INVESTOR PRESENTATION May 2016 Disclaimer
This presentation on no account should be considered as a (i) service of financial analysis, (ii) investment recommendation (iii) or advice of any type, (iv) nor does it aim to offer any kind of financial product or service. The information contained in this presentation is general and does not reveal all the risks or other material factors. Before entering into any transaction, potential investors must ensure that they fully understand the terms of the securities/transactions and the risks inherent in them, considering (i) the information submitted to the Comisión Nacional del Mercado de Valores www.cnmv.es (not the information contained in this presentation) and (ii) having taken appropriate professional or other advice. Ibercaja Banco cautions that this presentation might contain forward looking statements. While these statements represent our judgement and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results that differ materially from our expectations. It is expressly remarked here that no information herein contained should be taken as a guarantee of future performance or results. The content in this presentation is regulated by the Spanish law applicable at time of writing, and it is not addressed to any person or legal entity located in any other jurisdiction (particularly USA or UK). For this reason it may not necessarily comply with the prevailing rules or legal requirements as required in other jurisdictions. Neither Ibercaja nor other persons shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way from the information contained in this communication. Any price(s) or value(s) are provided as of the date or time indicated and no representation is made that any trade can be executed at these prices or values. In addition, Ibercaja has no obligation to update any information contained herein. This marketing communication is not intended for distribution to any kind of investors in the U.S.A., nor retail clients in the UK under any circumstances. Information set out on the presentation has come from a variety of sources, which Ibercaja considers to be reliable and have been chosen by Ibercaja with due diligence and reasonable care. Ibercaja does not provide any guarantee or warranty in respect of the accuracy, completeness, up to datedness’, or quality as well as the availability at any time of the data and other information provided on the presentation. Any views, statements or representations provided for on this presentation do not necessarily reflect the opinion of Ibercaja. Under no circumstances, including negligence, shall Ibercaja be liable for any DIRECT, INDIRECT, INCIDENTAL, SPECIAL or CONSEQUENTIAL DAMAGES, or LOST PROFITS that result from the reliance by a recipient on any information obtained from this presentation.
2 Index
Overview of Ibercaja Banco
Update on our Strategic Plan
3 Overview of Ibercaja Banco Overview of Ibercaja Overview of Ibercaja BancoBanco
ththth Ranking by Assets Ranking by Assets ––––2015 €bnbnbn 888 largest bank in Spain in terms of assets, 357 Peer 1 with market shares of 2.6% in customer 344 Peer 2 loans and 3.2% in customer deposits. 343 Peer 3 207 Peer 4 Acquired Banco Grupo Cajatres in July 165 Peer 5 2013. 159 Peer 6 60 Peer 7 666th6ththth largest domestic financial entity in 59 Ibercaja asset gathering with €21bn in assets 59 Peer 8 under management and a total market 58 Peer 9 share of 4.3%. Ranking in Asset Gathering Ranking in Asset Gathering AuMAuM ––– 2015 €bnbnbn 100 Peer 1 One of the four former savings banks (out 67 Peer 2 of 45) that has not directly received any 60 Peer 3 state aid. 25 Peer 4 23 Peer 5 CET1 Phased In of 11.9%, vs. SREP 21 Ibercaja decision of 9.25% 19 Peer 6 13 Peer 7 8 Peer 8 8 Peer 9
4 Overview of Ibercaja Banco Shareholder Structure
The main shareholder of the bank, Ibercaja, became a banking foundation in June 2014. By law, the Fundación Bancaria Ibercaja’s stake in the Bank will have to be at least below 50% by February 2020. Our target is to be a listed company no later than December 2018.
Shareholders’ Structure
Fundación Bancaria Ibercaja
87.80% Fund. Fund. CajaCaja Inmaculada 4.85%
Fund. CajaFund. Caja Former Former CajatresCajatres Fund. Caja 3.90% shareholders Badajoz Ibercaja Ibercaja BancoBanco
3.45% Fund. Fund. CajaCaja CCCíCííírculorculo
5 Overview of Ibercaja Banco Banking Business
Ibercaja is a pure retail bank. Specialist in first home retail mortgages and asset gathering. One of the highest quality mortgage portfolio in the sector Profitable and stable retail funds mix: 73% of customer funds are in current accounts and off balance products
Lending Split by Segment (1Q2016) Customer Funds (1Q2016) 111
RED & Construction Time Time DepositsDeposits OffOff BalanceBalance 4% 3% 7% Insurance Residential Others Mortgages 20% 27% SME & Corporate 31% 37%
Consumer and Mutual 36% 18% 50% 66% Others Funds Public Sector & Other
Current Accounts Pension Funds
Gross loans ex REPO: €33.4bn Retail Customer Funds : €49.4bn
1 Commercial network distribution
6 Overview of Ibercaja Banco Positioning in the Spanish Market
Clear leadership in theHome Markets of Aragón (c. 40% market share), La Rioja, Guadalajara, Burgos and Badajoz (≈15% market shares).These These markets represent 606060% 60 %%%ofofof Ibercaja’s business volumevolume. ... Throughout the 80’s and 90’s, the bank built a significant presence in key regions of the Spanish economy such asMadrid and thethethe Mediterranean Basin (Cataluña and Comunidad Valenciana), with 190 and 156 branches, respectively. This early expansion has resulted in a well established footprint in the wealthiest regions of the Spanish economy thatrepresent 303030%30 %%%ofofof Ibercaja’s business volumevolume. ... Nationwide distribution network of 1,272 branches with 5,500 employees (dec 15). Branch Network 2015 GDP per Capita 2014 Average EU28=100 1 Home Markets Growth Markets
1,272 Branches
1 Source: Eurostat
7 Overview of Ibercaja Banco Well Established Presence in our Core Markets
Attractive geographical position: Attractive geographical position: Leadership in home markets and relevant growth potential in the wealthiest regions of the Spanish economy.
