DOCSLIB.ORG

2017 Annual Results

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2017 Annual Results Investor presentation May 2019 Van Lanschot Kempen at a glance Profile Solid performance on all key financials • Well capitalised, profitable wealth manager with a strong 2018 2017 specialist position in the market • Net result €80.3m €94.9m • Strong brand names, reliable reputation, rich history • Underlying net result €103.0m € 112.3m • Clear choice for wealth management, targeting private, • CET 1 ratio, fully loaded 21.4% 20.3% institutional and corporate clients • Total capital ratio, fully loaded 23.5% 22.1% • Tailored, personal and professional service • Funding ratio 106.2% 100 .5% • Mutually reinforcing core activities, each with its own distinct culture and positioning as a niche player • Client assets €81.2bn €83.6bn • Strong track record in transformation processes and de-risking • AuM €67.0bn €69.0bn of the company • Loan book • Strong capital position and balance sheet €8.6bn €9.1bn Our wealth management strategy 2023 financial targets Supported by our strong client relationships we want to be a leading player in our relevant markets and geographies 2018 Target 2023 • Common Equity Tier 1 ratio 21.4% 15 - 17% Our strategic pillars: • Return on CET1 9.8% 10 - 12% • Accelerate growth – organically and inorganically • Activate our full potential • Efficiency ratio 79.4% 70 - 72% • Advance through digitalisation and advanced analytics • Dividend pay-out 61.1% 50 - 70%* • Adapt the workforce *Of underlying net result attributable to shareholders 2 Highlights trading update Q1 2019 • Net result significantly up on first quarter 2018 on the back of book profits from sale of stake in AIO II (Medsen) and that in VLC & Partners Results • First-quarter results excl. these book profits are in line with year-earlier figures • Positive price movements push client assets up by 6% to €86.0bn and AuM by 7% to €71.8bn • Total net outflow of €0.3bn, most of which was at Asset Management Client assets • Private Banking and Evi clients showed some reluctance to invest due to the adverse stock market climate in the fourth quarter 2018 and a number of clients took profits • Further optimised capital base through successful placement of €100m additional Tier 1 bond • Capital Fully loaded CET1 ratio (excl. retained earnings) stands at 22.6% • The higher CET1 ratio is partly the result of one-off factors 3 Van Lanschot Kempen is a specialist, independent wealth manager Van Lanschot Kempen’s rich history reaches back over 280 years Acquisition Staalbankiers’ private banking activities Strategic review Successful placement secondary offering of 30% stake Launch of Capital return Van Lanschot Acquisition Evi van Strategy 2020 of €1.50 per Switzerland CenE Bankiers Lanschot update share 1737 1991 1995 1999 2004 2007 2013 2015 2016 2017 2018 2019 Cornelis van Van Lanschot Van Lanschot Acquisition Acquisition Sale of portfolio Next steps wealth Lanschot founds Belgium listed on Kempen & Co UBS’ Dutch wealth non-performing management Van Lanschot in Amsterdam stock management real estate loans strategy defined ‘s-Hertogenbosch exchange activities and financial Acquisition targets set for fiduciary activities New name: 2023 of MN UK Capital return of €1 per share to shareholders 5 Our transformation to a specialised wealth manager since 2013 Client assets and AuM (€bn) Risk-weighted assets (€bn) Commissions as % of operating income (€m) 81.2 58.7% 10.5 +17.5pps +55% 14.2 -56% 52.3 6.1 41.3% 11.4 4.6 67.0 4.1 40.9 4.4 0.5 2012 2018 2012 2018 2012 2018 AuM Savings and other Private Bankingbanking and other Corporate Banking 100% = 525.3 100% = 499.2 Common Equity Tier 1 ratio Underlying net result (€m) Return on Common Equity Tier 1 21.4% 9.8% +10.4pps 103.0 +22.5pps 11.0% +91.9 9.8% 11.1 -12.7% 2012 2018 2012 2018 58.7%2012 2018 6 As a wealth manager Van Lanschot Kempen builds on the experience of its core activities • Private Banking • Online wealth • Asset management • Merchant Banking • Discretionary asset management services for • Comprehensive fiduciary • Equities research and management, investment the mass affluent and wealth management trading, corporate advice, financial planning, millennials services • finance and debt advisory savings and deposits, • Online wealth Niche investment strategies (high div. services structured products and management solutions, equities, small-caps, real • Focus on European lending discretionary asset estate, credits, corporates and worldwide • Servicing entrepreneurs, management, savings and infrastructure, government institutional clients; family businesses, high net- pension solutions bonds, etc.) sectors covered are real worth individuals, business • Focus on European clients; estate, life sciences, professionals and institutional, wholesale financial institutions & executives, healthcare distribution, family offices fintech, infrastructure, and endowments professionals, foundations maritime & offshore, and and associations the Benelux region • • AuM: €21.3bn AuM client base c. 16,000 • AuM: €55.5bn*, AuMG: • Savings and deposits: • AuM: €0.9bn €3.4bn €8.3bn, loans: €7.6bn • Savings: €0.5bn • Offices in NL, BE and CH • Focus on NL and BE • Offices in NL, UK, FR • Offices in NL, BE, UK, US * As of 31 December 2018, including €10.7bn of AuM managed for Van Lanschot Private Banking and Evi 7 We want to be a leading wealth manager in our markets • Continue our Well-capitalised, profitable wealth manager with a strong position in the market • wealth Knowledge and experience, personal, client-focused approach, unique combination of activities management and track record set us apart from the competition, while offering growth opportunities strategy • A leading wealth manager in the Benelux region Leading player in • A prominent, active investment manager that delivers alpha in illiquidity, income and ESG in our relevant Europe markets • The leading fiduciary manager in the Netherlands, challenger in UK fiduciary market • The preferred trusted adviser in selected niches in merchant banking across Europe • The number one online wealth management alternative for the mass affluent in selected markets From responsible • Conviction-based, active investor, focusing on the long term • to sustainable We can achieve the most significant social and environmental impact via our clients’ assets and investing we aim to increase our positive contribution and visibility 2023 financial • CET 1 ratio: 15-17% • targets RoCET 1: 10-12% • Dividend policy: 50-70% of underlying net result attributable to shareholders • Efficiency ratio: 70-72%, adjusted to reflect both our profile as a wealth manager and the economic environment in which we operate 8 We have defined four strategic pillars that enable us to deliver on our promises • Pursue a solutions-led • Create solutions based on approach building on client Accelerate Advance through superior insights into client needs growth- digitalisation and needs & market developments • Consider acquisitions in organically analytics • Enhance client experience existing and contiguous and • Streamline products, processes markets inorganically and systems • Offer clients the full potential • Empower our people to of services and products from embrace technology and adopt our group and open a more data-driven way of architecture platform Activate our full Adapt the working and decision-making • Benefit from knowledge potential workforce • Embrace an agile approach with sharing, make optimum use of multidisciplinary teams resources and reduce overlap • Hire new talent to bring in different skills and capabilities 9 Annual results 2018: net profit over €80 million Next steps wealth management strategy defined 2018 highlights 11 Challenging market conditions in 2018 Equity indices Interest rates AEX 10-year swap MSCI-Europe rate 3-month Euribor Negative market performance Current low interest rates affect results in AuM decline interest income Source: Bloomberg 12 Stable results in challenging market Net result €80.3m (2017: €94.9m) Underlying net result €103.0m Commission +10% (€293.2m) (2017: €112.3m) Interest -11% (€175.6m) Operating expenses Efficiency ratio 79.4% €396.4m (+1%) (2017: 76.2%) Client assets €81.2bn (-3%) Net inflow AuM €1.0bn AuM €67.0bn (-3%) Strong capital ratios Dividend per share €1.45, CET 1 ratio rises to 21.4% unchanged from 2017 13 Overview net result € m 2018 2017 % change Commission 293.2 267.0 10% Interest 175.6 196.6 -11% Other income 30.3 51.2 -41% Income from operating activities 499.2 514.8 -3% Operating expenses -396.4 -392.1 1% Gross result 102.8 122.7 -16% Loan loss provision 12.7 11.9 7% Other impairments 0.9 2.6 -63% Operating profit before tax of non-strategic investments 17.8 12.6 41% Operating profit before special items and tax 134.3 149.8 -10% Strategic investment programme -22.0 -21.4 2% Derivatives recovery framework - -1.7 Amortisation of intangible assets arising from acquisitions -8.3 -6.1 36% Restructuring charges -8.3 - Operating profit before tax 95.8 120.5 -21% Income tax -15.5 -25.6 -40% Net profit 80.3 94.9 -15% Underlying net result* 103.0 112.3 -8% Efficiency ratio (%) 79.4% 76.2% * Underlying net result excludes the one-off costs related to the strategic investment programme, derivatives recovery framework and restructuring charges 14 Commission income (+10%) is key driver of net result Key drivers of net result € m • Growth in commission driven by higher management fees and high deal flow at Merchant Banking • Low interest rate climate and Corporate Banking run-off result in lower interest income • Fewer gains on the investment portfolio and significant sale proceeds in 2017 main reasons for fall in other income • Rise in full-year operating expenses mainly due to higher staff costs and consultancy fees • One-off charges up due to restructuring charges of €8.3m • Other items relate to operating profit of non-strategic investments and income tax 15 Increased focus on cost reduction Operating expenses € m • H2 costs significantly below H1 partly due to seasonality and one-off costs in H1 • Further focus on costs resulted in an additional decrease and several specific measures, e.g.
