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2014 Corporate Social Responsabilitity Report

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2014 Corporate Social Responsabilitity Report 2014 Corporate Social Responsabilitity Report Chairman’s Message 3 Social Report The Group key figures 5 • Carige’s Corporate Social Responsibility 35 Identity of the Group • The Banca Carige Group’s profile 6 • Mission, Vision and Core Values 9 38 CUSTOMERS • Strategies 10 • Organisational Structure and Distribution Network 15 Governance 49 EMPLOYEES • Corporate governance 18 • The internal control and risk management 28 system 63 Economic Report COMMUNITY • Financial highlights 29 • Value added 32 71 SHAREHOLDERS Methodological note 83 76 SUPPLIERS Annexes • Tables 85 • GRI-G3.1 indicators 109 78 ENVIRONMENT Any information included in this document is referred to the 2014 financial year, unless - where specified - an update was planned prior to the approval of the 2014 Corporate Social Responsibility Report by the Board of Directors on 12th May 2015. For any following updatings, reference should be made to the website www.gruppocarige.it, particularly to the sections Governance and Investor Relations. Chairman’s Message that, with a view to recovering profitability On top of this, we should not forget to safeguard the corporate assets over time. the additional effort arising from the partially unfavourable outcome of the This was a sterling work, pursued with Comprehensive Assessment carried out by determination, and which led to a profound the ECB and disclosed at the end of October and substantial renewal of the Banca Carige 2014. While acknowledging the presence of Group over a period of just twelve months. It adequate risk protections within the Asset was a pivotal year, during which the path we Quality Review, the European Supervisory have embarked on to make up lost ground Body has indeed identified an EUR 813.4 was faced in a generally unfavourable mln worth of capital shortfall as a result economic scenario and, particularly, in a of the Stress Test conducted on the 2013 difficult context in terms of reputation due financial statements; this was a financial to judicial proceedings involving some top year adversely affected by one-off and non- representatives of the former management recurring adjustments and impairments. In of the Group. order to cover this shortfall, a capital plan All together, each one at his own level of was promptly defined which, after a positive responsibility, we worked on several fronts: discussion with the ECB, is being realised in these first months of 2015 with our full • capital strengthening, with a capital commitment. In 2014 Banca Carige was strongly committed increase of EUR 800 mln which allowed We believe that the market has been able to fully implementing the renewal plan us, at the end of 2014, to attain a CET1 to grasp the signs of a clear discontinuity for re-launching a growth process for the (Common Equity Tier 1) equal to 8.4%; with the past, for instance, via the successful Group. We believe this is the only way to • credit and financial risk mitigation; capital increase, concluded in July 2014, adequately satisfy our stakeholders’ needs. • strengthening of internal control system with a 20% proportion underwritten by retail and governance mechanism; investors. The whole year was devoted to capital Therefore, we are convinced that we have strengthening, improvement of operational • structure rationalisation, top-level management renewal and operating cost laid the foundations for a real turnaround, efficiency and effectiveness, rationalisation looking towards the future and the role Banca of costs as well as business re-launch. All savings; • business re-launch to meet the changing Carige intends to play, notwithstanding the needs of a constantly evolving market. difficulties in recent years: to be a sound (1.1 - 1.2) bank, with risk profile mitigated by better 3 credit management, deeply rooted in the are the keywords for boosting customer a context characterised by continuous areas of its traditional footprint, supporting loyalty. Customers, indeed, represent our changes and new perspectives. households and businesses. main point of reference and central resource. We acted responsibly with a forward-looking Being a local bank nowadays means to be Our commitment is to accept these approach, fully aware that many challenges able to combine tradition and modernity in challenges and embark on paths of still lie ahead: in March 2015 we presented a brand-new way. innovation, with a view to meeting the the new 2015-2019 Business Plan, which The internal structure and sales network new needs of people, businesses and strengthens and amplifies the guidelines rationalisation has introduced major communities. identified so far. innovations in work organisation, which Amongst other key activities, the Plan we are addressing with the utmost Genoa, May 2015 includes a new capital increase for a responsibility. We are fully convinced that maximum amount of EUR 850 mln, to be our collaborators have understood the