I-Byte Banking March 2021

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I-Bytes
Banking
March Edition 2021
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Table of Contents
1. Financial, M & A Updates....................................................................................................................................1
2. Solution Updates..................................................................................................................................................12
3. Rewards and Recognition Updates....................................................................................................................25
4. Customer Success Updates.................................................................................................................................40
5. Partnership Ecosystem Updates........................................................................................................................41
6. Environment & Social Updates.........................................................................................................................57
7. Miscellaneous Updates.......................................................................................................................................74

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Financial, M & A
Updates Banking Industry

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Financial, M&A Updates
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Santander (Spain) Private Banking to acquire Indosuez Wealth Management business in Miami
Santander Private Banking announced that it has reached an agreement with Indosuez Wealth
Management– the global wealth management brand of Crédit Agricole group – to purchase
$4.3 billion in client assets and liabilities. The transaction is subject to regulatory approval
and satisfaction of customary closing conditions, and is expected to close by midyear 2021.
The deal will be executed through Banco Santander International (BSI), part of Santander
Private Banking, Grupo Santander’s business unit dedicated to the private banking segment.
Santander Private Banking manages a volume of EUR 230 billion in customer assets and
liabilities. BSI is a wholly owned subsidiary of Santander Holdings USA, Inc., Banco
Santander’s intermediate holding company in the U.S. Headquartered in Miami since 1979,
BSI also has offices in Houston, San Diego and New York. Today, a team of over 500
employees offer holistic private banking and investment services to high-net-worth clients.
Euromoney Magazine has recognized Santander Private Banking as the best Private Bank in
several of its core markets, rewarding its commitment to becoming the best responsible
Wealth Manager in Europe and the Americas. Our mission is to help people and businesses
prosper. We seek to establish a strong relationship based on trust with each client, providing
personalized solutions to meet their individual financial needs. To do so, we rely on
state-of-the-art proprietary technology and the expertise of our professionals.
Executive Commentary
Santander Wealth Management & Insurance Global Head Víctor said, “This transaction,
which leverages our geographic presence and our capabilities as a leading financial
group, is another step toward our goal of becoming the best global private banking
platform. We want to keep growing our business – especially in geographies where we
see major commercial potential like the US – and elevate our position as a growth engine
for Grupo Santander."
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First Citizens Bank (USA) Announces $16 Billion Community Benefits
Plan
First Citizens Bank announced a $16 billion community benefits plan—developed in
collaboration with the National Community Reinvestment Coalition (NCRC)—that
builds on its work to reinvest in low- and moderate-income (LMI) communities and
neighborhoods of color. Under this plan, First Citizens Bank would support lending and
investing in the areas of affordable housing, small business and community development
over a five-year period from 2021-2025, following completion of the proposed merger
of First Citizens BancShares, Inc. the parent company of First Citizens Bank, and CIT
Group Inc. The $16 billion five-year commitment features the following:
• $6.9 billion for community development lending and investments, including
affordable housing opportunities and small business lending to nonprofits and small
for-profit developers that support LMI communities;
• $5.9 billion for lending to small businesses, supporting the growth of companies
with less than $1 million in annual revenues and in LMI and majority/minority
geographies; and
• $3.2 billion for home purchase mortgage loans, focusing on LMI and minority
borrowers and/or minority/majority geographies.
"We're pleased to announce a plan to bring additional investment to our markets and
help grow these vibrant and diverse communities and businesses—at a time when
these efforts are truly needed," said chairman and chief executive officer of First
Citizens. "We have a legacy of giving back to the cities and towns we serve, and this
plan serves as a testimony to the commitments and values that will represent our
combined company. We're glad to establish a new partnership with NCRC and its
members in creating this plan and look to build even stronger relationships that will
last well into the future."
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Key Financial Highlights

