I Bytes Banking Industry

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I-Bytes
Banking
October Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates.................................................................................................................................................28
3. Rewards and Recognition Updates...................................................................................................................52
4. Customer Success Updates................................................................................................................................89
5. Partnership Ecosystem Updates.......................................................................................................................99
6. Environment & Social Updates.......................................................................................................................136
7. Miscellaneous Updates.....................................................................................................................................144

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Financial, M & A
Updates Banking Industry

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Financial, M&A Updates
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Associated Bank (USA) completes $23.6M refinancing for Dallas townhome community
Associated Bank announced the completion of a $23,600,000 loan to AHC Funds to refinance the original construction loans for The
Collection, a six-building, 90-townhome high-end residential rental community located in the Lower Greenville neighborhood of East
Dallas. Construction of the six townhome buildings began in 2017, and all buildings (148,000 total square feet) were completed in early
2020. Each townhome averages 1,642 square feet and features 10-foot ceilings on the main living level in addition to two bedrooms, two and
a half bathrooms, and a two-car grade-level garage. The six buildings in the project are located at:
• Live Oak: 4901 & 4905 Live Oak Avenue
• Moser North: 2122 & 2202 Moser Avenue
• Moser South: 2215 & 2217 Moser Avenue
• Garrett: 2117 & 2121 Garrett Avenue
• Bennett: 2112, 2118, 2122, & 2202 Bennett Avenue
• Manett: 4908 Manett Street
Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an
array of financing solutions, in addition to products and services that meet their unique needs. The division has offices in Illinois, Indiana,
Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.
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Associated Bank (USA) completes $34.3M acquisition and rehab loan for Houston
apartment complex
Associated Bank announced the completion of a $34,300,000 construction loan
for Dominium Management Services, LLC, for the rehabilitation of the Pinewood
Apartments, 5900 Greens Road in Houston, Texas. Built in 2001, Pinewood
Apartments is an existing affordable-apartment project acquired by Dominium in
early 2020. Dominium will extensively rehab the property at a cost of
approximately $6,580,000 in conjunction with the re-syndication of tax credits.
With a new 15-year compliance period, the rehabilitation effort preserves all of
the original 240 affordable-housing units with rents that will not exceed 60
percent of the area median income (AMI). The renovation will consist of
accessibility improvements and physical upgrades to individual units including
new lighting, appliances and countertops, and the addition of washers and dryers.
Common area improvements planned are renovation of the clubhouse and new
landscaping, in addition to several new outdoor amenities: dog park, pavilion,
horseshoe pits and grilling area. Completion is slated for the second quarter of
2021. Headquartered in Plymouth, Minnesota, Dominium Management Services
is the 4th largest provider of affordable housing in the nation. The company,
founded over 45 years ago, manages and/or owns more than 30,000 apartments in
21 states.
Executive Commentary
“Associated Bank is pleased to partner with Dominium as they work to
consistently deliver housing affordability in the communities in which they
own or manage properties,” said senior vice president in the Commercial Real
Estate division of Associated Bank, who managed the loan and closing.
Merchants Capital arranged the Freddie Mac permanent financing
commitment while Stratford Capital was the equity syndicator.
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Mouro Capital leads $26m financing round in Uncapped, which provides non-dilutive
funding to European entrepreneurs
Mouro Capital, the $400 million successor fund of fintech-specialist Santander
InnoVentures, has led a $26 million financing round including debt and equity in
Uncapped, a company changing the way growing online brands fund marketing
and inventory. Spain-based venture capital fund All Iron Ventures and existing
investors Global Founders Capital, Seedcamp, and White Star Capital also
participated. They were joined by notable European angel investors/founders,
Taavet Hinrikus (Transferwise) and Carlos González-Cadenas (GoCardless),
among others. Uncapped’s technology provides founders with growth finance for
a flat fee of 6% in a day. Businesses only repay the capital as they make revenue
with no set repayment date and no compounding interest, equity or personal
guarantees. Uncapped is available to businesses that take online payments, have
at least €10,000 of monthly sales and a trading record of at least six months. It is
a solution that has broad appeal, but ideal for companies in sectors such as
ecommerce, software as a service (SaaS), direct-to-consumer (DTC), gaming and
app development.
General Partner, Mouro Capital, said: “We’re proud for Mouro Capital’s first
investment since launch to be in Uncapped. Piotr and Asher are exceptional
individuals, extremely well connected into the population they serve, with
first-hand experience of why what they are building matters. And there is no
better moment to be building for the digital economy. Uncapped is a perfect
example of the values Mouro Capital stands for: ambitious entrepreneurs
solving real-life problems for underserved clients.”
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Scotiabank announces the sale of its operations in Antigua and Barbuda to Eastern Caribbean
Amalgamated Bank Limited
Scotiabank announced that it has reached an agreement for the sale of its operations in Antigua and Barbuda to the Eastern Caribbean
Amalgamated Bank Limited ("ECAB"). The agreement is subject to regulatory approvals and other customary closing conditions. This
transaction supports the Bank's strategic decision to focus on operations across its footprint where it can achieve greater scale and deliver
the highest value for customers. Scotiabank's current operations in Antigua and Barbuda encompass two branches and less than 75
employees. Scotiabank acknowledges the Government of Antigua and Barbuda's support for this transaction and looks forward to
working with the relevant authorities to obtain the required regulatory approvals. ECAB is a full-service commercial bank located in
Antigua and Barbuda that is committed to growing its business and providing high quality products and services to all stakeholders.
ECAB offers personal and commercial banking products and services including deposits, loans, cards, foreign exchange and other
services to individual and business clients in Antigua and Barbuda and across the Caribbean.
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BOQ (Australia) Announces Agreement to Sell St Andrew's Insurance
Bank of Queensland Limited (BOQ) announced that it has entered into an
agreement to sell St Andrew’s Insurance (St Andrew’s) to Farmcove Investment
Holdings (Farmcove) for proceeds of $23 million. The sale is consistent with
BOQ’s refreshed strategy announced in February 2020, delivering group
simplification benefits and is aligned with BOQ’s focus on its five core strategic
pillars. The transaction is expected to result in an indicative post‐tax statutory loss
on sale of approximately $27 million to $30 million and be broadly neutral to
BOQ’s Common Equity Tier 1 ratio. St Andrew’s made an immaterial
contribution to BOQ’s net profit in FY20, following the decision to largely close
to new business during the period. Farmcove is a private investment vehicle
controlled by Matt Lancaster, who has 25 years of experience in finance and
investment in Australia and internationally. Completion of the transaction is
subject to certain conditions, including regulatory approval from APRA.
Dependent upon the timing of regulatory approvals, completion is expected to
occur before the end of FY21. Under the transaction, BOQ will provide a capped
indemnity to Farmcove for certain pre‐completion matters. In addition, a vendor
loan has been agreed between BOQ and Farmcove which will become effective
on the completion date.
Managing Director and CEO said: “The sale of St Andrew’s represents an
important strategic milestone for BOQ. We are delighted to have secured a
buyer that has a long term vision for the business which includes meeting the
continued obligations of policyholders. The divestment enables us to focus on
our niche customer segments while simplifying our business model.”
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BOK Financial Corporation (USA) Reports Record Quarterly Earnings of
$154 million or $2.19 Per Share in the Third Quarter
• Net income was $154.0 million or $2.19 per diluted share for the third quarter of 2020 and $64.7 million or $0.92 per
diluted share for the second quarter of 2020. Pre-provision net revenue was $204.6 million for the third quarter of 2020
compared to $215.0 million for the prior quarter. No provision for expected credit losses was necessary in the third
quarter, while the second quarter of 2020 included a pre-tax provision for expected credit losses of $135.3 million. Our
forecasts of economic conditions have improved since the previous quarter.
• Net interest revenue totaled $271.8 million, a decrease of $6.4 million. Discount accretion on acquired loans totaled
$13.3 million in the third quarter of 2020 and $3.3 million in the prior quarter. Net interest margin was 2.81 percent
compared to 2.83 percent in the second quarter of 2020. Excluding discount accretion, net interest margin was 2.67
percent compared to 2.80 percent in the prior quarter.
• Fees and commissions revenue totaled $222.9 million, an increase of $9.2 million. Brokerage and trading revenue
increased $7.5 million, largely due to an increase trading revenue and customer hedging revenue.
• Operating expense was $301.3 million, an increase of $5.9 million. Personnel expense increased $3.6 million.
Incentive compensation increased $5.6 million, largely related to vesting assumptions regarding the Company's
earnings per share growth relative to a defined peer group. Non-personnel expense increased $2.3 million compared to
the second quarter of 2020. Increases in net losses and expenses on two repossessed properties, professional fees and
data processing and communications expense were partially offset by decreases in occupancy and equipment expense
and other expenses. In addition, the second quarter of 2020 included a $3.0 million charitable contribution to the BOKF
Foundation.
• Changes in the fair value of mortgage servicing rights and related economic hedges added $6.5 million during the third
quarter of 2020 and $9.3 million in the prior quarter.
• Period-end loans decreased $353 million to $23.8 billion at September 30, 2020, primarily due to continued paydowns
of commercial loans. Average loans were relatively consistent with the second quarter at $24.1 billion.
• The allowance for loan losses totaled $420 million or 1.76 percent of outstanding loans at September 30, 2020. The
combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was
$448 million or 1.88 percent of outstanding loans at September 30, 2020. Excluding Paycheck Protection Program
(PPP) loans, the allowance for loan losses was 1.93 percent of outstanding loans and the combined allowance for loan
losses and accrual for off-balance sheet credit risk from unfunded loan commitments was 2.06 percent. Excluding PPP
loans, the allowance for loan losses was $436 million or 1.97 percent of outstanding loans and the combined allowance
for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $469 million or 2.12
percent of outstanding loans at June 30, 2020.
• Average deposits increased $2.0 billion to $34.6 billion and period-end deposits increased $1.1 billion to $35.0 billion,
largely due to growth in commercial and wealth management balances. Continued deposit growth was due primarily to
customers retaining higher balances in the current economic environment.
"Building off prior quarters, our large percentage of fee-based revenues provided a differentiated earnings
outcome compared to many similar-sized financial institutions," said President and chief executive officer. "Both
our Wealth Management and Mortgage businesses delivered impressively in a time of compressed net interest
margin and unsure credit outcomes across the industry. Beyond the financial success we've had this quarter, I'm
incredibly proud of the impact we've made in our communities. We have increased our charitable investments
from the BOKF Foundation, and our employees also stepped up their collective volunteer hours to help address
needs across our communities. Our top ranking in the 2020 American Banker reputation survey is a testament to
the level of leadership and engagement our employees provide in our banking communities. We have earned the
reputation as an organization known for unwavering integrity, and that is demonstrated in everything that we do.
Whether it's the role we play in our communities or the financial results for our shareholders - it's more about
actions than words at BOK Financial."
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CaixaBank (Spain) and Bankia's Board of Directors approve their merger project to create
the leading bank in Spain
CaixaBank and Bankia's Board of Directors have approved their Bankia absorption merger project by CaixaBank, consisting of an exchange equation
of 0.6845 new CaixaBank common shares for each Bankia share. This operation involves the creation of the leading bank of the Spanish financial
system, with a very balanced territorial presence and with the resources and capacity to face the challenges of the sector. The new entity, which will
maintain the CaixaBank brand, was born with the aim of providing value to customers, improving profitability for shareholders and continuing to
support Spain's economic recovery. Once the due diligence process has been completed by both entities and the draft merger by the Boards of Directors
has been approved, the approval by both Boards of the merger reports, as well as the General Shareholders' Meetings, which would be scheduled for
the month of November, is now required. It is expected to close the transaction during the first quarter of 2021, once all relevant regulatory
authorizations (Ministry of Economic Affairs and Digital Transformation, National Commission on Markets and Competition, non-opposition by the
Directorate-General for Insurance and Pension Funds, CNMV and Banco de España to the acquisition by CaixaBank of significant shares in
companies subject to its supervision) are received. The Board of Directors of both banks have approved the redemption equation of 0.6845 new
CaixaBank common shares for each Bankia share. The agreed price includes a 20% premium on the redemption equation at the end of September 3,
prior to the communication to the market of negotiations on the transaction. In addition, it represents a 28% premium over the average redemption
equations of the last three months. If you consider the total number of shares outstanding in Bankia that could go to the exchange, the maximum
number of CaixaBank shares to issue to serve the merger redemption amounts to the amount of 2,079,209,002 CaixaBank common shares of one euro
of face value each; figure that could be adjusted based on the actions in the portfolio.
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CBA (Australia) Invests $100 Million For Australian Business Growth Fund
Commonwealth Bank of Australia (CBA) has welcomed announcement by the
Federal Government to establish the Australian Business Growth Fund by
committing $100 million in support of the Fund. The Fund is intended to
support growing, established companies to assist them in reaching their
growth potential by providing patient equity capital, through minority
ownership positions.
CBA’s Chief Executive Officer said: “Small businesses are the backbone of
our economy - they employ more Australians than any other sector and
they contribute immense value to communities right across the country. As
Australia’s biggest bank, we are very aware of the challenges many small
businesses face when trying to grow, particularly during these challenging
economic times. We’re also very aware of the role we can play in helping
address these challenges, which is why we expressed our interest in the
Government’s plans from the outset and are pleased to have been involved
in helping the Fund reach this milestone. We are strong supporters of the
Fund and believe it can make a real difference to help businesses achieve
their full potential. The success of similar funds in Canada and the United
Kingdom makes it clear that this model of support can provide a powerful
boost for small businesses with the potential to deliver big impacts and
help them grow and prosper into the future. We look forward to playing our
part in the fund’s work.”
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Virgin Money UK awarded £35m grant from Capability and Innovation Fund
Virgin Money UK has been awarded a £35m grant following its successful application to the
Capability and Innovation Fund, as part of the Royal Bank of Scotland Alternative Remedies
Package. The grant means that businesses across the country will benefit from the development and
enhancement of Virgin Money’s proposition, including scaling its successful regional franchise, more
time with relationship managers and access to new digital technologies and services. This award will
support growth in the Group’s market share of cost-effective SME deposits and higher-yielding SME
assets, while reducing cost-to-serve.
The Group has committed to a number of investments and growth targets, including:
• Launching ‘Working Capital Health’ for SMEs in 2021.
• Attracting 100,000 new SME customers by the end of 2025 (including 20,000 by the end of 2022)
• Increasing net lending to SMEs by an extra £2.2bn by the end of 2025 (including £0.5bn by the end
of 2022) with more than £100m of new lending to customers pursuing environmental, social and
governance aims.
• Investing an additional 150,000 hours of Relationship Manager time per annum from the end of
2022, enabled through an investment in data infrastructure, process digitisation and working capital
analytics from the business current account.
• Developing a new partner ecosystem of relevant services for SMEs, incorporating proprietary and
third-party functionality, to deliver services to help SME customers manage and grow their
businesses.
• More than 80% of new customers to be based outside of London.
• Ensuring that diversity and inclusion is at the heart of our culture for both business customers and
colleagues. The Group aims to ensure alignment between business growth and diversity of the people
and communities we serve, and commits to maintaining over 40% of senior roles being filled by
women.
• Grant funding to be matched pound-for-pound with investment by Virgin Money.
Group Business Banking Director at Virgin Money commented: “This grant award is an
endorsement of the Group’s potential to shake up SME banking and a vote of confidence in our
ability to invest in new capabilities. The grant will be used to accelerate our existing ambitious
growth plans – we are investing in disruptive new capabilities and offering customers the best
and most digitally-advanced business bank across the country alongside the globally iconic
Virgin brand that’s synonymous with entrepreneurship and business growth. This award will
transform our business current account into a financial wellness tracker, combining dynamic
views across an SME’s working capital cycle, with a set of working capital solutions. It will all
be backed up by an unparalleled ecosystem of FinTech partners and proactive support from our