finalised within July 2015, and that will allow activities we are conducting to be aimed (Cesare Castelbarco Albani) us - along with further capital measures - to at ensuring a long-lasting development of achieve a CET1 higher than 12%, namely the Bank and the valorisation of their work one of the highest rate among the Italian through up-to-date career paths. banks. The 2014 Corporate Social Responsibility I would like to emphasise that the Business Report I am introducing presents, with the Plan set to steer our business for the next five accuracy and concreteness allowed by years strongly reaffirms the importance of the numbers, the results achieved to date and values which inspired both the creation and the ongoing effort to adequately meet the the development of our Bank, providing us, needs and expectations of our stakeholders, at the same time, with adequate instruments undertaking full responsibility of our to satisfy the needs of a territory that has initiatives. All this for contributing to the suffered heavily from the impact of the last territory we live in and to citizens, in order years’ crisis, but that nonetheless shows to open new development and welfare encouraging signals of recovery. Being a perspectives for the whole community. local bank nowadays requires the capability to respond to the fast-paced evolution that Being sustainable today, for us, means to has changed both the face of our society ensure the Bank is managed in a correct, as well as our household and business transparent and responsible way, able priorities. Innovation, multichannel services, to stand the test of time, to produce and sales network re-organisation to be closer to distribute the value arising from its activities the territory and more aware of its needs, to all stakeholders in a balanced way, in 4 The Group key figures Data as at 31/12/2014 (2.8) 5 Identity of the Group The Banca Carige Group’s profile With over five centuries of history, the Banca Carige Group is one of Italy’s top 10 banking Timeline of the Banca Carige Group groups and one of 14 Italian groups subject to the European Central Bank supervision. The Group has a branch network (642 branches, including a branch in Nice) and a customer base mainly located in Northern and Central Italy. More specifically, 66.5% of Group branches and over 68% of customers are based in Northern Italy, while 20.6% of branches and 19% of customers are located in Central Italy. At the end of 2014, the Group had over one million banking customers among households, professionals, SMEs and artisans. The banking activity is carried out by the banks of the Group - Banca Carige, Banca Carige Italia, Cassa di Risparmio di Savona, Cassa di Risparmio di Carrara, Banca del Monte di Lucca and Banca Cesare Ponti - having deep local roots in Liguria (Banca Carige and Cassa di Risparmio di Savona), Tuscany (Cassa di Risparmio di Carrara and Banca del Monte di Lucca) and Lombardy (Banca Cesare Ponti). 6 The Group structure The Banca Carige Group, listed in the Register of Banking Groups, comprises the Parent Company Banca Carige S.p.A. and the banking, financial and real Banking activities Trust services Insurance business Financial activities estate companies under its control. The insurance companies Carige Vita Nuova S.p.A. and Carige Assicurazioni S.p.A. and their insurance and real estate subsidiaries constitute the insurance Group Banca Carige, listed in the relevant IVASS Registry (Italian Insurance Supervisory Authority). 1 1 On 28th October 2014, Banca Carige and a company organised and owned by investment funds managed by affiliates of Apollo Global Management LLC entered into an agreement which envisages Banca Carige selling 100% of the shares held in Carige Vita Nuova S.p.A. and Carige Assicurazioni S.p.A., for an aggregate consideration of EUR 310 mln. Banca Carige, together with the other banks of the Group, entered into long-term agreements with Apollo for the distribution of life and non-life insurance products. The closing of the transaction, which is conditional upon obtaining the necessary authorisations from the relevant authorities and subject to specific conditions precedent, is expected to be finalised in the first half of 2015. (2.2-2.3-2.6-2.9-3.8) 7 The Banks of the Group Cassa di Risparmio di Savona, the oldest Founded in 1843 as charity body, it became Acting as Parent Company, Banca Carige savings bank in Liguria, became part of the a credit institution in 1895. From then on, manages and coordinates its subsidiaries. Group in 2000. It is currently the leading deposits have been used to support the For this purpose, Banca Carige has bank in the province of Savona and an local economy, in particular the marble centralised several functions, among which important point of reference for the whole industry. In 2004, Cassa di Risparmio di internal auditing, compliance, anti-money economy of the territory, strongly focused Carrara joined the Group, becoming its laundering, risk management, administration on both individual and business customers.
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