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Fleetboston Financial 1999 Summary Annual Report Diversified Strengths. Dynamic Opportunities. Table of Contents 1 Summary of Earnings 2 Letter to Shareholders 5 Diversified Strengths. Dynamic Opportunities. 6 Retail Banking 10 Money Management 14 International Banking 18 Wholesale Banking 24 Financial Overview 28 Board of Directors 29 Officers 30 Principal Operations 31 Stockholder Information 1999 saw the combination of BankBoston Corporation and Fleet Financial Group. This new financial services powerhouse — FleetBoston Financial — creates an exceptional company for shareholders and a compelling, full-service franchise for customers, combining Fleet’s sophisticated set of consumer, money management, and commercial banking capabilities with BankBoston’s nationally recognized corporate, investment, and global banking businesses. Our strong, diverse business mix will create growth and value, resulting in dynamic new opportunities for shareholders and customers alike. The theme of this year’s Summary Annual Report — “Diversified Strengths. Dynamic Opportunities.” — captures the promise of our new company and the excitement and optimism we have for the future. Summary of Earnings Dollars in millions, except per share amounts 1999 1998 For the Year Total revenue $ 13,773 $ 11,735 Noninterest expense 8,255 6,832 Provision for credit losses 933 850 Net income – operating 2,798 2,459 Merger and related charges and other special items, net of tax 760 135 Net income $ 2,038 $ 2,324 Per Common Share Diluted earnings $ 2.10 $ 2.41 Market price (year-end) 34.81 44.69 Cash dividends declared 1.11 1.00 Book value (year-end) 15.96 14.70 At Year-End Assets $190,692 $177,894 Securities 25,212 23,369 Loans 119,700 112,094 Reserve for credit losses 2,488 2,306 Deposits 114,896 118,178 Short-term borrowings 18,106 19,176 Long-term debt 25,349 14,411 Total stockholders’ equity 15,307 14,204 Ratios Return on average common equity 14.12% 17.64% Return on average assets 1.0 8 1.37 Common dividend payout ratio 51.51 40.15 Net interest margin 4.23 4.40 Common equity-to-assets (year-end) 7.6 6 7.60 Average total equity-to-assets 7.82 8.03 Selected Financial Highlights – Operating Basis 1999 1998 Per Common Share Diluted earnings $ 2.91 $ 2.55 Ratios Return on average common equity 19.52% 18.69% Return on average assets 1.4 8 1.44 Efficiency ratio 60.0 58.2 Chad Gifford, President and COO Terry Murray, Chairman and CEO Dear Shareholder: The histories of two of America’s most respected financial institutions converged in 1999 with the merger of Fleet Financial Group and BankBoston Corporation to form FleetBoston Financial. With operating earnings of nearly $3 billion in 1999, we have already established ourselves as a world-class competitor and powerful revenue generator, a new brand of growth company with enormous potential to create value for customers and shareholders alike. Early last year, when we began discussing • Return on equity rose to 19.52 percent, and a possible merger, we had high expectations. return on assets climbed to 1.48 percent. The year’s consolidated financial results, • Of special significance, revenues soared 17 despite intense merger planning and the percent over the prior year, to approximately challenges of business integration, have $14 billion, with fee income accounting for outpaced our optimistic vision. 51 percent of total revenues, demonstrating Net income for 1999 was $2.0 billion, or the diversification and balance this new $2.10 per share, which included merger- and franchise represents. restructuring-related expenses of $760 mil- lion (after-tax), versus $2.3 billion, or $2.41 Driven by Diversification per share, for 1998. One of the compelling reasons for the What excites us even more is how we creation of FleetBoston Financial is the performed before these expenses: breadth of its resulting business portfolio. • Operating earnings for 1999 were a record We benefit from the power of the company’s $2.8 billion, or $2.91 per share, a 14 percent diversified earnings stream, where no single increase over 1998. source accounts for more than 20 percent of earnings. The power of the resulting balance at cyclical lows along with the rest of the 1999 Pro Forma Earnings Mix was evident, as businesses operating in all industry. Economic concerns, especially rising (Post-Divestiture) sectors of our markets posted strong results. interest rates, have weighed heavily on finan- Commercial Mortgage & • Propelled by strong revenue growth, our cial-sector stocks, particularly banks. The Finance 14% Credit Card 10% Global Banking and Financial Services relative valuation of bank stocks has now Commercial Banking 19% Investment business recorded a 47 percent earnings reached its lowest level in more than five years, Services 