Load more

Recommended publications
  • Investor Presentation Transforming to a Specialist Wealth Manager
    Investor Presentation Transforming to a specialist wealth manager March 2016 Van Lanschot at a glance Van Lanschot’s profile Solid performance on all key financials • One strategy: pure-play, independent wealth manager focusing on 2015 2014 preservation and creation of wealth for our clients • Net profit € 42.8m € 108.7m • Underlying result € 60.1m € 54.2m • Two leading brands: Van Lanschot and Kempen & Co • CET I ratio 16.3% 14.6% • CET I ratio, fully loaded 15.4% 13.4% • Total Capital ratio 17.0% 15.2% • Three core activities: Private Banking, Asset Management and • Leverage ratio, fully loaded 6.1% 5.3% Merchant Banking • Funding ratio 94.1% 95.3% • Client assets € 62.6bn € 58.5bn Good progress with strategy Financial targets 2017 • Private Banking: € 0.3 billion net inflow, € 1.5 billion entrusted to Evi Target van Lanschot, commission income +12% 2015 2017 • Asset Management: acquisition of fiduciary management KCM UK as • Common Equity Tier I ratio 16.3% >15% step stone for further international growth, new mandates won early 2016 adding approximately € 2 billion of AuM • Return on Common Equity Tier I 4.9% 10-12% • Merchant Banking: commission income +28%, solid market share in • Efficiency ratio 74.4% 60-65% selected niches, research coverage expanded • Corporate Banking: initial run-off target achieved, run-off continues Van Lanschot Investor Presentation - March 2016 1 1. Profile & Strategy of Van Lanschot 2. Financial Performance FY2015 Agenda Van Lanschot Investor Presentation - March 2016 2 Transforming from small “universal”
    [Show full text]
  • Powerpoint Presentatie
    Analyst Meeting Amsterdam, 1 December 2010 Programme 2.30 pm Ieko Sevinga Private Banking 3.00 pm Arjan Huisman Operations 3.30 pm – 4.00 pm Break 4.00 pm Constant Korthout Funding and Basel III 4.30 pm Floris Deckers Strategy & Outlook for the sector 5.30 pm Drinks & dinner 1 Analyst Meeting Ieko Sevinga, member of the Board of Managing Directors Van Lanschot’s strategy To offer high-quality financial services to wealthy individuals, Mission director-owners and other select client groups Van Lanschot aims to be the best private bank in the Netherlands Vision and Belgium To be able to measure the achievement of its vision, Van Lanschot Targets has formulated targets relating to clients and employees and 2010-2013 financial targets 1. Focus on private banking 2. Enhance commercial effectiveness Strategy 3. Invest continually in service quality 4. Maintain a solid profile Independent Professional Core values Committed Ambitious 3 Strategic priorities Focus on Full-service offering Private Acquisition focused on high net-worth individuals and Banking entrepreneurs and their businesses Enhance Growth of client satisfaction commercial Growth in number of clients effectiveness Growth in revenues Invest Customer care continually in Transparent and good product and service offering service quality Operational excellence Risk management Maintain Cost control a sound Stricter deployment of capital for clients with a view to expected profile higher capital requirements 4 Focused business model FULL SERVICE OFFERING Business Private Banking
    [Show full text]
  • Invitation and Agenda to the Annual General Meeting of Shareholders Of
    invitation and agenda to the annual general meeting of shareholders of van lanschot nv, to be held in the auditorium of the van lanschot tower, leonardo da vinciplein 60, ’s-hertogenbosch, the netherlands, on thursday 15 may 2014 at 2 p.m. 1 invitation and agenda ANNUAL GENERAL MEETING OF 9. Extension of powers of the Board of Managing SHAREHOLDERS OF VAN LANSCHOT NV Directors a) Extension of the power of the Board of Managing Directors to issue ordinary shares (voting item) Van Lanschot NV invites its shareholders and holders of b) Extension of the power of the Board of Managing Directors depositary receipts to attend the Annual General to limit or exclude the pre-emption right in the event of the Meeting, to be held in the auditorium of the Van Lanschot issue of ordinary shares (voting item) Tower, Leonardo Da Vinciplein 60, ’s-Hertogenbosch, the Netherlands, on Thursday 15 May 2014 at 2 p.m. 10. Any other business and closure of meeting Availability of meeting documents 1. Opening Prior to the meeting, the following documents can be obtained by the shareholders and holders of depositary receipts at no cost 2. 