Unicredit Local Roots. European Leadership
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Fitch Places 31 EMEA Bank ST Issuer Ratings Under Criteria Observation
5/7/2019 [ Press Release ] Fitch Places 31 EMEA Bank ST Issuer Ratings Under Criteria Observation Fitch Places 31 EMEA Bank ST Issuer Ratings Under Criteria Observation Fitch Ratings-London-07 May 2019: Fitch Ratings has placed 31 Short-Term (ST) Issuer Default Ratings (IDR) and related ST debt level ratings of EMEA-based banks Under Criteria Observation (UCO) following the publication of its cross-sector criteria for Short-Term Ratings on 2 May 2019. A full list of rating actions is below. Fitch intends to conclude full implementation of the criteria, and resolution of all UCO designations within six months of the designation. KEY RATING DRIVERS The ST ratings of the affected banks are determined primarily by correspondence tables linking short-term to long-term ratings. The new ST rating criteria introduced changes to our correspondence table between long-term and ST ratings. Two new cusp points at 'A' and 'BBB+' have been added to the existing three cusp points ('A+', 'A-' and 'BBB'), where baseline or higher ST ratings can be assigned. For banks with Long-Term IDRs driven by their standalone profile, as reflected by their Viability Ratings (VR), Fitch uses the funding and liquidity factor score as the principal determinant of whether the 'baseline' or 'higher' ST IDR is assigned at each cusp point. The ST IDRs and, where relevant, associated ST debt/deposit ratings of the following issuers have been placed UCO because the ratings could be upgraded by one notch under the new criteria. This is because the latest funding and liquidity scores that feed into their VRs are at least in line with the minimum levels required for a higher ST rating under the new criteria: - Banco Cooperativo Espanol, S.A. -
Group Project & Mtp 2022
GROUP PROJECT & MTP 2022 Working every day in the interest of our customers and society INVESTOR DAY – 6 JUNE 2019 Disclaimer This presentation may include forward-looking information and prospective statements on Crédit Agricole Group, supplied as information on trends. These statements and information include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. These statements and information do not represent forecasts within the meaning of European Regulation 809/2004 of 29 April 2004 (chapter 1, article 2, § 10). These statement and information were developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. These assumptions are by nature subject to random factors and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and prospective statements. Other than as required by applicable laws and regulations, neither Crédit Agricole S.A. nor any other entities of Crédit Agricole Group undertake any obligation to update or revised any forward-looking information and prospective statements in light of any new information and/or event. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment. Readers must take all these risk factors and uncertainties into consideration before making their own judgement. The figures presented are not audited. The figures presented for the twelve-month period ending 31 December 2018, approved by Crédit Agricole S.A.’s Board of Directors on 13 February 2019, have been prepared in accordance with IFRS as adopted in the European Union and applicable at end-2018, and with prudential regulations currently in force. -
14Annual Report Contents
14Annual Report Contents 4 Foreword 78 Report of the Supervisory Board 6 Executive Board 86 Consolidated Financial Statements 87 Responsibility Statement 8 The Axel Springer share 88 Auditor’s Report 89 Consolidated Statement of Financial Position 10 Combined Management Report 91 Consolidated Statement of 12 Fundamentals of the Axel Springer Group Comprehensive Income 22 Economic report 92 Consolidated Statement of Cash Flows 41 Economic position of Axel Springer SE 93 Consolidated Statement of Changes in Equity 44 Events after the reporting date 94 Consolidated Segment Report 45 Report on risks and opportunities 95 Notes to the Consolidated 56 Forecast report Financial Statements 61 Disclosures and explanatory report of the Executive Board pursuant to takeover law 158 Boards 65 Corporate Governance Report Group Key