DOCSLIB.ORG

(2019). Bank X, the New Banks

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

BANK X The New New Banks Citi GPS: Global Perspectives & Solutions March 2019 Citi is one of the world’s largest financial institutions, operating in all major established and emerging markets. Across these world markets, our employees conduct an ongoing multi-disciplinary conversation – accessing information, analyzing data, developing insights, and formulating advice. As our premier thought leadership product, Citi GPS is designed to help our readers navigate the global economy’s most demanding challenges and to anticipate future themes and trends in a fast-changing and interconnected world. Citi GPS accesses the best elements of our global conversation and harvests the thought leadership of a wide range of senior professionals across our firm. This is not a research report and does not constitute advice on investments or a solicitations to buy or sell any financial instruments. For more information on Citi GPS, please visit our website at www.citi.com/citigps. Citi Authors Ronit Ghose, CFA Kaiwan Master Rahul Bajaj, CFA Global Head of Banks Global Banks Team GCC Banks Research Research +44-20-7986-4028 +44-20-7986-0241 +966-112246450 [email protected] [email protected] [email protected] Charles Russell Robert P Kong, CFA Yafei Tian, CFA South Africa Banks Asia Banks, Specialty Finance Hong Kong & Taiwan Banks Research & Insurance Research & Insurance Research +27-11-944-0814 +65-6657-1165 +852-2501-2743 [email protected] [email protected] [email protected] Judy Zhang China Banks & Brokers Research +852-2501-2798 [email protected] Expert Commentators Tanya Andreasyan Anne Boden Megan Caywood Editor-in-Chief Founder & CEO Head of Digital Strategy FinTech Futures Starling Bank Barclays plc Aritra Chakravarty Vanessa Colella Leda Glyptis Founder & CEO Chief Innovation Officer CEO Dozens Citi Ventures 11:FS Foundry Deniz Güven Michal Kissos Hertzog Antony Jenkins CEO CEO Founder & CEO Standard Chartered HK Pepper 10X Future Technologies Virtual Bank Rishi Khosla James Lloyd David Rosa Co-Founder Asia Pac FinTech & Payments Co-Founder & CEO OakNorth Leader Neat EY © 2019 Citigroup 3 BANK X The New New Bank Kathleen Boyle, CFA Is your bank giving you the best customer experience? Has it embraced the digital Managing Editor, Citi GPS age like other services you deal with daily? A substantial number of new entrants into the banking sector think that answer is no and that they can provide a new banking model using technology and digital channels to deliver a better digital customer experience During the Great Financial Crisis, legacy banks turned their focus to cost and capital optimization to help drive profitability amid a backdrop of slowing revenue growth. New regulations and changing business practices meant that technology investment was diverted towards regulatory and compliance challenges. While this was happening, smaller ‘challenger banks’ began to emerge driven by FinTech startups. These challenger banks were designed around the digital revolution and were able to leverage data insights via agile technology stacks. With these insights, they offered a customer personalization in their financial services and a fully digital banking experience. As noted in the report that follows, legacy banks often have data that is stuck in multiple silos supported by core banking technology that was literally built in the age of black and white television. Manual intervention is high, which slows down operating speed, reduces flexibility, increases costs, and ultimately degrades efficiency and experience. Because a lot of digital technology isn’t part of core banking technology, challenger banks tend to be quicker at incorporating new products and processes onto their platforms and help to easily connect with third- party products — offering more choices to the end user. Three types of challenger banks have emerged: (1) standalone challenger banks, which are primarily FinTech companies leveraging technology and data to streamline retail banking by offering better convenience and pricing; (2) incumbent- led challenger banks, which are started within legacy banks through investment in technology and by creating new digital-only banks; and (3) BigTech-led challenger banks, which are created through GAFA (Google, Apple, Facebook, and Amazon) and BAT (Baidu, Alibaba, and Tencent) and who can use their vast networks to acquire customers quickly as they branch out into financial services. The challenge for incumbent banks is that while digitalization can lower costs by 30- 50% (primarily through a decline in full-time employees as technology disintermediates workers), new competition and greater transparency are likely to lower revenues by 10-30%. We expect the digital disruption risk to start in payments