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The Leading Force in Spanish Retail Banking

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The Leading Force in Spanish Retail Banking CaixaBank - the leading force in Spanish retail banking Corporate presentation February 2013 Disclaimer The purpose of this presentation is purely informative and the information contained herein is subject to, and must be read in conjunction with, all other publicly available information. In particular, regarding the data provided by third parties, neither CaixaBank, S.A. (“CaixaBank”), nor any of its administrators, directors or employees, is obliged, either explicitly or implicitly, to vouch that these contents are exact, accurate, comprehensive or complete, nor to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in any medium, CaixaBank may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, assumes no liability for any discrepancy. This document has at no time been submitted to the Comisión Nacional del Mercado de Valores (CNMV – the Spanish Stock Markets regulatory body) for approval or scrutiny. In all cases its contents are 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. For this reason it may not necessarily comply with the prevailing norms or legal requisites as required in other jurisdictions. CaixaBank cautions that this presentation might contain forward-looking statements. While these statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. Statements as to historical performance, historical share price or financial accretion are not intended to mean that future performance, future share price or future earnings for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast. This presentation on no account should be construed as a service of financial analysis or advice, nor does it aim to offer any kind of financial product or service. In particular, it is expressly remarked here that no information herein contained should be taken as a guarantee of future performance or results. In making this presentation available, CaixaBank gives no advice and makes no recommendation to buy, sell or otherwise deal in CaixaBank shares, or any other securities or investment whatsoever. Any person at any time acquiring securities must do so only on the basis of such person’s own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in this presentation. Without prejudice to legal requirements, or to any limitations imposed by CaixaBank that may be applicable, permission is hereby expressly refused for any type of use or exploitation of the contents of this presentation, and for any use of the signs, trademarks and logotypes which it contains. This prohibition extends to any kind of reproduction, distribution, transmission to third parties, public communication or conversion into any other medium, for commercial purposes, without the previous express permission of CaixaBank and/or other respective proprietary title holders. Any failure to observe this restriction may constitute a legal offence which may be sanctioned by the prevailing laws in such cases. In so far as it relates to results from investments, this financial information from the CaixaBank Group for FY12 has been prepared mainly on the basis of estimates. 2 CaixaBank 1. CaixaBank overview p. 3 2. Update on acquisitions p. 6 3. The leading force in Spanish retail banking p. 9 4. International banking p. 23 5. Investment diversification p. 27 6. Solid balance sheet p. 29 7. FY12 Results p. 43 8. Strategy & Macro outlook p. 52 9. Final remarks p. 55 10. Appendices p. 57 3 1. CaixaBank overview “la Caixa” Group reorganization - CaixaBank began operations on 1st of July 2011 Former structure Current structure Welfare Banking Business Welfare (including real Projects Projects estate assets) ~ 63%1 100% 79.5% BV2: €23.4 bn (former Criteria, Listed) (Unlisted) (listed) Other industrial Retail Banking & Insurance Insurance companies portfolio International Banking Legacy Real Estate International Banking portfolio portfolio business Industrial portfolio Repsol + Telefonica Identical core-businesses with a more efficient capital structure (1) Including conversion of mandatory convertible bonds I/2011, I/2012 and series B and C of the mandatory convertible bond issued by Banca Cívica (considering the closing price as of 31/12/12 of 2.637 euros). (2) Shareholders equity plus mandatory convertible and/or exchangeable Banca Cívica subordinated bonds classified as subordinated liabilities as of end December 2012. 