I Bytes Banking Industry

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I-Bytes
Banking
November Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates.................................................................................................................................................23
3. Rewards and Recognition Updates...................................................................................................................48
4. Customer Success Updates.................................................................................................................................88
5. Partnership Ecosystem Updates........................................................................................................................95
6. Environment & Social Updates........................................................................................................................114
7. Miscellaneous Updates......................................................................................................................................117

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Financial, M & A
Updates Banking Industry

Financial, M&A Updates
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AHLI United Bank (Bahrain) B.S.C. Reports A Net Profit Of US$ 409.3 Million Attributable
To Owners Of The Bank For The Nine Months Ended 30 September 2020
Key Highlights:
• Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders US$ 115.9 million for Q3/2020, which
represents a 35.9% decrease over the Q3/2019 reported profit of US$ 180.9 million.
• For the nine months ended 30 September 2020, net profit attributable to its equity shareholders was US$ 409.3 million, a decrease of 26.7%
as compared to US$ 558.4 million achieved in YTD Q3/2019.
• Basic and diluted Earnings per Share in Q3/2020 were US 1.2 cents as compared to US 1.9 cents in Q3/2019 and US 4.1 cents for YTD
Q3/2020 as compared to US 5.6 cents in YTD Q3/2019.
• Comprehensive income attributable to the owners of the bank for Q3/2020 was US$ 129.7 million compared to US$ 179.8 million in
Q3/2019 and for YTD Q3/2020 was US$ 287.1 million as compared to US$ 577.8 million for YTD Q3/2019 due to unrealized financial
adjustments related to temporary market fluctuations.
• While Q3/2020 saw a gradual lifting of Covid-19 linked lockdowns by various countries followed by scattered signs of modest recovery,
business sentiment continued to remain subdued affecting lending and liquidity opportunities which were further impacted by the continuing
effect of lower oil revenues. As a result, Net Interest Income (NII) reduced by 16.9% to US$ 193.2 million in Q3/2020 (Q3/2019: US$ 232.5
million) and reduced by 17.0% to US$ 599.9 million for YTD Q3/2020 (YTD Q3/2019: US$ 722.7 million). Lower NII and Fees & Commission
income resulted in lower Operating Income of US$ 247.4 million during Q3/2020 as compared to US$ 289.2 million in Q3/2019 whereas for the
first nine months of 2020, Operating Income was US$ 823.0 million as compared to US$ 919.3 million in YTD Q3/2019. The cost to income ratio
stood at 28.6% (YTD Q3/2019: 26.7%) reflecting AUB’s disciplined cost management culture.
• AUB reported a non-performing loans ratio of 2.5% (31 December 2019: 1.9%) with specific provision coverage of 77.7% (31 December
2019: 85.9%).
• The AUB Group’s total assets at 30 September 2020 marginally increased (+1.0%) to US$ 40.7 billion Return on Average Assets was at
1.4% for YTD Q3/2020 (YTD Q3/2019: 2.2%). The Group’s equity attributable to owners at 30 September 2020 decreased by 6.5% to US$ 4.0
billion Return on Average Equity for YTD Q3/2020 was 12.7%
Executive Commentary
“The steps we took to prepare our plants to safely ramp up production following COVID-19-related shutdowns and position the Company
for success resulted in significantly improved third quarter performance,” said Lear’s President and Chief Executive Officer. “Despite
lower industry volumes versus a year ago, we generated operating margins near pre-COVID levels in both business segments. I am very
pleased with how quickly the industry recovered and our business rebounded after the second quarter shutdowns, and, barring any
COVID-19-related disruptions or a significant change in industry demand, I am optimistic that our positive momentum will continue for
the balance of the year. We will continue to focus on driving operational efficiencies, investing for long-term profitable growth, and
delivering superior shareholder returns.”
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Associated Bank (USA) provides $9.4M equity investment to preserve affordable
housing in Uptown neighborhood of Chicago
Associated Bank provided an equity investment totaling $9,450,000 of
Low-Income Housing Tax Credit (LIHTC) and Federal Historic Tax
Credit (HTC) for the rehabilitation of two historic apartment buildings at
5012 North Winthrop, Chicago. Mercy Housing Lakefront is the project
developer for the renovation of the Major Jenkins Apartments, an
existing property consisting of two connected, four-story elevator
buildings originally built in 1928. Associated Bank partnered with RBC
Community Investments to provide the equity investment. The Major
Jenkins Apartments are located in the Uptown neighborhood, a densely
populated residential neighborhood less than 10 miles from downtown
Chicago. Two major commercial corridors provide convenient access to
grocery stores, restaurants, services and entertainment. The project is
within walking distance of public transportation.
“We are delighted that Associated Bank is our newest capital investor
and excited to partner with them on the rehabilitation of the Major
Jenkins Apartments,” said president of Mercy Housing Lakefront.
“The property is located in a diverse, vibrant neighborhood, and this
project will ensure that permanent supportive housing continues to be
available to residents in the community for years to come. In doing
so, we’re ensuring that those who have experienced significant
barriers in life have a springboard to achieve better health, economic
security and a brighter future. We are looking forward to beginning
the renovations and to the many ways the project will enhance the
quality of life for residents once completed.”
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Arab Bank Group (Jordan) Reports Nine Months 2020 Net Profit Of
$215.2 Million
• Arab Bank Group reported net income after tax of $ 215.2 million for the nine
months of 2020 as compared to $668.9 million for the prior period, recording a drop of
68%.
• The fall in the profits is attributable to the build up of higher provisions, driven by
current and forecasted economic conditions, and reflects the deterioration in the
macro-economic environment in the region and globally, and to lower revenues from
interest and fee income because of the impact of the Covid-19 outbreak and lower
market interest rates and weakening oil prices.
• Group net operating income is at $ 808 million, recording a drop of 22% from prior
period as a result of a decrease in net interest and commission income, in addition to a
drop in the profits of the bank’s associates in the Gulf.
• Customer deposits grew by 8% to reach $ 37.5 billion as compared to $ 34.7 billion,
while loans grew by 2% to reach $26.7 billion as compared $ 26.1 billion. The Group
maintained its strong and robust capital base with equity of $9.3 billion and with a
capital adequacy ratio of 16.7% calculated in accordance with Basel III regulations.
• The Group enjoys high liquidity with a loan-to-deposit ratio of 71.1%, while credit
provisions held against non-performing loans continue to exceed 100%.
Chief Executive Officer, stated that the global and regional banking sectors will
continue to face challenges because of the economic contraction, the higher cost of
risk, and lower interest rates. He added that growth in the GCC countries has also
declined sharply due to the plunge in oil prices. Highlighted that the increased
provisions booked across the Group are in accordance with the guidelines of
International Financial Reporting Standard # 9, and as per the bank’s internal
expected credit loss model, and include general provisions built due to the current
economic situation in Lebanon.
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Citigroup Inc.(USA) Third Quarter 2020 Results and Key Metrics
• Citigroup Inc. reported net income for the third quarter 2020 of $3.2 billion, or $1.40 per diluted share, on revenues of $17.3 billion. This compared
to net income of $4.9 billion, or $2.07 per diluted share, on revenues of $18.6 billion for the third quarter 2019.
• Revenues decreased 7% from the prior-year period, primarily reflecting lower revenues in Global Consumer Banking (GCB) and Corporate / Other,
partially offset by growth in Fixed Income Markets, Investment Banking, Equity Markets and the Private Bank in the Institutional Clients Group (ICG).
• Citigroup operating expenses of $11.0 billion in the third quarter 2020 increased 5%, as the civil money penalty, investments in infrastructure, risk
management and controls, higher compensation and COVID-19 related expenses more than offset efficiency savings and reductions in marketing and other
discretionary spending.
• Citigroup cost of credit of $2.3 billion in the third quarter 2020 increased 8%, largely reflecting an increase in ICG allowance for credit loss (ACL)
reserves, partially offset by decreases in GCB and Corporate / Other.
• Citigroup net income of $3.2 billion in the third quarter 2020 declined 34%, driven by the lower revenues, the higher expenses, the higher cost of
credit and a higher effective tax rate. Citigroup’s effective tax rate was 20% in the current quarter compared to 18% in the third quarter 2019, reflecting the
impact of the non-deductible civil money penalty this quarter.
• Citigroup’s allowance for credit losses on loans was $26.4 billion at quarter end, or 4.00% of total loans, compared to $12.5 billion, or 1.82% of total
loans, at the end of the prior-year period. Total non-accrual assets grew 40% from the prior-year period to $5.3 billion. Consumer non-accrual loans declined
9% to $1.7 billion, while corporate non-accrual loans of $3.6 billion increased 94% from the prior-year period.
• Citigroup's end-of-period loans were $667 billion as of quarter end, down 4% from the prior-year period, as reported and excluding the impact of
foreign exchange translation6, driven by declines across GCB and ICG, and the continued wind-down of legacy assets in Corporate / Other.
• Citigroup's end-of-period deposits were $1.3 trillion as of quarter end, an increase of 16% from the prior-year period, as reported and in constant
dollars6, driven by a 17% increase in GCB and a 16% increase in ICG.
• Citigroup's book value per share of $84.48 and tangible book value per share of $71.95 each increased 4% versus the prior-year period, driven by net
income. At quarter end, Citigroup’s CET1 Capital ratio was 11.8%, up from the prior quarter, driven by net income, partially offset by an increase in
risk-weighted assets. Citigroup’s SLR for the third quarter 2020 was 6.8%, an increase from the prior quarter. During the quarter, Citigroup returned a total
of $1.1 billion to common shareholders in the form of dividends.
Citi CEO, said, “We continue to navigate the effects of the COVID-19 pandemic extremely well. Credit costs have stabilized; deposits continued to
increase; and revenues are up 3% year-to-date. Our Institutional Clients Group again had very strong performance, especially in Markets, Investment
Banking and the Private Bank. The backbone of our global network, Treasury and Trade Solutions experienced strong client engagement in the face
of low interest rates. Although Global Consumer Banking revenues remained lower as a result of the pandemic, we did see higher activity in our
mortgage and wealth management products.”
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Associated Bank (USA) provides $9.4M equity investment to preserve affordable
housing in Uptown neighborhood of Chicago
Associated Bank provided an equity investment totaling $9,450,000 of
Low-Income Housing Tax Credit (LIHTC) and Federal Historic Tax
Credit (HTC) for the rehabilitation of two historic apartment buildings at
5012 North Winthrop, Chicago. Mercy Housing Lakefront is the project
developer for the renovation of the Major Jenkins Apartments, an
existing property consisting of two connected, four-story elevator
buildings originally built in 1928. Associated Bank partnered with RBC
Community Investments to provide the equity investment. The Major
Jenkins Apartments are located in the Uptown neighborhood, a densely
populated residential neighborhood less than 10 miles from downtown
Chicago. Two major commercial corridors provide convenient access to
grocery stores, restaurants, services and entertainment. The project is
within walking distance of public transportation.
“We are delighted that Associated Bank is our newest capital investor
and excited to partner with them on the rehabilitation of the Major
Jenkins Apartments,” said president of Mercy Housing Lakefront.
“The property is located in a diverse, vibrant neighborhood, and this
project will ensure that permanent supportive housing continues to be
available to residents in the community for years to come. In doing
so, we’re ensuring that those who have experienced significant
barriers in life have a springboard to achieve better health, economic
security and a brighter future. We are looking forward to beginning
the renovations and to the many ways the project will enhance the
quality of life for residents once completed.”
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Leumi Reports Net Income of NIS 750 Million ($218 Million) and
ROE of 8.4% in Q3 2020
• Net income in the third quarter of the year was NIS 750 million, similarly to the same period last year (NIS 765 million).
• Net income in the first nine months of 2020 reached NIS 1.2 billion ($349 million), compared to NIS 2.8 billion ($814 million) in the same period last year.
• The decrease in net income in the first nine months resulted mainly from the significant increase in loan loss expenses, all of which arise from an increase in the collective loan loss provision and a decrease in noninterest finance income on the back