Distribution by Business Volume (%) 111 Distribution by Branches (%)
Home Markets 10% 8%8%8%
12% 12% Madrid
15% Mediterranean 60% 18% Basin 18% 64%
Rest of Spain
Growth Markets Madrid and the Mediterranean Basin represent ≈30% of Ibercaja business volume and branches
1 Defined as the sum of customer loans, retail customer deposits and off balance sheet customer funds. Commercial network distribution Note: Home Markets consist of Aragón, La Rioja, Guadalajara, Burgos and Badajoz; Mediterranean Basin consists of Cataluña and Comunidad Valenciana 8 Overview of Ibercaja Banco BestBest inininin Class Customer Service LevelsClass Customer Service Levels
Net Promoter Score 2015 1 10% Ibercaja has achieved its 20% 20% 18% 16% 17% 28% position in these markets 38% thanks to a commercial 40% model that has been certified 44% 37% 45% 39% 43% by third parties and that 34% provides best in class 49% customer service levels 51% 41% 46% 38% 36% 41% 39% 40%
13%
Peer 1 Ibercaja Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Promoters Passives Detractors
In 2007 Ibercaja was awarded with the In 2012, Ibercaja was the first Spanish stamp for the European Foundation for bank certified by the Spanish Association Quality Management (EFQM) where it for Standardization and Certification has achieved the 500+ mark (AENOR) for its excellence in personal Only 3 more banks in Spain are entitled banking advisory with this distinction: Sabadell (2006), Only 1 more bank in Spain is entitled Caixabank (2012) & Santander (2015) with this distinction: Caixabank (2013)
1 Source: FRS INMARK for retail customers; Peers include ING, Santander, Popular, BBVA, Caixabank, Sabadell & Bankia
9 Overview of Ibercaja Banco Ibercaja Financial Group (1/3)
Ibercaja Financial Group consists of a group of companies specialized in mutual funds, savings and pension plans, bancassurance, private banking, renting and leasing
Established ininin 1988 Ibercaja Ibercaja BancoBanco 100100%%%%Ownership
Managing over €21bn 111 of of of assets Ibercaja Ibercaja Ibercaja assets Pension Gestión Patrimonios
Pension fund Mutual fund Private AuM CAGR >>>11 >111111%%%%since 2002 management management Banking company company Market share well ininin excess ofofof Ibercaja Ibercaja thethethebanking business Mediación de Vida Seguros Non life Highly valuable ininin current Life insurance insurance environment ofofof lowlowlow interest broker rates and high volatility
1 Mutual Funds, Pension Funds and Insurance Products managed or intermediated by Ibercaja
10 Overview of Ibercaja Banco Ibercaja Financial Group (2/3)
Ibercaja Ibercaja AuMAuM Evolution ( €bnbnbn) bn ) ) )
Mutual funds Pension funds
Insurance Others 21.6 21.7 19.6 1.2 1.3 18.2 1.0 0.9 6.1 6,3 13.7 12.7 13.0 12.9 13.0 13.1 6.4 11.1 11.1 0.7 6.6 0.8 1.0 0.8 0.8 0.7 4.7 0.4 4,6 3.2 3.1 0.7 3.7 3.9 4.6 4.9 4.4 7.4 2.9 3.2 4.3 6.3 2.8 3.1 5.0 1.8 2.3 3.4 3.6 3.3 3.5 1.3 0.9 3.0 1.1 0.7 7.8 9.6 9.5 0.6 5.5 6.0 5.9 6.4 3.4 4.3 4.8 4.2 5.1 4.7 4.5 4.6 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q2016
Commissions from NonCommissions from Non Banking BusinessBanking Business
% of Average Total Assets % of Average Total Assets 1Q2016 Annualized Annualized Comm. from Non Banking Business ( €mm) 167 % of Average Total Assets 148 Ibercaja 0.29% 133 118 Peer 1 0.26% 113 110 108 102 102 99 Peer 2 0.21% 0.30% 0.29% 0.28% 0.25%
0.24% Peer 3 0.18% 0.24% 0.24% 0.23% 0.22% 0.21% Peer 4 0.14%
Peer 5 0.13%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Peer 6 0.07%
Peer Group includes Bankinter, Caixabank, Sabadell ex TSB, Bankia, Liberbank & Popular
11 Overview of Ibercaja Banco Ibercaja Financial Group (3/3)
555 Life Insurance Life Insurance –––– Technical Provisions Market Share 5th largest Life Insurance Company (3.7% market share) +110 +110 b.pb.pb.pb.p....
Insurance Non life insurance broker: Exclusive distribution 3.7% agreement with Caser 2.5% (€144mm premiums in 2015,
+7% YoY) 2007 1Q2016
Mutual Funds AuM Market Share 888 8th largest Mutual Fund Manager (4.1% market share) +170 +170 b.pb.pb.pb.p....
4.1% 2.4% th Asset 5 largest Pension Fund Manager (5.7% market share) 2007 1Q2016 Pension Funds – AuM Market Share Management 555 +100 +100 b.pb.pb.pb.p.... 3rd largest manager of 5.7% company pension schemes 4.8% (11.4% market share)
2007 1Q2016
Source: Company information, ICEA, Inverco
12 Overview of Ibercaja Banco Cajatres Acquisition (1/2)
On July 2013, Ibercaja Banco acquired Cajatres. The legal, commercial and technological integration was fully completed on October 2014. Strategic rationale ofofof thethethe acquisition ofofof CajatresCajatres: ::: Cajatres was the222nd 2ndndndplayer ininin Aragón with a market share of c. 15%, allowing Ibercaja to reach an undisputable leadership, with a combined market share of 40%. Strong cost and revenue synergies potential due to a large geographic overlap in branches in Aragón and the implementation of Ibercaja’s commercial best practices. Cajatres acquisition allowed Ibercaja to move from 15th totoday’s today’s 888th 8thththplace ininin thethethe Spanish financial systemsystem. ... Balance Sheet 2013 Balance Sheet 2013 €bnbnbn Branch Network in Aragón Branch Network in Aragón 2013 Ibercaja Ibercaja StandaloneStandalone Cajatres Cajatres StandaloneStandalone 42,9 Ibercaja Standalone Cajatres Standalone Huesca 28,2 Zaragoza Teruel 20,2 20,0
11,7 8,6 Total: 559 Total assets Customer loans (net) Customer deposits
13 Overview of Ibercaja Banco Cajatres Acquisition (2/2)
Strong execution ofofof Cajatres integrationintegration: :::
Ibercaja has been able to increase its deposit market share in Aragón despite the strong adjustment of the branch network ( 108 branches, 19.3% since 2013).
Implementation of Ibercaja’s commercial model in Cajatres is having positive results with sound improvement in key product penetration levels and client linkage.
