I Bytes Banking Industry

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I-Bytes
Banking
January Edition 2021
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates.................................................................................................................................................25
3. Rewards and Recognition Updates...................................................................................................................38
4. Customer Success Updates................................................................................................................................48
5. Partnership Ecosystem Updates........................................................................................................................50
6. Environment & Social Updates.........................................................................................................................58
7. Miscellaneous Updates.......................................................................................................................................68

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Financial, M & A
Updates Banking Industry

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Financial, M&A Updates
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Ally (USA) announces up to $1.6 billion share repurchase authorization and dividend
on common stock
Ally Financial Inc. announced that, based on results of the Federal Reserve Board (FRB) stress
test process in December 2020, its board of directors has authorized the company to repurchase
up to $1.60 billion of the company's common stock in 2021. The company will begin
repurchasing shares in the first quarter, in accordance with the FRB's modified restrictions that
limit combined repurchases and common dividends to an amount that does not exceed the
average net income of the four preceding calendar quarters. Additionally, the board of directors
declared a quarterly cash dividend of $0.19 per share of the company's common stock, payable
on Feb. 12, 2021 to stockholders of record on Feb. 1, 2021. The repurchase program enables Ally
to acquire shares through open market purchases or privately negotiated transactions, including
through a Rule 10b5-1 plan, at the discretion of management and on terms (including quantity,
timing, and price) that management determines to be advisable. Actions in connection with the
repurchase program will be subject to various factors, including Ally's capital and liquidity
positions, accounting and regulatory considerations (including any restrictions that may be
imposed by the Federal Reserve), impacts related to the Coronavirus disease 2019 pandemic,
Ally's financial and operational performance, alternative uses of capital, the trading price of
Ally's common stock, and general market conditions. The repurchase program does not obligate
Ally to acquire a specific dollar amount or number of shares and may be extended, modified, or
discontinued at any time.
Executive Commentary
"The results of the Federal Reserve's stress test reflect the strength of Ally's balance sheet and
capital position, allowing us to resume our share repurchase program, an important
component of Ally's capital allocation framework," said Chief Executive Officer. "We enter
2021 with excess capital relative to both regulatory requirements and internal targets, and are
well positioned to continue delivering long-term value for our customers, communities and
shareholders."
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Associated (USA) Banc-Corp Enters Strategic Agreement with Rockefeller Capital
Management
Associated Banc-Corp announced that it has entered into an agreement whereby it will sell its
wealth management subsidiary Whitnell & Co. (“Whitnell”) to Rockefeller Capital Management
(“Rockefeller”) and form a strategic partnership with Rockefeller. Pursuant to the acquisition
agreement, Rockefeller will acquire Whitnell, and Associated Bank, NA will become a Midwest
mortgage lending referral partner and Associated Trust Company will become one of
Rockefeller’s third-party trust solutions providers. Both parties also plan to collaborate on
introducing select lending and asset management solutions to their respective clients. Terms of
the transaction, which is expected to close in March of 2021, were not disclosed. Whitnell is a
wealth management and multi-family office services firm based in Oak Brook, Illinois with $1.4
billion of client assets under management. The company was founded in 1988 and acquired by
Associated in 2017. Its team of approximately 25 professionals provide ultra-high-net-worth
clients with wealth management services including financial planning, asset management,
generational wealth transfer and family office services. Upon closing of the transaction, Whitnell
will become the primary Midwest office for Rockefeller’s family office services. Rockefeller is a
leading independent, privately-owned financial services firm offering global family office, asset
management and strategic advisory services to ultra-high-net-worth individuals and families,
institutions, and corporations. Based in New York, the firm has 19 offices in 14 states and is
responsible for in excess of $69 billion in client assets.
“Our organizations possess a shared appreciation of the needs and goals of our clients,” said
president and CEO, Associated. “This partnership positions us to leverage our core
capabilities through Rockefeller’s network of clients and relationships.”
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EIB and BPI (Portugal) provide EDP Renováveis with 112 million euros
The European Investment Bank (EIB) and BPI will provide 65 million euros and 47 million euros, respectively,
to EDP Renováveis SA (EDPR), one of the main producers of wind energy in the world, to finance the
construction and exploration of two onshore wind farms with a total nominal capacity of 125 MW in the districts
of Coimbra and Guarda. The project is co-financed by Banco BPI and EIB financing is supported by the European
Fund for Strategic Investments (EFSI) , the main pillar of the Investment Plan for Europe. Supported by the EIB
and BPI, EDPR will design, build and operate two medium-scale wind farms: Tocha II, with a capacity of 33 MW,
and Sincelo, with a capacity of 92 MW. The Tocha II wind farm will be located to the west, close to the Atlantic
coast, in the municipality of Cantanhede, district of Coimbra, and the Sincelo wind farm will be located in the
municipalities of Pinhel and Guarda, district of Guarda, in the northeast. from Portugal. This project will also
have a direct and positive effect on employment, as it is expected to create approximately 560 temporary posts
during the construction phase. When in operation, the two wind farms will help Portugal to meet the goals of the
Energy and Climate Plan, which foresees a 47% share in the use of renewable sources in the final gross energy
consumption by 2030, as well as the binding target of the Commission European Union to have at least 32% of
final energy consumption from renewable sources by 2030. Thanks to this co-financed project, the EIB and BPI
reinforce their commitment to sustainable financing, and support initiatives that respect the environment and that
contribute to preventing and mitigating climate change, as well as to the transition to a low carbon economy. The
EU bank is supporting this operation with a green energy loan, whose characteristics are fully in line with the
requirements set out in the Environmental Responsibility Obligations program . Consequently, it is likely that this
operation will be allocated to the respective portfolio of loan operations financed by the issuance of these bonds.
Director of Banco BP I, said: «BPI has been a partner of the EDP Group for many years and this EDP
Renováveis operation reinforces this partnership once again. The adoption of ESG-Environmental, Social
and Governance criteria, when launching investment operations, is part of a new trend that will have an
increasing relevance, and very important, in the near future. The participation in this operation, together with
the EIB - which we are very proud of - places Banco BPI as a reference entity in financing Portuguese
companies based on sustainability principles.
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Jinzhou (China) Bank's savings deposit exceeded 320 billion yuan, the best
record in history
On the occasion of leaving the old and welcoming the new, Bank of Jinzhou once again spread good news. The bank's savings deposits exceeded the 320 billion mark. In 2020, the new general savings deposits exceeded
60 billion yuan, a record high. For more than a year, under the strong leadership of the new party committee, Jinzhou Bank has implemented the "1226" development strategy, firmly followed the path of connotative
high-quality development, and achieved organizational reforms, promotion of compliance construction, and strengthening of internal management. The overall stable operation. After drastic reform and reorganization,
the introduction of strategic investors to complete capital increase and share expansion, sale of non-performing assets, and targeted issuance of debt instruments. All major financial indicators have reached the standard,
laying a solid foundation for innovation and development. The bank’s various businesses have developed steadily. The foundation has been continuously consolidated and the scale of customers has grown significantly.
Cultivate opportunities in the crisis and open a new game amidst changes. Since the beginning of the year, in the face of the impact of the new crown pneumonia epidemic on offline customer acquisition, Jinzhou Bank
has actively accelerated the migration to online, and successively launched personal deposit epidemic deferred interest payment transactions, self-service certificate printing integrated machine and corporate account
one-stop shop Financial services, credit card deferred repayments, special bill installment discounts, creation of exclusive credit cards for medical staff, expansion of online payment channels for "New Rural
Cooperative Medical Care", distribution of consumer coupons through the Cloud QuickPass app, and promotion of consumption to support Liaoning commercial enterprises' resumption of work Promoting business
shifting and upgrading with active and effective measures. Faced with contradictions and acted proactively, after the business returned to normal, Jinzhou Bank took orderly withdrawal measures against high-cost and
unstable deposits, resolutely adjusted the debt structure, effectively controlled costs, and effectively reduced the medium and long-term through pricing strategy adjustments and internal management mechanisms. The
proportion of high-cost liabilities, and the proportion of 5-year deposits decreased from more than 40% at the beginning of the year to less than 10% at the end of the year. Bank of Jinzhou resolutely implemented
regulatory requirements to reduce the filed interest-bearing savings products that were included in the governance scope that year. Seize the opportunity and actively embrace financial technology. With the support of
the expert team, Jinzhou Bank carried out a series of marketing service activities such as customer homing, promotion of potential customers, courtesy of new customers, payroll customers, middle-aged and elderly
customers, etc. through the analysis of big data on customer portraits. The combination of the following methods directly reached customers, the return rate of customers lost during the public opinion period exceeded
70%, and the total amount of wages paid on behalf of the company exceeded that in 2019. Effective customers and VIP customers increased significantly. At the same time, under the trend of diversification of customer
assets and integration of bank operations, the "Hundred Days Battle, Coordinated Development" campaign was launched to vigorously promote net-worth wealth management products, agency sales products and credit
card consumer credit business, and consumer credit scale and income have also been realized remarkable growth.
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Bankia (Spain) has allocated 885 million euros for companies in the Región
de Murcia up until November to face the consequences of Covid-19
Bankia granted loans for a total of 885 million euros to companies in the Región de Murcia up until November last year, in
5,670 transactions, to help mitigate the financial impact of Covid-19. Of this amount, 470 million euros were paid out as
loans with partial ICO backing in almost 3,200 transactions. A total of the total amount guaranteed by the official body is 352
million, accounting for 75%. In addition to the guaranteed transactions, Bankia launched its own solutions to help the Murcia
business community. Through these and other initiatives, the bank succeeded in increasing loans to companies in the region
by an additional 415 million euros during the first 11 months of the year.
Bankia’s corporate director of Business for Comunidad Valenciana and Región de Murcia, stressed that “at Bankia we have
wanted, from the very first moment, to be part of the solution and we have been highly aware that if we are capable of coming
together to ensure businesses remain strong, which after all are the ones that generate jobs, we will all overcome this crisis
sooner”.
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CIBC (Canada) Asset Management announces final 2020 annual reinvested capital
gains distributions for CIBC ETFs and ETF Series of CIBC Fixed Income Pools
CIBC Asset Management Inc. announced the final 2020 annual reinvested capital gains distributions for the CIBC ETFs and ETF Series of the CIBC Fixed Income Pools. These
amounts are for the year-end capital gains distributions only, and do not include cash distributions for December 2020. The annual capital gains distributions will be reinvested in
additional units of the CIBC ETF or ETF Series. The additional units will be immediately consolidated with the previously outstanding units such that the number of outstanding
units following the distribution will equal the number of units outstanding prior to the distribution. Unitholders of record as of December 31, 2020, will receive the 2020 annual
reinvested distributions. The actual taxable amounts of cash and reinvested distributions for 2020, including the tax characteristics of the distributions, will be reported in 2021. ETF
Series of the CIBC Fixed Income Pools and CIBC ETFs are managed by CIBC Asset Management Inc., a subsidiary of Canadian Imperial Bank of Commerce. Commissions,
management fees and expenses all may be associated with investments in ETF Series of the CIBC Fixed Income Pools or CIBC ETFs. Please read the CIBC Fixed Income Pools
prospectus, CIBC ETFs prospectus or ETF Facts document before investing. To obtain a copy, call 1-888-888-3863, ask your advisor or visit www.cibc.com/etfs. Exchange traded
funds (ETFs) and ETF Series are not guaranteed, their values change frequently and past performance may not be repeated. ETF Series of the CIBC Fixed Income Pools and CIBC
ETFs are offered by registered dealers. Certain trademarks of Canadian Imperial Bank of Commerce and/or certain of its affiliates (collectively "CIBC") have been licensed by CIBC
Asset Management Inc. for use in connection with the CIBC Multifactor Canadian Equity ETF and CIBC Multifactor U.S. Equity ETF (the "CIBC Strategic Beta Equity ETFs").
The securities of the CIBC Equity ETFs are not sponsored, promoted, sold or supported in any other manner by CIBC or by the index calculation agent, Solactive A.G. ("Solactive")
nor do CIBC or Solactive offer any express or implicit guarantee or assurance either with regard to the results of using the Indices on which the CIBC Strategic Beta Equity ETFs
are based, or the index prices at any time or in any other respect. The prospectus of the CIBC ETFs contains a more detailed description of the limited relationship CIBC and Solactive
have with CIBC Asset Management Inc. and the CIBC Strategic Beta Equity ETFs.
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BLOM BANK (Lebanon) SALAnnounces the Execution of an SPA in Relation to
the Sale of its Stake in BLOM BANK Egypt SAE to Arab Banking Corporation
BLOM BANK SAL and Arab Banking Corporation (B.S.C.) (“Bank ABC”)
are pleased to announce that they have signed a definitive agreement on Friday
15 January 2021 whereby BLOM BANK SAL will sell its entire 99.4% stake
in BLOM BANK Egypt SAE (“BLOM BANK Egypt”), its Egyptian
subsidiary, to Bank ABC, subject to obtaining the approvals of the Central
Bank of Egypt and the Central Bank of Lebanon, among other regulatory
approvals in Egypt and Bahrain. The proposed cash consideration to be offered
by Bank ABC for 100% of BLOM BANK Egypt under the transaction is EGP
6,700 million. BLOM BANK will sell its stake to Bank ABC by tendering its
shares into a mandatory tender offer to be launched by Bank ABC to all
shareholders[3] of BLOM BANK Egypt after obtaining and complying with
all mandatory regulatory approvals, including the approval of the Central
Bank of Egypt and the Financial Regulatory Authority in Egypt. The closing
of the transaction is expected to take place in the first half of 2021.
Chairman and General Manager of BLOM BANK, commented: “This
transaction demonstrates our continuous commitment to our stakeholders
and dedication to our strategy. It will allow BLOM BANK to comply with
the latest regulations issued by the Central Bank of Lebanon, which
stipulate that all Lebanese banks must increase their equity by 20%. I
would like to take this opportunity to thank our team in BLOM BANK
Egypt for their dedication and perseverance that have made our operation
in Egypt successful. I would also like to thank the management and
transaction team at Bank ABC for their cooperation and professionalism
during the entire transaction process as well as the CI Capital and Baker
McKenzie teams for their commitment and dynamism.”
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China Development Financial’s (Taiwan) application to acquire 21.13% ownership
of China Life Insurance Co., Ltd. has been approved by the Fair Trade Commission
China Development Financial (CDF, TWSE: 2883) previously submitted its application to acquire 1,000,000K common
shares (approximately 21.13% of total shares issued) of China Life Insurance Co., Ltd (“China Life”) via tender offer. The
Fair Trade Commission (FTC) did not object to the merger and approved the application on January 20th, 2021. CDF’s
Board of Directors previously resolved on tender offer conditions including tender offer price of NT$23.6 per share,
maximum purchase volume of 1,000,000K common shares approximately 21.13% of total shares issued), and minimum
purchase volume of 236,570K shares (approximately 5% of total shares issued). The tender offer period is January 8th, 2021
to February 2nd, 2021. Both minimum purchase volume achievement and FTC approval prior to the end of the tender offer
period are required for the tender offer to be deemed fulfilled. CDF reiterates that the FTC has approved the tender offer as
of and tenderer applications are currently being collected. China Life shareholders are welcome to participate before the
deadline of February 2nd, 2021.
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F.N.B. (USA) Corporation Reports 2020 Earnings per Share of $0.85
Fourth Quarter 2020 Highlights
• Growth in total average loans was $2.4 billion, or 10.4%, reflecting commercial loan growth of $2.9 billion, or 19.9%, and a $499 million, or 5.8%,
decrease in average consumer loans reflecting the sale of approximately $500 million in indirect auto loans in 2020. Average net PPP loans were $2.46
billion for the fourth quarter of 2020.
• Total average deposits grew $4.1 billion, or 16.6%, primarily due to an increase in average non-interest-bearing deposits of $2.6 billion, or 40.3%,
and an increase in average interest-bearing demand deposits of $2.1 billion, or 18.9%, partially offset by a managed decrease in average time deposits of
$1.1 billion, or 21.8%. Average deposit growth reflects 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 87.4% at December 31, 2020, compared to 94.0% at December 31, 2019, as deposits grew significantly. Additionally,
the funding mix continued to improve with non-interest-bearing deposits totaling 31% of total deposits, compared to 26% as of December 31, 2019.
• Net interest income increased $8.0 million, or 3.5%, supported by growth in average earning assets, reductions in the cost of interest-bearing-deposits,