of the coronavirus crisis.|
• Return on equity in the third quarter of 2020 was 8.4%, compared with 8.7% in the same period last year. Return on equity in the first nine months of 2020 was 4.5%, compared with 10.4% in the same period last year (9.6% last year net of the effect
of the sale of Leumi Card).
• Loan loss expense in the third quarter amounted to NIS 547 million compared to a total of NIS 181 million in the same period last year, on the back of the collective provision. The loan loss provision in the third quarter of the year was 0.76% (0.26%
last year) compared to a rate of approximately 1.2% in the first half of the year.
• The loan loss expense in the first nine months of the year totaled NIS 2.3 billion compared to a total of NIS 0.5 billion in the same period last year, with 88% of the expense in the reporting period arising from an increase in the collective loan loss
provision.
• The significant increase in the loan loss expense rate stems from the effect of the changes in the macroeconomic environment, on the back of a second substantial surge in Israel and the subsequent lockdown, which further deepened the effect of the
economic crisis and the uncertainty regarding its effect of the Israeli and global economy.
• Noninterest finance income in the third quarter of the year totaled NIS 457 million compared to NIS 305 million last year. Income for the quarter included NIS 92 million (before tax) from a revaluation of Visa US equity.
• Noninterest finance income in the first nine months of the year totaled NIS 487 million compared to NIS 1,303 million in the corresponding period last year (NIS 989 million last year net of the sale of Leumi Card).
• Operating and other expenses in the third quarter totaled approximately NIS 1.7 billion, a 9.7% year-on-year decrease. The efficiency ratio was 50.4 percent. The decrease stems from salary expenses and other operating expenses.
• Operating and other expenses in the first nine months of the year totaled NIS 5.2 billion, a 10.5% year-on-year decrease. The operating efficiency ratio improved, reaching 55%.
• CET1 capital ratio significantly higher than the regulatory requirement - Common Equity Tier 1 capital ratio as at September 30 2020 was 11.71%, and total capital ratio was 15.81%.
• Growth in the loan portfolio - the Bank continues to focus its growth efforts on the loan portfolio in the corporate, middle-market and mortgage loan segments. The corporate loan portfolio grew at a rate of 6.4% in the past year; the middle-market
portfolio grew by 5.2% and the mortgage portfolio grew by 5.8%.
• Deposits from the public were up by 18.7% year-on-year, totaling NIS 427.1 billion, compared to NIS 359.9 billion in the same period last year.
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Santander (Spain) acquires technology assets from Wirecard, accelerating the
expansion of its merchant payment business, Getnet
Banco Santander announced that it has agreed with the insolvency administrator of several
Wirecard entities, Dr. Michael Jaffé and Wirecard Bank AG to acquire several highly specialised
technological assets from the merchant payments business of Wirecard in Europe to reinforce and
accelerate its growth plans for the region. Around 500 employees currently managing the
acquired assets, in highly qualified teams, will join Santander. They will remain in their locations
and will become part of Santander’s global merchant services team under the umbrella of the
Getnet global franchise. The acquisition will accelerate Getnet’s expansion in Europe, enhancing
capabilities in e-commerce and multinational merchant servicing as well as other payment
services. The assets Santander has acquired extend its global open payments platform
architecture, and create synergies in trade and payments. Santander is taking its merchant
platform to other countries, as it has already done in Latin America. The acquired assets include
payment solutions for merchants for acquiring and issuance services. The acquisition does not
include Wirecard companies and Santander will not assume any legal liability relating to
Wirecard AG and Wirecard Bank AG or its past actions. The deal is expected to be completed by
the end of the year and is subject to certain conditions, including regulatory approvals. Until
closing date, Wirecard and Santander will jointly work to ensure current customers, vendors and
partners a smooth transition to this new phase of the Wirecard service. Details of such plan will
be defined and communicated before closing of the transaction.
Banco Santander executive chairman, said: “At Santander, we aim to provide the best
payment solutions and services to our customers. The assets and talent we will gain as part
of the acquisition will help us accelerate Getnet’s expansion plans in Europe, while also
increasing our product development capacity.”
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Bank of Baroda (India), Accenture Complete Technology Integration of
Former Vijaya Bank Branches
Accenture and Bank of Baroda have successfully completed the technology integration
of the former Vijaya Bank’s branches with Bank of Baroda – part of the post-merger
integration of the first three-way merger of public sector banks in India. Accenture is
now helping align former Dena Bank’s IT systems with Bank of Baroda. The merger of
Vijaya Bank and Dena Bank with Bank of Baroda in 2019 created the country's third
largest public sector bank. Upon completion, the combined technology architecture will
help the merged entity seamlessly integrate its India-wide customer service and business
operations network of nearly 9,000 bank branches and more than 12,000 ATMs. In its
role as lead technology partner, Accenture developed the blueprint for consolidating the
IT systems of the three banks and is overseeing the execution of the technology
integration strategy, which includes data migration, application and data center
consolidation, as well as business continuity management. With the completion of the
Vijaya Bank migration, around 21 million customers from across 1,900+ Vijaya Bank
branches have been seamlessly migrated to Bank of Baroda. The migration was executed
remotely during the ongoing pandemic with no impact on business continuity.
Chief Technology Officer, Bank of Baroda said, “Our technology integration goal is
to offer uninterrupted customer services while paving the way for the
next-generation banking experience across the merged entity. Accenture’s role in the
consolidation of the technology infrastructure of former Vijaya Bank with that of
Bank of Baroda has helped us offer a smooth, hassle-free experience to our
customers during the migration. The integrated technology architecture gives former
Vijaya Bank customers the ability to opt for Bank of Baroda’s entire suite of
offerings, while continuing to use their existing payment instruments until further
notice.”
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MKB’s IFRS net income for 9 months of 2020 has reached RUB 17.1 bln
• Net income for 9M2020 grew by 43.9% yoy to RUB 17.1 bln. The growth of net income was driven mainly by a significant increase in net interest income and positive trade income from operations with securities.
• Return on equity for 9M2020 increased to 13.1%.
• Net interest income rose by 32.4% ytd to RUB 42.5 bln, which was driven by corporate loans and debt securities.
• Net interest margin widened by 0.1 pp yoy to 2.2% as interest income grew by 7.1% to RUB 116.8 bln and interest expense reduced by 3.5% to RUB 74.2 bln. Net interest income as percentage of average RWA rose by 0.5 pp ytd to 3.9% as a result
of effective utilisation of the bank’s funding base amid the overall reduction of interest rates in the Russian economy. Provisioning charges grew to RUB 15.8 bln (3Q2020: +RUB 2.9 bln), which was largely driven by higher charges for the retail portfolio
in 1H2020, and by the expansion of the overall portfolio.
• Net fee and commission income declined by 9.8% yoy to RUB 7.6 bln, mostly due to lower cash handling fees and insurance contract processing fees amid the quarantine restrictions in 1H2020. However, fee income increased by 40.1% in the third
quarter compared to the second quarter of 2020, which reflects a gradual recovery of business activity. Guarantee and letter of credit issuance fees remain the main source of fee and commission income, having risen by 116.1% yoy to RUB 3.5 bln.
• Net income from operations with securities grew to RUB 8.3 bln mainly driven by the growing value of the portfolio of bonds, mostly federal bonds (OFZ).
• Operating income (before provisions) grew by 71.7% yoy to RUB 52.6 bln. Operating expense decreased by 0.3% to RUB 15.7 bln as some expense items were optimised. The bank continues to demonstrate a high operational efficiency as its
cost-to-income ratio (CTI) remained at the low level of 29.9%.
• Total assets increased by 21.8% ytd to RUB 3.0 tln driven primarily by the securities portfolio growing by 60.7% to RUB 476.8 bln due to acquisition of OFZ and currency revaluation, and the net loan portfolio expanding by 21.6% to RUB 959.0 bln.
• Gross loan portfolio rose by 22.0% ytd (13.0% net of currency revaluation) to RUB 1,011.7 bln. In 3Q2020, the share of corporate loans in the loan portfolio was 88.0%, its retail portion being 12.0%. The corporate loan portfolio expanded by 23.8%
(13.8% net of currency revaluation) in 9M2020 to RUB 890.7 bln, with the RUB 78.3 bln (9.6%) growth in 3Q2020. The high growth rates of the corporate portfolio are due to the big volumes of new originations and to the weakening rouble.
• Loan portfolio quality remained at a high level. The share of non-performing loans (NPL 90+) in the gross loan portfolio declined by 0.5 pp ytd to 3.1%. However, the share of second basket loans grew by 2.5 pp ytd to 5.3%, which was driven by
several corporate customers affected by the quarantine restrictions.
• Customer accounts and deposits, which represent 54.0% of the bank’s total liabilities, increased by 10.1% ytd to RUB 1,474.3 bln mostly because corporate deposits grew by 13.2% to RUB 966.2 bln and due to currency revaluation. Retail deposits
demonstrated a more moderate growth, having increased by 4.5% ytd to RUB 508.1 bln. The ratio of net loans to deposits was 65.0% for the first nine months of 2020.
• The bank’s total capital according to the Basel III standards increased by 6.2% ytd to RUB 321.8 bln mainly owing to currency revaluation. The Basel III capital adequacy ratio was 18.2% and the Tier I capital ratio was 12.6%.
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BBVA Sells Its Subsidiary In The United States To Pnc For $ 11.6 Billion
Bbva has agreed to sell its subsidiary in the united states to pnc for a price of
approximately 11.6 billion dollars (9.7 billion euros¹) in cash. This price
represents 19.7 times the result obtained by the unit in 2019² and is equivalent to
around 50% of BBVA'S current market value, so the operation creates enormous
value for shareholders. The transaction will have a positive impact on bbva's 'fully
loaded' cet1 capital ratio of about 300 basis points, equivalent to 8,500 million
euros of cet1 generation. In the United States , BBVA is present in the Sunbelt
region, with more than $ 100 billion in assets, 637 offices and leadership positions
in Texas, Alabama and Arizona. Once the operation is complete, PNC - based in
Pittsburgh, Pennsylvania - will become the fifth largest bank in the country by
assets. The transaction excludes the 'broker dealer' (BBVA Securities) and the
New York branch, through which BBVA will continue to provide corporate and
investment banking services to its large corporate and institutional clients.
Additionally, BBVA maintains the representative office in San Francisco and the
investment fund in 'fintech' Propel Venture Partners.
“This is a great operation for all parties. PNC has recognized the enormous
value of our business, our clients and our great team in the United States, who
will be part of a leading financial group in the country, ”said president of
BBVA. “The agreement strengthens our already strong financial position. It
gives us a lot of flexibility to invest profitably in our markets - driving our
long-term growth and supporting economies in the recovery phase - as well as
to increase shareholder remuneration ”.
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StoneX Financial Ltd. Finalizes the Acquisition of Frankfurt based Giroxx
StoneX Group Inc. (formerly INTL FCStone 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 on today's
news, "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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The Commercial Bank (Qatar) Announces Net Profit of QAR 1,154.4 Million for
the nine months ended 30 September 2020
• Net profit of QAR 1,154.4 million, down by 21.9%
• Operating profit of QAR 2,306.6 million, up by 13.7%
• Cost to income ratio of 25.0% (normalized 26.4%), reduced from 28.9%
• Gross loan provisions of QAR 823.4 million, up by 13.5% primarily due to COVID-19 related model increases in ECL.
This was offset by strong recoveries resulting in net provisions on loans and advances to customers at QAR 487.1 million,
down by 16.9%
• Total assets of QAR 143.1 billion, down by 1.7%
• Customer loans and advances of QAR 90.5 billion, up by 1.5%
• Successfully launched a senior unsecured five-year bond for USD 500 million. The issuance was oversubscribed 3.8
times and had one of the lowest prices by a Qatari FI issuer on a public transaction.
• Best Performing Bank in Qatar for 2020 from “The Banker"
• Best Digital Bank in Qatar for 2020 from “AsiaMoney Magazine"
• Most Innovative Digital Bank and Best Mobile Banking Application for 2020 from “International Finance Magazine"
• Best Consumer Digital Bank, Best Online Product Offering, Most Innovative Digital bank, Best Online Cash
Management, Best Trade Finance Service, Best Mobile Banking App, Best in Social Media Marketing and Service in Qatar for
2020 from “Global Finance Middle East"
• Excellence in Leadership in the Middle East award for 2020 from “Euromoney"
• Best Cash Management Bank in Qatar award for the third year in a row, and Best Transaction Banking Service in Qatar
for 2020 from “The Asian Banker"