and then widen to other financial products. The tipping point for incumbent banks is if their core businesses of savings and loans are impacted. Creating an ‘incumbent challenger’ sounds like an oxymoron, but as legacy banks recognize the threat that new entrants into banking are posing to revenue and customers, they need to reinvent themselves and reimagine banking. This involves legacy banks partnering with technology companies to create effective joint ventures as well as moving into more disruptive technology and business models to transform themselves into digital competitors By creating their own Bank X, we believe legacy banks can transform themselves from slow moving caterpillars to agile butterflies. © 2019 Citigroup technical solutions An open is agile,ecosystem easily that scalable with third-parties around via greater collaborations and reduces time to market 2030E - - competitive pricing - reater transparency around products and G Base –23% - Forecast - - Bull –45% - 2017 The Rise of Challenger Banks and2016 Mobile 2015 Source: ECB, Citi Research estimates 2014 Money through Digitalization 2013 2012 2011 -16% 2010 2009 SIMILAR TO OTHER GIG ECONOMY SECTORS, 2008 DIGITAL BANKING CAN RUN WITH LESS 2007 FULL-TIME EMPLOYEES, ESPECIALLY 2006 IN THE O&T AREAS 2005 2004 2003 +11% 2002 2001 2000 (th) 1999 600 200 800 400 000 600 200 , , , , , , , European Bank3 Full Time3 Employees2 2 2 1 1 Projected cost/revenue reduction from digital disruption over next 10 years Projected cost reduction over 10 years 70% DIGITAL Bull WINNER US RoTE: 24% 60% EU RoTE: 15% 50% Bear 40% US RoTE: 10% 2030 EU RoTE: 5% 30% 2018 20% Base Case Super Bear US RoTE: 16% US RoTE: 3% 10% EU RoTE: 8% EU RoTE: 0% DIGITAL A DECLINE IN FULL TIME EMPLOYEES WILL 0% LAGGARD DRIVE COST SAVINGS OF 30-50% FOR 0% 5% 10% 15% 20% 25% 30% 35% 40% LARGE BANKS OVER TIME, HOWEVER NEW Projected revenue loss over 10 years ENTRANTS AND INCREASED COMPETITION IN GENERAL COULD ALSO RESULT IN REVENUE LOSSES OF 10-30% Source: Citi Research © 2019 Citigroup THREE TYPES OF CHALLENGER BANKS — STANDALONE DIGITAL PLATFORMS, DIGITAL-ONLY BANKS EVOLVED FROM INCUMBENT BANKS, AMD BIG TECH EXPANSIONS INTO FINTECH — ARE TAKING SHARE BY BETTER ALIGNING WITH CUSTOMER EXPECTATIONS Banking Sector Pain Points Targeted by Challenger Banks Source: Citi Research Ease of use and accessibility with new products to serve unmet needs An open ecosystem that is agile, easily scalable and reduces time to market via greater collaborations with third-parties around technical solutions Greater transparency around products and competitive pricing Personalized banking or clienta niche grouppropostition product,experiences sector focused with on specialist BEYOND CHALLENGER BANKS, MOBILE MONEY IS FAST BECOMING AN ALTERNATIVE TO BANK ACCOUNTS AND PAYMENT SERVICES IN EMERGING AND FRONTIER MARKETS Bank accounts vs. Mobile Money Better operational lower costs efficiencies with Bank accounts vs. Mobile Money Adults actively using/having a Mobile Money account, 2017 75% KEN 60% UGA CHN 45% TZA GHA 30% BGD ZAF CHL PHL NGA 15% TUR IND MYS VNM MEX PER PAK ARG UAE BRA THA KHM MMR EGY IDN 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Adults with account at financial institution, 2017 Source: World Bank Survey, Citi Research 6 Contents Bank X: An Introduction 7 Banking is Broken – Time to Reboot 7 A Brief History of Banking: The Last 4000 Years 9 Bank of the Future: Bank X 12 Why Banking is Broken and How to Fix It 18 Interview with Antony Jenkins of 10X Future Technologies: 18 Modeling the 10x Upside and Downside 22 Disruption Risk – Where Do Revenues Go? 24 Changing the Operational Model, Reducing Costs 26 Innovation at an Incumbent 28 Interview with Vanessa Colella of Citi Ventures: 28 On Building Challenger Banks: Independently and for Incumbents 31 Interview with Megan Caywood: 31 Build What You Need, Don’t Extend What You Have 34 Interview with Leda Glyptis of 11:FS: 34 On Core Banking Systems 37 Interview with Tanya Andreasyan of FinTech Futures: 37 Standalone Challenger Banks 41 Challenger Banks in the U.K. 41 Examining the Banking-as-a-Service Model 42 Case Study: Starling Bank – A Bank with No Legacy 43 Banking-as-a-Service and Smart Money Management 45 An Interview with Anne Boden of Starling Bank 45 Building an SME Challenger Bank 47 Interview with Rishi Khosla of OakNorth 47 Dozens: Putting the Fin into FinTech 50 Interview with Aritra Chakravarty of Dozens 50 Virtual Banks in Hong Kong 55 Building Challenger Banks in Asia 59 Interview with James Lloyd of EY 59 Building an SME-focused Neobank in HK 63 Interview with David Rosa of Neat 63 Challenger Banks in South Africa 68 Incumbent Challenger Banks 73 Incumbent Challengers: Oxymoron or Viable Model? 73 Case Study: Marcus by Goldman Sachs
Recommended publications
  • What Is a Public Bank? ABOUT US