strong growth in non-interest-bearing deposits and the termination of higher-rate FHLB borrowings, largely offsetting the impacts of a lower interest rate
environment on asset yields.
• On a linked-quarter basis, the net interest margin (FTE) (non-GAAP) increased 8 basis points to 2.87% as the total cost of funds decreased 11 basis
points with the cost of interest-bearing deposits decreasing 12 basis points and more than offset a decline in earning asset yields of 3 basis points. Compared
to the fourth quarter of 2019, the net interest margin declined 20 basis points from 3.07%, reflecting the extended low rate environment as the quarterly
average 1-month LIBOR rate decreased from 1.79% in the fourth quarter of 2019 to 0.15% in the fourth quarter of 2020.
• Reported non-interest income of $68.4 million included a $12.3 million loss on early debt extinguishment related to the prepayment of $300 million
in higher-rate FHLB borrowings during the fourth quarter of 2020. On an operating basis, non-interest income increased $2.3 million, or 3.0%, due primarily
to a $4.9 million, or 47.0%, increase in mortgage banking income based on continued strong production levels and expanded gain-on-sale margins.
• The effective tax rate was 15.9%, compared to 17.6%, as a result of relatively lower levels of pre-tax earnings for the fourth quarter of 2020, primarily
due to the significant items.
• The efficiency ratio (non-GAAP) equaled 56.5%, compared to 56.0%, reflecting the low interest rate environment and slightly higher non-interest
expense from operations.
• The annualized net charge-offs to total average loans ratio was 0.41% as a result of the exit of commercial loans in COVID-19 sensitive industries,
primarily within the hotel and lodging sector, utilizing previously established reserves.
• The ratio of tangible common equity to tangible assets (non-GAAP) increased 5 basis points to 7.24%, compared to September 30, 2020, with net
PPP loan balances negatively impacting the December 31, 2020 and September 30, 2020 TCE ratios by 47 and 56 basis points, respectively.
“In an unparalleled year for our country and industry, we maintained our commitment to drive long-term shareholder value, keeping our focus on our
stated objectives and taking steps to improve efficiency and profitability. These efforts, in addition to continuous investments in our customer
experience, serve as the foundation for strong financial performance and progress with fourth quarter 2020 operating earnings per share increasing
8% to $0.28, and operating return on tangible common equity increasing to 15%. Full year total revenue was a record at $1.2 billion amidst a
challenging interest rate environment and operating net income available to common stockholders totaled $314 million, or $0.96 per diluted common
share, inclusive of credit reserves associated with the COVID-19 pandemic. FNB achieved a record level of total non-interest income, a benefit of
our diversified business model, as our investments in key fee-based businesses of capital markets, mortgage banking, insurance, and wealth
management served us well in the current environment with these record levels of revenue increasing $32 million, or 24%, to $162 million in the
aggregate, compared to 2019. Our efficiency ratio totaled 56%, and operating expenses were well controlled, achieving our stated 2020 cost-savings
target of $20 million. Tangible book value per common share increased 5% compared to 2019 and reached an all-time high of $7.88 in the fourth
quarter of 2020," said Chairman, President and Chief Executive Officer of F.N.B. Corporation and First National Bank.
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Fifth Third (USA) Completes Acquisition of Hammond Hanlon Camp LLC
Fifth Third Bancorp announced that Fifth Third Acquisition Holdings, LLC has closed on the acquisition of Hammond
Hanlon Camp LLC ("H2C"). Founded in 2011, H2C is a premier strategic advisory and investment banking firm with an
emphasis on healthcare organizations, including specialized expertise in the not-for-profit sector. Its core advisory services
include mergers, acquisitions and divestitures, partnerships and strategic growth, capital markets and real estate investment
banking. The announcement underscores Fifth Third’s commitment to develop a robust, best-in-class healthcare platform
and builds upon Fifth Third’s acquisition of Coker Capital in 2018. Over the last decade, the Bank’s healthcare team has
expanded its breadth and expertise to become one of the top platforms to middle-market and corporate clients. The signing
of the acquisition was announced on Dec. 2, 2020 and the transaction became effective on Dec. 31, 2020. Alston & Bird LLP
acted as legal advisor to Fifth Third. Houlihan Lokey acted as financial advisor and Winston & Strawn acted as legal advisor
to H2C.
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First Republic Bank (USA) Declares Dividends On Series J and K Perpetual
Preferred Stock
First Republic Bank , a leading private bank and wealth management company, announced that it has declared cash
dividends on the following outstanding series of its perpetual preferred stock. A quarterly cash dividend of $11.75 per
share was declared on its Noncumulative Perpetual Series J Preferred Stock. This dividend equals $0.293750 per
depositary share, each representing 1/40th interest in a share of Series J Preferred Stock, which is traded on the NYSE
under the symbol “FRCPrJ.” The Series J Preferred Stock dividend is payable on January 29, 2021, to shareholders of
record as of January 15, 2021. A quarterly cash dividend of $10.3125 per share was declared on its Noncumulative
Perpetual Series K Preferred Stock. This dividend equals $0.25781250 per depositary share, each representing 1/40th
interest in a share of Series K Preferred Stock, which is traded on the NYSE under the symbol “FRCPrK. The Series K
Preferred Stock dividend is payable on January 29, 2021, to shareholders of record as of January 15, 2021.
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KASIKORNBANK (Thailand) announces 2020 net profit of Baht 29,487 Million
KBank and its subsidiaries reported net profit for the year of 2020 of Baht 29,487 Million, a decrease
of Baht 9,240 Million or 23.86% over the previous year, mainly due to the fact that KBank and its
subsidiaries comply continuous prudent approach to set aside higher expected credit loss from the
preceding year of Baht 9,536 Million or 28.04%, which had reserved since the first half of 2020
amounting to Baht 32,064 Million due to high uncertainty from the COVID-19 pandemic, severely
impacted domestic and abroad that has never been happened before, together with measures of the
government and competent agencies urging financial institutions to provide assistance to customers.
However, although the relief measures gradually ended in the second half of 2020, the customers are
still able to repay debts better than expected and the new wave of COVID-19 pandemic occurred in
late fourth quarter, the Bank has revisited and assessed the adequacy of reserve and found that the
reserve set aside in the past three quarters are sufficient. The Bank thus consider to set aside lower
expected credit loss compared to the prior periods. Totally, the Bank set aside expected credit loss
amounting to Baht 43,548 Million for the year of 2020, in the level that could cover potential damages
occurred suitably and in line with situation. Even though net interest income increased by Baht 6,334
Million or 6.17%, mainly due to a decrease in interest expenses as a result of a decrease in average
interest rate and a decrease in contributions to Financial Institutions Development Fund (FIDF),
resulting in NIM that stood at 3.27%. Non - interest income decreased by Baht 11,934 Million or
20.65%, mainly due to decreases in revenue from sale of securities and fees income related to loan
which change to reflect in interest income.
Chief Executive Officer of KASIKORNBANK, said the Thai economy contracted in 2020 amid
the domestic and global effects of the COVID-19 pandemic. The crisis negatively impacted
domestic spending, as well as the export and tourism sectors. For 2021, the Thai economy faces
additional downside risks, particularly the new wave of COVID-19. Thus, the path of any
potential Thai economic recovery remains highly uncertain, while government expenditure and
investment will remain key supportive factors.”
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KBank(Thailand) Private Banking promotes investment in global healthcare
KBank Private Banking promotes investment in global healthcare via K-GHEALTH focusing on long-term
investment to capitalize on the new horizon of medical innovation - precision medicine that idealizes
customization of treatment, practices and medical decisions according to each patient’s needs, with
diagnosis by the individual’s genetic structure. This novel healthcare model can respond well to the
changing consumer behavior and lifestyles of the ‘new normal’ era which has given rise to new trends of
public health service and healthy living amidst an aging society. In a seminar titled “Health is Wealth”,
Professor Dr. ManopPithukpakorn, a Thai expert in precision medicine, was invited to provide insights on
the progress of the global healthcare business.Nevertheless, this genetic decoding knowledge brought about
two new things, including: 1) an understanding that human genetic codes are important factors of disease
and illness; and 2) genetic decoding can now be done far more rapidly and at a considerably lower cost
thanks to the technological advancement. Formerly, seriously ill patients with the same issues were all
treated using the same methods, and the results differed on a case-by-case basis. Treatments have now
become more efficient for all patients, with precision medicine that uses genetic codes to learn where each
patient’s problems come from and which treatment should be applied for the best result. Precision medicine
identifies how each patient’s sickness and physical abnormality differs from others. In addition, precision
medicine can detect existing risks to prevent illnesses before they can manifest themselves. Amid global
anticipation and concerns over COVID-19 vaccines, it is the first time in the medical field that all
innovations and knowledge across the globe have been enlisted in a joint effort for the most rapid vaccine
development in our history – only eight months, and the first vaccines have already been administered.
KBank Managing Director – Financial Advisory Head Private Banking Group, said that Thailand has
set its sights on becoming a medical hub by 2025. Thailand has potential in terms of knowledge,
personnel and technology that can be developed to achieve that goal. Precision medicine is one of the
major elements of this effort. In addition, it is hoped that the successful development and deployment
of COVID-19 vaccines will turn things around, allowing us to return to a normal life and bring the
economy back from the brink. Therefore, opportunity abounds for investment in global healthcare
thanks to the emergence of innovative technology.
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KeyCorp (USA) Reports Record Fourth Quarter 2020 Net Income Of
$549 Million, Or $.56 Per Diluted Common Share
• KeyCorp announced net income from continuing operations attributable to Key common shareholders of $549 million, or $.56 per diluted common share for the
fourth quarter of 2020. This compared to $397 million, or $.41 per diluted common share, for the third quarter of 2020 and $439 million, or $.45 per diluted common
share, for the fourth quarter of 2019.
• Taxable-equivalent net interest income was $1.043 billion for the fourth quarter of 2020, compared to taxable-equivalent net interest income of $987 million for
the fourth quarter of 2019. The increase in net interest income reflects higher earning asset balances and loan fees, partially offset by a lower net interest margin. The net
interest margin was impacted by lower interest rates and a change in balance sheet mix, including elevated levels of liquidity and Key's participation in the Paycheck
Protection Program ("PPP").
• Compared to the third quarter of 2020, taxable-equivalent net interest income increased by $37 million and the net interest margin increased by 8 basis points. The
increase in both net interest income and the net interest margin reflects lower interest-bearing deposit costs and higher loan fees related to PPP, partly offset by elevated
levels of liquidity.
• Compared to the fourth quarter of 2019, noninterest income increased by $151 million, primarily driven by a $62 million increase in investment banking and debt
placement fees. The record fourth quarter of 2020 for investment banking and debt placement fees was largely related to strong M&A activity. Cards and payments
income increased $30 million from the year-ago period, driven by higher prepaid card activity. Additionally, investments made in Key's mortgage business continue to
drive consumer mortgage income and commercial mortgage servicing fees, which increased $22 million and $13 million, respectively, from the year-ago quarter.
• Compared to the third quarter of 2020, noninterest income increased by $121 million. The largest driver of the quarter-over-quarter increase was a $97 million
increase in investment banking and debt placement fees, largely driven by strong M&A activity and higher loan syndication. Commercial mortgage servicing fees were
also strong, up $14 million compared to prior quarter and corporate services income increased $12 million, primarily driven by higher derivatives income. Partially
offsetting these increases were a $17 million decrease in cards and payments income related to lower prepaid card activity and a $8 million decrease in consumer
mortgage income.
• Key's noninterest expense was $1.128 billion for the fourth quarter of 2020, an increase of $148 million from the year-ago period. The increase is primarily related
to higher personnel costs of $110 million, reflecting higher production-related incentives and higher salaries due to merit increases. Other drivers for the year-over-year
increases include payments-related expenses from prepaid card activity incurred in the current period, as well as COVID-19-related costs related to steps that Key has
taken to ensure the health and safety of teammates.
• Compared to the third quarter of 2020, noninterest expense increased $91 million. The increase was largely due to incentive-related costs following a strong
quarter for investment banking revenue, higher severance, as well as higher related stock-based compensation which drove the increase in personnel costs
quarter-over-quarter.
• Average loans were $101.7 billion for the fourth quarter of 2020, an increase of $8.1 billion compared to the fourth quarter of 2019. Commercial loans increased
$5.1 billion, reflecting Key's participation in the PPP, partially offset by decreased utilization versus the year-ago period. Consumer loans increased $3.0 billion, driven
by strength from Laurel Road and Key's consumer mortgage business.
• Compared to the third quarter of 2020, average loans decreased by $3.2 billion. Commercial loans declined as clients paid down elevated line draws from earlier
in the year. Consumer loans continue to reflect strength from Laurel Road, as well as Key's consumer mortgage business.
“Key's record fourth quarter results marked a great finish to the year. I was extremely proud of the way our dedicated and resilient team came together to support
our clients when they needed us most , while concurrently delivering strong results across our company.We achieved a record level of revenue for both the fourth
quarter and the full year. Fee income was up 23% from the year-ago period, with growth coming from consumer mortgage and investment banking. Credit quality
remained strong this quarter, with net charge-offs of 53 basis points . Our provision for credit losses reflects our strong credit metrics and our outlook for the
economy. We have continued to support our clients while maintaining our moderate risk profile through the business cycle. We have maintained our discipline in
managing our strong capital position. At the end of the quarter, our Common Equity Tier 1 ratio was 9.8%, which was above our targeted range. Last week, our
Board of Directors approved a new share repurchase authorization of up to $900 million and announced our first quarter dividend of $.185 per common
share.While 2020 presented many challenges, we remained focused on serving our clients, growing our business, and maintaining strong risk practices. Our
success is due to our dedicated team, the strength of our business model, and our targeted relationship strategy. We have positioned our company to succeed and
I remain confident in our ability to grow and to deliver on our commitments.” Said Chairman and CEO
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Mediobanca (Italy) successfully completes issuance of a ten-year, €750M Covered
Bond
Mediobanca has successfully completed the placement of a ten-year covered
bond denominated in Euros for a total amount of €750m. The issue marks the
reopening of the Italian covered bond segment, in which the last issue was made
in January 2020, and sees Mediobanca as the first Italian bank to issue at negative
rates, with the lowest spread on a covered bond ever achieved by an Italian bank
with the same maturity.The covered bond, priced at -0.077% with a yield of
MS+13 bps, received orders for up to €1.5bn during the placement, which
allowed the initial yield guidance to be reduced (from MS+17bps) and the target
size of €750m to be achieved. All leading institutional investors in the European
panorama participated in the placement, accounting for more than half of the total
placed, further proof of Mediobanca’s established position as issuer at European
level.Despite the impact of the Covid-19 pandemic, in 2020 Mediobanca
succeeded in growing deposits, consolidating its strong liquidity position,
continuing on the growth path outlined in the FY 2019-23 strategic plan, and
confirming its targets.
Chief Executive Officer of Mediobanca, commented as follows: “We are very
pleased with the results of this deal. To be the first bank in Italy to collect at
negative rates is further confirmation that investors appreciate the capital
solidity of Mediobanca and our growth prospects in implementing our FY
2019-23 strategic plan.”
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M&T Bank (USA) Corporation Announces 2020 Fourth Quarter And
Full-Year Results
• GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally
accepted accounting principles ("GAAP") were $3.52 in the fourth quarter of 2020, compared with $3.60 in the
year-earlier quarter and $2.75 in the third quarter of 2020
• GAAP-basis net income was $471 million in the recent quarter, $493 million in the final quarter of 2019 and
$372 million in the third 2020 quarter. GAAP-basis net income in the fourth quarter of 2020 expressed as an
annualized rate of return on average assets and average common shareholders' equity was 1.30% and 12.07%,
respectively, compared with 1.60% and 12.95%, respectively, in the corresponding 2019 period and 1.06% and
9.53%, respectively, in the third quarter of 2020.
• For the years ended December 31, 2020 and 2019, diluted earnings per common share were $9.94 and
$13.75, respectively. GAAP-basis net income in 2020 totaled $1.35 billion, compared with $1.93 billion in 2019.
Expressed as a rate of return on average assets and average common shareholders' equity, GAAP-basis net
income in 2020 was 1.00% and 8.72%, respectively, and 1.61% and 12.87%, respectively, in 2019.
• Diluted net operating earnings per common share were $3.54 in the final quarter of 2020, compared with
$3.62 in the fourth quarter of 2019 and $2.77 in the third quarter of 2020. Net operating income aggregated $473
million in the recent quarter, $496 million in the fourth quarter of 2019 and $375 million in 2020's third quarter.
• Net interest income expressed on a taxable-equivalent basis totaled $993 million in the recent quarter,
compared with $1.01 billion in the fourth quarter of 2019. That decline resulted from a 64 basis point narrowing
of the net interest margin, to 3.00% in the fourth quarter of 2020 from 3.64% in the year-earlier quarter, that was
partially offset by the impact of a $21.3 billion or 19% increase in average earning assets to $131.9 billion in the
recent quarter from $110.6 billion in the final quarter of 2019.
M&T's Executive Vice President and Chief Financial Officer, commented, "In what has been an extremely
challenging year, M&T responded quickly and effectively to take on those challenges while continuing to