• Best Retail Bank in Qatar award for the fourth year in a row and the Best Remittance Product and Service in Asia Pacific,
Middle East and Africa for 2020 from “The Asian Banker"
Chairman of the Board of Directors of Commercial Bank, said, “Qatar has remained resilient through the COVID-19
pandemic, due to its strong leadership and the Government's economic stimulus measures. Commercial Bank is
implementing these measures in support of our customers and the Government, and we are currently one of the largest
providers of loans to SMEs and sectors particularly affected by COVID-19 under the National Response Guarantee
Programme. Commercial Bank's achievements during the quarter were recognised by a number of publications and
industry bodies and we have received several awards including: “Best Digital Bank" from AsiaMoney Magazine, “Best
Retail Bank" in Qatar from the Asian Banker for the fourth consecutive year and “Best Performing Bank" in Qatar from
The Banker."
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Cullen/Frost Reports Third Quarter Results
• Cullen/Frost Bankers, Inc. reported third quarter 2020 results. Net income available to common
shareholders for the third quarter of 2020 was $95.1 million, compared to $109.8 million for the third
quarter of 2019. On a per-share basis, net income available to common shareholders for the third quarter of
2020 was $1.50 per diluted common share, compared to $1.73 per diluted common share reported a year
earlier. Returns on average assets and average common equity were 0.96 percent and 9.30 percent,
respectively, for the third quarter of 2020 compared to 1.35 percent and 11.83 percent, respectively, for the
same period a year earlier.
• For the third quarter of 2020, net interest income on a taxable-equivalent basis was $267.0 million,
down 3.5 percent compared to the same quarter in 2019. Average loans for the third quarter of 2020
increased $3.7 billion, or 25.4 percent, to $18.1 billion, from the $14.5 billion reported for the third quarter
a year earlier. Excluding PPP loans, third quarter average loans of $14.9 billion represented a 3.3 percent
increase compared to the third quarter of 2019. Average deposits for the third quarter were $32.9 billion, up
$6.5 billion, or 24.8 percent, compared to the $26.4 billion reported for last year's third quarter.
• For the first nine months of 2020, net income available to common shareholders was $235.4 million,
down 29.5 percent compared to $333.9 million for the first nine months of 2019. Diluted EPS available to
common shareholders for the first nine months of 2020 was $3.71 compared to $5.24 in the year-earlier
period. Returns
• on average assets and average common equity for the first nine months of 2020 were 0.85 percent and
7.95 percent, respectively, compared to 1.41 percent and 12.79 percent, respectively, for the same period in
2019.
"Our third quarter results demonstrate our strength and stability despite the challenging environment,"
said Cullen/Frost Chairman and CEO. "Our dedication to our customers and our commitment to
sustainable, organic growth has delivered positive results, and I want to acknowledge the dedication
to the Frost philosophy and culture that our people have maintained during what has been a very
unusual year."
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JB Financial Group (South Korea) achieves net income of KRW 298.1
billion in the third quarter of 2020
• JB Financial Group announced on the 28th that it achieved a cumulative net income of 298.1 billion won (consolidated basis of 3179 billion won) based on controlling
interests in the third quarter of 2020. This is a 1.3% increase from the same period last year, and net profit increased by 14.3%, excluding one-off factors such as additional
preemptive provision for bad debts (11.5 billion won in the third quarter) related to Corona 19.
• In key management indicators, the controlling interest ROE recorded 11.13% and consolidated ROA of 0.84%, maintaining the highest level of profitability indicators in
the industry.
• In particular, the common equity ratio (provisional) rose 0.37 percentage points year-on-year to 10.20%. Since the early introduction of the final draft of Basel III in June,
the double-digit ratio has been stably maintained. The BIS ratio (provisional) also reached 13.40%, an increase of 0.01% from the same period last year.
• The delinquency rate, an indicator of asset quality, was 0.60%, an improvement of 0.15 percentage points year-on-year, and the ratio of non-performing loans rose 0.15
percentage points to 0.68%. In addition, the credit cost ratio continued to stabilize downward, recording 0.41% even after accumulating additional provisions for Corona 19.
• Despite the deteriorating business environment, solid performance of the group affiliates continued, such as the economic slowdown due to the spread of Corona 19 and
the decrease in net interest margin (NIM) due to a fall in market interest rates. On a cumulative basis up to the third quarter of this year, Jeonbuk Bank achieved a net profit
of 90.7 billion won, and Gwangju Bank achieved a net profit of 137.7 billion won.
• JB Woori Capital also recorded a net profit of 85.5 billion won, and JB Asset Management achieved a net profit of 1.4 billion won. All subsidiaries of banks and non-banks
showed profit growth. In addition, the group's grandchild company, Phnom Penh Commercial Bank (PPCBank), recorded a net profit of 14.5 billion won.
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HSBC Holdings (UK) plc 3Q 2020 Earnings Release
• Reported profit after tax down 46% to $2.0bn and reported profit before tax down 36% to $3.1bn,
mainly from lower revenue. Results in 3Q20 included our share of an impairment of goodwill by our
associate, The Saudi British Bank (‘SABB’), of $0.5bn. Adjusted profit before tax down 21% to $4.3bn.
• Our operations in Asia continued to perform resiliently with reported profit before tax in 3Q20 of
$3.2bn, despite interest rate headwinds.
• Reported revenue down 11% to $11.9bn, reflecting the impact of interest rate reductions on our deposit
franchises across all global businesses, partly offset by favourable market impacts in life insurance
manufacturing. Reported revenue was also partly offset by a favourable movement in credit and funding
valuation adjustments and higher revenue in Global Markets.
• Net interest margin (‘NIM’) of 1.20%, down 36 basis points (‘bps’) from 3Q19. NIM was down 13bps
from 2Q20, reflecting the continuing impact of interest rate reductions due to the Covid-19 outbreak.
• Reported expected credit losses and other credit impairment charges (‘ECL’) down $0.1bn to $0.8bn.
The 3Q20 charge reflected a stabilisation of the forward economic outlook from 2Q20, while wholesale
stage 3 charges were in part offset by increased releases related to historical default cases.
• Reported operating expenses down 1% and adjusted operating expenses down 3%, despite continued
investment, due to the impact of our cost-saving initiatives, reduced discretionary expenditure and a lower
performance-related pay accrual.
• Common equity tier 1 capital (‘CET1’) ratio of 15.6%, up 0.6% from 15.0% at 2Q20, reflecting a
decrease in RWAs (on a constant currency basis), capital generation through profits and foreign currency
translation differences.
Group Chief Executive, said: “These were promising results against a backdrop of the continuing
impacts of Covid-19 on the global economy. I’m pleased with the significantly lower credit losses in
the quarter, and we are moving at pace to adapt our business model to a protracted low interest rate
environment. We are accelerating the transformation of the Group, moving our focus from
interest-rate sensitive business lines towards fee-generating businesses, and further reducing our
operating costs. We also intend to increase our rate of investment in Asia, particularly in wealth, the
Greater Bay Area, south Asia, trade finance and sustainable finance. The Group’s capital and liquidity
ratios strengthened further in the quarter despite the challenging economic conditions. A decision on
whether to pay a dividend for the 2020 financial year will depend on economic conditions in early
2021, and be subject to regulatory consultation. We will seek to pay a conservative dividend if
circumstances allow.”
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KBC Group (Belgium): Third-quarter result of 697 million euros
• Net interest income increased by 4% quarter-on-quarter and decreased by 4% year-on-year. The quarter-on-quarter increase was due mainly to the
positive impact of TLTRO III, a positive one-off item related to inflation-linked bonds (insurance), higher margins on the new production of mortgage loans
than the margins on the outstanding portfolios in Belgium, the Czech Republic and Slovakia, and the higher netted impact of ALM FX swaps. These items
more than offset the negative impact of past rate cuts made by the CNB in the Czech Republic and the lower reinvestment yields in general.
• Loan volumes were up 1% quarter-on-quarter and 4% year-on-year, with year-on-year growth recorded in all business units. The volume of granted
loans with payment holidays in the various relief schemes amounted to 13.7 billion euros by the end of September 2020 (EBA definition). Deposits
excluding debt certificates grew by 1% quarter-on-quarter and 9% year-on-year, with year-on-year growth in all business units.
• Technical income from our non-life insurance activities (premiums less charges, plus the ceded reinsurance result) was down 9% on its level in the
previous quarter, which had included significantly lower technical charges related to the effect of the lockdown. It was up 22% year-on-year, thanks to a
combination of higher premium income and lower technical charges. Consequently, the combined ratio for the first nine months of 2020 amounted to an
excellent 83%. Sales of our life insurance products were down 25% on the level recorded in the previous quarter and up 4% on their level in the year-earlier
quarter.
• Net fee and commission income was slightly higher (1%) than the level recorded in the previous quarter and down 12% year-on-year.
Quarter-on-quarter, the positive effect of higher asset management fees was partly offset by the higher level of distribution fees paid. Yearon-year, both asset
management fees and banking service fees were down, while distribution fees were up.
• The trading and fair value result amounted to 85 million euros, down on the very high level recorded in the previous quarter, and up year-on-year. On
the whole, the huge drop in the trading and fair value result in the first quarter of the year has now been offset for a large part by the positive trading and fair
value result recorded in the two subsequent quarters.
• All other income items combined were 31% and 19% lower than the figures recorded in the previous and year-earlier quarters, respectively, primarily
because the quarter under review included a negative one-off item related to the tracker mortgage review in Ireland, and lower dividend income.
• Costs have been reduced. Excluding bank taxes, they were down 4% compared to the yearearlier quarter as a result of cost-saving measures.
Compared to the low level recorded in the previous quarter, costs were up 3%. The resulting cost/income ratio amounted to 59% for the first nine months of
the year, compared to 58% for full-year 2019 (when certain non-operating items are excluded and bank taxes spread evenly throughout the year).
• Loan loss impairment charges amounted to 52 million euros in the quarter under review, well down on the 845-million-euro charge in the previous
quarter, which had incorporated 746 million euros’ worth of collective impairment charges for the coronavirus crisis. As a consequence, the credit cost ratio
for the first nine months of the year amounted to 0.61%, up from 0.12% for full-year 2019.
Chief Executive Officer: “During the third consecutive quarter of facing up to the challenges of the pandemic, the harsh reality that coronavirus is
still far from being eradicated has become very clear. It is still causing human suffering all over the world and unprecedented economic upheaval.
However, the various government relief measures should help control the overall impact going forward. Obviously, the long-term impact of the
coronavirus crisis on society will be significant. It will also depend on the number and intensity of any new outbreaks, as well as on the timing of
developing and distributing a vaccine or cure. Meanwhile, we have been working hard with government agencies to support all customers impacted
by coronavirus, by efficiently implementing various relief measures, including loan deferrals. In our six home countries combined, we have granted
a total of 13.7 billion euros in loan payment deferrals by the end of September 2020 (according to the EBA definition) and have also granted 0.6
billion euros’ worth of loans under public corona guarantee schemes. At the same time, we have continued providing a high level of service to our
customers in all our core markets, thanks to the expertise and commitment of our employees, in combination with the efforts and investments we have
made over the past few years on the digital transformation front. Given that the pandemic has accelerated the trend to digitalisation, we are clearly
benefiting from our digital transformation efforts. We will continue to work on solutions to proactively make life easier for our customers, thanks in
part to the extensive use of artificial intelligence and data analysis. We will be communicating on this and other topics in more depth during a separate
strategy session, with the accompanying press release being issued at 1 p.m. CET.”
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PNC (USA) Announces Agreement To Buy BBVA
USA Bancshares, Inc.
The PNC Financial Services Group, Inc. and the Spanish financial group, Banco
Bilbao Vizcaya Argentaria, S.A. announced that they have signed a definitive
agreement for PNC to acquire BBVA USA Bancshares, Inc., including its U.S.
banking subsidiary, BBVA USA, for a purchase price of $11.6 billion to be funded
with cash on hand in a fixed price structure. BBVA USA Bancshares, with $104
billion in assets and headquartered in Houston, Texas, provides commercial and
