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Advanzia Bank Annual Report 2020

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Advanzia Bank Annual Report 2020 ANNUAL REPORT 2020 The prize winning Twist by Bjarke Ingels group at the Kistefos Museum, Norway. Photo: Hélène Binet Kistefos, one of Europe’s most important sculpture parks for contemporary art, shows globally recognised artworks in a spectacular and atmospheric rural setting. Kistefos is today a melting pot of indus- trial history, contemporary art and archi- tecture and dramatic nature. While con- temporary art takes centre stage, nature and industry form an omnipresent frame- work impacting visitors and artists alike. Kistefos offers a unique experience fuel- led by the contrasts between past and present, local and international, indoor and outdoor – allowing for unusual meeting points between art, nature and people. ANNUAL REPORT 2020 www.advanzia.com | www.gebuhrenfrei.com | www.cartezero.fr | www.free.at | www.tarjetayou.es | www.advanziakonto.com Advanzia Bank 2020 CONTENTS 3 KEY FIGURES 2020 4 CEO’S MESSAGE 5 CHAIRPERSON’S STATEMENT 6 LEADERSHIP 6 Board of Directors 6 Audit Committee 7 Management Team 8 REPORT OF THE BOARD OF DIRECTORS 8 Overall results 10 Economic outlook 10 Corporate development 11 Internal governance 12 SPOTLIGHT OMNI-CHANNEL PROGRAMME 14 ABOUT ADVANZIA 14 A European digital bank 14 Transparent and flexible consumer products 14 Bespoke credit card solutions 14 Regulatory stability 14 Solid shareholder structure 15 OUR CORE MARKETS 16 OUR PRODUCTS AND SOLUTIONS 16 No-fee credit cards for private customers 17 Savings account for private customers 17 Turnkey credit card programmes for financial institutions 18 Co-branded credit cards for business partners 19 OUR COMMITMENT TO CSR 20 BUSINESS KPIs 22 FINANCIAL STATEMENTS 2 Advanzia Bank 2020 2.9301.9 million million1 credit card customers credit card turnover EUR1.4 1.9 billion €1.65 milliongross loan balance EUR 2.1 1 credit card customers billionbillion in deposits in deposits KEY 55.6 33million 400 FIGURES deposit customers 2020 transactions EUR 3.5 39% cost-incomebillion ratio 9.1%€56 transaction volume loan balance growth million result after tax 246 business21% partnerships including 89 financial2 annual growth rate institutions 1 Cards in force 3 Advanzia Bank 2020 CEO’S MESSAGE 2020 was a year unlike any other and brought unex- for our customers. Furthermore, we aim to further pected challenges to every aspect of our personal expand our offering in Europe, either by entering and professional lives. The outbreak of the COVID-19 new markets or by acquiring portfolios. pandemic not only disrupted the economy, but forced businesses and people alike to rapidly change I am thankful for the commitment of our trusted our way of working and communicating. service partners who adapted rapidly to new cir- cumstances, and I am particularly impressed by the Despite these challenges, Advanzia Bank continued resilience and flexibility of all our 204 employees to improve its business, drive significant digital ini- during these unprecedented times. Without this tiatives and, perhaps most importantly, gain market engagement, Advanzia’s business transformation share in our core markets. Further, I am proud to say and growth would not have been possible. that all of our mature markets now contribute posi- tively to the bank’s profitability, following focused, long-term improvement efforts across our markets, Roland Ludwig but in particular in France. Advanzia’s 2020 results Chief Executive Officer demonstrate the success of our credit risk strategy Advanzia Bank S.A. and our ability to quickly adapt acceptance policies and marketing strategies to improve portfolio per- formance and minimise risk. By offering an online payment and customer expe- rience, Advanzia is a vital puzzle piece in the pay- ment ecosystem, and we have kept our promise by continuing to deliver service excellence to our customers, business partners and partner banks. In 2020, we reached important milestones in our digital transformation journey when we launched mobile payments and new mobile apps across our markets. We concluded the year with 251 000 new cardholders and more than 1.9 million cardholders in total, which represents a growth of 13% compared to last year. The bank will continue to prioritise and focus on dig- ital transformations and growth initiatives in 2021 and beyond. As a digital banking forerunner we aim to create a fully customer-centric banking platform that can deliver a unified omni-channel experience 4 Advanzia Bank 2020 CHAIRPERSON’S STATEMENT With the acquisition and migration of the Capitol card portfolio from Catella Bank successfully com- pleted, the bank has further established its position as the leading provider for professional card ser- vices for banks and financial institutions in Europe. The