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A Partnership to Promote Non-Interest Banking Across Africa

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A Partnership to Promote Non-Interest Banking Across Africa Guinea Mauritania Niger Senegal A Partnership to promote Benin non-interest banking Mali across Africa Nouakchott, April 16, 2012 This report is solely for the use of intended recipients. No part of it may be circulated, quoted, or reproduced for distribution outside the client organization without prior written approval from TAH. This material was used by TAH during an oral presentation; it is not a complete record of the discussion. Agenda 1. Background & Profile of the Partners 2. Context and Challenges 3. Overall Vision and challenges ahead 4. Strategy Blueprint 5. Hightlights of the turnaround results Background & Rationale For Establishing the Holding . In 2010, ICD has acquired controlling stakes in Islamic banks of Niger, Guinea and Senegal and secured a license to operate an Islamic Bank in Mauritania (“the Banks”) . Due to the weak market positions of the Banks, ICD invited Bank Asya (Turkey) for setting up a partnership that aims at achieving leadership position and promoting non-interest banking. Tamweel Africa Holding was established to: . Access to larger market . Achieve operational synergies . Strengthen leadership across the target markets :the “Power of One”. Build an organization with best practices and processes . Better alignment with the strategic Partner The Partnership capitalize on complementarities to optimize returns… ICD . Platform . Operational excellence . Market knowledge . Technical expertise . Brand Name . Systems & best practices . Long term resources . Human resources . Lines of trade financing . International network operations/ SME . Capital development . Capital Current Holding Structure ICD 60% 40% Mauritania Guinea Niger Senegal Overview of ICD Mission and Vision . The Islamic Corporation for the Development of the . The Vision of ICD is to be a major player in the development of the Private Sector (ICD), is the private sector as a vehicle for economic and social growth, and private sector arm of the prosperity in Islamic countries Islamic Development Bank . The Mission of ICD is to complement the role played by IDB through (IDB), a multilateral development finance . Providing Islamic financial services and products institution . Promoting competition and entrepreneurship in member countries . IDB, headquartered in . Advising governments and businesses Jeddah, Saudi Arabia, is a . Encouraging cross border investments USD 50bn+ bank with 56 member countries mainly located in Asia, Middle East and Africa . ICD was established in 1999 with an authorized capital of USD 2bn and a membership of 49 countries. It is 50% owned by IDB, 20% by public financial institutions and 30% by the member countries 6 Overview of ICD’s Portfolio ICD has already leveraged its position in the market to provide USD 1.4bn in financing projects. Investment Status Investments by Geography . ICD is currently funding 162 projects on its own balance sheet and 43 projects through managed funds . Approved projects amount for USD As of end of 1431H 1,467mn on its balance sheet and USD 540mn through managed Investment by Mode of Financing funds . ICD has funded projects in 29 countries and is looking forward to expand its investments to other member countries As of end of 1431H 7 Summary Profile of Bank Asya . Bank ASYA commenced its activities in , 1996 as the sixth private finance house of Turkey.. The capital has increased from TL 2 million in inception to its current level of TL 900 million TL (circa USD 500 million). As of December 31st, 2011, Bank Asya posted: . Total Assets above USD 9.6 billion . Total deposit of USD 6.9 billion . Total Loan portfolio of USD 12.7 billion . Net Profit of USD 120.2 million . The main objective of Bank Asya is to spread interest-free finance system to larger masses by using the latest opportunities of technology in accordance with customer-oriented service mentality. Besides traditional distribution channels, namely branches, Bank Asya aims at offering uninterrupted, rapid and effective service via Online Banking, Alo Asya Telephone Banking, ATM and POS stations . With cumulative non-cash transactions above USD 5.2 billion, Bank Asya is an ideal foreign trade partner in Turkey with its strong presence in the sector and with a large network of over 1000 banks in more than 100 countries. Bank Asya, the first private finance house in Turkey having ISO 9001 Quality Management System Certification Bank Asya has proven track record in network deployment since its inception in 1996 Number of branches Number of personnel 9 Bank Asya enjoys a leading edge in IT banking solutions… . Bank Asya was displayed the bank having the most effective performance in "Top 1000 World Banks" list of world-known financial magazine, The Banker. AsyaCard DIT was awarded for "the Best Cash Displacement Initiative" at "Visa Europe Member Awards" and "the Best New Credit Card Product Launch" at Cards & Payments Awards. 