    What Is a Public Bank? ABOUT US

    Protecting Your Financial Interests What is a Public Bank? ABOUT US Who We Are The Government of the District of Columbia Department of Insurance, Securities and Banking (DISB) regulates financial-service businesses in the District by administering DC's insurance, securities and banking laws, rules and regulations. Our Mission Protect consumers by providing equitable, thorough, efficient, and prompt regulatory supervision of the financial services companies, firms, and individuals operating in the District of Columbia; Develop and improve market conditions to attract and retain financial services firms to the District of Columbia. 2 | D.C. Department of Insurance, Securities and Banking What is a Public Bank? A public bank is a chartered depository bank in which public funds are deposited. It is owned and operated by a government unit such as a state, county or city. • In contrast to conventional banks, a public bank is likely to have a mandate for serving a public mission which reflects the values and needs of the public that it represents. • The Bank of North Dakota (BND) is the only active public bank in the contiguous United States, formed in 1919 following a crisis in the agricultural sector and a constriction on credit available to local businesses. Please visit https://bnd.nd.gov 3 | D.C. Department of Insurance, Securities and Banking District Feasibility Study The District is interested in establishing a public bank, if feasible, as it could have the potential for enhancing the District’s fiscal management, improving returns on District funds, and providing a more robust lending climate in the District. DISB is presently conducting a feasibility study for establishing a public bank in the District of Columbia.
  • UNIT - I Evolution of Banking (Origin and Development of Banking)

    UNIT - I Evolution of Banking (Origin and Development of Banking)

    UNIT - I Evolution of Banking (Origin and development of Banking) The evolution of banking can be traced back to the early times of human history. The history of banking begins with the first prototype banks of merchants of the ancient world, which made grain loans to farmers and traders who carried goods between cities. This began around 2000 BC in Assyria and Babylonia. In olden times people deposited their money and valuables at temples, as they are the safest place available at that time. The practice of storing precious metals at safe places and loaning money was prevalent in ancient Rome. However modern Banking is of recent origin. The development of banking from the traditional lines to the modern structure passes through Merchant bankers, Goldsmiths, Money lenders and Private banks. Merchant Bankers were originally traders in goods. Gradually they started to finance trade and then become bankers. Goldsmiths are considered as the men of honesty, integrity and reliability. They provided strong iron safe for keeping valuables and money. They issued deposit receipts (Promissory notes) to people when they deposit money and valuables with them. The goldsmith paid interest on these deposits. Apart from accepting deposits, Goldsmiths began to lend a part of money deposited with them. Then they became bankers who perform both the basic banking functions such as accepting deposit and lending money. Money lenders were gradually replaced by private banks. Private banks were established in a more organised manner. The growth of Joint stock commercial banking was started only after the enactment of Banking Act 1833 in England.
  • February 2019

