves that it is lawful to do so.
    [Show full text]
  • Der Alp(En)Traum a Für Finanzinvestoren So Spekta- Kulär Wie Für Andere Manager Das Morgendliche Binden Der Krawatte
    ngebote, reicher zu werden, sind Der Alp(en)traum A für Finanzinvestoren so spekta- kulär wie für andere Manager das morgendliche Binden der Krawatte. Auch ein Londoner Großanleger erwar- BAYERNLB Habgier, Unfähigkeit und tete keine Sensationen, als sich Ende November 2006 Besuch ankündigte. Größenwahn haben aus der Landesbank Ein gewisser Tilo Berlin (51), ein am Wörthersee lebender Vermögensverwal- einen Fall für Staatsanwälte gemacht. ter, bot dem Mann, der seinen Namen Und schon tauchen neue, bisher lieber für sich behalten will, einen Anteil an der Hypo Alpe Adria an. Die Kärnte- unbekannte Risiken auf – eine Abrechnung. ner Bank brauche Eigenkapital; für rund 250 Millionen Euro seien knapp 10 Pro- zent zu haben. Berlin wollte einsteigen, später sogar auf 25 Prozent aufstocken. Aber für ihn allein war die Sache zu groß. Er brauchte Ko-Investoren. Berlin brachte einen Überraschungs- gast mit: Wolfgang Kulterer (56), damals 60 managermagazin 3/2010 Unternehmen BayernLB Weiß-blaue Affäre: 2007 kauften die früheren BayernLB-Manager Schmidt und Kemmer, unterstützt von Ministerpräsident Stoiber, die Hypo-Alpe-Adria-Bank. Der Deal, eingefädelt von Vermögensverwalter Berlin und dem damaligen Kärntner Landeshauptmann Haider (v. l. n. r.), beschäftigt heute die Staatsanwälte. FOTOS: [M] CHRISTOF STACHE / AP, UWE LEIN HOFFMANN IMAGO, GERT EGGENBERGER PA DPA, ROMAN BABIRAD BABIRADPICTURE Aufsichtsratsvorsitzender und zuvor ihn. Die Bank stecke voller Giftmüll. nuar 2007 ernsthaft über einen Einstieg lange Vorstandschef der Hypo Alpe Er sagte ab. Hätte er investiert, hätte er der Bayern in Kärnten redeten. Berlins Äu- Adria. Kulterer sei „nicht in offizieller seinen Einsatz locker verdoppeln kön- ßerungen in London deuten jedoch dar - Funktion“ angereist, sagte Berlin, aber er nen.
    [Show full text]