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Strategic partnership of Credit Bank of Moscow (Russia) and UMMC is taken further
with closure of Koltso Urala bank's acquisition
Credit Bank of Moscow (MKB) and UMMC group have closed the
acquisition of Koltso Urala. This step caters to the parties' strategic
priorities of developing their relationship as previously announced by
improving comprehensive financial services, including corporate and
consumer lending, for UMMC Group companies and their employees, in
particular by expanding the range of banking services, and further digitising
and improving customer services. The terms of existing agreements with
customers remain unchanged, and the financial institutions' information
systems will be integrated step by step, capitalising on successful
experience and know-hows of both MKB and Koltso Urala. All branches
will continue working in accordance with Koltso Urala standards,
providing the full range of services to individuals and legal entities. Koltso
Urala will remain UMMC's key provider of cash management, acquiring
and other banking services.
"It has been agreed that Ural Mining Metallurgical Company will not
only continue, but also expand its business with Koltso Urala and MKB,
one of the largest privately-owned, federal-level banks in Russia, which
has established itself as a reliable partner and has a profound expertise
in banking and financial services. I'm sure that the synergy between
Koltso Urala's unique experience in the Ural region and MKB's
professional competences will bring better service quality for us as
customers and will make our cooperation even more constructive.
Furthermore, UMMC will get additional financial and organisational
resources to develop its core business: mining and metallurgy,"
underlined Chief Executive Officer of UMMC.
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StoneX Acquires Equity Stake in Diversity Broker, Tigress Financial Partners
StoneX Group Inc. announced that it has purchased a minority stake in
Tigress Financial Partners. This transaction marks an investment of cash,
infrastructure and global products into the nation's only disabled and
woman-owned investment firm. The closing of this transaction is subject to
limited conditions including regulatory approval. Tigress Financial Partners
LLC was founded in 2011 by Wall Street veteran Cynthia DiBartolo, Esq.
Under leadership, Tigress has evolved into a premier diversity SEC/FINRA
registered full-service broker dealer providing services in capital markets
underwriting, investment banking, equity research, global debt and equity
securities sales and trading, and investor services including global wealth
management and asset management. In partnership with StoneX, Tigress
and its clients will now be able to benefit from StoneX's global reach, broad
product range, and best-in-class technology. The terms of the deal are not
material to StoneX Group Inc.
CEO of Tigress Financial Partners said, "This transaction opens up a
host of new doors for our legacy client base and allows Tigress to leap
into new markets and products faster than we previously could have
imagined. Of key importance to us, was that StoneX has demonstrated a
strong corporate culture. They are committed to accelerating progress in
both equality of opportunity and women's empowerment, which are
central to StoneX's business growth and their social impact; as such they
are the ideal partner to propel the Tigress business and mission."
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KeyBank (USA) Announces $40B Investment in Communities Including Affordable
Housing, Economic Inclusion, And Climate Change Funding Commitments
KeyBank announced it will increase its commitment to $40 billion. The investments will
continue to focus on economic access and equity for underserved communities and populations.
KeyBank also announced it has received its 10th consecutive "Outstanding" rating from the
Office of the Comptroller of the Currency for reaching the highest standards of the Community
Reinvestment Act (CRA). The Community Reinvestment Act requires banks to meet the credit
needs of low- and moderate-income (LMI) communities across America. KeyBank is one of the
only U.S. national banks to be rated "Outstanding" by the OCC for ten consecutive review
periods, since the Act's passage in 1977. KeyBank's announcement comes as it has surpassed the
goal of the initial five-year $16.5 billion commitment one year early by delivering more than $18
billion in lending and investments across its footprint. These investments have supported
affordable housing and community development projects nationwide, small business and home
lending in low- and moderate-income communities, and philanthropic efforts targeted toward
education, workforce development, and safe, vital neighborhoods. $36 Billion - Economic Equity
& Inclusion - KeyBank will continue its commitment to providing affordable housing, home and
small business lending in low- and moderate-income communities, and transformative
philanthropy throughout the markets where it does business. In addition, KeyBank plans to
support homeownership by investing in down payment assistance.
Chairman, Chief Executive Officer, and President, KeyCorp said, "Corporate citizenship
matters; it matters for our communities, for our clients, and for our colleagues. Delivering on
the commitments of our Community Benefits Plan has brought access to capital for
neighborhoods and neighbors who have often faced unfair barriers to financial support.
Receiving a tenth consecutive 'Outstanding' rating for exceeding the requirements of the
Community Reinvestment Act serves as affirmation that KeyBank's approach is the right
one- but we recognize the work isn't finished."
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Key (USA) Acquires AQN Strategies
Key has entered into a definitive agreement to acquire AQN Strategies
LLC ("AQN"), an analytics-driven consultancy with deep expertise in
the financial services industry. At the close of the transaction, AQN
Founder and Managing Partner Ben Sabloff was named Key's Head of
Analytics, responsible for leading customer-focused analytics
strategies across the bank. AQN's highly experienced operators have
worked with banks and fintechs across the industry to deliver
value-based strategies by combining rigorous data and analytics
capabilities with expertise across the credit and payments value chain.
This acquisition aligns to Key's relationship strategy and underscores
the bank's ongoing commitment to employ data-driven approaches
that enable a simultaneous expansion of customer reach while
maintaining a rigorous focus on risk discipline.
"I am pleased to welcome Ben Sabloff and the AQN team to Key.
Having worked with them over the past two years as a consultant to
Key, I am excited to combine Key's unique platform and AQN's
deep analytics expertise," said Head of Payments & Analytics at
Key. "The dynamic nature of our industry and the vast amounts of
data available from our increasing digital environment require a
relentless focus on insights and experimentation to drive customer
value and create great customer experiences. Ben has created a
world class team and we look forward to his influence and
leadership as we continue our digital and analytics transformation."
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M&T Bank Corporation (USA) Announces Agreement to Acquire People's United
Financial, Inc.
M&T Bank Corporation and People's United Financial, Inc. announced that they
have entered into a definitive agreement under which M&T will acquire People's
United in an all-stock transaction. The combined company will create a diversified,
community-focused banking franchise with approximately $200 billion in assets and
a network of more than 1,100 branches and over 2,000 ATMs that spans 12 states
from Maine to Virginia and the District of Columbia. The combined franchise will
operate across some of the most populated and attractive banking markets in the U.S.
As part of the transaction, People's United's current headquarters in Bridgeport,
Connecticut will become the New England regional headquarters for M&T, further
strengthening the combined company's commitment to Connecticut and the region.
Under the terms of the agreement, People's United shareholders will receive 0.118 of
a share of M&T common stock for each People's United share they own. Following
completion of the transaction, former People's United shareholders will collectively
own approximately 28% of the combined company. The implied total transaction
value based on closing prices on February 19, 2021 is approximately $7.6 billion.
"In People's United, we have found a partner with an equally long history of
serving and supporting customers, businesses and communities," said chairman
and chief executive officer of M&T, who will lead the combined company in the
same capacity. "Combining our common legacies and our complementary
footprints will strengthen our ability to serve our communities and customers,
and provide solutions that make a difference in people's lives. I am incredibly
excited about this opportunity and look forward to welcoming new customers
and team members to our M&T family."
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SEB (Sweden) Greentech invests in wave energy technology
SEB Greentech VC, the unit that SEB created in the autumn to invest in green
technology, is now making its second investment by participating in a private placement
in the Swedish company CorPower Ocean, a global leader in wave energy technology.
The company raised 9 million euros in the private placement, extending its equity
funding to 20.3 million euros. Apart from SEB Greentech, Midroc New Technology,
family offices and private investors participated in the investment round. The money
raised will enable the commercial scale demonstration of CorPower Ocean’s
wave-energy technology as well as the long-term development of supply and service
capacity for commercial wave farms. CorPower Ocean’s new generation of
high-efficiency Wave Energy Converters (WECs) are inspired by the pumping principles
of the human heart, with advanced control technology allowing large amounts of energy
to be harvested using small, low-cost devices. A unique solution makes them transparent
to storm waves, which provides survivability in the harshest ocean conditions. The
investment in CorPower Ocean is SEB Greentech’s second investment. Earlier this year,
SEB Greentech participated in a financing round by the Swedish company EnginZyme,
which has developed a technology for sustainable, biological chemical production.
”SEB is thrilled and proud to back this world-leading team in their advancements to
harvest clean and cost-efficient energy from the oceans. ” says head of SEB
Greentech, who will now join CorPower Ocean’s board. “It remains one of the most
challenging and demanding environments to conquer and one in which many have
failed. However, CorPower is delivering a rare combination of innovative
technology and sound financial metrics to make it a reality. The economic and
environmental benefits could be pivotal to the clean energy transition enabling
deeply decarbonized energy system around the world.”
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Wells Fargo (USA) Enters Agreement with GTCR and Reverence Capital Partners
to Sell Wells Fargo Asset Management
Wells Fargo & Company announced that it has entered into a definitive
agreement to sell Wells Fargo Asset Management (WFAM) to GTCR LLC
and Reverence Capital Partners, L.P. This sale includes Wells Fargo Bank
N.A.’s business of acting as trustee to its collective investment trusts and all
related WFAM legal entities.1 Under the terms of the agreement, the
purchase price is $2.1 billion. The transaction is expected to close in the
second half of 2021, subject to customary closing conditions. As part of the
transaction, Wells Fargo will own a 9.9% equity interest and will continue
to serve as an important client and distribution partner. WFAM is a leading
asset management firm with $603 billion in assets under management, 24
offices globally, and specialized investment teams supported by more than
450 investment professionals. WFAM and its investment teams provide a
broad range of differentiated investment products and solutions to help its
diverse range of clients meet their investment objectives.
“Operating as an independent firm as a portfolio company of GTCR and
Reverence Capital will provide numerous benefits to WFAM’s clients,
employees, and strategic partners — including Wells Fargo. At the same
time, this transaction reflects Wells Fargo’s strategy to focus on
businesses that serve our core consumer and corporate clients, and will
allow us to focus even more on growing our wealth and brokerage
businesses,” said, CEO of Wells Fargo’s Wealth & Investment
Management division.
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Wells Fargo (USA) Surpasses $10 Billion in Renewable Energy Tax-Equity
Investments
Wells Fargo Renewable Energy & Environmental Finance (REEF) announced it recently surpassed $10
billion in tax-equity investments in the wind, solar, and fuel cell industries. Wells Fargo has invested in
more than 500 projects, helping to finance 12% of all wind and solar energy capacity in the U.S. over the
past 10 years. To stimulate growth of renewable energy resources and accelerate the transition to a
lower-carbon economy, the federal government provides project developers with incentives such as
Production Tax Credits, Investment Tax Credits, and accelerated depreciation. However, because most
developers lack sufficient tax capacity, they rely on tax-equity investors like Wells Fargo for funding. Wells
Fargo made its first tax-equity commitment to a wind project in 2006, and shortly thereafter began investing
in distributed-generation solar, which generates electricity where it is used. Since then, the bank has grown
into one of the leading tax-equity investors in the nation’s renewable energy sector, financing projects in 32
states. Projects supported by REEF produced enough electricity in 2020 to power more than 3 million
average-sized U.S. homes for a year. Wells Fargo provided approximately $2.4 billion in financing to the
renewable energy industry in 2020, representing an increase of $1 billion from 2019. Projects include
Ørsted’s 227-megawatt Muscle Shoals solar PV development, which will be the largest in the state of
Alabama upon completion. During construction, Muscle Shoals is employing 300 people, generating an
estimated $1 million in sales and use tax revenue for the community. In its first 20 years of operation, the
project is expected to deliver more than $15 million in incremental property taxes, much of which will be
directed to education.
“Wells Fargo uses its tax capacity in a meaningful way to invest in projects that contribute to the
nation’s acceleration toward a low-carbon economy,” said head of Wells Fargo Renewable Energy &
Environmental Finance, a part of Wells Fargo Commercial Capital. “We are proud to play a key role in
the growth of this important industry, and honored to work closely with so many leading sponsors and
developers of wind and solar energy projects.”
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Westpac (Australia) sells Lenders Mortgage Insurance business to Arch Capital
and enters 10 year supply agreement
Westpac Group announced it will sell Westpac Lenders Mortgage
Insurance Limited (WLMI) to Arch Capital Group (Arch) and enter into
a 10-year exclusive supply agreement for Arch to provide Lenders
Mortgage Insurance (LMI) to the Group. The sale price will be at book
value1 which will be determined at completion. The transaction also
includes small, fixed annual payments to Westpac over the next 10 years.
Westpac will record a loss on sale in FY21 from separation and
transaction costs along with the $84 million write down in goodwill that
was announced with our 1Q21 Update on 17 February 2021. The
transaction is expected to add approximately 7bps to Westpac’s Common
Equity Tier 1 capital ratio. The new supply agreement builds on the
Group’s existing relationship with Arch which has provided reinsurance
services to WLMI since 2011.
“Westpac is pleased to be entering into a long-term partnership with
Arch as LMI is an important product that helps the Group make home
ownership more accessible for more Australians,” said Westpac
Group Chief Executive Specialist Businesses & Group Strategy, “The
sale continues the simplification of our business and builds on our
progress in becoming a simpler, stronger bank focussed on consumer,
business and institutional banking.”
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Solutions Updates
Banking Industry

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Solution Updates
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Ally (USA) Lending and Western Dental team up to make dental care
affordable
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Solution Description
Ally Lending, the personal lending arm of Ally Bank, a subsidiary of Ally Financial Inc. announced availability of its financing solutions for
patients of Western Dental & Orthodontics, a national leader in dental and orthodontic care and one of the largest Dental Service Organizations
(DSOs) in the country. The relationship, which begins as a pilot program in 43 Western Dental offices, comes as Ally Lending continues to expand
its footprint in the consumer health care lending market. Cost is often a barrier for patients seeking dental care. According to the Pew Dental
Campaign, approximately 72 million Americans rely on Medicaid and Children's Health Insurance Program (CHIP) for dental coverage, yet
two-thirds of dentists do not accept either kind of coverage. For many, insurance does not cover the full cost of care. Financing options help provide
much needed flexibility when it comes to affording important dental and orthodontic procedures while avoiding the high interest and startup fees
of credit cards. Using Ally Lending's fully digital application process, patients can quickly pre-qualify for a loan with no impact to their credit
score. Following pre-qualification, patients review loan terms and monthly payment options, and ultimately, select a loan package that works for
their budget. They will then pay Ally Lending back over time for their service. Ally Lending has offered financing in the dentistry space since its
inception in 2015, originally as Health Credit Services LLC (HCS), and now today with the financial backing of its parent Ally Financial.