first-class team of experienced relationship managers, enabling us to fulfil our ambition to help
business owners realise their potential and achieve their dreams”.
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Emirates Islamic (UAE) announces Q3 2020 Financial Results
• Total assets at AED 70.1 billion, increased by 8% from end 2019.
• Financing and Investing Receivables at AED 41 billion, increased by 9%
from end 2019.
• Customer accounts at AED 45.9 billion, increased by 1% from end 2019.
• Current and Savings accounts balances up 11% from end 2019.
• Total Income of AED 1.6 billion, lower by 23% year-on-year.
• Funded Income margins lower by 39 bps year-over-year due to lower profit
rate environment.
• Impaired Financing Ratio is at 8.3% with strong coverage ratio of 109.1%.
• Headline financing to deposit ratio at 89% demonstrates healthy liquidity
position.
• Solid Tier 1 capital ratio of 18.0% and Capital adequacy ratio at 19.2%.
Chief Executive Officer of Emirates Islamic said, “Our results for the first
nine months of 2020 are a result of the challenges faced due to the
pandemic and reflect our prudent and cautious approach in the current
situation. As the economy reopens following the acute disruption in the
second quarter, we are witnessing a significant increase in business
activity. We are grateful to the UAE’s wise leadership during these
challenging times with the UAE Government having issued clear,
prescriptive and measured guidelines to reopen the economy with safety
continuing to be the top priority. We have stayed true to our core Shari’a
principles, offering relief measures to our retail, business and corporate
banking customers facing difficulties as a result of the pandemic. We have
assisted over 39,600 customers with instalment deferments to the value of
AED 2.2 billion.”
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Emirates NBD (UAE) Announces Third Quarter 2020 Results
• Total income of AED 18.3 billion improved 18% y-o-y on loan growth,
including DenizBank
• Net profit of AED 5.6 billion declined 55% y-o-y on higher provisions and
gain from sale of Network International shares not repeated in 2020.
Excluding the Network International gains in 2019, net profit was down 30%
• Impairment allowances increased to AED 6.4 billion with annualised net cost
of risk of 176 bps as the Group increased Stage 1 and 2 expected credit loss
(ECL) allowances
• Net interest margin declined 9 bps y-o-y to 2.73% as lower interest rates fed
through to the loan book
• Total assets at AED 692 billion, up 1% from end-2019
• Customer loans at AED 442 billion, up 1% from end-2019
• Customer deposits at AED 458 billion, down 3% from end-2019
• Non-performing loan ratio increased to 6.0% and coverage ratio remained
strong at 119.6%
• Liquidity coverage ratio of 161.7% and advances to deposit ratio of 96.6%
demonstrate a healthy liquidity position
• Common equity tier 1 ratio strengthened to 15.6%, over 7% above minimum
requirement
Vice Chairman and Managing Director, Emirates NBD said: “Emirates
NBD delivered a net profit of AED 5.6 billion in the first nine months of
2020 and maintained a strong balance sheet. The UAE Government has
followed its earlier decisive action to protect the health of UAE residents
with clear, prescriptive and measured guidelines to reopen the economy
with safety continuing to be the top priority. The UAE Central Bank’s
Targeted Economic Support Scheme has been influential in supporting
customers and banks now in order to prevent credit issues arising later. I
am proud that Emirates NBD have provided assistance to customers
affected by coronavirus as well as being actively involved in community
initiatives. The Bank’s results reflect a pick-up in economic activity during
the third quarter and Emirates NBD has a strong balance sheet which we
will continue to use to help drive economic growth.. We are grateful to the
UAE’s wise leadership during these challenging times.”
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F.N.B. Corporation (USA) Reports Third Quarter 2020 Earnings per Share of $0.25
• Growth in total average loans was $3.3 billion, or 14.7%, with average commercial loan growth of $3.3 billion,
or 22.9%, and average consumer loan growth of $57 million, or 0.7%. Total loan growth included $2.5 billion of
net PPP commercial loans originated in 2020.
• Total average deposits grew $4.3 billion, or 17.8%, primarily due to an increase in average non-interest-bearing
deposits of $2.5 billion, or 39.7%, and an increase in average interest-bearing demand deposits of $2.6 billion, or
25.9%, partially offset by a managed decrease in average time deposits of $1.2 billion, or 22.4%. Growth in
average deposits reflected inflows from the PPP and government stimulus activities, in addition to organic
growth in new and existing customer relationships.
• The loan to deposit ratio was 89.1% at September 30, 2020, compared to 93.8% at September 30, 2019, as
deposit growth outpaced loan growth and $508 million of indirect auto installment loans were transferred to
loans held for sale in September 2020 in anticipation of aloan sale expected to close in the fourth quarter.
• Net interest income decreased $2.7 million, or 1.2%, attributable to lower interest rates compared to 2019 as the
quarterly average 1-month LIBOR rate decreased from 2.18% in the third quarter of 2019 to 0.16% in the third
quarter of 2020. These decreases were largely offset by growth in average earning assets, reductions in the cost
of interest-bearing deposits and strong growth in non-interest bearing deposits.
• On a linked-quarter basis, the net interest margin (FTE) (non-GAAP) decreased 9 basis points to 2.79% as
earning asset yields declined 20 basis points and the total cost of funds decreased 11 basis points, as the cost of
interest-bearing deposits decreased 17 basis points. Compared to the third quarter of 2019, the net interest margin
declined 38 basis points from 3.17%, due to the significantly lower levels of interest rates.
• Non-interest income was stable at $80.0 million, with an increase of $9.1 million, or 93.1%, in record levels of
mortgage banking income offset by a decrease of $8.9 million, or 26.7%, in service charges, given significantly
lower transaction volumes in the COVID-19 environment and service charge refunds of $3.8 million.
• The effective tax rate was 17.0%, compared to 14.5%, primarily due to greater benefit from renewable energy
investment tax credits realized during the third quarter of 2019.
• The efficiency ratio (non-GAAP) equaled 55.3%, compared to 54.1%.
• The annualized net charge-offs to total average loans ratio increased 18 basis points to 0.29% from 0.11%.
• The ratio of tangible common equity to tangible assets (non-GAAP) increased 22 basis points to 7.19%
compared to June 30, 2020, with net PPP loan balances negatively impacting the September 30, 2020 and June
30, 2020 TCE ratios by 56 and 53 basis points, respectively. Compared to the year ago quarter, the ratio decreased
25 basis points due primarily to the PPP loan impact and the 2020 Day 1 Current Expected Credit Losses (CECL)
adoption impact. On a linked-quarter basis, tangible book value per common share (non-GAAP) increased $0.18,
or 2.4%, to $7.81.
Chairman, President, and Chief Executive Officer of F.N.B. Corporation, said of its results, "In this
challenging economic environment prompted by the global pandemic, FNB continues to produce positive
results built on employee protection and assistance, operational response and preparedness, continued
customer and community support, and stringent risk management. Our performance is directly attributable
to our resilient business model, which is based upon the deployment of technology and expansion into
attractive new markets. Revenue continued to increase and operating EPS totaled $0.26, resulting in an
operating return on tangible equity of 14%. These results reflect continued average loan and deposit growth
of 2% and 4%, respectively, strong capital markets activity and record mortgage banking levels of $19
million. On a linked-quarter basis, tangible book value per share increased $0.18 to $7.81, as we
strengthened our capital ratios while sustaining our quarterly dividend of $0.12 per share. We are
encouraged by this quarter's positive results as FNB remains profitable while building capital and reserves."
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StoneX Financial Ltd. Finalizes the Acquisition of Frankfurt based Giroxx
StoneX Group Inc., a leading provider of execution, post-trade settlement, clearing
and custody services across asset classes and markets worldwide, announced that it
has finalized its acquisition of the Frankfurt based Giroxx, and as of October 1st 2020
will operate under the name StoneX Financial GmbH. Following the signing of the
sale and purchase agreement for the acquisition of the Frankfurt fintech Giroxx
GmbH by StoneX's London-based subsidiary INTL FCStone Ltd. – now known as
StoneX Financial Ltd. – at the beginning of 2020, the acquisition became legally
effective in May. With the name change to StoneX Financial GmbH, Giroxx is now
officially integrated into StoneX's larger Global Payments Division. With the
finalization of this acquisition StoneX's Global Payments Division, in addition to
serving a large customer base of NGOs, financial institutions, and corporates, can
now extend its business to small-to-medium sized corporations. The services allow
SMEs to remain competitive by enabling efficient liquidity planning and ability to
scale their business globally by processing international payments quickly and
securely in a cost-effective manner.
Global Head of the Global Payments Division of StoneX, commented, "Giroxx's
final transition to StoneX Financial GmbH marks the completion of the
acquisition we signed earlier this year. We're excited to incorporate their industry
leading SME capabilities as part of StoneX's Global Payments Division's
offerings in order to best meet the payments needs of this underserved market
segment both in Germany and around the globe. Ultimately furthering StoneX's
overall goal of becoming an innovative and digitally focused financial services
provider."
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JPMorgan Chase (USA) Commits $30 Billion to Advance Racial Equity
JPMorgan Chase announced new long-term commitments to advance racial equity.
The firm will harness its expertise in business, policy and philanthropy and commit
an additional $30 billion over the next five years to provide economic opportunity to
underserved communities, especially the Black and Latinx communities. Structural
barriers in the U.S. have created profound racial inequalities that have been
exacerbated by the COVID-19 pandemic. The existing racial wealth gap puts a strain
on families’ economic mobility and restricts the U.S. economy. Building on the
firm’s existing investments, this new commitment will drive an inclusive economic
recovery, support employees and break down barriers of systemic racism. Measuring
impact and ensuring accountability is central to these new commitments. Progress
will be tracked regularly and shared with senior leadership across the firm, as well as
externally with the Chase Advisory Panel, to assess performance and hold the
business accountable. These efforts will further allow for maximum impact and bring
an enhanced equity lens to the firm’s business.
“Systemic racism is a tragic part of America’s history,” said Chairman and CEO,
JPMorgan Chase & Co. “We can do more and do better to break down systems
that have propagated racism and widespread economic inequality, especially for
Black and Latinx people. It’s long past time that society addresses racial
inequities in a more tangible, meaningful way.”
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JPMorgan Chase (USA) investing in Texas to help more people grow skills and gain
access to opportunity
JPMorgan Chase announced it is investing $10 million in Texas’workforce to help create
and sustain opportunity for underserved communities across the state. The firm’s
philanthropic investment in Texas is part of JPMorgan Chase’s new $30 billion
commitment to advance racial equity and drive an inclusive economic recovery. Texas
has experienced strong, consistent job growth in recent years with one of the most robust
and diverse economies in the nation. In 2019, the state added nearly 1,000 jobs per day
to its labor market. But not all Texans have benefitted from this growth; even before the
pandemic, poverty rates for Black and Latino Texans were two times that of White
Texans. The COVID crisis has only widened the opportunity gap, especially for Black
and Latino communities. New research by PolicyLink reveals some of the challenges
that underserved Texans face: including that Dallas-area White Texans far outpace
Dallas-area Black and Latino Texans in hourly wage earnings, with 4 out of 5 White
workers earning at least $15 an hour, compared to a third and less than half of Black and
Latino workers, respectively. As one of the largest employers in Texas, JPMorgan Chase
is making new business and philanthropic investments that highlight the importance of
how business, government and educators can work together to address these challenges.
The firm is also supporting policy solutions to drive sustainable change and help Texans
build the skills for success in a constantly changing labor market.
“Business has a responsibility to help solve challenges facing its employees and the
customers and communities it serves,” said JPMorgan Chase Chairman and CEO. “A
skilled workforce and an inclusive recovery are key to Texas’ growth, and
partnerships like these with government and educators will help Black and Latino
Texans gain access to well-paying jobs and great careers.”
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JPMorgan Chase (USA) Committing $35 Million in Five U.S. Cities to Prepare Young
People for Future of Work
JPMorgan Chase announced five U.S. cities – Boston, Columbus, Dallas,
Indianapolis and Nashville – to receive career readiness investments as
part of the firm’s $75 million global commitment to better prepare young
people for the jobs of and tomorrow. These five-year philanthropic
investments and policy solutions are part of the firm’s New Skills at
Work initiative to prepare people for the future of work and the new $30
billion commitment to advance racial equity and drive an inclusive
economic recovery. With a $7 million commitment in each city,
JPMorgan Chase’s global career readiness initiative will develop
equitable pathways and policy recommendations that give underserved
students access to higher education and real-world work experiences that
could lead to high-wage, in-demand jobs.
“Too many young people – especially in Black and Latinx
communities – are left behind without the education, skills and
experience needed to get good jobs,” said Chairman and CEO of
JPMorgan Chase. “At this critical time – as we all work to address
systemic racism and inequities – it’s necessary for business,
government and communities to come together and help young
people have equitable access to economic opportunity.”
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M&T Bank Corporation (USA) Announces Third Quarter Results
• Diluted earnings per common share measured in accordance with generally accepted accounting principles
("GAAP") were $2.75 in the third quarter of 2020, compared with $3.47 in the year-earlier quarter and $1.74 in
the second quarter of 2020.
• GAAP-basis net income was $372 million in the recent quarter, $480 million in the third quarter of 2019 and
$241 million in the second 2020 quarter. GAAP-basis net income in the third quarter of 2020 expressed as an
annualized rate of return on average assets and average common shareholders' equity was 1.06% and 9.53%,
respectively, compared with 1.58% and 12.73%, respectively, in the similar 2019 period and .71% and 6.13%,
respectively, in the second quarter of 2020.
• For the first nine months of 2020 and 2019, diluted earnings per common share were $6.42 and $10.16,
respectively. GAAP-basis net income for the nine-month period ended September 30, 2020 totaled $882 million,
compared with $1.44 billion in the year-earlier period. Expressed as an annualized rate of return on average
assets and average common shareholders' equity, GAAP-basis net income during the nine-month period ended
September 30, 2020 was .89% and 7.57%, respectively, and was 1.62% and 12.85%, respectively, in the similar
2019 period.
• Diluted net operating earnings per common share were $2.77 in the third quarter of 2020, $3.50 in the third
quarter of 2019 and $1.76 in the second quarter of 2020. Net operating income in 2020's third quarter was $375
million, compared with $484 million in the third quarter of 2019 and $244 million in the second quarter of 2020.
Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders'
equity, net operating income in the recent quarter was 1.10% and 13.94%, respectively, 1.66% and 18.85%,
respectively, in the corresponding quarter of 2019 and .74% and 9.04%, respectively, in the second quarter of
2020.
• Diluted net operating earnings per common share during the first nine months of 2020 and 2019 were $6.49 and
$10.24, respectively. Net operating income during the nine-month period ended September 30, 2020 was $891
million, compared with $1.45 billion in the similar 2019 period. Net operating income expressed as an
annualized rate of return on average tangible assets and average tangible common shareholders' equity was .93%
and 11.15%, respectively, in the initial nine months of 2020 and was 1.70% and 19.07%, respectively, in the
year-earlier period.
Executive Vice President and Chief Financial Officer, commented on M&T's third quarter results, "Our
results for the recent quarter reflect an uptick in economic activity across large portions of our customer base
that contributed significantly to higher transaction levels and robust mortgage banking revenues. Coupled
with well-controlled expenses that were in line with our expectations and prudent loan loss provisioning,
M&T remains well-positioned as we enter the final quarter of 2020."
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Masraf Al Rayan (Qatar) Achieves A Net Profit Of QAR 1,662 Million With An Increase
Of 0.53% For The Period Ended 30 September 2020
• Masraf Al Rayan announced that it achieved a net profit of QAR 1,662 million during the
period ended 30 September 2020, an increase of 0.53% compared to the same period last year.
• Total assets reached QAR 116,548 million, compared to QAR 105,050 million as of 30
September 2019, a growth of 10.9%
• Finance activities amounted to QAR 80,775 million, compared to QAR75,563 million as of 30
Investments September 2019, an increase of 6.9%
• reached QAR 21,182 million as of 30 September 2020
• Customer deposits reached QAR66,653 million as of 30 September 2020
• Total shareholders' equity reached QAR 13,889 million, compared to QAR 13,431 million as of
30 September 2019, a growth of 3.4%
Financial Indicators
• Return on average assets continues to be one of the highest in the market at 2.00%
• Return on average shareholders' equity is 15.94%
• Earnings per share reached QAR 0.222
• Book value per share reached QAR 1.85 compared to QAR 1.79 as of 30 September 2019
• Capital adequacy ratio, using Basel-III standards and QCB regulations, reached 19.52% as of
30 September 2020
• Operational efficiency ratio (cost to income ratio) stood at 21.74% and continued as one of the
best in the region.
• Non-performing financing (NPF) ratio of 1.08% is the lowest in the banking sector reflecting
strong and prudent credit and risk management policies and procedures
Chairman and Managing Director stated that achieving the results is notable, particularly in
light of adverse conditions from the global spread of the COVID-19 pandemic that reflected
negatively on financial markets, in addition to the sharp plunge in energy prices. Measures
taken by the State of Qatar and the support plans it proposed, in particular the extension of
the National Insurance Program, helped the private sectors to overcome these difficult
circumstances.
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Nordea (Sweden) has completed the acquisition of SG Finans
Nordea announced on 19 December 2019 that it had entered into an agreement with Société Générale to acquire all shares in SG Finans