retail banking services through its banking subsidiary BBVA USA and operates
637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New
Mexico. When combined with PNC's existing footprint, the company will have a
coast-to-coast franchise with a presence in 29 of the 30 largest markets in the U.S.
PNC expects the transaction to be approximately 21% accretive to earnings in
2022 and to substantially replace the net income benefit from PNC's passive
equity investment in BlackRock that was divested in May 2020. The transaction
has an estimated internal rate of return to PNC in excess of 19%. The purchase
price is estimated at 134% of BBVA USA's tangible book value, based on its
balance sheet as of Sept. 30, 2020, and reflects a deposit premium of 3.7%.
"Our acquisition of BBVA USA will accelerate our growth trajectory and
drive long-term shareholder value through a strategic deployment of the
proceeds from the sale of our BlackRock investment," said PNC's chairman,
president and chief executive officer. "This transaction is an opportunity to
navigate our future from a position of strength, accelerating PNC's national
expansion strategy while drawing on our experience as a disciplined acquirer.
We are excited to bring our industry-leading technology and innovative
products and services to new markets and clients, leveraging our mutual
commitment to building diverse and high performing teams and supporting
the communities we serve."
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JB Financial Group (South Korea) achieves net income of KRW 298.1
billion in the third quarter of 2020
• JB Financial Group announced on the 28th that it achieved a cumulative net income of 298.1 billion won (consolidated basis of 3179 billion won) based on controlling
interests in the third quarter of 2020. This is a 1.3% increase from the same period last year, and net profit increased by 14.3%, excluding one-off factors such as additional
preemptive provision for bad debts (11.5 billion won in the third quarter) related to Corona 19.
• In key management indicators, the controlling interest ROE recorded 11.13% and consolidated ROA of 0.84%, maintaining the highest level of profitability indicators in
the industry.
• In particular, the common equity ratio (provisional) rose 0.37 percentage points year-on-year to 10.20%. Since the early introduction of the final draft of Basel III in June,
the double-digit ratio has been stably maintained. The BIS ratio (provisional) also reached 13.40%, an increase of 0.01% from the same period last year.
• The delinquency rate, an indicator of asset quality, was 0.60%, an improvement of 0.15 percentage points year-on-year, and the ratio of non-performing loans rose 0.15
percentage points to 0.68%. In addition, the credit cost ratio continued to stabilize downward, recording 0.41% even after accumulating additional provisions for Corona 19.
• Despite the deteriorating business environment, solid performance of the group affiliates continued, such as the economic slowdown due to the spread of Corona 19 and
the decrease in net interest margin (NIM) due to a fall in market interest rates. On a cumulative basis up to the third quarter of this year, Jeonbuk Bank achieved a net profit
of 90.7 billion won, and Gwangju Bank achieved a net profit of 137.7 billion won.
• JB Woori Capital also recorded a net profit of 85.5 billion won, and JB Asset Management achieved a net profit of 1.4 billion won. All subsidiaries of banks and non-banks
showed profit growth. In addition, the group's grandchild company, Phnom Penh Commercial Bank (PPCBank), recorded a net profit of 14.5 billion won.
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Mashreq (UAE) Posts AED 352 Million Net Profit For 9M 2020
Decline in Operating Income and Net Profit
• Operating Income for 9M 2020 declined by 12.3% to AED 4.0 billion on the back of tough operating environment and
decline in interest rates
• However, high proportion of Non-Interest Income was maintained as Mashreq’s non-interest income to operating income
ratio remained at 48.1%.
• The significant increase in impairment allowance coupled with lower operating income led to a sharp decline in net profit
to AED 352 million.
Adequate Liquidity & Capital position
• Maintained sufficient liquidity to offset market volatility and pandemic uncertainty
• Growth of 4.1% YTD in Customer deposits to reach AED 94.7 billion
• Liquid Assets ratio stood at 35.9% with Cash and Due from Banks at AED 55.1 billion as on 30th September 2020
• Capital adequacy ratio and Tier 1 capital ratio stood at 17.4% and 16.3% respectively
Stable Loan Portfolio
• Total assets increased by 6.5% YTD to AED 169.7 billion and Loans and Advances decreased by 2.9% YTD to AED 73.9
billion
• Loan-to-Deposit ratio remained steady at 78.1% at the end of September 2020
Challenging Credit Environment
• Non-Performing Loans to Gross Loans ratio was at 4.2% as of end of September 2020 down from 4.6% at the end of last
quarter
• Impairment allowance increased from AED 570 million in 2Q ‘20 to AED 665 million in 3Q ’20; total provision reached
AED 4.7 billion and coverage ratio improved to 120.4% as of end of September 2020
Group CEO, Mashreq Bank, said: “Our emphasis this year has been on guiding the bank through an exceptionally
difficult period by focusing unwaveringly on our customers – businesses, individuals, and SMEs. Despite proactively
managing the Bank’s liquidity position and capital adequacy ratio, the continued market volatility and uncertain
economic climate has led to a 12% reduction in our operating income which is primarily due to the prevailing
environment of low interest rates. We have operated prudently in 2020, bringing operating costs down by 5.5%. The
tough operating conditions saw an increase in our net impairment allowances, driven by specific credit provisions and
anticipated credit losses linked to the COVID-19 pandemic. We have worked hard to support all our clients through the
immediate introduction of the UAE Central Bank’s TESS programme, in addition to our own relief program that has
enabled our customers to defer their principal and interest payments. As we look ahead, our commitment to as well as
continued investments in digital transformation remains a key priority, to ensure we can cater to the rising demand for
digital services, service clients effectively, enhance the overall customer experience and remain well placed to effectively
serve our customers into 2021 and beyond. We will continue to protect the Bank’s fiscal position, maintain our capital
adequacy ratio, and focus on innovating to support the families, professionals, businesses, and communities who rely on
us.”
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NBK (Kuwait) Reports a Net Profit of KD 168.7 million for the
First Nine Months of 2020
• National Bank of Kuwait (NBK) posted a net profit of KD 168.7 million (USD 550.9 million) for the first
nine months of 2020, compared to KD 302.2 million (USD 986.8 million) for the same period last year; dropping
by 44.2% year-on-year.
• As for the three months period ended 30 September 2020, the bank recorded a net profit of KD 57.6 million
(USD 188.1 million) which included a one-off profit from the sale of the Bank’s old headquarter.
• 3Q2020 profits grew at 72.3% when compared to 2Q2020 profits while recording a year-on-year drop of
38.1% compared to 3Q2019.
Commenting on the Bank’s results for the first nine months 2020 The Chairman of the Board of Directors
of National Bank of Kuwait, said: “The negative effects due to the outbreak of COVID19 remained the main
highlight of the global economic scene despite some signs of recovery during the third quarter. An economic
downturn in the GCC was much felt with lower oil prices pressuring fiscal positions. Despite the
challenging operating environment, and its clear impact on the profits of the banking sector, the Bank’s
financial results during the first nine months of the year demonstrated the Bank’s flexible business model
and solid position, while continuing to benefit from its diversification and digital transformation strategies.
This underpins the Bank’s ability to withstand the fallout of the crisis, and to continue growing its profits as
we gradually move ahead to a recovery phase. In light of these exceptional circumstances, and through its
highly professional cadres, the Bank continued providing support to its customers through financing,
advisory and top-tier banking services; enabling them to overcome their challenges and meet their long-term
obligations. NBK remains committed towards all stakeholders under all circumstances. The Bank’s mission
is to provide top-tier banking services to its customers, maximize the benefit to its shareholders, and
perform its social responsibilities. This was clearly demonstrated since the outset of the crisis as we have
been regularly supporting the government’s and civil society’s efforts to contain the pandemic. In addition,
NBK is committed to implementing the principles of sound governance, which is a cornerstone of
sustainable development for all of the Bank's business. thanks and appreciation to NBK employees for the
exceptional efforts, sense of responsibility and teamwork spirit they showed during these exceptional
circumstances. Their efforts continue to be a source of pride, and proves that NBK's human capital is the key
pillar for achieving the Group’s future goals and long-term vision.”
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NBK (Kuwait) Reports a Net Profit of KD 168.7 million for the
First Nine Months of 2020
• National Bank of Kuwait (NBK) posted a net profit of KD 168.7 million (USD 550.9 million) for the first
nine months of 2020, compared to KD 302.2 million (USD 986.8 million) for the same period last year; dropping
by 44.2% year-on-year.
• As for the three months period ended 30 September 2020, the bank recorded a net profit of KD 57.6 million
(USD 188.1 million) which included a one-off profit from the sale of the Bank’s old headquarter.
• 3Q2020 profits grew at 72.3% when compared to 2Q2020 profits while recording a year-on-year drop of
38.1% compared to 3Q2019.
Commenting on the Bank’s results for the first nine months 2020 The Chairman of the Board of Directors
of National Bank of Kuwait, said: “The negative effects due to the outbreak of COVID19 remained the main
highlight of the global economic scene despite some signs of recovery during the third quarter. An economic
downturn in the GCC was much felt with lower oil prices pressuring fiscal positions. Despite the
challenging operating environment, and its clear impact on the profits of the banking sector, the Bank’s
financial results during the first nine months of the year demonstrated the Bank’s flexible business model
and solid position, while continuing to benefit from its diversification and digital transformation strategies.
This underpins the Bank’s ability to withstand the fallout of the crisis, and to continue growing its profits as
we gradually move ahead to a recovery phase. In light of these exceptional circumstances, and through its
highly professional cadres, the Bank continued providing support to its customers through financing,
advisory and top-tier banking services; enabling them to overcome their challenges and meet their long-term
obligations. NBK remains committed towards all stakeholders under all circumstances. The Bank’s mission
is to provide top-tier banking services to its customers, maximize the benefit to its shareholders, and
perform its social responsibilities. This was clearly demonstrated since the outset of the crisis as we have
been regularly supporting the government’s and civil society’s efforts to contain the pandemic. In addition,
NBK is committed to implementing the principles of sound governance, which is a cornerstone of
sustainable development for all of the Bank's business. thanks and appreciation to NBK employees for the
exceptional efforts, sense of responsibility and teamwork spirit they showed during these exceptional
circumstances. Their efforts continue to be a source of pride, and proves that NBK's human capital is the key
pillar for achieving the Group’s future goals and long-term vision.”
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PNC (USA) Announces Agreement To Buy BBVA
USA Bancshares, Inc.
The PNC Financial Services Group, Inc. and the Spanish financial group, Banco
Bilbao Vizcaya Argentaria, S.A. announced that they have signed a definitive
agreement for PNC to acquire BBVA USA Bancshares, Inc., including its U.S.
banking subsidiary, BBVA USA, for a purchase price of $11.6 billion to be funded
with cash on hand in a fixed price structure. BBVA USA Bancshares, with $104
billion in assets and headquartered in Houston, Texas, provides commercial and
retail banking services through its banking subsidiary BBVA USA and operates
637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New
Mexico. When combined with PNC's existing footprint, the company will have a
coast-to-coast franchise with a presence in 29 of the 30 largest markets in the U.S.
PNC expects the transaction to be approximately 21% accretive to earnings in
2022 and to substantially replace the net income benefit from PNC's passive
equity investment in BlackRock that was divested in May 2020. The transaction
has an estimated internal rate of return to PNC in excess of 19%. The purchase
price is estimated at 134% of BBVA USA's tangible book value, based on its
balance sheet as of Sept. 30, 2020, and reflects a deposit premium of 3.7%.
"Our acquisition of BBVA USA will accelerate our growth trajectory and
drive long-term shareholder value through a strategic deployment of the
proceeds from the sale of our BlackRock investment," said PNC's chairman,
president and chief executive officer. "This transaction is an opportunity to
navigate our future from a position of strength, accelerating PNC's national
expansion strategy while drawing on our experience as a disciplined acquirer.
We are excited to bring our industry-leading technology and innovative
products and services to new markets and clients, leveraging our mutual
commitment to building diverse and high performing teams and supporting
the communities we serve."
Description
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Solutions Updates
Banking Industry

