DOCSLIB.ORG

Good Samaritan Novo Banco

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Good Samaritan Novo Banco When Banco Espírito Santo was split up and its toxic assets jettisoned, eduardo stock da cunha was parachuted G00D in to rescue the “good” bank. Then things got complicated… SAMARITAN Interview by Brunswick’s alexandra abreu loureiro hen Eduardo Stock da Cunha Fund, became the sole shareholder. The In the meantime, a socialist-leaning came to the aid of a teetering “bad bank,” containing the company’s government came to power in Portugal institution in his native most toxic assets, was left to existing and another domestic bank collapsed, W Portugal, he didn’t bank on shareholders and junior bondholders. throwing more shadows on to Novo that good deed turning into an intense If BES had been allowed to fail and Banco’s future. long-term commitment. go into liquidation, it could have had As interim CEO, Stock da Cunha needs In September of 2014, at the invitation a “devastating systemic effect” on the to provide stability and grow the business’s of Portugal’s central bank, Stock da Cunha whole banking sector, José Berberan value despite these stormy conditions, took temporary leave from his position Ramalho, a Deputy Governor of the fighting each day to deliver for both at Lloyds Banking Group to be interim Bank of Portugal, told a parliamentary customers and regulators. Chairman and CEO of the fledgling Novo hearing late in 2014. “It’s a 26-hour-a-day job, I can tell you,” Banco, formed out of the collapse of one he says. Here, he discusses leading a bank of Portugal’s largest lenders, the family-led BES’S FIRST MANAGEMENT team under siege, the pressure of serving many Banco Espírito Santo, or BES. post-bailout resigned after only two stakeholders, and the personal sense of In July the same year, under a cloud months, citing a shifting mandate. Stock duty that drives him. of suspicious accounting practices, da Cunha was tapped to lead the good the bank had reported a 2014 first-half bank, named Novo Banco, until it could Why did you take the job at Novo loss of $4.8 billion. BES, a linchpin of the be sold. Banco? You must have known you were nation’s economy, seemed about to go A year later, the expected sale fell stepping into a hornets’ nest. belly up. through and the search for a buyer I’m attracted to challenges and this is the The central bank stepped in and ground to a halt. Stock da Cunha was kind that happens once in a lifetime. And organized a bailout to salvage the left in a kind of limbo, steering the huge it was a mission, something I could do for retail operation – the so-called “good retail bank toward an uncertain goal, my country. bank.” The family leadership was forced unsure if, or for how long, his term would Basically, I was asked to rescue a out and a separate entity, the Resolution be extended. bank that was tremendously important MILESTONES ON THE ROAD TO RUIN – AND RECOVERY Banco Espírito MAY 2014 JUNE Family members, Santo is founded An independent including the CEO of BES, in 1920 and audit finds serious Ricardo Espírito Santo Salgado has roots in the DECEMBER 2013 problems at Espírito (right), give up leadership roles mid-19th century A Wall Street Journal Santo International, businesses of article questions “financial a BES sister unit. JULY Shares continue to fall. patriarch José gymnastics” within the Finances of the BES reports record loss of Maria de Espírito family-led Espírito Santo whole group are €3.6 billion ($4.8 billion) for the Santo Silva group of companies thrown into doubt first half of 2014. Respected economist Vitor Bento named CEO and Chairman 76 brunswick review · issue 10 · spring 2016 to the Portuguese financial system of the bank. It seemed best to separate and still on the brink of collapse. It is those roles. one of the most prominent banks for retail and commercial customers Your position was supposed to last only in Portugal. a few months. Are you still determined Before moving to Lloyds in London in to see it through? 