AS and combine the business with Nordea’s Nordic finance business, Nordea Finance. As previously announced, the transaction was
subject to customary regulatory approvals. Those approvals have now been received and the acquisition was completed. The transaction
is expected to have a positive impact on the Nordea Group’s total annual income of about EUR 140 million and decrease its Common
Equity Tier 1 ratio by around 35-40 bp. The transaction is expected to result in a minor increase in the Nordea Group’s earnings per share
and return on equity. SG Finans provides equipment finance and factoring solutions. It has approx. 360 employees and operates in
Norway, Denmark and Sweden.
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PacWest Bancorp (USA) Announces Results for the Third Quarter 2020
• Net earnings for the third quarter of 2020 of $45.5 million, or $0.38 per diluted share, compared
to net earnings for the second quarter of 2020 of $33.2 million, or $0.28 per diluted share. The
increase in net earnings for the third quarter was due primarily to a $23 million decrease in the
provision for credit losses
• Net interest income decreased by $3.0 million to $251.3 million for the third quarter of 2020
compared to $254.3 million for the second quarter of 2020 due mainly to a lower balance of
average loans and leases. The tax equivalent yield on average loans and leases was 5.01% for
both the third and second quarters of 2020.
• The tax equivalent NIM was 3.90% for the third quarter of 2020 compared to 4.20% for the
second quarter of 2020. The decrease in the NIM was due mostly to the change in the earning
asset mix. Average loans and leases decreased by $756 million, while the average balance of
deposits in financial institutions increased by $1.8 billion in the third quarter of 2020. This excess
liquidity had a negative impact on the third quarter tax equivalent NIM of 32 basis points, while
the PPP loans, which have a coupon rate of 1%, had a negative impact of seven basis points.
• The cost of average total deposits decreased to 0.17% for the third quarter of 2020 from 0.25%
for the second quarter of 2020. The lower cost of average total deposits was due primarily to the
repricing of maturing time deposits. The cost of deposits at September 30, 2020 was 0.13%.
• The provision for credit losses was $97.0 million for the third quarter of 2020, down $23.0
million from the second quarter of 2020. This reduction reflected improvement in certain key
macro-economic forecast variables (unemployment and real GDP growth), partially offset by
deterioration in other key macro-economic variables, including CRE price index and BBB
spreads, and increased provisions for individually evaluated loans and leases.
President and CEO, commented, “Our operations continue to produce strong revenues and
internal capital as evidenced by $156.2 million in PPNR during the third quarter, which
resulted in a PPNR return on average assets of 2.22%. These solid operating earnings
highlight the resilience of our business as we navigate the challenging economic conditions.
We experienced strong deposit growth again in the third quarter, resulting in a significant
increase in liquidity. Our average deposits in financial institutions balance was $2.6 billion
in the third quarter with a yield of 10 basis points. While our focus is on managing net
interest income, this excess liquidity had a negative impact on our third quarter NIM of 32
basis points. Our priority continues to be on mitigating potential credit losses in our
portfolios, especially those portfolios impacted most by COVID-19. We were proactive in
downgrading loans in the first quarter at the start of the pandemic, and the net loan migration
to the special mention and classified categories during the second and third quarters was
minimal. As of September 30, 2020, only 3.3% of loans are on deferral with the vast majority
of those expiring in November 2020, while only 13% of loans previously granted a deferral
received a second modification.”
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PNC (USA) Reports Third Quarter 2020 Net Income, Diluted EPS
• Net income from continuing operations was $1.5 billion, an increase of $2.3 billion
driven by a lower provision for credit losses and higher noninterest income.
• Total revenue of $4.3 billion increased $205 million, or 5%.
• Net interest income of $2.5 billion decreased $43 million, or 2%, as lower yields on
loans and securities and a decline in loan balances more than offset the benefit of lower
rates on deposits and borrowings.
• Noninterest income of $1.8 billion increased $248 million, or 16%. Fee income of $1.3
billion increased $62 million, or 5%, as a result of increases in consumer service fees,
service charges on deposits and asset management revenue partially offset by lower
corporate service fees and residential mortgage revenue. Other noninterest income of
$457 million increased $186 million and included positive valuation adjustments of
private equity investments partially offset by lower capital markets-related revenue.
• Noninterest expense of $2.5 billion increased $16 million, or 1%.
• Noninterest expense of $2.5 billion increased $16 million, or 1%.
• Provision for credit losses was $52 million, a decrease of $2.4 billion.
• The effective tax rate declined to 9.8% for the third quarter compared with 17.5% for
the second quarter primarily due to tax credit benefits and the favorable resolution of
certain tax matters.
"PNC delivered solid third quarter results against the backdrop of a continuing
uncertain economy. Noninterest income increased, expenses were well managed and
we continued to generate positive operating leverage. Deposits grew while loans
declined as a result of lower commercial loan utilization rates, despite growth in loan
commitments. Our provision for credit losses was significantly less than last quarter,
reflecting stable reserve levels. We continue to execute on our strategic priorities,
including ongoing investments in our national expansion and digital offerings. We
have substantial capital and liquidity flexibility, and remain well positioned to take
advantage of potential investment opportunities to enhance shareholder value." PNC
Chairman, President and Chief Executive Officer
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Ownr by RBC Ventures (Canada) acquires leading legal tech platform Founded
Ownr by RBC Ventures has acquired Founded Technologies (“Founded”), an
innovative, all-in-one technology platform that has helped thousands of Canadian
entrepreneurs start and grow a business. Founded provides businesses with the ability
to automate sophisticated legal tasks such as incorporations, equity management, and
legal agreements while saving thousands of dollars in legal fees. According to a
recent Statistics Canada report, COVID-19 has had a significant impact on Canadian
small businesses as revenues are down at least 20% in Q1 2020 compared to Q1
2019. Despite those challenges, Ownr has seen a rapid increase in entrepreneurship
activity across Canada, with 100% growth in business formations since February.
With this massive growth in small businesses and many Canadians starting a business
for the first time, Ownr's mission to support entrepreneurs is more critical than ever.
With this acquisition, Ownr, which already offers best-in-class tools to register a
business and grow a brand, quickly becomes the go-to solution for small business
owners across Canada. Through this and other initiatives like Canada Starts and
Ownr Grants, Ownr is reaffirming its mission to help grow the small business
community in Canada.
“At Ownr, every decision we make is grounded in how we help small business
owners start and succeed. With this acquisition, we’re solidifying our current
strengths in business formation while building towards our broader
goals—helping entrepreneurs at every stage of their journey,” said co-founder,
Owner. “And at a time when small businesses need digital resources and support
the most, RBC Ventures is bringing together these two leading platforms to
further its commitment to the small business community.”
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Signature Bank (USA) Reports 2020 Third Quarter Results
• Net Income for the 2020 Third Quarter Was $138.6 Million, or $2.62 Diluted Earnings Per Share, versus
$148.1 Million, or $2.74 Diluted Earnings Per Share, Reported in the 2019 Third Quarter
• Pre-Tax, Pre-Provision Earnings for the 2020 Third Quarter Were $252.4 Million, an Increase of $43.9
Million, or 21.1 Percent, Compared with $208.4 Million for the 2019 Third Quarter
• The Bank Declared a Cash Dividend of $0.56 Per Share, Payable on or After November 13, 2020 to
Common Stockholders of Record at the Close of Business on November 2, 2020
• Total Deposits in the Third Quarter Grew $4.11 Billion to $54.34 Billion, While Average Deposits
Increased $4.24 Billion. Total Deposits for the Prior Twelve Months Have Grown $15.28 Billion, or 39.1
Percent
• For the 2020 Third Quarter, Loans Increased $1.01 Billion, or 2.2 Percent, to $46.21 Billion. Since the
End of the 2019 Third Quarter, Core Loans (Excluding Paycheck Protection Program Loans) Have
Increased 16.6 Percent, or $6.29 Billion
• Non-Accrual Loans Were $81.3 Million, or 0.18 Percent of Total Loans, at September 30, 2020, Versus
$46.9 Million, or 0.10 Percent, at the End of the 2020 Second Quarter and $32.5 Million, or 0.09 Percent,
at the End of the 2019 Third Quarter
• Total Principal and Interest Deferrals as of October 15, 2020 Decreased Sharply to $2.31 Billion, or 5.0
Percent of Total Loans From a High of $11.08 Billion, or 24.5 Percent of Total Loans, as of June 30, 2020
• Significant Excess Cash Balances From Continued Strong Deposit Flows Impacted Core Net Interest
Margin by 21 Basis Points. Net Interest Margin on a Tax-Equivalent Basis was 2.55 Percent, Compared
With 2.77 Percent for the 2020 Second Quarter and 2.68 Percent for the 2019 Third Quarter. Core Net
Interest Margin on a Tax-Equivalent Basis Excluding Loan Prepayment Penalty Income Decreased 17
Basis Points to 2.52 Percent, Compared with 2.69 Percent for the 2020 Second Quarter
• Tier 1 Leverage, Common Equity Tier 1 Risk-Based, Tier 1 Risk-Based, and Total Risk-Based Capital
Ratios were 8.56 Percent, 10.26 Percent, 10.26 Percent, and 11.98 Percent, Respectively, at September 30,
2020. Signature Bank Remains Significantly Above FDIC “Well Capitalized” Standards. Tangible
Common Equity Ratio was 7.75 Percent
•3On October 6, 2020, the Bank Completed a Public Offering of $375.0 Million in Subordinated Debt
“Signature Bank continues to realize extraordinary growth during a protracted and challenging
recovery from the COVID-19 pandemic. Our founding business philosophy to provide a
client-centric, single point-of-contact model led by experienced group directors still distinguishes
Signature Bank in the marketplace, particularly in times of distress. We’ve successfully navigated
many challenges before and inevitably there will be others. While we don’t always know when or in
what form they will materialize, we always knew it was important to be well diversified. As expected,
our new initiatives are being embraced by clients, allowing us to continue to deliver solid results
during these unsettling times,” explained Signature Bank President and Chief Executive Officer.
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Truist Reports Third Quarter 2020 Results
• Net income available to common shareholders was $1.1 billion, up 45.3 percent,
compared to the third quarter last year.
• Earnings per diluted common share were $0.79, a decrease of 16.8 percent
compared with the same period last year. Results for the third quarter produced an
annualized return on average assets (ROA) of 0.91 percent, an annualized return on
average common shareholders' equity (ROCE) of 6.87 percent, and an annualized
return on tangible common shareholders' equity (ROTCE) of 13.31 percent.
• Adjusted net income available to common shareholders was $1.3 billion, or $0.97
per diluted share, excluding merger-related and restructuring charges of $236 million
($181 million after-tax), incremental operating expenses related to the merger of
$152 million ($115 million after-tax), securities gains of $104 million ($80 million
after-tax) and a charitable contribution of $50 million ($38 million after-tax).
• Adjusted diluted earnings per common share increased $0.15 compared to the
second quarter of 2020. Adjusted results produced an annualized ROA of 1.11
percent, an annualized ROCE of 8.50 percent and an annualized ROTCE of 16.08
percent.
"We are pleased to report strong performance for the quarter, particularly given
the challenging environment," said Chairman and Chief Executive Officer. "Our
earnings reflect a modest build in our allowance for loan and lease losses,
benefiting from our relatively stable asset quality. We also benefited from our
diverse noninterest-income generating businesses and disciplined core expense
control. Adjusted net income was $1.3 billion, or $0.97 per share, due to strong
performances from wealth management, investment banking, retail banking and
insurance. We experienced growth in service charges on deposit accounts and
card and payment related fees due to some waiver abatement and increased
activity from clients. In addition, we are selectively investing in our insurance,
investment banking, residential mortgage and wealth teams to drive more client
business”.
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Synovus (USA) Announces Earnings for the Third Quarter 2020
• Diluted EPS of $0.56; adjusted diluted EPS of $0.89. Non-cash goodwill impairment charge of
$44.9 million, or $0.30 per share, driven by lower rate forecast impact to mortgage reporting unit.
• Period-end loan decline of $364.5 million or 1% sequentially; net increase of approximately $245
million excluding the impact of Paycheck Protection Program (PPP) loan payoffs and asset
dispositions. As of September 30, slightly less than 1% of loans were receiving a principal and interest
deferral, down from 15% in May.
• Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits
excluding public and brokered funds) increased $1.56 billion or 5% sequentially.
• Total deposit costs of 0.39% down 14 bps from the second quarter due to pricing diligence and
product remixing.
• Net interest income of $377.0 million was stable with the second quarter; net interest margin of
3.10% vs. 3.13% in 2Q20.
• Non-interest revenue declined $59.1 million sequentially and increased $25.7 million compared to
prior year; investment losses of $1.3 million compared to gains of $78.1 million in the second quarter.
Adjusted non-interest revenue increased $20.3 million sequentially due primarily to higher net
mortgage revenue and core banking fees.
• Non-interest expense increased $32.5 million sequentially and $40.3 million compared to prior year.
Adjusted non-interest expense declined $7.7 million sequentially due primarily to lower employment
expense.
• Provision for credit losses of $43.4 million; allowance for credit losses coverage ratio (to loans) of
1.68%, or 1.80% excluding PPP loans.
• Credit quality metrics remain relatively stable, with the non-performing loan ratio and net charge-off
ratio of 0.43% and 0.29%, respectively.
• Preliminary CET1 and Total Risk Based Capital ratios improved to 9.30% and 13.16%, respectively.
“The third quarter reflected strong operating performance, highlighted by growth in core
transaction deposits of $1.6 billion and adjusted fee income growth of $20 million, as well as
disciplined expense management, all contributing to improved profitability,” said Synovus
Chairman and CEO. “We continued to strengthen our balance sheet, growing total risk-based
capital by 46 basis points to 13.16 percent, the highest level since 2014. The responsiveness of
team members and their unwavering support of customers — especially those managing through
this challenging credit cycle — demonstrates the effectiveness of our local relationship delivery
model and our ability to execute even in the face of uncertainty. These strengths, along with an
improving economy, contributed to a solid third quarter and position us well for the fourth quarter
and coming year.”
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U.S. Bancorp reports third quarter 2020 results
• Net income of $1,580 million and diluted earnings per common share of $0.99
• Return on average assets of 1.17% and return on average common equity of
12.8%
• Net revenue of $5,964 million, including $3,252 million of net interest income
and $2,712 million of noninterest income
• Noninterest income growth of 3.7% year-over-year
• Average total loans grew 6.4% year-over-year
• Average total deposits grew 15.9% year-over-year
• Provision for credit losses of $635 million including a provision of $120 million
related to an acquired loan portfolio
• CET1 capital ratio increased to 9.4% at September 30, 2020 compared with
9.1% at December 31, 2019
U.S. Bancorp Chairman, President and CEO said, “In the third quarter, we
reported earnings per share of $0.99 and delivered a return on average
common equity of 12.8 percent. Our results, during this challenging
economic environment, are a testament to our diverse business mix and
consistent approach to credit risk management. Consumer loan growth was
robust, and our fee-based businesses performed well. Our mortgage banking
business was particularly strong in the third quarter as we continued to
support customers’ home financing and re-financing needs, and our payments
businesses benefited from improving consumer spending activity as state and
local economies continued to open. Our capital and liquidity positions remain
strong and although credit losses are increasing for the entire industry we are
well positioned to navigate a more challenging credit environment. I want to
thank our employees for all their hard work and dedication in serving our
customers and communities as they deal with their individual challenges
created by the COVID-19 environment.”
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Zions Bancorporation (USA), National Association Reports Third Quarter Financial
Results
• Net interest income was $555 million, compared with $567 million
• NIM was 3.06%, compared with 3.48%
• Pre-provision net revenue ("PPNR") was $277 million, down 9%
• Adjusted PPNR³ was $267 million, down 14%
• Noninterest expense was $442 million, up 7%
• Adjusted noninterest expense³ was $440 million, up 6%
• The efficiency ratio³ was 62.2%, compared with 57.3%
• 3Q20 results included a one-time $30 million charitable contribution, and when excluded:
PPNR was $307 million, up 1%, and adjusted PPNR was $297 million, down 4%,
Noninterest expense was $412 million, down 1%, Efficiency ratio was 58.0%, compared
with 57.3%
• Net loans and leases were $54.7 billion, up $5.9 billion, or 12%, and included PPP loans of
$6.8 billion
• Nonperforming assets were $372 million, or 0.8%, of loans (ex-PPP), compared with $237
million, or 0.5%, of loans
• The provision for credit losses was $55 million, compared with $10 million
• The allowance for credit losses was 1.9% of loans (ex-PPP), compared with 1.2% of loans
• Annualized net charge-offs of 0.38% of average loans, compared with 0.01%
• 0.6% of loans (ex-PPP) were under a deferral related to COVID-19
• The CET1 capital ratio was 10.4% at both September 30, 2020 and September 30, 2019
• Deposits were $67.1 billion, up $11.0 billion, or 20%, resulting in a loan-to-deposit ratio of
82%. Deposit growth has been assisted by various recent government stimulus programs.
• Credit valuation gain of $8 million, or $0.04 per share, on client-related interest rate swaps
Chairman and CEO of Zions Bancorporation, commented, “Despite the headwinds of a
challenging interest rate and credit environment, we are pleased with many aspects of
the Bank’s third quarter performance. We’re particularly pleased by the resilience
demonstrated by our customers in the face of the coronavirus pandemic. Approximately
9% of our borrowers availed themselves of loan modifications or short-term deferrals
earlier this year, with 88% of deferred loans having completed the deferral period before
August 1. At quarter-end, a mere 1.0% of those loans were delinquent 30 days or more,
with an additional 0.2% having been charged off. Additionally, annualized net
charge-offs for the entire loan portfolio were a very manageable 0.38%.”
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Solutions Updates
Banking Industry