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Axis Bank (India) launches WhatsApp Banking – Bank Anywhere,
Anytime on your favorite chatting app
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India’s third-largest private sector bank, Axis Bank is embarking on a partnership with the popular chatting app –
WhatsApp – to offer basic banking services to its customers. This will allow customers to seek information regarding their
account balance, recent transactions, credit card payments, fixed and recurring deposit details, besides getting their queries
answered in real-time. By using WhatsApp Banking, customers can now chat with Axis Bank for their queries related to
their banking transactions, information like nearest branch, ATM or loan centre location, and can apply for various
banking products as well. They can also block their credit or debit card using the secure end-to-end encrypted messaging
channel. This initiative is in line with the Bank’s ‘Dil Se Open’ philosophy, to build sharper customer focus and greater
convenience through constant innovation. Axis Bank WhatsApp Banking is available 24x7, including holidays, and the
service will be available for both customers and non-customers of the bank. It is completely safe, as it works on a secure
end-to-end encrypted messaging channel.

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Solution Updates
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Axis Bank (India) launches Wear ‘N’ Pay, a range of new age payment
solutions
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Axis Bank, country’s third-largest private sector bank, has stepped up their game in the contactless payments segment by launching
its own range of wearable contactless payment devices, thus, making payments truly on-the-go and convenient for its customers. Axis
Bank partnered with Thales and Tappy Technologies to design and create these products, which are exclusively available on the
Mastercard platform. With the launch of its wearable devices brand, ‘Wear ‘N’Pay’, Axis Bank has become the first bank to introduce
a new line of wearable devices that can be incorporated into existing accessories or worn easily to carry out contactless transactions
on the go. These devices come in a variety of accessories like band, key chain and watch loop that factor in practical usage and are
available at a fee point of Rs. 750, making it affordable for customers. The wearables are directly linked to the customers’ bank
account and function like a regular debit card. This allows purchases to be done at any merchant who accepts contactless transactions.
Wear N Pay devices can be purchased via phone banking or at any Axis Bank branch. Non-customers can also enjoy ‘Wear ‘N’ Pay’
devices by opening an account either online through Video KYC or by visiting their nearest Axis Bank branch.

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Muscat (Oman): Meethaq launches 1st Shari’a compliant co-branded
credit card with cashback feature in Oman in association with LuLu
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Meethaq the pioneer of Islamic banking in Oman from Bank Muscat, has announced the launch of the first Shari’a-compliant co-branded cashback credit card in Oman. The new credit
card is being launched in association with leading hypermarket chain, LuLu Hypermarket, to offer a number of exclusive benefits such as loyalty points/cashback, special discounts
and flexible payment options. Cardholders will be eligible to earn up to 2% cashback on their transactions, which can then be redeemed when buying products from LuLu hypermarkets
across Oman. Meethaq has enabled various options to make secure payments worldwide and is a preferred electronic payment services provider in Oman’s Islamic banking sector.
Offering the best deals and rewards, Meethaq credit cards are a big attraction with customers, providing them with the convenience and flexibility in making day-to-day transactions
at shopping malls, restaurants or at international destinations. The bank encourages the use of credit cards, which allows individuals to spend in a disciplined manner and keep track
of all their transactions through electronic monthly statements. Meethaq Credit Cards also come with an array of features and benefits, which include wide acceptance, contactless
payments, 24/7 customer service, OTP service for online transactions SMS alerts for transactions and up to 52 days of payment grace period. In addition, Meethaq offers a range of
credit cards with different features and benefits suitable for the needs of its various personal banking customer segments. These include the Meethaq-LuLu co-branded credit card,
Hafawa Visa Signature credit card, the Titanium Mastercard credit card and the Standard Mastercard credit card. All Meethaq credit cards are based on the concept of Ujrah without
any interest charges as per Shari’a rules and principles. Meethaq extends support to all key economic sectors with innovative Shari’a based products. It is well positioned to provide
Islamic financial expertise to all segments and thereby promote the good of society as a whole. Meethaq Islamic Banking, which has been recognised as the Best Islamic Bank in Oman
in 2019 by Islamic Finance News, has adopted the best practices in Islamic banking and finance worldwide. Every Meethaq product goes through the process of Shari’a-compliance
certification by the Shari’a Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.

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Bank OZK (USA) Receives Approval for Clean Solar Energy Initiative
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Bank OZK announced it has received approval from the Arkansas Public Service Commission and the Federal Deposit
Insurance Corporation to construct a solar power plant. The solar plant will be the third-largest commercial solar facility
dedicated to a private sector customer in the State of Arkansas, and it is expected to have generating capacity of
4.8-megawatts DC of electricity. The APSC approval sets in motion the Bank’s $6 million sustainable energy initiative to
produce enough renewable energy to power the Bank’s recently completed corporate headquarters in Little Rock and up
to 40 more Bank offices in Arkansas. The Bank will soon finalize the purchase of the site for the solar power plant and
begin construction. Scenic Hill Solar, LLC, of North Little Rock, Arkansas, will develop and oversee construction of the
solar power plant for the Bank, which will include over 11,000 solar panels on a single-axis tracking system. Over the
course of a year, the facility is expected to generate more than 8.1 million kilowatt-hours of electricity, enough to provide
the electricity equivalent for over 1,000 homes for 12 months.

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BBVA (Peru) launches the first sustainable index fund in Spain
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BBVA Asset Management (BBVA AM) and BBVA Quantitative Investment Strategies have joined forces to launch the investment
fund Bindex ixESG Global Leaders Indice, FI, the first sustainable index fund registered in Spain, and which also complies with the
criteria of the European Union's sustainable finance disclosure regulation. It is a product intended primarily for institutional investors.
The fund makes a complete physical replica of the Solactive BBVA ixESG Global Leaders Index thematic index designed by BBVA
QIS, the BBVA unit specialized in the manufacture and distribution of quantitative investment strategies. It is a global equity index
that seeks to represent the behavior of companies in global developed markets that meet ESG (environmental, social and corporate
governance) criteria. This will be the first fund registered in Spain that promotes environmental or social characteristics in accordance
with the criteria established by article 8 of the EU regulation on disclosure of information related to sustainability in the financial
services sector. In this way, BBVA QIS takes a step forward by making the most innovative sustainable investment strategies
available to its clients in an investment fund format, one of the most popular vehicles.

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CommBank (Australia) unveils new buy now, pay later offering
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Commonwealth Bank of Australia has unveiled its new Buy Now, Pay Later (BNPL) offering which can be used
anywhere debit and credit card payments are accepted. It will begin rolling out to eligible CBA customers from
mid-2021. Available to eligible CBA customers, the new BNPL links to a CBA bank account, with no ongoing fees and
at no additional cost to businesses. With industry average BNPL costs to businesses at around 4 per cent per
transaction, BNPL fees are costing Australian businesses hundreds of millions of dollars a year. When customers shop
with CommBank’s BNPL, businesses will pay no additional fee above standard merchant service fees. CommBank’s
BNPL will apply robust criteria to approve customers based on specific eligibility and credit assessments.

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Emirates NBD (UAE) integrates website with UAE PASS for seamless
digital account opening
19
Emirates NBD, a leading banking group in the MENAT region, announced that it has integrated its website with UAE PASS, the secure national
digital identity and signature solution, enabling individual customers to seamlessly open a bank account using their UAE PASS credentials.
Emirates NBD is among the first banks in the country to integrate with UAE PASS, implemented jointly by the Telecommunications Regulatory
Authority (TRA), Abu Dhabi Digital Authority and Smart Dubai organizations. UAE PASS enables users to identify themselves through
smartphone-based authentication, as well as sign documents digitally with a high level of security. By downloading the UAE PASS app and
completing registration at one of over 300 UAE PASS kiosks in the UAE, the user will have a single digital identity across various government
entities, as well as various other service providers. The integration will allow potential customers to quickly and seamlessly open a bank account
on the bank’s website (www.emiratesnbd.com) by eliminating the need to manually type in personal information on online forms. Users will now
be able to log in with their UAE PASS credentials when signing up for a new Emirates NBD account and forms will be automatically completed
with their details along with auto-uploading of documents, thus saving time and effort. The initiative is part of the bank’s ongoing commitment to
simplifying banking through digital innovation and complements the instant digital account opening service for individual customers available
through the Emirates NBD Mobile Banking app.