4 1. CaixaBank overview CaixaBank at a glance . The leading retail franchise in Spain; listed since 1st July 2011 A flagship institution . Competitive position reinforced by acquisitions (BCIV and BdV) . Loans: €223.4 bn . Customer funds: €288.6 bn . ~13 million customers serviced by a segmented business model Ranked 1st in retail . More than 1 out of 5 Spaniards have CaixaBank as their main banking relationship banking in Spain . Multi-channel platform: branches (~6,300); ATMs (~9,500); leader in online and mobile banking . Excellence in customer service and highly-rated brand . Sound risk profile NPL ratio 8.62%; better than sector average (11.38% Nov’12) . Coverage ratio of 60% . Comfortable liquidity position: €53.1 bn Robust financial . Solid capital base: core capital of 11.0% (BIS II) metrics . EBA Core Tier 1 reaches 10.4% 5 As of December 2012 CaixaBank 1. CaixaBank overview 2. Update on acquisitions 3. The leading force in Spanish retail banking 4. International banking 5. Investment diversification 6. Solid balance sheet 7. FY12 Results 8. Strategy & Macro outlook 9. Final remarks 10. Appendices 6 2. Update on acquisitions Execution of M&A transactions is being carried out according to plan 3 Aug 20 Oct 27 Nov 15 Dec Feb Mar Apr Jul • Merger • CAN • CajaSol • Caja • Caja Burgos registration systems systems Canarias systems integration integration systems integration • Operational 9 months integration integration • Acquisition • Closing • I.T. agreement integration 8 months1 . Execution of BCIV IT integrations on track: BCIV integration: 83.4% of 4,400 planned activities • CAN and CajaSol completed. Final IT integration expected have been completed by April’13. BdV acquisition to be managed in parallel with BCIV’s: 83.4% • Closing expected at the end of February (1st January 77.0% 70.9% 92.2% accounting integration) 66.2% 60.4% 81.1% 74.5% • Pre-merger integration committees already in place 68.2% 63.3% 43.4% 58.9% . Strict management of the incorporated franchises: • 27.0% Remapping of sales organization to fit client presence 39.1% • Application of CABK standards from day one, focusing on 24.4% Planned Real profitability and implementation of credit monitoring and recovery procedures Apr-12 Jul-12 Aug-12 Sep-12 Oct-12 Dec-12 Jan-13 Mar-13 7 (1) Estimate of calendar assuming BdV transaction is authorized at expected milestones by all the relevant authorities 2. Update on acquisitions Update on BCIV Financial Impacts . 2012 cost synergies 91% above initial target 191% of 540 Cost synergies being . Measures taken imply 40% achievement of target executed ahead of €540 M cost savings target 270 schedule . €757 M gross restructuring costs already 104 booked1 54 2012 2013E 2014E Reduction in branch network . BCIV branch network optimisation to speed Reorganisation of up following IT integrations, so as to Sept’12 6,631 branch network minimise impact on clients: accelerated Reorganization of CAN network started in Dec’12 6,342 4Q’12 Mar’13 E ~6,000 . Additional fair value adjustments on BCIV loan book and foreclosed assets due Further fair value to the more granular information obtained post IT integrations adjustments on additional granularity Initial Fair Value Additional adjustments Total Fair Value adjustments adjustments €700 M €3,988 M (€450 M loan book, €250 M (€3,668 M loan book, €882 M €3,288 M Foreclosed assets €-562 M other) Foreclosed assets) 8 (1) Of which €512 M have been booked against reserves and €62 M have been included as CapEx for the period CaixaBank 1. CaixaBank overview 2. Update on acquisitions 3. The leading force in Spanish retail banking 4. International banking 5. Investment diversification 6. Solid balance sheet 7. FY12 Results 8. Strategy & Macro outlook 9. Final remarks 10. Appendices 9 3. The leading force in Spanish retail banking The leading retail franchise in Spain Segmented business model sustained by high quality growth ~13 million . Business volume breakdown1: customers As of June 2012 A specialized Wealth Corporate Banking network (2008) Banking 10 200 Corporate Banking Private Business Banking Banking 0.5 9 Business Banking 10% Specialized Affluent SME 8% managers (2009) Banking Banking SME Banking 5% 0.1 1 47% Private Banking2 10% Retail banking (the main pillar) Affluent Banking 20% Individuals Companies (assets managed range, million €) (turnover range, million €) Retail Banking (1) Loans + assets under management (2) Including Wealth Banking 10 3. The leading force in Spanish retail banking Focused on success in critical retail metrics Customer Direct deposit Direct deposit penetration of salaries of pensions 1st 1st 1st 19.9% 21.0% 26.1% 20.3% 20.0% 15.9% 13.6% 14.4% 15.1% 12.3% 12.6% 13.8% 14.1% 14.8% 15.7% 12.5% 12.8% 2006 2011 1H12 06 07 08 09 10 11 2012* 06 07 08 09 10 11 2012* .
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