meet the needs of our customers through the extraordinary efforts of our employees. Although the effects
of the pandemic and the low interest rate environment impacted M&T's financial results in 2020, we were
pleased with the growth experienced in the mortgage banking and trust businesses, as well as the role we
played in providing our customers the opportunity to participate in the Paycheck Protection Program."
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M&T Bank (USA) Corporation Announces Common Stock Repurchase Program
M&T Bank Corporation announced that its Board of Directors
authorized a stock repurchase program of up to $800 million of shares
of common stock, $0.50 par value per share, on the open market or in
privately negotiated transactions. The Federal Reserve modified its
prior restrictions on capital distributions, allowing banks to maintain
their per share common stock dividend and repurchase common stock,
provided that the aggregate capital distributions do not exceed the
average amount of the firm's net income over the four preceding
calendar quarters. In addition to regulatory considerations, M&T
assesses the economic environment, its earnings outlook and capital
position and alternative capital deployment opportunities prior to any
repurchase decision.
M&T's Chief Financial Officer, noted, "This action by the Board
gives us flexibility to manage our capital levels in response to the
improving outlook for the U.S. economy. We view the highest
return and best use of our shareholders' capital is meeting the needs
of our clients and investing in our businesses. We also give priority
to paying a prudent dividend. Capital considered to be in excess of
those priorities may be deployed for mergers and acquisitions,
when available, share repurchases or other corporate purposes."
Description
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2,175 Million Qatari Riyals net profit Achieved by Masraf Al Rayan
during 2020
• Masraf Al Rayan announced that it has achieved a net profit of QAR 2,175 million during the year ended 31 December
2020. The Board of Directors of Masraf Al Rayan proposed in its meeting held on 19 January 2021 to distribute cash dividends
of QAR 0.170 per share (17% of the paid-up capital), for recommendation to the Ordinary General Assembly on its meeting to
be held on 2 March 2021, after obtaining the approval from Qatar Central Bank.
Main Data
• Total assets amounted to QAR 121,115 million compared to QAR 106,397 million as of December 31, 2019, a growth of
13.8%.
• Financing activities amounted to QAR 85,983 million compared to QAR 74,837 million as of December 31, 2019, a
growth of 14.9%.
• Investments totaled QAR 21,120 million as of December 31, 2020.
• Customer deposits increased to reach QAR 68,918 million compared to QAR 65,613 million as of December 31, 2019,
an increase of 5.0%.
• Total shareholders' equity (before distribution) reached QAR 14,365 million, compared to QAR 13,919 million at the end
of 2019, with an increase of 3.2%.
FINANCIAL INDICATORS
• Return on average assets maintained an advanced position in the financial market, reaching 1.91%
• Return on the average shareholders' equity of the bank reached 15.38%
• The earnings per share were QAR 0.29 compared to QAR 0.29 at the end of 2019.
• Book value per share before distribution is QAR 1.92 compared to QAR 1.86 as of December 31, 2019.
• The capital adequacy ratio reached 19.70% according to Basel III standards, compared to 20.27% by the end of 2019.
• Operating efficiency ratio (cost to income ratio) has reached 21.58% to remain one of the best ratios in the region.
• The non-performing financing ratio (NPF) has reached 1.13%, which is reflecting very strong and prudent credit and risk
management policies and procedures
Commenting on the financial results, Chairman and Managing Director, said:"Year 2020 was an exceptional one by all
standards; and we are happy to have successfully passed that stage. Year 2020 witnessed events not witnessed before;
Corona pandemic that caused measures that hindered economic activity together with the movement of individuals in
general and affected global markets, and their combination with the decline in energy prices to record numbers as a result
of the low demand for them, the caution in the markets and the decrease in liquidity, also the negative results of global
growth, the high cost of borrowing, and the calculation of higher rates of allocations as a precautionary measure, all
contributed to considering year 2020 an exceptional one, however, our insistence was great at Masraf Al Rayan to face
these difficulties and come up with the best results, relying on the strength and durability of the Qatari economy, and
government measures that were supportive of all economic activities, so we hope that we have succeeded in that”.
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QIB posts profit of QAR 3,065 Million in 2020
• Qatar Islamic Bank (QIB) has announced that QIB has achieved net profit attributable to shareholders of QAR 3,065
Million for the fiscal year 2020 compared to QAR 3,055 Million for the year 2019, despite the impact of Covid-19 and the
decline in oil prices. The Bank maintained the basic earnings per share at QAR 1.21.
• QIB Board of Directors proposed a dividend distribution to shareholders of QAR 0.40 per share i.e. 40% of the nominal
share value, subject to approval of Qatar Central Bank and QIB’s General Assembly.
• Total Assets of the Bank has increased by 6.6% compared to 2019 and now stands at QAR 174.4 Billion driven by a
growth in the core banking activities. Financing activities registered a robust growth by 4.7% over 2019 to reach QAR 119.1
Billion. Customer Deposits of the Bank now stand at QAR 118.1 Billion registering a growth by 5.8% compared to December
2019.
• Total Income for the year ended 31 December 2020 reached QAR 8 Billion registering 2.8% growth compared to QAR
7.7 Billion in 2019, despite sharp drop in global interest rates and the support provided to the customers impacted by Covid-19
pandemic. Income from financing and investing activities has grown by 3.4% to reach QAR 7.2 Billion at the end of 2020
compared to QAR 6.9 Billion for 2019, reflecting a healthy growth in the Bank’s core operating activities.
• Total general and administrative expenses of QAR 1.09 Billion for the year ended 31 December 2020 were contained 1%
below the year ended 31 December 2019. Strict cost controls supporting higher operating revenues further improved the Bank’s
efficiency, bringing down the cost-to-income ratio to 20.1% for 2020, which is the lowest in the Qatari Banking sector.
• QIB was able to manage the ratio of non-performing financing assets to total financing assets at 1.4 %, one of the lowest
in the industry, reflecting the quality of the Bank’s financing assets portfolio and its effective risk management framework.
• Total Shareholders’ Equity of the Bank reached QAR 18.3 Billion, an increase of 6.8% as compared to December 2019.
As of December 2020 the Total Capital adequacy of the Bank under Basel III guidelines is 19.4%, well above the regulatory
minimum requirements prescribed by Qatar Central Bank and Basel Committee.
“2020 was a year of unprecedented challenges for almost every individual and organization across the globe disrupting
the way we live and conduct our business. Despite strong headwinds, QIB has maintained strong and steady financial
performance, ensured business continuity and continues to support all our customers to efficiently manage their banking
and funding requirements. I am pleased with the way we have addressed the challenges while keeping safety and security
of our staff, customers and community as our utmost priority. Digital Banking has been a core pillar of our business
strategy and the infrastructure built over the last few years enabled us to quickly introduce even more digital banking
solutions that allowed all our customers to bank with us remotely 24/7 and to fulfill all their banking needs during these
extraordinary times.” said QIB Chairman.
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SCB (Thailand) Announced 2020 Net Profit Of Baht 27.2 Billion
• Siam Commercial Bank and its subsidiaries reported a consolidated net profit (based on unaudited financial
statements) of Baht 27.2 billion, a 33% decrease yoy. The decline in net profit was mainly due to higher
provisions. Pre-provision operating profit, however, grew 12% yoy to Baht 80.4 billion (excluding the one-time
gain on sale of shares in SCB Life recorded in the previous year), mainly the result of resilient non-interest
income growth and effective operating cost control.
• Net interest income fell by 3% yoy to Baht 96.9 billion largely due to the impact of lower interest rates from
multiple rate cuts in the first half of the year. Total loans grew by 7% yoy with higher loan demand from corporate
customers and extension of soft loans to business customers.
• Non-interest income increased 12% yoy to Baht 47.9 billion (excluding the one-time gain on sale of shares
in SCB Life last year). Given the gradual resumption of economic activities following the easing of restrictions
at the end of June 2020, revenue from bancassurance and wealth management businesses continued its growth
momentum.
• Expenses declined 9% yoy to Baht 64.3 billion largely from the Bank’s effective cost control measures. As
a result, the cost-to-income ratio improved to 44% in 2020, compared to 49% in the previous year (excluding
one-time items in 2019).
• To strengthen the balance sheet against the potential economic impact of the COVID-19 pandemic, the Bank
set aside provisions of Baht 46.6 billion, a 29% increase yoy.
• Non-performing loan (NPL) ratio rose to 3.68% at the end of 2020 from 3.41% at the end of 2019, largely
from qualitative loan downgrades of customers severely affected by the pandemic. Nonetheless, NPL coverage
remained at a high level of 141% and the Bank’s capital adequacy ratio remained strong at 18.2%.
Chairman of the Executive Committee and CEO, stated: “Although last year’s net profit was weighed down
by high provisions, our core business performance demonstrated a high degree of resilience with a strong
capital position. Since the start of the pandemic, the Bank assisted more than one million customers by
offering a variety of targeted relief programs. As customers successfully graduated from the program in the
second half of the year, loans under the relief program declined significantly to Baht 402 billion or 18% of
total loans at the end of the year. The new wave of the pandemic currently in Thailand added to the
uncertainties of economic recovery in 2021, despite the upcoming rollout of COVID-19 vaccines.
Therefore, the Bank remains committed to helping our affected customers during this difficult time and
continues our efforts to reshape our business model towards creating new technology-driven businesses,
generating additional revenue from the bancassurance and wealth management businesses, and deepening
our digital transformation.”
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Truist Reports Fourth Quarter 2020 Results
• Net income available to common shareholders was $1.2 billion, up 74.9 percent, compared to the fourth quarter last year.
Earnings per diluted common share were $0.90, an increase of 20.0 percent compared with the same period last year.
• Adjusted net income available to common shareholders was $1.6 billion, or $1.18 per diluted share, excluding
merger-related and restructuring charges of $308 million ($237 million after-tax) and incremental operating expenses related
to the merger of $179 million ($138 million after-tax).
• Total taxable-equivalent revenue was $5.7 billion for the fourth quarter of 2020, an increase of $78 million compared to
the prior quarter. This was primarily driven by an increase of $75 million in noninterest income resulting from record
performances in investment banking and trading income and commercial real-estate related income.
• The net interest margin was 3.08 percent for the fourth quarter, down two basis points compared to the prior quarter. The
decline in the net interest margin reflects lower purchase accounting accretion and lower yield on securities due to the impact
of new investments at lower rates.
• The yield on the total loan portfolio for the fourth quarter was 4.12 percent, up eight basis points compared to the prior
quarter primarily due to accelerated fee recognition for PPP loan payoffs and the recognition of interest previously deferred on
loans granted an accommodation in connection with COVID-19 relief programs, partially offset by lower accretion of the fair
value mark on the merged loans.
• The average cost of total deposits was 0.07 percent, down three basis points compared to the prior quarter, and the average
cost of interest-bearing deposits was 0.11 percent, down four basis points compared to the prior quarter.
• The provision for credit losses was $177 million and net charge-offs were $205 million for the fourth quarter, compared
to $421 million and $326 million, respectively, for the prior quarter.
• The provision for income taxes was $311 million for the fourth quarter, compared to $255 million for the prior quarter.
The effective tax rate for the fourth quarter was 19.0 percent, compared to 18.3 percent for the prior quarter. The higher
effective tax rate was primarily due to higher pre-tax income.
"In a year of unprecedented challenges for our nation and the financial services industry, I'm extremely proud of our
teammates and their rapid and sustained response to meet the needs of our clients and communities," said Chairman and
Chief Executive Officer. "Despite this difficult environment, our performance was very strong in 2020 and we closed the
year on a high point with our best quarter yet in terms of financial performance.
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Truist Announces Agreements to Sell its Institutional Retirement Business
Truist Financial Corporation announces it has sold its institutional 401(k) investment
advisory services business to OneDigital Investment Advisors (OneDigital), and that
it has signed definitive agreements to sell its institutional 401(k) recordkeeping
businesses to Ascensus and Empower Retirement (Empower). The OneDigital
transaction closed Dec. 31, 2020; the Ascensus and Empower transactions are
scheduled to close in the first quarter of 2021.Under the terms of the OneDigital
agreement, investment advisory services for approximately 1,200 plans, representing
$10 billion in plan assets, will now be delivered by OneDigital.Ascensus will acquire
the heritage BB&T 401(k) recordkeeping business which includes more than 1,200
retirement plans, consisting of approximately 125,000 plan participants and $5
billion in assets. Empower will acquire the heritage SunTrust 401(k) recordkeeping
business which includes approximately 300 retirement plans, consisting of
approximately 73,000 plan participants and $5 billion in plan assets. The terms of the
three transactions were not disclosed.Alston & Bird served as legal counsel and
Truist Securities served as financial advisor to Truist.
"The institutional 401(k) industry has experienced significant consolidation, and
Ascensus, Empower and OneDigital are well-positioned to provide scale and
expertise for our plan sponsor clients and their plan participants," said head of
wealth for Truist. "Truist will continue to focus on growth opportunities and
make strategic investments in our wealth management business that advance our
digital capabilities and expand our team of advisors. The combination of
technology and touch allows us to build trusted relationships with our clients as
we partner with them to achieve their greatest potential."
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The Boards Of Directors Of Unicaja Banco (Spain) And Liberbank Approve
The Common Merger Project
The Boards of Directors of Unicaja Banco and Liberbank approved yesterday the Common Merger Project by which Unicaja Banco will absorb Liberbank. By virtue of this operation, the
shareholders of the latter entity will receive newly issued ordinary shares of the former, in the following proportion: 1 Unicaja Banco share for every 2,7705 Liberbank shares. This operation involves
the creation of the fifth bank in the Spanish financial system by volume of assets, which will have a broad and diversified presence in the national territory, being a benchmark entity in six
Autonomous Communities , with a solid and healthy balance sheet, and a professional team with extensive experience in generating value for its shareholders through integration processes. The
transaction will allow the combined entity to gain relative size in order to face in the best possible way the challenges that the sector faces, including those derived from the economic environment,
the current levels of interest rates, historically low, as well as as the continuous process of transformation and digitization. The combined entity is expected to have recurring cost savings of
approximately € 192 million per year (fully from 2023), which will significantly improve the efficiency ratio. Given the solid solvency position with which Unicaja Banco and Liberbank start, it is
expected that the combined entity, after making important provisions to accelerate the reduction of non-performing assets, will reach a maximum quality capital ratio (CET 1 fully loaded ) of 12.4%,
the highest among listed entities according to data as of last September, which ranks first in hedging (67%) and the second among listed entities with the lowest NPL ratio , 3.8% . The operation will
allow the combined entity to significantly improve its profitabilitycompared to market forecasts and improve its efficiency ratio by around 11 percentage points. Likewise, the generation of synergies
will make it possible to increase the earnings per share of both entities by approximately 50% compared to the market estimates for 2023. The new entity, which will maintain the name Unicaja Banco
and its headquarters in Malaga, was created with the aim of providing value to shareholders, improving profitability, as well as improving the offer and quality of service to customers, and continuing
to support recovery economy of the country, maintaining as shared values proximity and connection with the territory. It will have as Executive Chairman Manuel Azuaga, current Executive
Chairman of Unicaja Banco, and as CEO, Manuel Menéndez, current CEO of Liberbank. The operation is subject to approval by the General Shareholders' Meetings of both entities, which would
be scheduled for the first quarter of 2021, as well as the mandatory regulatory authorizations, which is expected to happen at the end of the second quarter or early third of 2021
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The National Bank (China) SME Growth Fund, L.P., Is Up and Running
With the participation of more than 245 private investors, National Bank Private Investment has
completed the initial capitalization of $200 million for the National Bank SME Growth Fund,
L.P. (the “Fund”). This initial capital will allow the Fund to support the economic recovery effort
that is underway. Businesses can now apply for financing to support their transfer, growth and
acquisition projects. Announced in July 2020, the Fund was created as part of an equal
partnership with the Quebec government and will support Quebec’s economic recovery and the
digital transformation of its small and medium-sized enterprises. It complements the bank
financing available to businesses.
Submit your applications
National Bank Private Investment is ready to help businesses achieve their goals. To be eligible,
businesses must:
• Have assets of less than $200 million or a net worth of less than $100 million
• Request financing between $500,000 and $15 million
• Have a detailed business plan and project plan
• Have growth prospects
• Be a private company with an adequate capital structure
• Have been profitable in 2 of the last 3 years or have had sustained and significant sales
growth over this period
“Since the beginning of the pandemic, National Bank has been there for businesses. It’s
important for us to continue to support them during this time of change. The SME Growth
Fund will allow us to offer concrete solutions to help them seize new development
opportunities. We’re proud to be able to contribute to the economic recovery and the vitality
of the regions,” said, Executive Vice-President, Managing Director and Head of Private
Investments at National Bank.
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Solutions Updates
Banking Industry