Evolution in Aragón Well Linked Clients % % % 111 Branches Deposit Market Share (index base 100) Ibercaja 44% 49% 50% Banco 108 branches 108 branches 52% 53% 49% 105 559 100 42% 44% Ibercaja 451 35% standalone
Caja3 standalone
2013 2015 2013 2014 2015
1 A well linked client has, at least, payroll direct deposit, one saving or financing product, and one active credit card. 14 Overview of Ibercaja Banco Fundamentals: Asset Quality (1/3)
High exposure tototo residential mortgages, 66% of total lending portfolio, of which second home mortgages represent less than 7%
Highly collateralized portfolio (((84 (848484%%%%))))
High granularitygranularity: 20 biggest borrowers represent less than 3,5% of lending to the private sector.
Lending Split by Segment (1Q2016) Lending Split by Provinces (Dec 2015)
RED & Construction Madrid 4% 3% 7% Zaragoza Residential Mortgages Barcelona 20% 23% SME & Corporate 33% Valencia
Consumer and Huesca 66% Others 22% Guadalajara Public Sector & Other 3% La Rioja 5% 5% 4% Otros 5% Gross loans ex REPO: €33.4bn
15 Overview of Ibercaja Banco Fundamentals: Asset Quality (2/3)
Ibercaja has consistently outperformed thethethe sector ininin terms ofofof asset qualityquality. ... Ibercaja NPL ratio is 11% lower than the sector while maintaining a strong coverage level.
NPL Ratio NPL Ratio ––––1Q2016 Coverage Ratio Coverage Ratio ––––1Q2016
Peer 6 12.7% Peer 6 60.5%
Peer 5 10.5% Peer 5 55.0%
Peer 4 9.6% Peer 4 54.4%
Peer 3 9.5% Ibercaja 52.6%
Ibercaja 8.9% Peer 3 47.8%
Peer 2 7.6% Peer 2 41.9%
Peer 1 3.9% Peer 1 40.2%
Peer Group includes Caixabank, Popular, Sabadell ex TSB, Bankia, Bankinter and Liberbank ex APS
16 Overview of Ibercaja Banco Fundamentals: Asset Quality Fundamentals: Asset Quality (3/3)(3/3)
Outstanding quality ofofof thethethe residential mortgage portfolio Residential mortgage NPL ratio of 3.9%, 17% below sector average of 4.7% (Dec. 2015).
Ibercaja has maintained high standards of credit Mortgages NPL Ratio Mortgages NPL Ratio ––––2015 underwriting throughout the cycle...
Peer 6 6.8% Strong control of LTV: 93% of mortgages with a LTV<80% (average LTV: 55.8%)
Peer 5 6.5% High granularity: Average mortgage at inception since 2003: €118,000
Peer 4 5.8% Family involvement in a significant percentage of the mortgage portfolio (18,5%)
Peer 3 4.6% In October 2007, Ibercaja further tightened its underwriting standards. Since then, the
Ibercaja 3.9% NPL ratio for new mortgages is 1.65% ...avoiding the riskier segments of the mortgage
Peer 2 3.8% market Mortgages to foreigners (<3.5%)
Peer 1 2.3% Mortgages originated by brokers (<4%) Overlap Second home mortgages (<7%)
Peer Group includes Caixabank, Popular, Sabadell ex TSB, Bankia, Bankinter and Liberbank
17 Overview of Ibercaja Banco Fundamentals: Fundamentals: Liquidity and Solvency (1/2)Liquidity and Solvency (1/2)
Comfortable liquidity position (((1 (111QQQQ201620162016))))::::
More than €11,200mm of available liquid assets (19% of total assets)
LCR and NSFR stand at 213% and 116%, respectively
Loan to deposits ratio stands at 96%1
ECB funding: €2,051mm (3.5% TA), 100% TLTRO
Liquidity Position Liquidity Position €mm 1Q2016 Maturity Profile Maturity Profile –––– €mm 1Q2016
Preference Shares and CoCos Institutional Subordinated Debt 8,020 Covered Bonds
387 19,275 1,625 555 500 787878 11,256 454545 507 543 422 430 317
Liquid Assets * Issuance Capacity Subtotal 2016 2017 2018 2019 2020 >=2021
1 1 Net Loans ex. securitised loans / Customer deposits ex. repos + Securities distributed through the branch network. * Liquid assets include unencumbered public debt + available & eligible fixed income assets (after ECB haircut applied)
18 Overview of Ibercaja Banco Fundamentals: Fundamentals: Liquidity and Solvency (2/2)Liquidity and Solvency (2/2)
CETCET1111PhasedPhased InInInInRatioRatio: :::111111. 11 ...9999%%%% (1Q2016). SREP Requirement of 9.25%, among the lowest in Spain Amortization of €20mm CoCos coming from Cajatres acquisition (March 2016) Total Capital PhasedPhased InInInInRatioRatio: :::141414. 14 ...2222%%%% (1Q2016). Tier II bucket already fulfilled after €500mm Tier II debt issuance RWA/TA RatioRatio: :::404040. 40 ...5555%%%%calculated using thethethe standard methodologymethodology. ... Leverage RatioRatio: :::555. 5...3333%%%%(Phased(Phased In)In)In)In)....
SREP Decision SREP Decision ––––Spanish Banks CET1 Fully Loaded 111–––% 1Q2016 10.25% 10.0% 9.7% +0.2% +0.1%
9.75%
9.25% 9.05%
8.75%
2015 Equity and RWA AFS Gains 1Q2016 Change Change
1 Excluding CoCos, including AFS gains
19 Overview Strategic Plan 2015Strategic Plan 2015 2017:10 Global Targets2017:10 Global Targets of Ibercaja Banco
CET1 (fully loaded) 10%
Total Capital (fully loaded) 13.5% Solvency
ROTE (2018) 10%
Cost to Income Ratio ex Trading Income (2018) <50% Profitability
Loan to Deposits Ratio 100%
Leverage
NPL/ NPA Ratio vs. Competitors 25% 25%
Cost of Risk 50 50 b.pb.pb.pb.p.... Asset Quality Market Share (Business Volume) 10 10 b.pb.pb.pb.p. / p.a.. / p.a.