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ADIB (UAE) launches New Value Proposition to meet the needs of
Emerging Affluent Customers
23
Solution Description
Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, announced the launch of "ADIB Rise", a new banking
proposition catering to the needs of emerging affluent customers in the UAE. The new proposition aims to provide these customers with
a greater level of convenience and personalization as well as privileged lifestyle and banking services. ADIB Rise is targeting the UAE's
affluent millennial segment, which includes salaried professionals and self-employed individuals with a monthly income between AED
20,000 and AED 40,000, or an account balance ranging between AED 100,000 to AED 250,000. ADIB Rise is designed to offer
customers world-class wealth management services and advisory with exclusive global rewards and lifestyle privileges. Customers will
receive the exclusive ADIB Rise Visa Platinum Debit card and preferential rates on selected banking services, as well as a large number
of other lifestyle benefits. The ADIB Rise proposition is aligned to the bank's growing commitment to serve young working professional
who are looking to grow their wealth as they prepare for life's big moments, whether getting married, buying a house or starting a family.
It presents a stepping-stone for such customers on the journey towards the bank's Priority Banking proposition, which has outpaced the
industry with 20% growth in its customer base since it was launched in 2012.

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ADIB (UAE) launches New Value Proposition to meet the needs of
Emerging Affluent Customers
24
Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, announced the launch of "ADIB Rise", a new banking
proposition catering to the needs of emerging affluent customers in the UAE. The new proposition aims to provide these customers with
a greater level of convenience and personalization as well as privileged lifestyle and banking services. ADIB Rise is targeting the UAE's
affluent millennial segment, which includes salaried professionals and self-employed individuals with a monthly income between AED
20,000 and AED 40,000, or an account balance ranging between AED 100,000 to AED 250,000. ADIB Rise is designed to offer
customers world-class wealth management services and advisory with exclusive global rewards and lifestyle privileges. Customers will
receive the exclusive ADIB Rise Visa Platinum Debit card and preferential rates on selected banking services, as well as a large number
of other lifestyle benefits. The ADIB Rise proposition is aligned to the bank's growing commitment to serve young working professional
who are looking to grow their wealth as they prepare for life's big moments, whether getting married, buying a house or starting a family.
It presents a stepping-stone for such customers on the journey towards the bank's Priority Banking proposition, which has outpaced the
industry with 20% growth in its customer base since it was launched in 2012.