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Dp World, Uae Region Achieves 100% Conversion in Customer Transactions,
Leveraging Emirates Nbd (UAE) Digital Collections Solution
20
The region’s smart trade enabler, DP World, UAE Region leveraged Emirates NBD’s digital collection solution to convert 100
per cent of related counter transactions to online collection on its Smart Transactions platform in 2020. The initiative was
operated in collaboration with Emirates NBD Corporate & Institutional Banking. Underscoring the relevance of conducting
business online and remote working during the ongoing pandemic, DP World, UAE Region, utilised Emirates NBD’s advanced
digital infrastructure and expertise to create a digital collections solution. It offers a safe, secure and easily accessible digital
alternative to DP World, UAE Region’s customers for paying fees. The customers opting for digital transactions reflects the
remarkable success of the collaboration between DP World, UAE Region and Emirates NBD to help Prepaid and Advance port
customers. Paperless Advance Deposit Account and Prepaid Account Top Up are two solutions that are being widely used for
transactions. The enhanced receivables solution employs an Application Programming Interface (API)-based integration between
DP World, UAE Region’s collection (ERP) system and Emirates NBD’s cash/cheque deposit machines (CDM).

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Northern Trust (USA) Launches Operational Risk Consulting Service for
Front Office Solutions Business
21
Northern Trust Front Office Solutions announced the launch of Operational Risk Consulting, a bespoke service that provides management consulting with a specialized
focus on investment operations. The service deploys the expertise of Northern Trust as an industry leader in asset management and asset servicing to identify
enhancements to operating models and drive operational efficiencies. As organizations evolve, Operational Risk Consulting can provide enhancements to front, middle,
and back offices, advising on the adoption of new technologies and recent trends toward consolidation. Along with asset management firms, organizations such as
outsourced chief investment officer (OCIO) firms and family offices are looking for help in building out robust and future-proofed operations as they grow in complexity
and sophistication. Within the Operational Risk Consulting offering, solutions can be provided through a variety of disciplines, including:
• Advisement on operating model enhancements and risks
• Technology and system evaluations
• Vendor and service provider assessments
• Operational process gap analysis
Northern Trust Operational Risk Management Solutions is part of Northern Trust Front Office Solutions, an integrated, cloud-based service and data platform that
enables investment offices to analyze data from disparate sources across all asset classes in a centralized repository. The platform is enhanced by a la carte support
services, including Operational Risk Management, and outsourced middle- and back-office services. For more information, visit northerntrust.com/solutions.

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OCBC Bank (Singapore) is first in Southeast Asia to enable face verification
for ATM banking transactions
22
The introduction of facial biometrics for ATM services by OCBC Bank takes Singapore closer to eliminating the need to carry around an ATM
card, which can be skimmed or stolen. The first transaction which can be performed using face verification on OCBC Bank ATMs is account
balance enquiries, which will be first rolled out on eight ATMs around Singapore. OCBC Bank will extend face verification for cash
withdrawals to all OCBC Bank ATMs in Singapore progressively. This latest innovation comes after the nation’s first and only rollout of QR
code cash withdrawals in July 2019. Account balance enquiries and cash withdrawals are the most used ATM services, making up close to 8
in 10 of all ATM transactions performed by OCBC Bank customers. Thus, to provide added convenience to customers accessing high-touch
ATM services, OCBC Bank is the first to tap Singapore’s National Digital Identity infrastructure, SingPass Face Verification, to securely
verify customers for banking transactions at ATMs without the need for ATM cards. A customer’s scanned face is matched and verified against
Singapore’s national biometric database containing the images and identities of 4 million Singapore residents. This convenient access to ATM
banking services is a secure alternative to using physical ATM cards. Face verification is embedded with security features to prevent fraud,
including liveness-detection technology that detects and blocks the use of photographs, videos, or masks during the verification process.

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OCBC Bank (Singapore) launches ‘ECO-CARE’ car loan package for
purchase of electric vehicles
23
OCBC Bank launched its enhanced electric vehicle loan (called OCBC ‘Eco-Care’ car loan package) at a preferential pricing
of 1.68% per annum flat fixed rate for the entire tenure of the loan, compared to more than 2.00% for petrol and
diesel-powered vehicles. In addition, leveraging OCBC Bank’s strategic partnership with Charge+, an operator and provider
of electric vehicle charging solutions serving a range of property segments comprising residential (landed, condominiums and
public housing), commercial and industrial buildings, OCBC Bank ‘Eco-Care’ car loan customers will get up to 12 months of
free charging at all Charge+ charging stations. Those staying in condominiums who buy an electric vehicle from Jaguar under
Wearnes Automotive will also receive an additional 6 months of free charging whereas Customers staying in landed properties
will get a free Charge+ charging station and its installation. OCBC Bank has been offering car loans for electric vehicles since
2017. With the recent spate of initiatives and regulations announced to encourage the adoption of electric vehicles, OCBC
Bank expects the demand for the OCBC ‘Eco-Care’ car loans to grow substantially over the next two years.

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Yes Bank (India) Launches Yes Essence, A Banking Proposition Customized
For Women From Every Walk Of Life
24
YES BANK announced the launch of YES Essence, a holistic banking proposition for women across customer segments –
homemakers, salaried professionals, entrepreneurs and senior citizens. Every woman is unique and has different aspirations,
each equally important. Coming from different walks of life and viewing success in innumerable ways, they craft their own
unique stories. Power packed with a range of attractive offers, solutions and products for women covering categories like
lifestyle, wellness, education, protection and investment, YES Essence celebrates the uniqueness of women through curated
offerings and inspires them to fulfill their aspirations, by encouraging them to be who they essentially are - BeYourself. YES
BANK will celebrate the launch of this proposition with women customers throughout the Bank’s network of branches across
India from March 8-10, 2021. The holistic proposition offers a bouquet of solutions including complimentary healthcare
benefits, earn on auto sweep to FD, preferential pricing on loans, fee waiver on demat and trading account, wealth
management, offers on upskilling through partnerships, attractive lifestyle and shopping offers, among many more.