Reputation Ranking Top 3
Market Position Service Quality Ranking Top 3
20 Overview of Ibercaja Banco
In Summary: In Summary: Ibercaja’sIbercaja’s Key Investment Highlights
Attractive geographical position: Leadership in Home Markets and well established platform in Growth Regions
100% of Ibercaja 100% of Ibercaja Financial Group: A source of Financial Group: A source of diversified and diversified and recurring revenuesrecurring revenues
Cajatres integrationCajatres integration: strong execution with : strong execution with further potential for cost and revenue synergies Future IPO
Best in class risk management with superior asset quality
Strategic Plan 2015Strategic Plan 2015 2017: Improving our 2017: Improving our 2017: Improving our structural structural structural profitabilityprofitability
21 Index
Overview of Ibercaja Banco
Update on our Strategic Plan
22 12 months ago...
23 Update on our Strategic Plan
Asset Quality Solvency
22% reduction in doubtful loans since Dec 14 Sound organic capital generation: +70 b.p. over the last 5 quarters Second biggest reduction in problematic real estate loans among main Spanish banks in Placement of Tier II debt totalling €500mm. 2015 Tier II bucket already fulfilled Remarkable acceleration in foreclosed asset SREP decision: 9.25% vs. 11.9% CET1 sales Phased In
Positioning Profitability
Ibercaja Gestión becomes the 8th largest Continuous progress in total cost reduction mutual fund manager in Spain (29 b.p. market (funding, operating, risk) share gain since 2014) New lending production accelerates Ibercaja Pension: “Expansión Allfunds” award according to plan to the best pension fund manager in Spain Outstanding evolution in non banking Ibercaja launches «Plan + Madrid» to commissions, outpacing expected evolution strengthen its positioning in Madrid Strategic agreement with Microsoft to develop the bank’s digital transformation process
24 Key Milestones
Alliance with Microsoft Plan + Madrid Sale of Real Estate Servicer €700mm Real Estate Portfolio Sale €500mmTier II New Strategic Transaction Plan 2015 2017
March July November February April 2015 2016
Ibercaja Banco keeps progressing with itsitsits Strategic Plan tototo reinforce itsitsits solvency and asset quality, asasas well asasas tototo boost itsitsits commercial positionposition. ...
25 Asset Quality Solvency NPL ratio continues its NPL ratio continues its trendtrend downwards Positioning Profitability
Significant progress achieved since launching our strategic plan: 22% reduction in doubtful loans NPL ratio falls 186 b.p., 11% below sector average Gross NPL entries fall 50% in 2015 . Coverage ratio of 52,6%
NonNon performing Loans performing Loans performing Loans –––– €mmmmmm NPL Ratio NPL Ratio %%%
3,889 10.8% 186 186 186 b.pb.pb.pb.p.... 22% 22%
3,032 1,707 8.9%
1,145 Real Estate NPL 33% 33%
222,2,,,182182 Rest of NPL 111,1,,,887887 13% 13%
2014 1Q2016 2014 1Q2016
26 Asset Quality Solvency “Goya” transaction Positioning Profitability
Ibercaja sold €698mm of real estate loans in November 2015. The portfolio was made up of 428 loans to real estate developers, mostly classified as doubtful.
One of the biggest transaction in Spain in 2015, both in absolute terms and in relative to Ibercaja balance sheet size This transaction has allowed Ibercaja to achieve the second biggest reduction in problematic real estate loans among biggest Spanish banks.
Reduction in problematic real estate loans Reduction in problematic real estate loans 2015 111 Net Real Estate Loans % Net Real Estate Loans % LoansLoans 2015 222
Peer 8 16% 11% Peer 7 16%
Peer 6 17%
Peer 5 17% 7%
Peer 4 29% 5% Peer 3 35% 4% Peer 2 35% 2% Ibercaja 36% 1% Peer 1 41%
50% 40% 30% 20% 10% 0% Peer 5 Peer 4 Ibercaja Peer 3 Peer 2 Peer 1 1 Information from annual accounts. Includes doubtful loans and substandard loans. Peers include Bankinter, BBVA Spain, Popular, Liberbank, Santander Spain, Bankia, Sabadell & Caixabank. 2 Information from annual accounts. Includes Popular, Liberbank ex APS, Caixabank, Bankinter & Bankia 27 Asset Quality Solvency Remarkable acceleration in asset sales… Positioning Profitability
Foreclosed asset sales grew bybyby 494949% 49 %%%YoY ininin 2015 thanks tototo thethethe strong coverage levels reached and thethethe market recoveryrecovery. ...
In 2015, Ibercaja Banco was able to sell over 60Mn € in land with no impact in P&L
Further acceleration ininin 20162016, ,,,with aaa 232323, 23 ,,,8888%%%%increase YoYYoY. ...
Seasonality: 1Q sales typically account for 15% of yearly sales
Foreclosed Assets Sales
Gross Book Value Net Results +23,8% 424242 260 New Housing
+49% 343434 6%6%6% Second Hand 282828 174 23% 35% Housing Gross Book Value
Land Net Results 36% Tertiary & Other 4 131313 141414 44 222 333
2014 2015 1T14 1T15 1T16
28 Asset Quality Solvency
...has lead to a stabilization in the stock Positioning Profitability of foreclosed assets
The pickup ofofof asset sales allows forforfor aaa stabilization ofofof thethethe stock ofofof foreclosed assetsassets. ...
Peak reached in 2Q2015; 2% reduction since then.
Coverage ratio stands at 51,7% as of 1Q2016, among the highest in the sector
Stock of Foreclosed Assets Stock of Foreclosed Assets ––––Gross Book Value Foreclosed Assets Coverage % 2015 111
1,883 1,871 1,861 1,837 1,842 1.846 58% 51%
40% 40% 37% 33%
4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 Peer 1 Peer 2 Peer 3 Peer 4 Ibercaja Peer 5
1 Information from annual accounts. Includes Popular, Liberbank ex APS, Caixabank, Bankinter & Bankia
29 Asset Quality Solvency Sale of real estate servicer Positioning Profitability
In February 2016, Ibercaja announced a long term strategic alliance with Aktua that included thesale ofofof itsitsits real estate servicer subsidiary (((Salduvia (SalduviaSalduvia)))).... This agreement includes Management and sale of current and future foreclosed assets on Ibercaja’s balance sheet or on any of its subsidiaries. Assistance with Ibercaja’s third party asset sales Right to grant mortgages to Aktua retail clients Ibercaja Banco takes advantage of Aktua’s sales network, with more than 400 employees in Spain.