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ADIB (UAE) launches UAE’s first virtual banking sales platform
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Solution Description
Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, announced the launch of a pioneering remote sales platform allowing customers to
converse with ADIB and apply for personal finance, covered cards, takaful, and other banking products without having to leave their homes. A first of its
kind in the UAE, the platform is equipped with virtual banking tools, including online application and electronic signature services, providing customers with
a seamless and convenient banking experience. The platform also integrates virtual communications tools, including video conferencing and real-time screen
sharing, to boost collaboration between customers and sales representatives. Since its launch, over half of ADIB card sales are being conducted on the remote
sales platform. ADIB has seen a significant surge in customer demand for its digital banking services in 2020. Latest data show that around 94% of ADIB's
banking transactions, including fund transfers, are conducted digitally and 65% of customer updates are made through the bank's digital channels. In addition,
50% of new ADIB customers have opened their accounts digitally. The virtual sales platform is the latest addition to ADIB's suite of innovative solutions
allowing customers to access banking services remotely. Previously, the bank introduced a digital booking service, enabling customers to schedule their
branch visits ahead of time through the online banking platform and mobile banking app. In addition, customers can virtually update their personal
information such as their Emirates ID, Passport, and contact details without having to visit the branch. ADIB's efforts to remain at the forefront of digital
banking have been widely recognized. The bank was named "Middle East's Best Islamic Digital Bank" by Global Finance and the "World's Best Islamic
Bank" by FT's The Banker Magazine.