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ADIB (UAE) recognized at Gulf Customer Experience Awards for its
digital transformation strategy
25
Abu Dhabi Islamic Bank (ADIB), a leading financial institution, was recognised for its leading digital banking services at the 2021
Gulf Customer Experience Awards, securing the accolade in the Digital Transformation category. The Gulf Customer Experience
Awards celebrate excellence in customer, digital and employee experience across industry sectors. Each category has a panel of three
to six judges, with the scoring criteria endorsed by Cranfield University and the Customer Experience Professionals Association. The
award recognised ADIB’s digital banking offerings, a core aspect of the bank’s growth strategy. Following the Covid-19 pandemic,
demand for ADIB’s digital services accelerated, with the bank witnessing high levels of adoption across its retail and corporate
banking services. More than 78% of all customers are now active on ADIB’s digital banking channels. During the past year, 52% of
new ADIB customers opened their accounts digitally and 99% of retail financial transactions, including payments and fund transfers,
have been conducted digitally. ADIB has also introduced several innovative initiatives centered around enhancing convenience for
its customers, such as its remote sales platform which allows customers to interact with ADIB and apply for personal finance, covered
cards, takaful, and other banking products digitally.
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BPI (Portugal) and CaixaBank distinguished at the 10th edition of the
Euronext Lisbon Awards 2021
26
BPI, as a local financial intermediary, together with CaixaBank, as a Member of Euronext, won the Euronext Lisbon
Awards 2021 in the "Market Member in Bonds" category, which distinguishes the entity with the highest value traded
in Bonds at Euronext Lisbon, in last year. Both entities received this award for the first time, which recognizes the
leadership that BPI and CaixaBank have assumed in the securities brokerage market, in particular Bonds. Euronext
announced yesterday the list of winners of the 10th edition of the Euronext Lisbon Awards. Created in 2011, the
Euronext Lisbon Awards seek to distinguish issuers, financial intermediaries, and other institutions and people who, in
the last year, have stood out the most in the capital market.
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Bank Muscat (Oman) wins Wells Fargo Operational Excellence Award
27
Bank Muscat has won the Wells Fargo Operations Excellence Award for 2020. Bank Muscat’s exceptional quality of SWIFT messages on dollar payment and an outstanding
error-free rate for remittances were among the main criteria for receiving this award. The bank had won two similar awards from JP Morgan in 2020, and was recently named
by Global Finance as the Best Foreign Exchange Provider in Oman. International payments are an integral component of banking relationships in today’s global economy. The
accountability for quick and efficient processing is a shared effort by all financial institutions involved. Wells Fargo, which is among Bank Muscat's prominent correspondent
banks for dollar payments and provides Bank Muscat with high quality payment processing, seamless and efficient servicing and outstanding customer service, highly
appreciated the partnership. It recognised the bank’s commitment to the highest standards of quality, in particular Bank Muscat’s outstanding transaction processing quality and
dedication to operational excellence. Most importantly, this award is a recognition of the commitment to serving in line with its customer-centric vision. Wells Fargo
representatives commended the operational teams involved in processing dollar payments at Bank Muscat for the error-free rate maintained consistently throughout the high
volume of remittances processed during the year. Bank Muscat which has more than 500 correspondent banking relationships across the world is a multiple award winner whose
performance has been recognised both at the international and local levels. The bank’s Central Operations Electronic Payments department, Treasury back office and Global
Trade Services department handle fund transfer operations. As a prolific innovator in the financial sector, Bank Muscat won more than 30 international and local awards and
accolades in 2020 continuing its excellent performance from previous years. The bank regularly wins multiple awards across its different lines of business and operations in
recognition of its outstanding achievements and commitment to offering world-class banking services to all its customers. The bank is working steadily to further improve its
excellent portfolio of services and provide greater financial inclusion across the Sultanate.
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Bank Muscat (Oman) wins prestigious Best Investment Bank in Oman
Award from Global Finance
28
Bank Muscat, the flagship bank of the Sultanate of Oman, has been awarded the Best Investment Bank in Oman award by Global Finance magazine for 2021. The
prestigious award recognises Bank Muscat’s market leading investment banking offerings. Global Finance editors used a series of criteria including entries from banks,
market share, number and size of deals, service and advice, structuring capabilities, distribution network, efforts to address market conditions, innovation, pricing,
after-market performance of underwritings and market reputation along with inputs from industry experts to score and select winners. The magazine added that deals
announced or completed in 2020 were considered for the awards. Bank Muscat was involved in a number of transactions for the Government of Oman including a
dual-tranche Rule 144A/RegS bond issuance of US$ 2 billion and a rial denominated sovereign Sukuk issuance of RO 200 million. The Bank also provided financial
advisory and fund arranging services for a bridge loan facility to a leading Government Related Entity (GRE) in the electricity sector and the monetization of an employee
housing portfolio for a leading GRE. The bank has also commenced its Fintech investments through the BM Innovate dedicated investment vehicle. The bank prides
itself in its intricate understanding of complex business requirements of its clients, offering unmatched financial expertise and guidance, innovative solutions and wide
array of services for various customer needs. The award is a tribute to the consistency of performance and innovative strategies, which have further augmented the bank’s
position and reputation in a challenging market. Bank Muscat is the market leader in financial advisory and fundraising solutions encompassing corporate finance, project
finance, debt capital markets, debt refinancing and restructurings, IPOs, structured financings, quasi-equity financings, private placements, as well as mergers and
acquisitions in the Sultanate. Its team comprises some of the most experienced investment bankers in Oman having a wide experience across sectors and geographies.
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BMO (Canada) Named One of the World's Most Ethical Companies by
the Ethisphere Institute for the Fourth Year in a Row
29
BMO Financial Group has been recognized as one of the World's Most Ethical Companies for the fourth consecutive year
by Ethisphere, a global leader in defining and advancing the standards of ethical business practices. BMO is one of four
Canadian companies, the only bank in Canada, and one of only five banks worldwide, to be recognized in 2021, affirming
the bank's commitment to support a thriving economy, sustainable future, and inclusive society. The annual recognition
honours companies with individuals and leaders who are diligently working to build a world-class program and advance
an environment that is defined by integrity. It is an affirmation of the leadership of companies contributing to the greater
good. This award highlights the ongoing importance of culture and a shift in the purpose of corporations showcasing the
importance of broader stakeholders and sustainability. In 2021, 135 honorees were recognized spanning 22 countries and
47 industries.
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BBVA (Peru), the best investment bank in the world in sustainable
financing
30
BBVA has once again stood out in the 22nd edition of the 'Global Finance Best Investment Bank Awards’, in which the prestigious American magazine,
an expert in financial markets, recognizes the capabilities of investment banking. Global Finance has confirmed BBVA as the best investment bank in
the world in sustainable financing, a worldwide recognition of its constant effort to offer its clients a wide range of investment banking products and
solutions and accompany them in the transition towards a more sustainable future. The publication has already awarded the entity with the titles of best
sustainable financing investment bank in Western Europe and Latin America in the 2020 edition. This recognition constitutes an endorsement that
encourages us to continue on the path undertaken in February 2018, when BBVA announced its Commitment 2025, the entity's strategy to combat
climate change and promote sustainable development. This roadmap, in line with the Paris Agreement on Climate Change, will help the bank comply
with the United Nations Sustainable Development Goals, align its activity with a 2ºC scenario and achieve a balance between investments in sustainable
energy and fossil fuels. This strategy is based on three lines of action - financing, management and commitment - and will be the guide that will allow
the bank to mobilize 100,000 million eurosin green finance, sustainable infrastructure, social entrepreneurship and financial inclusion until 2025. At the
end of 2020, the bank has already mobilized more than 50,000 million euros. BBVA has the capacity, knowledge and experience to provide its corporate
and institutional clients with superior advice on sustainable financing solutions and is playing a key role in the development of this market.
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Canadian Imperial Bank (Canada): The “la Caixa” Foundation and CaixaBank allocate 500,000
euros to social entities to reinforce care for people with Down Syndrome during the pandemic
31
CIBC has been named among Canada's Best Diversity Employers by MediaCorp Canada Inc. for the eleventh year in
a row. MediaCorp Canada's editors make their selections based on top employers' inclusive and diversity initiatives.
CIBC's selection was based on the success of companywide initiatives aimed at promoting inclusion for five talent
segments: women, members of visible minorities, persons with disabilities, Indigenous peoples, and members of the
LGBTQ+ community. CIBC has continued to be recognized in other rankings for encouraging and implementing
inclusive employment opportunities for a number of groups, including the Black community, Indigenous peoples, and
young people.
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CIMB (Malaysia) Named Malaysia Bond House of The Year in Ifr Asia
Awards 2020
32
CIMB Investment Bank Berhad has been named Malaysia Bond House of the year in the IFR Asia Awards 2020, in recognition of its
outstanding performance in a series of complex and innovative debt financing deals and continued leadership in the Ringgit bond
market. Additionally, CIMB received the Malaysia Capital Markets Deal accolade for its role as joint global coordinator and joint
bookrunner for MR D.I.Y. Group (M) Berhad’s RM1.5 billion initial public offering. CIMB dominated the MYR bonds league table
during the IFR awards period, with a 30% share of the Malaysian ringgit bond market, underwriting RM30.4 billion (US$7.5 billion)
of new issues, according to Refinitiv data. According to IFR Asia, innovative deals by CIMB this year included Top Glove’s RM1.3
billion perpetual non-call five Islamic bond, a subordinated sukuk that helped to take advantage of surging global interest in the glove
manufacturer. The deal was priced at 3.95% - the lowest yield or profit rate for any ringgit-denominated perpetual outside the banking