bank now services 89 financial institutions in 12 countries. There are a few numbers in the Directors’ Report that are particularly worth highlighting: Advanzia now has a customer base of 1.9 million credit card customers with a loan balance that grew to MEUR 1 881. The bank reached a new milestone with a net profit of MEUR 100, representing a growth of 37% and resulting in a market-leading return on equity of 38.9%. Looking ahead, the board would like to emphasise the bank’s ambitious goals for the years to come. Once again, the board is pleased to report another The strategic priority continues to be the digitalisa- successful year for Advanzia Bank, with continued tion of the bank’s customer-centric platforms, which growth, increased digital transformation, and a is key to the bank’s continued long-term success and series of important strategic milestones completed will bring Advanzia closer to the unique position of during 2020, despite all the challenges posed by the being a specialised pan-European and independent coronavirus pandemic. card issuer. Advanzia launched a new cloud-based digital plat- On behalf of the board, I would like to extend our sin- form, which is not only transforming the customer cere gratitude to both Advanzia’s management and experience but also paves the way for future growth employees for another remarkable year and great opportunities. As part of the omni-channel pro- results during most challenging circumstances. gramme that was initiated in 2020, the bank contin- ues to increase scalability and flexibility of its card solutions and service offerings across markets. The Bengt A. Rem development of a holistic and state of the art digi- Chairperson of the Board of Advanzia Bank S.A. tal banking platform will enable the use of new and Chief Executive Officer of Kistefos AS, emerging technologies and capabilities. It will also Advanzia’s majority shareholder since 2006 allow Advanzia to deliver a future orientated cus- tomer offering, build a long-term competitive advan- tage and serve as a strong base for future growth. 5 Advanzia Bank 2020 LEADERSHIP BOARD OF DIRECTORS From left: Bengt A. Rem, Thomas Schlieper, Erlend Bondø, Nishant Fafalia, Tor Erland Fyksen. Board of Directors MR. BENGT ARVE REM Chairman of the Board, CEO Kistefos AS DR. THOMAS SCHLIEPER Deputy Chairman of the Board, Private investor MR. ERLEND BONDØ Kistefos AS, CFO Kistefos AS MR. NISHANT FAFALIA Kistefos AS, Investment Director MR. TOR ERLAND FYKSEN Private investor Audit Committee MR. NISHANT FAFALIA Chairman of the Audit Committee MR. ERLEND BONDØ Member of the Audit Committee MR. TOR ERLAND FYKSEN Member of the Audit Committee 6 Advanzia Bank 2020 LEADERSHIP MANAGEMENT TEAM From left: Romain Fettes, Pieter Verhoeckx, Linda Früh, Roland Ludwig, Frank Hamen, Johannes Neander, Patrick Thilges. Executive Management Committee MR. ROLAND LUDWIG Chief Executive Officer MR . FRANK HAMEN Chief Risk Officer Management Committee MR. ROLAND LUDWIG Chief Executive Officer MR. FRANK HAMEN Chief Risk Officer MR. ROMAIN FETTES Chief Information Officer MS. LINDA FRÜH Chief Digital Officer MR. JOHANNES NEANDER Chief Commercial Officer MR. PATRICK THILGES Chief Financial Officer MR. PETRUS JOHANNES (PIETER) VERHOECKX Chief Customer Relations Officer 7 Advanzia Bank 20182020 REPORT OF THE BOARD OF DIRECTORS Advanzia Bank is a digital bank that offers competi- Digital transformation tive and transparent solutions for private customers, The bank reached major milestones in its omni-chan- business partners and banks. The bank promotes its X nel U programme this year, offering a fully digital own branded Mastercard Gold credit cards through customer and payment experience with the launch of online marketing channels, and distributes its white three new mobile apps in Austria, France and Spain label/co-branded credit cards via business partner for its private and business customers. The bank also networks. Advanzia is also a leading pan-European launched mobile payment solutions in all markets. provider of turnkey credit card programmes for banks and financial institutions. Solid financial results The outbreak of the COVID-19 pandemic in Europe in March 2020 affected the economy and resulted in an OVERALL RESULTS overall slowdown of the loan balance growth. After a strong start in January and February, applications, Resilience amid coronavirus pandemic credit card activity and loan balance development The outbreak of the COVID-19 pandemic has dis- developed adversely throughout the end of the sec- rupted the global economy and impacted people ond quarter. However, as of the third quarter, trans- and businesses in unprecedented ways, creating an action levels, loan balance growth and the number of urgent need to change communication processes applications recovered to nearly pre-pandemic
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