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Arab Bank (Saudi Arabia) Launches Its E-Voucher Service Through “Arabi
Mobile” App
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Arab Bank has recently launched a new service through its “Arabi Mobile” App as part of its constant efforts to expand its digital offerings and
deploy the latest digital banking solutions that provide customers with a seamless banking experience in line with their evolving needs and
expectations. The new digital e-voucher service caters to different consumer segments through categories available on the “Arabi Mobile” App,
including: e-gaming, entertainment platforms such as music, movies, video on-demand and live streaming, e-commerce platforms, in addition to
cloud-based video conferencing platforms. The “Arabi Mobile” App offers flexible e-voucher purchase options that include paying directly from
an Arab Bank account, through Arab Bank credit card or by using “Arabi Points” to transfer the needed loyalty points to their equivalence in cash.
The App also offers the sharing feature, which allows customers to share e-vouchers with others via social messaging Apps such as Whatsapp and
Facebook Messenger, or via email. This is in addition to purchasing e-vouchers at preferential rates and benefiting from Arab Bank’s exclusive
offers that enable “Arabi Mobile” users to receive cashback of a certain amount accredited automatically to their account. It is worth mentioning
that the “Arabi Mobile” App offers a host of digital banking solutions that enable customers to conduct their transactions digitally around the clock
from anywhere using smartphones and tablets within the highest levels of flexibility and security.