2014, I spent 20 years at Santander Group, The sale did not succeed initially, and we the final five as COO and member of the all have had to accept that. As long as I board at Sovereign Bank, Santander’s can, I will continue to have this active retail unit in the northeast of the US, role in helping the bank continue on based in Boston. I took on that role the right track. To the very last minute, when the bank was also in a very difficult my focus will be on creating value for situation. We had to radically change the this bank. bank by cutting costs and headcount by more than 30 percent. Novo Banco is now undergoing a restructuring and a recapitalization EDUARDO STOCK DA CUNHA What attracted you to Lloyds? plan. What will the new bank look like? Lloyds is an amazing institution – a The way I think it should have looked Eduardo Stock da Cunha is retail bank in one of the largest financial a long time ago. This bank can only interim CEO and Chairman of Novo Banco in Lisbon, Portugal. markets in the world, with more than survive – and it will survive – if we He is on leave from his position 20 percent market share in personal keep our competitive advantages or as a Director at Lloyds Banking current accounts and almost 20 percent make them stronger. That means we Group in London. Previously share in small companies and business need to take care of families’ savings he was with financial group banking. When the opportunity arose at and lend money when they need it; Santander in Portugal and Lloyds, I jumped at it. we need to help Portuguese companies its US unit, Sovereign Bank. build exports and reach the appropriate NOVO BANCO What is your role now, at Novo Banco? international markets. Novo Banco was created in My job is to manage the bank and to We are a Portuguese bank, based in 2014 as part of the Portuguese preserve or to increase the value of Portugal, mainly working for Portuguese government-led effort to resolve the franchise. Given the failed sale and companies and households. That is where the collapse of former Banco other public challenges, it is not easy. our competitive strength lies, not in other Espírito Santo. Novo Banco But we are sure that the bank is on markets, where local competition may is the country’s third-largest the right track and will continue to have the advantage. Our strength is in bank by net assets and has regain value. community banking, US-style. almost 2 million clients. Its domestic network has some When I took the job, I had a 580 retail branches and around discussion with the folks at the Resolution But you have had some foreign bidders 6,000 employees. The group Fund – the sole shareholder of the for the company? serves households, Portuguese bank. We agreed that I was in charge, Ownership should and must be exporting companies and the PHOTOGRAPHS: ZEFERINO SILVA / MARTIN SHIELDS, ALAMY STOCK PHOTO / MARIO PROENCA, BLOOMBERG, GETTY / NOVO BANCO GETTY NOVO BLOOMBERG, / PROENCA, MARIO / PHOTO ALAMY STOCK SHIELDS, MARTIN / SILVA ZEFERINO PHOTOGRAPHS: but that they would handle the sale independent. This is a local bank, in emigrant community. MILESTONES ON THE ROAD TO RUIN – AND RECOVERY AUGUST SEPTEMBER MAY 2015 Bank of Portugal Vitor Bento and Bank of Portugal discloses that more his team resign. starts proceedings losses at BES were Eduardo Stock against former BES hidden in deals with da Cunha is named executives, including Swiss group Eurofin interim CEO and Salgado, suspected Holdings. A $6.6 billion Chairman of Novo of “malicious bailout is unveiled Banco by Bank acts” and “ruinous and “good bank” of Portugal management” Novo Banco is born brunswick review · issue 10 · spring 2016 77 Brunswick is an advisory firm specializing in critical issues and corporate relations www.brunswickgroup.com this space and with these types of customers. may have influenced the bidders, two of whom As long as the new owners understand that were Chinese. and support our mission, it doesn’t matter as long as they comply with the criteria defined What are some of the other hurdles? by the authorities. The European Central Bank stress test was an important one, determining how much additional You have said before that the CEO and chairman capital was required for the bank. Bidders knew the roles should be separate, but you hold both at stress test results would be disclosed in November Novo Banco. Does this bother you? 2015, so it seemed best to wait for those results This is a “bridge bank” arrangement, designed to before continuing with the auction of the bank. The end with the sale of the business, so I’m not that “To the very restructuring plan demanded by EU authorities is concerned. A bridge bank is temporary by law, last minute, another factor. But those uncertainties have been even though it would be preferable to separate clarified now. the CEO and chairman roles. my focus will be on creating value How will you measure success at Novo Banco? The government’s handling of the collapse The first measure of success is that the bank of BES set a precedent in the European for this bank” survives and the second is that it remains a valuable banking system. Are there lessons to franchise. I really think we’ve achieved both of be learned? those.