sector. CIMB also arranged the RM1.7 billion multi-tranche sukuk for first-time issuer Pengerang LNG 2, quickly pricing the deal
just one month after establishing the programme. The final order book stood at RM5.14 billion, allowing the issuer to achieve pricing
tightening of 15bp-23bp from the initial guidance across 20 tranches.
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CIMB (Malaysia) Wins Four Awards for Customer-Driven Sme Initiatives
33
CIMB Bank Berhad and CIMB Islamic Bank Berhad garnered three awards at the Global Business Outlook Awards 2020 including Best SME Bank in Malaysia,
Best Digital Transformation Initiative for SMEs and Most Innovative Credit Card. Alongside this, the bank was also recognised with the Outstanding Digital
Innovation in SME Banking award by the Digital Banker Global Retail Banking Innovation Awards 2020. The wins are testament to CIMB’s SME Banking unit’s
focus on innovative, customer-centric programmes. This was amplified last year in response to the pandemic, with the bank looking at digitalising SMEs’
businesses and providing convenience through cutting-edge online banking solutions. This includes the CIMB BizChannel@CIMB Mobile app for business
customers, providing access to multiple accounts in multiple ASEAN countries on a single login, helping raise efficiency for account management across the
region. The solution was introduced during the movement control order (MCO) in March 2020 to also minimise the need for face-to-face and over-the-counter
procedures. CIMB’s customer journey was further enhanced by CIMB’s Amazing Customer Experience (ACE) productivity tool. The product leverages on
digitalisation and automation to significantly improve internal productivity and process efficiency through the elimination of time-consuming manual steps in the
commercial loan application process. Customers benefit from a much faster and streamlined SME financing process and remain informed through automated
notifications to their mobile number whilst also minimising the need for physical meetings. Beyond financial services, CIMB has collaborated with leading digital
companies to empower SMEs with the right skills and knowledge through webinars and talks to accelerate digital adoption. In the last two years, CIMB has hosted
over 700 business talks and webinars to help SMEs remain resilient and able to navigate this challenging time.
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Ethisphere Announces Fifth Third Bank (USA) as one of the 2021 World’s
Most Ethical Companies
34
Fifth Third Bank, National Association has been recognized by Ethisphere, a global leader in defining and advancing
the standard of ethical business practices, as one of the 2021 World’s Most Ethical Companies. announcement marks
the second time Fifth Third has been recognized by Ethisphere in the “banks” category. In 2021, 135 honorees were
recognized spanning 22 countries and 47 industries. Fifth Third is a top ten U.S. regional bank whose vision is to be
the one bank that people most value and trust. The Company is committed to doing the right thing in order to create a
great customer experience, an engaging workplace and healthy, vibrant communities. In addition, the Bank strives to
be a top quartile performer in environmental, social and governance (ESG) leadership and reporting. Fifth Third’s
ESG.
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Credit Bank of Moscow (Russia) gets higher ESG rating score from
RAEX-Europe
35
Having analysed Credit Bank of Moscow's (MKB) 2020 sustainability achievements, the rating agency RAEX-Europe decided to affirm the bank's ESG
rating at BBB[esg] with an 8% higher score. This rating action follows MKB's recognition as the leader among Russian banks 1 in RAEX-Europe's
ESG-ranking published in February 2021. Thus, the bank continues to strengthen its sustainable development positions in the Russian banking sector.
Importantly, even though the agency has tightened up its financial sector evaluation methodology as it now rates more companies, MKB has
demonstrated stronger results in all of the ESG rating components (E – environment, S – society and G –governance). Its governance rating has been
upgraded from А[g] to АА[g], and its social rating from BB[s] to BBB[s]. The consolidated rating of BBB means that MKB's management of ESG
related risks and opportunities is of moderately high level. MKB's major ESG achievements from early 2020 to date include the establishment of the
Supervisory Board's Strategy and Sustainable Development Committee to strengthen the sustainability dimension of its corporate governance system,
the formulation of its sustainable development strategy and improvement of its ESG bylaws; the expansion of its portfolio of "green" and social projects
in the form of loans, securities and arrangement of capital market transactions; the broadening of public disclosure of non-financial information; initial
introduction of ESG elements in various areas of the bank's business with the aim to both minimise its direct adverse environmental impact and manage
its indirect impacts. Furthermore, MKB set up a dedicated subdivision responsible for this area in 2020.
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Mizuho (Japan) receives highest award, the Minister of the Environment's Gold Award,
in the Japan Ministry of the Environment's 2nd ESG Finance Awards Japan
36
Mizuho Financial Group, Inc. has received the highest award, the Minister of the Environment's Gold Award, in the
Indirect Finance (General) Category of the Japan Ministry of the Environment's 2nd ESG Finance Awards Japan, an
awards program promoting the adoption and expansion of ESG finance. In addition, Mizuho Securities Co., Ltd. has
received the Bronze Award in the Financial Services (Securities) Category. Japan's Ministry of the Environment
established the awards to evaluate and recognize 1) investors and financial institutions proactively engaging in ESG
finance and green projects and thereby producing outstanding positive impacts for the environment and society, and 2)
corporate initiatives integrating environmental opportunities and risks into corporate strategy as a means to improve
corporate value and thereby producing positive impacts for both corporate value and the environment. Through the
awards, the Ministry of the Environment aims to share information about such positive actors and initiatives with society.
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RBC (Canada) recognized by Celent for excellence in Digitally Onboarding
Clients and Transforming Business Payments
37
As the banking industry continues to develop an unprecedented acceleration of digital banking and payment solutions, the Royal Bank of
Canada (RBC) received multiple awards from Celent for its leadership in digitally onboarding clients and transforming business payments.
The Celent Model Bank Award for Digital Onboarding recognizes the speed at which RBC became the first major bank in Canada to offer
remote account open experiences and ID verification (IDV) solutions for both personal and business clients. The offering, which is powered
by RBC’s IDV technology, features self-serve, advisor assisted and in-branch account open options. RBC also received the Celent Model
Bank Award for Payments Transformation. The award recognizes RBC’s holistic approach to transforming payments to encourage adoption
and optimize use cases by embedding e-payments in workflows and translating relevant payment data into valuable client insights. A solution
that drove this transformation is RBC PayEdge (formerly WayPay). It’s the first payments platform offered by a bank in Canada that allows
businesses to combine multiple funding sources no matter a client's bank or account type, pay suppliers in the payment form they wish to be
paid in, and gain more flexibility with their working capital tools so they can benefit from early pay discounts with suppliers. The award also
called out RBC for being first to market with the Interac e-Transfer®: Bulk Request Money functionality.
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RBC (Canada) Capital Markets wins 2021 Celent Model Sell Side Award
for its Aiden® AI-powered electronic trading platform
38
RBC Capital Markets has won the inaugural Celent Model Sell Side Award for its development of Aiden®, an AI-powered
electronic trading platform built in partnership with Borealis AI. The award highlights RBC’s vision to be one of the best
in the world at unlocking the potential of AI for clients in a responsible and explainable way. Celent’s Model Sell Side
Awards recognize the best practices of technology usage in different areas critical to success in capital markets. In order
to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence.
The Aiden® platform officially launched in October 2020 with a VWAP algorithm available to RBC Capital Markets’
global clients trading in U.S. and Canadian equities. In jointly developing Aiden®, both RBC Capital Markets and
Borealis AI, a world-class AI research center created by RBC, undertook one of the biggest challenges in the field of AI–
applying deep reinforcement learning into a constantly changing environment like equities trading, with measurable and
explainable results for its users.
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Wells Fargo (USA) Wins Celent Model Bank Award for Embedded
Finance
39
Celent has recognized Wells Fargo as its 2021 Model Bank winner for Embedded Finance. The bank was recognized for its Software
Development Kit (SDK) enabling Wells Fargo’s business clients to seamlessly embed a credit card application with near-instant financing into
their ecommerce purchase flow. Wells Fargo’s SDK revolutionizes the customer experience by providing a card open experience within the
online purchase flow; for example, during shopping cart check-out. With Wells Fargo’s innovative service, the customer is not redirected to
an external site, and the business client isn’t responsible for collecting and managing sensitive customer information, simplifying the overall
experience. Wells Fargo is one of the first large banks to offer this service in an easy-to-use, fully customizable user interface drop-in. The
SDK features bank-grade security, sample applications, documentation, call backs, tokenization, and workflow management, lowering the
technical burden on business clients and making integration easier. Celent’s annual Model Bank Awards recognize the best practices of
technology usage in different areas critical to success in banking. Nominations are submitted by financial institutions and undergo a rigorous
evaluation process by Celent analysts. Celent judges submissions on three core criteria: demonstrable business benefits of live initiatives, the
degree of innovation relative to the industry, and the technology or implementation excellence.
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Northern Trust (USA) Selected by Osmosis Investment Management to
Support Fossil Fuel Free Common Contractual Fund
40
Northern Trust announced it has been selected by Osmosis Investment Management (Osmosis) to provide fund administration, global custody and
depositary services for the Osmosis Resource Efficient Core Equity (ex-fossil fuels) Fund in a Collective Investment in Transferable Securities
(UCITS) Common Contractual Fund (CCF). The strategy, which Osmosis developed amid growing investor appetite to remove carbon risk from
investor portfolios, will allow institutional investors to target an uncorrelated source of sustainable alpha from their core equity exposure, with a
positive environmental focus. This latest addition to its suite of resource efficient strategies brings Osmosis’ex fossil fuel assets under management
to over US$600 million. The appointment extends the relationship between both organizations – Northern Trust supports several Osmosis funds,
including the Osmosis Resource Efficient Equity Market Neutral Fund, launched in 2018. The CCF is a tax-transparent fund vehicle, allowing its
underlying investors to benefit from double taxation treaties to reduce withholding taxes in markets that recognize transparency as if they held the