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ADIB (UAE) Mobile Banking App launches on HUAWEI AppGallery
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Solution Description
Abu Dhabi Islamic Bank , a leading financial institution, announced that its ADIB Mobile Banking App is now available on the HUAWEI
AppGallery, the third largest mobile app marketplace globally. ADIB’s partnership with Huawei offers the bank’s large customer base
greater flexibility and provides Huawei smartphone users with full access to ADIB’s comprehensive suite of banking services through its
app. The ADIB Mobile Banking App has already been downloaded 900+ times from the HUAWEI AppGallery within the first four days
of its launch. Throughout 2020, ADIB launched several innovative solutions to allow customers remote access to their banking services
through the ADIB Mobile Banking App. Nearly 75% of ADIB’s retail customers have used digital channels, registering more than 2
million transactions every month as customers conduct a wide range of banking activities. These services include a digital booking
service to book branch visits ahead of time, the capacity to virtually apply for personal finance, covered card, as well as the ability to
update 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 recognised. ADIB was named “Middle East’s Best Islamic Digital Bank” by
Global Finance. It has also been named World’s Best Islamic Bank by FT’s The Banker Magazine.

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BB (Brazil) renegotiates R $ 40 million in debt through a virtual assistant
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Banco do Brasil's clients have already renegotiated R $ 40 million in debt, completely digitally, through a virtual assistant in the WhatsApp Business
API. The WhatsApp Business API allows the communication of medium and large companies with their customers through WhatsApp. The solution,
unprecedented in the national financial market, makes use of artificial intelligence and has been in full operation since the month of August. Without
the need to call an attendant, around 4,500 individual customer agreements have already been signed exclusively with the virtual assistant. The tool is
available to customers who have transactions with late payment and who contact BB through WhatsApp. Operations of up to R $ 1 million can be
renegotiated. "So far, the public that has closed deals is mostly composed of women, aged between 18 and 29 years old. A fully digital renegotiation is
taking, on average, less than 4 minutes to complete. We believe that the solution brings a lot convenience, in an agile and intuitive flow ", points out
Ronaldo Ferreira, director of restructuring of operational assets. To use the functionality, just that the client access BB's WhatsApp, at (61) 4004-0001,
talk to the virtual assistant about debt renegotiation, or send the word #renegocie. Then, the virtual assistant identifies which renegotiation offers are
available for this customer and, when choosing one, the customer already closes the deal and receives the ticket on WhatsApp itself. During the process,
you have the option of asking to speak to an attendant. To use the solution, the customer's mobile device must be cleared for transactions via WhatsApp.
The tool also allows you to cancel an agreement, issue a second copy of a renegotiation slip and settle agreements in advance.