2013 annual report from the office of Van Lanschot NV (Leonardo da Vinciplein 60, a) Report of the Supervisory Board (discussion item) 5223 DR, ’s-Hertogenbosch, the Netherlands): b) Report of the Board of Managing Directors for 2013 – the agenda with explanatory notes; (discussion item) – the report of the Supervisory Board; c) Strategy implementation status report (discussion item) – the Report of the Board of Managing Directors for 2013; – the 2013 financial statements and other information; 3.
    [Show full text]
  • Investor Presentation
    Investor presentation April 2021 Van Lanschot Kempen at a glance Profile Solid performance on all key financials • Well capitalised, profitable wealth manager with a strong specialist position in the market 2020 2019 • • Strong brand names, reliable reputation, rich history Net result €49.8m €80.2m* • Clear choice for wealth management, targeting private, wholesale & institutional and corporate clients • CET 1 ratio 24.3% 23.8% • • Tailored, personal and professional service Total capital ratio 27.4% 26.9% • Uniform way of servicing our client segments • • Strong track record in transformation processes and de-risking Client assets €115.0bn €102.0bn of the company • AuM €99.0bn €87.7bn • Strong balance sheet and attractive capital strategy • Loan book €8.4bn €8.7bn (excluding provisions) Our wealth management strategy 2025 financial targets Supported by our strong client relationships we are a leading player in our relevant markets and geographies 2020 Target 2025 • Common Equity Tier 1 ratio 24.3% 15 - 17% Our strategic pillars: • Return on CET1 • Accelerate growth – organically and inorganically 4.4% 10 - 12% • Activate our full potential • Efficiency ratio 85.7% 70 - 72% • Advance through digitalisation and advanced analytics • Dividend pay-out • Adapt the workforce 65% 50 - 70%** • Achieve our sustainability ambitions *Adjusted for the sales of our stakes in AIO II and VLC & Partners, and goodwill impairments **Of underlying net result attributable to shareholders 2 Van Lanschot Kempen is a well-capitalised, profitable, independent wealth manager Van Lanschot Kempen’s rich history reaches back over 280 years Acquisition Staalbankiers’ private banking activities Strategic Partnership review Successful with a.s.r.
    [Show full text]
  • List of Supervised Entities
    List of supervised entities Cut-off date for significance decisions: 1 July 2017 Number of significant supervised entities: 120 A. List of significant supervised entities Belgium 1 Investeringsmaatschappij Argenta nv Size (total assets EUR 30 - 50 bn) Argenta Bank- en Verzekeringsgroep nv Belgium Argenta Spaarbank NV Belgium 2 AXA Bank Belgium SA Size (total assets EUR 30-50 bn) AXA Bank Europe SCF France 3 Banque Degroof Petercam SA Significant cross-border assets Banque Degroof Petercam France S.A. France Banque Degroof Petercam Luxembourg S.A. Luxembourg Bank Degroof Petercam Spain, S.A. Spain 4 Belfius Banque S.A. Size (total assets EUR 150-300 bn) 5 Dexia NV Size (total assets EUR 150-300 bn) Dexia Crédit Local France Dexia Kommunalbank Deutschland AG Germany Dexia Crediop S.p.A. Italy 6 KBC Group N.V. Size (total assets EUR 150-300 bn) KBC Bank N.V. Belgium CBC Banque SA Belgium KBC Bank Ireland plc Ireland Československá obchodná banka, a.s. Slovakia ČSOB stavebná sporiteľňa, a.s. Slovakia 7 The Bank of New York Mellon S.A. Size (total assets EUR 30-50 bn) Germany 8 Aareal Bank AG Size (total assets EUR 50-75 bn) 9 Bayerische Landesbank Size (total assets EUR 150-300 bn) Deutsche Kreditbank Aktiengesellschaft Germany 10 COMMERZBANK Aktiengesellschaft Size (total assets EUR 500-1,000 bn) European Bank for Financial Services GmbH (ebase) Germany comdirect bank AG Germany Commerzbank Finance & Covered Bond S.A. Luxembourg mBank S.A., pobočka zahraničnej banky Slovakia (branch) 11 DekaBank Deutsche Girozentrale Size (total assets EUR 100-125 bn) DekaBank Deutsche Girozentrale Luxembourg S.A.