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Axis Bank (India) launches ACE Credit Card, in collaboration with
Google Pay & Visa
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With consumer preference for digital payments growing steadily over the last several years, Axis Bank, in collaboration with Google Pay
and Visa, launched the ACE Credit Card. The card is designed for the growing base of users keen to participate in the digital economy.
Payments for essential use cases like mobile recharges, bill payments made via Google Pay earn users 5% in cashback. Users also get
4%-5% cashback for spends made on daily use categories such as food ordering, online grocery delivery, cab rides for transactions made
on partner merchants’ platforms such as Swiggy, Zomato, BigBasket, Grofers and Ola. There is also an unlimited 2% cashback on all
other transactions*, making it one of the most rewarding credit cards in its segment. The ACE Credit Card is aimed at bringing a seamless,
digital experience to users, starting from application to issuance, with the entire user journey for the credit card application being
completed digitally. Users will be able to get cashback directly into their ACE Credit Card accounts. The tokenization feature enabled in
partnership with Visa, will allow Google Pay users to use their ACE Credit Card to make payments through a secure digital token attached
to their phone without having to physically share their card details. The reward structure of the card is appended. The ACE Credit Card
can be availed by eligible users through the Google Pay app.

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Axis Bank (India) goes Live on Account Aggregator framework
26
Axis Bank, the third-largest private sector bank in India, has gone live as a Financial Information Provider (FIP) on the landmark Account
Aggregator (AA) framework of the Reserve Bank of India. Account Aggregator is a digital platform that allows for easy sharing and consumption
of financial data of customers from various regulated entities, with consent of the customers.
The Account aggregator ecosystem brings value to both customers and the financial institutions:
• Customers (Individuals and SMEs) can share their data with regulated financial entities securely and in real-time (based on their explicit
consent), compared to traditional methods that involved physical touch-points and were time consuming.
• They can also get a single view of their financial position by aggregating data that is spread across multiple financial institutes, thereby
providing better control and smarter decision making.
• The financial institutions will be able to offer tailor-made Digital products and services for customers, based on the data fetched from various
financial institutions.
• The control of data with end-user will also enable faster, smoother and more accurate on-boarding and underwriting. The reduced TAT
(turnaround time) and accuracy of data will bring in operational and cost-related efficiencies for the financial institutions

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Scotia Global Asset Management launches Scotia
Index Tracker ETFs
27
Scotia Global Asset Management announced the launch of its Scotia Index Tracker ETFs ("the ETFs"), which will be listed on the NEO Exchange
(NEO) when the markets open. This suite of market capitalization-weighted index-tracking ETFs is sub-advised by State Street Global Advisors.
The ETFs aim to replicate the performance of broadly diversified market indices provided by Solactive. Commissions, management fees and
expenses all may be associated with investments in exchange-traded funds (ETFs). Please read the prospectus before investing. The securities held
by the ETFs can change at any time without notice. Investments in ETFs are not guaranteed, their values change frequently and past performance
may not be repeated. Scotia Global Asset Management is a business name used by 1832 Asset Management L.P., a limited partnership, the general
partner of which is wholly owned by Scotiabank. Scotia Global Asset Management offers a range of wealth management solutions, including
mutual funds, and investment solutions for private clients, institutional clients and managed asset programs. Solactive is a leading provider of
indexing, benchmarking, and calculation solutions for the global investment and trading community. Headquartered in Frankfurt, and with offices
in Hong Kong, Toronto, Berlin, and Dresden, we innovate and disrupt the status quo as the partner of choice for our clients. The unique blend of
our 250 staff's expertise in data, data science, financial markets, and technology enables our clients' continued success through the delivery of a
superior experience, unique customization capabilities, and the best value for money available in the industry.