Load more

Recommended publications
  • A Unique Opportunity to Acquire a Leading Portuguese Banking Franchise with Selected European and International Operations
    A unique opportunity to acquire a leading Portuguese banking franchise with selected European and international operations December 2014 Background and opportunity On 3-Aug-14, the central bank of Portugal, Banco de Portugal used its statutory powers to resolve Banco Espírito Santo S.A. (“BES”) (the “Resolution” or the “Resolution Measure”). The majority of the assets and liabilities of BES were transferred to a newly created bank NOVO BANCO (the “Bank”). The equity capital of NOVO BANCO, to the amount of €4.9bn, was fully subscribed by the Portuguese Resolution Fund (“Resolution Fund”) which became the sole shareholder of the Bank The sale of NOVO BANCO is a unique opportunity to acquire the control of a leading financial institution in Portugal with international operations: A bank born out of the Resolution which has retained its customer base and franchise , whilst exposure to the former shareholders and junior creditors has been removed A leading bank in Portugal with a blended 18% market share, the number one in the corporate segment and a leading retail capacity Market-leading sales efficiency in Portugal A universal bank with a wide distribution network in Portugal , complemented by a successful multi-channel approach A meaningful presence in key European markets and selected dynamic geographies around the world, primarily focused on countries with cultural and economic ties with Portugal A new management team in place, fully aligned with the objectives of the new shareholder and focused on the consolidation of the business
    [Show full text]
  • Notification by Banco De Portugal on Six
    Notification template for Article 131 CRD – Other Systemically Important Institutions (O-SII) Please send this template to [email protected] when notifying the ESRB; Emailing this template to the above-mentioned addresses constitutes an official notification, no further official letter is required. In order to facilitate the work of the notified authorities, please send the notification template in a format that allows electronically copying the information. 1. Notifying national authority 1.1 Name of the notifying authority Banco de Portugal 2. Description of the measure On which institution(s) is the measure applied (name and LEI code)? Caixa Geral de Depósitos (Lei code: TO822O0VT80V06K0FH57) 2.1 Concerned institution or Banco Comercial Português (Lei code: U1U6S0DG9YLT7N8ZV32) group of institutions Novo Banco (Lei code: 5493009W2E2YDCXY6S81) Santander Totta – SGPS (Lei code: 5493005RLLC1P7VSVC58) Banco BPI (Lei code: 3DM5DPGI3W6OU6GJ4N92) Caixa Económica Montepio Geral (Lei code: 2138004FIUXU3B2MR537) What is the level of the buffer (in %) applied to the institution(s)?Taking into account this decision, the O-SII´s buffers shall be applicable from 1 January 2018 and shall be phased-in over a four years period. The buffer rates applied to the institutions are the following: O-SIIs institutions O-SII Buffer O-SII Buffer to O-SII Buffer to O-SII Buffer to be be required in be required in to be required in 1 January 2019 1 January 2020 required in 1 2.2 Level of the buffer applied 1 January January 2018 2021 Caixa Geral de Depósitos 0.25% 0.50% 0.75% 1.00% Banco Comercial Português 0.188% 0.375% 0.563% 0.75% Novo Banco 0.125% 0.25% 0.375% 0.5% Banco BPI 0.125% 0.25% 0.375% 0.5% Santander Totta - SGPS 0.125% 0.25% 0.375% 0.5% 1 Caixa Económica Montepio 0.063% 0.125% 0.188% 0.25% Geral Please provide the name and the LEI code of the EU ultimate parent institution of the group of each of the concerned institutions, in case the EU ultimate parent institution is not the concerned institution itself.
    [Show full text]
  • General Risk Management Policies for Money Laundering and Terrorist Financing
    GENERAL RISK MANAGEMENT POLICIES FOR MONEY LAUNDERING AND TERRORIST FINANCING NOVO BANCO GROUP February 2021 BEST – Banco Electrónico de Serviço Total, S.A. ● Praça Marquês de Pombal, 3 - 3.º, 1250-161 Lisboa www.bancobest.pt ● Tel. (+351 218 505 775 (dias úteis, das 8h às 22h) Registado na Conservatória do Registo Comercial de Lisboa - 1.ª Secção, com o n.º 505 149 060 de pessoa coletiva e de matrícula e o capital social de 63.000.000,00 EUR CONTENTS: 1. GOALS .................................................................................................................................... 5 2. ACRONYMS ............................................................................................................................ 5 3. LEGAL AND REGULATORY FRAMEWORK ............................................................................... 6 3.1. COMPANY INFORMATION ..................................................................................................... 6 3.2. INTERNATIONAL STANDARDS AND RECOMMENDATIONS ................................................... 7 3.3. DOMESTIC REGULATIONS AND LEGISLATION ....................................................................... 8 3.4. REGULATORY STANDARDS OF SECTORAL AUTHORITIES .................................................... 10 4. RISK MODEL (MLTF) ............................................................................................................ 12 4.1. COMPLIANCE RISK ASSESSMENT ........................................................................................