    [Show full text]
  • PERSBERICHT Van Lanschot: Sterke Winststijging En Verhoogd Dividend
    PERSBERICHT Van Lanschot: sterke winststijging en verhoogd dividend Nettowinst stijgt naar € 69,8 miljoen (2015: € 42,8 miljoen) Onderliggend nettoresultaati stijgt 35% naar € 81,3 miljoen (2015: € 60,1 miljoen) Client assets 10% hoger op € 69,4 miljard (ultimo 2015: € 63,0 miljard) Sterke stijging kapitaalbasis: CET I-ratioii bedraagt 19,0% (ultimo 2015: 16,3%) Aanzienlijk hoger dividend voorgesteld: € 1,20 per aandeel (2015: € 0,45 per aandeel) ’s-Hertogenbosch, 9 maart 2017 Van Lanschot presenteert vandaag de jaarcijfers over 2016. Karl Guha, bestuursvoorzitter: ‘Wij bedanken onze klanten voor hun loyaliteit en het vertrouwen dat zij ons geven. Daardoor was 2016 voor ons een goed jaar, ondanks de lage rentestand, grote volatiliteit en wereldwijde politiek- maatschappelijke onzekerheid. Onder impuls van verbeterde economische omstandigheden steeg de kwaliteit van onze kredietportefeuille, leidend tot een grote vrijval van de kredietvoorzieningen. In combinatie met onze solide operationele resultaten leidt dit tot een sterke stijging van het onderliggend nettoresultaat naar € 81,3 miljoen. Dit alles stelt ons in staat om een aanzienlijk hoger dividend voor te stellen van € 1,20 per aandeel. Bovendien is ons financiële fundament ijzersterk. We herhalen dan ook onze toezegging dat we, op basis van onze huidige plannen en de nu bekende wet- en regelgeving, voor de periode tot en met 2020 ten minste € 250 miljoen zullen teruggeven aan aandeelhouders. We liggen goed op schema met de implementatie van Strategy 2020, zoals we die in april hebben gepresenteerd. Met de overname van de private banking-activiteiten van Staalbankiers versterken we onze marktpositie in Nederland met nieuw commercieel talent en door het bedienen van een grote groep nieuwe klanten.
    [Show full text]
  • 1. Convocation and Agenda with Explanatory Notes
    Agenda ANNUAL GENERAL MEETING Invitation and agenda to the virtual annual general meeting of Van Lanschot Kempen NV, to be held on Thursday 27 May 2020 at 2.00 pm. Invitation and agenda to annual general meeting 2 CONVENING NOTICE Dear holders of shares and depositary receipts for shares, It is my pleasure to invite you to attend the Van Lanschot Kempen NV annual general meeting on Thursday 27 May 2021. It will start at 2.00 pm and will be held remotely this year. In view of the state of play on Covid-19, we have decided to run a fully virtual annual general meeting under the Netherlands’ Covid-19 emergency act (Interim Measures) (‘Tijdelijke wet COVID-19 Justitie en Veiligheid’). This means that all shareholders and holders of depositary receipts for shares can join the annual general meeting via webcast, can ask questions via chat and vote online. By organising our annual general meeting in this virtual format, we avoid health risks for all at the meeting. The agenda provides a comprehensive overview of all the topics that will be discussed at the meeting. You will find our 2020 annual report and other AGM-related documents at vanlanschotkempen.com/results and vanlanschotkempen.com/agm. If you would you like to attend the meeting remotely or have yourself represented at the meeting, please read on to find out what you should do next. The Virtual General Meeting Policy Van Lanschot Kempen NV applies to all holders of shares and depositary receipts for shares who wish to attend the annual general meeting and/or vote on the various resolutions.
