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Annual Report and Sustainability Report TABLE OF CONTENTS Annual Report Management Letter 3 Purpose and Vision 6 Institutional Values 7 Recognition 2020 8 Corporate Governance 10 Chief Executive Officers, subsidiaries and affiliates, strategic alliances and foundation 11 Financial Group companies and institutions in the country 14 Financial group companies and institutions abroad 20 Strategic Alliances 26 Report to shareholders 29 Pichincha Financial Group 56 Banco Pichincha 58 Introduction 66 1. Sustainable finance 76 2. Social and inclusive develpment 98 3. Environmental responsibility 126 About this report 136 2 • Annual Report 2020 Management As a consequence of the pandemic, Ecuador reached a positive agreement with the IMF, which Letter allowed it to carry out an external debt swap and obtain fresh resources under favorable conditions. This fact made it possible to reschedule debt Dear Shareholder: payments and alleviate its service for 2020 and the next few years, but without yet achieving a The year 2020 was undoubtedly one of the solution to the delicate fiscal situation. most difficult years the country and the world have Despite the drop in economic activity, the ever experienced. The health emergency caused trade balance surplus and disbursements from by covid-19 strongly impacted all societies, abroad contributed to an increase of USD3.847 confining entire populations in order to stop the billion (+11.4%) in total liabilities to the public massive contagion. The pandemic brought recorded in the banking system. The credit economic activity to an abrupt and dramatic halt, portfolio, on the other hand, decreased by causing business to close, with the obvious USD491 million (-1.6%), generating liquidity increase in the level of unemployment, in addition accumulation in several banks in the country. Due to the human pain caused by the growing number to the pandemic, some sectors of the economy of infections and deaths as a result of the virus. were affected, which reduced their appetite for Many countries took fiscal and monetary credit and reduced their capacity to pay. policy measures to mitigate the impact by injecting Authorities and banks promoted deferral and liquidity into their economies, but the delicate refinancing schemes to ease the credit burden of domestic fiscal situation prevented the their customers. Government of Ecuador from taking measures to Banco Pichincha maintains its directly help its population and companies. This leadership in the banking system, with a 27% scenario was compounded by the rupture of the oil participation in obligations to the public and pipeline and the abrupt fall in oil prices, which had 24.4% in the loan portfolio. Public deposits grew a significant impact on oil exports. According to 12.8% at Banco Pichincha, which allowed it to forecasts of Banco Central del Ecuador, the surpass the historical milestone of ten billion in Ecuadorian economy contracted by 8.9% in 2020 deposits. The portfolio, on the other hand, as a result of the generalized fall in economic decreased 7.2% as a result of the slowdown in the activity. economy. However, the 8.8% growth in the Despite the decrease in oil exports, the microenterprise portfolio is noteworthy, a trade balance was in surplus in 2020 (USD3.125 segment that showed great resilience and billion as of November 2020) due, on the one capacity to react during the pandemic. Loan hand, to the strong growth in traditional exports portfolio delinquency ended at 3.5%, as a result and the increase in mining exports and, on the of coordinated collection management and the other hand, to the drastic reduction in imports. refinancing arranged by the Bank's management. ANNUAL REPORT 2020 • 3 The difference caused by the growth in • Most sustainable company in Ecuador in deposits and the decrease in the portfolio the ranking conducted by Ypsilom; generated a significant increase in the Bank's • Progressive Inclusive Seal of the liquidity level. Profit was impacted by the Metropolitan District of Quito; important provisions we made in the face of the • Company Committed to Corporate Social uncertainty scenario caused by the pandemic. Responsibility in Latin America; This was reflected in the increase in the coverage • Two recognitions for its good practices in of provisions over the total portfolio to 12.7%. The sustainable development, contributing to fall in revenues caused by the economic the United Nations Sustainable contraction was offset by a significant reduction in Development Goals, related to poverty operating expenses. Technical equity reduction and environmental care; strengthened to 13.4%. A solid level of liquidity, • Ecuadorian environmental recognition "Punto together with coverage and solvency, position Verde" for good