assets directly. Created in 2004 as a solution for cross-border pension fund pooling, tax-transparent funds have developed as an optimum vehicle
for asset managers to facilitate cross-border distribution of funds to institutional investors. Northern Trust services US$297 billion in
tax-transparent funds globally and its expertise in administering European tax-transparent fund vehicles was among the key reasons for its
appointment.
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Bank of Jinzhou (China) and Jianlong Group signed a strategic cooperation
agreement
41
Bank of Jinzhou and Jianlong Group signed a strategic cooperation agreement between banks and enterprises on the 34th
floor of the head office. When you go to work, you will have a good start to the cooperation between banks and enterprises.
President and Jianlong Group Vice President signed a strategic cooperation agreement on behalf of both parties. Over the
years, the sincere cooperation between Bank of Jinzhou and Jianlong Group has jointly promoted the development and
growth of both parties. The signing of this strategic cooperation agreement marks a new level of cooperation between
Bank of Jinzhou and Jianlong Group. According to the agreement, in the future, the two parties will carry out in-depth
cooperation in comprehensive credit extension, multi-channel financing, asset management, investment banking, financial
market business, personal business, domestic and foreign linkages, etc., to achieve mutual benefit, win-win and common
development. Before the signing of the agreement, the two parties had an eager and in-depth discussion and exchanges on
deepening the strategic cooperation between banks and enterprises and seeking common development plans.
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Bankia (Spain) and Randstad renew their ‘Empleo en Red’ programme,
which has helped over 1,600 customers of the bank
42
Bankia and Randstad have renewed their collaboration agreement for the ninth consecutive year to continue
developing the ‘Empleo en Red' programme (Online Employment), through which they have advised 1,636 Bankia
customers, of which 753 have found a job, an employability rate of almost 46%. The ‘Online Employment’programme
was launched in 2013 with the aim of supporting the job placement of people at risk of exclusion and is aimed at all
Bankia customers and their spouses or first-degree relatives who are unemployed. The initiative, which highlights the
commitment of both entities to employability, provides support to people in vulnerable situations, such as professionals
over 45 years of age who have been unemployed for more than a year, victims of gender-based violence, people with
disabilities, single-parent families and first-time immigrants.
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Bankia (Spain) and Fundación Montemadrid will allocate 1.3 million to social
and environmental projects in Castilla-La Mancha and Madrid
43
Bankia and Fundación Montemadrid have signed a collaboration agreement whereby they will allocate a total of 1.3 million euros to social and
environmental entities that carry out their projects in Comunidad de Madrid and Castilla-La Mancha this year. The ninth edition of the ‘Call for Social
Action’, starting on 3 March, will select projects by non-profit organisations in both regions aimed at employability, fight against poverty and inequality,
autonomy, support for the elderly and children, as well as fostering research and volunteering. Up until this edition of the Call for Social Action, Bankia
and Fundación Montemadrid have directly benefited more than 760,000 people, around 90,000 people a year, through more than 600 projects supported
with 8 million euros. In addition, over the coming months Bankia and Fundación Montemadrid will promote the ‘3rd Environment and Sustainable
Development Call’ with the aim of supporting associations that develop initiatives to deal with the climate emergency. In the two calls for proposals
already held, a total of 30 projects have been supported in Castilla-La Mancha and Comunidad de Madrid. The signing of this agreement, which took
place at the Casa de las Alhajas, headquarters of Fundación Montemadrid, was attended on Bankia’s part, by the corporate manager in Castilla-La
Mancha and Extremadura, Jaime Campos; the corporate manager of the Madrid North area, Juan Luis Vidal; and the director of Responsible
Management, David Menéndez, and from Montemadrid, its deputy general manager of Programmes and Centres, Cristóbal Sánchez.
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Bankia (Spain) renews its collaboration with the Museo de Arte Contemporáneo
Esteban Vicente of Segovia
44
Bankia has renewed, for the sixth consecutive year, its collaboration agreement with the Museo de Arte Contemporáneo
Esteban Vicente of Segovia with the aim of promoting the cultural activities carried out by the institution, always in
accordance with the health recommendations derived from the pandemic. The signing of the agreement, which took place
at the Provincial Council of Segovia, was signed by Bankia’s Regional Corporate Director in Castilla y León, Bankia’s
Segovia Centre-South regional director, and the chairman of the Esteban Vicente Museum of Contemporary Art and the
president of the Segovia Provincial Council. The event was also attended by the curator-director of the Esteban Vicente
Museum of Contemporary Art. The Museo de Arte Contemporáneo Esteban Vicente houses the collection of works
donated by Esteban Vicente, the only Spanish member of the first generation of the New York School of American
Abstract Expressionism. The exhibition of this permanent collection is alternated with temporary exhibitions and various
activities, such as conferences, recitals, film series and concerts.
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Barclays (UK) partners with Solactive to launch the Solactive Climate Change
Europe BTI Index
45
In partnership with Solactive, Barclays announces the launch of the Solactive Climate Change Europe BTI index.
Returns of the new index are available to clients through products exclusively offered by Barclays. The index has been
designed to meet the needs of investors looking to explore investment opportunities arising from the global move to a
lower-carbon economy. Using ‘right. based on science’s’ unique scientific data, the index tracks and invests in
European companies which are aligned with a 2°C global warming scenario through to 2050 and maximizes investor
exposure to companies with emission reduction targets. The index is also designed to enhance return profiles by
applying additional smart beta filters, only including stocks with both lower volatility and a consistent track record of
growing dividends.
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CIBC (Canada) joins Partnership for Carbon Accounting Financials
46
CIBC announced it has joined the Partnership for Carbon Accounting Financials (PCAF), an initiative led by the financial industry to develop a harmonized global
standard to measure and disclose the greenhouse gas emissions (GHG) of loans and investments. Using jointly developed GHG accounting methodologies will
help enable CIBC to align its targets with the Paris Climate Agreement. CIBC's recent highlights and actions towards a sustainable future include:
• Recently became the first Canadian bank to join RMI's Center for Climate-Aligned Finance.
• In 2019, CIBC committed $150 billion in support of environmental and sustainable finance activities by 2027 and has achieved 28 per cent of this goal.
• In 2020, issued a US$500 million, five-year green bond to help finance new and existing green projects, assets, and businesses that mitigate the risks and effects
of climate change. These include renewable energy, green buildings, clean transportation, natural resource conservation, biodiversity conservation, energy
efficiency, and pollution prevention and control.
• Also in 2020, CIBC Asset Management committed to the Responsible Investment Association's investor statement on diversity and inclusion.
• Ranked among the top-tier of global banks for climate change action by the Carbon Disclosure Project (CDP).
• In 2019, issued the climate-related disclosure report "Building a Sustainable Future," aligned with the Task Force on Climate-Related Financial Disclosures.
Sustainability is at the heart of CIBC's purpose: to help make ambitions a reality. Guided by this purpose, CIBC integrates sustainability into every aspect of its
business, focusing on environmental, social and governance (ESG) matters of importance to its clients and communities.
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Comerica Bank (USA) to Partner with Detroit Association of Black Organizations and Mackenzie Noble Community
Collaborative Drug Free Coalition on Free Financial Education Series for Youth and Young Adults
47
Comerica Bank will launch a collaboration with the Detroit Association of Black Organizations (DABO) and
Mackenzie Noble Community Collaborative Drug Free Coalition (MNCC-DFC) to deliver the Comerica’s Money
$ense Program beginning Tuesday, March 9. The free financial empowerment series, "Teaching Your Dollars Some
Sense," is a four-week informational series focused on educating youth and young adults about financial literacy. The
financial empowerment series furthers Comerica’s support and commitment to DABO built on a lengthy partnership
that dates back more than 40 years to DABO’s founding in 1979. Most recently, Comerica Bank and the Comerica
Charitable Foundation provided $30,000 in funding to provide COVID-19 relief last year. In 2020, DABO formed a
network of partners, including Comerica Bank, to help battle and thwart the highly contagious and deadly coronavirus
through free testing.
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Virgin Money (UK) agrees partnership with entrepreneurship experts Virgin
StartUp
48
Virgin Money announces its partnership with Virgin StartUp which will benefit tens of thousands of early-stage business founders. Virgin StartUp
offers expert advice, guidance and support to entrepreneurs and small businesses, and will bring this expertise to Virgin Money customers to help
them start and scale their businesses. The partnership comes as data from Companies House suggests the pandemic has seen over 90,000 more
businesses created in 2020 than in 2019. Virgin StartUp is an independent, not-for-profit organisation with a keen focus on entrepreneurship,
founded in 2013 by Sir Richard Branson. Virgin StartUp exists to empower founders to not only start-up and survive, but thrive, by providing
business advice, funding, mentoring, training and networking to thousands of founders around the UK each year. Now, more than ever, small
businesses need support; new data from Companies House reveals that 768,777 new businesses were incorporated in 2020, up over 13% on 2019
(678,419). This suggests that the pandemic has created a surge in entrepreneurship, with many seizing the opportunity for innovation. all Virgin
Money business customers, including those under the Clydesdale and Yorkshire Bank brands, will have access to the support provided by Virgin
StartUp and be able to join its growing community of 190,000 founders and future founders. As well as providing guidance and support for SMEs,
this partnership will also provide them with the opportunity to take part in a range of discounted training opportunities, as well as access to new
digital resources, including podcasts and video guides, which are being developed by Virgin StartUp in conjunction with Virgin Money.
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Virgin Money (UK) expands partnership with FinTech Life Moments
49
Virgin Money is expanding its partnership with FinTech digital coaching company, Life Moments, to capture the data needed to provide Sustainability Linked
Loans, which will form part of the Virgin Money offer to business banking customers. The agreement is the latest partnership from Virgin Money as it
continues to develop its working capital health proposition, which will be launched in the Autumn. This will transform the Bank’s existing business current