    February 2019

    The definitive source of news and analysis of the global fintech sector | February 2019 www.bankingtech.com SUPERSTRUCTURES Fintech reaches new heights CASE STUDY: CITIZENS BANK US heavyweight pivots for digital era FOOD FOR THOUGHT: CAREER CHOICES The Venn diagram of doom FINTECH FUTURES IN THIS ISSUE THEM US Contents NEWS 04 The latest fintech news from around the globe: the good, the bad and the ugly. 18 Banking Technology Awards The glamour, the winners and the celebrations. 23 Focus: intraday liquidity Are banks ready to meet the ECB’s latest expectations? 24 Interview: Pavel Novak, Zonky P2P lender on a “mission possible”. 26 Focus: data How DNB uses data to reconnect with customers. 30 Analysis: openfunds Admirable data standardisation efforts for the funds industry. 32 Case study: Citizens Bank US’s 13th largest bank embraces digital era. 38 Food for thought Making career choices and the Venn diagram of doom. They struggle with Fintech complexity. We see straight to your goal. We leverage proprietary knowledge and technology to solve complex regulatory challenges, create new products 40 Comment What would a recession mean for fintech? and build businesses. Our unique “one fi rm” approach brings to bear best-in-class talent from our 32 offi ces worldwide—creating teams that blend global reach and local knowledge. Looking for a fi rm that can help keep 42 Interview: Javier Santamaría, EPC your business moving in the right direction? Visit BCLPlaw.com to learn more. Happy one year anniversary, SEPA Instant Credit Transfer! REGULARS 44
  • AWARD-WINNING MORTGAGE PRODUCTS Brokers Choose B2B Bank Mortgage Products As Their Preferred Choice for Homebuyers SPECIAL REPORT

    AWARD-WINNING MORTGAGE PRODUCTS Brokers Choose B2B Bank Mortgage Products As Their Preferred Choice for Homebuyers SPECIAL REPORT

    ALTERNATIVE LENDING RENAISSANCE What brokers need to know as more consumers opt to bypass the banks STAMPING OUT HARASSMENT MORTGAGEBROKERNEWS.CA How the mortgage industry can ISSUE 16.08 tackle a pervasive culture problem COMMERCIAL KNOW-HOW The rewards of mastering the commercial lending sector 2021 AWARD-WINNING MORTGAGE PRODUCTS Brokers choose B2B Bank mortgage products as their preferred choice for homebuyers SPECIAL REPORT 2021 MORTGAGE PRODUCTS CONTENTS PAGE CMP turned to brokers to find Feature article .............................................. 20 out which Canadian mortgage Methodology ................................................ 21 products are best in class 5-Star Award winners .................................. 24 Profiles .......................................................... 26 www.mpamag.com/ca 19 CMP 5-Star Mortgage Products_SUBBED.indd 19 10/08/2021 4:24:25 am SPECIALBUSINESS REPORT STRATEGY 5-STAR AWARDS: MORTGAGE PRODUCTS THE COMPLETE PACKAGE FOR LENDERS and brokers alike, there are few more critical aspects of the industry “When brokers think beyond the than the mortgage products themselves. mortgage and find low-cost flexibility They’re a defining factor in how mort- gage professionals successfully present for all the client’s debt, they are themselves to borrowers, and as mortgage seekers ponder their financing options, reducing financial stress and a range of considerations come into play, including quality of customer service, turn- building long-term client loyalty, around time and variety. In an effort to identify the lenders whose as well as referrals” products best match the needs of brokers Mario Cloutier, Manulife Bank and their customers, CMP conducted a wide-ranging survey, asking brokers for their WHAT’S MOST IMPORTANT TO BROKERS AND THEIR CLIENTS opinions on some of the lenders and prod- WHEN CHOOSING A MORTGAGE PRODUCT? ucts they had used over the course of the previous year.
  • Terms and Conditions of PB Efixed Deposit (PB Efd)

    Terms and Conditions of PB Efixed Deposit (PB Efd)