    [Show full text]
  • PRESS RELEASE Van Lanschot
    PRESS RELEASE Van Lanschot: commission income growth improves quality of results Underlying resulti rises to €60.1 million (2014: €54.2 million) Net profit works out at €42.8 million (2014: €108.7 million, on the back of a one-off net pension gain of €54.5 million) Assets under management grow 14% to €50.2 billion (year-end 2014: €44.1 billion) supported by acquisition, favourable stock market climate and net inflows at Private Banking Capital base increases smartly to a CET I ratioii of 16.3% (year-end 2014: 14.6%) Ongoing investments in growth likely to push back achievement of efficiency ratio target Van Lanschot proposes dividend increase: €0.45 per share (2014: €0.40 per share) ’s-Hertogenbosch, the Netherlands, 9 March 2016 Van Lanschot today released its full-year results for 2015. Karl Guha, Chairman, said: “We’re in good shape. Client satisfaction ratings for our services are improving. We’re well capitalised and the commission income growth improves the quality of our results. Commission now accounts for over half of our income in line with our wealth management strategy. Loan loss provisions for the year were 33% lower than last year, at €51 million. In view of these results we’re proposing an increased dividend payment of €0.45 per share. “Client assets of both private individuals and institutional clients advanced from €58.5 billion to €62.6 billion, with our assets under managementiii kicking ahead by 14% from €44.1 billion to €50.2 billion. Positive stock market conditions weren’t the only driver: Private Banking also contributed net inflows of over €300 million and the acquisition of MN UK by Kempen Capital Management added €4.6 billion.
    [Show full text]
  • Annual Report 2010 Our View on Banking Has Always Been That a Bank Should Act in the Interests of Its Clients
    Annual Report 2010 Our view on banking has always been that a bank should act in the interests of its clients. In 2010 our bankers continued to personify this view by being there for their clients, not just during office hours or by appointment but at other times too, by actively following the financial circumstances of their clients and by offering them much more than standard advice. In other words, by showing commitment. Personal attention, a proactive approach and commitment to our clients are what distinguish a Van Lanschot banker. And that for almost 275 years. The Annual Report 2010 is available in both Dutch and English. In the event of discrepancies between the two versions, the Dutch version will prevail. The publications are available on our website www.vanlanschot.nl/annualreports. contents about van lanschot 2 Profile 4 Key data 6 The Van Lanschot share 8 Van Lanschot’s strategy 10 Message from the Chairman of the Board of Managing Directors report of the board of managing directors 12 Personal details of members of the Board of Managing Directors 14 Market trends in 2010 16 Financial performance and outlook 22 Services to our clients: Private & Business Banking, Asset Management and Corporate Finance & Securities 33 Risk & capital management 39 Corporate social responsibility governance 45 Report of the Supervisory Board 49 Corporate Governance 60 Remuneration policy for members of the Board of Managing Directors financial statements 65 Consolidated balance sheet at 31 December 2010 66 Consolidated income statement for 2010
    [Show full text]
  • Presentation Analyst Meeting
    Analyst Meeting ‘s Hertogenbosch, 20 November 2009 What is the programme for today? 9.30 – 12.00 Presentations - Introduction Floris Deckers, Chairman of the Board of Managing Directors - Entrepreneurial wealth Lucien Claessens, Head of Director-Owner Desk - Wealth Management proposition Rob van Oostveen, Director of Private Investments - Relationship management Bart Horsten, Director of Den Bosch branch 12.00 – 12.30 Walk to Hooge Steenweg 12.30 – 14.30 Lunch 1 The price of independence is high … … but the price of dependence is even higher Floris Deckers, Chairman of the Board of Managing Directors Programme - The changing banking landscape - Restoring confidence in the sector - Is the end of the crisis in sight? 