With this agreement, Ibercaja seeks to accelerate the offloading of non performing real estate assets and to focus the organization on its traditional business.
The transaction amounts tototo €707070mm,70 mm, with aaa gross gain ofofof €696969.69 ...3333mmmmmmmmbooked ininin March 20162016....
Aktua is a leading multi client servicer offering end to end services across the entire NPL (non performing loans) and REO (real estate owned assets) servicing value chain in Spain.
30 Asset Quality Solvency On track to On track to reach our target of CET1 fully reach our target of CET1 fully Positioning Profitability loaded of 10%
CETCET1111Fully Loaded stands atatat 101010% 10 %%%
Sound organic capital generation: +70 b.p. of over the last 5 quarters.
Higher quality: AFS gains represent 62 b.p. (vs. 95 b.p in 4Q2014)
SREP requirement ofofof 999. 9...25252525%%%%vsvsvs. vs ...CETCET1 111PhasedPhased InInInInofofof 111111. 11 ...9999%%%%
CET1 Fully Loaded 111–––% % % SREP Decision
10,25% +0,7% 10,0% 9,6% 0,3% 9,75%
9,25% 9,05%
8,75%
2014 AFS Gains Equity and RWA 1Q2016 Change Change
1 Excluding CoCos, including AFS gains
31 Asset Quality Solvency High RWA density Positioning Profitability
RWA/AT stands atatat 404040% 40 %%%,,,,calculated using thethethe standard methodologymethodology. ... High RWA density, considering Ibercaja business model and asset quality levelslevels. ...
Residential mortgage RWA stands at 35%, despite having one of the lowest NPL ratios in the sector
RWA / Total Assets 111 Mortgage RWA % / NPL 333
Mortgage % Gross Loans 55% 55% 64% 43% 16% 39%
40% 47% Mortgage NPL ratio: 3,9% 46% Mortgage RWA %: 35,1% 41% 35% ≈€7,500mm 39% 39% 40% 2 2 2 2 30% RWA RWA RWA RWA 25%
20% Mortgage Mortgage Mortgage Mortgage
15%
10% 1% 2% 3% 4% 5% 6% 7% Peer 1 Peer 2 Ibercaja Peer 3 Peer 4 Peer 5 Mortgage NPL 2015
1 Peer group includes Liberbank, Bankia, Caixabank, Popular & Bankinter 2 According to the 2015 EU wide transparency exercise 3 Peer group includes Liberbank, Bankia, Caixabank, Popular, Sabadell & 32 Bankinter Asset Quality Solvency Tier II transaction Positioning Profitability
On July 2015 Ibercaja Banco completed anissuance ofofof Tier IIIIII debt totalling €500500mmmmmmmm.... The transaction represented 200 basis points of Tier II capital, fulfilling the bucket set by Basel III regulation. Issuing a Tier 2 security was the first step towards building a more diversified and efficient capital structure after Cajatres integration. Ibercaja Banco is on track to reach a 10% CET1 Fully Loaded ratio (ex AFS sovereign gains) and a 13.5% Total Capital ratio by 2017.
2017 Solvency Targets 2.0% 1.5%
13.5% 10.0%
CET1 Fully Loaded AT1 T2 Total Capital Ratio (ex sovereign AFS gains)
33 Outstanding evolution in asset Asset Quality Solvency 1 Positioning Profitability gathering
Mutual funds keep showing aaa differential performanceperformance: ::: Ibercaja Gestión becomes the 8th largest mutual fund manager in Spain 6% market share in net new money in 2015, well above overall AUM market share Improved product mix: fixed income funds stand at 47% of total funds (55% in 4Q2014) Over 64,000 clients have subscribed to Ibercaja’s managed account services. Assets under management in this service reach €3.0bn, +142% vs. 2014 Ibercaja PensionPension: ::: “““Expansión“ExpansiónExpansión AllfundsAllfundsAllfunds”””” award tototo thethethe best pension fund manager ininin Spain
Mutual Mutual FundsFunds Market Share Share – –––%%%% Net New Money Market Share Net New Money Market Share ––––%%%%
+29 +29 b.pb.pb.pb.p.... 12,7% 4.09%
9,2%
3.80% 6,4% 4,4%
2014 1Q2016 1T2015 2T2015 3T2015 4T2015
34 Asset Quality Solvency Strong evolution in our growth 2 Positioning Profitability markets
Ibercaja Banco’s early expansion into Madrid and the Mediterranean Basin (“Growth Markets”) has resulted in a well established footprint outside the Bank’s Home Markets. These regions already represent 30% of Ibercaja Banco’s business volume.
Branch Network 2015 Branch Network 2015 Strong leadership in Home Markets Home Markets Growth Markets 14% branches reduction in Aragón in 2015 thanks to synergies stemming from the Cajatres acquisition, while increasing retail funds by 0.5% YoY.
Growth in Madrid and Mediterranean Basin
Account for 80% of growth in retail funds.
Represent 49% of new loan production. 1,272 Branches +16.6% in SME loans (reaching €1.7bn).
35 Asset Quality Solvency 2 «Plan + Madrid» (1/2) Positioning Profitability
111 WellWell establishedestablished position ininin Market Share
MadridMadrid:::: North: 3.5% market share Madrid is the second most West: 2.0% important market in term of market share Capital: 1.6% business volume. market share
450,000 clients. East: 6.1% market share South: 5.9% market share €13.6bn business volume
Market Share Market Share 789 employees and 190 Top Top MarketsMarkets Population –––Branches Business 1 branches. Móstoles >200.000 5.4% 6.5% Leganés >185.000 6.5% 6.3% Proven ability to compete. Alcorcón >170.000 6.2% 5.9% Torrejón de Ardoz >130.000 6.3% 6.5% Coslada y San Fernando de >130.000 5.2% 7.7% Henares Parla >125.000 6.3% 6.4%
1 Includes Retail banking, personal banking and SME banking with turnover up to €5mm.
36 Asset Quality Solvency 2 «Plan + Madrid» (2/2) Positioning Profitability
Ibercaja launches «PlanPlan +++ Madrid » to strengthen its positioning in Madrid
Targets: Investment in resources: To increase business volume by 100 new employees. 1 €3.7bn until 2020. Create 5 business centers for companies and 4 new branches. 70% business volume growth to come from Personal/Private Remodelling of 20 branches with new banking and SMEs. commercial procedures.