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Banco do Brasil (Brazil): Ourocard Mastercard arrives at Apple Pay
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Banco do Brasil included the Ourocard Mastercard in Apple Pay. As of now, all card brands are available to BB customers in Apple's digital wallet. The solution
helps customers make payments in physical stores and online, without having to use the plastic of the card, easily, safely and without the need for physical contact.
The Bank started the partnership in August 2018, with the inclusion of Ourocard Visa cards in Apple Pay. In May 2019, Ourocard Elo cards were included.
Operation
In physical stores, the system works on iPhone SE, iPhone 6 (or higher models), with iPad and Apple Watch. It is also possible to use Apple Pay on the internet
(Safari or any Mac model from 2012 onwards that has the macOS Sierra operating system). To conclude, just confirm the payment with the iPhone 6 and later
models, iPad, Apple Watch, or with the Touch ID of the new MacBook Pro. Apple Pay is accepted in more than one million establishments throughout Brazil,
including in markets , shops, restaurants, gas stations and bakeries. It is possible to make purchases in the debit and credit function in physical stores. For online
stores and apps, only purchases are made using the credit card function.
Safety
The Apple Pay transaction is secure. With each purchase, the system uses a specific number for the device and creates a unique transaction code. As such, the card
data is not stored on the device or on Apple servers, nor is it shared with stores. Transaction data is also not stored to enable user identification.