    [Show full text]
  • 2017 H1 Deleveraging Europe
    Shifting momentum Regulation driving change in European loan portfolio markets Deleveraging Europe H1 2017 Financial Advisory Shifting momentum | Regulation driving change in European loan portfolio markets Contents Introduction 01 Market overview 03 European NPLs – The clash of politics and the markets 09 David Edmonds Andrew Orr Global Head of PLAS Partner & UK Head Italy 13 United Kingdom & Ireland 16 Spain & Portugal 20 Germany & Netherlands 25 Greece & Cyprus 29 Will Newton David Lane Partner & Head of Partner Austria & CEE 31 Strategic Advisory France 34 Nordics 36 Emerging markets 37 China 38 Benjamin Collet Indonesia 38 Partner Thailand 39 India 39 Middle East 40 Brazil 41 Deloitte Portfolio Lead Advisory Services 42 Contacts 43 Shifting momentum | Regulation driving change in European loan portfolio markets Introduction The European loan portfolio market had a slow start in the first half of 2017 compared to the same period last year, as sellers and investors pushed deals into the second half of the year. But with a large number of ongoing deals still in the pipeline for the second half, the total market for 2017 is currently set to exceed the record deal making of the previous two years when over €100 billion of deals were concluded. The pipeline is busy Regulatory influence Headline facts and figures At the mid-year point €42 billion of One element that has tempered the Ativity by year bn deals had been completed in Europe pace of deals in 2017 has been the heavy (compared to €45 billion last year) with regulatory load on potential NPL sellers in 2014 €82.9 €82.9 another €3 billion in emerging markets, and 2017.
    [Show full text]
  • Consolidated Results 1H 2021
    Consolidated Results 1H 2021 August 2nd, 2021 Unaudited financial information Disclaimer This document may include some statements related to the NOVO BANCO Group that do not constitute a statement of financial results or other historical information. These statements, which may include forward-looking statements, targets, objectives, forecasts, estimates, projections, expected cost savings, statements regarding possible future developments or results of operations, and any forward-looking statement that includes statements such as "believes", "expects", “aims or intends", "may" or similar expressions, constitute or may constitute forward-looking statements. By their nature, forward-looking statements are inherently predictive, speculative, and involve risk and uncertainty. There are many factors that can lead to results and developments that differ materially from those expressed or implied in forward-looking statements. These factors include, but are not limited to, changes in economic conditions in countries where the NOVO BANCO Group has operations, tax or other policies adopted by various governments or regulatory entities in Portugal and in other jurisdictions, levels of competition from other Banks or financial entities, and future exchange rates and interest rate levels. NOVO BANCO expressly disclaims any obligation or commitment to make any forward-looking review included in this document to reflect any event or change in future circumstances occurring after the date hereof. Notes: • In Sep-20, NOVO BANCO classified the Spanish Branch as discontinued operations, in line with the strategy to discontinue the Spanish business. Thus, for comparison purposes, 1H20 is presented pro-forma. • With the completion of the restructuring process in 2020, the 1H21 results are disclosed only at consolidated level.
    [Show full text]
  • European Npls - FY18 an Overview of the Non-Performing Loan Market
    An Acuris Company Year-End 2018 European NPLs - FY18 An overview of the non-performing loan market Alessia Pirolo Head of NPL Coverage, Debtwire +44 (0) 20 3741 1399 [email protected] Amy Finch Data Journalist, Debtwire +44 (0) 20 3741 1187 [email protected] European NPLs – FY18 An Acuris Company Overview: A Record Year for NPL sales 3-7 Trends by Country Italy 8-13 Spain 14-17 New Entries: Portugal, Greece and Cyprus 18-24 UK and Ireland 25-28 Germany 29-30 Index List of closed deals 31-40 Criteria 41 Authors and contact details 42 2 European NPLs – FY18 An Acuris Company A Record Year for NPL sales The European non-performing loan (NPL) market reached its peak in 2018 with disposal totalling EUR 205.1bn in gross book value (GBV). Debtwire NPL Database tracked 142 transactions. The year just closed has been by far a record, compared with EUR 144bn in 2017 and EUR 107bn in 2016, according to data from Deloitte. The last quarter of 2018 saw a particularly intense pace of activity, given that at the end of the third quarter closed deals totalled EUR 125bn. The most active country was Italy, which totalled half of the total volume of NPL sales. In 2018, 64 NPL sales with a gross book value (GBV) of EUR 103.6bn were tracked in the country, almost half of which were via securitisations within the government’s Garanzia sulla Cartolarizzazione delle Sofferenze (GACS) scheme, which now has only until 6 March 2019 to run. Spain has started to see a slowdown of sales, but still completed a massive EUR 43.2bn in 27 deals.