Business Volume Targets Business Volume Targets –––– €mmmmmm
17,300 >1,300 >1,300 2,100 1,600 13,600 >1,000
Personal / Private SMEs Corporate 2016 Business Loans Funds 2020 Business Banking Volume Volume
1Retail banking, Personal Banking, SMES and Corporates with turnover up to €200mm. 37 Asset Quality Solvency 3 Revenue synergies from Revenue synergies from CajatresCajatres Positioning Profitability acquisition are materializing
After completing ITITIT integration (oct(oct 14141414))))and implementing itsitsits commercial model ininin Cajatres branch network, Ibercaja has recovered itsitsits strong metrics ininin service levelslevels. ...
Mystery Shopping Mystery Shopping ––––Index IQUOS 111 Ibercaja Sector 7.5 7.1 7.1 2nd best evolution 6.7 in the sector in 6.7 6.5 2015 6.3 6.3 6.2 6.3
6.1 6.1 6.0 6.0
2010 2011 2012 2013 2014 2015 1Q2016
1 Source: STIGA. Independt consultancy firm
38 Asset Quality Solvency 3 Revenue synergies from Revenue synergies from CajatresCajatres Positioning Profitability acquisition are materializing
This strong commercial focus has resulted ininin aaa sound improvement ininin key product penetration levels and client linkagelinkage. ...
Further positive evolution expected as penetration levels are still well below those of Ibercaja
Product Penetration Cajatres Standalone Well Linked Clients %%% 1 1 1 Ibercaja 44% 49% 50% Banco Insurance 25% 31% 23% 52% 53% 49% 24% 29% Ibercaja 23% Long Term 44% 22% 42% standalone Saving 19% Products 35%
Mutual Funds Cajatres standalone 6% 11% 5% Ibercaja 4% Standalone
2013 2014 2015 2013 2014 2015
1 A well linked client has, at least, payroll direct deposit, one saving or financing product, and one active credit card. 39 Asset Quality Solvency 3 Revenue synergies from Revenue synergies from CajatresCajatres Positioning Profitability acquisition are materializing
Ibercaja’s strong commercial model has allowed tototo keep aaa stable client base asasas well asasasdeposits volume despite aaa relevant adjustment ininin thethethe branch networknetwork. ...
Evolution after adjustment
16.650 16.650 16.650 clientsclients 85% had low loyalty (6% total) levels 130 branches closures since 2014 Retail Funds EvolutionEvolution: : : : Rest of clients Evolution: €87mm +€53mm ((( ( 1.1% of total)*1.1% of total)*
* Plan+ Maximum Limit: 3,5%
40 Asset Quality Solvency 4 Strategic alliance with Microsoft Positioning Profitability
Ibercaja has signed a strategic agreement with Microsoft to develop the bank’sdigital transformation process. This agreement, that initially extends until 2018, focuses on the three main areas of digital transformation: customer experience, efficiency and internal processes, and business model, products and services.
2016 2017 2018 Efficiency & Online Banking & 1 million Mobile Banking 3.0 & Technology Commercial digital Digital Payments Mobility Platform customers Improvements % Digital Transactions % Digital Transactions ––––Economic Transactions 79%
Ibercaja today: 51% (dec(dec 15)15) 31% 10% 11%
Mutual Funds Pension Funds Personal Money Securities Loans Transfers
41 Asset Quality Solvency Profitability Positioning Profitability
Ibercaja’s Business Plan value drivers areareare gathering speed and will improve thethethe P&L ininin coming quartersquarters. ...
Cost of Retail Funding Total deposit cost reduction Total deposit cost reduction since 2014: since 2014: since 2014: 54 54 54 b.pb.pb.pb.p.... Reduction
Recovery of Lending New lending production reached the €4bn target for Growth 2015; +22.1% YoY in 1Q2016
Asset Gathering / NonAsset Gathering / Non DoubleDouble digit digit digit growth in nongrowth in nongrowth in non banking commissions banking commissions Banking Commissions (+12.8(+12.8% YoY in 2015, % YoY in 2015, % YoY in 2015, +11.5+11.5+11.5% YoY in 1Q2016)% YoY in 1Q2016)
Operating Costs Since Cajatres acquisition, Since Cajatres acquisition, Ibercaja’sIbercaja’s structure has been Reduction reduced by over 20% and recurring cost have decrease 15%.
Cost of risk related to credit and foreclosed assets has fallen Cost of Risk Reduction by 28 by 28 b.pb.pb.pb.p. . . . since 2014since 2014
42 Asset Quality Solvency 1 Cost Cost of retail funding reduction…of retail funding reduction… Positioning Profitability
Cost ofofof retail funding reduction has been one thethethe major focus over thethethe last quartersquarters. ... Since 2014, total deposit cost reduction has amounted to 54 b.p. thanks to:
Time deposits back book cost has been reduced by 86 b.p.
Current accounts weight has increased to 57% of total deposits (vs. 46% in 4Q2014)
Further progress should bebebe expected over thethethe next quarters
Cost of new term deposits already at 0.25% in April.
Time Deposits Cost Time Deposits Cost % % % Total Deposits Cost Total Deposits Cost % % %
Time Deposits: 54 54 54 b.pb.pb.pb.p.... 1.52 €13,440mm 0.89 (1Q2016) 1.33 0.77 1.17 0.66 0.96 0.73 0.86 0.52 0.54 0.66 0.45 0.46 0.41 0.38 0.31 Back Book 0.35 Front Book
4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016
43 Asset Quality Solvency 1 … drives the increase in customer spread Positioning Profitability
Since 20142014, ,,,customer spread has improved bybyby 777 bbb. b...pppp....