Figures Continuing operations in € millions Change yoy 2014 2013 2012 Group Total revenues 8.4 % 3,037.9 2,801.4 2,737.3 Digital media revenues share 53.2 % 47.5 % 42.4 % 1) EBITDA 11.6 % 507.1 454.3 498.8 1) EBITDA margin 16.7 % 16.2 % 18.2 % 2) Digital media EBITDA share 72.1 % 62.0 % 49.4 % 3) EBIT 9.7 % 394.6 359.7 413.6 Consolidated net income 31.9 % 235.7 178.6 190.7 3) Consolidated net income, adjusted 9.3 % 251.2 229.8 258.6 Segments Revenues Paid Models 2.6 % 1,561.4 1,521.5 1,582.9 Marketing Models 10.8 % 794.1 716.5 662.8 Classified Ad Models 27.2 % 512.0 402.6 330.2 Services/Holding 6.1 % 170.5 160.8 161.4 EBITDA1) Paid Models – 2.4 % 244.2 250.1 301.8 Marketing Models 6.0 % 109.7 103.4 98.1 Classified Ad Models -
Television Advertising Insights
Lockdown Highlight Tous en cuisine, M6 (France) Foreword We are delighted to present you this 27th edition of trends and to the forecasts for the years to come. TV Key Facts. All this information and more can be found on our This edition collates insights and statistics from dedi cated TV Key Facts platform www.tvkeyfacts.com. experts throughout the global Total Video industry. Use the link below to start your journey into the In this unprecedented year, we have experienced media advertising landscape. more than ever how creative, unitive, and resilient Enjoy! / TV can be. We are particularly thankful to all participants and major industry players who agreed to share their vision of media and advertising’s future especially Editors-in-chief & Communications. during these chaotic times. Carine Jean-Jean Alongside this magazine, you get exclusive access to Coraline Sainte-Beuve our database that covers 26 countries worldwide. This country-by-country analysis comprises insights for both television and digital, which details both domestic and international channels on numerous platforms. Over the course of the magazine, we hope to inform you about the pandemic’s impact on the market, where the market is heading, media’s social and environmental responsibility and all the latest innovations. Allow us to be your guide to this year’s ACCESS OUR EXCLUSIVE DATABASE ON WWW.TVKEYFACTS.COM WITH YOUR PERSONAL ACTIVATION CODE 26 countries covered. Television & Digital insights: consumption, content, adspend. Australia, Austria, Belgium, Brazil, Canada, China, Croatia, Denmark, France, Finland, Germany, Hungary, India, Italy, Ireland, Japan, Luxembourg, The Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, UK and the US. -
Intesa Sanpaolo Spa
EMEA Issuer Profile 11 February 2021 Intesa Sanpaolo SpA Senior Outlook Unsecured William Hahn Moody’s Baa1 Negative Credit Research +44 20 7597 8355 S&P BBB Negative [email protected] Fitch BBB- Stable Source: Moody’s, S&P and Fitch Background and ownership Intesa Sanpaolo SpA (‘ISP’) was formed through the merger of Banca Intesa and Intesa – Key Data Sanpaolo IMI in January 2007. In 2018, Intesa announced its intention to merge with its investment-banking subsidiary Banca IMI by incorporation, which was completed in July FY20 2020. In keeping with the bank’s articulated growth strategy, Intesa made a bid for Total Assets (€bn) 1,002 domestic rival and Italy’s fifth largest bank, UBI Banca, in early 2020 and acquired full control in late-July 2020. The merger into the parent company is expected to be finalised Loan Book (€bn) 461.5 by 2Q21. With total assets of €1tr at end-2020, Intesa has become the largest banking group in Italy, ahead of the more internationally active UniCredit group. Loans to Deposits (%) 87.9 Cost to Income (%) 52.2 ISP’s activities are predominantly domestically focused where it is the market leader in retail banking, corporate banking and wealth management, with domestic market shares Net Profit (€m) 3,277 (incl. UBI) of 21% in customer loans, 22% in deposits, 25% in asset management and 24% in pension funds. ISP has also developed a sound retail banking presence in Central LCR (%) >100 and Eastern Europe (CEE) and the Middle East and North Africa (MENA) with total assets FL CET1 (%) 15.4 and lending activities making up 6% and 8.4% of the group’s total respectively. -
FINE-TUNED BNP PARIBAS EXCELS at the BUSINESS of BANKING BNP Paribas Is That Rarity: a Large Bank Actually Delivering on Its Promises to Stakeholders