account and forms part of its commitment relating to the recent £35m award from the Banking Competition Remedies (BCR) Capability and Innovation
Fund. Life Moments is a leading provider of digital coaching propositions and tools to improve customer experience and generate data insight. The company
has worked with the Bank since early 2020, developing and launching Virgin Money’s Home Buying Coach app, designed to simplify the home purchase
process and help first time buyers on to the property ladder. The company will now work on digitising and capturing customer responses to an ESG
benchmarking tool, developed by the Bank in conjunction with Future-Fit Business, as well as integrating the results and data into the Bank’s new Business
Current Account Wellness Tracker, providing tailored digital coaching for businesses. Virgin Money, which joined the Future-Fit Development Council last
year, is the first company in the financial services industry to use the Future-Fit Benchmark for commercial banking. The tool, which can be used by any
business of any size, whether they are a Virgin Money customer or not, has a user-friendly set of questions to help a company understand its current position,
via both an ESG score and guidance on the steps that could be taken to create a more sustainable model.
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Emirates NBD (UAE) launches anti-phishing campaign in collaboration with
Dubai Police
50
As part of its commitment to safe, secure banking, Emirates NBD, a leading banking group in the MENAT region, in partnership with
Dubai Police joined hands with Leo Burnett, Dubai to launch a UAE-wide anti-phishing awareness campaign to educate the public
on how to identify and protect themselves against highly deceptive tactics fraudsters employ. The public service campaign is part of
Emirates NBD’s ongoing initiatives to remind customers although fraudsters might be sitting miles away, the internet brings them
dangerously closer to us. It urges people to never share their password or CVV, never trust unverified vaccine registrations links, and
never wire money or make a donation without proper verification. Because when they do not verify the source, they make a
fraudster’s job easy. The heart of the campaign is a shareable, social satire comedy film ‘How To Grow Rich During The Pandemic’,
showcasing the lavish lifestyle of a fictional fraudster named James Jefferson playing different roles as he impersonates legitimate
organisations via various means in order to steal sensitive information, with the serious message “Don’t Make the Fraudster’s Job
Easy. The film was accompanied by a stealth social media campaign following the outrageous life of James Jefferson via his
Instagram handle @jjj_jefferson who was finally revealed as a fraudster.
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LINE and Mizuho (Japan) Announce Additional JPY 12 billion Investment and
Change to Management Structure of LINE Bank Preparatory Company
51
LINE Corporation and Mizuho Financial Group, Inc. announced that their respective subsidiaries, LINE Financial Corporation and Mizuho Bank,
Ltd., have jointly agreed to make an additional JPY 12 billion investment and a change to the management structure of LINE Bank Preparatory
Company. LINE Financial and Mizuho Bank are taking these necessary steps as they proceed with preparations to establish a new user-friendly
“smartphone bank” connected to the LINE app, with the aim of establishing a new bank in Japan within fiscal year 2022, subject to approval by
relevant authorities. LINE Bank Preparatory Company strives to provide financial services via smartphone to meet the needs of users of all ages,
as the need for services has grown with the wider use of cashless payments since the outbreak of COVID-19 and the acceleration of digital
transformation. Being developed as the only smartphone-based bank which can function as users’ primary banking institution and where all
transactions can be completed solely via messenger app, this bank will be integrated into the LINE app, allowing for utmost convenience for the
digital generation. In order to further accelerate system development prior to launching the banking service, LINE Financial and Mizuho Bank will
make an additional JPY 12 billion investment in LINE Bank Preparatory Company, increasing its capital reserve to JPY 16.5 billion. Additionally,
in order to strengthen cooperation between LINE Financial and Mizuho Bank and reinforce their joint commitment as equal partners, a Co-CEO
management structure will be introduced.
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Northern Trust (USA) Enters Strategic Agreement with Two Sigma to Provide
Leading Quantitative Analytics Capabilities
52
As part of its strategy to provide integrated products, services and technology across the whole office, Northern Trust has entered into
a strategic agreement with Two Sigma to offer Venn, a cloud-based investment analytics platform, to its clients. Venn by Two Sigma
will help Northern Trust provide asset allocators with enhanced portfolio insights and analytics designed to help investment teams
make more confident asset allocation, manager selection and quantitatively driven investment decisions. Through this strategic
relationship, Northern Trust clients can gain seamless access to Venn to take advantage of advanced portfolio analytics tools.
Northern Trust has enabled certain data flows through to the Venn platform via APIs, allowing clients to benefit from the integration
with both Northern Trust’s Front Office Solutions and Investment Risk and Analytical Services offerings. The Two Sigma
relationship already supports a number of mutual clients and is an extension of Northern Trust Whole Office, an approach that
integrates Northern Trust’s architecture alongside innovative partners, facilitating client access to new technologies, services and
solutions. As asset allocators and managers seek to drive performance and lower costs, the Whole Office ‘platform’ approach offers
value to key areas of need – in particular, optimization of the front office investment process.
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OCBC Bank (Singapore) and Charge+ form strategic partnership to 'green'
Singapore's land transport sector
53
OCBC Bank and Charge+, an operator and provider of electric vehicle (EV) charging solutions, have entered into a strategic partnership to
accelerate the ‘greening’ of Singapore’s land transport sector. The memorandum of understanding (MOU) signed by the two companies will
give a boost to Charge+’s plans of installing 10,000 EV charging points islandwide by 2030. Charge+ serves a range of property segments
comprising residential (condominiums and public housing), commercial and industrial buildings, thereby contributing to the Singapore
government’s revised target of 60,000 EV charging points by 2030 which was announced last week as part of the Singapore Green Plan 2030.
To support Charge+’s goal, under the MOU, OCBC Bank will leverage its extensive coverage of the real estate sector to encourage its property
developer and property owner customers to install charging points at their premises. In addition, the two parties plan to develop incentives to
encourage OCBC Bank customers to purchase electric vehicles and charge them at Charge+’s charging points. OCBC Bank, as Charge+’s
preferred banking partner, will implement digital payment solutions for the charging service, and look into the financing for the infrastructure.
In light of the Bank’s ambition of building a S$25 billion sustainable finance portfolio by 2025 – a target that was announced in June last year
– clean transportation had been identified as a sector of strategic importance given its high growth potential for sustainable financing.
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Piraeus Bank (Greece) agrees the sale of its merchant acquiring unit and
enters into a strategic partnership with Euronet Worldwide
54
Piraeus Financial Holdings ‘subsidiary, Piraeus Bank, strikes a long-term strategic partnership with Euronet, comprising the
carve-out and sale of its merchant acquiring business unit, as well as the formation of an exclusive long-term sales and
distribution partnership, for an initial period of 10 years. Piraeus Bank and Euronet Worldwide have signed a binding
agreement for the sale of 100% of Piraeus Bank’s merchant acquiring unit. The total consideration for the transaction amounts
to €300mn. Backed by the technological capabilities and first-class expertise of an international payments provider like
Euronet Worldwide, Piraeus Bank ensures that its merchant acquiring offering will remain cutting-edge and enhances its
value proposition for Greek merchants going forward. Following the completion of the transaction, which is envisaged for
H2.2021, Euronet Worldwide will act as Piraeus Bank’s exclusive long-term partner for the provision of merchant acquiring
services to Piraeus Bank customers. As part of the transaction, Piraeus Bank will also receive rebates on future net fee income
generated by the merchant acquiring business.
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Piraeus (Greece) and Intrum sign a binding agreement for the Vega NPE
portfolio
55
Piraeus Financial Holdings S.A. and Intrum AB have signed a binding agreement for the sale of thirty percent (30%) of the mezzanine notes of the Vega
securitization. Piraeus Bank submitted application for the inclusion of the Vega securitizations in the "Hercules" Asset Protection Scheme pursuant to
Law 4649/2019. The application relates to the provision of a guarantee by the Greek State on the senior notes of c.€1.4bn. The implied valuation of the
Vega portfolio based on the anticipated fair value of the senior notes and the sale price of the mezzanine notes corresponds to c.31% of the total gross
book value of the Vega portfolio. Pro-forma for the Vega and Phoenix transactions (the latter already signed as well), Piraeus Bank’s NPE ratio is
reduced to c.36% from 47%, while the NPE coverage ratio improves to c.47% from 45% in September 2020. The expected negative capital impact of
the Transaction stands at c.1.9 percentage points over September 2020 total capital ratio, taking into account the P&L effect and the RWAs relief. The
Transaction is subject to all customary approvals, including the consent of the Hellenic Financial Stability Fund. Conditional upon requisite supervisory
and corporate approvals, Piraeus Financial Holdings is contemplating to distribute sixty-five percent (65%) of the mezzanine notes of the Vega
securitization to its shareholders, while Piraeus Bank will retain five percent (5%) of the said instruments as per the respective securitization
requirements. Piraeus Bank will retain also one hundred percent (100%) of the senior notes. Subject to the required approvals, the loans within the Vega
securitization perimeter are expected to be derecognized from Piraeus Financial Holdings consolidated statement of financial position within H1.2021.
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Westpac (Australia) and SocietyOne announce new partnership for digital
banking
56
Westpac Group has announced SocietyOne as the second partner to join its new digital banking-as-a-service platform.
SocietyOne is a fintech leader in digital lending in Australia having originated over $1 billion in loans. The move to
partner with Westpac forms part of SocietyOne’s growth strategy to provide a broader range of market leading financial
products and services, including the launch of a transaction account to help its 75,000 customers improve their
finances. The announcement also highlights the growing opportunity for Westpac as institutional and fintech partners
look to integrate digital banking services with their customer mobile apps and follows the Group’s Afterpay partnership
announcement in October 2020. Westpac’s digital banking platform is the first of its kind in Australia, using
cloud-native technology to support the banking needs of an all-digital generation.
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I-Byte Banking March 2021

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