The deposit cost reduction ( 54 b.p.) has offset the negative impact of falling yields ( 47 b.p) due to Euribor repricing. Customer Spread Customer Spread % % % 2.07 1.92 1.84 1.73 1.67 1.60 Loan 1.25 Yield 1.21 1.21 0.89 0.77 1.18 1.18 0.66 1.15 0.52 Funds 0.46 0.35 Cost
4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016
Time deposits repricing at current rates will mean an additional 15 b.p. reduction in Customer total deposit cost (total deposit base €31,205mm). spread should continue With the current Euribor curve, credit repricing impact will be more moderate in coming quarters improving Loan front book at higher rates than back book (2.7% vs. 1.6%)
44 Asset Quality Solvency 2 Recovery of lending growth… Positioning Profitability
New lending production reached thethethe €444bn4bnbnbntarget forforfor 2015 (((51 (515151%%%%YoYYoY) ))) New lending production continues to grow in 1Q2016 (+22.1% vs. 1Q2015): Growth Regions 1 and SMEs account for 48% / 57% respectively of new production since 2014, in line with our strategic plan. Current new lending production should allow forforfor aaa stabilisation ininin thethethe stock ofofof performing loans already ininin 222Q 2QQQ201620162016.... In 1Q2016 performing loans to non real estate companies already grew by 2.5% YoY and consumer credit stabilized New Loan New Loan ProductionProductionProduction–––– €mmmmmm 2016 2015 Target: 4,125 507 €4,000mm 131 2015 312 Leasing y Renting 442 +51% 444 +22% Others 366 259 354 2,731 65 304 232 611 Real Estate 307 241 195 224 387 Consumer 137 2,368 Residential 1,546 Mortgages SME/Corporate
2014 2015 January February March April
1 Madrid and Mediterranean Basin
45 Asset Quality Solvency 2 …with a special focus in SMEs Positioning Profitability
Ibercaja has continued tototo develop itsitsits SME strategic project 111
More than 3.300 new SME clients since 2015
495 specialized employees in SME banking (+160 vs. 2014)
83% of new lending in 2015 was granted to already linked clients
Excellent evolution in working capital financing: €3.600mm, +25% YoY in 2015 (+15% in 1Q2016) Busines Volume Busines Volume ––––MnMnMn € Geographical Distribution Geographical Distribution ––––Loan portfolio +12.6% 6.847 6.080 6.847
Funds 2.787 2.422 Home Markets 52% 48% Rest of Spain Loans
3.658 4.060
2014 1Q2016
1 SME project includes SMEs with turnover of at least €0.3mm. Excludes companies from the real estate sector and the retail sector
46 DoubleDouble digit digit digit growth in nongrowth in nongrowth in non banking banking Asset Quality Solvency 3 Positioning Profitability commissions
Exceptional evolution ininin non banking commissions, exceeding banking commissions forforforthethethe first time, thanks tototo: to ::: Strong increase in assets under management (+9.1% since 4Q2014) Improved product mix
NonNon Banking Commissions Banking Commissions % of Average Total Assets % of Average Total Assets 1Q2016 Annualized 111 +12.8% +11.5% 166.7 42.7 Ibercaja 0.29% 147.8 38.3 Peer 1 0.26%
Peer 2 0.21%
Peer 3 0.18%
Peer 4 0.14%
Peer 5 0.13%
Peer 6 0.07% 2014 2015 1Q2015 1Q2016
1Peer Group includes Bankinter, Caixabank, Sabadell ex TSB, Bankia, Liberbank & Popular
47 Asset Quality Solvency 4 Continuous operating costs reduction Positioning Profitability
Ibercaja’s Structure Recurring Recurring Costs Costs Costs €mmmmmm 7,274 6,411 6,001 14.6% 14.6% 5,486 759 Banking 710 Employees 685 1,625 647 1,407 1,356 1,272 24.5% 24.5%
Branches 21.7% 21.7%
2012 2013 2014 2015 2012 2013 2014 2015 Since Cajatres acquisition, Ibercaja’s structure has been reduced bybyby more than 202020% 20 %%% and recurring costs have decreased bybyby 151515% 15 %%%.... Still above the 1% over total assets target (1.1% as of 2015) The cost base will remain stable ininin 20162016, ,,,absorbing thethethe increase ininin costs related tototo thethethe agreement with Aktua, thanks tototo: to ::: Decrease in personnel cost of 3% 22 branch closures until June, already approved 707070%70 %%%ofofof cost synergies from Cajatres acquisition will have been captured atatat thethethe YEYEYE2016 YE 20162016....
48 Asset Quality Solvency 5 Progressive reduction in the cost of risk Positioning Profitability
Since 20142014, ,,,cost ofofof risk related tototo credit and foreclosed assets has fallen bybyby 282828 bbb. b...pppp.... but isisis still above thethethe target setsetset ononon thethethe Strategic PlanPlan. ...
In 2015, cost of risk related to real estate and foreclosed assets represented around 40% of total provisions.
Provisions related to Credit and Foreclosed Assets / Total Gross Loans / Total Gross Loans %%%
Strategic Plan 0.98% Target: 50 Target: 50 b.pb.pb.pb.p....
0.73% 0.70%
2014 2015 1Q2016
49 Asset Quality Solvency 6 Negative Impacts to P&L… Positioning Profitability
Several negative impacts have limited further progress ininin thethethe P&L ininin recent quartersquarters: ::: Falling Euribor: 33 b.p. since 2014 Deleveraging: delayed turning point for the loan portfolio Lower contribution from fixed income portfolio due to lower volume ( 15.8% or € 2,530mm) and the repricing of the SAREB bonds (15% of the portfolio) to 0.1% These negative impacts should come tototo ananan end ininin coming quartersquarters. ...