10 Current Context Geographic footprint as of 16 March 2012 Entered pre-2009 Mauritania Entered in 2010 ▪ 1 Main branch To be entered in 2012 ▪ 3 new branch Potential option considered post 2011 in 2012 Senegal Niger ▪ Main market Mauritania ▪ 1 branch ▪ 6 branches Mali Niger ▪ 3 new branches ▪ 12 new branches Senegal Gambia planned in 2011 planned in 2011 Guinea Gambia Benin ▪ Discussions for potential entry Guinea ▪ 2 branches ▪ 3 new branches planned in 2011 Mali ▪ License to be acquired ▪ EUR 15 million capital committed ▪ No branch & no operation Benin ▪ License to be acquired ▪ No branch & no operation Tamweel is looking to quickly establish itself as a regional player Current Context XX% Muslim as % of total population … having unsatisfied appetite for non-interest Sizable Muslim population in these countries … banking products Muslim population 2010, Millions Percent of respondents Senegal 12.3 96% Would choose 40.0 Islamic bank Niger 15.6 98% Guinea 8.7 84% Would choose 14.0 conventional bank Mauritania 3.3 99% Half would even choose Mali 12.3 92% non-interest bank if prices Is indifferent 46.0 and services Benin 2.3 25% are the same SOURCE: Global Insight; Customer survey; Wikipedia McKinsey & Company | 12 Tamweel has grown through its corporate banking franchise via Partners relationships & support 2008 2009 2010 2011 AssetsTamweel 1, m USD 431 255 133 141 138 57 298 41 199 97 Net Income1, m 40-50% of USD corporate profit are from IDB referrals 10.0 Due to losses 6.4 5.5 in Niger 2.8 1.3 Series 5.1 7.2 -2.2 0.1 -2.1 ROA, % 3.9 -1.5 2.5 2.6 Branches, # 3 7 9 27 BIN & BIM & BIG BIS Aspirations and core values of Tamweel Group Mission - Values Visions – aspirations for the Group 1 Achieve reference regional Assets Create significant value for the 1,000-1,500 I bank position in West Africa – X 4-6 shareholders top 2 to top 5 position in each 255 country Top 10 Top 3 Promote non-interest banking in West-Africa, as a key II 2 Deliver good metrics for contributor to socio-economic shareholders (aligned on inter- ROE top quartile development national player in the market), at both Group and country level III Fully uphold non-interest banking principles and rules 3 Create a universal bank with broad retail and corporate footprints Provide customers with IV competitive and quality services 4 Leverage synergies with shareholders in a 3 way partnership, at Group and country level V Create a values and performance driven organization 5 Talent management and cultural transformation as key ingredients for success Create an appealing work climate VI 6 Create strong brand image, associated with quality, competitiveness, to attract top talent1 innovation, social responsibility and Islamic-compliance Tamweel focus on building its UNIVERSAL banking ‘target business model’ in Senegal first… Horizon 2 & 3: Conquer West-Africa by Horizon 1: Implement ‘target business model’ and full roll out of strategy and ‘target business model’ use an opportunistic approach in other countries in existing/ new markets 2011 - 2013 2013 - onward ▪ Position Tamweel as regional universal bank ▪ Full roll-out of target business model across markets using Senegal as reference case and ‘centre of ▪ Develop Tanweel around a standard “business excellence’ and operating model” – Replicate implemented and refined Senegal – Countries with similar fundamentals (clients, model in other markets competitors, regulation) – Implementation team supports the full rollout – Need to build a scalable model (small size of – Senegal ‘champions’ in key areas (e.g., product, markets) to be competitive distribution) support other countries make the transition ▪ Build and implement Tamweel’s target business model in Senegal ▪ New entered countries follow the target business model with modifications for local conditions ▪ In parallel, build the Holding company –and critical capabilities/ functions (e,g. IT, HR, risk …) ▪ Capture opportunistically the regional opportunity – Establish presence in priority countries – Focus on serving key corporate clients (e.g. regional clients, synergies IDB, prime corporate) – Focus on serving affluent retail clients – Do not expand mass retail franchise (max 2-3 branches) before Horizon 2 Align product portfolio to non-interest banking principles and then provide offering based on 3 key axis… I Alignment with II non-interest Targeted catching up with the ▪ Important services are missing in Tamweel’s banking value competition … portfolio compared to the top competitors, in proposition particular credit card and e-banking ▪ Transform current products into non- interest products ▪ Offer range of non- interest products III .. Focusing on satisfying ▪ “No brainers” : Transfers/ remittances, that fits market critical customer needs … savings and current accounts, cards are the relative conditions basic covered needs of the customers and needs ▪ Selective offering : Housing loans, insurance, quick loans and e-banking are the most desired / not satisfied products by customers IV … and offering differentiating ▪ Enrich current product portfolio with innovative yet simple solutions solutions on critical products (e.g. remittances) ▪ Also potential for differentiation can be observed in the market (e.g.
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