13% gain, reflecting, in large part, outstand- with average price-to-earnings multiples ing performance in our corporate and falling to half that of the S&P 500. We investment banking, principal investing, remain confident that, as we successfully international, and money management areas, execute our merger integration, complete and a rebound from the world economic the industry’s largest branch divestiture, problems of 1998. and continue to deliver strong financial • Commercial and Retail Banking posted performance, we will attract increased earnings growth of 15 percent, with investor interest. We continue to enjoy excel- Deposit-Taking Businesses 18% increases in our commercial banking, lent support from the analyst community: Other 4% Investment commercial finance, and retail and small more than 80 percent of the analysts who Banking 4% Principal business units. In an environment of rising cover us rated our stock as a “Buy” or Investing 8% Latin America 10% interest rates, we also generated increases “Outperform” at year-end 1999. in short-term deposits, a profitable and critical source of liquidity for Fleet. Shaping FleetBoston Financial • Our National Consumer business posted FleetBoston Financial creates shareholder a 68 percent earnings gain. This was due value by providing a more comprehensive in large part to the strength of the business set of services to more customers. To turnaround we engineered in our credit BankBoston’s customers, the alliance brings a card business, acquired from Advanta in superior array of technologically sophisticated LETTER TO SHAREHOLDERS 3 1998, and the strong performance of Fleet and innovative cash management, brokerage, Mortgage Group. and consumer banking products. To Fleet’s Our integration is well under way and customers, the combination delivers paceset- on track to deliver the financial benefits we ting electronic banking access, nationally predicted. We projected annual savings of recognized investment banking and capital $600 million, and, during the first three markets capabilities, and access to some of months of operations, had already realized the world’s most dynamic global markets. an annualized equivalent of $100 million. The result is a financial institution armed As mandated by our regulators, we will be with five critical success competencies — divesting 306 branches in New England, rep- retail banking, money management, inter- resenting the sale of $13 billion in deposits. national banking, commercial banking, and Our only disappointment during the investment banking — which are highlighted year has been our stock price. Despite our in the feature section of this report, begin- strong performance and the substantial ning on page 5. progress we continue to make in combining We were among the first financial insti- our two organizations, our stock price has not tutions to recognize the sweeping power reflected this success and has been trading of the Internet, and continue to move aggressively to exploit the opportunities it teams and boards in the financial services offers. Information Week recognized Fleet industry. We are delighted by the high degree and one of our subsidiaries, Fleet Capital of teamwork exhibited by this unified group. Leasing, as an “E-Business 100” company. For years, we respected one another as Our corporate “e-catalyst” is rapidly and competitors. Now we are discovering that, aggressively developing a comprehensive as we learn from one another and work strategy around the Internet and coordinat- together as partners, we are an exceptionally ing the innovative e-commerce initiatives of powerful alliance. each line of business, including leveraging Finally, of critical importance to all our the power of our own electronic platforms efforts, from the ongoing integration to the and forging groundbreaking partnerships long-term success of FleetBoston Financial, with companies that are shaping the future are the talents of our employees. As a of the Internet. winning, growing, global company, Fleet Our determination to ensure that a creates significant and attractive career world-class bank remain headquartered in opportunities in an environment that is New England was one of the driving forces productive and supportive of employees’ behind our merger. Both banks had long needs. As in all aspects of the combination, records of innovative community involve- we have adopted best practices from each ment. Working closely with community organization. We have upgraded employee stakeholders, we made a five-year commit- policies, compensation, and benefits ment of $14.6 billion, which includes programs; expanded training and leadership specific initiatives targeted to low- and mod- development opportunities; and continued erate-income families, small businesses,
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