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Annual Report 2019 Annual Report 2019 EFG International is a global private banking group offering private banking and asset management services and is headquartered in Zurich. Its registered shares (EFGN) are listed on the SIX Swiss Exchange. In 2017, EFG International completed the integration of BSI, a Lugano-based bank with a long-standing tradition of Swiss private banking and a broad international network. EFG International’s largest shareholders are EFG Bank European Financial Group (43.7% stake) and BTG Pactual (29.0%). As a leading Swiss private bank, EFG International has a presence in major financial centres and growth markets. It has strong roots in Switzerland, with Zurich, Geneva and Lugano serving as key hubs for the governance and operation of the bank. EFG International operates in around 40 locations worldwide, with a network spanning Europe, Asia Pacific, the Americas and the Middle East. EFG International is a financial partner that offers security and solidity. An entrepreneurial spirit has shaped the bank since it was established in 1995, enabling it to develop hands-on solutions and to build long-lasting client relationships. EFG International EFG International Performance Evolution Financial Highlights AUM and AUA in CHF millions 31 December 2019 in CHF billions 172.7 Income IFRS net profit attributable to equity holders 100.3 153.6 154.3 AUA 149.7 IFRS net profit attributable to ordinary shareholders 94.2 AUA AUA AUM AUA 153.8 Underlying recurring net profit* 108.7 AUM AUM 144.5 142.0 AUM Operating income 1,170.9 131.2 Cost/income ratio* 85.2 93.7 AUA Balance sheet AUM 84.1 Total assets 40,985 Shareholders’ equity 1,781 Market capitalisation Share price (in CHF) 6.39 Market capitalisation (ordinary shares) 1,860 2015 2016 2017 2018 2019 Regulatory capital Client Relationship Officers (CROs) Total Regulatory Capital 2,039.1 Total Capital Ratio (in %) 815 (Swiss GAAP Basel III, fully applied) 20.1 697 644 590 Ratings long term outlook Moody’s A3 Stable 462 Fitch A Stable Personnel Total number of CROs 815 2015 2016 2017 2018 2019 Total number of employees (FTE’s)** 3,151 Total Balance Sheet Listing in CHF millions Listing at the SIX Swiss Exchange, Switzerland; ISIN: CH0022268228 42,186 41,613 40,161 40,985 Ticker Symbols Reuters EFGN.S 26,796 Bloomberg EFGN SW * Excluding impact of non-recurring items. ** Excluding FTE’s on notice period or in social plan (as of 31 December 2019). 2015 2016 2017 2018 2019 Annual Report 2019 | 1 Entrepreneurial thinking. Private banking. Contents Editorial Chair and CEO 4 International Presence 9 Financial Review 12 Beyond Banking 17 Corporate Governance 20 Group structure and shareholders 23 Capital structure 25 Board of Directors 28 Executive Committee 40 Global Business Committee (GBC) 43 Compensation, shareholdings and loans of the members of the Board of Directors and the Executive Committee 47 Shareholders’ rights of participation 47 Changes of control and defence measures 48 Auditors 49 Information policy 50 Compensation Report 51 Philosophy 52 Regulations 52 Methodology 52 Responsibilities 53 Principles 54 Specific mechanisms or instruments for variable compensation 58 Implementation of compensation principles 59 Loans and credits 61 External advice 61 Compensation of the Board of Directors and the Executive Committee 62 Loans and credits to the Board of Directors and the Executive Committee (audited) 65 Auditors’ report 66 Consolidated Financial Statements 68 Consolidated income statement 70 Consolidated statement of comprehensive income 71 Consolidated balance sheet 72 Consolidated statement of changes in equity 73 Consolidated cash flow statement 75 Notes 78 Auditors’ report 198 Parent Company Financial Statements 206 Parent company income statement 208 Parent company balance sheet 209 Notes 210 Auditors’ report 219 Alternative Performance Measures 222 Contacts and Addresses 226 Annual Report 2019 | 3 Editorial Chair and CEO John A. Williamson, Giorgio Pradelli Dear shareholders, clients and colleagues, The financial year 2019 was a period of global uncertainty. The world was faced with growing trade tensions – not only between the US and China but also Europe – and central banks partially reversed the previous monetary policy, once again moving towards more expansionary measures, to counter fears of a global recession and continued deflationary forces. At the same time, markets were impacted by the ongoing uncertainty surrounding Brexit as well as the growing unrest in Hong Kong and Latin America. These various factors weighed heavily on investor sentiment. Against this challenging backdrop, we successfully refocused our business on profitable growth and continued to concentrate on further developing our core business. EFG remains committed to providing clients with private banking services of the highest quality, based on our client-centric value proposition. While our primary focus is on achieving organic growth in our core business, we will also continue to consider Our 2022 strategic plan: Achieving profitable growth selected acquisitions if they represent a good strategic fit We have