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BANCA CARIGECARIGE SPASPA Cassa Di Risparmio Di Genova E Imperia

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BANCA CARIGECARIGE SPASPA Cassa Di Risparmio Di Genova E Imperia BANCABANCA CARIGECARIGE SPASPA Cassa di Risparmio di Genova e Imperia May 2006 -1- BANCA CARIGE GROUP Agenda Introduction The Strategic Plan 2006 - 2008 FY2005 results Funding policy and transaction Annexes -2- BANCA CARIGE GROUP Agenda Carige’sIntroductionIntroduction project: history and results The Strategic Plan 2006 - 2008 FY2005 results Funding policy and transaction Annexes -3- BANCA CARIGE GROUP Carige’s background Independence through growth 1483 - 1989 1990 - 1998 1999 - 2004 A long history: Capital base Expansion and strengthening and diversification: one of the oldest opening to new banks in the from a regional to a shareholders: world multilocal network from a savings bank to a listed stock from a bank company to a financial group -4- BANCA CARIGE GROUP The timeline of events Establishment of Change of name Creation of a IPO: first savings Capital increase Acquisition of 124 Establishment of Cassa di to Cassa di Multifunctional bank to be floated reserved to branches from Carige AM SGR Risparmio di Risparmio di group on the Italian institutional BdS, Intesa and SpA - acquisition Genova Genova e Imperia Stock Exchange investors Capitalia of Banca C. Ponti 14831483 18461846 19291929 19671967 19911991 19921992 19941994 19951995 19971997 19981998 19991999 2000–20022000–2002 20032003 20042004 Foundation of Merger of Monte di Banca Carige Commitment of Acquisition of the Italian International Sharecapital Monte di Pietà di Pietà into Cassa di becomes the the Foundation to insurance activities of partnership increase; Genova Risparmio di banking subsidiary privatise Banca Baloise Group; the non agreements acquisition of Genova of Foundation Carige. life company Carige (CNCE, WestLB Cassa di Ass.ni and the life and El Monte); Risparmio di Merger of financial company Carige Vita acquisition of BML Carrara subsidiaries Nuova (formerly Levante and Cassa di Ass.ni and Basilese Vita Risparmio di Nuova) Savona -5- BANCA CARIGE GROUP M&A activity Year Capital collected Euro mn Year Acquisitions Euro mn 1994-95 IPO 105 1993-95-99 Cassa di Risparmio di Savona 227 1996-97 Bond conversion into new shares 61 1991-2004 Insurance companies 303 1997 Capital increase underwritten 46 1999 - 2002 Banca del Monte di Lucca 63 by La Basilese 2000 21 branches from Banco di Sicilia 60 Capital increase underwritten 1998 by institutional investors 116 2001 61 branches from Intesa 277 Capital increase underwritten 1999 by CNCEP, CDC, WestLB 236 2002 42 branches from Capitalia 127 2001 Issue of a subordinated loan 400 2003 Cassa di Risparmio di Carrara 174 Capital increase and issue of 2003 subordinated convertible bonds 306 2004 - 2006 Banca Cesare Ponti 38 2006 -June Capital increase 200 Total 1,470 Total 1,269 The capital collected in the past was entirely invested in acquisition -6- BANCA CARIGE GROUP The geographical expansion 1989 2006 4 7 1 1 40/62 12/30 3 35/24 2 19/19 246/15 131 54/27 3/11 1/5 246 (50%) 13 131 (96%) branches branches 33/37 2 in Liguria and in Liguria 9/34 94 (69%) in 9 Genoa province 3 7/24 27 37/53 Banking branches Insurance outlets Branches/ Branches Employees Regions Provinces outlets Employees Regions Provinces Bank 137 2,962 4 8 Banks (*) 497 4,788 12/20 57/103 Insurances 407 378 20/20 98/103 Group 904 5,166 20/20 99/103 (*) Nice (France) included. -7- BANCA CARIGE GROUP The Group’s structure Fondazione CR Genova e CNCE WestLB Others Imperia 43.35% 11.63% 5.72% 39.30% Banca Carige S.p.A. - Cassa di Risparmio di Genova e Imperia Banking Trustee Insurance Financial Real Estate 76.93% 95.90% 100.00% 99.50% 100.00% 20.00% Centro Fiduciario 0.50% Carige AM SGR S.p.A. Galeazzo S.r.l. C.F. S.p.A. 54.00% 0.01% 98.24% 99.99% 100.00% 90.00% Columbus Carige Immobiliare S.p.A. CR Carrara 1,25% as own shares 60.00% 58. 75% 90.00% Cesare Ponti PRIAMAR Immobiliare Ettore Finance Srl Vernazza S.p.A. 47.50% 10% as own shares 100.00% Immobiliare Carisa S.r.l. -8- BANCA CARIGE GROUP The growth of volumes and results LENDING AND DEPOSITS (€m) SHAREHOLDERS’ EQUITY (€m) CAGR CAGR 47,119 2,137 +11,4% +15.1 % 8,380 226 1989 2005 1989 2005 NET PROFIT (€m) EMPLOYEES CAGR CAGR 131.4 +12.3% 5,101 +3.5% 2,962 20.5 1989 2005 1989 2005 -9- BANCA CARIGE GROUP Agenda Introduction TheThe StrategicStrategic PlanPlan 20062006 -- 20082008 FY2005 results Funding policy and transaction Annexes -10- BANCA CARIGE GROUP Our strategy Independence through growth 1990 - 1998 1999 - 2004 2005 - 2008 Capital base Expansion and Rationalisation strengthening and diversification and opening to new profitability shareholders enhancement -11- BANCA CARIGE GROUP Our mission Quality of resources Financial National Quality of service group and structures • Complete offer of • Stronghold in • Focus on retail • Specialisation of banking, financial and Liguria distribution and insurance products • Widespread and production structures and services • Out of Liguria it intensive use of distinguishes itself technology • Unitary management of • Aggregation point for for the attention to the Group’s key- smaller banks the relationship expertises with local communities • Professional development of human resources -12- BANCA CARIGE GROUP The core priorities of the Strategic Plan Strengthening of Profitability enhancement of subsidiaries (banks and operating efficiency insurances) and of each business area (lending, and profitability wealth management, payment system) enhancement Cost Management Increase of volumes per employee: Growth through productivity cross-selling, up-selling and retention in Liguria improvement rising of market share outside Liguria, also in synergy with insurance agents Re-engineering of business processes Risk management Control of the economic impact of risks -13- BANCA CARIGE GROUP Targets CAGRCAGR 20052005 2008E2008E 08E-0508E-05 Deposits and lending (€ bn)47 57 6.6% Net profit (€ mn)131 220 18.9% Shareholders’ equity (€ mn)2,137 2,688 7.9% CARIGECARIGE ROE6.2% 8.2% GROUPGROUP ROE adjusted (*)8.3% 10.3% Cost / Income Ratio 66.4% 54.7% Tier 1 ratio6.7% 8.2% Total capital ratio 8.8% 11.8% Deposits and lending (€ bn)39 46 5.7% Net profit (€ mn)137 207 14.7% Dividends (€ mn)88 108 7.1% Shareholders’ equity (€ mn)2,184 2,663 6.8% CARIGECARIGE ROE6.3% 7.8% BANKBANK ROE adjusted (*)8.4% 9.7% Cost / Income Ratio 61.4% 49.9% EPS (€)0.123 0.148 6.4% BVPS (€)1.962 1.907 -0.9% P/E (€) 24.5 22.3 -3.1% P/BV (€) 1.54 1.73 4.02% (*) Equity net of the revaluation of the participation in Bank of Italy (550 mn). -14- BANCA CARIGE GROUP A Capital Increase to continue the growth • The Board and the Shareholders’ Meeting approved a project of capital increase to be realised in the first half of 2006. • The amount: 165 million free capital increase (IAS reserves) and ~200 millions paid capital increase. • The capital increase improves Carige Solvency ratios. • It aims at allowing the growth of the Group, both via internal and external ways. The free increase of the share capital The paid increase of the share capital • issue of 76,943,254 ordinary shares • nominal value: ~ €77 million • nominal amount: ~ €165 million • equivalent value: ~ €200 million • 1 new share free every 7 shares held • 1 new share every 15 shares held • price: max €2,80 each The free capital increase will enable Carige to The paid capital increase will enable Carige to get convert in equity the reserves generated from the further financial resources suitable to continue the revaluation of fixed assets (according to the growth strategy by internal lines - through the introduction of IAS- revaluation of Bank of Italy opening of new branches - and by external lines not included) -15- BANCA CARIGE GROUP The plan of internal growth The Group has drawn up a plan to increase the number of its branches between 2006 and 2009. The new branches will be localised in the regions next to Liguria (Lombardia, Piemonte, Emilia Romagna, Toscana), in order to enforce the brand where it already exists. The Plan foresees 82 openings (59 under Carige brand and 23 under the brands of the other banks of the Group). The localisation of the new branches responds to two main CARIGE GROUP BRANCHES NEW BRANCHES BY BANK principles: - market attractiveness: potential 59 +82 customers, competition. 579 4 - achievement of a minimum 497 market share: in the most 9 attractive areas, we have selected the provinces where the new CR 10 openings allow us to achieve a Carrara 2005 2009 market share of 5 p.c., which we TOTAL 82 consider to be the minimum (market share) to grant a sufficient presence to develop the business. -16- BANCA CARIGE GROUP Cost Income ratio development REVENUES CAGR 1,011 9.1% 779 Non interest 407 income NET OPERATING INCOME CAGR: 303 10.3% Net interest income 451 CAGR: 604 CAGR 475 8.3 % 22.6% 254 2005 2008E OPERATING COSTS 2005 2008E CAGR 560 Cost 525 2.2% income 66.4% 54.7% 198 Other costs (1) 181 CAGR: 2.7 % 354 Personnel 335 CAGR: expenses 1.9 % (1) Cost income 2005 pro forma (provisions to reserves for risks and 2005 2008E charges not included) -17- BANCA CARIGE GROUP Revenues development 100 1,011 132 779 Revenues Organic Additional Revenues 2005 growth revenues 2008 from strategic projects CAGR CAGR % +5+5%% +9+9% 08-0508-05 -18- BANCA CARIGE GROUP Costs evolution (only payroll and G&A) 29 (14) 23 588 15 535 Costs Organic Organic Impact Savings Costs 2005 growth growth of new from 2008 of payroll of G&A openings strategic project CAGR CAGR % +1,3+1,3%% +2,8+2,8%% +3,2+3,2% 08-0508-05 -19- BANCA CARIGE GROUP The Projects of the Strategic Plan OnOn the the cost cost side side OnOn the the revenue revenue side side • Back office’s centralisation • Commercial strengthening • New front office (study phase) program DistributionDistribution • Liguria project • Collaboration branches- insurance agents ProductionProduction (bancassurance&assurbanca) • JV - Consumer Credit • Redefinition of the Support organisational structure Support • Cost management -20- BANCA CARIGE GROUP The Group re-organisation TheThe firstfirst stepstep ofof thethe strategicstrategic plan:plan: thethe redefinitionredefinition ofof thethe organisationalorganisational structurestructure TO.
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