environmental practices; Banco Pichincha very well in the new normal. • Recognition by CEMEFI - "Bio, we are a Given the mobility restrictions caused by the bank that gives life”; pandemic, new digital service channels have • Recognition from the Financial Alliance for become relevant, such as the new mobile banking Women; and the new web banking. At present, about 70% • New Market Green Pioneer: Ecuador. of all transactions, and 35% of monetary transactions, are carried out through Banco The Bank has successfully completed the Pichincha's digital channels. Moreover, the first stage of its transformation by year-end 2020, extensive network of non-bank correspondents with the implementation of nearly 350 initiatives and ATMs allowed customers to access their cash focused on improving efficiency, enhancing with ease. current capabilities and strengthening the At the same time, and aware of the needs customer experience. The main initiatives that arose during the health emergency, Banco included systematization in all commercial teams, Pichincha donated ten million dollars for the the use of LEAN methodology in operations, the purchase of medical supplies and equipment that strategic sourcing model, and the strengthening were promptly distributed throughout the country of control environments. In addition, we closed to support the work of the Ministry of Health. the year with eleven agile cells operating in the In 2020, the Bank received USD150 digital center, focused on innovating and million from the U.S. Development Finance designing the Bank's digital offerings for its Corporation (DFC). This funding is being customers. earmarked for loans to micro, small and Beyond the achievements of each initiative, medium-size business owners. the transformation process has made us question Banco Pichincha obtained several awards ourselves, challenge ourselves and break during 2020, among which the following stand paradigms to be very fast and agile in making out: adjustments and changes at all levels. Faced with the pandemic, the teams were able to reorganize quickly, change priorities and adjust to the new 4 • Annual Report 2020 reality. These are results that cannot be reflected In terms of financial inclusion, it is in the financial indicators, but they are a noteworthy that this was the Ecuadorian bank that fundamental part of our desire to achieve what we grew the most in 2020 in the microenterprise aspire to, and they lay the foundations for segment, which has a significant component of continuing our evolution in the new stage of rural and women customers. In addition, Banco transformation. Pichincha continues to strengthen its alliance with After having made history in 2019, with the Rabobank, a Dutch bank of worldwide prestige, to first green bond issuance in the stock market, serve the agricultural segment. We expect to offer Banco Pichincha started 2020 with the ambitious this type of product to the market very soon. The goal of placing the USD150 million obtained from Bank remains committed to contributing this issuance in alignment with our initiative: "Bio: significantly to financial inclusion in Ecuador, and we are a bank that gives life" and our biocredit to its necessary agricultural development. offering. Although the pandemic made this goal a All of us at Banco Pichincha start 2021 with more complex challenge, we have maintained our great optimism and energy to continue commitment to sustainable financing, particularly contributing to the development of the country, in the areas of construction, transportation, through an offer of products and services with high sustainable agriculture, waste management and added value. We will continue to strive to be a energy efficiency. As a result of our coordinated simple and close Bank that offers the best work with our customeres, Banco Pichincha not customer experience in the Ecuadorian financial only exceeded the placement of these USD150 market, and we will always remember that we not million, but also benefited 30,825 customers, the only want to be the largest, but the best. final recipients of this green financing. ANTONIO ACOSTA ESPINOSA SANTIAGO BAYAS PAREDES PRESIDENT GENERAL MANAGER ANNUAL REPORT 2020 • 5 VISION Be the largest and the best Bank. Offering the best experience to the customer Carrying out inclusive and sustainable management 01 02 Strategic Pillars 04 03 Transforming ourselves to be simpler Developing and more efficient the best human team Purpose Inspire and reward trust. INSTITUTIONAL VALUES Coherence Be and Seem. • We act with integrity, honesty and transparency with customers, employees, suppliers, shareholders and the community. • We foster sustainability relationships with customers in the segments in which we operate, seeking to be
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