BPVi Group - Analyst Presentation

108 Pages·2016·3.32 MB·English

BPVi Group
Analyst Presentation
March 2016
February 2016
Disclaimer
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Gruppo Banca Popolare di Vicenza 1
Disclaimer (cont’d)
To the extent applicable, the industry and market data contained in this Presentation has come from official or third-party sources. Third-party
industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable,
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The highlights of the Company and the outlook presented in this Presentation represent the subjective views of the managementofthe Company and
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.
Gruppo Banca Popolare di Vicenza 2
Disclaimer (cont’d)
These materials are not an offer for sale of securities in the United States. The Company does not intend to register under the US Securities Act of
1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction of the United States, and
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public offering of its securities in the United States. Any securities sold in the United States will be sold only to qualified institutional buyers (as
defined in Rule 144A under the Securities Act) pursuant to Rule 144A.
This Presentation is only addressed to and is only directed at: (a) in the European Economic Area, persons who are “qualifiedinvestors” within the
meaning of Article 2(1)(e) of Directive 2003/71/EC, as amended, (b) in Italy, “qualified investors”, as defined by Article 34-ter, paragraph 1(b), of
CONSOB’s Regulation No. 11971/1999 and integrated by Article 26, paragraph 1(d) of CONSOB’s Regulation No. 16190/2007, (c) inthe United
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Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”), (ii) persons falling within Article 49(2)(a) to (d).
Gruppo Banca Popolare di Vicenza 3
Agenda
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BBuussiinneessss ssttrraatteeggyy PPaagg.. 1199
OOppeerraattiinngg mmooddeell aanndd HHRR PPaagg.. 5511
RRiisskk mmaannaaggeemmeenntt PPaagg.. 6600
FFiinnaanncciiaall oovveerrvviieeww PPaagg.. 7744
22001188--22002200 ffiinnaanncciiaall ttaarrggeettss PPaagg.. 9955
Gruppo Banca Popolare di Vicenza 4
Agenda
CCEEOO ppeerrssppeeccttiivvee aanndd kkeeyy iinnvveessttmmeenntt hhiigghhlliigghhttss PPaagg.. 55
BBuussiinneessss ssttrraatteeggyy PPaagg.. 1199
OOppeerraattiinngg mmooddeell aanndd HHRR PPaagg.. 5511
RRiisskk mmaannaaggeemmeenntt PPaagg.. 6600
FFiinnaanncciiaall oovveerrvviieeww PPaagg.. 7744
22001188--22002200 ffiinnaanncciiaall ttaarrggeettss PPaagg.. 9955
Gruppo Banca Popolare di Vicenza 5
CEO perspective and key investment highlights
2015: the turning point Key areas of value creation Expected result
Massive clean-up, A
already completed Dynamic credit and risk
management
B
Full de-recognition of
Strong and sustainable
financed capital
revenue creation
A unique, simple and
C
distribution-oriented
Optimisationof the commercial bank: solid
New management team
organisationalstructure and profitable
D
New business plan,
Significant strengthening of
leveraging on significant
capital ratios
embedded value-
creation opportunities
Gruppo Banca Popolare di Vicenza 6
CEO perspective and key investment highlights
1
Commercial, distribution-focused business model with loyal
client base and strong client acquisition capabilities…
….underpinned by a sizeable, multi-regional franchise deeply
rooted in the wealthy and growing North-East Italian regions
2
Structural turnaround ongoing supported by a significant and
articulated balance sheet “clean-up” fully reflected in 2015
results and a newly appointed management team with
recognized track record in the financial sector
3
Capital plan well on track and resulting in a solid capital
position after the IPO with a CET1 ratio >12%
4
Significant value creation potential through a new Business
Plan based on a "Simple Bank model"
Gruppo Banca Popolare di Vicenza 7
Commercial, distribution-focused business model deeply rooted in the wealthy
1
and growing North-East Italian regions
(cid:1) Simple distribution-oriented business model: presence of JVs and
commercial agreements on most product areas, and no relevant product
factories owned
Commercial,
(cid:1) 1.4mn clients, with core client segments (Affluent, Private and Small
distribution-focused
Business, Corporate) accounting for almost 75% of client revenues and
business model with
showing a significant growth potential in terms of share of wallet and cross-
growing and loyal
selling
client base
(cid:1) Historically focused on mid-corporate segment; proven customer
acquisition capabilities and loyalty (total customers growing from 1,102k in
2010 to 1,379k in 2015)
(cid:1) Top 10 player(1) in the Italian banking sector, with 579 branches and 2.0% market
Sizeable multi-
share
regional player
(cid:1) Highly attractive distribution network, well positioned to capture expected Italian
deeply rooted in the
recovery being deeply rooted in the North-East (one of the wealthiest areas in
wealthy and growing
Italy with the highest concentration of SMEs and Mid-Corporates)
North-East Italian
(cid:1) Strong focus on multichannel strategy with the launch in January 2015 of the
regions
new online banking platform,BPViGO!