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Meethaq (Oman) launches Shari’a-compliant Corporate Purchase Cards
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In line with the bank’s vision ‘To serve you better, everyday’, Meethaq Islamic Banking from Bank Muscat, has launched the first-ever Shari’a-compliant Corporate Purchase Cards in Oman. Now,
Meethaq Corporate Clients can enjoy a simple and secure way to make all their Business to Government payments with these exclusive corporate purchase cards. Meethaq is the leading Islamic
financial services provider in Oman, operating on the principles of Transparency, Trust and Partnership, thereby ensuring the comfort of remaining true to one’s religious values. The new card features
includes a minimum limit of RO 20 at card issuance. A corporate customer can avail up to 5 cards for free and there is no need to pay any annual or Ujrah fee. To enhance corporate security, no cash
advance or withdrawal facility is available on these cards, which can be used only for making payment to government entities in Oman. Customers can load funds up to a maximum of RO 1 million
on a card. Meethaq customers can apply for a card by visiting their nearest branch or by contacting their account-relationship manager. Corporates who apply for the card should provide details
including Commercial Registration Number, Oman Chamber of Commerce membership document, the ID cards of the cardholder and authorised personnel along with a completed Application Form.
Government entities who require the card should provide a letter stating the requirement duly signed by account authorised signatories and copies of ID cards of the cardholder and authorised personnel
along with a completed Application Form. The customer should provide written instructions to the branch to debit the account and credit funds on the card. Featuring state-of-the-art technology, the
new Corporate Purchase Card is designed to meet the evolving needs of corporate payments. Meethaq remains committed to partnering with all institutions and corporate clients for success, as the
bank processes and technology are designed to drive future corporate transactions and digital banking requirements. The new Corporate Purchase Card will greatly enhance financial flexibility with
greater user experience, superior payment controls and easy to access to MIS reports. The cards are equipped with self-service features to obtain user-friendly MIS reports to track corporate expenditure
data. Meethaq Islamic banking provides several value-added services and exclusive lifestyle privileges to its customers, complementing a world-class banking experience. As the pioneer of Islamic
banking in the Sultanate, Meethaq has adopted best practices in Islamic banking and finance worldwide to provide a robust model that benefits its customers. Every Meethaq product goes through
Shari’a compliance certification by the bank’s Shari’a Supervisory Board and is created in line with the guidelines of the Central Bank of Oman. Meethaq Islamic Banking has been recognized as The
Best Islamic Bank in Oman for the year 2019 by Islamic Finance News.