    PROTECTED BY PIDM UP TO RM250,000 FOR EACH DEPOSITOR* Terms and Conditions of PB eFixed Deposit (PB eFD) 1. Eligibility 1.1 The PB eFixed Deposit Account (“PB eFD”) is a fixed deposit account which allows Account creation, placements and withdrawals to be performed online via PBe Online Banking (“PBe”). 1.2 PB eFD is a conventional fixed deposit product. 1.3 PB eFD is only available to:- a) Individual Account holders aged eighteen (18) years and above and sole proprietor, who have existing Conventional or Islamic personal Current/Savings Accounts (CASA/CASA-i), and who have registered for PBe. For the avoidance of doubt, it is only available to selected CASA-i only as determined by Public Bank Berhad (“the Bank”) from time to time.; and b) Malaysians without any of the following Foreign Account Tax Compliance Act (FATCA) and/or Common Reporting Standard (CRS) indicia: FATCA Indicia CRS Indicia a. A United States (U.S.) Person i.e. U.S. a. A Non-U.S. Foreign (NUF) tax Permanent Resident (Green-Card resident i.e. a person who is having holder), U.S. Tax Resident or a Person tax residency in a foreign country with substantial physical presence in other than U.S. U.S. b. A person who is having: b. A person who is having: NUF telephone number and do U.S. telephone number and do not not have any Malaysia have any Non-U.S. telephone telephone number. number. NUF residential/mailing address U.S. residential/mailing address (including a NUF P.O. box (including a U.S.
  • SBFM Report 2021

    SBFM Report 2021

    Small Business Finance Markets 2020/21 british-business-bank.co.uk Contents Foreword 3 Part B: Market developments 54 Executive summary 6 Small businesses and their use Introduction 10 of finance Aggregate flow and stock of 2.1 Macro-economic developments 55 finance to smaller businesses 12 2.2 SME business population 61 2.3 Use of external finance 67 Part A: The impact of Covid-19 on small business finance markets Finance products and the implications for 2021 15 2.4 Bank lending 75 1.1 Demand and supply of SME 2.5 Challenger and specialist banks 82 finance during the pandemic 16 2.6 Equity finance 89 1.2 Expectations for demand and 2.7 Private debt 102 supply in 2021 29 2.8 Asset finance 111 1.3 Finance can help the UK build 2.9 Invoice finance and back better 41 asset-based lending 116 1.4 The importance of and 2.10 Marketplace lending 121 challenges faced by alternative finance providers in 2020 47 Glossary 126 Endnotes 132 2 0.0 The British Business Bank’s mission is Foreword to make finance markets work better so smaller businesses across the UK can prosper and grow. Small Business Finance Markets 2020/21 Foreword Our unique position at the intersection of Covid-19 has had a devastating effect on the UK government and financial markets enables economy, particularly on the all-important small business sector that accounts for 61% of private sector us to identify and reduce imbalances in employment. It has also had a profound influence on access to finance; create a more diverse the operation of the finance markets serving small market; and increase the supply of finance businesses.
  • Nonprofit and Mutual Firms in the Development of the U.S. Personal Finance Industry

    Nonprofit and Mutual Firms in the Development of the U.S. Personal Finance Industry

    Organizational Form and Industry Emergence: Nonprofit and Mutual Firms in the Development of the U.S. Personal Finance Industry R. Daniel Wadhwani Eberhardt School of Business University of the Pacific [email protected] This article examines historical variations in the ownership and governance of firms in the U.S. personal finance industry between the early nineteenth century and the Great Depression. It focuses, in particular, on mutual savings banks and their role in the development of the intermediated market for savings accounts. Economic theories of commercial nonprofits and mutuals usually emphasise the advantages of such ownership and governance structures in reducing agency and monitoring costs in markets that suffer from information asymmetries in exchanges between firms and their customers. While I find some evidence to support these theories, I also find that mutual savings banks predominated in the early years of the industry because the form offered entrepreneurial advantages over investor-owned corporations and because in some states they benefitted from regulatory and political advantages that joint-stock savings banks lacked. Their relative decline by the early twentieth century was the result of increasing competition in the market for savings deposits, the loosening of regulatory barriers to entry, and changes in public policy that reduced the transaction, innovation and regulatory advantages that the mutual savings bank form had once held. The article draws out the theoretical implications for our understanding of the historical role of nonprofit and mutual firms. Keywords: nonprofit; trusteeship; mutual; cooperative; savings banks; governance; ownership; organizational form; entrepreneurship; innovation. 1 Introduction In recent years, business historians have devoted increasing attention to understanding variation in the organizational forms of modern enterprise.
  • Aliexpress's Strategic Choice for Entering the E-Commerce Market in Thailand Yan Shijie 5917195406 an Independent Study Submitte