3 Dutch mortgage market and total pension assets are large by international standards Source: BCG 4 How the European banking landscape is changing Banks with state support have to restructure ING to spin off insurance and asset management arms; balance sheet reduction of 45% RBS has to sell insurance division and part of retail network Lloyds has to sell part of retail network Commerzbank is reducing its balance sheet by 45% KBC: green light for restructuring plan; 25% RWA reduction State support has to be repaid Rights issues by Aegon, SNS, ING, Lloyds, RBS(?) Funding Government guarantee scheme (€ 200 billion) ends in principle on 31 December 2009 ECB 1-year liquidity facilities end in July 2010 Pricing RBS – restricted to no. 5 in league tables ING – restrictions on pricing Consolidation? Delta Lloyd IPO 5 Most
    [Show full text]
  • M Funds Quarterly Holdings 3.31.2020*
    M International Equity Fund 31-Mar-20 CUSIP SECURITY NAME SHARES MARKET VALUE % OF TOTAL ASSETS 233203421 DFA Emerging Markets Core Equity P 2,263,150 35,237,238.84 24.59% 712387901 Nestle SA, Registered 22,264 2,294,710.93 1.60% 711038901 Roche Holding AG 4,932 1,603,462.36 1.12% 690064001 Toyota Motor Corp. 22,300 1,342,499.45 0.94% 710306903 Novartis AG, Registered 13,215 1,092,154.20 0.76% 079805909 BP Plc 202,870 863,043.67 0.60% 780087953 Royal Bank of Canada 12,100 749,489.80 0.52% ACI07GG13 Novo Nordisk A/S, Class B 12,082 728,803.67 0.51% B15C55900 Total SA 18,666 723,857.50 0.51% 098952906 AstraZeneca Plc 7,627 681,305.26 0.48% 406141903 LVMH Moet Hennessy Louis Vuitton S 1,684 625,092.87 0.44% 682150008 Sony Corp. 10,500 624,153.63 0.44% B03MLX903 Royal Dutch Shell Plc, Class A 35,072 613,753.12 0.43% 618549901 CSL, Ltd. 3,152 571,782.15 0.40% ACI02GTQ9 ASML Holding NV 2,066 549,061.02 0.38% B4TX8S909 AIA Group, Ltd. 60,200 541,577.35 0.38% 677062903 SoftBank Group Corp. 15,400 539,261.93 0.38% 621503002 Commonwealth Bank of Australia 13,861 523,563.51 0.37% 092528900 GlaxoSmithKline Plc 26,092 489,416.83 0.34% 891160954 Toronto-Dominion Bank (The) 11,126 473,011.14 0.33% B1527V903 Unilever NV 9,584 472,203.46 0.33% 624899902 KDDI Corp.
    [Show full text]
  • Outlook on Several Dutch Banks Revised to Stable on Macroeconomic Recovery Prospects
    Outlook On Several Dutch Banks Revised To Stable On Macroeconomic Recovery Prospects June 24, 2021 - The anticipated macroeconomic rebound and the ramp-up in vaccination, together with PRIMARY CREDIT ANALYSTS continuous government and European Central Bank support that we expect to wind down only Anastasia Turdyeva gradually, reduce the downside risks for Dutch banks' operating environment, in our view. Dublin + (353)1 568 0622 - We therefore revised the economic risks trend related to the domestic Dutch banking system to anastasia.turdyeva stable from negative. @spglobal.com - We subsequently revised the outlooks on ING Groep N.V., Cooperatieve Rabobank U.A., Van Letizia Conversano Lanschot Kempen Wealth Management N.V., and NIBC Bank N.V. to stable from negative. Dublin + 353 (0)1 568 0615 - Our outlook on De Volksbank N.V. remains stable on the back of strong capital and the bank's letizia.conversano persistent profitability and efficiency challenges while implementing its new business strategy. @spglobal.com Philippe Raposo DUBLIN (S&P Global Ratings) June 24, 2021--S&P Global Ratings today took various rating actions Paris on Dutch banks, including on their subsidiaries (see Ratings List, below). + 33 14 420 7377 philippe.raposo @spglobal.com Webinar S&P Global Ratings will be hosting a live webinar on June 29, 2021 (9:00 a.m. EDT; 2:00 p.m. BST; 3:00 p.m. CEST) to discuss our views on European Banks. For more details, please visit: https://event.on24.com/wcc/r/3252634/C509A2EA04B74CFC5B846E025A448F8D?partnerref=GMR The anticipated economic recovery eases downside risks to the operating environment of Dutch banks and drives our revision of the outlooks on a number of Dutch financial institutions to stable.
    [Show full text]