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Bank of Baroda (India) launches Digital Lending Platform aimed at
Paperless Process for Retail Customers
29
Bank of Baroda, country’s third largest public sector bank, has launched the Digital Lending Platform, which enables
prospective retail loan seekers to get loans digitally through a paperless process at the convenience of their place and time
of choice. Pre-approved Micro Personal Loan is offered to existing selected customers to shop anything through offline /
online partner channels and pay later in easy EMIs. Customers can also avail the amount into their Savings bank account
and convert it to EMIs from 3 to 18 months through m-Connect+ (Bank’s mobile banking app) in 60 seconds. The Bank
will offer ‘Online Loan against Fixed Deposits’ through Digital Lending Platform, which enables the Fixed Deposit
customers to avail loan against their Online FD instantly through mobile banking and net banking facility. With launch of
Digital lending Platform, Bank believes that personal loan disbursements will be completely digitized first followed by
MSME and Agriculture disbursements. As such Bank envisages that the digital share of disbursement in retail lending will
grow to 74% over 5 years.

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Bank of Ireland will fast-track payments to its SME suppliers until end of
2021
30
Bank of Ireland has extended its commitment to fast-track payments to its SME suppliers to the end of 2021 to help
ease cash flow pressures on businesses during the COVID-19 pandemic. In the first wave of the pandemic, the Bank
committed to reducing standard payment terms from 30 days to within five days for its SME suppliers. With the change
announced, smaller suppliers across a range of sectors including technology, advertising and recruitment will continue
to benefit from this accelerated payment approach until the end of 2021. Under this initiative, the Bank has paid over
€350M to c.1,100 suppliers between April-December 2020. Suppliers to Bank of Ireland can find out more the
initiative here: Supplier Accelerated payment initiative. To find out more about Bank of Ireland supports to business
during the COVID-19 pandemic visit the Bank of Ireland Business Supports page.

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Scotiabank (Canada): Using machine learning to make predictions during
an uncertain time
31
Businesses typically plan for anywhere from six months to one year ahead, but with the pandemic upending many aspects of life and the economy, the outlook for even
the next month, or even week, can be unclear. Scotiabank’s analytics and risk experts in Global Risk Management have found a way to leverage machine learning to
make short-term predictions and use those insights to tailor their solutions and provide assistance to clients as they navigate through these challenging conditions. The
Bank has developed a cashflow prediction tool — called SOFIA, for Strategic Operating Framework for Insights and Analytics — that uses historical commercial
banking data, such as deposits, and trends from the past year combined with machine learning to forecast what clients could expect in the next four weeks. This rolling
average, which is updated in real time, gives the Bank a better sense of which clients are more likely to be impacted by the economic downturn and how to best respond
to them. For example, relationship managers can proactively approach those whose cashflow may be under pressure and offer help, such as providing information about
customer assistance programs or options for short-term lending. The tool also helps the Bank be more efficient, allowing risk managers to better focus their efforts on the
right customers at the right time and can speed up the annual review process. The insights generated by this cashflow prediction tool also help inform the Bank’s planning,
such as how much to set aside as provisions. The tool itself was built about a year and a half ago, long before the emergence of COVID-19. Its original purpose was to
digitize and speed up the review process for commercial banking accounts, which had previously been done largely manually and annually, said Scotiabank’s
Vice-President of the Analytics Centre of Excellence in Global Risk Management. The Bank launched a regional pilot of the cashflow tool in Commercial Banking and
Retail Banking early in its fiscal first quarter. When the pandemic hit, the analytics team realized that given the nature of the information the tool provides, it would be
useful during this difficult period.

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Fundación Bankia (Spain) and FP Innovación support FP Pro, a hackathon
for vocational training (FP) students
32
Fundación Bankia por la Formación Dual and FP Innovación have launched FP Pro, a free, online hackathon for intermediate level and advanced
FP students all over Spain. The aim is to foster collaboration and to encourage innovation in the world of education. Students will work in teams,
choosing one of the five challenges set by the organisation (risk-free fun with family and friends; boosting youth employment; safe leisure and free
time: how to get work experience; and now we are thinking about equality), developing new solutions that will help to improve their surroundings.
There will be mentors available to help students with the creation and development process and introduce them into the world of innovation, thanks
to training units shared during the hackathon, where participants’ talent will be brought out while they hone their skills. Specifically, participants
will learn about brainstorming, design and visual thinking, prototyping, tools for entrepreneurs, financial aspects, marketing and finding
customers. The winners will share a prize of 1,600 euros in gift vouchers: 750 euros for the winners, 500 for the runners-up and a third prize of
350. The initiative is taking place after the success of the first Fundación Bankia and FP Innovación hackathon for FP teachers which took place
at the end of last year, in which almost 300 teachers from all over Spain and from different modalities of Vocational Training took part. The winner
was a project to make students active consumers of screens (by producing training videos supported by influencers) was the winner.

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Banque Saudi Fransi (Saudi Arabia )'1st local bank' to launch e-signature
service
33
Banque Saudi Fransi signed an agreement with Baud Telecom Co. to launch the electronic signature service (Emdaa)
in the Saudi banking sector to become the first bank to employ e-signatures in the Kingdom. The move came in line
with BSF s strategy as a leading provider of digital banking services. The signing event was attended by Saudi
Minister of Communications and Information Technology Abdullah Alswaha, and a number of keynote officials from
the banking and technology sectors. The new service enhances the efficiency of using digital platforms banking
services. It also comes in line with Saudi Vision 2030, and digital transformation plans. BTC is the digital certification
service provider of the National Center for Digital Certification.

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Emirates NBD (UAE) introduces contactless identity verification to open
new accounts on mobile
34
Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, became the first
bank in the region to allow new customers to have their identity documents verified using contactless NFC technology
when opening a bank account via its Mobile Banking App. The bank's TruID solution uses NFC technology to read
information from embedded chips in the documents and seamlessly extract data to autofill a digital account application.
The customer is then prompted to take a selfie within the app to complete the process. Emirates NBD's TruID digital
identity verification solution was developed as part of the bank's collaboration with fintechs VisionLabs and Smart
Engines. Apple users can have their biometric passports read using the NFC technology, while Android users can avail
electronic reading of both Emirates ID and their biometric passports. An early mover in banking digitization and
innovation, Emirates NBD's advanced digital infrastructure has enabled it to continue offering seamless banking services
to customers despite COVID-19 related restrictions.

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Pittsburgh Penguins and F.N.B. (USA) Corporation Announce New Power
Play Package
35
The Pittsburgh Penguins® and F.N.B. Corporation , parent company of First National Bank, announced that a suite of co-branded products and services, specialized promotions
and digital engagement opportunities will be available beginning Monday, January 11, 2021. The launch coincides with the unveiling of FNB’s new presence at PPG Paints
Arena, which includes the F.N.B. Club, F.N.B. Gate, on-ice logo, three on-site ATMs and a unique digital center. These features are part of the multi-year agreement establishing
FNB as the Official Retail and Digital Banking Partner of the Pittsburgh Penguins NHL team. The unique partnership emphasizes digital integration and cross-promotion
between the organizations’ respective online and mobile platforms to enable both FNB and the Penguins to reach an expanded, shared audience with specialized information.
Building on the partnership to reinforce its dedication to its headquarters city, FNB has additionally made a commitment to donate $200 to the Greater Pittsburgh Community
Food Bank for every goal the Penguins score in the 2020-2021 season. Giving customers an opportunity to bank with Penguins pride, FNB has also developed the Penguins
Power Play Package, which can be added to any FNB checking account and can be opened through our virtual Solutions Center.
The package comes with the following benefits:
• Penguins®-branded debit card and checks.
• Penguins®-branded Visa® cash back credit card (subject to credit approval).
• Discounts at PensGear stores when using an FNB Penguins debit or credit card.
• Exclusive rewards when paying for season tickets with an FNB account.
• Additional benefits throughout the season for Penguins Power Play Package customers.