a clear strategy and value proposition: We want to for EFG. be a leading Swiss private bank that is renowned for its distinctive client approach. Our CRO model sets us apart in Based on these growth ambitions, we have defined the the market and enables us to offer truly client-centric service. following financial targets for 2022: – Average net new asset growth of 4-6% On 13 March 2019, we announced a new strategic plan for – Revenue margin of at least 85 basis points the period from 2019 to 2022. This plan is designed to – Cost/income ratio of 72-75% increase momentum across our organisation to allow us to – Return on tangible equity in excess of 15% realise our true potential following the BSI integration. We are building on our significantly strengthened market In view of our strong capital position, we also aim to position as one of the ten largest Swiss private banks. While return 50% of our underlying capital generation to our previous strategy for end-2019 centred around the shareholders, while maintaining a CET1 capital ratio of at successful execution of the integration process and the least 14%. realisation of synergies, our new strategic plan for 2022 targets profitable and sustainable growth. Ordinary dividend In line with this and unchanged to last year, EFG proposes In particular, we want to further develop our presence and an ordinary dividend of CHF 0.30 per share (exempt from share of wallet in our Swiss domestic market, capturing the Swiss withholding tax) to the Annual General Meeting of potential of this traditional private banking market, while 29 April 2020. also benefitting from our presence in key growth markets such as Asia Pacific, Latin America, Continental Europe and Substantial progress on strategic initiatives the Middle East, which offer significant opportunities for With the announcement of our new strategic plan for 2022, EFG. In addition to implementing regional initiatives, we we have successfully changed tack and shifted our focus want to drive growth on a global scale by hiring experienced from integration and optimisation to driving profitable and CRO teams and increasing the efficiency of our current sustainable growth and delivering a first-class client teams – leveraging our enhanced Investment Solutions experience – supported by our distinctive client service products, services and expertise. model and compelling value proposition. In 2019, we made important progress in executing our strategic initiatives. Annual Report 2019 | 5 Editorial Chair and CEO As announced on 13 March 2019 – together with our 2022 2019: Successfully refocused on growth strategic plan – we have significantly expanded our Despite the challenging conditions facing the entire industry coverage of the Asia Pacific region through the acquisition in 2019, we successfully refocused our business on of a majority stake in the Australian financial services profitable growth. These efforts translated into a significant provider Shaw and Partners. With this transaction, which increase in net new asset1 inflows, substantially higher closed on 30 April 2019, we not only gained immediate Assets under Management, and a 34.0% rise in IFRS net access to the Australian market – one of the most attractive profit to CHF 94.2 million. and fastest growing wealth management markets worldwide – but also have the opportunity to strengthen our presence In particular, we saw a significant turn-around and in the attractive Chinese HNWI market. accelerating positive trend in net new asset development in 2019 compared to the previous years, which were affected As part of our focus on capturing significant growth by the integration process. On a full-year basis, EFG opportunities in selected markets, we relaunched our generated CHF 5.2 billion of net new assets, corresponding domestic Italian business from our Milan branch in to an annual growth rate of 4.0%, in line with our target March 2019 and expanded our international presence with a range of 4-6%. In the second half of the year, net inflows new advisory branch in Lisbon. In view of the strategic further improved with all regions registering positive net importance of Southern Europe for our bank, we intend to asset inflows and an annualised net asset growth rate of further develop and expand our presence in Portugal in the 6.6%. The UK and Continental Europe & Middle East Regions future to further strengthen our footprint in this key region. had consistently strong inflows during the year, with net new asset growth rates of 8.9% and 5.0%, respectively. In the Within our Continental Europe & Middle East Region, we second half of the year, our Switzerland & Italy Region also established a new presence in the Dubai International significantly rebounded and Latin America returned to Finance Centre and officially commenced operations on positive net asset inflows. On a global level, net new asset 11 December 2019. We are confident that our new presence developments reflected a balanced contribution from new in the Middle East, which is already an important market for CROs as well as existing CROs, and EFG’s new locations.
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