Reprinted from July 2016 www.euromoney.com WORLD’S BEST BANK BNP PARIBAS EXCELS AT THE BUSINESS OF BANKING World’s best bank Reprinted from July 2016 Copyright© Euromoney magazine www.euromoney.com WORLD’S BEST BANK FINE-TUNED BNP PARIBAS EXCELS AT THE BUSINESS OF BANKING BNP Paribas is that rarity: a large bank actually delivering on its promises to stakeholders. It is producing better returns even than many of the US banks, despite being anchored in a low-growth home region, building capital and winning customers – all while proving the benefits of a diversified business model. Its cadre of loyal, long-serving senior executives look to have got the strategy right: staying the course in Asia and the US and running global customer franchises, but only in the select services it excels at By: Peter Lee Illustration: Jeff Wack eset by weak profitability, negative interest rates and Its third division, international financial services, includes banking low growth in their home markets, European banks in the US, Latin America and Asia, as well as specialist business such are losing out to US rivals that restructured and as consumer finance, asset and wealth management and insurance. recapitalized quickly after the global financial crisis At a time when peers are still shrinking, BNP Paribas is growing. and whose home economy has enjoyed a much more While new and uncertain management teams struggle to get back Brobust recovery since. to basics, the technicians at BNP Paribas embrace geographic and In April, the European Banking Authority published its latest update business diversity. Critics see a large bank running on six engines in on the vulnerabilities of the 154 biggest European banks and noted a the age of the monoplane. -
Rome, 30 November 2019 Identification of the Unicredit
Rome, 30 November 2019 Identification of the UniCredit, Intesa Sanpaolo, Banco BPM and Monte dei Paschi di Siena banking groups as other systemically important institutions authorized to operate in Italy The Bank of Italy has identified the UniCredit, Intesa Sanpaolo, Banco BPM and Monte dei Paschi di Siena banking groups as other systemically important institutions (O-SIIs) authorized to operate in Italy in 2020. Compared with last year, the Monte dei Paschi di Siena group has returned to O-SII status. UniCredit, Intesa Sanpaolo, Banco BPM and Monte dei Paschi di Siena will have to maintain a capital buffer of 1.00, 0.75, 0.25 and 0.25 per cent, respectively, of their total risk-weighted exposure, to be achieved according to the transitional periods shown in Table 1. Table 1 Transitional period applicable to the O-SII buffers (per cent) From From From From Banking group 1 Jan. 2019 1 Jan. 2020 1 Jan. 2021 1 Jan. 2022 UniCredit 0.50 0.75 1.00 1.00 Intesa Sanpaolo 0.38 0.56 0.75 0.75 Banco BPM 0.06 0.13 0.19 0.25 Monte dei Paschi di Siena - 0. 13 0. 19 0.25 The decision was taken pursuant to Bank of Italy Circular No 285/2013 (prudential regulations for banks), which implements Directive 2013/36/EU and specifies the criteria on which the methodology for identifying O-SIIs is based. The assessment was conducted in accordance with the European Banking Authority Guidelines (EBA/GL/2014/10), which set out the criteria and data required to identify O-SIIs in EU jurisdictions. -
Press Release
Press release Milan October 30th, 2014 Deutsche Bank SpA and Hines Italia SGR agree to set up a real estate fund reserved for institutional investors that will be granted 90 of the Bank's Italian branches. Deutsche Bank capitalises upon its real estate assets and confirms its commitment towards Italy, the Group's largest European market after Germany. Today, Deutsche Bank SpA and Hines Italia SGR announced an agreement to transfer a portfolio of 90 Italian branches of the Bank to a newly established real estate fund reserved for institutional investors. The 90 branches, worth 134 million euros, will be transferred to a fund named “Italian Banking Fund” (IBF) as a contribution in kind. Deutsche Bank will also enter into lease agreements for said branches for a term of at least 12 years. The branches concerned represented the only ones still owned by Deutsche Bank out of the 358 the lender operates in Italy. The IBF fund, set up and managed by Hines Italia SGR, is reserved for institutional investors. Qatar Investment Authority had entered into an agreement