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Arab Bank (Saudi Arabia) Launches Social Payment App “Arabi Pay”
30
Arab Bank recently launched a social payment App “Arabi Pay”, which allows customers to make payments through social networking and messaging
Apps such as WhatsApp, Facebook Messenger and Instagram via a special keyboard designed specifically for smartphones. The new service is yet
another addition to the bank’s latest digital banking solutions providing customers with a seamless banking experience within the highest levels of
flexibility and security. Arab Bank customers are able to download “Arabi Pay” through App Store or Google Play and register easily by logging in
using their existing “Arabi Online” or “Arabi Mobile” credentials. Customers can then conduct transfers by clicking on the “Arabi Pay” keyboard
available via messaging and social networking Apps, selecting a contact from the existing contact list, entering the transfer amount and an emoji to
describe the payment. The amount then gets immediately credited to the receiver’s bank account, who should have an Arab Bank account to complete
the transfer. Moreover, the App provides users with a wide range of benefits, including: daily transfers for a total amount of JOD 150 with a maximum
of JOD 50 per transaction, the ability to authenticate transactions through fingerprint or FaceID based on the device authentication mechanism, the
ability to retrieve transaction history, in addition to many more benefits. The concept of “Arabi Pay” was developed as part of Arab Bank’s internal
FinTech program “Intrapreneur”. Through this program, a wide range of FinTech ideas were submitted by the bank’s employees and the best ideas were
selected to be executed as projects through the relevant departments.