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Vodafone Services Now Conveniently Available Via QIB (Qatar) Point Of
Sales Machines Provided By QPay
36
Vodafone Qatar has partnered with Qatar Islamic Bank (QIB) and QPAY International LLC, one of Qatar’s largest financial
technology (FinTech) service providers, to make the telecom operator’s electronic recharge and bill payment services available
via their QIB select Point of Sales (POS) machines.Amidst the pandemic, the demand for payment innovation has grown,
including customer preferences toward electronic payments for services, such as bill payments. Qatar’s national FinTech Strategy
also aims to improve digital payment platforms and other services, by leveraging the newest technologies.With a sizeable
presence in a number of hotels, restaurants and cafeterias, QIB POS machines accept both credit and debit card payments and can
be identified with the help of Vodafone’s recognisable branding.They are pleased to partner with QIB and QPAY to offer
Vodafone’s customers the convenience of accessing our services in a larger number of outlets. Digitalisation underpins our
Company strategy and we have established a strong network of retailers across the country that are adopting our digital service
offerings in their operations. In turn, such digital transformation has benefits for virtually every kind of business.

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QIB and Qatar Post to Launch Qatar’s First Fully Integrated Postal
Delivery Point of Sale
37
Qatar Islamic Bank launches the first fully-integrated postal delivery Point of Sale (PoS), in partnership with Qatar Post and with QPay, the leading
Qatar-based FinTech company offering a wide portfolio of electronic payment solutions.Using the new, state-of-the art PoS device, this new QPay payment
solution allows Customers to make cashless payment on delivery when receiving parcels and other mail items: a super convenient and safe method of
payment for all Qatar Post customers. The smart PoS allows Qatar Post’s delivery driver to know precisely the exact Customer details for each delivery,
including the total amount to be collected, by simply scanning the item using the QPay devise, which has been fully integrated with Qatar Post back end
tracking system. Customers are given an option to pay by simply tapping their contactless bank cards on the PoS.They recognize that a significant number
of our daily local deliveries are being made with the requirement for payment on delivery. Before the launch of this fully integrated QPay functionality, Qatar
Post was forced to accept liquid cash from Customers before we could release parcels or mail items to them. This in turn added a large degree of over
processing and non-value added to our operations. Now with the launch of this QPay solution, we are delighted to be able to offer our clients the convenience
to settle their delivery payment using one of the major credit/ debit cards, including the option of contactless transactions, thus also maximizing on the health
& safety aspect especially during the pandemic. Equally, we expect to see a switch in consumer behavior from using liquid cash to card payment, with the
positive effect of eliminating the need of double handling cash transactions whilst adding a fully automated, error-free, digitized billing and a system-driven
approach to our payment on delivery offering. We are happy to add our contribution towards Qatar 2030 vision for a digital society.

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Banco BPI (Portugal): 4th Edition Entrepreneur XXI Awards
38
The 4th edition in Portugal of the Empreendedor XXI Awards (PEXXI) received a total of 171 applications from
Portuguese startups, an increase of 23% compared to the 2019 edition (139). PEXXI is an annual initiative promoted
by BPI, in Portugal, and CaixaBank, in Spain, through DayOne, a specialized division for technology, innovation
companies and their investors. The winning companies of the two "Territorial Awards" in Portugal - one for the North
and Center, and the other for Lisbon, South and Islands - will be known in May 2021 and will receive the distinction
within the scope of an Innovation Summit. This event will bring together the main players in the entrepreneurial,
technological and investor ecosystem in Portugal. In Portugal, this initiative has, for the third consecutive year, the
High Sponsorship of the Ministry of Economy and the support of the National Innovation Agency (ANI), highlighting
the importance of supporting innovative and entrepreneurial companies.
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BPI (Portugal) was the first Bank to obtain the "COVID Safe" brand,
awarded by the Portuguese Certification Association (APCER)
39
BPI informs that its commercial units - branches, 'premier' centers, business centers and mobile counters - will remain open during the new period of confinement, under
the same conditions they were already in operation: with conditioned access and service individualized. In case of absolute need for face-to-face service, customers can
signal their presence and will be duly attended. This decision will be reassessed according to the evolution of the health situation. The Bank suggests that Customers
favor the use of digital or telephone means to carry out banking transactions, namely BPI Net, BPI Net Empresas, BPI App or BPI Direto (707 020 500 or 21 720 77 07),
available 24 hours a day. The digital or telephone means must also be the means of contact to speak to the bank manager. With the increased use of digital channels and
the hiring of remote services, the Bank also recommends that Customers reinforce care in terms of online security. The Bank recalls that Customers also have self-service
machines and an extensive national ATM network at their branches. BPI has installed more than 150 self-service machines across the country, which allow customers to
carry out almost all current operations autonomously, including deposits by check or cash, inquiries, requesting checks and exchanging notes for coins. BPI was the first
Bank to obtain the "COVID Safe" brand, attributed by the Portuguese Certification Association (APCER). This verification ensures that the Bank complies with the
official protection and surveillance measures necessary to obtain the "COVID Safe" brand, based on the guidelines of the General Health Directorate (DGS), the Working
Conditions Authority (ACT) and the Organization International Labor Organization (ILO), to prevent the contagion risks of COVID-19. This recognition allows to
increase the confidence of Employees, Customers and Suppliers, evidencing BPI's commitment to the defense of the health and safety of all.
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BPI (Portugal) Valor Account elected Best Ordered Account in the Five
Star Award 2021
40
Conta Valor BPI won the Five Star Award 2021 in the "Banking - Ordained Account" category. The simplicity of the Valor BPI Account, exemptions from
fees for making cards available and free transfers on the digital channels BPI Net and BPI App were determining factors for this election. Among the offers
of ordered accounts from the five banks evaluated by consumers, Conta Valor BPI registered an overall score of 75.3%, with emphasis on the leadership in
the criteria of Satisfaction and Intention of Recommendation. The Valor BPI Account is BPI's main checking account and serves a universe of more than 800
thousand Private Customers. With no maintenance fee, the Valor BPI Account gives you access to a set of advantages and services (2 debit cards, 2 credit
cards, transfers, checks, exempt MBWay transfers, overdraft facility) through a single competitive monthly cost. In addition to this award, the organization
of the Five Stars Prize had already announced that BPI reached the leadership in the category of Large Banks in the Five Stars Prize, for the second
consecutive year. The award ceremony will take place on January 21, 2021, in a digital event. The Five Stars Award is an evaluation system that measures
the degree of satisfaction that products, services and brands give to its users, with evaluation criteria such as Satisfaction by Experimentation, Price-Quality
Ratio, Purchase Intention or Recommendation, Brand Confidence and Innovation, which influence consumers' purchasing decisions. The Award results from
the global assessment of 2,670 Portuguese consumers in three distinct and complementary phases: Focus group and specialized Committee; Experimentation
Tests and Mass Market Studies. All phases are coordinated by independent entities in the area of market research.
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BNI (Taiwan ) Cash Management Winner of Euromoney Survey
41
PT Bank Negara Indonesia TBK again received an award as No. 1 Indonesia Domestic Market Leader (Overall category Cash Management) from Euromoney.
Previously, BNI also received an award from Alpha Southeast Asia as the Best Cash Management Bank in Indonesia in the same year. The award was made based on the
assessment of companies that have taken advantage of the features, services and advantages, as well as the reliability of BNI cash management services. In Jakarta,
Deputy President Director of BNI Adi Sulistyowati, who is familiarly called said that BNI's success in winning the award as the number one bank in cash management
services in Indonesia was inseparable from customer confidence in choosing BNI as a solution for managing company business finances. BNI Cash Management features
as the best customer solution, including BNIDirect (Corporate Internet Banking), Integrated Payment Solution, Virtual Account Debit and Credit, Student Payment
Center for Higher Education, Corporate Billing, Pooling Account, BNI e-Tax, and Open API for Corporate. BNI always accepts and appreciates input and improvements
from customers so far, Based on the assessment from Euromoney, the advantages of BNI cash management in terms of solutions, service quality, security, efficiency,
governance, emergency handling systems, and after sales service were the main factors in determining the No. 1 Indonesia Domestic Market Leader (Overall category
Cash Management). Susi also added that the increase in cash management services at BNI could encourage an increase in low-cost funds (current accounts) by 27.6%
compared to the same period last year, as well as an increase in Fee-Based Income by 16%. In addition, the number of institutional accounts that entrusted their
management of funds using BNI Cash Management services also increased sharply by 27.1% compared to the 2019 period. In the future, BNI believes that it will
continue to be the first choice of customers and always be the best in serving its customers with continuous improvements, for more effective and efficient customer
financial management.
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CIBC (India) wins 2021 Business Intelligence Group Innovation Award
42
CIBC has won a 2021 BIG Innovation Award, presented by the Business Intelligence Group. The annual business
awards program recognizes organizations, products and people around the world that are bringing new ideas to life in
innovative ways. The CIBC Enterprise Innovation team received an Organization Award for its Innovation Framework,
which encompasses strategic planning, data science, development and solution design to enable the creation,
validation, and piloting of new business solutions with speed, agility, and effective oversight. Using the Framework,
CIBC teams were able to build and implement internal tools and relief programs with greater speed and quality,
including an AI-driven tool to support the processing of client credit applications.
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