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Scotia Global Asset Management launches suite of Scotia Low Carbon
Funds, announces other ScotiaFunds name changes
28
Scotia Global Asset Management announced the launch of a suite of Scotia Low Carbon Funds, diversified portfolios of high-quality investments
designed to provide a lower carbon intensity than the broader market:
• Scotia Low Carbon Canadian Fixed Income Fund
• Scotia Low Carbon Global Balanced Fund
• Scotia Low Carbon Global Equity Fund
Scotia Low Carbon Canadian Fixed Income Fund is designed to generate regular income and modest capital gains, with lower carbon intensity
than its benchmark index. Scotia Low Carbon Global Balanced Fund is designed to generate income and long-term capital growth, with lower
carbon intensity than its benchmark indices. Scotia Low Carbon Global Equity Fund is designed to provide long-term capital growth, with lower
carbon intensity than its benchmark index. The Funds are sub-advised by Jarislowsky, Fraser Limited, an investment manager acquired by
Scotiabank in 2018 that has a successful track record managing similar mandates. Jarislowsky Fraser has a history and culture rooted in investment
stewardship, expressed through an adherence to higher-quality investing, fundamental research, a long-term investment horizon and the
advancement of good governance and sustainable investing.

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Bankia (Spain) AM takes its first steps in quantum computing applied to
the management of fund portfolios with the help of Multiverse Computing
29
Bankia AM has taken its first steps in quantum computing applied to the management of investment fund portfolios with the help of the
startup Multiverse Computing after successfully completing a proof of concept using this type of computing for the purpose of optimising
this type of portfolios. Multiverse Computing was selected at the end of 2019 in the Fifth Call for Proposals of Bankia Fintech by
Innsomnia, the largest open innovation programme in Spain. The startup, together with Bankia’s Innovation and Asset Management
teams, who were behind the proposal, have developed a quantum algorithm capable of calculating the optimal investment paths for a
specific set of funds, with the best purchase, sale and transfer options over a year for different risk profiles. For this purpose, the values
of 50 funds have been taken during the time period analysed, and the optimal composition of an investment portfolio during that period
has been calculated for different risk profiles, including possible penalties and fees for early repayment. This problem cannot be addressed
by conventional computing, because a normal computer could never find the optimal composition of the portfolio, not even by calculating
for the entire age of the universe. However, Multiverse and Bankia have been able to find optimal solutions within a reasonable time
through quantum computing, in particular by using the quantum annealer type quantum processor from Canadian company D-Wave.

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CIBC (Canada) launches new platform to help clients build their
financial plans with ease
30
CIBC announced the launch of CIBC GoalPlanner, an innovative new platform that takes the complexity out of financial planning,
leverages insights and helps clients keep their goals in sight. CIBC GoalPlanner, available now to Imperial Service clients,
modernizes and simplifies the financial planning experience, enabling clients to digitally kick start their financial planning through
CIBC Online Banking. Clients then work with their advisor to get the expert advice and insights needed to build their long-term plans,
and can use CIBC GoalPlanner to track their progress anytime. CIBC GoalPlanner also gives clients a full view of their finances and
highlights opportunities, shortfalls and surpluses in areas such as cash flow, so that they have a clear understanding of opportunities
to further their progress and know what it takes to achieve their goals. CIBC is a leading Canadian-based global financial institution
with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking,
Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and
services through its leading digital banking network, and locations across Canada, in the United States and around the world.

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CIBC (Canada) launches enhanced suite of Aeroplan® Visa credit cards
to help Canadians realize their travel ambitions
31
CIBC announced that its enhanced suite of Aeroplan® Visa credit cards is now available through the bank's partnership with
Air Canada's transformed loyalty program. The CIBC Aeroplan Visa credit cards provide access to a further enhanced loyalty
program, including Aeroplan Family Sharing, a new feature that allows up to eight family members to combine points to reach
rewards faster. Family members are able to share points and benefits while earning points with every Air Canada flight
booked. New cardholders can also earn a Companion/Buddy Pass on eligible cards for a buy-one-get-one ticket anywhere Air
Canada flies in North America – including Mexico and Hawaii. After first buying an economy class ticket, clients pay only
the government taxes and third-party charges on the second ticket. The program also offers improved value on flight rewards,
the ability to pay with Points + Cash, and no cash surcharges on redemptions with Air Canada. Cardholders are able to book
any seat available on Air Canada flights with no blackout dates using points, and get access to extras such as cabin upgrades
and Wi-Fi through point redemption. The credit cards also provide clients with expanded travel and insurance benefits.

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Raiffeisen Bank International (Austria) Launches Its Optimized
Api Marketplace
32
Raiffeisen Bank International (RBI) has launched its revised group-wide API Marketplace, which serves as a
platform for cooperation with other market participants and invites them to develop new products and services. The
platform is available to corporate customers of RBI to embed banking services in their internal systems, while
private customers can benefit from new services from third-party providers. As a result of the revision, the RBI API
Marketplace now offers detailed descriptions of its API products and enables immediate access to sandboxes in
which developers can test solutions in a secure experimental environment. The RBI API Marketplace serves as the
central point of contact for numerous developer portals in the group for all market participants, A superior customer
experience in the digital age has been the focus for RBI in recent years. The pandemic is currently highlighting the
importance of smooth and seamless digital customer interaction without delay across all industries, especially in a
secure financial ecosystem with several trustworthy partners.

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Emirates NBD (UAE) launches customizable Visa Flexi Credit Card, a
global first
33
Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, announced the launch of the Visa Flexi
Credit Card, enabling cardholders to customize their credit cards with benefits of their choice. As a market leader in payment cards with a rich
history of launching innovative products, Emirates NBD has partnered with global digital payments leader, Visa to be the first bank to launch this
program worldwide. The card provides customers with the opportunity to pick and choose the features they want to access, to complement their
lifestyle and preferences, making the card as unique as themselves. Driven by changing consumer demands around personalization, the Visa Flexi
Credit Card is aimed at people who appreciate flexibility and customization in all aspects of their life. Customers can choose from a wide range of
boutique benefits including movie and music subscription offers, concierge services as well as travel related services. They can also select from an
array of premium benefits comprising golfing privileges, free access to WiFi worldwide, international medical assistance, ride hailing service
credits and others. Customers can make the choices on their own on the Visa Digital Benefits online platform once they sign up for the card, and
also refresh the list if needed after a period of one year in line with their new preferences. Further, customers will earn up to 1.5% of all spends on
the card as reward Plus Points that can be redeemed instantly with participating partners or for cashback, as well as enjoy features such as free
purchase protection, travel inconvenience insurance and premium dining offers.

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Emirates NBD (UAE) unveils global digital transaction banking
ecosystem: businessONLINE
34
Emirates NBD, a leading bank in the Middle East, North Africa and Turkey (MENAT) region and a front-runner in digital banking solutions, has unveiled its next-generation
global corporate banking platform, ‘businessONLINE’. The Group-wide, single instance, omnichannel platform delivers a full suite of cash management, trade finance and
liquidity management solutions to the bank’s clients – ranging from small and medium sized businesses to large corporations and government institutions. businessONLINE
has been built to simplify working capital management, streamline complex operations and offer businesses full visibility across financial relationships, accounts, and activities,
delivering a single view across all their markets. Clients can undertake cross-border transactions seamlessly, access a consolidated view of their balances across regions and
currencies, and make the most of tailor-made advice for their business needs. businessONLINE addresses the inconvenience and potentially high costs associated with
maintaining separate system interfaces by offering seamless integration with multiple technology partners. This aggregation model provides businesses one-stop access to
several banking products. One such example is the Enterprise Resource Management (ERP) solution, powered by leading technology provider SAP, which allows
businessONLINE to support all operational requirements of small to medium sized businesses. It enables them to stay on top of their operations and cash flow through a suite
of services that covers accounting, sales, inventory, purchasing, CRM and more. The omni-channel platform offers a superior client experience formulated through co-creation
with more than 3,000 corporate and business clients, whose feedback was gathered through online surveys, face to face interviews and detailed workshops. Predefined customer
journeys and personas of various corporate scenarios were enhanced using design thinking workshops, which helped in creating persona led- dashboards and intuitive
navigation. Among its key features is a widget-based dashboard that provides contextual and relevant information to corporate treasurers including net position, accounts
summary view, FX positions, facility utilization, exchanges and interest rates.