    [Show full text]
  • A View of Evolution, Performance and CSR on the Big Five Portuguese Banks
    The Portuguese banks are grounded: A view of evolution, performance and CSR on the big five Portuguese Banks Maria Carolina Pimenta Dissertation written under the supervision of Sérgio Moreira Dissertation submitted in partial fulfilment of requirements for the MSc in Business, at the Universidade Católica Portuguesa, January 2020. Abstract Title: The Portuguese banks are grounded: A view of evolution, performance and CSR on the big five Portuguese Banks Author: Maria Carolina Pimenta The financial crisis in Portugal has brought profound changes. The Portuguese standard of living and the banking health has decreased considerably, and with it, the confidence in the sector. It is fundamental for the proper functioning of the country's economy that there is complete restructuring not only within the banks but also in people’s trust of the sector. This dissertation aims to study how the Portuguese perceive the Portuguese banking sector and its Corporate Social Responsibility. The study is divided into two components, the analysis of general banking perceptions and the analysis of the perceptions of five different banking entities: BPI, Caixa Geral de Depósitos and Millennium BCP, Novo Banco and Santander. In order to make this possible, a questionnaire was carried out and analyzed based on quantitative and qualitative data. The results reveal a deep dissatisfaction with the banking sector, with its performance, evolution and lack of social responsibility initiatives. The adoption of CSR initiatives are fundamental to the perception of the banking evolution. Findings show that the more the population believes the banks are playing an active and environmental role, the more people recognize its initiatives as genuine and not for marketing purposes.
    [Show full text]
  • Info Memo OT 15JUN2029 Vf
    Information Memorandum January 14, 2019 REPUBLIC OF PORTUGAL € 4,000,000,000 1.95% Obrigações do Tesouro due June 15, 2029 Issue Price: 99.743% Application has been made to list the Obrigações do Tesouro on the MTS, BrokerTec, BGC Brokers and Euronext Lisbon Banco Bilbao Vizcaya BNP Paribas Argentaria, S.A. Citigroup Global Markets Limited Crédit Agricole CIB Morgan Stanley & Co. Novo Banco, S.A. International plc Santander Barclays Bank , PLC Caixa – Banco de Investimento , S.A. Caixabank Danske Bank Deutsche Bank Aktiengesellschaft Goldman Sachs International Bank HSBC F rance Jefferies International Limited J.P. Morgan Securities plc NatWest Markets Plc Nomura International plc Société Générale This Information Memorandum contains certain information in relation to the issue of € 4,000,000,000 1.95% Obrigações do Tesouro Benchmark due June 15, 2029 (the “OTs”) of The Republic of Portugal (the “Republic” or the “Issuer”). The delivery of this Information Memorandum at any time does not imply that the information herein is correct as of any time subsequent to the date of this Information Memorandum. This Information Memorandum does not constitute an offer of or an invitation by or on behalf of the Republic to subscribe for or purchase any of the OTs. The Issuer has taken all reasonable care to ensure that the information contained in this Information Memorandum is true and accurate in all material respects and is not misleading and there are no other facts the omission of which makes this Information Memorandum as a whole or any of such information or the expression of any opinions or intentions misleading in any respect.
    [Show full text]
  • What Good out of a Bad Bank?
    What good out of a bad bank? This case study was prepared by João Carlos Marques Silva, Ph.D., and José Azevedo Pereira, Ph.D. Index Synopsis .................................................................................................................................................. 1 The Problem ............................................................................................................................................ 2 The Initial Solution .................................................................................................................................. 2 Differendum in Strategy...................................................................................................................... 3 No Difference between the Old and the New .................................................................................... 4 The hardships of Novo Banco’s frontline workers .......................................................................... 4 Sale Attempt – Round 1 ...................................................................................................................... 4 Some more bad news… ....................................................................................................................... 5 New government and Strategy reviewal ................................................................................................ 6 Sale Attempt – Round 2 .....................................................................................................................