with the asset management firm to become the largest unitholder in the new fund, expanding the relationship started with the investment in the Porta Nuova funds and consolidated more recently with the acquisition of Credit Suisse's Milan office. “The placement of IBF, the twelfth real estate fund managed by Hines Italia SGR, marks the consolidation of our leadership in the Italian market for real estate funds reserved for institutional investors”, said Manfredi Catella, CEO of Hines Italia SGR. “This is a confirmation of the business strategy we launched some years ago and which led us to invest over one billion euros in Italy over the last 12 months, especially in the retail, logistics and service industries. -
F Ul L Ye Ar R Es Ults 2 01 9
FULL YEAR RESULTS 2019 ENTERTAIN. INFORM. ENGAGE. KEY FIGURES SHARE PERFORMANCE (1 January 2019 to 31 December 2019) +31.15 % MDAX +16.41 % SXMP –5.82 % RTL GROUP INDEX = 100 –10.55 % PROSIEBENSAT1 RTL Group share price development for January to December 2019 based on the Frankfurt Stock Exchange (Xetra) against MDAX, Euro Stoxx 600 Media and ProSiebenSat1 Fremantle’s America’s Got Talent: The Champions is a prime-time hit on NBC. 2 RTL Group Full-year results 2019 REVENUE 2015 – 2019 (€ million) EBITA 2015 – 2019 (€ million) 19 6,651 19 1,139 18 6,505 18 1,171 17 6,373 17 1,248 16 6,237 16 1,205 15 6,029 15 1,167 PROFIT FOR THE YEAR 2015 – 2019 (€ million) EQUITY 2015 – 2019 (€ million) 19 864 19 3,825 18 785 18 3,553 17 837 17 3,432 16 816 16 3,552 15 863 15 3,409 MARKET CAPITALISATION* 2015 – 2019 (€ billion) TOTAL DIVIDEND / DIVIDEND YIELD PER SHARE 2015 – 2019 (€) (%) 19 6.8 19 4.00 8.7 18 7.2 18 4.00* 6.3 17 10.4 17 4.00** 5.9 16 10.7 16 4.00*** 5.4 15 11.9 15 4.00**** 4.9 *As of 31 December * Including an interim dividend of € 1.00 per share, paid in September 2018 ** Including an interim dividend of € 1.00 per share, paid in September 2017 *** Including an interim dividend of € 1.00 per share, paid in September 2016 **** Including an extraordinary interim dividend of € 1.00 per share, paid in September 2015 CASH CONVERSION RATE* 2015 – 2019 (%) PLATFORM REVENUE* 2015 – 2019 (€ million) 19 105 19 368 18 90 18 343 17 104 17 319 16 97 16 281 15 87 15 248 *Calculated as operating pre-tax free cash flow as a percentage of EBITA * Revenue generated across all distribution platforms (cable, satellite, IPTV) including subscription and re-transmission fees 3 RTL Group Full-year results 2019 “ WE ARE BOOSTING OUR STREAMING SERVICES AND GLOBAL CONTENT BUSINESSES” “Driven by the strong performances of our three largest business units, RTL Group achieved all financial goals in 2019: revenue grew on an underlying basis by 3.2 per cent, EBITA remained broadly stable despite higher investments, and Group profit was up by 10 per cent. -
Brown Brothers Harriman Global Custody Network Listing
BROWN BROTHERS HARRIMAN GLOBAL CUSTODY NETWORK LISTING Brown Brothers Harriman (Luxembourg) S.C.A. has delegated safekeeping duties to each of the entities listed below in the specified markets by appointing them as local correspondents. The below list includes multiple subcustodians/correspondents in certain markets. Confirmation of which subcustodian/correspondent is holding assets in each of those markets with respect to a client is available upon request. The list does not include prime brokers, third party collateral agents or other third parties who may be appointed from time to time as a delegate pursuant to the request of one or more clients (subject to BBH's approval). Confirmations of such appointments are also available upon request. COUNTRY SUBCUSTODIAN ARGENTINA CITIBANK, N.A. BUENOS AIRES BRANCH AUSTRALIA CITIGROUP PTY LIMITED FOR CITIBANK, N.A AUSTRALIA HSBC BANK AUSTRALIA LIMITED FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) AUSTRIA DEUTSCHE BANK AG AUSTRIA UNICREDIT BANK AUSTRIA AG BAHRAIN* HSBC BANK MIDDLE EAST LIMITED, BAHRAIN BRANCH FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) BANGLADESH* STANDARD CHARTERED BANK, BANGLADESH BRANCH BELGIUM BNP PARIBAS SECURITIES SERVICES BELGIUM DEUTSCHE BANK AG, AMSTERDAM BRANCH BERMUDA* HSBC BANK BERMUDA LIMITED FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) BOSNIA* UNICREDIT BANK D.D. FOR UNICREDIT BANK AUSTRIA AG BOTSWANA* STANDARD CHARTERED BANK BOTSWANA LIMITED FOR STANDARD CHARTERED BANK BRAZIL* CITIBANK, N.A. SÃO PAULO BRAZIL* ITAÚ UNIBANCO S.A. BULGARIA* CITIBANK EUROPE PLC, BULGARIA BRANCH FOR CITIBANK N.A. CANADA CIBC MELLON TRUST COMPANY FOR CIBC MELLON TRUST COMPANY, CANADIAN IMPERIAL BANK OF COMMERCE AND BANK OF NEW YORK MELLON CANADA RBC INVESTOR SERVICES TRUST FOR ROYAL BANK OF CANADA (RBC) CHILE* BANCO DE CHILE FOR CITIBANK, N.A. -