    Aliexpress's Strategic Choice for Entering the E-Commerce Market in Thailand Yan Shijie 5917195406 an Independent Study Submitte

    ALIEXPRESS'S STRATEGIC CHOICE FOR ENTERING THE E-COMMERCE MARKET IN THAILAND YAN SHIJIE 5917195406 AN INDEPENDENT STUDY SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION GRADUATE SCHOOL OF BUSINESS SIAM UNIVERSITY 2018 ALIEXPRESS'S STRATEGIC CHOICE FOR ENTERING THE E-COMMERCE MARKET IN THAILAND ABSTRACT Title: Aliexpress's Strategic Choice For Entering the E-Commerce Market in Thailand By: Yan Shijie Degree: Master of Business Administration Major: Business Administration Advisor: (Associate Professor Wei Qifeng) / / In recent years, China's traditional export trade has slowed, but cross-border e-commerce has developed momentum. Cross-border e-commerce has the characteristics of shortening the trading phase and reducing costs, bypassing the traditional trade intermediary links, making it possible for producers to directly face end consumers, both to raise profits and to lower commodity prices. Because domestic e-commerce market is beginning to enter the saturated period, Chinese enterprises seek new markets abroad in order to get rid of fierce competition from the country. When an enterprise wants to gain access to foreign markets, it is necessary to analyze the country's environment and understand the local market and industry's specific circumstances. SWOT is a common strategic analysis tool. This paper mainly studies the strategy selection of China's cross-border e-commerce platform into Thailand, and is an example of Alibaba's AliExpress, which shows whether it should enter the Thai market and how it should be entered. Based on the 4M analysis, 7 'S analysis, PEST analysis and Porter's five-force model, this paper analyzes the internal and external environment, finds out the strengths and weaknesses of the platform, the opportunities and threats existing in Thailand's market and uses five points to quantify the four factors.
  • AFG Mortgages Lodged

    AFG Mortgages Lodged

    Market Release 8 July 2021 Market Announcements Office ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam AFG MORTGAGE INDEX – Q4 2021 Please see attached statement regarding AFG’s Mortgage Index for the fourth quarter of financial year 2021. Authorised for disclosure by: Lisa Bevan Company Secretary CONTACT DETAILS Alison Clarke, AFG Head of Corporate Communications Mob 0402 781 367 David Bailey, CEO Tel (08) 9420 7888 AFG Index Market Release July 2021 Australian home loan market ends the financial year on a high (ASX:AFG) The 2021 financial year drew to a close with another record quarter of activity for AFG brokers. The company recorded $22.6 billion in home loan lodgements for the three months to 30 June 2021. This an increase of 10% on the previous quarter and a massive 34% on the corresponding quarter last year. AFG CEO David Bailey explained the results: “Whilst Upgraders remain the main source of lodgements at 42%, Refinancers fuelled by cash back offers from some lenders also drove activity, jumping by 4% to be 27% of the market. Continuing the increasing trend observed in the third quarter, Investor activity increased a further 2% to 25%. “Despite hitting highs of 23% of application flow during the year on the back of support of State and Federal Government assistance packages, First Home Buyer activity dropped back to 14% of total activity for the final quarter of the year,” he said. Record lodgments were broadly seen across the country, New South Wales is up 12.16% from the quarter to $7.87 billion and Victoria up 12.76% from Q3 21 to $7.54 billion.
  • Elenco Dei Soggetti Richiedenti Che Operano Con Il Fondo, Con Specifica