    [Show full text]
  • NOVO BANCO Separate Sustainability Metrics
    Consolidated Results 1H 2021 August 2nd, 2021 Unaudited financial information Disclaimer This document may include some statements related to the NOVO BANCO Group that do not constitute a statement of financial results or other historical information. These statements, which may include forward-looking statements, targets, objectives, forecasts, estimates, projections, expected cost savings, statements regarding possible future developments or results of operations, and any forward-looking statement that includes statements such as "believes", "expects", “aims or intends", "may" or similar expressions, constitute or may constitute forward-looking statements. By their nature, forward-looking statements are inherently predictive, speculative, and involve risk and uncertainty. There are many factors that can lead to results and developments that differ materially from those expressed or implied in forward-looking statements. These factors include, but are not limited to, changes in economic conditions in countries where the NOVO BANCO Group has operations, tax or other policies adopted by various governments or regulatory entities in Portugal and in other jurisdictions, levels of competition from other Banks or financial entities, and future exchange rates and interest rate levels. NOVO BANCO expressly disclaims any obligation or commitment to make any forward-looking review included in this document to reflect any event or change in future circumstances occurring after the date hereof. Notes: • In Sep-20, NOVO BANCO classified the Spanish Branch as discontinued operations, in line with the strategy to discontinue the Spanish business. Thus, for comparison purposes, 1H20 is presented pro-forma. • With the completion of the restructuring process in 2020, the 1H21 results are disclosed only at consolidated level.
    [Show full text]
  • Strengthening the EU's Bank Crisis Management and Deposit Insurance Framework
    Strengthening the EU’s bank crisis management and deposit insurance framework: for a more resilient and efficient banking union High-level conference Speakers' biographies 18 March 2021 Banking and #CMDIreview Finance Index of names B L Berrigan, John 25 Leão, João 5 Bjerre-Nielsen, Henrik 7 M C Maczynska, Aleksandra 22 Campa Manuel, Jose 20 Mazintiene, Aurelija 23 McGuinness, Mairead 3 D R Dissaux, Thierry 21 Raspiller, Sébastien 15 Restoy, Fernando 16 F Freitas, João 14 S Sabatini, Giovanni 17 G Simon, Peter 10 Garicano, Luis 8 Gelpern, Anna 6 T Greene, Megan 13 Grünewald, Seraina 19 Tinagli, Irene 12 Guindos de, Luis 4 Tomaszewski, Piotr 11 K W König, Elke 9 Wijnhoven, Geert 24 Wimmer, Eva 18 The Speakers’ biographies are in chronological order Last update 09/03/2021 Mairead McGuinness European Commissioner for Financial Services, Financial Stability and Capital Markets Union Mairead McGuinness is the European During her time in the Parliament, Commissioner for financial services, Ms McGuinness sat on a range of financial stability and Capital Markets committees, covering agriculture, Union. environment, public health, budgets, petitions and constitutional affairs. The Commissioner’s vision for the Her legislative work included portfolio is focused on ensuring leading for the EPP Group on the the financial sector’s strength and European Climate Law, the revision stability, so that it can deliver for of medical devices legislation, and people, society and the environment. CAP reform post-2013. As an Irish MEP representing the border region, Before joining the Commission in she was outspoken on Brexit and the October 2020, Ms McGuinness was consequences for the EU and Ireland.
    [Show full text]
  • 2019 Sustainability Reports Covers Only the Scope That Are Relevant to the Topics Covered in the Report
    Sustainability Report Title — Criança dos Laços Author — João Campos Contents 1 Who We Are..................................................................................................................................................4 Chief Executive Officer Statement ........................................................................................................4 NOVO BANCO .....................................................................................................................................6 Sustainability approach .........................................................................................................................7 Main Awards and Partnerships .............................................................................................................9 Main Events ....................................................................................................................................... 11 2 Our clients .................................................................................................................................................. 13 Listening to the clients ....................................................................................................................... 13 Retail Banking .................................................................................................................................... 15 Corporate Banking ............................................................................................................................
    [Show full text]