High-Quality Service Is Key Differentiator for European Banks 2018 Greenwich Leaders: European Large Corporate Banking and Cash Management
High-Quality Service is Key Differentiator for European Banks 2018 Greenwich Leaders: European Large Corporate Banking and Cash Management Q1 2018 After weathering the chaos of the financial crisis and the subsequent restructuring of the European banking industry, Europe’s largest companies are enjoying a welcome phase of stability in their banking relationships. Credit is abundant (at least for big companies with good credit ratings), service is good and getting better, and banks are getting easier to work with. Aside from European corporates, the primary beneficiaries of this new stability are the big banks that already count many of Europe’s largest companies as clients. At the top of that list sits BNP Paribas, which is used for corporate banking by 65% of Europe’s largest companies. HSBC is next at 56%, followed by Deutsche Bank at 43%, UniCredit at 38% and Citi at 37%. These banks are the 2018 Greenwich Share Leaders℠ in European Top-Tier Large Corporate Banking. Greenwich Share Leaders — 2018 GREENWICH ASSOCIATES Greenwich Share20 1Leade8r European Top-Tier Large Corporate Banking Market Penetration Eurozone Top-Tier Large Corporate Banking Market Penetration Bank Market Penetration Statistical Rank Bank Market Penetration Statistical Rank BNP Paribas 1 BNP Paribas 1 HSBC 2 HSBC 2 Deutsche Bank 3 UniCredit 3T UniCredit 4T Deutsche Bank 3T Citi 4T Commerzbank 5T ING Bank 5T Note: Based on 576 respondents from top-tier companies. Note: Based on 360 respondents from top-tier companies. European Top-Tier Large Corporate Eurozone Top-Tier Large Corporate Cash Management Market Penetration Cash Management Market Penetration Bank Market Penetration Statistical Rank Bank Market Penetration Statistical Rank BNP Paribas ¡ 1 BNP Paribas 1 HSBC 2 HSBC 2T Deutsche Bank 3 UniCredit 2T Citi 4T Deutsche Bank 4 UniCredit 4T Commerzbank 5T ING Bank 5T Note: Based on 605 respondents from top-tier companies. -
Deutsche Bank Aktiengesellschaft
SIXTH SUPPLEMENT DATED 29 MARCH 2019 TO THE BASE PROSPECTUS DATED 22 JUNE 2018 AS SUPPLEMENTED BY THE FIRST SUPPLEMENT DATED 6 JULY 2018 THE SECOND SUPPLEMENT DATED 31 JULY 2018 THE THIRD SUPPLEMENT DATED 7 AUGUST 2018 THE FOURTH SUPPLEMENT DATED 6 NOVEMBER 2018 AND THE FIFTH SUPPLEMENT DATED 5 FEBRUARY 2019 Deutsche Bank Aktiengesellschaft (Frankfurt am Main, Germany) Euro 80,000,000,000 Debt Issuance Programme This document constitutes a supplement (the "Supplement") to the base prospectus dated 22 June 2018 (the "Prospectus") for the purpose of article 13 of Chapter 1 of Part II of the Luxembourg Law dated 10 July 2005 on prospectuses for securities, as amended (the "Law"), and is prepared in connection with the EUR 80,000,000,000 Debt Issuance Programme (the "Programme") established by Deutsche Bank Aktiengesellschaft (the "Issuer"). Terms defined in the Prospectus have the same meaning when used in this Supplement. This Supplement is supplemental to, and should be read in conjunction with, the Prospectus, as supplemented by the First Supplement dated 6 July 2018 (the "First Supplement"), the Second Supplement dated 31 July 2018 (the "Second Supplement"), the Third Supplement dated 7 August 2018, the Fourth Supplement dated 6 November 2018 (the "Fourth Supplement") and the Fifth Supplement dated 5 February 2019 (the "Fifth Supplement) and all documents incorporated by reference in the Prospectus. The purpose of this Supplement is to amend disclosure contained in the Prospectus and relating to the Issuer, in particular following the publication of the audited Financial Report of the Issuer as of 31 December 2018 (the "Financial Report 2018"), in respect of the full year 2018 on 22 March 2019 and to include selling restrictions which shll apply in case Securities to be issued under the Prospectus shall be sold into Taiwan.