    Elenco Dei Soggetti Richiedenti Che Operano Con Il Fondo, Con Specifica

    Elenco dei soggetti richiedenti che operano con il Fondo – account abilitati all’utilizzo della procedura telematica - Ottobre 2020 (informativa ai sensi del Piano della Trasparenza - parte X delle Disposizioni operative) DENOMINAZIONE SOGGETTO RICHIEDENTE COGNOME NOME E-MAIL TELEFONO AAREAL BANK MAZZA ANTONIO [email protected] 0683004228 AAREAL BANK CIPOLLONE LORELLA [email protected] 0683004305 AGFA FINANCE ITALY SPA CRIPPA ANTONELLA [email protected] 023074648 AGFA FINANCE ITALY SPA BUSTI FILIPPO [email protected] AGRIFIDI ZAPPA GIUSEPPE [email protected] 3371066673 AGRIFIDI EMILIA ROMAGNA TEDESCHI CARLO ALBERTO [email protected] 05211756120 AGRIFIDI MODENA REGGIO FERRARA TINCANI ENNIO EMANUELE [email protected] 059208524 AGRIFIDI UNO EMILIA ROMAGNA EVANGELISTI CARLOTTA [email protected] 0544271787 AGRIFIDI UNO EMILIA ROMAGNA MONTI LUCA [email protected] 0544271787 A-LEASING SPA LOMBARDO CLAUDIO [email protected] 0422409820 ALLIANZ BANK FINANCIAL ADVISORS PISTARINO FRANCA [email protected] 0131035420 ALLIANZ BANK FINANCIAL ADVISORS CORIGLIANO FABIO [email protected] 0272168085 ALLIANZ BANK FINANCIAL ADVISORS CHIARI STEFANO [email protected] 0272168518 ALLIANZ BANK FINANCIAL ADVISORS CANNIZZARO FEDERICO [email protected] 3421650350 ALLIANZ BANK FINANCIAL ADVISORS KOFLER SAMUEL [email protected] 3466001059 ALLIANZ BANK FINANCIAL ADVISORS FERRARI PIERO [email protected] 3477704188 ALLIANZ
  • Switching Made Simple Guide

    Switching Made Simple Guide

    Great Southern Bank A business name of Credit Union Australia Ltd ABN 44 087 650 959 AFSL and Australian credit licence 238317 GPO Box 100, Brisbane QLD 4001 P 133 282 W greatsouthernbank.com.au Switching made simple Switching your salary and payments over to your Great Southern Bank everyday account is easy. This handy switching pack will take you through the process of updating your payments in three simple steps. Switch From Switch To My old bank account details My new Great Southern Bank account details Bank: Bank: Great Southern Bank BSB: BSB: 814-282 Account number: Account number: We’re here to help You can download a copy of this pack at greatsouthernbank.com.au/switch PR1347999_210412 Great Southern Bank | Pack | Page 1 of 9 How to switch in 3 simple steps Follow these 3 simple steps with our handy Payments Tracker (on page 3) and you will quickly switch your regular payments to your Great Southern Bank everyday account. SWITCH YOUR SALARY COMPLETED 1 • Tell your employer’s payroll team that you’ve changed bank accounts. • You can fill out our Salary Switch form (page 5) and give it to your employer. IDENTIFY REGULAR PAYMENTS ON YOUR OLD ACCOUNT 2 • You’ll know most of them, so to double-check, simply take a minute to review your statements or online banking transaction listings for your old account. • You can list them all on our Payments Tracker (on page 3). • You can also ask your previous bank for a Regular Payments List. This will include all direct debit and credits for the last 13 months.
  • March Quarter 2020 and Full Fiscal Year 2020 Results

    March Quarter 2020 and Full Fiscal Year 2020 Results

    March Quarter 2020 and Full Fiscal Year 2020 Results May 22, 2020 Disclaimer This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”), including adjusted EBITDA (including adjusted EBITDA margin), adjusted EBITA (including adjusted EBITA margin), marketplace-based core commerce adjusted EBITA, non-GAAP net income, non-GAAP diluted earnings per share/ADS and free cash flow. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, see GAAP to Adjusted/Non-GAAP Measures Reconciliation. This presentation contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. Among other things, statements that are not historical facts, including statements about Alibaba’s strategies and business plans, Alibaba’s beliefs, expectations and guidance regarding the growth of its business and its revenue, the business outlook and quotations from management in this presentation, as well as Alibaba’s strategic and operational plans, are or contain forward-looking statements. Alibaba may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.