(1) By total assets
Sources: Consolidated financial statements; Bank of Italy
Gruppo Banca Popolare di Vicenza 8
Commercial, distribution-focused business model deeply rooted in the wealthy
1
and growing North-East Italian regions
Overview Sizeable player in consolidating market (30/09/2015)
• 10thlargest Italian banking group by total assets, with a 2.0%
market share by total branches and 1.4 mnclients
• Multi-regional geographical presence and high concentration in
high GDP and export-driven regions: top 3(2)regions (c. 65%of
bank's loans) represent alone nearly 50% of national exports
• Mainly active in Commercial banking through parent company
BPVi, Banca Nuova (100%) and Farbanca(71%)
• Also active in:
• Consumer finance through Prestinuova(100%),BPVi
Multicredito(100%) and a commercial partnership with
Compass (MediobancaGroup)
• Bancassurancethrough a commercial agreement with
CattolicaAssicurazioni(15%)
• Asset Management through a commercial agreement
with Arca(20%)
BPVi distribution network Simplified Group structure
Branches(1) Market shares(7) Macro indicators
GDP(8) 2016 GDP
Number (%) Branches Loans BBaannkkss CCoonnssuummeerr FFiinnaannccee
(% contr.) growth(9)
BBaannccaa NNuuoovvaa FFaarrbbaannccaa PPrreessttiinnuuoovvaa BBPPVViiMMuullttiiccrreeddiittoo
North-East 297 51.3% 3.9% 3.9% 22.6% +1.4% 110000%% 7711%% 110000%% 110000%%
o/w Veneto 221 38.2% 7.3% 7.2% 9.1% +1.3%
RReeaall EEssttaattee BBaannccaassssuurraannccee
o/w Friuli V.G. 57 9.8% 7.1% 7.4% 2.1% +1.3%
IImmmmoobbiilliiaarreeSSttaammppaa Cattolica CattolicaLife
North-West 83 14.3% 1.0% 0.8% 32.4% +1.4% 110000%% Assicurazioni15% 40%
60%
OOtthheerrss ABC Assicura BericaVita
o/w Lombardy 75 13.0% 1.4% 0.9% 21.6% +1.4%
40% 40%
SSeerrvviizziiBBaannccaarrii BBPPVV FFiinnaannccee
Center 103 17.8% 1.7% 1.6% 22.1% +1.5%
9999%% IInntteerrnnaattiioonnaall 110000%%
o/w Tuscany 75 13.0% 3.6% 3.4% 6.7% +1.4%
Sec Servizi
NNEEMM SSGGRR 110000%%
50%
South and islands 96 16.6% 1.5% 1.4% 22.8% +0.7%
Companies which are part of the Group
o/w Sicily 78 13.5% 5.0% 4.5% 5.4% +0.7%
Companies which are not part of the Group, but
Total Italy 579 100.0% 2.0% 1.9% 100.0% +1.1% contribute to the business
(1) As of 31.12.2015; (2) Top 3 regions by customer loans are Veneto, Tuscany and Lombardy; (3) Includes foreign branches; (4) Computed on Italian branches; (5) Tot. assets and branches as of 31
December 2014; (6) Tot. assets and branches as of 30 June 2015; (7) As of 30/9/2015, data for loans referred to Family and Business clients; (8) ISTAT, reference year 2014; (9) Prometeiaestimates as of
January 2016 for Italian regions, as of February 2016 for Italy
Gruppo Banca Popolare di Vicenza 9
Sources: Consolidated financial statements, Bank of Italy; ISTAT; Prometeia