Euribor (12 months) Credit Portfolio Credit Portfolio €mmmmmm Fixed Income Portfolio Fixed Income Portfolio €mmmmmm
0,329 3,889 16,004 15.8% 15.8% 3,032 NPL 13,474 22% 22%
Peforming Loans 32,172 30,942 3.8% 3.8%
0,01 Dec 14 Apr 16 2014 1Q2016 2014 1Q2016
50 Asset Quality Solvency 7 2016 Guidance Positioning Profitability
Gradual Stabilisation Stabilisation of of of of OffOff balance sheet balance sheet Net Interest funds growth Income Improvement of results expected over the next quarters Flat cost base Step up in nonStep up in non (including Aktua performing assets agreement) sales
51 Asset Quality Solvency 7 2016 Guidance Positioning Profitability
Gradual Stabilisation of Net OffOff balance sheet funds balance sheet funds Interest Income growth Stabilisation in performing loan Markets improvement Net new portfolio money in mutual funds in April > Lower Euribor impact. €45mm Front book margin higher than back book Slower decrease in wholesale business
Flat cost base Step up in nonStep up in non performing performing (including Aktua agreement) assets sales Decrease in personnel cost of 3% Higher voluntary provisions 22 branch closures until June NPL and foreclosed assets coverage ratio > 50% Potential portfolio sales
52 Asset Quality Solvency 8 Improving our structural profitability Positioning Profitability
Banking Real Estate Asset Gathering Business Exposure
Maintain current Our Evolve to a more Reduce provisions and outperformance and profitable business. risked weighted assets Ambition: strong profitability
Attractive geographical Our Robust track record diversification Strong Coverage Levels 100% Ownership Strengths: Loyal customer base
Improving customers Further AuM growth Market improvement spreads Improving product mix Lower gross new Recovery of Lending Personal and private entries Drivers: Growth: SME Project banking Alliance with Aktua Cross selling Bancassurance Portfolio sales
Madrid and Mediterranean basin Cost reduction Revenue synergies from Cajatres
53 Annex 1: Corporate Governance
54 Corporate Governance (1/4)
Board of Directors 11 members, 3 independents Name Title Type According to the bylaws, the Board Mr. Amado Franco Lahoz Chairman Shareholder Appointed First Vice of Directors would have between 5 Mr. José Luis Aguirre Loaso Shareholder Appointed Chairman 15 members Mr. José Ignacio Mijangos Second Vice Shareholder Appointed Linaza Chairman The Board will: Mr. Víctor Iglesias Ruiz CEO Executive Approve key corporate policies and Secretary Mr. Jesús Barreiro Sanz Shareholder Appointed strategies as well as monitor its (Director) implementation Mr. Jesús Bueno Arrese Member Shareholder Appointed
Establish and monitor the Group’s Mrs. Gabriela González Member Independent information and risk control Bueno Lillo systems Mr. Jesús Solchaga Loitegui Member Independent
Prepare the Group and individual Mr. Juan María Pemán Gavín Member Shareholder Appointed consolidated accounts Mr. Francisco Manuel García Member Shareholder Appointed Appoint and remove of CEO Peña Mr. Vicente Cóndor López Member Independent
55 Corporate Governance (2/4)
Other Committees Audit and Compliance CommitteeCommittee. ... 4 members, 2 independent (being the Chairman one of them). Its main powers, among others, are (i) to monitor the effectiveness of internal control, internal audit and risk management systems; (ii) monitor the preparation and presentation of regulated financial information (iii) issue annually, prior to the issuance of the audit report, a report stating an opinion about the independence of the auditor or the audit firm. Appointments CommitteeCommittee. 4 members, 2 independent (being the Chairman one of them). It is entrusted with general powers to propose and report to the Board of Directors or the Shareholders meeting about any matters regarding appointments and terminations of Board members. Compensation CommitteeCommittee. 4 members, 2 independent (being the Chairman one of them). It is entrusted with general powers to propose and report to the Board of Directors about any matters regarding compensations. Large Exposures and Solvency CommitteeCommittee. ... 3 members, 1 independent (Chairman). Its main powers, among others, are: (i) proposing to the Board of Directors setting limits by type of risk and business; (ii) reporting, prior to its approval by the Board, the Risk Appetite Framework ("RAF") and the Risk Appetite Statement ("RAS") of Ibercaja Banco (iii) analysing and evaluating the risk management (including tax risk) policies of the Group in terms of risk profile (expected loss) and (iv) proposing measures it deems appropriate in order to strengthen the solvency of the Company, reporting on the Capital Adequacy Policy. Strategy CommitteeCommittee. ... 4 members, 2 independent. It focuses on reporting to the Board about the strategic policy of Ibercaja Banco, ensuring that there is a specific organisation for its implementation.
56 Corporate Governance (3/4)
Board of Trustees of Board of Trustees of FundaciónFundación Bancaria Ibercaja
The main Governing Body of Fundación Bancaria Ibercaja is a Board of Trustees (Patronato). Fundación Bancaria Ibercaja has elaborated a protocol on the management of its participation in Ibercaja Banco. Such protocol, approved by the Bank of Spain, establishes: The strategic basic criteria which governs the management of the participation of the Fundación Bancaria Ibercaja in Ibercaja Banco;
The relationship between Fundación Bancaria Ibercaja and the governing bodies of Ibercaja Banco;
General criteria ruling transactions between the Fundación Bancaria Ibercaja and Ibercaja Banco and mechanisms to avoid potential conflicts of interests;
Flows of information allowing the Fundación Bancaria Ibercaja and Ibercaja Banco to prepare their respective financial statements and to comply with their reporting obligations;
Principles of a potential cooperation of the Fundación Bancaria Ibercaja and Ibercaja Banco on corporate responsibility issues.
57 Corporate Governance (4/4)
Board of Trustees of Board of Trustees of FundaciónFundación Bancaria Ibercaja Name Title Representation Group Mr. Honorio Romero Herrero Chairman Founding Entity* Mr. Enrique Arrufat Guerra Trustee People with financial knowledge and experience Mrs. Pilar de Yarza Monpeón Trustee Founding Entity* Mr. Santiago Marraco Solana Trustee Entities that represent collective interests Mr. Juan Francisco Sáenz de Buruaga y Marco Trustee Entities that represent collective interests Mr. Juan Ramón Fabre Marqués Trustee Entities that represent collective interests Mr. David Villacampa Gómez Trustee People with financial knowledge and experience Ms. Eugenio Nadal Reimat Trustee People with financial knowledge and experience Mr. Fernando Vicente Thomas Trustee People with financial knowledge and experience Mrs. Maria Pilar Segura Bas Trustee People with financial knowledge and experience Mr. Francisco Javier Palomar Gómez Trustee People with financial knowledge and experience Mr. José Luis Morales Paules Trustee People with financial knowledge and experience Renowned people in matters related to social Mr. Jaime Jesús Sanaú Villaroya Trustee welfare Renowned people in matters related to social Mr. Domingo Buesa Conde Trustee welfare Mr. José Luis Aguirre Loaso Secretary (not a trustee) Mr. Jesús Barreiro Sanz Vicesecretary (not a trustee) Mr. José Luis Rodrigo Molla Chief Executive (not a trustee) *Real y Excelentísima Sociedad Económica Aragonesa de Amigos del País
58 For more information, please visit our Website: Contact ususus: us : : : http://www.ibercaja.es/informacioncorporativa/en/ [email protected]
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