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ICICI Bank (India) introduces ‘Cardless EMI’, a new digital
mode of payment
35
ICICI Bank announced the launch of a fully digital mode of payment at leading retail stores. Called ‘ICICI Bank Cardless EMI’ (Equated Monthly
Instalments), the facility enables lakhs of its pre-approved customers to buy their favourite gadgets or home appliances just by using their mobile phone and
PAN in lieu of wallet or cards. They can convert the high-value transactions into easy, no-cost monthly instalments by simply putting their registered mobile
number, PAN and OTP (received on mobile number) on the PoS machine at the retail outlets. ICICI Bank is the first in the industry to introduce a fully digital,
cardless EMI facility at retail stores. The Bank has tied up with Pine Labs, a leading merchant commerce platform, to offer this facility across pan-India
outlets of leading retailers namely Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles. At these stores, customers can avail the ‘Cardless EMI’
facility to purchase electronics from leading brands like Carrier, Daikin, Dell, Godrej, Haier, HP, Lenovo, Microsoft, Motorola, Nokia, Oppo, Panasonic,
Toshiba, Vivo, Whirlpool and MI. The Bank will add many more brands as well as retailers under this facility in near future.
Benefits for lakhs of ICICI Bank’s pre-approved customers:
• No-cost EMI without using a card: Customers get no cost EMI on leading brands at leading retailers without using cards
• No processing fee: The Bank doesn’t charge any processing fee for this facility

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KBank, Lu International (Thailand) and Robowealth launch ‘FinVest’ a
digital investment platform
36
KASIKORNBANK (KBank), Lu International and Robowealth Mutual Fund Brokerage Securities Company Limited have forged a
strong synergy in launching FinVest – a digital investment platform under the “Your Wings Your Ways” concept which can meet the needs
of all investors. Investors simply download the app, and they can then open an account and buy mutual funds from leading asset
management companies within Thailand and elsewhere, thus increasing their investment options with opportunities to earn attractive
returns around the globe. Within early next year, customers will be able to invest via foreign mutual funds. KBank aims to see 120,000
accounts opened, with an investment value of over 14 billion Baht.
Steps to apply for ‘FinVest’
• New customers: Download the FinVest application and provide your mobile phone number and one-time password (OTP) for instantly
using the application, finding information and setting your investment goal. Once that is complete, you must take pictures of your national
ID card and yourself for identity authentication and opening a fund account.
• Users of odini: Just download the FinVest application and provide your mobile phone number that uses odini, then key in your OTP to
instantly use the fund trading service.

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Sber (Russia) launches SberUslugi
37
Sber has rolled out SberUslugi, Russia’s first services marketplace with secure transactions. All deals between clients and contractors are handled
officially and backed by receipts, contractors are checked using Sber ID, and the parties are insured through the Sber ecosystem. SberUslugi is now
actively engaged in engaging contractors in all cities of Russia. With SberUslugi you can easily and quickly hire someone for all types of tasks –
training and education, beauty and health, equipment repair, cleaning, and many more – by using a mobile app. To select a contractor, customers
will be able to take a close look at the profiles of specialists before hiring them, see prices for all types of work, and open reviews. The service will
also feature a ranking of contractors, letting users evaluate a specialist only after receiving a service and paying for it, which will ensure honesty
and transparency of reviews about the contractors. On SberUslugi, you’ll only find contractors officially registered as self-employed and identified
through Sber ID, which guarantees protection against unauthorized outsiders and other persons offering their services. The customer will get a
receipt that will ensure the protection of consumer rights according to Russian laws. Thus, the service is set to become a reliable and secure tool
letting users find and order services. The SberUslugi platform will also be useful for self-employed tutors, repairmen, beauty and health
professionals, and others. Thanks to the service, you can easily find customers, increase your income, and be sure of receiving payment for your
work. The service charges a commission on contractors only in case of a transaction between the customer and the contractor.

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Sberbank (Russia) and Mastercard launch SberPay
38
SberPay, Sberbank’s proprietary contactless payment solution, has become available to all Mastercard holders using NFC-enabled Android smartphones. SberPay
allows you to pay via your smartphone by tapping it against POS terminals featuring Mastercard’s contactless solution in stores that have them. To do that, you just
need the Sberbank Online app and a Sberbank Mastercard associated with it. To popularize proximity payments, Sberbank and Mastercard have teamed up and
rolled out a marketing campaign called It’s All in Your Hands, which will run until November 29, 2020. The customers who pay via their smartphones with SberPay
and associated Mastercards will be getting extra reward points as members of the loyalty program SberSpasibo, and five winners might get 1,000,000 points.
If you pay with the SberPay contactless solution, you can:
• no longer carry a card with you, as an Android smartphone is enough (7.0 or higher) if it supports NFC (Near Field Communication)
• install no extra smartphone apps as Sberbank Online has all you’d need
• use SberPay totally free of charge
• pay with SberPay via any Android smartphone, including Huawei and Honor flagship models that don’t have Google mobile services.
If you are a business owner and a customer pays with SberPay then:
• your conversion rate goes up as customers will make the purchase anyway, even if their cards or cash are not with them because they always have their
smartphones.

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Societe Generale Securities (France) Services Launches A New Digital
Solution: “Fund Alerts”
39
The tool provides an instantaneous view of their fund liability movements via various “customised” alerts at the following times:
• In real-time on subscription orders or redemptions received
• At closure of the fund on the inflow/outflow balance
• At closure if the regulatory materiality threshold[1] defined in the fund or UCITS’ prospectus is crossed
Based on APIs, the solution will be accessible via SG Markets, the online services platform dedicated to the Global Banking &
Investor Solutions clients. Each client will be able to define, according to their requirements, the alert-triggering thresholds on
value or percentage of the net asset they wish to receive. The client can be notified on their SG Markets profile, via smartphone
and/or by email. Fund Alerts is now available for French and Luxembourg funds managed in France. Deployment will take place
during the course of 2021 for funds managed internationally, and from the beginning of January 2021 for those managed in
Luxembourg.

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SberMobile (Russia) launches eSIMs inside Sberbank Online
mobile app
40
Sber ecosystem MVNO SberMobile has rolled out eSIMs, which can be issued and used 100% online using the Sberbank Online mobile app. Unlike
the conventional plastic SIM card, an eSIM is a chip embedded into some smartphone models.
Why is an eSIM better than a physical SIM card
• It’s not carrier-bound, which means it can be used by SberMobile subscribers or customers of other celcos
• It can work simultaneously with your current SIM card: you’re the one to choose the number for calls and messages, and the number for data or other
purposes
• It can be issued and managed via Sberbank Online. The SberMobile SIM ensures maximum availability of communication services. No need to go
to a celco office, scan documents and QR codes, or download additional applications. The profile is downloaded to Sberbank Online automatically by
pressing one button, which makes the eSIM connection completely seamless for a customer. With the Sberbank Online mobile app, you can always
quickly and conveniently check the eSIM balance and its status, find out your user plan balance and pay for the communication services
• It’s convenient to use: you can’t lose or ruin it, it has no shelf-life limit
• You can activate as many virtual cards as you want.

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UBS (Switzerland) launches a virtual credit card and an
environmentally friendly credit card made of corn
41
Shopping habits have changed dramatically – many more people now order products online and have their orders delivered to their doorstep. UBS
is therefore consistently expanding its digital offering. A milestone will be the UBS Virtual Cards launching at the beginning of next year: these
credit cards will be available in a purely digital form for immediate use. Clients can register a digital version of their credit card with UBS TWINT,
Mobile Pay, Apple Pay, Samsung Pay or Google Pay or use it in the online store. UBS also launched the UBS Global Cards earlier this year, which
are aimed primarily at frequent travelers and online shoppers and offer a real alternative to the products available at neo-banks. New debit cards
have also been available since October. It’s the first time a debit card can be used for online shopping. UBS clients can customize these debit cards
to meet their personal security needs in UBS Digital Banking around the clock. Sustainability is becoming the standard at UBS – not only for
investment and financial products, but also for means of payment. That’s why UBS is the first Swiss bank to launch a sustainable credit card. The
Optimus Foundation Credit Card Eco stands out because it’s made of environmentally friendly material: instead of plastic, it’s composed of the
plastic substitute PLA, and is more than 80 percent biodegradable. PLA is obtained from animal feed corn1 . And, UBS also donates 0.75 percent
of the annual credit card spending to the Optimus Foundation. Through its charitable foundation, UBS supports programs that improve the health,
education and protection of children in a long-term and lasting way.

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U.S. Bank simplifies accounts payable, digitally transforms
invoice-to-pay process with AP Optimizer
42
U.S. Bank has introduced AP Optimizer™, a digital tool that simplifies and transforms invoice processing and
payments for businesses within a single system. Additionally, organizations can reduce costs, create rebate
opportunity and better manage working capital. AP Optimizer connects businesses to the established Bottomline
Paymode-X network of 425,000 suppliers. Businesses can start paying suppliers in the network immediately upon
implementation. And, by integrating with Enterprise Resource Planning (ERP) platforms, customers can quickly
eliminate costly manual processes through the migration to electronic payment methods like virtual cards, ACH,
and wires while also having an opportunity to earn rebates. “AP Optimizer is a big win for our customers and is part
of our strategy to provide an integrated offering to manage Accounts Payables,” said head of Corporate Payment
and Treasury Solutions for U.S. Bank. “Our customers will have the ability to transform workflows and payments
to a digital solution with improved visibility, embedded security and fraud mitigation tools.”

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