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Packers mobile app launches free game hub 'Packers Free Play'
31
Presented by Associated Bank, the free, interactive games will allow fans to take part in 'Packers Trivia' and 'Packers Predict' to win weekly and grand
prizes. With the NFL regular season now underway, the Green Bay Packers are launching a new, free program within the Packers mobile app, "Packers
Free Play, presented by Associated Bank," to offer fans the opportunity to win weekly prizing in conjunction with each Packers game and grand prizes
at the end of the season.
Packers Free Play will include two featured, free games for fans to enjoy:
• Packers Predict, an interactive game that allows fans to predict various gameday outcomes, with several weekly questions within the Packers mobile
app. Questions focus on the upcoming game – for example, which Packers player will tally the most receiving yards. Packers Predict will run weekly
during the rest of the regular season starting three days before kickoff at 9 a.m. until five minutes before each week's kickoff. Players can make their
predictions at any point during this time window.
• Packers Trivia, a weekly trivia Q&A game with new questions each week. Each question will be timed, giving each user 30 seconds to answer each
question. Packers Trivia will run from Monday at 9 a.m. through Sunday at 11:59 p.m. CT each week. Players can play trivia at any point during this
time window.

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PAYTEC, the international payment card dedicated to innovative young businesses
32
PAYTEC is an international bank card that allows you to charge the endowment authorized by the Office of Exchange to pay in foreign currency, online
and safely, purchases of services related to your activity and this, up to 500,000 DH per calendar year. In addition, the PAYTEC card offers several
features: it allows for personalization by cardholder, loading and unloading of staffing according to your company's needs, access to high e-commerce
payment limits, and online reporting.
In addition, exclusive benefits are backed by this card:
• Access to Mastercard's Priceless Cities program to take advantage of great deals on a collection of experiences in more than 40 cities around the world.
These offers are available on the website priceless.com
• Fare benefits on your travels with Careem in North Africa and the Middle East, through the free first trip and a 20% discount on 3 trips per month. To
activate this advantage, simply download the Careem app, enter the MC1RIDE promotion code on the first travel booking and provide the
MASTERCARD promotion code for other trips.

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Santander (Spain) introduces Santander One, a new simple account with service
plans via subscription
33
Santander Spain unveils its strategy with the launch on 5 November of Santander One, a new model for individuals and companies based on a simple account with
essential services and no fees for loyal customers. It also offers the possibility to take out personalised value-added service plans under subscription, a pioneering model
in the financial industry. Loyal customers will be able to carry out their usual transactions through digital channels and at the 40,000 Santander network ATMs worldwide
and will not pay fees for basic services (debit and credit cards, domestic online transfers and Bizum), being able to add the personalised services they choose via a
subscription. In addition, Santander has finalised a strategic partnership with Iberia to implement an ambitious plan to attract and create loyalty among individuals and
companies, Santander One Iberia Plus. The agreement gives customers the ability to earn Avios, which can be redeemed for flights, hotel nights with Paradores and other
chains, car hire or leisure and gastronomy experiences. Santander customers will earn Avios for their regular transactions and for taking out products: up to 15,000 Avios
for paying their salary directly into the account (redeemable for a round-trip flight in Europe), 5,000 Avios for insurance, 25,000 Avios for taking out a lease on a vehicle
and up to 500,000 Avios for transferring a pension plan (equivalent to round-the-world flights).
In addition to the Santander One Iberia Plus Plan, the bank offers four other available plans for a fixed monthly fee of three euros for individuals and six euros for
companies:
• Plan Santander One Viajes (travel): allows you to withdraw unlimited money at any ATM in the world with the Santander One Debit card and there are no fees for
purchases in currencies other than euros. In addition, it includes a system to provide customers with emergency cash worldwide.
• Plan Santander One Atención VIP (VIP service): offers a personalised service 24 hours a day any day of the week to deal with problems with passwords, cards or for
any other reason.
• Plan Santander One Pagos (payments): allows you to make immediate and unlimited domestic and international transfers and pay in unlimited domestic cheques in
euros at any branch.
• Plan Santander Seguridad Digital (digital security): provides customers with a 24-hour family protection legal service and offers the possibility to store passwords and
valuable documents with the bank.

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Bank of Ireland launches Ireland’s first bio-sourced Visa Debit Card
34
Bank of Ireland ambassadors, Doireann Garrihy and Greg O’Shea were on hand to launch Bank of Ireland’s brand new bio-sourced Visa Debit Card. The new card is
composed of 82% bio-sourced renewable materials made from field corn and is the first of its kind in Ireland. The design is also the first in a series of new look and feel
cards from the Bank following the brand update earlier in the year. The card will be available to all third-level students from. Research shows a rise in sustainable
purchases amongst younger shoppers over the past 12 months
Key Research Findings:
• 63% more aware of shopping sustainably in the last 12 months
• Those aged 18-25 are the most sustainably focussed
• Over half (54%) are happy to pay more for sustainable goods
• Since COVID-19, 61% are supporting more local businesses, over half (52%) are buying less clothes
Bank of Ireland research has revealed that almost two thirds (63%) of people in Ireland aged 18-25 have become more aware of shopping sustainably over the last year,
with over half (54%) now willing to pay more for sustainable goods. The recent survey of 1,000 shoppers by Red C which examines the nation’s sustainable shopping
habits was carried out to launch Bank of Ireland’s new bio-sourced Visa Debit Card, the first of its kind in Ireland. Available to third-level students from, the new
bio-sourced card is made from 82% bio-sourced renewable materials derived from field corn. When its lifespan is over, it takes just six months to break down unlike its
plastic equivalent (PVC cards) which take around 400 years to decompose.

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BNY Mellon Launches its Automated Payment Solutions Offering for Insurance Payers
35
BNY Mellon announced the launch of its Automated Medical and Dental Payments Solution, which facilitates the conversion of claims payments from
checks to electronic payments and expedites and simplifies the processing of claims. In addition to generating payments, the new offering provides
Explanation of Benefits (EOB) statement delivery, includes 1099 management and processing, is file-agnostic, and allows users payment information status
and access through an online portal. The solution, which property and casualty insurer NJM Insurance Group (NJM) is already actively leveraging as a client,
is designed to fully automate the medical and dental claims process—helping to transform systems into a more streamlined and cost efficient operation. This
exemplifies another significant stride toward BNY Mellon's overall mission of modernizing payments and helping clients transition from paper to electronic
payment processing. The solution also leverages a robust network of more than one million providers that have elected to receive ACH or Virtual Card
payments. Virtual Card is a key payment modality, particularly because it is often preferred by providers for its ease of use. BNY Mellon offers this product
powered by Jopari Solutions, Inc., a technology leader in developing and delivering end-to-end connectivity for the group health, dental, and workers'
compensation industry, including eBilling, ePayment, and Portal solutions.

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Scotiabank Launches Advice+ to Help Canadians Navigate Their Financial Plans During
COVID-19
36
Scotiabank launched Advice+, a service that offers customers a range of new options to seek financial advice during these challenging times, from a new
self-serve ScotiaAdvice Centre online, to a personalized Advice+ financial plan to meet their unique needs, and tomorrow. Canadians can visit the new
ScotiaAdvice+ Centre or contact a Scotiabank advisor to discover the power of a simple conversation. A recent Scotiabank poll revealed that 62% of
Canadians agree that getting advice from an advisor is even more important to them now than it was before the pandemic. And 25% are looking to a financial
advisor to help them with their finances. The poll revealed that nearly half of Canadians (51%) have hit pause to reassess their financial goals due to the
challenges posed by COVID-19.
Shifting Priorities and the Need for Advice:
• Since the pandemic began, Canadians have hit pause on their retirement plans (-5%) and travel (-9%) goals to focus on paying off their day-to-day expenses
(+11%).
• Of those Canadians who have shifted their goals a lot, just 15% have a written financial plan, nearly 20% claimed to be uncomfortable with their finances.
• More than 25% of Canadians said they feel like they only understand the basics' or 'feel completely clueless' about their finances.
• 62% of Canadians with a financial plan have intentions to update or revisit their plan because of COVID-19, just 12% without a financial plan intend to
build one.
• As a result of the pandemic, 25% are looking to a financial advisor to help them with their finances. Scotiabank's team of financial advisors is ready and
available to help Canadians navigate through these uncertain times.

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Send and Receive Money Faster with Scotiabank through Interac e-Transfer® for Business
37
Scotiabank extended its support for businesses with the launch of Canada's first enhanced, data-rich, Interac e-Transfer® experience for business. Building
on a strong foundation of digital payment and market leading solutions, Interac e-Transfer for Business on ScotiaConnect is the latest step in the Bank's
payments modernization journey. This convenient, easy-to-use, digital solution allows businesses to:
• Send up to $10,000 with every payment, with no daily or weekly limit
• Leverage Scotiabank's robust fraud monitoring platform that is integrated with our ScotiaConnect digital channel
• Include payment details, like those found on an invoice, saving businesses time by allowing for easier reconciliation of financial activity
• Make payments the day they are due, improving their working capital
As a leader in banking innovation, Scotiabank continues to accelerate its digital transformation journey and has delivered solutions to support business
customers. These build on previous first-to-market solutions for business customers such as our integrated mobile app and digital security token, often
referred to as "CEO-on-the-Go", a re-envisioned digital platform, ScotiaConnect, and a "World Class" Technical Service & Support team, as designated by
SQM Group.

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Garanti BBVA (Peru) presents its new digital process to apply for credit cards
38
Garanti BBVA is betting on technology and innovation to continue leading the payment system and credit card sector. Now customers can
complete the credit card application and authorization process on Bonus’website and start enjoying all of the benefits immediately. Customers who
do not yet have a credit card with rewards can now apply for it using a fully online process on bonus.com.tr and obtain it in a matter of minutes.
Once the application has been accepted, the customer must validate the contract using the Garanti BBVA app, without having to physically sign it.
After this step they will receive a virtual card to start making electronic payments. They will also receive a physical card without having to sign
any documentation. The Director of Payment Systems at Garanti BBVA, said: “At Garanti BBVA, we continue to offer our customers the utmost
convenience. This new process marks a new milestone in innovation.” Customers can apply for their cards on Bonus’ website – the most popular
discount platform in Turkey. “A simple digital confirmation is all that is needed to start enjoying the virtual card, without having to wait to receive
the physical card,”

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BBVA (Peru) launches Aqua, the first card without numbers or a CVV
39
BBVA has just launched a unique line of cards in Spain where for the first time the CVV is dynamic, proving greater security for all ‘online’
operations. Every time a customer wants to make a purchase, they must access the ‘app’ (Android and iPhone) and check the card number, CVV
and expiration date. This functionality is based on ‘cloud’technology and advanced cryptographic algorithms to ensure the inviolability of the code
generated for the end user. In this way, BBVA goes beyond the changes introduced by PSD2 in terms of security. The bank was the first Spanish
financial institution to massively deploy the new verification process for electronic transactions included in the European payments regulations
(PSD2), which requires double authentication of the customer for purchases on the Internet. Now, in addition to reinforcing its security by
introducing these new elements—a dynamic CVV and hidden card number and expiration date—it has also increased the security level. If the
customer loses the card no one will be able to use the same data to make online payments. The card has a debit, credit and prepaid mode. The card
will be issued in recycled plastic, thus fulfilling BBVA’s objective of reducing environmental impact. BBVA was the first bank in Spain to
distribute cards made from recycled plastic from various industries such as packaging, printing, automotive and windows.

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BBVA (Peru) advances in the exploration of instant payments in the U.K., together with
SWIFT gpi
40
Since the moment that SWIFT (Society for Worldwide Interbank Financial Telecommunication) launched its global payment initiative SWIFT gpi,
BBVA was one of the first ten banks in the world to join. Since then, the bank has remained firmly committed to this new standard for interbank
payments. Some of its benefits include greater speed, transparency, tracking from start to finish and access to additional information on the
transfers. Despite the advances brought about by SWIFT gpi, there is still room to explore in the field of international payments. For this reason,
with the goal of innovating and continuing to improve customer experience in this field, BBVA has actively participated in different payment pilots
launched by SWIFT. The latest was a pilot to integrate the gpi with the U.K.’s national instant payment system. The results were recently presented
at the Sibos conference — held online this year. The BBVA Group participated in this new pilot, together with five financial institutions in Europe,
North America and Asia-Pacific. The goal was to test the integration of SWIFT gpi with the British instant payment platform ‘The Faster Payments
Scheme’ (FPS).

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Virgin Money (UK) launches free digital package ‘Money Management’ to help small
businesses streamline finances
41
Virgin Money has launched a free, full money management package to support small business customers with their day-to-day financial operations and
ensure they have a complete view of their past, current and future financial position. In partnership with market-leading fintech company, Strands, Virgin
Money will be the first UK bank and Mastercard issuer to offer Money Management, aimed at empowering small business owners with under £1m annual
turnover to take control of their finances in the most efficient way possible. Powered by Artificial Intelligence, the new digital platform, Money Management,
provides an innovative and personalised banking experience allowing Virgin Money’s Business Current Account customers to make more informed financial
decisions through clearer insights and analysis of their financial position via a range of features including:
• Forecasting through Financial Calendar - Provides a snapshot overview of cash in and out each day to allow customers to plan ahead and for the long-term.
• Invoice creation & management - Creates sales invoices and tracks to see whether they are unpaid, paid, or overdue to help customers manage payments
more effectively.
• Budgeting - Creates visual budgeting graphs which automatically update with each transaction made to help customers stay on track with their business
plan at a glance.
• Transaction Categorisation - Understands and tracks business spending by filtering transactions by time period, client provider or category. The data can
then be automatically presented in graph form enabling easier analysis and reporting.
• Cashflow Projection - Automatically generated cashflow forecasts so customers can stay on top of cash coming in and out of the business.

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Danica Pension (Denmark) launches new sustainable pension solution
42
With the new solution, Danica Balance Sustainable Choice, Danica Pension’s about 800,000 customers can invest their pension savings with an
even stronger focus on sustainability. In this new investment solution, They select investments that actively contribute to making a difference
within areas such as climate, environment, health, food production or other social aspects and that thus support the UN Sustainable Development
Goals. Danica Balance Sustainable Choice is Danica Pension’s next step in enhancing its focus on sustainable investments in the company’s
general portfolio and a good step towards its ambition of investing DKK 100 billion in the green transition by 2030. A new analysis by the
independent research institute YouGov for Danica Pension indicates that pension savings rank very low when Danes are asked where they believe
they can make a societal difference. 62 pct. of Danes believe that buying sustainable foods creates the greatest impact, while just 12 pct. believe
that the greatest impact can be created through their pension savings.

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Emirates NBD (UAE) Corporate & Institutional Banking launches digital Supply Chain
Financing platform
43
As part of its ongoing digitisation strategy, Emirates NBD, a leading bank in the MENAT (Middle East, North and Turkey) region has launched a
digital Supply Chain Financing platform for its corporate and institutional clientele. Emirates NBD's smartSCF platform will offer businesses in
the UAE a set of integrated, automated tools designed to enhance and simplify their supply chain collaborations while optimising working capital
and reducing transaction costs. The platform enables clients to benefit from improved cash flow efficiencies while their suppliers benefit from
early payment of their invoices, without the need for collateral and at competitive rates. The smartSCF platform has been designed to help increase
operational efficiencies for both corporate clients and their suppliers. Suppliers can seamlessly self-on-board via the digital supplier on-boarding
toolkit, the first of its kind in the region. Furthermore, smartSCF has enhanced data analytics tools such as interactive dashboards and customised
reports which helps clients gain visibility on the program from supplier on boarding to payment and reconciliation as well as their cashflows.
Emirates NBD's smartSCF platform caters to the growing need for digitisation of supply chain management and financing, which has emerged as
one of the key priorities for corporate clients across industries.

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StoneX's Prime Brokerage Group Launches Outsourced Trading Platform for Emerging
Managers
44
StoneX Group Inc. announced that its Prime Brokerage Group has launched the Emerging Manager Platform. The platform combines the full
scope of StoneX's execution services offering – multi-asset, global connectivity, high-touch expertise, and middle & back office support – into a
one-stop-shop resource for asset managers. StoneX built the Emerging Manager Platform to meet the growing demand of outsourced trading for
emerging managers. The platform provides customers with a fully engaged buy-side trader and connects them with an entire ecosystem of more
than 150 global brokers, banks and resource providers, backed with StoneX's global network and financial strength. Additionally, the platform
delivers StoneX's high-touch expertise for all aspects of business, from start-up and system consulting to compliance and operational assistance
that will help customers achieve their goals and grow. Using the Emerging Manager Platform, StoneX executes as the customers' authorized trader
with their chosen counterparties to achieve best execution. The Company provides customers with fully transparent counterparty attribution with
the sell side. Customers can also access real-time market insights and deep performance analytics or connect with prime brokerage and other
value-added resources on the platform.

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LUKB (Switzerland) launches new generation of debit cards and halves account management
fee for private accounts
45
LUKB launches three new debit cards, replacing the previous Maestro card. The functions of the new debit cards enable worldwide, toll-free
payment in online commerce (e-commerce). In the future, the new cards can also be used for transfers via smartphone or watch as well as digital
money shipments between private individuals (P2P). In addition, the debit cards contain comprehensive insurance benefits. From January 2021,
LUKB will halve the account management fee for private accounts. The self-management of accounts and cards via e-banking or e-banking app
has become established among LUKB customers and is now largely standard. As a result, from 1 January 2021, LUKB will halve the account
management fee for private accounts from 6 francs to 3 francs per month. Ivo Meyer is convinced: "By switching from the Maestro card to the new
Visa debit card range, we have put together an attractive offer," and calculates: "Together with the cheapest Visa debit card, our customers save 28
swiss francs per year compared to the previous card and benefit from additional insurance services." The new Visa debit cards will be available for
order from the end of October in LUKB-E-Banking.

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